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翻译习作(第一期)_EN-CN_Ride Any Storm With Covered Bonds

(2011-02-21 21:17:49)
标签:

担保债券

腓特烈大帝

布雷夫

《威尼斯商人》

金融危机

财经

分类: 翻译

文:丽塔

题目:Ride Any Storm With Covered Bonds
原文链接:http://www.fool.co.uk/news/investing/2011/01/06/ride-any-storm-with-covered-bonds.aspx
语言:英译汉
主题:担保债券
字数:724单词
估计用时:2.5小时

本人译文:乘担保债券之船乘风破浪

任何投资组合担都可以把担保债券包括进去。
如果有哪个资产管理人想把一艘船卖给投资者,恐怕会把大部分人吓跑。不过担保债券就能把这事儿做成,而且这种债券还是目前最安全的一种投资形式,甚至比某些主权债券还要靠得住。
现在全世界范围内未偿付的担保债券总量达到3560亿美元,比2009年增长20%,今年势必还将继续增长。
去年,新西兰银行(Bank of New Zealand)发行了新西兰历史上第一只担保债券。几个月后英国巴克莱银行(伦敦证券交易所代码:BARC)也不甘落后,发行了一种以美元计价的担保债券,总量为10亿美元。今年,澳大利亚也将步其后尘。澳大利亚联邦政府对有关法律进行了修订,将这种有“避风港”美誉的投资方式纳入其系统。
甚至连美国人都对担保债券刮目相看。2008年下半年金融危机前夕,美国的未偿付担保债券仅占全世界总量的1%。爆发金融危机之后,美国联邦储备局匆忙将担保债券合法化,发行量随之锐增。毕竟,担保债券总比次级贷款更有吸引力。
至于英国,其担保债券占未偿付总量的4%,但是这一数字仍在上升。
总之,担保债券的时代已经来临。

抵押凭证
抵押凭证到底是何方神圣?
抵押书源于德国的“pfandbrief”(字面意思就是“抵押权利凭证”,音译为“潘德布雷夫”)一词,指240年前出现的一种“有担保、支付利息的金融工具,由经过许可的信贷机构发行并进入资金市场流通(或交易)。
虽然担保债券从技术角度来说是一种有资产支持的凭证,类似于金融危机的导火索、人人喊打的次级贷款,但两者之间却有着天壤之别。相比之下,担保贷款的透明度要高的多,风险也低得多。
出于各种考虑,担保债券的发行商为银行。发行商发行的担保债券均记录在册,如果出现意外(虽然这种可能性极小)银行要对其负责。
在德国,担保债券在投资者心目中享有至高无上的地位。该国制定了很多针对潘德布雷夫债券的法规,为该债券奠定了法律基础。担保债券的抵押品包括船舶、公共贷款、商业地产以及最新添加的飞行器,围绕每种债券都设立了大量的法规。值得注意的是,上述所有抵押品都是长期固定资产,而且都价值不菲,绝非那些以几千处过度借贷的家庭住房作抵押品的情况。

时代造就的投资工具
担保债券要指定并任命专门的托管人,而且要保存担保资产登记册并对其信息进行公开披露。假如担保资产破产,其债券持有人将优先获得偿付。正因为如此,大多数的潘德布雷夫债券的信用评级都为“AAA“,而且金融危机之后比任何其它债券工具恢复元气的速度都更快。
德国潘德布雷夫抵押债券银行协会(VDP)会长最近表示:“金融危机表明,投资者在艰难时期尤其看重金融该产品的价值质量、简单和透明度。“他的这番话固然与他的立场分不开,但是这种论断也确实言之有理。
而且你真的可以使用这种债券来购买船舶、飞机或者一整座办公大楼,但是必须通过严格的规则,排除所有的投机因素。
假设你打算购买几百股以游艇担保的抵押债券。根据法律规定,这艘船的船龄不得超过20年,负债率不得超过其抵押价值的60%。如果这艘游艇是在欧盟以外的地区注册,相关固定还要随着增加的风险而变动。
欧洲设立了欧洲资产担保债券理事会(European Covered Bond Council,ECBC),德国也设有类似机构。两家机构根据发现的新证据,不断对各项规定进行修订、完善。

