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。

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.

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当债务人不履行债务时，抵押权人有权依法以抵押的房地产拍卖所得的价款优先受偿。

When the debtor does not fulfill the debt, the mortgagee is authorized the real estate auction obtained cost which mortgages legally first to receive recompenses.

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债务人不履行债务时，债权人有权依法以抵押的房地产拍卖所得的价款优先受偿。

If the debtor fails to pay the debt, the creditor shall have the right to get prior compensation from the proceeds obtained from the auction of the mortgaged real estate.

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