natgillin/translations-raw huggingface dataset:
USD udbyggede sin position som den dominerende valuta, ¡det over 45% af emissionerne fandt sted i denne valuta mod 32% i 1 995. De europæiske valutaers andel var let vigende.
The USD consolidated its position as the dominant currency with more than 45% of issues denomi­nated in this currency, up from 32% in 1 995, whereas European currencies lost some ground.
USD (46%), JPY (12%) og DEM (1 1%) repræsenterede tilsammen to tredjedele af de samlede emissioner.
The USD (46%), JPY ( 1 2%) and DEM ( 1 1 %) accounted for two thirds of total market volume.
I 1996 forblev låntagerne på de internationale obligationsmarkeders fordeling på kategorier stort set uæn­dret.
Only minor changes in the pattern of borrowers on international bond markets took place in 1 996.
Bankerne og finansieringsinstitutionerne, der er den største gruppe, øgede deres andel af det samlede emissionsbeløb til 37%, medens industri- og handelsvirksomhe­dernes andel forblev uændret 31%, og der konstateredes en mindre tilbagegang i staternes (1 1%) og de supranationale emittenters andele (7%).
Banks and financial institutions, the largest group, increased their share of the total amount issued to 37%, industrial and commercial companies accounted for an unchanged 31 %, whereas the shares of governments (11%) and supranational (7%) fell marginally.
For sammenligningens skyld er renteberegningerne foretaget på årsbasis.
For ease of comparison, all yields are expressed on an annual basis kets will also enable the Bank to familiarise investors with an issuer who will be offer­ing them bonds denominated in the single currency.
'W^^^\ ^^^\ politik for tapning af nye markeder letter ikke blot låntagningen, men gør ligeledes investorerne bekendt med en emittent, der udbyder lån i den fælles valuta.
With a view to obtaining substantial liquid funds in Community currencies, the Bank primarily launched sizeable issues which, as in previous years, covered the entire length of the yield curve for benchmarks, providing investors with a complement to EU sovereign issues.
Banken lægger særlig vægt på at tilbyde samtlige investorer mulighed for at tegne sine lån.
Its own issues, chiefly in DEM, ESP, FRF, GBP, ITL, NLG and PTE, enabled the EIB to strengthen its presence on the Community capital markets and position itself in the new European financial area in readiness for the single currency.
Antallet af institutionelle og pri­vate investorer afhænger af emissionernes karakter, men det kan undertiden være nødvendigt at rette en emission direkte mod en bestemt gruppe investorer. Banken har tidligere anvendt denne strategi og gør det fortsat efter behov.
In this respect, the Bank stepped up its support specifically for the EURO by issuing a benchmark ECU bond on the market guaranteeing that interest will be paid and princi­pal redeemed in EURO on the basis of a rate of 1 ECU for 1 EURO with the advent of the single cur­rency.
Den blev såle­des positivt modtaget af de private investo­rer på det spanske marked.
This undertaking reassured the market about the continuity of ECU-denominated debt once the transition is made to EMU.
På denne baggrund skal Bankens særlige indsats til fordel for euroen understreges.
The Bank is especially keen to offer all its investors the opportunity to subscribe to its issues.
Den udbød således en toneangi­vende emission i ecuer med garanti for, at betalin­gen af renter og afdrag finder sted i euroer i for­holdet 1:1, når den fælles valuta indføres, hvilket overbeviste markedet om, at ecuforpligtelserne forbliver uberørte ved overgangen til Den Økono­miske og Monetære Union.
Whilst the active interest of institu­tional and retail investors in the markets varies depending on the features of the is­sues being launched, it may occasionally prove necessary to target particular op­erations at a specific group of investors.
I lyset af det stadig mere presserende behov for at tilvejebringe større beløb på de bedst mulige vil­kår intensiverede Banken sin politik for spredning af markederne, investorerne, produkterne og tek­nikkerne.
The Bank has pursued this strategy in the past and will resort to it again as and when necessary, an example being the successful gearing of a recent EIB issue to retail investors on Spain's domestic bond market.
Spændvidden af de produkter, som Ban­ken tilbyder, øgedes yderligere i 1 996 in­den for rammerne af såvel klassiske emis­sioner som flerårige programmer for mel­lemfristede notes.
Given the ever increasing need to raise larger amounts at least cost, the Bank pressed ahead with its policy of diversification in terms of markets, investors, products and/or techniques.
Den genoptog således sin aktivitet på de finan­sielle markeder efter flere års fravær.
The Bank also returned to capital markets from which it had been absent for a number of years.
