可次级承销商也在抱怨分得的战利品没有随之增加，因为他们认为投资银行对自身承担的风险漫天要价——那时发行价格低于市场价格的40%，这样，在投资银行血本无归之前，股票市场就不得不跳水了。
They think Banks were overpaid for the risks they took. Issues were priced as much as 40% below market prices so stocks would have had to plunge before Banks would be out of pocket.
1990年代末期，它们大举进入其他领域：购买次级债券，再把它们发行给别人(seechart3)。
In the late 1990s they moved heavily into another area: buying mortgage-backed securities issued by others (see chart 3).
中国人民银行对次级债券在银行间债券市场的发行和交易进行监督管理。
The PBC shall be in charge of supervising the issuance and trading of subordinated bonds in inter-bank bond market.
我国商业银行资本充足率的现状和发展趋势预示着次级债的发行将呈上升趋势。
The current situation and trend of commercial Banks' Capital Adequacy Ratio level indicate that SND issue work will increase.
次级债券为求偿顺序低于普通债务而高于股权的债务形式，目前普遍为国际各银行所发行。
Subordinated debt is issued by many banks in the world. Its priority is lower than ordinary debt, and higher than equity.
并提出了建立和完善信用评级体系来规范我国商业银行次级债发行，保护投资者利益的一些建议和措施。
The author made some suggestions about how to build the perfect the rating system in banks of our country, which was to reduce the risk in SND issue and protect the behalf of investors.
但总体而言，与发行股票和长期次级债券相比，资产证券化对提高资本充足状况的作用有限。
But on the whole, compared with stock or long - term secondary bond, the effect of asset securitization on capital adequacy rate is really limited.
我国自从2004年发布《商业银行次级债券发行管理办法》至2007年底，已经发布了共计20家银行发行了38笔次次级债券。
In our country, from Subordinated Debt of Commercial Bank Approach in 2004 to the end of 2007, there are 20 banks have issued 38 subordinated debentures.
第3章：我国商业银行发行次级债的实践。
第3章：我国商业银行发行次级债的实践。
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