神马品牌网北京最便宜的手机卡:各位哥哥姐姐叔叔阿姨帮忙翻译一下
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Market pricing through early April 2005 reflected relatively stable assumed correlations of default risk among the first two risk tranches in the CDO portfolio. In other words, changes in default risk were expected to affect the equity and mezzanine tranches in stable proportions (see first figure).⑹After early April, however, those correlations broke down as it turned out that Ford and GM proved to be subject to specific, idiosyncratic rises in default expectations that ended up concentrating losses in equity tranches, instead of spreading to mezzanine tranches as had been expected (see second figure). In fact, mezzanine tranche spreads were quite stable during this period, actually falling at some points. This may have led some tranche hedgers to lose money on both legs of their trade.
Market participants who held equity tranches may have been provoked by the failure of their model-based hedges into sudden portfolio adjustments to contain their losses. Some reacted by buying more protection on the underlying reference credits, which added to the existing upward spread pressure on Ford and GM bonds.
Another reportedly widely used strategy was to arbitrage the capital structure of the auto companies by taking long positions in auto company bonds and financing them with short equity positions in the same company. This strategy also led to losses when the prices of GM bonds fell after the company was downgraded, but a surprise share bid by a prominent investor led to rises in GM’s share price, thus again leading investors using this strategy to lose on both legs of the trade.
In the end, while a number of shorter-horizon investors (i.e., hedge funds, proprietary trading desks, and bank dealers) are thought to have suffered material losses, the events proved not to be of systemic importance for the financial system. Indeed, by alerting investors to the dangers of relying on specific assumptions underlying modeled risk, the episode may have had some salutary impact. It also points to the need for careful scrutiny of counterparty practices, to ensure that difficulties at individual hedge funds do not have wider repercussions for the financial system.
The investor merely had to estimate the proportion of expected additional losses likely to spill over from the equity tranche to the next least protected tranche—the “mezzanine” tranche||投资者只必须或许估计被期望的另外损失的比例从公正薄片到下个最少结束溢出保护薄片-" 中层楼 " 薄片. Then the investor could sell short the appropriate amount of the mezzanine tranche that, if expectations of default rose, should have allowed the investor to recoup his or her losses on the equity tranche||然后投资者会卖短适当量的中层楼薄片哪一, 如果假设值玫瑰的期待,就会| 让投资者了在公正薄片上补偿他或她的损失.
Market pricing through early April 2005 reflected relatively stable assumed correlations of default risk among the first two risk tranches in the CDO portfolio||在市场上销售订定在 CDO 文件夹中相对地被反映在最初二危险 tranches 之中的假设值危险的稳定假装相互关系的 2005 年四月初的价格过. In other words, changes in default risk were expected to affect the equity and mezzanine tranches in stable proportions (see first figure||换句话说, 假设值危险的变化被期望影响稳定的比例的公正和中层楼 tranches(见到第一个身材).⑹After early April, however, those correlations broke down as it turned out that Ford and GM proved to be subject to specific, idiosyncratic rises in default expectations that ended up concentrating losses in equity tranches, instead of spreading to mezzanine tranches as had been expected (see second figure||⑹在四月初之后，然而，当它转了外面的那福特和被证明到的 GM 的时候，那些相互关系故障了对特性要服从, 最后集中公正 tranches 的失败的在假设值期待方面的特质提高, 而非对中层楼 tranches 传布当已经被期望之时 (见到第二的身材). In fact, mezzanine tranche spreads were quite stable during this period, actually falling at some points||事实上，中层楼薄片传布在这期间相当稳定,实际上在一些点落下. This may have led some tranche hedgers to lose money on both legs of their trade||这可能已经领导一些薄片植篱笆的人在他们的贸易的两者腿上赔钱.
Market participants who held equity tranches may have been provoked by the failure of their model-based hedges into sudden portfolio adjustments to contain their losses||在市场上销售拿着了公正 tranches 的叁加者可能已经进入包含他们的损失的突然文件夹调整之内被他们的以型号为基础树篱的失败激怒. Some reacted by buying more protection on the underlying reference credits, which added to the existing upward spread pressure on Ford and GM bonds||一些藉由买在下面的叁考信用方面的较多的保护反应了, 这增加在福特和 GM 束缚方面的现有的向上传布压力.
