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bull steepening

German translation: auf eine steilere Zinskurve ausgelegte Position

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

English term or phrase:	bull steepening
German translation:	auf eine steilere Zinskurve ausgelegte Position
Entered by:	René Laszlo

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09:15 Nov 21, 2006

English to German translations [PRO]
Bus/Financial - Investment / Securities / Fixed Income Management

English term or phrase: bull steepening

However, the potential for actively-managed fixed income funds to generate alpha remains undiminished in this environment – the new UCITS III directives (Undertakings for Collective Investments in Transferable Securities III, introduced in 2001) have a lot to do with this. Before the introduction of this law, European fixed income funds were restricted in their investment strategies. For example, a long duration position against the benchmark was only possible at long-end of the curve due to leverage restrictions (therefore, no ***“bull steepening”*** positions possible); certain relative value trades in credit or off-benchmark securities were not possible due to the inability to short securities using derivatives; and in currencies, it was only possible to go long of currencies against the Euro.

Was genau verbirgt sich dahinter? "Steepening" hat sicher mit einer steiler werdenden Zinskurve zu tun. Der Text ist an ein fachkundiges Publikum gerichtet.

René Laszlo KudoZ activity Questions: 268 (none open) (2 without valid answers) (2 closed without grading) Answers: 113 Germany
Local time: 08:06

auf eine steilere Zinskurve ausgelegte Position

Explanation:
Du liegst mit Deiner Vermutung genau richtig.
Um eine Position auf eine steilere Zinskurve auszulegen, musst Du z.B. eine Long-Position im kurz- bzw. mittelfristigen Bereich mit einer Short-Position im mittel- bis langfristigen Bereich kombinieren. Wenn Du aber nur "hinten" Long gehen kannst, wird das nix...