 Member since Jun '06
Working languages: English to Chinese
Chinese to English
French to Chinese
|   Dandan Zhang
specialized in finance and law
NA Local time: 15:38 CST (GMT+8)
Native in: Chinese  | | |
Freelancer,  Verified member | | Translation, Editing/proofreading, Website localization, Subtitling | | Specializes in: | | Accounting | Marketing / Market Research | | Management | Law (general) | | Law: Contract(s) | Investment / Securities | | Insurance | Finance (general) | | Business/Commerce (general) | Real Estate |
| Also works in: | | Advertising / Public Relations | Economics | | General / Conversation / Greetings / Letters | Human Resources | | Law: Patents, Trademarks, Copyright | SAP | | Social Science, Sociology, Ethics, etc. | Law: Taxation & Customs | | Tourism & Travel |
More Less | English to Chinese - Rates: 0.05 - 0.09 EUR per word / 35 - 50 EUR per hour
Chinese to English - Rates: 0.05 - 0.09 EUR per word / 35 - 50 EUR per hour
French to Chinese - Rates: 0.05 - 0.09 EUR per word / 35 - 50 EUR per hour
| | PRO-level points: 4, Questions answered: 3 | Sample translations submitted: 1 English to Chinese: 欧洲抵押债券
Detailed field: Finance (general) | Source text - English
EU R O P E A N C O V E R E D B O N D S
Surveillance
With the permanent replenishing of the collateral pool, S&P constantly monitors the maintenance of the quality of the collateral pool. Furthermore, underwriting and risk management as well as sufficient over-collateralisation are also reviewed on a regular basis. The reporting frequency is linked to the economic soundness, credit quality and counterparty rating of the issuer. The frequency can vary between quarterly and weekly reporting. If the issuance of a new bond were to substantially change the liability cash flow structure, the issuer might be forced to apply for a rating approval prior to any new issuance.
Issuer’s scope
For issuers, the most important consequence of the structured finance approach is that they can to a certain extent directly influence the rating of their CB by providing the required degree of over-collateralisation. It also means a weakening of the unsecured rating of the issuer or of its parent company has no immediate effect upon the CB rating. As long as the issuer provides the over-collateralisation required by S&P, its CB will able to retain the target rating, which so far has always been ‘AAA’.
In this context, the issuers also have the opportunity to employ S&P’s covered bond monitor, enabling them to evaluate the impact of any subsequent restructuring of the cover pool. This would not only help them to achieve the most efficient collateral pool composition and funding solution, but the model will also quantitatively assess whether under the various scenarios the current CB rating can still be achieved. Finally, the covered bond monitor enables users to view the data and criteria – such as stress assumptions – used by the agency when performing quantitative analysis.
Due to the product’s dynamic nature, the long maturity of CBs and the limited transparency usually available in the market, S&P expects issuers to voluntarily provide a high level of information regarding the credit structure as well as the liquidity and market risks associated with the collateral pool. Additionally, issuers should disclose information about the envisaged development of the risk profile of the collateral pool. This could also include specific self-commitments limiting the risk profile to some extent in certain areas. Indeed, issuers must commit to maintaining the respective risk profile with regard to the cover pool and the asset liability matching and to buffer for risks commensurate with the targeted rating. Such statements are required by S&P to provide ‘AAA’ ratings for CBs and to draw confidence about the long-term stability of the covered bond rating.
Source: S&P, Bloomberg, ABN AMRO
LIQU I D CO V E R E D BOND S 14 JU N E 2 006
| Translation - Chinese
欧洲抵押债券
监督
由于抵押池的不断补充，标准普尔对抵押池的质量维护进行持续监控。此外，标准普尔还定期检查承销、风险管理以及超额抵押的充足情况。报告频率与经济健全程度、信用质量及交易对手对发行人的评级有关。报告频率介于每个季度报告一次与每个星期报告一次之间。如果一个新债券的发行会对负债现金流结构产生重大改变，可以强制发行人在发行之前申请评级批准。
发行人范围
对于发行人而言，结构化融资方法最重要的意义在于，他们可以通过提供要求的超额抵押度在某种程度上直接影响其抵押债券的评级。同时还意味着，当发行人或者其母公司无抵押债券的评级降低时，对于抵押债券的评级没有直接影响。只要发行人提供标准普尔要求的超额抵押，它的抵押债券就可以保留目标评级，到目前为止目标评级一直为“AAA”。
在这种情形下，发行人还有机会使用标准普尔的抵押债券监控器，使他们可以评估抵押池此后任何重构所造成的影响。该模型不仅可以帮助发行人获得最有效的抵押池组成及融资方案，还可以对在不同的情景下是否仍然可以取得当前的抵押债券评级进行定量评估。最后，抵押债券监控器可以使用户查看代理机构在进行定量分析时使用的数据和标准——如压力假设。
由于产品的动态特性、抵押债券的长期性以及市场中通常可以获得透明度的有限性，标准普尔希望发行人自愿提供一些高级信息：有关信贷结构、流动性以及与抵押池有关的市场风险等。此外，发行人应该披露抵押池风险特征预计发展的相关信息。披露的信息还应该包括特定的自我承诺：承诺从某种程度上限制一些领域的风险特征。事实上，发行人必须承诺维持分别与抵押池以及与资产负债配比有关的风险特征，并且降低相当于目标评级的风险。要使标准普尔为抵押债券提供“AAA”评级并且对抵押债券评级的长期稳定有信心，做出这些声明是必不可少的。
来源：标准普尔、彭博财经及荷兰银行
流动抵押债券 2006年6月14日
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More Less | | finance | | Years of translation experience: 4. Registered at ProZ.com: May 2005. Became a member: Jun 2006. | | N/A | | N/A | | N/A | | Adobe Acrobat, Frontpage, Microsoft Excel, Microsoft Word, Powerpoint, SDL TRADOS | | Dandan Zhang endorses ProZ.com's Professional Guidelines (v1.0). | | About me Finance, Legal Documents
three books from English to Chinese:
Tools and Tactics for the Master Day Trader
One Shot-One Kill Trading
All about dividend
more than 7 years of work experience in financial area
passed CFA level 1 |
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Keywords: fianance, security, futures, economics, legal, html, beijing, books, french, Chinese, English
Profile last updated
Jan 9 |
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