Auction rate notes gave municipalities, universities, museums and other issuers a vehicle to borrow long, but pay a shorter term interest rate.

当自治区、大学、博物馆等其他机构需要长期租借物品时，拍卖利率债券可以使你以短期利率支付利息。

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To see the system at work, look at auction-rate securities, a sort of long-term debt invented in the 1980s.

要想知道该系统如何运作，只需看看拍卖利率证券即可，这是一种创造于上世纪80年代的长期债务。

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This is a nexus of private-equity and hedge funds, money-market funds and auction-rate securities, non-banks such as GE Capital and new securities such as CDOs and credit-default swaps.

“影子银行业系统”是一种由私募股权、对冲基金、货币市场基金以及拍卖利率证券，外加诸如通用电气资本等非银行机构和债务抵押证券、信用违约掉期等新型证券所组成的网络。

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In addition, many money market funds and corporate treasuries held Auction Rate Preferred Securities (ARPS).

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Auction rate securities are a form of bond issued by a variety of sources, including municipalities and student lenders.

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Banks aren't picking up the slack in demand in the auction rate market.

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