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。

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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。

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In 1997 and the first half of 1998, before turmoil hit world capital markets, the equity tranches sold briskly along with all the other tranches.

ECONOMIST: ��Structured finance�� can bring unstructured losses

By separating a portfolio of derivatives into different tranches, banks can create virtually default-proof securities for conservative investors--if somebody else is willing to buy riskier "equity" tranches whose value vaporizes when as few as one or two of the underlying bonds default.

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