Second, it has been trading in low-risk, low-return Treasury debt and buying higher-yielding private debt—discount loans to banks, commercial paper, and mortgage-backed securities, for example.

其二，美联储已经在交易低风险，低回报的国债和购买高收益的私人债券-例如银行贴现贷款，商业票据，和抵押担保证券。

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The Fed also made an emergency cut of one-quarter of a percentage point to its discount rate (which it charges commercial Banks), to 3.25%, and extended the rate to securities firms.

联储亦紧急下调再贴现利率0.25个百分点(由联储向商业银行收取)，调整后为3.25%，并将该利率的适用范围扩大到证券公司。

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This week Thornburg, a property firm facing funding difficulties, sold an array of top-notch securities worth over $20 billion at a 5-10% discount.

本周一家面临资金困难资产公司-Thornburg，，以9-95折销售了200亿美元最高信用评级的债券。

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Affin's subsidiaries include the recently acquired Antara Discount securities trading firm.

CNN: K.L.'s Bargain Banks

The opposite trade occurs when ETF shares trade at a discount to their underlying securities.

FORBES: Why We Don't Buy Corporate Bond ETFs

But unlike closed-end funds, if SuperUnits developed a discount to its underlying securities value, then institutional investors could arbitrage the units and profit risk-free.

FORBES: ETFs Turn 20-Years Old in the U.S.