Det gjaldt især på det amerikanske marked, hvor den udbød en emission på 1 mia USD med en løbetid på 1 0 år, der blev ombyttet til DEM og placeret samtidig blandt amerikanske, europæiske og asiatiske inve­storer.
This was particularly the case on the US market where the EIB launched a 10-year USD 1 billion issue swapped against DEM and placed simulta­neously with American, European and Asian inves­tors.
Endvidere lancerede den emissioner på nye markeder, idet den udbød lån i flere valutaer ler private investorer (»puttable-callable«, (22 i 1 996 mod 1 7 i 1 995), hvilket afspejler be­»rainbow option« eller »power reverse dual currency«), hvortil kommer nulkuponemissioner, der hovedsagelig fandt afsæt­ning blandt italienske investorer (i ITL, DEM og USD).
It also broached new markets for its issues: the number of currencies borrowed rose to 22 from 17 in 1995, so highlighting the Bank's strat­egy of making calls on all financial markets, be they emerging Eastern European (CZK), Asian (HKD), African (ZAR) or Australasian (NZD). Over and above the fresh opportunities for re­source raising, this policy of moving into new mar­
stræbelserne for at udnytte de finansielle marke­der i deres helhed, herunder de spirende marke­der i Østeuropa (CZK) samt visse lande i Asien (HKD), Afrika (ZAR) og Oceanien (NZD). Denne fiM^ wf^
The diversity of the Bank's products was further broadened in 1 996, either within the framework of its traditional issues or its medium-term note programmes, by vary­ing the currencies, amounts or other fea­tures of borrowing operations: stock ex­change index linked bonds (borrowings in DEM linked to the DAX share index or REX bond index, in ESP indexed to IBEX), floating-rate bonds possibly linked to a fixedrate bond yield with a cap and/or floor (operations in BEF, FRF or PTE), step-up coupon issues in FRF and the whole gamut of products offered to Japa­nese investors, both institutional and retail (puttable-callable, rainbow option or power reverse dual currency) or zero cou­pon issues placed mainly with Italian in­vestors (in ITL, DEM or USD).
EIB 1996-TILVEJEBRAGTE MIDLER
EIB 1996 - RESOURCES
Kombinerede valuta­ og renteswaps repræsente­rede 62% af det beregningsmæssige beløb, og renteswaps alene udgjorde 38%.
tional amount, interestrate swaps the remaining 38%.
Som i 1 995 spil­lede renteswaps en stor rolle i forbindelse med til­vejebringelsen af de variabelt forrentede midler.
As in the previous year, interestrate swaps generated a substantial volume of resources at floating rates.
Desuden fortsatte Banken sin diversificering af emissionsteknikkerne.
The diversification of bond issuance techniques continued.
Ordningen for prissonde­ring (»price discovery system«), der blev taget i brug sidste år, fandt hyppigere anvendelse.
Greater recourse was had to the price discovery system, already set in place in the previ­ous year.
Des­uden udbød Banken i 1996 for første gang glo­bale emissioner.
Moreover, the Bank, for the first time, made use of the global bond issuing technique in 1996.
Denne teknik, der sigter mod pla­cering verden over, opfylder ikke blot de krav, som tilsynsmyndighederne for placering og note­ring opstiller, men skaber også enighed og forbin­delse mellem organerne for værdipapirclearing.
Worldwide placement of such bonds is achieved by reconciling supervisory bodies' placement and listing requirements whilst estab­lishing agreement and links between securities clearing agencies.
Den anvendtes i forbin­delse med en emission i USD og vil blive udvidet til andre markeder, hvis forholdene tillader det.
Adopted for a USD issue, this technique will be ex-
Denne anvendelse af derivater fandt sted inden for rammerne af en politik for aktiv risikostyring.
This use of derivatives was accompanied by a policy of active risk management.
Risikoen overvåges nøje i forhold til de grænser, der er fastlagt for hver modpart ud fra disses kre­ditværdighed og et risikomaksimum, der beregnes på grundlag af kurserne på derivatmarkederne.
Risks are closely monitored in line with limits established for each counterparty, due account being taken of rating criteria and an exposure ceiling calculated on the basis of prices on derivatives markets.
Banken fortsatte sin politik for diversificering af sine modparter. Der blev skabt mulighed for større udeståender med hver modpart gennem systema­tisk sikkerhedsstillelse, uden at dette påvirkede ud­viklingen i långivningen, ¡det modparterne almin­deligvis ikke er identiske.
