Backed Bond，翻译为“有担保债券；有抵押债券”。由发行主体提供财产作抵押，以保证偿还的债券。有担保债券主要指有担保公司债，这种债券必须依法在主管机关办理抵押权登记，到期该企业若不能还本付息，可依法处理抵押品，持有这种有担保债债权的人，享有优先受偿的权利。

有担保债券的担保有两种：

1．封闭式担保。又称限额抵押。指一项抵押品只限于一次发行的债券，不允许再用作发行同一等级的公司债的抵押。

2．开放式担保。又称可加抵押，是对限额抵押而言的。

Uncovered Bond，也称undecured bond，翻译为“无担保债权”，无担保债券是“有担保债券”的对称。仅凭发行主体自身信用为保证而无须其他财产担保所发行的债券。通常分为以下四种：

1.既无财产也无人担保的完全无担保债券；

2.依法律规定有优先受偿权的无担保债券；

3.有信用保证的无担保债券；

4.特别约定保留担保条件的无担保债券。

相关术语：

Asset-Backed Bond 资产支持债券

Mortgage Backed Bond 担保债券；抵押贷款支持债券

Securitized Mortgage-Backed Bond 证券化抵押债券

参考双语例句：

The cost of each class of asset-backed securities which is determined based on the previous carrying value of the securitized financial assets, is allocated in proportion to the fair value of each class of the asset–backed securities and the retained interests on the date of transfer. Due to securitized financial assets do not have a quoted market price, the fair value of each class of the asset-backed securities and the retained interests are evaluated based on the present value of future cash flows considering the expected credit loss rate, prepayment rate, and discount rate on the financial assets.

出售金融资产之损益係按出售所得与金融资产帐面价值之差额计算，该帐面价值须以移转日出售及保留权利间之相对公平市价为基础予以分摊，由于出售资产及保留权利并无市场报价作为公平市价，故根据该金融资产之预计信用损失率、预计提前还款率及有关风险相当之折现率等主要假设之最佳估计，评估未来预计现金流量之折现值，作为估计公平价值之基础。

In 2008, problems in the United States mortgage market and among asset-backed securities grew into a fullblown global financial meltdown.

2008 年，美国房贷市场和资产抵押担保证券中的问题演变成为全面的全球金融危机。

The Federal Reserve Bank of Philadelphia (Federal Reserve Bank of Philadelphia) President Charles Plosser said on Tuesday that the United States Federal Reserve (Federal Reserve, known as the Fed) latest housing mortgage-backed securities (MBS) purchase program are less likely to stimulate economic growth, but may be detrimental to the credibility of the Federal Reserve.

城联邦储备银行(Federal Reserve Bankof Philadelphia)行长Charles Plosser周二表示，美国联邦储备委员会(Federal Reserve, 简称美联储)最新推出的房屋抵押贷款担保证券(MBS)购买计划不太可能刺激经济增长，而且可能会有损美联储公信力。

With respect to effectiveness against third parties, the Convention provides that a security right in intermediated securities may become effective against third parties if: (a) the securities are held in an account in the name of the secured creditor (see articles 9 and 11); or (b) the holder of the securities grants the control of the securities to the secured creditor (see article 12).

关于对抗第三方效力，公约规定中间人代持证券担保权在下述情况下取得对抗第三方效力：(a)账户中证券持有人是有担保债权人（见第9和11条）；或(b)证券持有人将证券控制权给予有担保债权人（见第12条）。