For issuers, the costs of funding are lower than raising unsecured debt, and issuance does not depend on the revival of the securitisation markets.

对发行者来说，有资产抵押证券的成本要比筹集无担保债务低的多，同时它的发行不依赖于证券市场的复苏。

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While issuance data shows borrowers placing far fewer long-dated corporate bonds (due in 10 years or more) in the first quarter than in recent quarters as absolute borrowing costs trend higher, the refinancing of short-term debt balances remains a common driver of debt issuance this year.

FORBES: Economy: Short-term Business Borrowing Hits Highest Level Since 2001