资产担保证券

grantcapital将避开难以出手的资产担保证券和高杠杆率（正是这些金融工具导致了peloton的垮台），坚持走自由式全球宏观对冲基金（globalmacrohedgefund）路线。

Grant capital will avoid the hard-to-sell asset-backed securities and heavy leverage that proved the downfall of peloton and stick to the freewheeling global macro hedge fund style now coming back into fashion .

因为在最近几年，各银行不只是收购次级抵押贷款，它们还将这些贷款重新打包成难以估值的“资产担保证券”（abs）。

For in recent years , banks have not simply been acquiring subprime loans , they have been repackaging them into complex " asset-backed securities " ( ABS ) that can be difficult to value .

目前国外比较成熟而且规范的证券是资产担保证券（ABS）和资产抵押证券（MBS）。

Currently there two kinds of mature and normative securities in foreign countries : ABS and MBS .

欧洲央行已经宣布，将与欧洲投资银行（EuropeanInvestmentBank）合作制定措施，通过重振资产担保证券市场来拓宽中小企业的融资渠道。

The ECB has already announced that it is working with the European Investment Bank to devise ways of broadening access to financing for SMEs by reviving a market for asset-backed securities .

机构投资者再度热衷于银行参与贷款、盟约亮点公司债券、具有国外背景的资产担保证券（asset-backedsecurity）以及各种形式的商业房地产。

Institutional investors are keen again on bank loan participations , covenant-light corporate debt , exotic asset-backed securities , and all manner of commercial real estate .

中国银行（BoC）表示，尽管该行在相关领域遭受亏损，但依然支持进一步发展中国新生的资产担保证券市场。在亚洲的银行中，中国银行受美国次贷危机的影响最大。

Bank of China , which had the biggest exposure to the US subprime crisis among Asian banks , said it was in favour of expanding China 's nascent market for asset-backed securities despite suffering losses from such holdings .

美国银行Wachovia表示，中国在美国抵押贷款市场和资产担保证券的投资逾2500亿美元，但除了大约100亿美元以外，全部投资于信贷评级较高的机构和有机构担保的证券。

China has more than $ 250bn invested in mortgage and asset-backed securities in the US – but all apart from about $ 10bn of this money is in highly rated agency and agency-backed securities , says Wachovia , the US bank .

该公司斥资1.09亿美元，从其基金手中购买出现问题的资产担保证券。

It put in $ 109m to buy troubled asset-backed securities from its funds .

自8月份以来，美国资产担保证券的发行工作已经中断。

US asset-backed issuance has collapsed since August .

大多数资产担保证券，都是通过抵押贷款、信用卡贷款和汽车贷款产生的收入获利的。

Most asset-backed securities are secured by income generated from mortgages , credit card loans and auto loans .

虽然这个市场目前还很小，但资产担保证券的发行在中国已变得越来越常见。

While the market is still small , the issuance of asset-backed securities has become more common in China .

因此，我们目前看到的结果是，资产担保证券的市场规模迅速萎缩。

What we see today , as a result , is a rapid shrinkage of markets in asset-backed paper ( see chart ) .

它以专利许可收益为基础发行资产担保证券为企业融通资金提供了切实可行的途径。

It issues asset & backed securities based on patent license revenue , so provides a practical way for enterprises to circulate necessary funds .

如果银行将大部分的证券卖给需要纯抵押（无股东连带保证）贷款的投资者而仅保留一部分资产担保证券，那么融资的成本更易控制。

That cost is more manageable if banks keep some exposure but sell most of the securities to other investors who have no recourse .

近年来，市场对资产担保证券的巨大需求推动放贷额大幅增长，大银行也相应放宽了贷款条件。

In recent years , the intense demand for asset-backed securities fueled a lending boom that let big banks offer more generous terms on loans .

近年来，投资者对抵押担保及其它资产担保证券的兴趣已明显上升。衍生品的使用也出现了显著增长。

In recent years , investors ' appetite has grown dramatically for mortgage-backed and other asset-backed securities . The use of derivatives has also increased significantly .

许多德国银行曾用廉价短期资金购买资产担保证券，以填充其资产负债表，但在去年资金枯竭时，这一战略遭遇惨败。

Many German banks filled their balance sheets with asset-backed securities bought with cheap short-term funding in a strategy that unravelled spectacularly when funding dried up last year .

例如，自7月以来，高收益率债券市场在欧洲尚未做成一单交易，而资产担保证券市场自今年夏季以来已经干涸。

The high-yield bond market , for example , has not seen a single deal in Europe since July , and the asset-backed securitisation market has dried since the summer .

在资产担保证券市场中，用非常规资产担保的交易约占十分之一，它们吸引的是那些追求更高收益率，也愿意承担更多风险的投资者。

Deals backed by unusual assets make up about a tenth of the asset-backed security market , appealing to investors who want higher yields and are willing to take on more risk .

证券业和金融市场协会的资料显示，资产担保证券去年的发行量下滑16.6%，至1840亿美元，信用卡贷款担保交易量出现暴跌。

Issuance of asset-backed securities dropped 16.6 percent last year , to $ 184 billion , with a steep drop off in deals backed by credit card loans , according to the Securities Industry and Financial Markets Association .

随着更多资产在衰退中不断成为不良资产，始于抵押担保证券的毒性在通过全球各地的银行蔓延。

The toxicity which started in mortgage-backed securities is spreading through the world 's banks as ever more assets go bad in the recession .

一些银行正在研究，是否可以用半资产担保债券（或者结构性资产担保债券）介于资产担保债券和传统证券化之间来弥补空缺。

Some banks are examining whether quasi - or structured covered bonds sitting somewhere between covered bonds and a traditional securitisation can help fill the gap .