move down the credit curve

French translation: déplacés vers le bas de la courbe de crédit

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:move down the credit curve
French translation:déplacés vers le bas de la courbe de crédit
Entered by: Ana Vozone

15:24 Mar 14, 2016
English to French translations [PRO]
Bus/Financial - Insurance / directive Solvabilité 2
English term or phrase: move down the credit curve
Bonjour à tous,

Je donne le plus de contexte possible pour cette question qui porte sur le secteur des assurances et la directive Solvabilité 2 dont l'objectif est de garantir la solvabilité des assurances.

Solvency II also influences the asset side of the balance sheet.
All insurers hold large investment portfolios to back the promises that they have made to their customers.
Returns on these portfolios have traditionally provided a big chunk of their profits.
On the general insurance side of the business, where claims are unpredictable, companies tend to hold a lot in liquid assets.
In the life insurance industry, however, companies have a lot more flexibility over where to invest.
It is here that Solvency II has had the biggest impact as the insurers aim to move away from assets that carry high capital charges under the new rules, but at the same time avoid assets whose returns are either tiny or negative.
In the much larger bond portfolios, those insurers that have offered long-term guarantees have moved towards gilts, but these offer very small returns..
Others have therefore moved down the credit curve.

Merci d'avance pour votre aide si précieuse
Kévin Bacquet
France
Local time: 23:54
déplacés vers le bas de la courbe de crédit
Explanation:
Or
"fait un mouvement vers..."

https://www.google.pt/webhp?sourceid=chrome-instant&ion=1&es...

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Note added at 1 hr (2016-03-14 17:21:17 GMT)
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Encore un exemple:

investisseurs ont commencé à regarder vers le bas de la courbe de crédit asiatique mais ils n'ont toujours pas le courage de jeter ...
Selected response from:

Ana Vozone
Local time: 22:54
Grading comment
Merci bien !
4 KudoZ points were awarded for this answer



Summary of answers provided
4ont donc investi dans des obligations à la maturité plus longue/au spread plus élevé
Francois Boye
3déplacés vers le bas de la courbe de crédit
Ana Vozone
Summary of reference entries provided
Credit curve
Ana Vozone
Pour comprendre la signification de cette expression
Victor Santos

Discussion entries: 8





  

Answers


1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5
déplacés vers le bas de la courbe de crédit


Explanation:
Or
"fait un mouvement vers..."

https://www.google.pt/webhp?sourceid=chrome-instant&ion=1&es...

--------------------------------------------------
Note added at 1 hr (2016-03-14 17:21:17 GMT)
--------------------------------------------------

Encore un exemple:

investisseurs ont commencé à regarder vers le bas de la courbe de crédit asiatique mais ils n'ont toujours pas le courage de jeter ...

Example sentence(s):
  • Pour Y donné, cela correspond à une diminution de r à r' du taux d'intérêt, ce qui conduit à un déplacement vers le bas de la courbe LM (figure).
  • directeurs de l'ECB pour l'année 2005, il faudra. [...] s'attendre encore à un mouvement vers le bas de la courbe des taux EMU.
Ana Vozone
Local time: 22:54
Native speaker of: Native in PortuguesePortuguese
PRO pts in category: 4
Grading comment
Merci bien !
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12 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
had therefore moved down the credit curve
ont donc investi dans des obligations à la maturité plus longue/au spread plus élevé


Explanation:
Moving down the credit curve = investing in bonds with longer maturity.

According to a normal yield curve, the longer the maturity, the higher the spread.

http://credittrading.blogspot.com/2009/01/credit-curves-what...

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Note added at 23 hrs (2016-03-15 14:34:34 GMT)
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The long maturity bonds are the opposite of the UK Treasury bills, called gilts. They provide higher yields because they maturities are longer.

Francois Boye
United States
Local time: 17:54
Native speaker of: Native in FrenchFrench
PRO pts in category: 8
Notes to answerer
Asker: Merci bien. Votre traduction est juste mais trop cibliste à mon goût. Surtout qu'en effet, le texte donne une explication dans vos termes plus loin. Il faut donc respecter le cheminement de la pensée car apparemment en anglais comme en français, cette histoire de courbe de crédit a besoin d'être explicitée...

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Reference comments


1 hr
Reference: Credit curve

Reference information:
Credit Curves
Investors have different views about how the credit risk of a company will
change over time. This is manifested in the shape of the credit curve: the excess
yield over some benchmark interest rate of a credit as a function of the maturity
of the credit exposure.
http://www.investinginbonds.com/assets/files/LehmanCredDeriv...

La courbe formée par la jonction des points (Tk , Sˆ k )k=1,...,q est appelée
courbe de crédit ou term-structure des spreads de CDS
http://www.ressources-actuarielles.net/EXT/IA/sitesepia.nsf/...$FILE/SEPIA20120614_AC2.pdf?OpenElement

Ana Vozone
Native speaker of: Native in PortuguesePortuguese
PRO pts in category: 4
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5 hrs
Reference: Pour comprendre la signification de cette expression

Reference information:
"The fall in government and corporate bond yields has prompted investors to reach further down the credit curve to make ends meet. Investment grade fund managers have been looking increasingly at the better “junk” bonds, which has in turn pushed traditional high-yield investors down into even more lowly rated territory."
http://www.ft.com/intl/cms/s/0/60863d84-2292-11e2-8edf-00144...

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"Caution is needed when going down the credit curve

Demand rather than fundamentals has been driving down yields and encouraging investors to buy into lower quality paper."

http://www.investmentweek.co.uk/investment-week/news/1397385...

Victor Santos
France
Specializes in field
Native speaker of: Native in FrenchFrench, Native in PortuguesePortuguese
PRO pts in category: 19
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