natgillin/translations-raw huggingface dataset:
Da der ikke er planer om at indføre kildeskat på renter, indsnævredes den sædvanlige forskel mellem den lange rente i Neder landene og Forbundsrepublikken Tyskland.
Interest rates fell gradually up to the end of May by well over a percentage point, following successive cuts in the banks' base lending rates.
Emissionsaktiviteten på obligationsmarkedet var lidt mere beskeden end året før.
In line with these developments, bond issuing activity was particularly strong in the first and second quarters of the year, when expec
Trods øget budgetdisciplin og overskud på betalingsbalancen faldt obligationsrenten først på året, for så at stige frem til midten af oktober, hvor tendensen på ny vendte.
Resources balance of payments, longterm interest rates which had started with an initial decline rose until midOctober before falling back again.
I Storhertugdømmet Luxembourg var renteniveauet stabilt med faldende tendens mod årets slutning.
In Luxembourg, interest rates were stable, turning downwards in the closing months of the year.
I Danmark førte indenlandske faktorer til betydelige renteudsving.
In Denmark, domestic developments made for wider fluctuations in interest rate movements.
Overenskomstforhandlingerne og valget udløste en kraftig rentestigning først på foråret og sidst på sommeren. De faldende afkast i den mellemliggende periode og mod årets slutning bragte imidlertid praktisk taget renteniveauet tilbage til udgangspunktet.
The uncertainty about the result of wage negotiations and the outcome of the general elections resulted in sharp increases in rates in early spring and late summer.
Tilbagegangen i dollarens andel af de samlede internationale og udenlandske obligationsemissioner fremskyndedes markant i 1987.
The erosion of the US dollar share in total inter national and foreign bond issues accelerated sharply during 1987.
Investorerne viste kun beskeden tillid til dollarens stabilitet, ligesom det kraftige genopsving i den amerikanske mellem lange og lange rente mellem august og midten af oktober fik dem til at frygte betydelige kurstab.
Investors held reservations about the stability of this currency and the sharp upward trend in long and mediumterm US interest rates from August to midOctober added a fear of sizeable capital losses.
De begrænsede sig derfor til at købe meget korte papirer eller trak sig helt tilbage fra markedet i eurodollar.
They confined themselves therefore to buying very short-term paper or retreated from the eurodollar bond market altogether.
I begyndelsen af juni cementerede den amerikanske regerings ensidige beslutning om at ophæve beskatningsoverenskomsten med De Nederlandske Antiller investorernes manglende interesse for dette marked.
The unilateral decision of the US Government to cancel the tax treaty with the Netherlands Antilles in early June added to investors' disenchantment with this market.
Skønt det amerikanske dollarmarked bedredes noget efter børskrakket, gjaldt dette ikke markedet for eurodollar.
Though the domestic dollar market revived somewhat after the stock market crash on 19 October, this was not by and large the case for the eurodollar market.
På grund af den mere beskedne likviditet på dette marked faldt afkastene ikke så hurtigt som man kunne have forventet på grund af investorernes tilstrømning til fast forrentede papirer.
Eurodollar interest rates stood at relatively high premiums with respect to US domestic market rates; swap opportunities were thus very rare and this dampened issuing activity of fixed-rate issues even more.
Eurodollarrenten afveg forholdsvis markant fra renten på det amerikanske marked, og mulighederne for swapforretninger var derfor yderst sjældne, hvilket også bidrog til at afsvække emissionsaktiviteten for fast forrentede papirer.
In Ireland, a sharp decline in longterm interest rates in the opening months of the year mainly as a result of favourable external developments, particularly in the UK, and expectations about a reduced public sector borrowing requirement was subsequently checked when prospects abroad became more uncertain.
Imidlertid undgik det internationale obligationsmarked i US-$ indtil børskrakket en mere udtalt tilbagegang takket være de betydelige emissioner af egenkapitalrelaterede obligationer.
Later, however, a fall in short-term rates, largely reflecting positive domestic factors, paved the way for a renewed decline in yields which was further helped by an easing In foreign financial markets.
I Grækenland forblev kreditforholdene stramme, hvorimod den vigende inflation i Portugal muliggjorde en markant sænkning af renteniveauet.
In Greece, credit conditions remained tight while in Portugal the fall in inflation permitted a considerable reduction in interest rates.
Yen nød størst gavn af dollarens vigende markedsandel.
The Japanese yen was the major beneficiary of the reduced importance of the US currency.
Markedet for euroyen var det mest dynamiske, om end udviklingen var ret ujævnt fordelt på året.
