Fill in the blanks in the following passage with the words given below. Use each word once only, and change the word form where necessary.
afflict approximate don follow portability registration
Patients __1___ with Alzheimer's disease, Parkinson's disease and epilepsy may be able to receive a real-time dynamic scanning of their brain by wearing a small-sized all-digital helmet positron emission tomography (PET) scanner, ___2___ researchers in China developing the world's first such active monitoring equipment. The __3___ hemispheric digital helmet scanners were developed by researchers at Huazhong University of Science and Technology in Wuhan, Hubei province, and are in the process of obtaining __4___ certificates as medical devices in China. A patient only needs to sit down while __5___ the helmets to get imaged — not unlike getting a perm at a beauty shop — and users can pass the ___6___ 10-minute examination process by playing on their mobile phones if they so choose, the researchers said.
5. 抵押贷款支持债券(mortgage-backed securities,MBS)
以抵押贷款作为基础资产的资产支持债券,通常被作为单独的一类,称为抵押贷款支持债券,简称抵押债券(mortgage贷款bonds)。
MBS作为ABS的一个分文,其证券化过程也是一样的。具体而言,房屋贷款公司,即抵押贷款人(mortgage lender)把抵押贷款出售给大型投资银行设立的SPV,这些SPV再向市场发行证券筹集资金。由于真实出售的结果是,房屋贷款公司不再承担由它们发放的抵押贷款的风险,近年来,美国房屋贷款公司对贷款者的审查标准越来越松,许多没有固定收入、无工作、无资产的人也能够通过抵押贷款买到房屋。由于这些人的违约风险较高,房屋货款公司向他们收取的抵押贷款利率高于优惠利率,这些抵押贷款因此被称为次级抵押贷款(subprime mortgage)。
6. 债多担保债券(Collateralized Debt Obligations,CDO)
CDO是ABS的一种,与传统ABS所不同的是,CDO的基础资产是一些债务工具(obligations),如垃圾债券、银行贷款、新兴市场国家的公司债或主权债。其中,基础资产如果主要由债券组成,这种CDO称为债券担保债券(Collateralized Bond Obligations,CBO);如果主要由银行贷款组成,则称为贷款担保债券(Collateralized Loan Obligations,CLO)。
基础资产的拥有者将其卖给SPV,SPV以这些资产的现金流为担保发行债券(即CDO)。在CDO发行过程中,SPV把要发行的债券分割为几块,这些块称为层级(tranches)。每一层级对应不同的风险和回报水平,如优先层级(senior tranche)、中间层级(mezzanine tranche),次级层级(subordinated tranche),最下一层称为股本层级(equity tranche),由于风险很高股本层级被称为“有毒废物”。在基础资产收回现金流或清算时,优先层级优先获得偿付,随后是中间层级,依次直至最后是股本层级。每一层级会获得不同的信用评级,所以,保守的对冲基金、商业银行和养老基金往往会购买质量最高的CDO,而投机者和一些发行商会购买股本层级。
以CDO为基础资产发行的CDO债券,称为CDO的平方(CDO-squared)。
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