中英释义：
这就是你们的基本抵押债券，好吧？一开始很简单。
This is your basic mortgage bond. All right? The originals were simple.
《大空头》《The Big Short》
1000万美元是因为这一局代表一个房贷债券。
$10 million because this hand is meant to represent a single mortgage bond.
《大空头》《The Big Short》
我周五订了鱼，就好比是迈克尔·柏利做空的抵押债券。
I ordered my fish on Friday, which is the mortgage bond that Michael Burry shorted.
《大空头》《The Big Short》
抵押债券没有保险合同或者期权，债券太稳固了。
There are no insurance contracts or options for mortgage bonds. The bonds are too stable.
《大空头》《The Big Short》
那我怎么办呢？把没卖掉的鱼，就好比是BBB级债券全部扔掉承受损失吗？
So, what am I going to do? Throw all this unsold fish, which is the BBB level of the bond, in the garbage and take the loss?
《大空头》《The Big Short》
当一款债券被认为风险太高时，你觉得我们怎么处理？猜猜看。不知道，你告诉我。
When the market deems a bond too risky to buy, what do you think we do with it? Take a guess. I don't know. You tell me.
《大空头》《The Big Short》
利用信用违约掉期，就好比债券的保险，如果崩盘你可以获利十倍，甚至二十倍。
With something called a credit default swap. It's like insurance on the bond, and if it goes bust you can make 10-to-1, even 20-to-1 return.
《大空头》《The Big Short》
好吧，两年前 本尼·克里格在摩根的债券部门也在做空次级房贷，二十亿做空3B级公司。
Okay. Two years ago, Bennie Cleager in Morgan's bond department also started shorting subprime housing, $2 billion in BBBs.
《大空头》《The Big Short》
我们不明白为什么评级机构还没有下调次贷债券的评级，因为债券对应的房贷，断供明显在恶化。
Well, we don't understand why the ratings agencies haven't downgraded subprime bonds since the underlying loans are clearly deteriorating.
《大空头》《The Big Short》
等大多数浮动利率在07年开始执行时他们就会开始下跌，如果下跌超过15%，整个债券就一文不值了。
When the majority of the adjustable rates kick in, in '07, they will begin to fail. And if they fail above 15%, the whole bond is worthless.
《大空头》《The Big Short》
华尔街把一个好主意，路易斯·拉涅利的房贷债券变成了一颗骗局与愚蠢交织的原子弹，并且正要炸毁世界经济。
Wall Street took a good idea, Lewis Ranieri's mortgage bond, and turned it into an atomic bomb of fraud and stupidity that's on its way to decimating the world economy.
《大空头》《The Big Short》
要是迈克尔·柏利发现的房贷债券是火柴…
If the mortgage bonds that Michael Burry discovered were the match...
《大空头》《The Big Short》
这些相关债券真像你说的那么糟糕？这不合法吧。
How can these underlying bonds be as bad as you say? It wouldn't be legal.
《大空头》《The Big Short》
这不可能，单单去年就有五千亿的房地产债券售出。
No. That can't be right. There were $500 billion in housing bonds sold last year alone.
《大空头》《The Big Short》
没人知道内部情况，没人知道这些债券包括了哪些资产。
Nobody knows what's in them. Nobody knows what's in the bonds.
《大空头》《The Big Short》
凯西，现在大家都在卖这些垃圾债券卖给不知情的客户。
Casey, right now every bank in town is unloading these shit bonds onto unsuspecting customers.
《大空头》《The Big Short》
担保房贷债券的市场要比实际房贷大多少？大约20倍。
How much bigger is the market for insuring mortgage bonds than actual mortgages? About 20 times.
《大空头》《The Big Short》
通常来说，路易斯·拉涅利的抵押债券对于大银行来说利润丰厚。
Basically, Lewis Ranieri's mortgage bonds were amazingly profitable for the big banks.
《大空头》《The Big Short》
于是银行开始用更有风险的房贷来支持这些债券，谢谢你，本特。
So the banks started filling these bonds with riskier and riskier mortgages. Thank you, Benter.
《大空头》《The Big Short》
你怎么知道债券没有价值？他们不是都是上千页的房贷支持的吗？
How do you know the bonds are worthless? Aren't they filled with fucking thousands of pages of mortgages?
《大空头》《The Big Short》
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公债券
public/government bonds
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外币债券
bonds in foreign currencies
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债券兑换
bond conversion
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特种债券
special bond
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到期债券
matured bonds
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实物债券
bearer/unregistered bonds
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政府债券
government bonds;government paper/bond
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小额债券
baby bonds
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投资债券
investment bond
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可兑换债券
convertible bonds;convertible bond;convertible debenture
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不动产债券
real estate bonds
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延付债券
deferred bond
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土地债券
land bonds
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记名债券
registered/inscribed bonds
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赎回债券
debt redemption
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市政债券
municipal bond
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登记债券
registered securities
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债券保险
bond insurance
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债券债务
bonded debts
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工业债券
industrial bond
他决定投资政府债券。
He decided to invest in a government bond.
最近债券市场波动很大。
The bond market has been volatile recently.
债券投资可以提供固定的收益。
Bond investment can provide fixed returns.
他更喜欢持有债券而不是股票。
He prefers to hold bond rather than stocks.
债券市场最近表现不错。
The bond market has been performing well recently.
这家银行正在承保新的债券发行。
The bank is underwriting the new bond issue.
债券市场目前似乎超卖。
The bond market appears to be oversold at the moment.
她购买了一种高收益的公司债券。
She bought a corporate bond with a high yield.
这种不记名债券可以随时转让。
This bearer bond can be transferred at any time.
这只债券的利息每半年一次支付。
The interest on this bond is paid semi-annually.