The Bank continued its policy of diversifying counter­parties: larger amounts were made possible for each of these by systematically arranging collat­eral, although without this influencing the pattern of lending as, generally, different counterparties are involved.
Med henblik på at beskytte sig mod renterisikoen i forbindelse med de finansielle markeders flygtig­hed fortsatte Banken sin politik for risikoafdæk­ning.
In order to guard against interestrate risks stem­ming from volatility on the capital markets, the Bank further pursued its hedging strategy.
Knap halvdelen af låntagningen med fast rente (bortset fra refinansieringer) var hovedsage­lig omfattet af en intern afdækningsordning i form af en obligationsportefølje, der afhændes i takt med udbetalingen af nettoprovenuerne af låntag­ningen. En mindre del af risikoafdækningen fandt sted ved indgåelse af aftaler om fremtidig rente­fastsættelse i forbindelse med emissionsaftalen, sædvanligvis med lånets lead manager.
Hedg­ing operations, accounting for almost half of total fixedrate borrowings (excluding refinancing), were mainly conducted through an internal facility based on a portfolio of bonds resold in line with disbursement of the net proceeds of borrowings and, to a lesser extent, through deferred ratesetting contracts generally concluded with lead managers at the time of issue.
Denne ri­sikoafdækning indgår i en aktiv­/passivforvalt­ning, der på sigt skal gøre det muligt at udarbejde en samlet afdækningspolitik.
These hedging poli­cies form part of asset/liability management de­signed ultimately to establish a comprehensive hedging strategy.
For at sikre sig tilstræk­kelige midler til dæk­ning af udbetalingerne på udlån, hvoraf over 90% finder sted i EU­valutaer, uden derved at forbigå markederne for de øvrige valutaer, men også for at omsætte de raffinerede og diversi­ficerede instrumenter, der udbydes på marke­derne, til fast eller variabelt forrentede finansie­ringsbidrag af den art, EIB tilbyder sine kunder, benyttede Banken sig i vid udstrækning af marke­derne for rente­ og/eller valutaswaps.
The need to raise over 90% of funds for loan disbursements in Euro­pean Union currencies -without disregarding markets in other curren­cies - and to transform the sophisticated and di­verse instruments pro­posed by the markets into fixed or floating-rate financing corresponding to the products offered to its clients prompted the Bank to have significant recourse to the interestrate or currency swap markets.
Swapfor­retningernes beregningsmæssige beløb udgjorde 1 2 mia, hvilket er en betydelig forøgelse i forhold til 1 995 (3,5 mia), en tendens, der ligeledes præ­gede antallet af forretninger (115 mod 3 1 i 1 995).
The total notional amount of such operations was 1 2 billion, appre­ciably higher than in 1995 (3.5 billion), with the number of such operations expanding significantly as well (115 compared with 31 in 1995). Cur­rency swaps accounted for 62% of the total no­
Tilvejebragte midler 1992­1996
Pattern of resources raised
Kortfristede forretninger Virksomhedscertifikater
Short-term operations - Commercial paper
2 230 mio ECU, tre toneangivende emissioner ret­tet mod institutionelle investorer, to mindre forret­ninger rettet mod private investorer og fire struktu­rerede forretninger (to private placeringer og en offentlig emission med tilknytning til børsindekser samt et nulkuponobligationslån).
DEM for a total of ECU 2 230 million: three benchmark issues aimed at institutional investors, two smaller operations targeted at retail investors and four structured operations (two placements and a public issue linked to stock exchange ¡n-dexes plus a zero coupon bond issue).
Over halvdelen af de tilvejebragte midler i DEM var et resultat af valutaswaps, hovedsagelig med udgangspunkt i emissioner i NLG, FRF og USD.
Over half of the DEM funds were obtained via currency swaps primarily from issues denominated in NLG, FRF and USD.
DEM var den valuta, Banken tilvejebragte flest midler i efter swaps.
Resources raised in 1 996
Tilvejebragte midler i 1 996
[amounts in ECU million)
EIB 1996 ­TILVEJEBRAGTE MIDLER
EIB 1996 - RESOURCES
Overgang til den fælles valuta
Moving to the single currency...
Den Økonomiske og Monetære Unicn (ØMU) bliver en afgørende etape på vejen til europæisk in­tegration.
Economic and Monetary Union (EMU) will be a major step on the way to European integration.
Den får vidtrækkende økonomiske konsekvenser, både i overgangsperioden og efter ind­førelsen af den fælles valuta.
It will have important economic consequences, both during the transitional period and after introduc­tion of the single currency.
