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Member since Nov '06

Working languages:
Japanese to English

Duncan Adam
Dr. Duncan Adam, Japanese specialist

London
Local time: 07:05 BST (GMT+1)

Native in: English Native in English
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Account type Freelancer, Identity Verified Verified member
Services Translation, Interpreting, Editing/proofreading
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Specializes in:
Investment / SecuritiesLaw: Contract(s)
Finance (general)Business/Commerce (general)
Poetry & LiteratureEconomics
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Japanese to English - Rates: 0.08 - 0.10 USD per word / 45 - 70 USD per hour
KudoZ activity (PRO) PRO-level points: 151, Questions answered: 68, Questions asked: 8
Portfolio Sample translations submitted: 1
Japanese to English: Short article on mortgage-backed securities
Detailed field: Finance (general)
Source text - Japanese
フレディマック
大手銀などに新RMBS

米連邦住宅貸付抵当公社(フレディマック)はこのほど、「Reference REMIC」と名付けた新しいタイプの住宅ローン担保証券(RMBS)を発行した。初回発行分は24億ドル(約2500億円)で、日本を含む世界同時販売となった。今後も3ヶ月ごとに、同様のRMBSを発行する。
従来のRMBSと違い、あらかじめ担保となっている住宅ローンの明細を公表することで情報開示を向上させたり、満期を10年と短めに設定することにより投資家のリスクを限定させる特徴を持たせた。
日本とアジアにおける販売はモルガン・スタンレー証券が担当。今後も3ヶ月に1回のペースで同様のRMBSを継続発行する。今回は大手銀行を中心とした金融機関から需要が集まったという。
住宅ローンを束ねたRMBSは期限前償還があるため、発行時には債券の残存期間(デュレーション)にあたる「平均期間」を市場コンセンサスで決める。
このため、毎回の満期は10年で決まっているが、発行条件を決める際に金利動向や投資家が想定する金利シナリオによって平均期間は変動する。初回の発行条件は証券各社の見方の中央値である3.75年が平均期間となった。
フレディマックは発行額10億〜24億ドル(1100億〜2500億円)のReference REMICを、3ヶ月ごとに発行する予定。これまでのRMBSに比べて、情報開示や流動性で工夫を持たせたという。世界中で証券会社20社程度がシンジケート団を組み、流通価格を投資家が毎日端末で確認できる電子取引制度を採り入れた。
住宅ローンの法令上の満期は30年だが、今回のRMBSはフレディマックが一定のリスクを負うことで満期を10年と短くした。

(Nikkei Bonds & Financial Weekly, 2005.5.16)
Translation - English
Freddie Mac – New RMBS for Major Banks

The US Federal Home Loan Mortgage Corporation (Freddie Mac) has recently issued a new type of residential mortgage-backed security (RMBS) called a Reference REMIC. The first issue was $2.4bn (approximately ¥250bn) and was offered simultaneously worldwide, including Japan. In future they will be issuing the same kind of RMBS every three months.

Unlike conventional RMBS securities, these provide features that limit investors’ risk by improving the disclosure of information – by publishing in advance details of the mortgages on which they are secured – and by setting a shorter final maturity date of ten years.

Sales in Japan and Asia are being handled by Morgan Stanley. Freddie Mac will continue to issue the same type of RMBS at a rate of one every three months in future. They say that demand for the first issue has come from financial institutions, principally major banks.

As RMBS securities, which bundle up home loans, may be redeemed early, an “average loan life” corresponding to the duration of the security is decided at the time of issue according to the market consensus.

Therefore, although the maturity for each issue is fixed at ten years, the average loan life varies according to the trend in interest rates, and the interest rate scenarios expected by investors, at the time that the conditions of the issue are determined. In the conditions of the first issue, the average loan life was 3.75 years, which was the median expectation of the various securities companies.

Freddie Mac plans to issue a Reference REMIC of $1bn to $2.4bn (¥110bn to ¥250bn) every three months. Compared to previous RMBS, they say they have devised better disclosure and liquidity. Around twenty securities companies worldwide have syndicated the issue and have adopted an electronic trading system allowing investors to check the current price daily at their screens.

By law, the maturity of home loans is thirty years, but this RMBS issue has reduced it to ten years, with Freddie Mac taking on a specific risk.

(From Nikkei Bonds & Financial Weekly, 16 May 2005)


Experience Years of translation experience: 11. Registered at ProZ.com: Oct 2006. Became a member: Nov 2006.
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About me
Seven years experience in the financial sector and over ten years translating from Japanese to English. A firm grasp of the issues in investment, finance and general business guarantees accurate translations.
This user has earned KudoZ points by helping other translators with PRO-level terms. Click point total(s) to see term translations provided.

Total pts earned: 182
PRO-level pts: 151


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Keywords: Finance, legal, law, agreement, investment, contract, financial reporting, automotive, academic, Japanese, China, literature, 金融, 投資, 契約, 法律


Profile last updated
Jul 2, 2013



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