haircuts

Romanian translation: pierderi/deprecieri

19:30 Apr 30, 2004
English to Romanian translations [PRO]
Bus/Financial - Finance (general)
English term or phrase: haircuts
Estimated Haircuts for Different Emerging Market Bond Restructurings
cristi gontariu
Local time: 13:34
Romanian translation:pierderi/deprecieri
Explanation:
Disclaimer: Posibil sa existe si alte variante... :-)

In primul rand sensul foarte general al lui "haircut" este de marja/diferenta intre doua valori:
- in Investorwords.com: In lending, the difference between the value of a loan and the value of the collateral securing that loan. Or more generally, a term used for any of a wide variety of spreads and margins.
- in Investopedia.com: 1. The difference between prices at which a market maker can buy and sell a security. 2. The percentage by which an asset's market value is reduced for the purpose of calculating capital requirement, margin, and collateral levels. Cu notele: 1. The term haircut comes from the fact that market makers can trade at such a thin spread. 2. When they are used as collateral, securities will generally be devalued since a cushion is required by the lending parties in case the market value falls.

Dar contextul de fata este specific, fiind vorba de reducerea datoriilor tarilor aflate in pragul falimentului. Am gasit o publicatie FMI cu o expresie identica la http://www.imf.org/external/pubs/ft/icm/2000/01/eng/ (tabelul 5.2 din partea V).
Iata exemple de context:
- in documentul respectiv: The answer to that question will crucially affect the terms of the eventual restructuring and what kind of aircut
relative to par creditors will accept.
- in The Economist: Pricing in unpaid interest and the riskiness of the new bonds, bondholders face a “haircut” of 90% off the full value of what they are owed. ( http://www.economist.com/agenda/displayStory.cfm?story_id=24... )
si
This week he demanded that private creditors swallow a 75% write-down in the value of debt on which Argentina defaulted in 2001. That would be the biggest “haircut” in the recent history of debt restructuring. ( http://www.economist.com/displayStory.cfm?story_id=2088974 )

- stirile Yahoo: Atentie, avem si o explicatie!
"It's coming close to a resolution," said the official, who declined to be named. "We will probably finally decide at this meeting on how much of a haircut we should all take."
A "haircut" is bankers' slang for losses incurred by investors and creditors to salvage a project through debt write-offs and other means. ( http://in.news.yahoo.com/040415/137/2cko4.html )
At stake are Argentina's prospects for continued recovery and the money owed to foreign lenders and bondholders, who analysts estimate would take a 60% to 80% haircut if Buenos Aires has its way.
( in cache-ul Google, la http://66.102.9.104/search?q=cache:NFCh9TsGwc0J:asia.news.ya... )

Deci, atunci cand o tara este in pragul falimentului, creditorii renunta la o parte din datorie, pentru a primi restul. Iar diferenta dintre valoarea initiala si cea finala (o pierdere) se numeste "haircut".
Eu i-as zice pierdere sau depreciere... Dar poate ca explicatiile de mai sus va vor permite sa gasiti o traducere mai fericita.

--------------------------------------------------
Note added at 4 hrs 24 mins (2004-04-30 23:55:33 GMT)
--------------------------------------------------

La primul exemplu este \"what kind of haircut\", nu \"aircut\" :-)
Selected response from:

Filip Gadiuta
Romania
Local time: 13:34
Grading comment
Graded automatically based on peer agreement.
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +3pierderi/deprecieri
Filip Gadiuta
4marje de siguranta/securitate
Mihai Badea (X)


  

Answers


8 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
marje de siguranta/securitate


Explanation:
Dupa frantuzescul "marge de securite" *(vezi http://www.granddictionnaire.com/btml/fra/r_motclef/index102...

--------------------------------------------------
Note added at 2004-04-30 19:43:13 (GMT)
--------------------------------------------------

Dictionarul financiar E-R aparut la Editura Junior da urmatoarele definitii:
1. diferenta dintre pretul oferit si pretul contractual pentru un acord de rascumparare
2. diferenta dintre valoarea de piata a unui titlu de valoare, utilizat ca garantie la un imprumut, si creditul acordat pe baza respectivului titlu de valoare.

Dictionarul nu da o traducere a termenului. Cred insa ca \"marja de siguranta\" ar fi o traducere corecta.

