In the efforts to reinvigorate balance-sheets, debt investors have reigned supreme. Debtshave been honoured. Indeed, a recent report from Deutsche Bank shows that even investorsin risky high-yield debt have had five great years. Bank bonds in America have returned31%; in Europe, 25%.
为了重振资产负债表,债务投资者首当其冲。负债已被承兑。最近德意志银行的报道称即使是投资高风险的债券投资家,他们也曾有五年盈利的时候。美国的银行债券重回31%,英国为25%。
As asset values fell, debt maintained its fixed value. This meant that equity, thebalance-sheet shock-absorber, had to fall in value. So although debt caused the problem,equity took the pain. A Dow Jones index of bank equity is down by more than 60% since2007, according to Deutsche Bank. Some banks share prices are down by more than 95%.
随着资产价值下降,负债维持在固定值。这意味着权益这个资产负债表的缓冲剂,需要下调其价值。所以尽管负债制造了问题,但权益要为其吞下苦果。据德意志银行称,从2007年起银行股本的道琼斯指数下降超过60%。一些银行的股价也下降了超过95%
In many cases, the equity buffers were too small, so governments stepped in, taking equitystakes in banks. In both America and Europe governments stood behind their financialsectors. Balance-sheets were repaired. It seemed the second lesson from Japan had beenlearnt too.
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