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couvert en change

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17:50 Jan 26, 2002
French to English translations [PRO]
Bus/Financial - Investment / Securities / investment
French term or phrase: couvert en change
Il a pour objectif de battre la performance d'un indice composé des obligations d'Etat 7/10 ans **couvertes en change**des 9 plus grands pays industrialisés.

"Couvertes en change" must mean some kind of hedging ("in/by foreign exchange," literally), but it doesn't fit with the context of the rest of the sentence, nor can I find a single instance of such a phrase, when searching around the Web. Is there something missing or some underlying meaning I'm not catching?

Here is what I've got as a translation so far:

Il is geared towards outperforming an index consisting of 7 to 10 year government bonds couvertes in exchange by the 9 most highly industrialised nations.
Yolanda Broad
United States
Local time: 18:37
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Summary of answers provided
5 +5with a hedged currency risk
Thijs van Dorssen
5currency hedged
Steven Geller
3 +1couvertes contre le risque de change/du risque de change
Evert DELOOF-SYS


  

Answers


12 mins   confidence: Answerer confidence 5/5 peer agreement (net): +5
with a hedged currency risk


Explanation:
The bonds are issued by the 9 biggest industrial states and are therefore, of course, in different currency denominations. The currency risk is hedged on the forex market or similar. (covered call writing etc.)

Best regards


Thijs van Dorssen
Local time: 00:37
Grading comment
Many thanks for your help. See my addendum, above.

Peer comments on this answer (and responses from the answerer)
agree  Guereau: Hedged for currency risk, maybe
36 mins
  -> Merci Frédéric, hedged against currency risks or against adverse currency movements, yes sure.

agree  Helen D. Elliot: Exactly Frédéric, "hedged for currency risk by the nine leading industrialized nations" (*opération de couverture* = hedging)
5 hrs
  -> Thank you Helen, I would prefer to use 'to hedge against a risk'.

agree  reliable
6 hrs
  -> Thank you!

agree  Margaret Doney: I think "hedged against currency risks" is the best wording
23 hrs
  -> Tnx Margaret, there are several options, when I was still a broker we would say either 'hedged against curr. risks' or 'with a hedged curr. risk'. Either one.

agree  Jacqueline McKay
1 day 23 hrs
  -> Merci beaucoup, Jacqueline!
Login to enter a peer comment (or grade)
The asker has declined this answer
Comment: Many thanks for your help. See my addendum, above.

21 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
couvertes contre le risque de change/du risque de change


Explanation:
'couvertes en change' could IMHO stand for 'couvertes contre le risque de change' or 'couvertes du risque de change'
and then you may of course tranlate it by e.g. 'covered against exchange rate risks'

Minfd you, you'd better wait until someone else either confirms this or tells me to go and play in the garden.

Trying to be helpful on a dreary Saturday

Have a look at the following references:

"... à 2 ans. Le fonds se compose des 5 classes d'actifs suivantes couvertes en change
: obligations internationales émises par des Etats de l'OCDE ; obligations d ..."

www.dresdner-rcm-gestion.fr/rcm/fichesguide/drcminterobliga...

"... en accédant au marché des obligations «high yield» européennes libellées en
Euros ou couvertes contre le risque de change. I Bénéficier du rendement ..."

www.ccfprivatebanking.com/produits/PDF/capman/Fp/FPF_exa_hi...

"... TERME UNE MÉTHODOLOGIE RIGOUREUSE... Les produits sont investis en obligations
internationales couvertes systématiquement du risque de change. Le choix des ..."

www.unigestion.com/Fr/HomePage/Files/BondsMediumTerm.pdf

Evert DELOOF-SYS
Belgium
Local time: 00:37
Works in field
Native speaker of: Native in DutchDutch, Native in FlemishFlemish
Grading comment
Many thanks for your help. See my addendum, above.

Peer comments on this answer (and responses from the answerer)
agree  Thijs van Dorssen: You don't have to go and play in the garden. But the word to use here is 'hedged' instead of covered.
10 mins
  -> yes, hedging/hedged it is :)
Login to enter a peer comment (or grade)
The asker has declined this answer
Comment: Many thanks for your help. See my addendum, above.

2 hrs   confidence: Answerer confidence 5/5
currency hedged


Explanation:
the usual French expression is couverts contre le risque de taux


Steven Geller
Local time: 00:37
PRO pts in category: 7
Grading comment
Many thanks for your help. See my addendum, above.
Login to enter a peer comment (or grade)
The asker has declined this answer
Comment: Many thanks for your help. See my addendum, above.




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