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.
皮尔斯指出,商业抵押贷款担保证券的价值正在下滑,而这是最近才暴露出问题的一块业务。
And in a fresh problem area for Banks, commercial-mortgage-backed securities are declining in value, Mr. Pierce said.
考虑到杠杆水平最近的爆炸式增长,挑战可能不仅仅是有毒抵押贷款担保证券的错误定价。
Given the recent explosion in leverage, the challenge is unlikely to be one of mispricing of the toxic mortgage-backed securities alone.
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
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