地位不确定是这一级债券的特征。

Uncertainty of position characterizes bonds in this class.

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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.

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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.

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