商业票据

由于美国银行（bankofamerica）收益锐减，又有诸多迹象表明投资者对资产支持商业票据日益担心，更加剧了市场的焦虑情绪。

Anxiety in the markets was exacerbated by a plunge in earnings at Bank of America and signs of mounting unease in asset-backed commercial paper .

综合起来，这种所谓的“资产支持商业票据”（asset-backedcommercialpaper）在需要偿还前，可持续几天到几个月不等。

Collectively this so-called " asset-backed commercial paper " or ABCP lasts for anything between a few days and a few months before needing to be refunded .

基于一次U系统的商业票据防伪的数字水印算法

A Digital Watermarking Method for Anti-counterfeit of Commercial Bills Based on First Degree Orthogonal Function of U System

有资产担保的商业票据市场陷入停顿，各银行为将抵押贷款移至资产负债表外而建立的特殊投资工具（specialinvestmentvehicles），也不再能够获得外部融资。

The asset-backed commercial paper market came to a standstill and the special investment vehicles set up by banks to get mortgages off their balance sheets could no longer get outside financing .

美联储（federalreserve）发布的数据显示，商业票据市场投资额出现了自该机构2001年开始跟踪这一领域以来的最大单周下降。

Data released by the US Federal Reserve showed the amount invested had its biggest weekly drop since the central bank began tracking the sector in 2001 .

本文将一次U系统的正交函数系应用到商业票据防伪中，给出了一种新的数字水印算法。

A one degree orthogonal function of U system is applied to the anti-counterfeit of commercial bills , and a novel digital watermarking method is put forward .

数十家美国公司上周签署协议，向Fed发售属于短期债性质的商业票据。而Fed将购买高信贷评级的3个月期债券。

Dozens of companies signed up last week to sell short-term IOUs called commercial paper to the Fed , which will purchase three-month debt that has high credit ratings .

上海清算所（ShanghaiClearingHouse）网站消息称，除了中国国开行承销的逾8亿元人民币融资券，东北特钢也可能在4月到期的10.15亿元人民币的90天期商业票据上违约。

Along with Rmb800m underwritten by China Development Bank , Dongbei Special also risks defaulting on Rmb1.015bn of 90-day commercial paper due in April , according to the Shanghai Clearing House website .

Fed建立的这项计划实际成为没有其他选择的情况下商业票据的最后买家。通过这一计划，企业在安排它们的融资时将获得更大喘息空间。

With an investment vehicle set up by the Fed now effectively acting as a commercial-paper buyer of last resort , companies will have more breathing room to manage their finances .

上述流行性安排包括贴现窗口、根据定期拍卖安排（TermAuctionFacility）向银行发放贷款、与其它央行的货币互换、收购商业票据，以及为资产支持证券（ABS）投资者提供融资。

Those include discount window and Term Auction Facility loans to banks , currency swaps with other central banks , purchases of commercial paper and financing for investors in asset-backed securities .

颁布了ISIN的证券包括债券、商业票据、股票和凭单。

Securities for which ISINs are issued include bonds , commercial paper , equities and warrants .

据法国SociétéGénérale银行，两周以来商业票据公开发行出售量减少1810亿美元。

The amount of paper outstanding has fallen by $ 181 billion in two weeks , according to Soci é t é G é n é rale , a French bank .

发售无担保商业票据的公司将须支付较3个月期OIS高两个百分点的利率。

Companies selling unsecured commercial paper will have to pay an effective rate of two percentage points above this OIS benchmark .

巴克莱资本（BarclaysCapital）固定收益研究部门负责人AjayRajadhyaksha说，Fed的这项计划应能“对商业票据市场缓解一定的压力”。

The Fed 's program should'relieve a fair amount of the pressure on the commercial paper market , 'says Ajay Rajadhyaksha , head of fixed-income research at Barclays Capital .

中期票据（Medium-termNotes，MTN）最早源于20世纪70年代的美国，最初作为一种介于短期融资的商业票据和长期借贷的公司债券之间的融资工具而出现。

Medium-term notes ( MTN ) originated from the United States in the 1970s , initially as a financing tool lied between commercial paper with short-term and corporate bonds with long-term .

此外，fed上个月采取措施支撑被称为资产支持商业票据的短期债券；这导致投资者纷纷撤离短期债券市场的另一半领域，因为这些债券主要是由企业和欧洲银行发行的，没有政府担保。

Also , last month , the Fed moved to backstop short-term debt called asset-backed commercial paper , which led investors to pull away from the other half of the short-term debt market because it had no government guarantee . This debt was issued largely by corporations and European banks .

sachsenlb危机之所以发生，是因为商业票据投资者拒绝为其管道ormondquay进行再融资，实际上是突然收回它们的贷款。

The crisis at Sachsen LB was triggered when commercial paper investors refused to refinance Ormond Quay - its conduit - in effect calling in their loans all at once .

巴克莱（Barclays）全球信贷策略主管罗伯特•麦卡迪（RobertMcAdie）表示：我们正处于一个小型的商业票据市场危机之中，至少其中一半的原因与结构性投资工具管道有关。

We are in the middle of a mini-crisis in the commercial paper market , at least half of which is related to the SIV conduits , says Robert McAdie , global head of credit strategy at Barclays .

韩国央行副行长leeju-yeol说，为该基金提供流动性支持旨在帮助公司债券和商业票据市场上的资金实现顺利流动。

' the liquidity support for the fund is aimed at helping to smooth liquidity flow in the corporate bond and commercial paper ' markets , said Lee ju-yeol , a deputy governor at the central bank .

日本央行（boj）昨日表示，在资本市场活动急剧萎缩期间曾上升的银行信贷增长已连续第5个月放缓，反映出公司债券及商业票据市场的复苏。

Growth in bank lending , which has risen amid a sharp contraction in capital market activity , also slowed for the fifth straight month , the Bank of Japan said yesterday , reflecting a recovery in the corporate bond and commercial paper markets .

它试图更精确地瞄准价格和信贷发放，采取了旨在增强企业流动性的商业票据计划和旨在刺激消费类贷款的talf举措等。

It has tried to target the price and distribution of credit more precisely . This has been done through schemes such as the commercial paper programme designed to boost corporate liquidity , or the TALF initiative designed to boost consumer lending .

我国商业票据的现状及存在的问题&诚信的遗失和制度的变迁

Status Quo of Commercial Bill in China and Its Existing Problems

商业票据的发展建立在信用基础上。

The commercial bill 's development is built on its credit .

商业票据的支付在银行贷款之后。

Commercial paper is backed by a bank line of credit .

商业票据通常用于支付贸易往来和应收账款。

Commercial paper is typically used to finance trade and receivables .

我须要在这两封信上附上这张商业票据吗？

Should I enclose this commercial paper with these two letters ?

资产支持商业票据：中小企业融资新渠道

Asset - Backed Commercial Notes : Another Financing Alternative for SMEs

资产支持商业票据的理论与实务初探

Theoretical and Applied Studies of Asset - backed Commercial Paper program

我们通常只贴现已承兑的商业票据。

We usually only discount acceptance trade and commercial bills .

央行不计划买进商业票据。

The Bank of Korea isn 't planning to buy commercial paper .