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it does retain exposure to the slope of the inflation-linked yield curve

Chinese translation: 收益曲线

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22:17 Nov 9, 2003
English to Chinese translations [PRO]
Bus/Financial
English term or phrase: it does retain exposure to the slope of the inflation-linked yield curve
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.”
试译:
比较让人关注的一个例子是荷兰市场。荷兰的通胀率要高于HICP平均值。2002年和2003年,总部设在鹿特丹的管理资金达65亿欧元的房地产投资基金:罗丹克(Rodamco)把5.1亿欧元附带国内通胀率挂钩租金的一笔荷兰商业财产出售给了IEF资本公司,后者是经营通胀衍生工具产品的专业公司:通货膨胀交换基金与荷兰银行旗下子公司:Bouwfonds资产管理公司共同组建的合资公司。IEF资本公司利用一系列20到30年期的互换交易(名义价值约为1.2亿欧元),向包括医疗部门基金PGGM和金属制品基金BPMT在内的数个荷兰养老基金支付这种通胀率,从而以配比将来债务。这些案例表明,欧洲通胀率的支付者其到期日往往零售市场的承受者长得多,后者的到期日集中在五年左右这段期限。所以,虽然交易商可能会套期保值明显的通胀风险,但它的确会保留通胀率收益典线风险余坡的机会(???)。德意志银行的祖贝尔评论说:“银行一直在想方设法套期保值曲线风险。”
clearwater
China
Local time: 04:02
Chinese translation:收益曲线
Explanation:
yield curve = 收益曲线 / 收额曲线
curve exposure = yield curve exposure = 基金短期、中期、长期债券的组合配置。

试译:

所以,虽然交易商可能通过对冲保值化解明显的通胀风险,它仍然面临着通涨相关收益曲线倾斜的风险。德意志银行的祖贝尔评论说:“各银行一直在寻找对冲其基金组合中的风险的方法。”
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Xiaoping Fu
Canada
Local time: 13:02
Grading comment
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +2收益曲线
Xiaoping Fu
3但它的通胀关联(保值)收益曲线一定还会上下波动的
Lu Zou


Discussion entries: 1





  

Answers


1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5
但它的通胀关联(保值)收益曲线一定还会上下波动的


Explanation:
但它的通胀关联(保值)收益曲线一定还会上下波动的。(也就是说风险还会有的)
我想这里的slope是指收益曲线的升降区段。


Lu Zou
Australia
Local time: 06:02
Native speaker of: Native in ChineseChinese
PRO pts in pair: 5711
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3 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
收益曲线


Explanation:
yield curve = 收益曲线 / 收额曲线
curve exposure = yield curve exposure = 基金短期、中期、长期债券的组合配置。

试译:

所以,虽然交易商可能通过对冲保值化解明显的通胀风险,它仍然面临着通涨相关收益曲线倾斜的风险。德意志银行的祖贝尔评论说:“各银行一直在寻找对冲其基金组合中的风险的方法。”


Xiaoping Fu
Canada
Local time: 13:02
Native speaker of: Native in ChineseChinese
PRO pts in pair: 2566

Peer comments on this answer (and responses from the answerer)
agree  pleasure
1 hr

agree  Danbing HE
13 hrs
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