collateralized debt obligation简称CDO，指担保债务凭证。

CDO是以抵押债务信用为基础，基于各种资产证券化技术，对债券、贷款等资产进行结构重组，重新分割投资回报和风险，以满足不同投资者需要的创新性衍生证券产品。CDO是一种固定收益证券，现金流量的可预测性较高，可以满足不同的投资需求以及增加投资收益，增强金融机构的资金运用效率和分散不确定风险。CDO因结构和资产而异，但基本原理是一样的。通常创始银行将拥有现金流量的资产汇集群组，然后转给特殊目的实体（SPE），进行资产包装及分割，以私募或公开发行方式卖出固定收益证券或受益凭证。CDO的发行者通常是投资银行，在CDO发行时赚取佣金，在CDO存续期间赚取管理费。

其英文释义如下：

A collateralized debt obligation (CDO) is a complex structured finance product that is backed by a pool of loans and other assets and sold to institutional investors. A CDO is a particular type of derivative because, as its name implies, its value is derived from another underlying asset. These assets become the collateral if the loan defaults.

collateralized loan obligation简称CLO，指担保贷款凭证。

担保贷款凭证起源于20世纪80年代末，是一种由债务池支持的单一证券。CLO通常由信用评级较低的公司贷款或私人股本公司为进行杠杆收购而获得的贷款支持。

为了购买贷款组合，CLO通过出售债务和股权证券筹集资金。这些债券和股票证券被分为“级别”出售。每个级别在现金流分配和标的抵押品池损失风险方面有不同的优先认股权权。现金流分配从CLO资本结构中最优先的债务部分开始，然后流向底部的权益部分。

CLO的大部分基础抵押品池由优先留置权、优先担保的银/行贷款构成，一旦借款人破产，这些贷款在借款人的资本结构中优先支付，排在无担保债务之前。除了第一留置权银/ 行贷款外，标的CLO投资组合可能包括一小部分第二留置权和无担保债务。

其英文释义如下：

A collateralized loan obligation (CLO) is a single security backed by a pool of debt. The process of pooling assets into a marketable security is called securitization. Collateralized loan obligations (CLO) are often backed by corporate loans with low credit ratings or loans taken out by private equity firms to conduct leveraged buyouts. 

以下为相关双语示例，供参考：

Subprime mortgages were sold by lenders (mainly through portfolio or collateralized debt obligations) to investors globally. 

次级抵押贷款由出借人（主要通过有价证券组合或担保债务凭证的方式）全球出售给投资人。 

Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge funds, funds of funds, debt funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. 

我们的另类资产管理业务包括管理私募股权投资基金、房地产基金、对冲基金、基金中的基金、担保贷款凭证以及封闭式共同基金。