尽管在过去20年间投资者持有股票的比重过高，如今的资产配置比重却在向固定收益型债券倾斜。

Although over the past 20 years investors have been overweight in equities, asset allocation is now tipping in favour of fixed-income bonds.

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但是许多债务产品，特别是资产抵押型产品(的市场)仍然趋于瘫痪状态。

But many debt products, particularly asset-backed instruments, remain paralysed.

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此外，这些证券并非是同一类型的，这意味着“总银行”会因为逆向选择而取得大量劣质资产。

Moreover, the securities are not homogeneous, which means that even an auction process would leave the aggregator bank with inferior assets through adverse selection.

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