and this one he sold off at pi (1),

这一份以π(1)卖出
so he's making use of the fact

他做的是基于事实
that we've already found out this price and this price.

我们已经计算出了这两份的价格
But actually, that's slightly--

事实是这有些超前了
okay, but we're talking about not what you would do talking to the banker.

我们讨论的不是你对银行家说的
We're talking about what the banker would do,

我们讨论的是银行家怎么做
and he's got to trade in the Treasury market.

他会在国债市场完成这笔交易
So how's this guy going to do this?

那么他要怎么去完成呢
The banker and the Treasury market now, this Pi over 2 dollars,

银行家在市场上这个π(2)
he's going to have to hold this complicated portfolio what's he going to do to?

完成这个复杂的交易他要怎么做
He's going to have to combine the 1 and the 2-year to do this thing

他要把1年期和2年期合并完成第一步
and then the 1-year to undo that thing.

还有1年期完成下一步