It stands for the Secured Overnight Financing Rate.

它代表有担保隔夜融。

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.

一个特别趋势已经使秘密、密联系不良债务投世界陷入混乱：激进“启动”交易，其中涉及从属有担保贷款人。

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.

断言是——我认为这是合理；我将看看它会如何持续，就像一个真正信贷周期一样——事实上，正如埃里克刚才所说， 这是有担保高级设备或产贷款。