结构性投资工具

例如，评级机构称，自今年夏初以来，结构性投资工具的平均资产价值减少了三分之一。

According to the rating agencies , for example , the average value of assets in SIV vehicles has fallen by a third since the start of the summer .

一些持有结构性投资工具的投资者最近公布了自己的损失。

Some investors with holdings of SIVs have recently come clean about their losses .

2003年，当摩根大通收购总部位于芝加哥的美一银行（BankOne）时，也接管了一只位于伦敦的结构性投资工具。当时，戴蒙是美一银行的首席执行官。

In 2003 , when JPMorgan acquired Bank One , the Chicago-based bank run by Mr Dimon , it inherited a London-based SIV .

新兴市场银行渣打银行（standardchartered）与英国上市银行汇丰银行（hsbc）也公布计划，要把结构性投资工具的资产计入自己的账面。

Standard Chartered , the emerging markets bank , and HSBC , the UK-listed bank , have also unveiled plans to take the assets of SIVs on to their books .

考虑一下表外工具吧，例如作为许多机构中要融资来源的结构性投资工具（SIV）。

Consider off-balance sheet vehicles , such as Structured Investment Vehicles , which represented big sources of funding for many institutions .

美国银行拟议推出的这只超级基金，将收购美国次贷危机过后现金匮乏的结构性投资工具（SIV）的资产。

The proposed superfund would buy assets from cash-strapped structured investment vehicles ( SIVs ) following the subprime mortgage crisis in the US .

例如，摩根大通放弃了结构性投资工具（SIV）。事实证明，这种表外基金让竞争对手花旗集团头疼不已。

For example , JPMorgan gave a pass to structured investment vehicles , the off-balance-sheet funds that have proved such a headache for rival Citigroup .

但其中大部分并没有拿出来进行交易，而是出售给了结构性投资工具（SIV）等银行表外实体，或者干脆就放在账面上。

Instead of being traded , most were sold to banks ' off-balance-sheet entities such as SIVs structured investment vehicles or simply left on the books .

据知情人士称，三大银行同时还面临的一个问题是，现金匮乏的结构性投资工具（SIV）对于将资产出售给这只基金也兴趣日减。

The banks also faced waning interest from cash-strapped structured investment vehicles ( SIVs ) in selling assets to the fund , according to someone close to the plan .

正如车库或地窖通常附属于房屋但实际上并不在房屋内部一样，结构性投资工具（SIV）和管道（conduit）等实体传统上是半独立于银行的。

For just as a garage or cellar is usually attached to a house but not truly inside a house entities such as SIVs and conduits have traditionally had a semi-detached status with banks .

最近信贷危机对信贷市场的破坏程度昨日完全突显出来，全球最大独立结构性投资工具（siv）之一的信用评级被大幅调降13级。

The extent of damage in credit markets from recent turmoil was starkly underlined yesterday when the credit rating of one of the largest independent structured investment vehicles was slashed by 13 notches .

两三年前，当结构性投资工具（SIV）在金融世界播撒毁灭的种子时，我疯狂地想方设法，力图向非金融业人士解释这些工具的运作原理。

A couple of years ago , when structured investment vehicles were sowing devastation in the financial world , I frantically searched for a way to explain to non-financiers how these entities worked .

两个月前，由于市场担心结构性投资工具可能被迫折价抛售资产，在美国财政部的鼓励下，三大银行提议成立这只基金，并计划交由BlackRock管理。

The fund , which was to be managed by BlackRock , was proposed by the banks with the encouragement of the Treasury two months ago amid fears of possible fire sales by SIVs .

荷兰合作银行（rabobank）昨日出手拯救了旗下一个陷入困境的结构性投资工具（siv），成为两周来第三家采取类似行动的银行，进一步表明金融市场环境正在恶化。

Rabobank yesterday became the third bank in the past two weeks to bail out a troubled structured investment vehicle in a further sign of the deteriorating conditions in the financial markets .

