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"It's a risky asset.
That is likely to be associated with falls in risky asset prices".
"Anything that's not a short-term Treasury is a risky asset," he said.
"This is a very risky asset class," said Sarah Bush, an analyst at Morningstar.
Mistaking a "mostly" safe asset for a genuinely safe one is worse than simply using a risky asset.
A political outlet is a risky asset; if you are an owner and care about your safety, you probably want to keep it low profile.
But if this situation were to change, the impact on risky asset prices could be devastating and derail the fragile global economic recovery.
Seldom if ever did Moody's or Standard & Poor's say, "If you put one more risky asset on your balance sheet, you will face a serious downgrade".
So, the big story: German bonds are now being priced as a risky asset — what the FT calls the "apocalypse trade".
This would set a common bar for banks in different countries, which often have different standards for what is a risky asset.
Mr Adrian, Emanuel Moench, and Mr Shin have shown that the borrowing behaviour of financial intermediaries can explain changes in risky asset prices.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com