It was, however, the euroyen market which showed by far the most lively performance, though quite unevenly spread throughout the year.
Forventningerne om et faldende renteniveau — som en diskontonedsættelse sidst i februar kun delvis opfyldte — bidrog til at skabe grundlag for en positiv stemning, der udløste en betydelig emissionsaktivitet indtil midt på året.
Expectations of lower interest rates, which were partially met by a discount rate cut in late February, provided a bullish undertone for a very high level of primary market activity up to about mid-year.
Derefter begyndte forventningerne om et lavere renteniveau at svinde for endelig at afløses af pessimisme, der medførte en række salgsbølger på de inden- og udenlandske markeder med flere måneders tilnærmelsesvis lammelse til følge.
Since then, the prospects of lower interest rates began to peter out and finally were replaced by a more pessimistic outlook for interest rates. Market sentiment turned sour and domestic and offshore markets were hit by waves of selling which left the market nearly paralysed for several months.
Aktiviteten kom først i gang igen i sidste kvartal, ikke blot i de fast forrentede papirer, men også i de variabelt forrentede, idet usikkerheden over for renteudviklingen førte til emission af et betydeligt antal variabelt forrentede notes, der var knyttet til den lange basisrente.
Only in the last quarter did activity pick up again, not only in the fixed-rate sector but, consistent with investors' uncertainties as to the future course of interest rates, also in the variable-rate sector where a substantial amount of floating-rate notes linked to the longterm prime rate emerged.
Emissionsaktiviteten på markedet for ECU beløb sig til 7,2 mia i 1987 mod 6,7 mia året før. Næsten halvdelen af emissionerne blev udbudt i første kvartal, da valutamarkederne syntes at have stabiliseret sig efter kursjusteringerne inden for EMS i januar.
Issuing activity in the ECU sector increased in 1987 to 7.2 billion ECUs as against 6.7bn ECUs in the previous year: almost half of the issues were launched in the first quarter when foreign exchange markets appeared to have settled down following the January realignment of EMS currencies.
På grund af frygt for at en ny dollarsvækkelse skulle genoplive spændingerne inden for EMS, tøvede de europæiske investorer, der er de toneangivende markedsdeltagere, noget med at købe ECU-papirer, idet de foretrak traditionelt mere stabile, om end mindre udbytterige valutaer.
However, expecting that renewed dollar weakness could lead to tensions within the EMS, European investors who form the backbone of the market showed some hesitancy over buying ECU-denominated securities and appear to have preferred traditionally more stable although lower yielding currencies.
De japanske investorer, der ligeledes var meget aktive på dette marked, viste stigende interesse for ECU-papirer, øjensynlig ud fra et ønske om at sprede deres portefølje gennem forøgelse af andelen af papirer i andre valutaer end US-$.
Japanese investors, who are also active participants in this market, showed increasing interest in ECU securities apparently in an attempt to diversify out of dollar-denominated issues.
På grund af den reducerede emissionsaktivitet, ¡sær fra amerikanske virksomheders side, forblev afkastene på udenlandske papirer i Schweiz bemærkel-
Helped by reduced issuing activity, in particular that of US corporations, yields on foreign securities in Switzerland remained remarkably stable until late
Midler sesværdigt stabile indtil sidst på sommeren.
Resources summer.
Derefter fremkaldte betydelige nyemissioner en stig ning i låneomkostningerne, der først afløstes af tilbagegang ¡ årets sidste måneder.
Then, however, a heavy flow of new offerings provoked an upward shift in borrowing costs which was only partly reversed in the closing months of the year.
Beløbsmæssigt steg emissionerne af egenkapitalrelaterede obligationer i årets tre første kvartaler takket være kursstigningerne på børserne og de attraktive rentesatser.
The amount of equity-linked issues rose during the first three quarters of the year spurred on by the rise in stock market prices as well as a favourable interest-rate differential over opportunities in other markets.
På grund af usikkerheden på valutamarkederne blev der også udbudt emissioner med optioner på køb af guld.
Reflecting foreign exchange uncertainties, the market saw a number of issues with warrants exercisable into gold.
Bankens aktivitet på kapitalmarkederne sin låntagning på markederne, var middeltilvejebringelsen ikke forbundet med vanskeligheder.
Despite the turbulent climate on the capital markets, particularly in the latter half of 1987 — a time when the Bank needed to step up its presence on the markets — no particular problems were encountered in raising resources.
Som året før udfoldedes der særlig store bestræbelser på medlemslandenes kapitalmarkeder på grund af kundernes interesse for de pågældende valutaer, ¡sær DM, lire og ECU.
