It was their sudden withdrawal that caused the market in asset backed commercial paper (ABCP) to seize up.

正是由于他们从短期债券市场的突然撤出才导致了资产支持商业票据的失灵。

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

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。

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The credit bubble is over, thanks partly to a buyers' strike for asset-backed commercial paper.

信贷泡沫已经结束，这在一定程度上是由于买方不再理会资产担保商业票据。

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Unfortunately, what we've seen recently is a kind of a bank run on the asset-backed commercial paper.

不幸的是,最近的情况是,有些银行开始运作资产担保商业票据

耶鲁公开课 - 金融市场课程节选

These mortgages were given out to people that couldn't afford them and today you have what you call subprime mortgages--subprime paper They issued against this paper stuff called mortgage-backed security. They securitized them and these things are all floating around now.

我们发放这些抵押贷款给那些买不起房子的人,所以现在你们看到了一种你们叫做,次级抵押贷款的金融工具--次贷票据,他们把这种票据叫做,有抵押证券，他们把有抵押证券证券化,这些证券现在在市场上被多次交易，广为流通。

耶鲁公开课 - 金融市场课程节选

An SIV is a company of a sort that invests in assets and they issue something like asset-backed commercial paper, but it's not a real company because it only exists as an organization sponsored by some bank.

IV类似从事资产投资的公司,同时也发行类似资产担保商业票据的证券,但它不是一家真正的公司,因为它只是由某家银行建立的一个组织

耶鲁公开课 - 金融市场课程节选

He has just introduced "emergency" legislation to give federal funds to any jurisdiction that changes to a paper-backed system by November.

NPR: Several States Abandon Electronic Voting for Paper

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

ECONOMIST: What if there were another Lehman?

In America, capital markets matter more, so the Fed had to get its hands dirtier by buying commercial paper and mortgage-backed securities.

ECONOMIST: Appraising the European Central Bank