The instrument is a form of senior debt that is paid back from the issuer's cash flows but is also secured against a ring-fenced pool of assets, such as mortgage loans, in the event of default.

这种证券是优先债务形式的一种，发行者需要用自己的现金流来偿还，并且要有一定隔离的资产池作为保障，比如说抵押贷款，以免发生不能履行责任的情况。

youdao

Banks own a lot of long-term assets (like your mortgage) and hold a lot of short-term debt (which is cheaper than long-term debt).

银行持有很多长期资产(比如你的贷款)和短期债务(利率比长期的要低)。

youdao

Household net worth is assets, such as home equity, minus liabilities, such as mortgage debt.

家庭财产净值是房产等资产减去抵押贷款等债务。

youdao

He said banks' mortgage-based assets are being exchanged for safer government debt, therefore the government is taking the banks' risks onto its balance sheet.

BBC: Government plans to help UK banks

Nor have investors grown any more confident about their ability to price the banks' toxic mortgage-backed assets: Merrill Lynch's cut-price sale of collateralised-debt obligations in July has had few imitators.

ECONOMIST: American banks

The company caters to fund managers and institutional investors trading in illiquid assets like private company stock, bankruptcy claims, loans, mortgage-backed securities and collateralized debt obligations.

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