专业英语final 7.21.docVIP

debt for equity 债权转股权 primary market 一级市场 collateral 抵押品 over-the-counter 场外交易 financial derivatives 金融衍生产品 asset-backed securities 资产支持证券 mortgage-backed securities 按揭支持证券 bid-offer spread 买卖差价 syndicated credit 银团融资 investment diversification 分散投资 exposure position敞口头寸deposit maturity 存款到期 recourse 追索权 risk premium 风险溢价 balance of payments 国际收支 1. Overnight Index Swaps (OIS) are instruments that allow financial institutions to swap the interest rates they are paying without having to refinance or change the terms of the loans they have taken from other financial institutions. Typically when two financial institutions create an overnight index swap (OIS) one of the institutions is swapping an overnight interest rate and the other institution is swapping a fixed short-term interest rate. 隔夜指数掉期（OIS）是一个工具，它答应金融机构在无需从其他金融机构融资或改变贷款的条件下，对他们正在支付的利率掉期。最典型的例子是，当两家金融机构建立隔夜指数掉期（OIS）后，其中一家机构对隔夜利率掉期，同时另一家机构对固定短期利率掉期。 Unlike the Federal Funds Rate or the Discount Rate which are both set by the U.S. Federal Reserve nobody sets the LIBOR rate. Instead the British Bankers Association (BBA) surveys 16 different major banks and asks them what rate they are charging other banks to borrow money. Once they have compiled the results they take an approach similar to the judges who score Olympic diving take—they throw out the four high scores (or rates) and throw out the four low scores and then find the average of the remaining eight scores. 不同于美联储联邦基金利率或贴现率，这两个都是美国联邦储备委员会设定，但是没有人来设定伦敦银行同业拆借相反英国银行家协会通过对16家主要银行的调查，询问他们给其他银行贷款时的当他们收集好结果，他们采用了一种裁判给跳水运动员打分的方法：他们去掉最高的四个分数和最低的四个分数，然后在剩下的8个分数中找出平均数。 As discussed in a recent Bloomberg article, the spread between the 3-month Libor and the overnight index swap (OIS) rate, traded forward 3 months, is greater than similar expiring spreads. This recent movement in the spread is signaling that traders are concerned that banks will have difficulties obtaining cash to fund existing assets, as well as putting into question their ability to shore-up the