次级债券

Like a toffee apple with a maggot inside, the debt markets have been tainted by their links with America's subprime mortgage crisis.

由于与美国次级抵押贷款危机联系紧密，债券市场现在已是金玉其外，败絮其中。

As an example, consider a bank that issues $40bn of subordinated debt with these embedded conversion features.

举个例子，比如一家银行发行了400亿美元的带有这种内嵌转换特征的次级债券。

The state-owned commercial bank s in our country were permitted to issue the inferior financial bond in long-term.

我国国有商业银行获准发行长期次级金融债券，具有多种功能：补充资本金、加大对国有商业银行的监督约束、为加快我国的公司债券市场发展提供经验以及加快利率市场化等。

The Company does not hold the company's subordinated bonds.

该公司并无持有该公司的次级债券。

In contrast, effective duration and convexity can make up for this shortcoming and are useful indicators to interest rate risks of embedded option bonds. Simulation and empirical analysis of callable bond and resalable bonds issued by Chinese Development Bank show that effective convexity can sometimes explain most of the interest rate risks because of the options embedded.

国家开发银行自2001年以来，每年都发行含赎回权或回售权的债券，嵌入赎回权和回售权可以增加债券的吸引力，受到市场的普遍欢迎，因此2004年下半年开始在企业债、次级债中也出现了内嵌期权的设计。

With regard to the market discipline mechanism in China, this thesis studies empirically the correlation between the deposit growth rate and the risk level of 10 banks in China, and disproves the existence of depositor market discipline in China. After analyzing the reasons why market discipline by depositors and subordinated debt holders in China is weak, this thesis brings forward reform suggestions on how to enhance market discipline in China.

在对我国银行的市场约束机制研究方面对中国的10家商业银行的存款增长与风险水平的关系进行了实证研究，证明了我国存款人对银行的市场约束几乎不存在，并在分析我国商业银行存款人和次级债券市场约束机制弱化的原因后，对我国如何加强市场约束提出了改革的思路。

Because the risk of bamk industry exited due the short and bed debts of the capital, the supplement system of the capital needs to be built by market, includinig the inpouring of government, treatment of bed debts, issuance of secondary bonds,〓fering of negotiable securities, in order to open up the ways of capital supplement to the state-owned comttmercial bank.

资本金严重匮乏和巨额不良资产是我国银行业风险高度聚积的集中表现，无论从国家的注资、不良资产处置、还是银行发行次级债券以及资产证券化等的尝试，特别是次级债和资产证券化以及未来银行上市的证券发行等，拓展了国有商业银行资本金补充渠道，通过市场化行为建立了资本金补充机制；不良资产的体内和体外的处置机制创新极大地化解了银行风险，对已形成的不良资产处置积累了经验，也完善了风险管理和风险防范机制。

Before July 11, 2008, the 0 breath of Netease can change sub bond in aleatoric time, changeover price is every common stock 0.4815 dollars.

在2008年7月11日之前，网易的零息可转换次级债券可以在任意时间转换，转换价格为每股普通股0.4815美元。

Capital market manias regularly occur on a grand scale: Japanese stocks in the late 1980s, Internet and technology stocks in 1999 and 2000, subprime mortgage lending in 2006 and 2007, and alternative investments currently.

资本市场的狂热症经常大范围的发生：80年代晚期的日本股市，1999和2000年的互联网和科技股，2006和2007年的次级债券，以及近期的另类投资。

But no one is buying the sub-prime debt, so they have to sell what they can to meet redemptions.

但是，没有人买入次级债券，所以，他们必须卖出债务来偿清贷款。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。