由于其它债市失灵（例如资产支持的商业票据），公司就从银行兑现这些承诺。

With the collapse in other debtmarkets (such as asset-backed commercial paper), corporate borrowers cashed in those chips.

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投资者从资产支持的商业票据市场抽走数以千亿的美元。资产支持的商业票据市场很少有人知道，但却非常重要，因为它接管了许多原来由银行处理的工作。

Investors pulled hundreds of billions of dollars out of asset-backed commercial paper, a little-known but important market that has taken over a lot of the work Banks used to do.

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为了支持货币市场基金，商业票据和有资产担保的证券需要满足某些严苛条件，例如其他人不得参与。

Recreating its backstops for money-market funds, commercial paper and asset-backed securities might require such stringent conditions that no one would participate.

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