Den vil i Unionen føre til skabelsen af et stort, integreret finans- og bank­marked med øget konkurrence og et større udbud af finansielle instrumenter.
It will lead, within the Union, to the creation of a vast integrated financial and banking market that will be more competitive and have a wider range of financial instruments.
ØMU vil desuden påvirke EIB's aktivitet grundlæggende.
EMU will fundamentally affect the ElB's activities.
Banken udlåner i øjeblikket over 20 mia ECU årlig, ligesom den hvert år optager lån på ca. 1 8 mia ECU i over 20 forskellige valutaer, hvilket gør den til en af de største låntagere i EU og den førende multilaterale finansieringsinstitution i ver­den.
Currently the Bank lends over ECU 20 billion a year, and each year borrows some ECU 1 8 billion in over 20 different currencies, placing it among the European Union's biggest borrowers and at the forefront of the world's multilateral financing in­stitutions.
Over 80% af denne låntagning finder sted i EU-landenes valutaer.
The currencies of the EU Member States account for over 80% of EIB borrowings.
Udeståendet på Bankens gæld beløber sig til knap 1 00 mia ECU (heraf 53 mia i ecuer eller europæiske valutaer, der forfal­der efter den 1. januar 1 999).
Aggre­gate outstanding Bank debt comes to nearly ECU 1 00 billion (of which 53 billion denominated in ECU or in European currencies falls due after 1 January 1 999).
Som en fremtrædende aktør med hensyn til långivning, låntagning, investeringer og derivater i euro­pæiske valutaer, herunder ecuer, støt-er EIB uforbeholdent overgangen til ØMU, både gennem sin långivning til styrkelse af Unionens samhørighed og konkurrenceevne og gennem sin låntagning på kapitalmarkederne.
As a major player in the markets for lending, borrowing, investments and derivatives denominated in European currencies including the ECU, the EIB unreservedly supports establishment of EMU, both in the loans it makes to promote cohesion and competitiveness within the Union and in its borrowing operations on the capital markets.
Den fælles valuta vil i høj grad forenkle Bankens aktivitet i almindelighed og dens aktiv-/passiv-forvaltning i særdeleshed, ¡det hovedparten af dens aktivitet vil kunne finde sted i en enkelt valuta.
The single currency will considerably simplify the ElB's operations, particularly its asset/liability man­agement, since the Bank will be able to conduct most of its transactions in just one currency.
I det mere konkurrenceprægede miljø, der vil opstå i euroområdet, får kreditværdigheden en endnu mere kritisk betydning for mulighederne for at optage lån.
In the Euro area's more competitive environment, creditworthiness will be an even more critical factor for prospective borrowers.
Da EIB har en høj kreditværdighed takket være udlånsporteføljens kvalitet og kapitalindskydernes soliditet, har den alle muligheder for at drage fordel af det dybere og mere likvide euromarked og sænke sine låntagningsomkostninger yderligere.
With the high credit rating it derives from the quality of its loan book and the strength of its shareholders, the EIB is excellently placed to take advantage of the deeper and more liquid Euro market and to trim further its borrowing costs.
EIB var den første låntager til udtrykkelig at forpligte sig til at konvertere sin udestående gæld i ecuer til euroer i forholdet 1:1 ved overgangen til Den Økonomiske og Monetære Union, hvilket beroligede investorerne med ¡n"eresse for ecuobligationer og understregede Bankens støtte til ØMU.
It was the first borrower committing itself explicitly to convert its outstanding ECU-denominated debt into Euro on a one-for-one basis as soon as monetary union becomes a reality.
Med sin årlige låntagningskapacitet på i øjeblikket mellem 20 og 25 mia kan Banken yde et væsent­ligt bidrag til etableringen af et omfattende finansielt marked i euroer.
By so doing it reassured investors in ECU bonds and under­scored its support for EMU.
Låntag ningsstrateg i til fordel for euroen
Borrowing strategy in support of the Euro
I de kommende år vil Banken udbyde toneangivende emissioner i de forskellige EU-valutaer med identiske pålydende renter og løbetider, der på Bankens initiativ kan konverteres til euroer fra den 1. januar 1 999.
Over the coming years the Bank will be launching benchmark issues in the various currencies of the Union which will be identical in terms of nominal coupon and duration. These borrowings will embody an option for the Bank to convert into Euro from 1 January 1 999.
Disse eurorettede emissioner vil senere kunne konsolideres med andre euroemissio­ner og dermed skabe omfattende og likvide toneangivende emissioner i euroer, hvilket i høj grad vil bidrage til at skabe en kritisk masse euroobligationer.
