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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.
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.)