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As a professional linguist, I have a proven track record of success in delivering projects for the world's largest corporations. Through my work, I make communication possible for organizations and individuals by bridging cultural and linguistic barriers.
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English to Spanish: Investment Intelligence General field: Bus/Financial Detailed field: Economics
Source text - English This document is for investment professionals only and should not be distributed to private investors.
INSIGHT
INVESTMENT INTELLIGENCE from XXXXXXX
CREDIT MARKETS IN 2009
More reasons to be cheerful than not
After a turbulent 2008 in which many investors were burned by the collapse of credit markets, what might 2009 hold in store? XXXXXXX’s Fixed Income investment team are very positive on the prospects for credit. Government debt yields have fallen to record lows whilst corporate markets remain out of favour…for now. Here, we set out the reasons behind their optimism.
ATTRACTIVE YIELDS, WIDE SPREADS
Corporate bond yields are at the most attractive levels seen in 12 years and the spread over government bond yields is the widest since the Great Depression. The good news for investors is that corporate bond prices and spreads need only go sideways for them to deliver an attractive return. In the UK, redemption yields on corporate bond indices are 8.5%1 while in Europe they are above 7%1 - we believe this is very attractive.
CREDIT GOT US INTO THIS MESS, IT MAY ALSO GET US OUT
We believe credit markets need to return to some sense of normality for there to be any chance of an economic recovery and better performance from other risky assets. The financial crisis stemmed from problems in credit markets and an abundance of leverage. Beginning with troubles in sub-prime-related debt, problems then spilled to short-dated areas of the credit universe including the asset-backed commercial paper and inter-bank lending markets.
OUTSIDE OF THE US, THERE IS STILL SCOPE FOR FURTHER RATE CUTS
While the Fed Funds rate hovers around zero in the US, in Europe and the UK there remains scope for further rate cuts and falls in government bonds yields. Indeed, 10 year government bond yields of 2.95%2 and 3.02%2 in Germany and UK respectively compare favourably to 10 year Treasury yields of 2.21%2. And with potential for further falls in base rates and government bond yields, this would be good news for corporate bonds as their yields get mechanically dragged lower.
INFLATION IS THE ENEMY OF BONDS, BUT DEFLATION CAN BE A FRIEND
Bonds pay fixed coupons and principal and are not linked to inflation (unlike equities which offer some linkage as companies adjust their prices). In the face of falling prices, fixed returns become very attractive as the real (inflation- adjusted) value of these payments increases.
QUANTITATIVE EASING MAY INVOLVE DIRECT PURCHASES OF CORPORATE BONDS
As central banks move to new forms of accommodative monetary policy such as quantitative easing, we believe this may extend to outright purchases of corporate bonds. The banking sector continues to ration its balance sheet and contain leverage, but the corporate bond market offers a direct source of capital replenishment for quality companies requiring finance. By buying corporate bonds outright, government officials would lay the foundations for better conditions in credit markets and stimulate new corporate lending.
CREDIT CAN OUTPERFORM OTHER RISK ASSETS IN THE RECOVERY PHASE
The more risky areas of the credit market (high yield bonds) outperformed equities early into the equity market recovery in the early 2000’s. We believe this cycle may be no different and, arguably, there is more bad news in the price of credit markets than any other asset class.
Translation - Spanish El presente documento está dirigido únicamente a expertos en inversión y no debe ser distribuido a inversionistas privados.
ANÁLISIS
PERSPECTIVAS DE INVERSIÓN DE XXXXXXX
MERCADOS CREDITICIOS EN EL AÑO 2009
Motivos para ser optimistas
Luego de un año 2008 turbulento en el que muchos inversionistas fueron afectados por el colapso de los mercados crediticios, ¿Qué nos depara el 2009? El equipo de inversión de renta fija de XXXXXXX está muy positivo en relación a la perspectiva crediticia. El rendimiento de la deuda pública ha caído a niveles sin precedentes mientras que los mercados corporativos permanecen en desventaja... por los momentos. A continuación presentamos los motivos detrás de su optimismo.
