[自从退居第二线就没再碰翻译，最近发现竟然翻不出来，所以想练习一下] [请大家踊跃鞭打] [原文取自巨亨网 http://news.cnyes.com/content/20111118/KE0EK9EH2D33J.shtml] 全球市况动荡 人债10月亏4% 9成投资被套牢 Global volatility results in 4% loss on RMB-denominated bonds in October; 90% of them under water [under water 我以前只见过房地产领域在用，金融界好像没在这样说] 欧洲主权债务面临违约风险，全球投资市场震荡，早前炙手可热的点心债 (即离岸人民币 债券) 亦不能幸免。有债券交易员指出，上半年发行的点心债，目前有 9 成是「蟹货」( 套牢)，债券价格一度较高位跌逾 6% 。银行界人士相信，点心债价格尚未见底，散户宜 待欧债危机进一步恶化，人债息率升，始入市吸纳作长线投资。 European sovereign bonds are facing default, causing market volatility that the formerly hot Dimsum Bonds (i.e. RMB-denominated offshore bonds) were not immune to. Some bond traders have pointed out that out of all dimsum bonds issued in 1H11, 90% of them are "under water," and some have seen their prices drop as much as 6% from their peak in that timeframe. Banking professionals believe that dimsum bond prices have yet to hit bottom, and that only if the Eurobond crisis worsens, and the yields of RMB-denominated bonds trend up, should retail investors enter the market with a view towards holding for the long term. [Typo: sovereign] [yield ... trends 改为 yields ... trend] [吸纳 跟 enter the market 还是有差，但想不出来] 香港《明报》报导，根据中银香港 (2388-HK) 的人民币离岸债券指数，由年初的 100 ， 10 月一度急插至最低 93.9 ，目前稍为回稳至 96.2 ，但与 6 月时高峰 102.9 相比， 跌了 6.7 ，而年初至今则跌约 3.8% 。工银亚洲投资管理基金经理胡婉敏指出，点心债 缺乏二手市场承接，令其跌势加剧。然而年初至今有关指数仍跑赢同期恒生指数约 16 个 百分点。 HK's Mingpo reported Bank of China (Hong Kong) (ticker: 2388-HK) statistics as showing that the offshore RMB-denominated bond index nosedived from 100 at the beginning of the year to a trough of 93.9, but has since rebounded slightly to 96.2, still 6.7 points lower than the index's June peak of 102.9, for a YTD decline of 3.8%. ICBC's Asia Funds manager Ms. Hu Wanmin pointed out that dimsum bonds lack a secondary market to provide downside support, contributing to its sharp decline, but she also pointed out that its related indices still outperformed the Hang Seng index by about 16 percentage points over the same period. [明报报导的人民币离岸债劵指数这个部分英文翻的很硬] [急插改为 nosedived] [Hang Seng 竟然打错，真该切腹] 由於企业购买点心债以买卖为主，故债券价格反映投资收益。至於一般买入点心债的散户 ，一般以长期持有为主，到期可悉数取回本金，另加利息，不会有资本上的损失，只是失 去了去赚取更高息的机会。 Since most institutions purchase dimsum bonds for trading purposes, its price reflects its ROI potential. Retail investors holding dimsum bonds usually are long-term investors, and would be able to recover their principal plus interest at bond maturity, without loss of investments; the only loss is the opportunity to earn a higher ROR elsewhere. [不知为何原文为企业，institution 为法人，把企业翻成法人其实有点心虚] [capital 更正为 principal 较好，但 plus 留下，第二个 capital 改为 investments] [债劵怎麽会有 interest at maturity? 感觉是记者乱写] [而且本篇以 Sovereign bonds 违约危机开讲，到这里却要读者安心，因为 dimsum bonds 可以 recover ... without loss of principal? 连 sovereign bonds 都会违约了， dimsum bonds 却可以安心食用？真是 XD] 点心债价近日之所以下跌，主要原因是︰一是离岸人民币 (CNH) 价格下滑，令其与在岸 人民币 (CNY) 价出现折让；二是中国出口转弱，投资者对人民币的升值前景转淡，连带 点心债的吸引力亦下降；三、欧债危机令环球的投资风险上升。 The recent drop in dimsum bond prices can be attributed to the following: 1) a price decline in offshore RMB (CNH) causing it to appear discounted to onshore RMB (CNY); 2) investors are less expectant of a rise in the RMB owing to weakness in China's exports, and thus dimsum bonds appear less attractive; 3) the Eurobond crisis is increasing risks in investments around the world. 