The transactions concerned, which related to synthetic collateralised debt obligations, are fiendishly complicated for mere mortals to grasp. Yet the principles were simple enough. The bank wanted to insure against default by companies generally regarded as among the safest. It sought insurance from investors who were desperate for income in a world where yields had plunged to extraordinarily low levels. In exchange for posting very modest collateral with the bank, they were paid an income stream equivalent to an insurance premium.
这里涉及的交易与合成债务抵押债券(Synthetic CDO)有关,可谓极其复杂,凡人难以理解。不过,其原理倒是相当简单。德银想要购买保险,防范某些通常被认为最为安全的企业发生违约。它寻求从一些投资者那里购买这种保险,由于当时的收益率已暴跌至极低水平,这些投资者非常渴望获得投资收益。他们向德银提供了绝对算不上多的抵押品;作为交换,德银向他们支付了相当于保费的收益流。
Because the spread between this income and the investors’ cost of funding was narrow, leverage, or borrowing, was introduced into the transaction to juice up the return. This was deemed safe because the likelihood of default at the insured companies was thought remote.
由于这一收益与投资者融资成本之间的差额较小,交易中便引入了杠杆(也就是借贷)来提高回报。此举被认为是安全的,因为作为保险标的的企业发生违约的可能性被认为很校
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