RENDIMIENTOS ATRACTIVOS, MÁRGENES AMPLIOS
El rendimiento de los bonos corporativos se encuentra en los niveles más atractivos que se hayan visto desde hace 12 años y el margen diferencial sobre los bonos del estado es el más descabellado desde la Gran Depresión. La buena noticia para los inversionistas es que los precios y márgenes de los bonos corporativos sólo necesitan permanecer en una tendencia lateral para ofrecer un rendimiento atractivo. En el Reino Unido, los índices de rendimiento al vencimiento de los bonos corporativos son del 8.5%1 mientras que en Europa están por encima del 7%1 – consideramos que esto es muy atractivo.
EL CRÉDITO PRODUJO ESTE DESASTRE, PUEDE QUE TAMBIÉN LO SOLUCIONE
Consideramos que los mercados crediticios deben retornar a algún sentido de normalidad para que exista alguna posibilidad de recuperación económica y un mejor rendimiento de otros activos riesgosos. La crisis financiera fue originada por problemas en los mercados crediticios y debido a una abundancia de apalancamiento. Comenzando con los problemas del crédito subprime, estos se esparcieron a zonas de corto plazo del universo crediticio incluyendo el valor negociable respaldado por activos y los mercados crediticios interbancarios.
FUERA DE LOS EE.UU., AÚN EXISTE LA POSIBILIDAD DE MAYOR REDUCCIÓN A LA TASA
Mientras que la tasa de los fondos federales se aproxima a cero en los EE.UU., en Europa y el Reino Unido aún existe la posibilidad de reducciones y caídas adicionales en el rendimiento de los bonos del estado. Efectivamente, los rendimientos a 10 años del 2.95%2 y 3.02%2 de los bonos del estado en Alemania y el Reino Unido respectivamente son comparables al rendimiento del Ministerio de Hacienda a 10 años del 2.21%2. Y con el potencial de caídas adicionales en las tasas base y el rendimiento de los bonos del estado, estas serían buenas noticias para los bonos corporativos ya que su rendimiento baja automáticamente.
LA INFLACIÓN ES ENEMIGA DE LOS BONOS, PERO LA DEFLACIÓN PODRIA SER SU AMIGA
Los bonos pagan cupones fijos y el principal y no están vinculados a la inflación (a diferencia del mercado de valores que ofrece algún vínculo ya que las empresas ajustan sus precios). Ante la caída de precios, los retornos fijos son muy atractivos ya que el valor real (ajustado por la inflación) de estos pagos aumenta.
LA FLEXIBILIZACIÓN CUANTITATIVA IMPLICARÍA LA COMPRA DIRECTA DE BONOS CORPORATIVOS
Mientras los bancos centrales avanzan con la implementación de nuevas políticas monetarias, consideramos que esto puede extenderse a la compra directa de bonos corporativos. El sector bancario continúa el racionamiento de su hoja de balance y la contención del apalancamiento, pero el mercado de bonos corporativos ofrece una fuente directa de reabastecimiento de capital para empresas de calidad que requieren financiamiento. Al comprar los bonos corporativos directamente, los funcionarios públicos sentarían las bases para mejores condiciones en los mercados crediticios y así estimularían los créditos corporativos.
EL CRÉDITO PUEDE SUPERAR A OTROS ACTIVOS RIESGOSOS EN LA FASE DE RECUPERACION
Las zonas más riesgosas del mercado crediticio (bonos de alto rendimiento) superaron al mercado de capitales temprano en la recuperación de dicho mercado durante los primeros años del siglo XXI. Consideramos que este ciclo puede que no sea diferente y podría decirse que hay más malas noticias sobre el precio de los mercados crediticios que en cualquier otro tipo de activo.
English to Spanish: Legal Contract General field: Law/Patents Detailed field: Law: Contract(s)
Source text - English COVENANT NOT TO SUE
In consideration of the foregoing Confidential Release of All Claims entered into between Jane Doe and Company X, as defined in the Confidential Release of All Claims, the husband of Jane Doe, John Doe, warrants and covenants for now and in perpetuity not to sue Company X, its predecessors, successors, partners, joint venturers, affiliates, parent companies, related corporations or companies, subsidiaries, divisions, assigns, Board members, officers, employees, agents, servants, specifically including, without limitation, George Washington and Benjamin Franklin, attorneys, suppliers and vendors, specifically including Staffing Agency X and Abraham Lincoln (“Company X”), for any and all debts, claims, actions, conduct or omissions regarding him and his application for employment at Company X, or any other matters and including, but not limited to, claims concerning his wife which were made or might have been made, or by reason of any matter, cause or thing whatsoever arising under any state or federal law or regulation relating to his wife’s former employment relationship with Company X, the circumstances of her resignation, or any alleged relationship between Jane Doe and Samuel Adams or any debt of Samuel Adams to Jane Doe or to John Doe as of the date of this Covenant Not To Sue; and, HEREBY agrees that he will not disclose any matters pertaining to this Covenant Not To Sue, the claims of Jane Doe, or the matters contained in the Confidential Release of All Claims for Jane Doe, and should it be proven that he has done so, Company X, as defined above, shall be entitled to recover from him actual damages, if any, plus any attorneys’ fees and costs associated with collection of these damages.
