The super senior tranches did have some attractions for banks.

对银行来说，顶级抵押债权凭证的确有吸引力。

The owners of the riskiest tranches often have the most voting power.

风险最高的债务持有者常常拥有最大的投票权力。

We don't know in which form or in how many tranches the shares are to be sold.

我们不知道这些股份将以何种形式，或者分成多少份出售。

The market value of some tranches has slumped to less than ten cents on the dollar.

以美元计，一些份额市值已降至不足十美分。

The first tranches of bonds, offering 6.85% and a sovereign guarantee, were oversubscribed.

首批发行的债券有主权担保的，大约是全部的6,85 %，已经被超额认购了。

Investors, typically hedge funds, buy high-coupon bonds that are often divided into tranches.

投资者，通常是对冲基金，购买这种分为不同部分的高利率债券。

These credit pools are divided into frontline tranches of pawns that defended the Kings and queens.

这些信贷资产被分割成一层一层的前线小卒，守卫着身后的国王和王后。

That could reduce demand for tranches of nearly equivalent risk, as firms become less keen to hold them.

这会削减其他风险基本等价的那部分资产支持证券的需求，因为机构越来越不愿意持有它们。

The credits have even become an industry unto themselves: brokers slice them into tranches and trade them.

税收优惠甚至形成了一个产业，经纪人把它分成不同的部分，并对它们进行经营。

For example, IASB is likely to allow only the very top tranches of asset-backed securities to be classified as loans.

例如，国际会计准则理事可能只允许顶尖的一部分资产支持证券被分类为贷款。

Chapter iv we numerically realize the prices of CDO tranches, and analysis the sensitivity based on result obtained.

第四章通过数值计算实现CDO分券模拟价格，并对最终的结果进行了敏感性分析。

So in a synthetic CDO, those who owned the riskiest tranches got more of the premium but lost out when defaults occurred.

因此，在一整份合成CDO中，风险最高的部分收费最高，但在违约发生时就变成一张废纸。

In other words, changes in default risk were expected to affect the equity and mezzanine tranches in stable proportions.

换言之，预期违约风险变动的影响，股票和债券夹层稳定程度。

As the Banks offloaded the junior CDO tranches and kept the safer ones, the risks they were exposed to became less obvious.

银行出售次等抵押债权凭证而持有顶级抵押债权凭证，因此其风险敞口并不明显。

Wind, solar, nuclear and hydroelectric projects are already receiving their first tranches of investments from stimulus money.

风力、太阳能、核能以及水力发电计划已经收到了经济刺激计划中的第一笔资金。

That made it harder to find buyers for the super senior tranches and forced many banks to keep them on their own books instead.

这样一来，顶级抵押债权凭证就变得无人问津，只得由银行自己持有。

It then had the calorific value of this baseline diet cut, in three monthly tranches, until it had been reduced by a total of 30%.

并以此为其进食的卡路里基准值，在三个月的时间内逐渐减少食物，直到减少到基准值的30%。

The terms of the new bonds, which will convert into equity in two tranches with different trigger points, will make them fiddly to value.

由于新型债券的功效，即能在两个有着不同触发点下的两部分资金（即调整风险可控资本和在核心资本比率下降时债券的作用）需要之时发挥它的作用，这就使得对债券的估值需要更加精确。

The returns on these pools were then sliced into a hierarchy of "tranches" that were sold to investors as separate classes of securities.

从这种债务池发生的收益被分级分类“切块块切块”，作为另一类债券，出售给投资人。

Many Banks got rid of the riskier and more junior CDO tranches, because their own risk-management systems designated them as too dangerous.

许多银行不愿意持有风险较大、品级较次的抵押债权凭证，因为其自有的风险管理系统认为它们太过危险。

There are also legal issues with underwriting principal when different tranches of mortgage-backed securities are not held by a single investor.

当不同期的按揭证券并非由同一出资者拥有时，承销本金还存在着法律方面的问题。

The second feature of the SBA that makes it less well suited to dealing with temporary liquidity crises is that funding is usually released in phased tranches.

SBA协议的另外一个使得其不那么适合处理暂时流动性危机的特点是资金是分阶段拨付的。

However, rumours have been circulating that British banks were also keen to see a rescue fund established, as they hold a large share of the SIVs' most toxic tranches.

但是，已有谣言流传说英国银行也急切地看到有一个救援基金成立，因为他们拥有SIV最劣质资产的很大一部分。

First, by dividing sovereign debt into tranches, the enhanced safety of the blue bonds would come at the expense of the red ones-which could become red-hot for risk-averse investors.

第一，把国债划分成几部分，蓝色债券被提高的安全保障，最终会以红色债券为代价- - -这对风险规避者成了烫手山芋。

In theory, this helps the Banks to reduce risk, makes money for intermediaries who trade the securities, and allows the investors to pick tranches of debt that match their risk appetite.

理论上，此举有助于银行降低风险，券商可从中获益，投资者也能选择一些符合其风险偏好的债务组合。

Mr Greenspan said it was still not clear whether big financial institutions had taken all the writedowns they would need to take on higher rated tranches of mortgage-backed credit products.

格林斯潘表示，尚未清楚大型金融机构是否已经进行了所有的资产减记，包括评级较高的抵押支持信贷产品。

The banks that provide credit lines to it will incur losses only after lower tranches held by the SIVs and outside investors have been wiped out, which seems unlikely even in current conditions.

向该基金提供信贷额度的银行只有在SIV和外部投资者持有的低端资产被清洗后才会损失，而即便以现状而言，也不太可能出现。

When the housing bubble burst and house prices started declining, borrowers began to default, the lower tranches were hit with losses, and higher tranches became more risky and declined in value.

房地产泡沫破裂的时候、当房价下降的时候，借款人开始违约，低层的“块块”被市场击中，发生亏损，高层的“块块”风险增大，价值下降。

On this basis, it derives the calculating method for the prepayment distribution and default loss distribution of CDO assets pool, and then gets the semi-analytical solution of CDO tranches 'spread.

在此基础上，得到了CD O资产池提前偿付分布和违约损失分布的计算方法和CDO分券层价差的半解析解。