也就是说，当穆迪将一种债务担保证券、一种公司债券和一种主权债券均评为AA级，那就意味着穆迪认为这三种债券的信用程度是相同的。

So when Moody's says a collateralized debt obligation, a corporate bond and a sovereign issue are all rated AA, the implication is that the three types of bonds are equally healthy.

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其二，美联储已经在交易低风险，低回报的国债和购买高收益的私人债券-例如银行贴现贷款，商业票据，和抵押担保证券。

Second, it has been trading in low-risk, low-return Treasury debt and buying higher-yielding private debt—discount loans to banks, commercial paper, and mortgage-backed securities, for example.

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机构投资者再度热衷于银行参与贷款、盟约亮点公司债券、具有国外背景的资产担保证券(asset - backed security)以及各种形式的商业房地产。

Institutional investors are keen again on bank loan participations, covenant-light corporate debt, exotic asset-backed securities, and all manner of commercial real estate.

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In other words, securities that were themselves backed by subprime loans.

所谓次级债券,就是那些靠次级贷款担保的证券

耶鲁公开课 - 金融市场课程节选