当然,这些资产(即“花旗控股部门)给花旗带来的问题还与其绝对规模有关。戈斯帕奇指出,这些抵押贷款可能面临较低的市场价,而该市场价将受到融资成本、流动性折价……和买方期望的股本回报率等因素推动。
And the bank can hold on to the mortgages, as it has been doing, and hope that the market eventually comes its way or that the loans pay down.
花旗也可以像过去那样继续持有这些抵押贷款,寄希望于市场最终承认自己的看法或这些贷款终被偿还。
There is a cost for waiting, though. In a recent report, Goldman analyst Richard Ramsden estimated that spinning off the mortgage assets could in theory boost Citi's returns by three percentage points.
但等待是有成本的。高盛分析师拉姆斯丹(Richard Ramsden)在近期一份报告里估计,剥离抵押贷款资产从理论上来说或许可以让花旗的资产回报率提高三个百分点。
So these assets are an albatross around Citi's neck. And investors eyeing Citi likely are marking down their value below what the bank carries them at. That feeds into the bank's valuation discount.
因此,这些资产是套在花旗头上的“紧箍咒。关注花旗的投资者眼下可能认为这些资产的估值低于花旗给出的估值,而这造成花旗的实际估值较低。
Granted, the market may be wrong about the assets' value and Citi, right. But as banks have learned the past few years, the market has the last word on such matters.
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