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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通过提供一组证券来保有本金，获得有上限收益的保本票据也不断变得流行起来。

Principal-protected notes, which offer a basket of securities that secure capital and put an upper-limit on returns, are also increasingly popular.

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更确切地说，该基金可以用最乐观的模型来对流动性资产定价，包括按揭证券和其它可交换的票据。

More specifically, the fund could use the most optimistic models to price its illiquid assets, which include mortgage-backed securities and other swaps.

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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。

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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