为什么他们要相信拍卖利率债券会跟现金一样稳妥呢？
Why, then, should they believe that auction-rate securities are as good as cash?
不出所料的是，在2008年2月当人们急于获得现金时，拍卖开始失灵。
Sure enough, in February 2008 the auctions began to fail when there was a dash for cash.
拍卖将包含“现金结算”而非优先债券的实物交易。他因互换价值远超过这些债券的账面价值而存在。
The auctions will involve "cash settlement", rather than a physical exchange of the underlying bonds, which is needed because the value of swaps far exceeds the face value of those bonds.
应用推荐