ABCP

It was their sudden withdrawal that caused the market in asset backed commercial paper ( ABCP) to seize up.

正是由于短期债券的突然撤出才导致了资产支持商业票据的失灵。

Under a restructuring plan devised towards the end of last year, ABCP would be converted into longer-term securities.

根据去年年底拟定的一项重组计划，资产担保商业票据将要被转化为期限更长的证券。

In mid-July, ABCP investors refused to roll over some of these notes.

7月中旬，资产支持商业票据投资者拒绝对其中一些票据进行再投资。

Everything in this market depends on investors in the ABCP market maintaining their faith in the programmes and the assets they hold.

这个市场中的一切，都取决于资产支持商业票据市场中的投资者对这些工具和它们持有的资产保持信念。

To protect investors' interest, ABCP programs are structured with various protections such as credit enhancement and liquidity support.

为保护投资者的利益，项目还建立了不同的保护措施如信用增级、流动性支持等。

There is deep uncertainty about what the central banks will do next making ABCP players even more reluctant to start issuing and trading again.

央行的下一步行动存在很大的不确定性，这使得资产支持商业票据参与者更不愿意再次开始发行和交易。

Trend Analysis on Pushing ABCP of New-Type Financing Tool in Our Country

我国推行ABCP新型融资工具的趋势分析