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|English to Chinese translations [Non-PRO]|
|English term or phrase: France Trésor|
|France Trésor - 法国的这家机构叫啥名？|
Primary market issuance has grown, particularly in euros. Over the past 18 months, the face value of the Barclays Capital euro inflation-linked bond index has doubled, reaching e50 billion. Dealers point to France Trésor’s decision in 2001 to supplement its long-standing OATI programme linked to French inflation with new issues linked to the eurozone harmonised index of consumer prices (HICP). But inflation derivatives, with their ability to be tailored to almost any requirement, can step in where index-linked bonds are unavailable, or unsuitable for a particular requirement. In the UK, with its mature index-linked gilts market, this has been known for some time.
注：harmonised index of consumer prices (HICP)意为“消费者价格调和指数”
More interesting is an example from the Dutch market, where inflation is higher than the HICP average. In 2002 and 2003, Rodamco, a e6.5 billion real estate investment fund based in Rotterdam, sold e510 million of Dutch commercial property with domestic inflation-linked rents to IEF Capital, a joint venture between the inflation boutique Inflation Exchange Fund and ABN Amro subsidiary Bouwfonds Asset Management. Using a series of 20- to 30-year swaps with notionals of about e120 million, IEF Capital has paid this inflation to Dutch pension funds including health sector fund PGGM and metalworking fund BPMT, thus matching their future liabilities. As these examples demonstrate, payers of euro inflation tend to involve much longer maturities than the retail market receivers, which are concentrated around the five-year mark. So while a dealer may have hedged an outright inflation risk, it does retain exposure to the slope of the inflation-linked yield curve. Deutsche’s Zuberi comments: “Banks have been looking for ways to hedge their curve exposure.”
Bouwfonds Asset Management这家荷兰公司旗下的资产管理公司叫啥名？
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