The instrument is a form of senior debt that is paid back from the issuer's cash flows but is also secured against a ring-fenced pool of assets, such as mortgage loans, in the event of default.

这种证券是优先债务形式的一种，发行者需要用自己的现金流来偿还，并且要有一定隔离的资产池作为保障，比如说抵押贷款，以免发生不能履行责任的情况。

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They all have drawbacks, but a fetid pool of underwater mortgages will, much like Japan's loans to zombie firms, corrode the financial system and harm the recovery.

虽然这些方法都存在缺陷，但一滩溺水屋的臭水将(正如日本贷款给毫无生机的企业一样)侵蚀金融系统，危害经济恢复。

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In addition, there is a need for city commercial Banks to avoid risks from balance of interests, transition time, talent pool and non-profit loans of small businesses.

另外，在转型过程中，城市商业银行还要注意利益平衡、转型时机、人才储备、小企业不良贷款等方面的风险防范。

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"CDO" is a common term for collateralized debt obligation, an investment-grade security backed by a pool of bonds, loans and other assets.

FORBES: Magazine Article

As part of the deal, these firms are given preferential treatment by the banks, including debt-for-equity swaps, lower interest rates, and access to a pool of some 2 trillion won in new loans and trade financing.

ECONOMIST: South Korean bankruptcy

On Friday, here at the Clinton Global Initiative, in Chicago, HUD Secretary Shaun Donovan and FHA Commissioner Carol Galante announced yet another: a program to pool together mortgage loans on the brink of default, and save them.

FORBES: FHA Turns, Once More, to Private Investors to Aid Troubled Homeowners