As in the previous year, the Bank was especially active on Member States' capital markets in keeping with the preference shown by borrowers for Community currencies, in particular Deutsche Mark, Italian Lire and ECUs.
Skønt de bevilgede lån af egne midler steg til 7 192,2 mio, beløb låntagningen på markederne sig kun til 5 592,7 mio, hvilket udgør en tilbagegang på over 17% i forhold til året før (6 785,5 mio), men på kun 2% over for 1985 (5 709,2 mio).
Despite a rising trend in the aggregate volume of loans advanced from EIB own resources, which reached 7 192.2 million ECUs, the Bank's calls on the various market segments totalled only 5 592.7 million, a drop of more than 17% on the previous year (6 785.5 million), although only about 2% down on 1985's figure of 5 709.2 million.
Det skyldes dels bevillingen af en betydelig lånesum sidst på året, dels en større andel globallån og lån med åben rente, hvis udbetaling strækker sig over et længere tidsrum.
This downturn can be traced to the signature of a substantial volume of loans only towards the end of the year and to the increasing amount of global and open-rate loans which have a lengthier disburse­ment period.
Middeltilvejebringelsen med henblik på førtidig indfrielse af lån steg derimod markant i forhold til året før (1 272,5 mio mod 758,2 mio i 1986).
In contrast, resources raised specifi­cally for early redemption of borrowings recorded a marked upturn on the previous year, from 758.2 million in 1986 to 1 272.5 million.
Midlerne tilvejebragtes i form af fast forrentede offentlige emissioner og private placeringer, der beløb sig til 4 564,5 mio mod 6 153,1 mio i 1986, og hvoraf 325,6 mio indgik i swapforretninger med henblik på opnåelse af andre, fast forrentede (132,4 mio) eller variabelt forrentede valutaer (193,2 mio).
Resources raised through fixed-rate public issues and private placings amounted to 4 564.5 million, against 6153.1 million in 1986, of which 325.6 million was swapped to acquire other currencies at both fixed (132.4 million) and variable rates (193.2 million).
Hertil kommer variabelt forrentede emissioner på 200 mio mod 291,4 mio i 1986.
Floating-rate issues brought in a total of 200 million, compared with 291.4 million the year before.
Efter indregning af middeltilvejebringelsen, tilbage betalinger, justeringer for udsving i omregningskurserne, saldoen på driftsregnskabet og medlemsstaternes kapitalindbetalinger beløb Bankens egne midler sig den 31. december 1987 til 38 427,8 mio mod 35 876,2 mio den 31. december 1986.
New borrowings, repayments on loans, exchange adjustments, the operating surplus and Member States' contributions to the Bank's capital all combined to lift the ElB's total resources to 38 427.8 million at 31 December 1987, compared with 35 876.2 million twelve months previously.
Interbankforretningerne, der anvendtes til finansiering af førtidige indfrielser, beløb sig til 455,9 mio, hvilket var en stigning i forhold til året før (321 mio).
Interbank operations to secure financing for early redemptions swelled to 455.9 million, from 321 million in 1986.
Ligeledes med henblik på finansiering af førtidige
Also for the purpose of securing
Tabel 7: Tilvejebragte midler 1983-1987 (
Table 7: Funds raised from 1983 to 1987 (
Me Hem- og langfi istede lån
Long and mediumterm borrowings
Indlånsbeviser i ECU
Third party partici­pations in loans
Regnskabsår skabsår
Funds raised
Tilvejebragte midler i alt
Private borrowings
(') I 1987 lånte Kommissionen for De Europæiske Fællesskaber 611 mio i NIC's navn. 853,4 mio i Det Europæiske Atomenergifællesskabs navn og 1 487 mio i Det Europæiske Kul- og Stalfællesskabs navn.
(1) In 19Θ7, the Commission of the European Communities concluded borrowings of 611 million under the NCI, 853.4 million for Euratom and 1 487 million for the ECSC.
Endelig indbragte overdragel­serne til tredjemand af andele i Bankens udlån 20,2 mio.
Allocation of participation certificates brought in 20.2 million.
Inden swaps
Belore swaps
FAST FORRENTEDE, MELLEM­ OG LANGFRISTEDE LÅN
MEDIUM AND LONG-TERM FIXED-RATE BORROWINGS Community
VARIABELT FORRENTEDE, KORT­, MELLEM­ OG LANGFRISTEDE LÄN
SHORT, MEDIUM AND LONG-TERM FLOATING-RATE BORROWINGS
Endelig vendte Banken efter over 20 års fravær tilbage til markedet i Singapore for at placere en offentlig emission på 50 mio. De resterende midler i ECU hidrørte fra en offentlig emission på 100 mio på det internationale marked såvel som fra en privat placering på 50 mio.
