CDO

美 　英

• 網(wǎng)絡(luò)債務(wù)抵押債券(collateralized debt obligation)；擔(dān)保債務(wù)憑證；債務(wù)抵押證券

例句

This feature led to massive losses and would have done so, according to one CDO investor, even if the housing market had not collapsed.

這一特點(diǎn)導(dǎo)致了巨額虧損，而且據(jù)一位CDO投資者表示，即便房地產(chǎn)市場(chǎng)沒有崩盤，也會(huì)如此。

The trouble was that Paulson needed buyers of the CDO, in order that it could be a seller.

問題在于，保爾森需要CDO的買家，這樣它才能成為賣家。

Assets were bundled into a pool, securitised, stuffed into a CDO, bits of that plugged into the next CDO and so on and on.

資產(chǎn)被組合成池，進(jìn)行證券化操作，進(jìn)而被塞進(jìn)CDO，其中一些還會(huì)被投入下一個(gè)CDO，并如此往復(fù)再往復(fù)。

He told me with a straight face that these CDOs were the only way to get rid of the riskiest tranches of Subprime debt.

他誠(chéng)實(shí)地告訴我，這些夾層CDO是從可轉(zhuǎn)換次級(jí)債中剔除風(fēng)險(xiǎn)最高的債券的唯一出路。

Defaults haven't been a major problem, but the market values of these CDOs fell sharply over the past year or so.

違約還不是很嚴(yán)重的問題，但這類CDO的市值在過去一年左右的時(shí)間里急劇縮水。

For much of the mortgage boom, Merrill was able to sell the bulk of the CDOs it underwrote to investors all over the world.

在抵押貸款業(yè)務(wù)繁榮興旺的那段日子，美林能夠將它承銷的大部分CDO順利出售給世界各地的投資者。

Vertical was not the only example of a CDO constructed by one bank to the apparent benefit of another.

除了Vertical以外，由一家銀行創(chuàng)建明顯有利于另一家銀行的CDO案例還有很多。

Modern finance is supposed to be all about measuring risks, yet corporate and mortgage-backed CDOs were a leap in the dark.

歸根結(jié)底，現(xiàn)代金融應(yīng)關(guān)乎風(fēng)險(xiǎn)測(cè)量。然而，企業(yè)與按揭支持CDO卻是一次魯莽的冒險(xiǎn)行動(dòng)。

Shockingly, two-thirds of that stemmed from supposedly triple-A CDOs, which by then were deemed to be worth only half of their face value.

令人震驚的是，其中三分之二是由所謂的“AAA”級(jí)CDO造成的——當(dāng)時(shí)，人們認(rèn)定這種工具的估值僅為其票面價(jià)值的一半。

Goldman has even referred to the investors who bought its CDOs as "among the most sophisticated mortgage investors in the world" .

高盛甚至將購(gòu)買其發(fā)行的CDO的投資者稱為“世界上最成熟的抵押貸款投資者”。

(On occasion, each of a pair of CDOs would buy a tranche of the other, creating a "loop" that slowed analysis).

有時(shí)，一對(duì)CDO還會(huì)相互購(gòu)買對(duì)方的部分，從而導(dǎo)致了“循環(huán)”，延緩了分析過程。

Various CDO managers would be asked by banks if they would go along with this sort of thing.

銀行會(huì)詢問各家CDO經(jīng)理，看他們愿不愿意配合此類操作。

You could still run Intex, first for each of the securities and then for the CDO, but it could be a slow process.

你還是可以運(yùn)行Intex——先計(jì)算那些標(biāo)的證券，然后計(jì)算CDO，但這一過程可能相當(dāng)緩慢。

The CDO fiasco was an egregious and relatively rare case of aninstrument getting way ahead of the ability to map it mathematically.

作為工具通過數(shù)學(xué)方法進(jìn)行的預(yù)測(cè)中，CDO的慘敗是異乎尋常的，也會(huì)是相對(duì)少見的。

ProPublica notes that the CDO deal prospectuses did not disclose Magnetar's equity role, or detail its other positions.

ProPublica指出，CDO交易說明書沒有披露邁格尼塔持有那些組塊，也沒有詳細(xì)列明它的其它頭寸。

CDOs were one of the main vehicles through which risky US mortgages were repackaged and sold to investors around the world .

CDO是美國(guó)風(fēng)險(xiǎn)抵押貸款重新打包、然后出售給世界各地投資者的主要工具之一。

It definitely embraced them with Abacus, keeping IKB in the dark both about Paulson and its own view of mortgage CDOs.

它顯然用Abacus來迎接挑戰(zhàn)，既沒有讓IKB知曉保爾森在該交易中的角色，也沒讓其知道自己對(duì)抵押貸款CDO產(chǎn)品的看法。

So far, Morgan Stanley estimates that about $123bn of these defaulted CDOs have been liquidated.

摩根士丹利估計(jì)，迄今已有約1230億美元這類違約CDO進(jìn)行了清算。

But faith in the financial alchemy of this single currency has spectacularly crumbled, just as faith in those CDOs fell apart.

但人們對(duì)這一單一貨幣金融魔力的信仰已經(jīng)驚人地崩潰了，正如對(duì)CDO的信仰也已土崩瓦解一樣。

Why was a firm like Mr. Paulson's allowed to choose the securities in the CDO it was planning to bet against?

