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English to German: Telecom credits in the bond market
Source text - English In Our View
The temptation not to look at EHY telecoms credits until after all the dust has settled is strong. If you have a look at our Technical Piece you’ll be reminded that we all helped finance more than a few businesses who missed their business plans, in some cases by many miles. Anyone who has been involved in EHY for the last couple of years who tells you they took no part in the process is very likely misinformed at best.
Not always does misery love company. The fact that we all got it wrong to some degree at some stage or another in telco doesn’t offer much comfort in the current environment of corporate credit performance. S&P has just come out with the following statistics: So far this year 30 borrowers with USD47bn of outstanding bonds have fallen below investment grade status. There are 69 rated issuers around the world with ‘Fallen Angel’ potential, establishing a trend that is on track to match last year’s miserable performance.
So is the market malaise a true reflection of credit events, or is the market accelerating the downward spiral process due to its state of mind? The truth, as is often the case, may lie somewhere in the middle.
But it’s in all of our interests to put as straight as we can the telco issues. The market needs us to find value where it lies and to continue to act on it. We need to pick up the pieces that are worth something and categorise the rest as worthless. By doing so we can best be positioned to take advantage of the widely predicted upswing in the credit cycle. We hope you find the following study useful towards that end.
Translation - German Aus unserer Sicht
Die Versuchung ist groß, den Telekom-Titeln im europäischen High-Yield-Markt (EHY) solange keinen Blick zu würdigen, bis sich die Wogen wieder geglättet haben. Im Kapitel „Die Technische Analyse“ werden wir Ihnen noch einmal ins Gedächtnis rufen, dass wir allesamt ziemlich vielen Unternehmen, die ihre Geschäftspläne (in einigen Fällen meilenweit) verfehlt haben, bei ihrer Finanzierung geholfen haben. Jeder, der in den letzten Jahren im EHY engagiert war und Ihnen weismachen will, dass er bzw. sie mit der Entwicklung nichts zu tun hatte, ist aller Wahrscheinlichkeit nach bestenfalls falsch informiert.
In Abwandlung eines Sprichworts: Geteiltes Leid ist nicht immer halbes Leid. Die Tatsache, dass wir in Bezug auf den Telekommunikationssektor alle in verschiedenen Phasen Fehler gemacht haben, kann uns, insbesondere bei der gegenwärtigen Performance von Unternehmensanleihen, nicht gerade Trost spenden. S+P hat soeben die folgende Statistik veröffentlicht: In diesem Jahr sind bislang 30 Emittenten mit ausstehenden Anleihen in Höhe von 47 Mrd US-Dollar unter den Investment-Grade-Status gefallen. In der ganzen Welt existieren 69 geratete Emittenten, die potenzielle „Fallen Angels“ sind, und die von ihrer Tendenz her auf dem besten Wege dazu sind, die miserable Performance aus dem letzten Jahr zu replizieren.
Ist die kränkelnde Marktlage also eine wahre Widerspiegelung der Kredit-Events oder beschleunigt der Markt aufgrund seiner Verfassung die Negativspirale? Nun, die Wahrheit mag wohl, wie es so oft der Fall ist, irgendwo in der Mitte liegen.
Es ist ganz in unserem Interesse, die Telekom-Affäre, so gut es geht, wieder geradezurücken. Der Markt braucht uns und will, dass wir Werte aufspüren und weiterhin handelnd eingreifen. Es ist unsere Pflicht, die Scherben aufzusammeln, die noch etwas wert sind, und den Rest in die Kategorie „wertlos“ zu verfrachten. Indem wir dies tun, dürften wir am besten positioniert sein, um von dem weit und breit vorhergesagten Aufschwung im Kreditzyklus zu profitieren. Wir hoffen, dass Ihnen bei der Verfolgung dieses Ziels die folgende Studie Hilfestellung leisten wird.
I moved to the UK in 1992, after completing my university degree in psychology at TU Berlin, and returned to Berlin in 2010.
For the last 18 years, I have been involved in the linguistic world in various roles. First as a language trainer for executives in the City of London followed by postgraduate studies in translation at the City University (Diploma in Translation, IoL 1996).
EXPERIENCE
My translation experience comprises software localisation such as my contribution to the German version of Douglas Adams' SciFi-computer game "Starship Titanic", which was interesting and a lot of fun.
Various other assignments were from the world of transcreation, ie. effective ways of advertising and marketing products in another language and culture.
SPECIALISATION
For many years, I worked in finance as a translator for a German bank producing weekly reports on the bond markets and translating investment research about companies listed in the high yield sector such as telecoms, renewable energies, innovative packaging, chemical companies, directory services etc.
What's more, knowledge from a previous occupation in horticulture has led me to translate materials about the plant world, horticulture and gardening literature.
Expertise 
CV/Resume (DOC)