underlying bonds

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.

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.

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。