渣打昨日发表报告，调低对人民币的升值预测，由每季升值 1% 放缓至 0.6% ，主因是国 内外商直接投资减少及通胀放缓，令人民币的升值压力降低。渣打预期年底人民币将会升 至 1 美元兑 6.32 元人民币，明年底则兑 6.12 ，即 2012 年全年升值 3.1% ，此前估 计为 3.9%。 Standard Chartered issued a report yesterday, lowering its forecast of the RMB uptrend from 1%/Quarter to 0.6%/Quarter, mainly because a slowdown in inflation and decrease in DFI from onshore foreign companies will result in a weakening in the upward pressure on the RMB. Standard Chartered estimates that by EoY2011 RMB should rise to 6.32/USD, and by EoY2012 to 6.12/USD, for a 2012 RMB net uptrend of 3.1%. The previous 2012 estimate was 3.9%. [人民币的升值压力 改为 upward pressure on the RMB] 「上半年买入的点心债，目前有 9 成都是输钱。」交银香港首席债券交易员李俊杰说， 由於债券价格与孳息率成反比，他表示，点心债的孳息率虽然抽高，但亦未必可以抵消债 券价格的跌幅。 Mr. Lee Junjie, head bond trader of the Bank of Communications (HK) said, "of all dimsum bonds bought in 1H11, 90% of them have lost money." Since the price of a bond is inversely related to its yield, he also mentioned that he does not believe the rising yields of dimsum bonds will offset the declines in prices. 中信银行国际执行副总裁兼司库陈镜沐同意，「(点心债) 现时以公允值入帐，相信都要 输 8% 至 10% 不等。」至於投资者现时是否应入市执平货？他指出，由於资金流向仍然 紧张，而且未来仍然具有不明朗因素，「市场还会波动， (债价) 现在肯定未见底。」李 俊杰则认为，如果持点心债作为长线投资，则可考虑购入。 Mr. Chen Jingmu, the International Executive VP and Treasurer of China Citic Bank, agrees with that asessment. "if [dimsum bonds] go on the books at market price now they'll all likely lose about 8-10% in value," he said. As to the question of whether it's the right time for investors to enter the market, Mr. Chen pointed out that since capital flows remain tight and visibilities remain unclear, "the market will remain volatile, and [dimsum bond prices] certainly have not hit bottom at this time." Mr. Lee, however, takes the view that long-term investors may consider entering the market now. 由於升值预期稍逊，市场对点心债的息率要求「正常化」，财政部的人债票面息率 0.6% ，目前市场孳息率 1.5% 。去年开始点心债发行量增加迅速，加上人民币存款出路少，今 年上半年一般银行或企业发行 2-3 年期点心债，票面息率低见 2-3% ，视乎企业质素。 With decreasing expectations of a rebound in price, the market is looking towards a "normalization" of yields of dimsum bonds. The coupon rate of a MOF-issued RMB bond is 0.6%, while the market yield is at 1.5%. Since the beginning of last year the issuance of dimsum bonds have increased rapidly, and coupled with a lack of outlets for RMB-denominated deposits, the result is that in 1H11 banks or corporate dimsum bonds carried a coupon rate as low as 2-3%, depending on the quality of the issuing firm. [coupon rate of 的 of 删除] 李俊杰指，目前票息起码要加多 1.5-1.75% ，才能吸引投资者。 Mr. Lee believes that the coupon rates of such bonds need to increase by another 1.5-1.75 percentage points to become attractive to investors. [这里的"票息"仔细想想应该是 coupon rate 而非 yield] -- 'Cause it's a bittersweet symphony, this life Trying to make ends meet, You're a slave to money then you die -Bittersweet Symphony, The Verve --

※ 发信站: 批踢踢实业坊(ptt.cc) ◆ From: 70.166.3.190 ※ 编辑: tengharold 来自: 72.207.41.220 (11/21 13:14) ※ 编辑: tengharold 来自: 72.207.41.220 (11/21 13:18) ※ 编辑: tengharold 来自: 72.207.41.220 (11/21 13:20) 吸纳 = accumulate 说的好，果然一阵子没碰都忘光了 XD 我看本文时就看成债劵到期时可拿本金加利息，也就是记者把债劵写成定存那样。 ※ 编辑: tengharold 来自: 70.166.3.190 (11/22 01:10)