担保发行

最早的资产证券化产品起源于1970年美国政府国民抵押协会（GNMA）担保发行的以抵押贷款组合为基础资产的抵押支持证券（MBS）。

The first asset securitized product is a kind of MBS , whose base asset was mortgaged loan portfolio , issued by GNMA in 1970 .

dealogic的银行数据包括所谓的高级无担保债券发行，这是银行传统上主要的融资手段。

The Dealogic bank data includes so-called senior unsecured issuance , traditionally the bread and butter of bank funding .

所谓住房抵押贷款证券化，指把单个或多个抵押贷款组合在一起，并以此为担保品发行证券（即抵押支持证券，MBS），出售给投资者的过程。

House mortgage loan securitization is a process in which MBS are issued to investors on basis of collateral , which was composed of one or more mortgage loans .

在那之前，德国产业投资银行和sachsenlb等银行已积累了作为资产担保债券发行商的专业知识，为企业及自身需求服务。

By then , banks such as IKB and Sachsen LB had built-up expertise as issuers of asset-based bonds for companies as well as for their own requirements .

大众的财务在二月初的时候说公司已经得到了20亿欧元（合25亿美元）的国家担保来发行汽车债券。

Volkswagen 's finance unit said earlier this month it had received up to two billion euros ( 2.5 billion dollars ) in state guarantees for refinancing car loans .

住房抵押贷款证券化是近几十年来房地产金融领域中最重要的金融创新之一，它是以住房抵押贷款为担保，发行可在金融市场上买卖的证券。

Mortgage-backed securities is the most important one of the financial innovation in the field of real estate finance in recent decades , which take the home mortgage loan as the guarantee , and then the securities which can be trade on financial markets are issued .

相对于一般债券，FDIC担保债券的发行成本较低，因为在有了政府担保的情况下，投资者愿意接受相对较低的利率。

FDIC-backed debt is cheaper to issue than normal debt because investors are prepared to accept a lower interest rate because of the government guarantee .

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 .

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 .

银行融资的主要来源高级无担保债券的发行规模为2003年以来最低。

The amount of senior unsecured debt , a mainstay of bank funding , is at its lowest since 2003 .

就是把房产能够得到的收益，作为担保或者抵押品发行证券，然后予以出售。

Is the profit that real estate can be , as a guarantee or collateral to issue securities , and then be sold .

它与英国央行探讨了以下问题：是否能够利用央行担保为已发行的债券提供支持，或银行是否可以将这些贷款卸载给房地产投资信托市场。

It discussed with the bank whether a central bank guarantee could be used to underpin the debt issued , or whether the real estate investment trust market could be used by banks to offload their loans .

发行人因资产结构、负债结构和其他财务结构不合理而形成的财务风险，对外担保等导致发行人整体变现能力差等风险。

It refers to the financial risk arising out of the unreasonableness of the assets structure , liabilities structure and other financial structures , or other risk such as external guarantee that causes degrading the overall liquidity of the issuer .

两家银行公布融资计划前，美联储（fed）表示，希望偿还tarp资金的银行必须证明自己有能力在公共股票市场融资，以及有能力在没有政府担保的情况下发行债券。

The capital-raising plans came after the Federal Reserve said banks wishing to repay TARP funds must demonstrate they had access to public equity markets as well as the ability to issue debt without government guarantees .

摩根大通已成功在没有政府担保的情况下发行了债券。该行表示：相信本轮融资结束之后，将能够满足赎回全部Tarp优先股的条件，如果获得批准，预计将在6月底前进行赎回。

JPMorgan , which has raised debt without government guarantees , said it believes that on completion of this capital raise , it will have satisfied the criteria for fully redeeming Tarp preferred shares and expects to do so before the end of June , on receipt of approval .

在某些市场，如美国，该资产类别也得益于政府旨在担保金融公司债券发行的计划。

In selected markets like the US , the asset class also benefits from government schemes aimed at guarantying financial companies'debt issuance .

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 .

政府隐性担保对商业银行次级债券的风险约束功能的弱化次优抵押贷款相关的债务担保证券发行量急剧下降。

The Government s Recessive Guarantee and the Subordinated Debt s Market Discipline to Commercial Banks Risk-Taking ; The issuance of subprime-related CDOs has plunged .