担保债务凭证，是债务债券抵押产品，把所有的抵押打包在一起，并且进行重新的包装，再以产品的形式推放到市场，属于资产证券化的产品。它是一种固定收益证券，现金流量之可预测性较高，不仅提供投资人多元的投资管道以及增加投资收益，更强化了金融机构之资金运用效率，移转不确定风险。凡具有现金流量的资产，都可以作为证券化的标的。

通常创始银行将拥有现金流量的资产（cash flow-generating assets）汇集群组，然后作资产包装及分割，转给特殊目的公司（SPV），以私募或公开发行方式卖出固定收益证券或受益凭证。

CDO背后的支撑则是一些债务工具， 既包括高收益的债券( high - yield bonds)、新兴市场公司债或国家债券(Emerging Market Corporate Debt、Sovereign)，亦可包含传统的ABS（Assets Backed Securities）、住宅抵押贷款证券化(Residential Mortgage-Backed Securities, RMBS)及商用不动产抵押贷款证券化(Commercial Mortgage-Backed Securities, CMBS)等资产证券化商品。

以下为其英文释义，供题主加深理解，“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.”

以下为相关例句：

例1：

Rather than acting in their customers’ best interests, financial institutions may peddle opaque investment products, like collateralized debt obligations.

不是为客户获取最佳利益，金融机构也许会兜售非透明的投资产品，比如债务抵押债券。

例2：

So investment banks took their enormous capital and at first packaged yield-enhanced, subprime mortgage loans into complex derivatives such as collateralized debt obligations (CDOs).

因此投资银行斥巨资提高了首次包装上市的水平，并把次级抵押贷款放到了诸如债务抵押债券（CDOs）等复杂金融衍生品上。