It stands for the Secured Overnight Financing Rate.

它代表有担保的隔夜融资利率。

For example, each dollar bill is backstopped by the Federal Reserve.

例如，每一张美元钞票都有美联储的担保。

One trend in particular has sent the secretive, tight-knit world of distressed-debt investing into a spin: aggressive " priming" transactions, which involve subordinating secured lenders.

一个特别的趋势已经使秘密的、密联系的不良债务投资世界陷：激进的“启动”交易，其中涉及从属有担保的贷款。

Their assertion — and I think it's reasonably valid; we'll see how it lasts through, like, a real credit cycle — is that, in fact, as Eric just said, this is secured senior equipment-based or asset-based lending.

他们的断言是——我认为这是合理的；我们将看看它会如何持续，就像一个真正的信贷周期一样——事实上，正如埃里克刚才所说， 这是有担保的高级设备或资产贷款。