抵押支持证券

与房地产信托投资计划、房地产抵押支持证券（MBS）以及房地产股票相比，REITs具有自己的独特优势。

Compared with real estate trust investment plan , MBS and real estate stocks , REITs have their own unique advantages .

由于受一些制度上的约束，抵押支持证券在我国的发展才刚刚起步。

But due to some restrictions , MBS is new to China .

基于OAS的抵押支持证券的利率风险度量

Interest-rate Risk Measurement of Mortgage-backed Securities Based on OAS

单一险种业务依赖于保险商（通常拥有较高评级）为市政债券或者抵押支持证券等资产的本息支付提供担保，该过程被称为信用打包（creditwrapping）。

The business relies on the insurers , usually highly-rated , guaranteeing payouts from assets such as municipal bonds or mortgage-backed securities , in a process known as credit wrapping .

按照担保证券权益的资产性质划分，资产证券化产品可分为抵押支持证券（MBS）和资产支持证券（ABS）两大类。

In accordance with the nature of the asset-backed securities , securitization products can be divided into mortgage-backed securities ( MBS ) and asset-backed securities ( ABS ) .

资产支持证券（Asset-backedSecurities，ABS）和住房贷款抵押支持证券（Mortgage-backedSecurities，MBS）是最近十几年国际金融市场发展很快的一种结构性金融产品，是一种新型的衍生金融产品。

Asset-Backed Securities ( ABS ) Mortgage-Backed Securities ( MBS ) are the fastest growing structure financial instrument of the global financial market . There are numerous products of ABS ;

抵押支持证券定价问题研究

Support ? Study on Mortgage Backed Security Pricing

4适应于抵押支持证券的结构变化。

There are structure adjustments suitable to MBS .

第四章从我国住房抵押支持证券的定价中面临的各种问题，提出政策建议。

Chapter four puts forward the policy suggestion in terms of problems perplexing the pricing of our country 's MBS .

选择适合资产／抵押支持证券的利率情景模拟技术和估价技术是其关键。

The key of OAS is to select a kind of interest rate scenario simulation and evaluation methodology fitting ABS / MBS .

2005年12月15日，中国建设银行成功发行首批抵押支持证券，标志着抵押支持证券在我国的发展正式启动。

On Dec 15 ~ ( th ) 2005 , the successful issuing of 2005-1 MBS by China Construction Bank marked the development of MBS in China was triggered .

以抵押支持证券为代表的金融衍生品必将在未来的金融业发展中扮演越来越重要的角色。

Mortgage-backed securities had always providing creativity and opportunities to the development of modern financial industry , and it will develop as a more important role in the future .

他们成功避开了最具危害的资产，部分原因是在信贷繁荣时期，其投行部门不太擅长在利润颇丰的抵押支持证券市场开展竞争。

They managed to steer clear of the most toxic assets , partly because their investment bank was not well equipped to compete in the lucrative market for mortgage-backed securities during the credit boom .

与货币市场基金一样，这些机构也是抵押支持证券、以及银行曾用来转移账面风险并攫取高额酬金的其它工具的最活跃买家。

Along with money market funds , these vehicles were among the most active buyers of mortgage-backed securities and other instruments that banks used to both shift risk off their books and pocket hefty fees .

证券部门也受益于杠杆贷款和抵押支持证券业务的4亿美元增值。这是美国银行业第一次披露这类资产账面价值大幅上升，此类证券资产缩水曾给全行业带来巨额亏损。

The securities division also benefited from a $ 400m gain on its leveraged loans and mortgage-backed assets the first time a US bank has disclosed a significant write-up on the value of securities that have caused huge losses to the sector .

此外，随着美国联邦储备委员会（简称Fed）抵押贷款支持证券购买规模的逐步缩减，未来三年抵押贷款利率走高应该是必然的。

Also , mortgage rates seem destined to go higher over the next three years with the tapering in Fed purchases of mortgage-backed securities .

这起诉讼不涉及抵押贷款支持证券（MBS）。

The case does not involve mortgage-backed securities .

上周美联储（federalreserve）决定购买长期债券、抵押贷款支持证券和其它资产，以降低家庭长期贷款的有效利率。

The Federal Reserve decided to buy long-term bonds , mortgage-backed securities , and other assets with the goal of lowering effective long-term interest rates for households .

这个春季，抵押贷款支持证券（mbs）领域出现了某种矛盾的现象。

For this spring , something of a paradox is hanging over the mortgage-backed securities world .

在抵押贷款支持证券（MBS）市场，我们最近变得更为激进。

In the MBS [ mortgage-backed securities ] market , we have recently become more aggressive .

美联储（Fed）已出台一项无限量举措来刺激经济复苏，每月将通过购买抵押贷款支持证券向经济额外注入400亿美元资金。

The US Federal Reserve has launched an open-ended effort to spark recovery by injecting an additional $ 40bn into the economy each month through purchases of mortgage-backed securities .

在某些情况下，例如在抵押贷款支持证券（mbs）市场，美联储购买的债券比其他任何买家都要多。

In some cases , such as the market for mortgage-backed securities , the Fed buys more bonds than any other party .

各银行将可以把更大范围的流动资产计入缓冲范畴，其中包括一些股票和优质抵押贷款支持证券（MBS）。

Banks will be able to count a wider variety of liquid assets towards their buffers , including some equities and high-quality mortgage-backed securities .

结果，它两点都做到了：美联储承诺，每月购买400亿美元抵押贷款支持证券（MBS），直到劳动力市场有实质性改善为止。

In the event it was both ; it promised to buy $ 40bn in mortgage-backed securities each month until the labour market improves substantially .

莱文表示，在2007年5月，高盛采取了一种杀空策略，压低问题抵押贷款支持证券（MBS）的信用违约互换（CDS）价格，高盛对此予以否认。

Mr Levin said that in May 2007 , Goldman adopted a short squeeze strategy to drive down the price of credit default swaps on troubled mortgage-backed securities .

上述资产据信包括次级贷款、抵押贷款支持证券和公司债券。花旗表示，根据巴塞尔III新资本金规则，这些资产带有超出比例之高的风险权重。

Citi said the assets , which are believed to include subprime loans , mortgage-backed securities and corporate bonds , carried a disproportionately high risk weighting under the new capital rules known as Basel III.

ABX常被用作判断抵押贷款支持证券的价值。

The ABX often is used as a proxy for the value of mortgage-backed securities .

要消除这些超额准备金，美联储将不得不出售其持有的近3万亿美元国债和抵押贷款支持证券（MBS）的一半以上。

To eliminate these excess reserves , the Fed would have to sell more than half its nearly $ 3tn portfolio of Treasury bonds and mortgage-backed securities .

后一项指控在今天听来着实空洞，因为在冒险投资抵押贷款支持证券方面判断失误，已经导致花旗和美林（merrill）等银行出现数十亿美元亏损。

The latter charge rings rather hollow these days as banks such as Citi and Merrill nurse billions of dollars in losses from ill-judged risk-taking on mortgage-backed securities .

FidelityTotalBondFund的联席经理杰夫穆尔（JeffMoore）预计，QE最大的受益者将是受资产价格上涨影响的票据，包括商业抵押贷款支持证券和银行债务。

Jeff Moore , co-manager of the Fidelity Total Bond Fund , predicts the biggest beneficiaries of QE will be instruments leveraged to an increase in asset prices , including commercial mortgage-backed securities and bank debt .