In addition, after a break of more than 20 years, the EIB returned to the Singapore market with a public issue for 50 million. A further 100 million was raised through a public issue on the international market and 50 million via a private placing.
Bankens middeltilvejebringelse bekræftede med lemsstaternes valutaers førerposition og den forholdsvise mangfoldighed af markeder og instrumenter. Der anvendtes således offentlige emissioner og private placeringer med fast eller variabel rente på de nationale og internationale markeder, interbankforretninger, emission af mellemfristede notes samt rente- og valutaswaps.
The Bank's resource-raising activities saw confirmation of the predominance of Community currencies with a relatively diverse spread of markets and instruments, encompassing public issues and private placings at either fixed or variable rates, on the national or international markets, interbank operations, mediumterm note issues, interest-rate and currency swaps.
Med 3 962,6 mio fandt over 70% af Bankens middeltilvejebringelse sted i medlemsstaternes valutaer mod lidt over 58% året før.
In all, 3 962.6 million ECUs was raised in Community currencies, accounting for more than 70% of the total compared with slightly more than 58% the previous year.
Liren er fortsat Bankens tredjemest lånte blandt medlemsstaternes valutaer med 639,2 mio mod 594,1 mio i 1986.
The lira remains the third Community currency borrowed by the Bank, up from 594.1 million ECUs in 1986 to 639.2 million.
Den tilvejebragtes med såvel fast som variabel rente og på både det italienske og det internationale marked.
Approaches were made both to the domestic and to the international markets, for fixed-rate and variable-rate funds.
På det italienske marked rejste Banken 339,2 mio gennem tre fast forrentede offentlige emissioner, en første variabelt forrentet emission og en privat placering.
The EIB took in 339.2 million from the domestic market, through three fixed-rate public issues, a first floating-rate issue on this market and a private placing.
Banken vendte tilbage til markedet for eurolire, idet den her lånte 300 mio gennem to fast forrentede emissioner, ligesom den åbnede markedet for variabelt forren tede midler med et lån, hvis bestemmelser om rentefastsættelse skulle gøre det muligt for Banken at gardere sig mod de alt for store udsving i den korte rente på eurolire.
The Bank returned to the eurolira market for 300 million raised through two fixed-rate issues and opened up the new floating-rate market with a borrowing offering a procedure for setting rates which will enable it to guard against the excessive degree of volatility displayed by short-term eurolira rates.
DM var den mest lånte af medlemsstaternes valutaer med 1 152,7 mio, svarende til over 20% af den samlede middeltilvejebringelse og knap en tredjedel af medlemsstaternes valutaers andel.
With borrowings equivalent to 1 152.7 million ECUs, more than 20% of total resources raised and nearly a third of those in Community currencies, the Deutsche Mark headed the table.
De fornødne midler til udbetalinger på lån tilvejebragtes som året før gennem fast forrentede emissioner, bortset fra en placering af Schuldscheindarlehen på særlig gunstige vilkår for Banken.
True to the previous year's practice, funds earmarked for covering loan disbursements were garnered through fixed-rate public issues, with the exception of a placing in the form of a 'Schuldscheindarlehen' concluded on conditions particularly favourable for the Bank.
Banken var i markedet året igennem, dog især i andet halvår på grund af de betydelige udbetalinger.
The EIB featured on the market throughout the year, although the larger share of operations fell during the second half to cater for substantial disbursements.
Interbankforretningerne beløb sig til 409,4 mio.
Interbank operations yielded 409.4 million ECUs.
I Frankrig tappede Banken kun markedet i form af to offentlige emissioner og et banklån, men ikke desto mindre var de tilvejebragte beløb betydelig højere end året før, nemlig 464 mio mod 412,8 mio. Den langsommere låntagningsrytme fik Banken til at indgå en aftale om opsat rentefastsættelse for hver af dens to offentlige emissioner.
Although in France approaches to the market were limited to two public issues and a bank loan, the amount of funds raised was significantly larger than the previous year: 464 million ECUs, up from 412.8 million in 1986. The relative infrequency of its sorties onto the market induced the Bank to enter into delayed interest rate setting arrangements for each of its two public issues.
Disse aftaler sikrer Banken mod eventuelle rentetab i forbindelse med den hyppige revision af dens udlånsrentesatser i takt med udviklingen på markedet.
This enabled the Bank to protect itself against interest-rate risks stemming from the frequent revision of its own lending rates to follow the evolution of market conditions.