Another reportedly widely used strategy was to arbitrage the capital structure of the auto companies by taking long positions in auto company bonds and financing them with short equity positions in the same company||另外的一个根据传说广泛二手的策略是对仲裁汽车公司的首都结构藉由久占据汽车公司束缚的位置而且在相同的公司中有短公正位置供给他们经费. This strategy also led to losses when the prices of GM bonds fell after the company was downgraded, but a surprise share bid by a prominent investor led to rises in GM’s share price, thus again leading investors using this strategy to lose on both legs of the trade||当在公司被降级之后， GM 束缚的价格下滑的时候，这一个策略也导致了损失，但是一个显着投资者的惊奇部份竞标导致了在 GM 方面的提高的股价, 再一次如此带领使用这一个策略在贸易的两者腿上失去的投资者.
In the end, while a number of shorter-horizon investors (i.e||在结束, 当一些比较短-地平线投资者的时候 (i.e., hedge funds, proprietary trading desks, and bank dealers) are thought to have suffered material losses, the events proved not to be of systemic importance for the financial system||避险基金，专有的贸易书桌和银行经销商) 被认为到已经遭受物质的损失, 不被证明的事件对财务的系统是系统重要. Indeed, by alerting investors to the dangers of relying on specific assumptions underlying modeled risk, the episode may have had some salutary impact||的确, 藉由提醒投资者对仰赖位于做模型危险之下的特定的假定的危险, 插曲可能已经有一些有益的冲击. It also points to the need for careful scrutiny of counterparty practices, to ensure that difficulties at individual hedge funds do not have wider repercussions for the financial system||它也指向对 counterparty 练习的小心仔细研讨的需要, 确定困难在个别的避险基金为财务的系统没有较宽的弹回.
投资者从公正梦幻之境到被保护梦幻之境— " 中层楼" 使恍惚的下个最少只必须或许期望附加的损失估计比例结束溢出. 然后投资者会卖短适当量的中层楼梦幻之境，如果内定的玫瑰期待,就会|允许投资者了偿还在公正梦幻之境上的他或她的损失.
整早的 2005 年四月订定的价格市场相对地反映马房假装的 CDO 文件夹的在最初二危险蚕食之中的内定危险的相互关系. 换句话说,在内定的危险中改变被期望影响稳定的比例公正和中层楼渠(第一个身材).⑹在四月稍早，然而，当它转外面的那福特和被受制于特性，在内定的在集中上面结束的失败公正蚕食的期待方面的特质提高的 GM 的时候，那些相互关系故障之后,改为传布到中层楼蚕食当已经被期望之时 (第二个身材). 事实上，中层楼梦幻之境传布相当是稳定的在这一个时期期间,实际上在一些点落下. 这可能已经领导一些梦幻之境 hedgers 失去在他们的贸易两只腿上的钱.
拿着公正蚕食的市场叁加者可能已经被他们的失败型号激怒- 建立进入突然的文件夹调整之内围以树篱包含他们的损失. 一些藉由买在下面的叁考信用方面的较多保护反应,增加到在福特和 GM 上的已存在的以上扩延的压力束缚.
另外的根据传说广泛地使用过的策略是对仲裁汽车公司的首都结构藉由采取汽车公司的长位置束缚和融资他们由于短公正在相同的公司中放置. 这一个策略也导致损失当价格在公司被降级之后 ,GM 束缚跌落，但是一个显着的投资者的惊奇部份竞标到方面的提高引导 GM's 的股价,再一次如此领先投资者使用这一个策略在贸易的两只腿上失去.
在结束中,当许多的比较短- 地平线投资者的时候 (i.e., 围以树篱基金，专有的贸易书桌,而且存入银行经销商)被想已经遭受物质的损失,被的事件不要对财政的系统是系统的重要. 的确，藉由对仰赖特定的假定危险提醒投资者在下面的做模型了危险,插曲可能已经有一些有益的冲击. 它也指出到对类似版本练习的小心仔细研讨的需要,确定在个别的树篱困难赞助为财政的系统没有较宽的弹回.