皮尔斯指出，商业抵押贷款担保证券的价值正在下滑，而这是最近才暴露出问题的一块业务。

And in a fresh problem area for Banks, commercial-mortgage-backed securities are declining in value, Mr. Pierce said.

youdao

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。

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.

youdao

德意志银行的Richard Parkus认为如果商业地产借款人不能大幅增加偿还资金，在美国发行的所有商业抵押担保证券的70%将无法用于再融资。

Richard Parkus, of Deutsche Bank, thinks that 70% of all CMBS issued recently in America will not be able to refinance without a big increase in the capital that borrowers stump up.

youdao