垃圾债券大幅度升值,其他减值债券,公司票据都在高位交易,这就意味着你的收益在减少,而风险在增加。
Because of the big rally in junk and other distressed bonds, corporate issues are trading at higher prices, which means you get less yield and more risk.
各式各样的杠杆投资者-投资银行、私人股票型基金、对冲基金、甚至公司企业的商业票据-都对流动性如饥似渴。
Leveraged funders of all types - investment Banks, private equity funds, hedge funds, and even companies' commercial paper - were parched for liquidity.
很多公司里,其商业票据部门的工作人员级别低于文员,他们每天打电话给美林,“我需要借五千万美金。”
Your commercial paper desks, in many companies, it could be somebody down at almost a clerical level calling every single day to Merrill Lynch and saying, "I need to borrow 50 million."
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
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