Markedet for fast forrentede papirer i gylden forsynede Banken med 337,9 mio (615 mio i 1986), der tilvejebragtes i form af såvel offentlige emissioner som private placeringer.
The fixed-rate Guilder market produced 337.9 million ECUs (615 million in 1986) through both public issues and private placings.
En offentlig emission og nogle private placeringer i belgiske franc gjorde det muligt for Banken at tilvejebringe 302,2 mio mod 262,6 mio året før.
A public issue and private placings in Belgian francs provided the Bank with 302.2 million ECUs, compared with 262.6 million the year before.
Bankens midler i ECU udgjorde 807,4 mio, hvoraf 132,4 mio tilvejebragtes via swapforretninger med udgangspunkt i en offentlig dollaremission på det internationale marked.
In ECUs the Bank collected a total of 807.4 million, including 132.4 million obtained through a swap operation with a US dollar-denominated public issue on the international market.
Usikkerheden på det internationale marked i forbindelse med valutakursernes ustabilitet og krisen på kapitalmarkederne berørte ligeledes markedet for ECU, hvor middeltilvejebringelsen vanskeliggjordes, især i andet halvår.
The ECU did not escape the repercussions on the international market of exchange rate volatility and the crisis on financial markets, which hampered the raising of this currency particularly during the second half of the year.
Trods en reduktion af emissionerne i forhold til året før bevarede Banken sin markedsandel, idet den bestræbte sig for at diversificere såvel markederne som investorerne.
Although it launched fewer issues than the year before, the EIB conserved its share of the market by seeking to diversify the investors and markets targeted.
Den tappede i særlig grad de europæiske markeder, såsom det schweiziske, franske og luxembourgske, men også de asiatiske markeder i Japan og Singapore.
It went chiefly to the European markets, such as Switzerland, France and Luxembourg, but also turned its attention to Asian markets, drawing funds from Japan and Singapore.
Først på året henvendte den sig inden for rammerne af en international emission til det schweiziske marked og blev godt modtaget, således at emissionsbeløbet blev forhøjet fra 150 til 200 mio. Et lån på 75 mio, der var specielt rettet til visse sparekasser i fem medlemslande, placeredes i vid udstrækning hos private, især i Frankrig.
At the start of the year, the EIB launched an international issue on the Swiss market which proved receptive, such that the amount of the issue was increased from 150 to 200 million. Private investors, particularly in France, took up the bulk of a 75 million borrowing aimed specifically at a number of savings banks in five Member States.
I Luxembourg placeredes en emission på 50 mio fuldt ud blandt luxembourgske bankers kunder.
On the Luxembourg market the Bank launched a 50 million issue, which was placed in full with customers of
Middeltilvejebringelsen i pund aftog på grund af kundernes ret beskedne efterspørgsel og Bankens gunstige cash-flow i regnskabsåret.
Borrowing in pounds sterling slipped as a result of relatively light demand from the Bank's borrowers and the favourable cash flow the Bank had available during the year.
Låntagningen faldt således fra 304,1 mio i 1986 til 142 mio, der tilvejebragtes i form af en enkelt emission på euromarkedet, som i lighed med året før var genstand
The amount fell from 304.1 million ECUs in 1986 to 142 million in 1987, raised through a single issue on the eurosterling market and covered, as in the previous year, with delayed rate-
Tabel 9: Tilvejebragte midler i 1987 Fordeling efter oprindelse
Table 9: Details of funds raised I. Medium and longterm fixed and floating-rate operations
OFFENTLIGE LAN
Coupon
Midler for en aftale om opsat rentefastsættelse.
Resources setting arrangements.
Liberalise­ringen af kapitalmarkederne muliggjorde, at ledelsen af emissionskonsortiet kunne overdrages til en ikke­britisk bank.
The deregulation of the financial markets enabled the EIB to commission a non­British bank as lead manager.
Middeltilvejebringelsen i luxembourgske franc var forholdsvis stabil i forhold til året før, idet den androg 78,9 mio mod 83 mio i 1986.
There was relatively little change in the amount of resources raised in Luxembourg francs, with 78.9 million ECUs (compared with 83 million in 1986) obtained through a public issue and several private placings.
Den fandt sted via en offentlig emission og en række private place­ringer.
In addition, an issue in euro­Danish krone brought in 38.3 million ECUs.
I US­$ rejste Banken kun 721,9 mio mod 1 760,2 mio i 1986, hvilket repræsenterer en tilbagegang på 59%.
The relative share of non­Community currencies borrowed by the Bank declined once again in 1987, accounting for 29.2% of the total.