--------------------------------------------------
Note added at 2004-04-30 19:43:56 (GMT)
--------------------------------------------------

Dictionarul financiar E-R aparut la Editura Junior da urmatoarele definitii:
1. diferenta dintre pretul oferit si pretul contractual pentru un acord de rascumparare
2. diferenta dintre valoarea de piata a unui titlu de valoare, utilizat ca garantie la un imprumut, si creditul acordat pe baza respectivului titlu de valoare.

Dictionarul nu da o traducere a termenului. Cred insa ca \"marja de siguranta\" ar fi o traducere corecta.

Mihai Badea (X)
Luxembourg
Native speaker of: Native in RomanianRomanian
PRO pts in category: 584
2 corroborated select projects
in this pair and field What is ProZ.com Project History(SM)?
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4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
pierderi/deprecieri


Explanation:
Disclaimer: Posibil sa existe si alte variante... :-)

In primul rand sensul foarte general al lui "haircut" este de marja/diferenta intre doua valori:
- in Investorwords.com: In lending, the difference between the value of a loan and the value of the collateral securing that loan. Or more generally, a term used for any of a wide variety of spreads and margins.
- in Investopedia.com: 1. The difference between prices at which a market maker can buy and sell a security. 2. The percentage by which an asset's market value is reduced for the purpose of calculating capital requirement, margin, and collateral levels. Cu notele: 1. The term haircut comes from the fact that market makers can trade at such a thin spread. 2. When they are used as collateral, securities will generally be devalued since a cushion is required by the lending parties in case the market value falls.

Dar contextul de fata este specific, fiind vorba de reducerea datoriilor tarilor aflate in pragul falimentului. Am gasit o publicatie FMI cu o expresie identica la http://www.imf.org/external/pubs/ft/icm/2000/01/eng/ (tabelul 5.2 din partea V).
Iata exemple de context:
- in documentul respectiv: The answer to that question will crucially affect the terms of the eventual restructuring and what kind of aircut
relative to par creditors will accept.
- in The Economist: Pricing in unpaid interest and the riskiness of the new bonds, bondholders face a “haircut” of 90% off the full value of what they are owed. ( http://www.economist.com/agenda/displayStory.cfm?story_id=24... )
si
This week he demanded that private creditors swallow a 75% write-down in the value of debt on which Argentina defaulted in 2001. That would be the biggest “haircut” in the recent history of debt restructuring. ( http://www.economist.com/displayStory.cfm?story_id=2088974 )

- stirile Yahoo: Atentie, avem si o explicatie!
"It's coming close to a resolution," said the official, who declined to be named. "We will probably finally decide at this meeting on how much of a haircut we should all take."
A "haircut" is bankers' slang for losses incurred by investors and creditors to salvage a project through debt write-offs and other means. ( http://in.news.yahoo.com/040415/137/2cko4.html )
At stake are Argentina's prospects for continued recovery and the money owed to foreign lenders and bondholders, who analysts estimate would take a 60% to 80% haircut if Buenos Aires has its way.
( in cache-ul Google, la http://66.102.9.104/search?q=cache:NFCh9TsGwc0J:asia.news.ya... )

Deci, atunci cand o tara este in pragul falimentului, creditorii renunta la o parte din datorie, pentru a primi restul. Iar diferenta dintre valoarea initiala si cea finala (o pierdere) se numeste "haircut".
Eu i-as zice pierdere sau depreciere... Dar poate ca explicatiile de mai sus va vor permite sa gasiti o traducere mai fericita.

--------------------------------------------------
Note added at 4 hrs 24 mins (2004-04-30 23:55:33 GMT)
--------------------------------------------------

La primul exemplu este \"what kind of haircut\", nu \"aircut\" :-)

Filip Gadiuta
Romania
Local time: 13:34
Specializes in field
Native speaker of: Romanian
PRO pts in category: 12
Grading comment
Graded automatically based on peer agreement.

Peer comments on this answer (and responses from the answerer)
agree  Tudor Soiman
20 hrs
  -> Multumesc

agree  Cristina Frasineanu
2 days 6 hrs
  -> Multumesc

agree  DocT
2 days 12 hrs
  -> Multumesc
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