金融双语 债务抵押证券  

COLLATERALIZED DEBT OBLIGATIONS

作　　者：胡新华 

机构地区：[1]中国工商银行博士后工作站,100036

出　　处：《金融论坛》2007年第10期64-64,共1页Finance Forum

摘　　要：典型的CDO结构包括一个特殊目的载体，它接受由债券或贷款或其组合组成的资产池，并发行以此为支持的证券。市场上最早出现的CDO结构被称为现金流CDO，其资产池中的资产由特殊目的载体购买。投资者承担资产池中债务人不愿或不能履行债务责任的违约损失，因而投资者的回报直接与资产池中的债务表现相关。CDO structures typically involve a special purpose vehicle （SPV） acquiring pools of either bonds or loans （or a combination of these）, and funding this acquisition by issuing notes to investors. These CDOs, where assets are purchased by the SPV are known as cash structures and were first types of CDO structure seen in the market. Investors assume the financial losses of any obligor in the pool being unwilling or unable to meet the terms of its debt obligation. Therefore, the investors＇ return is directly related to the performance of the pool of debt obligations.

关 键 词：债务责任 抵押证券 特殊目的载体 双语 金融 资产池 CDO 违约损失 

分 类 号：F830.91[经济管理—金融学]