pest-resistant

this asymmetry encourages speculating on the short side, which in turn exerts a downward pressure on the underlying bonds.

这种不对称性鼓励人们做空，这又成了对CDS中的债券的卖压。

one set of securities, known as an equity tranche, pays the highest returns but is the first to suffer if the underlying bonds default;

其中一套被称为“平等分额”可享受最高回报，但同时，如果优先债券欠债，这种债券也将首先遭受损失；

CDS contracts allow investors to take on credit risk without buying the underlying bonds.

CDS合同使投资人不用购买合同下的债券就能参与这类债券的风险.

More broadly, the in-kind mechanism also helps generate trading activities of the underlying bonds, thereby adding liquidity to the underlying bond market.

此外，实物机制亦能促进相关债券的买卖，从而提高相关债券在市场的流动性。

do not actually own any of the underlying bonds.

实际上不拥有任何优先债券。

Sensing the pressure and as a result of tightening bonds spreads some high-yield bond funds in Hong Kong have hard-wired in a provision to maintain dividends by paying investors out of capital rather than from the income received from the underlying bonds.

感受到这种压力，再加上债券息差日益缩小，香港部分高收益债券基金加入一个条款，拟用资本（而不是从标的债券获得的收入）向投资者支付股息。

the asymmetry encourages speculating on the short side, which in turn exerts a downward pressure on the underlying bonds.

这种不对称助长了对卖空的投机，反过来对基础债券施以下行压力。

The bonds are callable, to reflect the prepayment risk of the underlying mortgages.

该债券是可以随时偿还的，这反映了相应的房产抵押贷款的提前还款风险。