The credit bubble is over, thanks partly to a buyers' strike for asset-backed commercial paper.
信贷泡沫已经结束，这在一定程度上是由于买方不再理会资产担保商业票据。
Unfortunately, what we've seen recently is a kind of a bank run on the asset-backed commercial paper.
不幸的是，最近的情况是，有些银行开始运作资产担保商业票据。
Both borrowed partially (but not exclusively) in a form of short-term debt known as asset-backed commercial paper.
这两类载体均部分(但不是绝对)通过那类由资产抵押商业债券来借入短期贷款。
Its shares slumped this week on unsubstantiated rumours that, it faced big losses in asset-backed commercial paper.
他的股票本周暴跌，源于不确定地流言关于公司在次级房贷商业票据业务上的巨额亏损。
With the collapse in other debtmarkets (such as asset-backed commercial paper), corporate borrowers cashed in those chips.
由于其它债市失灵（例如资产支持的商业票据），公司就从银行兑现这些承诺。
The Fed will also extend loans to Banks to buy asset-backed commercial paper from money-market funds that face redemptions.
美联储也会从货币市场买入面临赎回的有资产背景的商业票据，这相当于美联储扩大贷款范畴到银行业。
Interbank lending rates, though still unusually high, are edging down, and the asset-backed commercial paper market ticked up on January 3rd after falling for 20 straight weeks.
银行间贷款利率虽然依旧很高，但是已经下降。抵押商业贷款在连续下跌20周后，1月3日初见上升。
Investors pulled hundreds of billions of dollars out of asset-backed commercial paper, a little-known but important market that has taken over a lot of the work Banks used to do.
投资者从资产支持的商业票据市场抽走数以千亿的美元。资产支持的商业票据市场很少有人知道，但却非常重要，因为它接管了许多原来由银行处理的工作。
Recreating its backstops for money-market funds, commercial paper and asset-backed securities might require such stringent conditions that no one would participate.
为了支持货币市场基金，商业票据和有资产担保的证券需要满足某些严苛条件，例如其他人不得参与。
There is a whiff of self-rescue about the enterprise, especially with regard to Citigroup, which is more exposed to the asset-backed commercial-paper market than any other bank (see chart).
这里颇有些企业自救的意味，特别是对花旗而言，它比其他任何银行都更深地涉足于资产担保的商业票据市场（如图）。
It was their sudden withdrawal that caused the market in asset backed commercial paper (ABCP) to seize up.
正是由于他们从短期债券市场的突然撤出才导致了资产支持商业票据的失灵。
But the "locus of concern", as the Fed's Jeffrey Lacker put it this week, remains the more obscure market for "asset-backed" commercial paper.
但是本周联储会JeffreyLacker讲，联储会“考虑轨迹”仍然是更让人摸不到头脑的以“资产抵押”的商业债券市场。
But the "locus of concern", as the Fed's Jeffrey Lacker put it this week, remains the more obscure market for "asset-backed" commercial paper.
但是本周联储会JeffreyLacker讲，联储会“考虑轨迹”仍然是更让人摸不到头脑的以“资产抵押”的商业债券市场。
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