鮑爾森的公司正打算做空這批CDO，高盛為什么讓它來挑選基礎(chǔ)證券？

The firm also said the SEC completed a review of other collateralized debt obligations created by Goldman.

高盛還說，SEC已經(jīng)完成了對(duì)高盛所構(gòu)建其他債權(quán)抵押證券（CDO）的評(píng)估。

On paper, the eurozone does not look exactly like a CDO, since eurozone governments have never tried to "bundle" their debt.

理論上，歐元區(qū)看上去與CDO并不十分相像，因?yàn)?/c>歐元區(qū)政府從未嘗試過“捆綁”他們的債務(wù)。

They would never have taken such a punt on high- yield securities or equity tranches of collateralized debt obligations (CDOs ) .

他們可不會(huì)在高收益證券或債務(wù)抵押債券（CDO）的股本部分上進(jìn)行這樣的押注。

Thus, it could never compensate UBS fully for any meaningful loss in value of the $1. 3bn UBS was trying to insure, it claims.

因此，它宣稱，自己永遠(yuǎn)不可能全部賠償瑞銀試圖提供保險(xiǎn)的13億美元CDO的實(shí)際減值。

It was an edge the investment banks deployed against "long" investors on the other side of CDO trades.

投行利用這一優(yōu)勢(shì)，與CDO交易另一方的“做多”投資者對(duì)賭。

They also lent buyers much of the money to bid for CDOs, certain that the securities were a sound investment.

他們同樣借了大筆金錢給其他投資者去購(gòu)買CDO。無疑，這些證券曾是良好的投資。

For instance, a BBB tranche in a CDO might pay out in full if the defaults remained below 6%, and not at all once they went above 6. 5%.

例如，在一個(gè)CDO中，當(dāng)其違約率低于6%時(shí)，擁有BBB評(píng)級(jí)的資產(chǎn)部分便應(yīng)可以全部付清。而一旦違約率超過6.5%，該層級(jí)的投資者就一分錢都拿不到。

These were precursors to CDOs, the pools of mortgage-backed securities that were to wreak havoc on the global financial system years later .

這些人是經(jīng)營(yíng)擔(dān)保債務(wù)憑證（CDO）的先行者，這種產(chǎn)品即一批抵押貸款支持證券的集合，在此后幾年對(duì)全球金融體系造成了大破壞。

Now, the estimated market value of the CDOs is at least $45bn, according to several people with direct knowledge of the portfolio.

據(jù)了解該資產(chǎn)組合第一手資料的幾位人士稱，如今，這些CDO的市場(chǎng)價(jià)值估計(jì)至少有450億美元。

Golman told the investors, including some European banks, that ACA Management, an independent third party, picked what went into CDO.

高盛告訴包括一些歐洲銀行在內(nèi)的投資人，這些組成CDO的合成證券是由獨(dú)立第三方ACA管理公司所挑選的。

At the time of the Fed intervention, the value of the CDOs insured by AIG was falling dramatically and AIG was facing a credit downgrade.

美聯(lián)儲(chǔ)當(dāng)初進(jìn)行干預(yù)時(shí)，這些由AIG承保的CDO正在急劇貶值，AIG也正面臨著信用降級(jí)。

The cash flowing from mortgage payments into a single CDO had to filter up through several layers.

現(xiàn)金經(jīng)由按揭償付進(jìn)入單一CDO需要經(jīng)過多層過濾。

One of the pioneers of structured credit in the 1990s, JPMorgan is a leader in parts of the CDO business.

作為上世紀(jì)90年代結(jié)構(gòu)信貸的先驅(qū)之一，摩根大通是CDO部分業(yè)務(wù)領(lǐng)域的領(lǐng)導(dǎo)者。

The losses the banks began to take against their holdings of CDOs were staggering.

銀行開始承受持有CDO帶來的損失，數(shù)目令人難以置信。

It could promote the interests of favoured investors, use CDOs to hedge its own loan book or even take a trading position.

它可以照顧“最惠投資者”的利益、利用CDO對(duì)沖其貸款賬簿，甚至占據(jù)交易頭寸。

Just as with Abacus, Morgan Stanley's role was not disclosed to investors in the CDO.

與Abacus一樣，摩根士丹利在Jackson中的角色并沒有向投資者披露。

After all, few of us ever deal with collateralized debt obligations, exclusive hedge funds or complex billion-dollar derivative products.

畢竟我們很少有人會(huì)去參與投資債權(quán)抵押證券（CDO）、封閉式對(duì)沖基金或復(fù)雜的大額衍生品。

Analysts believe AIG originally valued these contracts by looking to prices supplied for a pool of CDOs, among other factors.

分析師們相信，AIG原來是參考一組CDO的價(jià)格等因素給這些保險(xiǎn)產(chǎn)品估價(jià)的。

' Other CDO investors admit they didn't read or overlooked certain risk disclosures spelled out in the prospectuses.

其他CDO投資者承認(rèn)，他們沒有閱讀或忽略了說明書中的某些風(fēng)險(xiǎn)信息。

For the sake of propriety, they employed a third-party CDO manager or selection agent to select and watch over the pool of mortgage bonds.

為了顯得規(guī)范得體，它們聘請(qǐng)第三方CDO管理機(jī)構(gòu)或篩選代理機(jī)構(gòu)來篩選和照看抵押債券池。