It will then be possible for these "tribu­tary issues" to be consolidated with other Euro issues in order to feed the bond market with bench­mark issues combining liquidity and substantial size - both important factors in creating a critical mass of Euros.
I de fire første måneder af 1 997 udbød EIB fire eurorettede emissioner med en løbetid på 10 år og en pålydende rente på 5,75%, nemlig i ne­derlandske gylden, franske franc, portugisiske escudos og tyske mark.
During the first four months of 1 997, the Bank has floated four such borrowings, with a du­ration of 1 0 years and a coupon of 5.75%, in guilders, French francs, Portuguese escudos and Deut­sche Mark.
Desuden agter Banken dels inden den 1. januar 1999, dels naturligvis derefter at udbyde lån i euroer på store beløb og med forskellige løbetider for at dække hele rentekurven.
The Bank also intends, well before 1 January 1 999 and of course thereafter, to launch Euro loans for large amounts and with a spread of maturities in order to cover the entire yield curve.
Denne strategi indledtes primo 1997 med udbydelsen af en euroemission på 1 mia med en løbetid på 7 år.
This strategy was already initiated in early 1997 with the issuance of a 7-year Euro-denominated borrowing for an amount of 1 billion.
På grund af markedets gode modtagelse blev dette beløb forhøjet til 1,3 mia gennem tilføjelse af en supplerende tranche.
In view of the operation's favourable reception on the markets, its amount was boosted to 1.3 billion through the addition of an extra tranche.
Denne politik beriger markedet med likvide emissioner med en sund kursudvik­ling på det sekundære marked, der vil fremme etableringen af terminsmarkeder.
This policy will enable the Bank to supply the market with liquid issues that will hold up well on the secondary market and serve as a basis for establishing futures markets.
Hvad afkastene an­går, kan Bankens emissioner derfor vise sig fordelagtigere end ØMU-landenes statsobligationer i nationale valutaer.
The yields on the Bank's borrowings will therefore stand favour­able comparison with those of sovereign issues, in national currencies, by Member States participat­ing in EMU.
Den reduktion af de relative låntagningsomkostninger, som dette kan medføre, vil give Banken mulighed for i sin egenskab af fremtrædende finansiel formidler at udbygge sin långiv­ning og i særdeleshed tilbyde nye finansielle tjenester, som hovedparten af dens låntagere ikke selv kan opnå på markedet på acceptable vilkår, samtidig med at den fastholder sin forsigtige finansielle politik.
The potential resulting reduction in relative funding costs will afford the Bank, as a lead­ing financial intermediary, scope to expand its lending and, in particular, to propose new financial services unavailable to most borrowers on appropriate terms on the market, while still maintaining its prudent financial policies.
Nye perspektiver for EIB
New horizons for the EIB
Da ØMU vil sætte mange af Bankens kunder i stand til i stigende omfang selv at optage lån på det udvidede euromarked, vil EIB ikke i samme grad have lejlighed til at yde lån til store virksomheder.
EMU will offer many of the Bank's customers the possibility of borrowing on an increasing scale di- rectly from the larger Euro-market, thus giving the EIB fewer opportunities to lend to large companies.
Til gengæld får den nye muligheder for at diversificere sine produkter, f.eks. ved at ledsage sine kunder på obli­gationsmarkedet.
However, it will also enable the EIB to diversify its products along new lines, for example by accom­panying its clients onto the bond market.
Desuden vil de reducerede relative låntagningsomkostninger gøre det muligt at øge aktiviteten inden for rammerne af globallånsordningen til fordel for mindre og mellemstore virk­somheder.
In addition, lower relative borrowing costs will enable the EIB to expand its global loan activity in favour of small and medium-sized enterprises.
Den offentlige sektors investeringer, hvis finansiering længe har været Bankens hovedaktivitet, vil mu­ligvis aftage i de kommende år.
Public-sector investment, which has long been the mainstream of the Bank's business, may well re­main flat in the years ahead.
De lande, der deltager i ØMU, vil skulle overholde en vis budgetdis­ciplin, der begrænser mulighederne for at igangsætte omfattende investeringsprogrammer, hvad enten de finansieres direkte af budgetmidler eller indirekte via Banken.
Governments of those countries participating in EMU will have to main­tain tight fiscal rectitude and there will thus be less scope to embark on significant investment pro­grammes, whether projects are being financed directly from budgetary appropriations or supported via the Bank.
Det betyder imidlertid ikke nødvendigvis, at Bankens udlånsmuligheder vil blive reduceret.
However, this need not entail a reduction in the ElB's scope for lending.