The bond is similar to the housing loans but the difference is that its collateral is low grade bonds instead of housing loans. It is backed by diversified pool of junk bonds.

与房产抵押贷款债券相似，所不同的是抵押品不是房产抵押贷款，而是评级较低的债券，由多个级别很差的债券组成。

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An alternative to the promissory note arrangement is considered in which a 40-year bond is used as collateral for regular ECB loans which replace an equivalent amount the ELA debt.

FORBES: How Much Would Ireland Benefit from Replacing the Promissory Notes with a Long-Term Bond?