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 .

或许最重要的是，这种情况还出现在向对冲基金提供贷款的承保标准、结构性投资工具（siv），以及作为独立投行主要资金来源的回购市场。

It is also perhaps most importantly true for underwriting standards in lending to hedge funds , structured investment vehicles and , crucially , in the repo markets that are the main funding source for standalone investment banks .

举例来说，计算所谓结构性投资工具（siv）一种专业基金的损失相对容易一些，因为它们必须定期公布“资产净值”数据。

It is relatively easy , for example , to calculate the losses at so-called structured investment vehicles ( SIVs ) a breed of specialist fund because they are required to publish regular " net asset value " numbers .

所有类型的资产负债表外贷款和套利平台[即管道类和结构性投资工具（SIV）]都受到牵连，它们难以获得维持自身运作的短期融资。

All kinds of off-balance-sheet lending and arbitrage platforms ( known as conduits and structured investment vehicles , or SIVs ) have been infected to the point that they are struggling to raise the short-term debt that keeps them afloat .

一些银行最近已经开始按照极低的价格交易次级抵押贷款相关证券，它们可能不会欢迎这样的举措，主要原因是一些私人参与者已在采取有关努力，对大型结构性投资工具（SIVs）进行重组。

The move is likely to be disliked by some banks which have already started trading in distressed subprime securities in recent weeks at knockdown prices ? not least because there are already efforts under way among some private sector players to conduct restructurings of large structured investment vehicles ( SIVs ) .

结构性投资工具发行低价短期债券，以便为期限较长和收益较高的证券投资融资。

SIVs issue cheap , short-term debt to fund investments in longer-term and higher-yielding securities .

莱茵兰基金要求德国产业投资银行提供一个信贷额度，正像结构性投资工具规则所要求的。

Rhineland asked IKB to provide a credit line , as the rules of SIVs require .

不幸的是，结构性投资工具在信贷繁荣鼎盛时期的爆炸性增长也没有得到充分报道。

The explosive growth of structured investment vehicles at the height of the credit boom was also woefully under-reported .

但它也许产生了相反的效果：投资者开始躲避结构性投资工具发行的几乎所有商业票据。

But it may have had the reverse effect : investors started to shun almost all commercial paper issued by SIVs .

结果，到7月中旬，一些投资者决定停止购买涉嫌参与次级抵押贷款的结构性投资工具的资产支持商业票据。

As a result , by mid-July some investors decided to stop buying ABCP paper from SIVs suspected of subprime exposure .

第五，风险模型未能评估结构性投资工具等资产负债表外活动固有的风险。

Fifth , risk models failed to capture the risk inherent in off-balance sheet activities , such as structured investment vehicles .

没有哪个投资者完全清楚结构性投资工具和管道持有什么资产，或者持有这些资产的损失如何。

No investors are sure exactly what assets SIVs and conduits are holding , or how damaged those holdings might be .

在市场暂时出现问题的情况下，结构性投资工具和管道会受到高评级主流银行的流动性工具的支持。

In the case of a blip in the market , SIVs and conduits are supported by liquidity facilities from highly rated , mainstream banks .

结构性投资工具，抵押和其他怪异的金融工具现在就找不到买家，估计今后永远也找不到了。

Structured investment vehicles , all the mortgages and invariative other exotic financial instruments are not now and are unlikely to ever find willing buyers .

这项计划遭到广泛质疑；此外，由于很多结构性投资工具的经理人已经采取其它措施，以支撑自己的财务状况，因此，对这只基金的需求也有所减退。

The plan was met with widespread scepticism and the need for the fund has receded as many SIV managers have taken other steps to shore up their finances .

到8月初，资产支持商业票据市场的问题已变得非常严重，一些欧洲银行开始准备进一步呼吁为结构性投资工具提供信贷额度。

By early August , the problems in the ABCP market had become so serious that some European banks were preparing for additional calls on credit lines to SIVs .