多亏了腓特烈大帝

喜爱历史的 Fools网站会员听好了:早在1769年,腓特烈大帝发明了潘德布雷夫债券“pfandbrief“。当时的债券以实物资产担保,此例中用的是一位贵族的领地。后来西欧的投资者们对这种债券发生了兴趣,如今担保债券已成为法国、荷兰、西班牙等国家最受欢迎的投资形式。
鉴于担保债券具有如此高的安全性,很难指望其回报十分丰厚,事实也确实如此。巴克莱银行的五年期债券发行收益率为2.525%,不过这总比投资损失要好得多。
莎剧《威尼斯商人》中安东尼奥的商船不幸失事了,不过放心,这样的事绝不会发生在你通过担保债券买的船上。


原文: Ride Any Storm With Covered Bonds

This could be an anchor asset for any portfolio.

If an asset manager tried to woo investors by trying to sell them a ship, most of them would run a mile. Yet that's exactly what covered bonds can do and they are probably the safest forms of investment right now, safer than some sovereign bonds.

No less than US$356bn in covered bonds is now outstanding worldwide after a 20% increase in 2009, and the numbers are certain to rise higher this year.

UK banks are catching the wave. Barclays (LSE: BARC) launched a US-denominated $1bn covered bond issue late last year, a few months after the Bank of New Zealand rolled one out, the first in New Zealand's history. And in another first, Australia will follow suit this year after the federal government changed the laws to accommodate these safe-haven investments.

Even Americans are discovering covered bonds. Just before the financial crisis hit in late 2008, the US accounted for just 1% of the global volume of covered bonds outstanding, but issuance has risen sharply after the US Federal Reserve legitimised them in a hurry during the financial crisis. Well, they're a lot more attractive than sub-prime.

As for the UK, it holds about 4% of outstanding covered bonds, but rising.

In short, the time of the covered bond has come.

Letter of pledge
But what exactly is it?

Known as pfandbrief (literally, a letter of pledge) in Germany where the investment originated 240 years ago, it is "a covered, interest-paying debt instrument issued by licensed credit institutions and placed (or traded) on the capital markets".

Although a covered bond is technically asset-backed paper, like the dreaded sub-prime that triggered the financial crisis, there's little comparison. The covered bond is much more transparent and lower risk.

The issuer, which for all practical purposes is a bank, keeps the bond on its books and is liable for it if something goes wrong, although it never seems to.

In Germany, where the covered bond has an almost holy status among investors, there are volumes of pfandbrief laws underpinning the legitimacy of the instrument. Regulations abound for covered bonds for ships, public loans, commercial property and, most recently, aircraft. All of these, note, are long-term assets. They're also worthwhile assets, not the debt on a few thousand over-borrowed homes.

An instrument for our times
Trustees are appointed and named. Registers are kept and open to scrutiny. And if the asset went to the bottom, as it were, bond-holders are first in line. That's one reason why most pfandbriefe are rated triple-A and also why covered bonds bounced back faster than any other debt instrument from the financial crisis.

As Jan Bettink, president of the European body, said recently: "The financial crisis clearly showed that in difficult times investors especially value quality, simplicity and transparency of financial products." Biased as he may be, it's hard to disagree with that assessment.

And you really can buy a ship, aircraft or office block with one, but under tight rules that remove just about all the speculative element.

Let's say you're buying a few hundred covered bonds in a cruise ship. The law decrees the said vessel cannot be more than 20 years old and debt cannot be greater than 60% of the mortgaged value. If the ship's registered outside the European Union, the rules change accordingly to reflect the extra risk.

There's a European Covered Bond Council as well as a German one that between them constantly fine-tune the rules in the light of new evidence.

Good old Fred
And for those Fools interested in history, it was Frederick the Great who dreamed up the pfandbrief way back in 1769 as a way of financing real estate. Right from the start, the bond was covered by a real asset, in this case a noble's lands. In time western European investors took to them and today they are favoured investments in France, the Netherlands and Spain among other countries.

Given the high level of security, you could hardly expect a covered bond to offer a munificent return and they don't. Barclay's five-year bonds were issued at a yield of 2.525%, but that's a lot better than a loss.

Unlike poor Antonio in The Merchant of Venice, you can be sure the ship will come in.

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