CDO以次级抵押贷款债券、商业抵押贷款证券和其他资产作为担保。

These securities are collateralized debt obligations backed by subprime-mortgage bonds, commercial-mortgage loans and other assets.

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因此投资银行斥巨资提高了首次包装上市的水平，并把次级抵押贷款放到了诸如债务抵押债券（CDOs）等复杂金融衍生品上。

So investment banks took their enormous capital and at first packaged yield-enhanced, subprime mortgage loans into complex derivatives such as collateralized debt obligations (CDOs).

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看起来，他们深受那些广为流传的次级抵押贷款问题的影响，就像他们对债券市场其它领域的潜在过剩过于自信一样。

It seems they have been consistently blindsided by how widespread the subprime problems have become-as well as complacent about the potential spillover into other areas of the debt markets.

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Then, the value of the subprime loans that the municipal bond insurers own starts to go down.

接着,市政债券保险公司,持有的次级贷款价值开始下跌

耶鲁公开课 - 金融市场课程节选

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