杠杆贷款

汤森路透（ThomsonReuters）的数据显示，今年上半年各大银行共承销了近440亿美元的杠杆贷款交易，高于2011年上半年的170亿美元和2010年上半年的110亿美元。

Banks underwrote nearly $ 44 billion of the leveraged loan deals in the first half of the year , according to Thomson Reuters .

但美国CLO市场拥有流动性较强的杠杆贷款市场，而且目前没有风险自留规定。

But the US market has a more liquid leveraged loan market and there are no risk retention rules yet in place .

IMF指出，上世纪90年代中期，在杠杆贷款得到繁荣发展之前，这一比例是6%。

As the IMF notes , in the mid-1990s , before the leverage boom , the ratio was 6 per cent .

德意志银行（DEUTSCHEBANK）正准备再进行一次数十亿美元的杠杆贷款出售，这一次是在欧洲。此举进一步表明，企业信贷市场正出现复苏。

Deutsche Bank is preparing another multibillion-dollar sale of leveraged loans , this time in Europe , adding to evidence of a rally in corporate credit markets .

StandardPoor'sLeveragedCommentaryandData表示，公司已经为杠杆贷款再融资约500亿美元，但仍有4240亿美元债务在2012年到2014年间到期。

Companies have refinanced about $ 50bn in leveraged loans , but $ 424bn are still due in the years 2012 to 2014 , according to Standard Poor 's Leveraged Commentary and Data .

德意志银行（DEUTSCHEBANK）分析师预计，美国各投资银行和商业银行今年上半年在杠杆贷款方面将增加90亿美元以上的损失。

Deutsche Bank analysts expect US investment firms and commercial banks to report more than $ 9bn in additional losses on leveraged loans in the first half of this year .

第二个主要问题是在欧洲找到足够多的可用clo购买的杠杆贷款。

The second major problem is simply finding enough leveraged loans in Europe to buy with the clo .

在金融危机发生前，欧洲主要针对企业收购的杠杆贷款市场规模一度达到2200亿欧元，而CLO就是这个市场上的主要融资来源。

They were the main source of funding for the once € 220bn European leveraged loan market for mainly pre-crisis corporate buyouts .

标准普尔（Standard&Poor's）LCD和Markit的数据显示，美国交投最为活跃的杠杆贷款平均报价下跌了330个基点，降至仅为面值的84.28%，创有史以来的最低水平。

The average bid on the most traded US leveraged loans dropped 330 basis points to an all-time low of 84.28 per cent of face value , according to data from Standard & Poor 's LCD and Markit .

虽然尽管有受到信贷危机的动荡剧痛，但杠杆贷款证券化的前景很稳靠坚实，他们一直这样告诉客户，以促使投资者将这些CLO产品视为值得买进。

Despite the throes of the ' credit crunch ' , the future of leveraged loan securitisation is solid , it has been telling clients , urging investors to view these CLO products as a buy .

美国金融稳定监管委员会表示，他们也担心最近高风险债券的发行量增加，特别是将杠杆贷款打包出售给投资者的CDO。

The FSOC says they are also worried about the recent increase of issuance of riskier bonds in particular collateralized debt obligations , which are deals that package up leveraged loans and sell them off to investors .

传统上，此类杠杆贷款与这两类机构无缘。

Traditionally such leveraged lending has not been associated with either category .

遇到这个难题的并不仅限于杠杆贷款机构。

The conundrum is not limited to leveraged lending institutions .

在杠杆贷款价格激增的同时，企业债的收益率出现了暴跌。

Yields on corporate debt have plummeted while leveraged loan prices have soared .

这足以为大量快到期的杠杆贷款进行再融资了。

That is enough to refinance a meaningful amount of soon-maturing leveraged loans .

杠杆贷款的收益率正处于适当的高位水平。

Yields on leveraged loans are appropriately high .

如此一来，杠杆贷款就变成了常规机构所持有的常规资产级别。

As a result , leveraged loans are a conventional asset class held by conventional institutions .

一些银行的几乎所有杠杆贷款都处于违约或违约观察状态。

Some banks have almost their entire leveraged loan book in covenant default or on default watch .

而我曾与之交谈过的一位杠杆贷款专家表示，有些人将因此遭殃。

And according to one leveraged loan specialist I spoke to , some are going to get burnt .

在美国，杠杆贷款向最具风险的公司发放的贷款今年已有40%以上的回报率。

US leveraged loans loans made to the riskiest companies have gained more than 40 per cent in 2009 .

市场内部人士预计，银行、保险公司及金融公司也将出售一些杠杆贷款。

Other sales of leveraged loans by banks , insurers and finance companies are expected , market insiders say .

欧洲需要购买杠杆贷款的新投资工具，否则，未来几年企业将难以进行再融资。

Europe needs new investment vehicles that will buy leveraged loans or companies will struggle to refinance over the coming years .

去年，欧洲杠杆贷款实际就是私人股本的债务的违约率低于5%。

Last year , the default rate in European leveraged loans in effect , private equity debt was under 5 per cent .

花旗集团面临的更大问题可能是该行无法出售杠杆贷款，因此将不得不降价。

The bigger problem for Citi could be the leveraged loans it is unable to sell and will have to mark down .

该公司将停止单列其与抵押贷款相关的杠杆贷款敞口，翻过了信贷紧缩危机中的一个章节。

It is to cease breaking out its mortgage-related and leveraged lending exposure , closing a chapter in the credit crunch story .

这正在发生，主要是因为，现在所有的抵押贷款，包括抵押贷款和杠杆贷款上的损失。

That 's happened now primarily as the result of losses in , now all mortgages , but mortgages and levered loans .

这家瑞士银行还考虑允许投资者入股上述基金。该基金的资产包含杠杆贷款及抵押贷款证券。

The Swiss bank is also considering allowing investors to buy stakes in the same portfolio of leveraged loans and mortgage securities .

杠杆贷款是指那些以资产担保、通常发放给投机级借款人的贷款，主要用于为私人股本基金的收购交易提供融资。

Leveraged loans are those secured on assets generally to speculative grade borrowers and used primarily to finance buy-outs by private equity funds .

但这些银行也在为大量未出售的杠杆贷款而烦心，这些贷款给它们的资产负债表带来了额外压力。

But the banks are also grappling with a backlog of unsold leveraged loans , which is placing additional pressure on their balance sheets .

预计上述两家银行第一季度的业绩，将受到其抵押担保证券和杠杆贷款投资组合巨额减记的影响。

First-quarter results at the two banks are expected to be hit by huge markdowns on their portfolios of mortgage-backed securities and leveraged loans .