It now expects losses on these tranches to be " immense ".

现在,这些东西将带来 “ 巨大 ” 的损失.

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And ifdefaults occur, the junior tranches take the first hit.

如果发生拖债, 刺激资金层则承受最直接的冲击.

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Only whenthese have been paid will the more junior tranches get their share.

只有在这些资金层被付完之后,次级资金层才会得到它们的部分.

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Investors, typically hedge funds, buy high - coupon bonds that are often divided into tranches.

投资者, 通常是对冲基金, 购买这种分为不同部分的高利率债券.

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