Translation - Spanish CONVENIO DE NO DEMANDA
En consideración de la anterior Exención Confidencial de Toda Reclamación celebrada entre Jane Doe y Company X, según se define en la Exención Confidencial de Toda Reclamación, el esposo de Jane Doe, John Doe, garantiza y conviene por ahora y a perpetuidad no demandar a Company X, sus predecesores, sucesores, socios, empresas conjuntas, filiales, empresas matrices, corporaciones o compañías relacionadas, subsidiarias, divisiones, cesionarios, miembros de la junta directiva, ejecutivos, empleados, agentes, servidores, incluyendo sin limitación a George Washington y Benjamin Franklin, los abogados, proveedores, incluyendo específicamente a Staffing Agency X y Abraham Lincoln (“Company X”), por cualquier deuda, reclamación, causa de acción, conducta u omisión correspondiente a si mismo y a su solicitud de empleo en Company X, o cualquier otro asunto incluyendo sin limitación, reclamaciones concernientes a su esposa que el reclamante haya tenido o pueda haber tenido, o por motivo de cualquier asunto, medida o cosa alguna que surja o se relacione a cualquier ley o norma federal o estatal correspondiente a la relación laboral previa de su esposa en Company X, las circunstancias de su renuncia, o cualquier presunta relación entre Jane Doe y Samuel Adams o cualquier deuda de Samuel Adams a Jane Doe o a John Doe a partir de la fecha del presente Convenio de No Demanda; y, MEDIANTE LA PRESENTE conviene no revelar ningún asunto correspondiente al presente Convenio de No Demanda, las reclamaciones de Jane Doe ni los asuntos contenidos en la Exención Confidencial de Toda Reclamación para Jane Doe, y si se comprueba que lo ha hecho, Company X, según está citado anteriormente, deberá tener el derecho a recuperar cualquier daño real, si el mismo existe, así como los costos y honorarios del abogado pertinentes al cobro de dichos daños.
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Years of experience: 19. Registered at ProZ.com: Feb 2012.
Help or teach others with what I have learned over the years
Bio
ABOUT
As a professional linguist, I have a proven track record of success in delivering projects for the world's largest corporations. My knowledge and experience allow me to produce quality translations across multiple industries. Through my work, I make communication possible for organizations and individuals by bridging cultural and linguistic barriers.
After building my experience with several NGOs, language service providers and receiving TransPerfect Linguist Certifications in various fields, I was lucky enough to work on projects as a proofreader, translator and quality manager for the world's top companies and help them excel in the global marketplace. I received first-rate training and was molded into an excellent linguist.
ACHIEVEMENTS
+24,312,049 words translated
+$1,170,811 in earnings
+15 years of experience
CERTIFICATIONS
TransPerfect Linguist Certifications
Hubbard Certified Consultant
ATA Associate Member
ProZ.com Certified PRO
TransPerfect Translations International, Inc. | Dec 2010 - Present
•Received TransPerfect Linguist Certifications in Branding, Marketing, Corporate Communications, Human Resources, Finance, Legal, Retail, Learning and Development, Technical, IT, Life Sciences, and Insurance
•Managed project quality to meet client expectations and ISO standards
•Post-edited MT output for client requests with rush turnaround times
•Proofread linguist translations to ensure maximum accuracy
•Translated millions of words from English<>Spanish for the world's top brands across all major industries
EDUCATION
ASSOCIATE OF SCIENCE, MAJOR IN INFORMATION TECHNOLOGY
Iutepal Institute of Technology | 2009 - 2011
Coursework: Algorithms, Data Structure, Programming Language,
Computer Science, Information Systems
Completed 31 credits, GPA 3.5
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