地位不确定是这一级债券的特征。
发售债券的公司必须在使用该计划前两天签署协议，且必须通过纽约联邦储备银行的一级交易商出售这些票据。
Issuers must sign up at least two days before using the facility, and can only sell commercial paper to it through primary dealers of the New York Fed.
在欧洲，由于银行高管认定主权债务(包括希腊和葡萄牙在内的国家的债券)没有风险，一级资本充足率便被扭曲了。
In Europe, Tier 1 ratios were distorted because bank regulators decided that sovereign debt (the bonds of countries including Greece and Portugal) should be considered risk-free.
也许正是这种对行动迟缓的恐惧解释了Fitch，一家大型信用评级机构，选择这周来降低希腊的主权债券等级一级，从A-进一步下调至BBB +。
That fear of acting too late may explain why Fitch, a big credit-rating agency, chose this week to lower Greece's sovereign-debt rating by another notch, from a - to BBB +.
我一直认为，在本质上，债券估值是一个相当简单的过程(至少在某一级别上)。
I've always thought that, in essence, bond valuation is a rather simple process (at least at one level).
我一直认为，在本质上，债券估值是一个相当简单的过程(至少在某一级别上)。
I've always thought that, in essence, bond valuation is a rather simple process (at least at one level).
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