natgillin/translations-raw huggingface dataset:
Endvidere sætter ud buddet af strukturerede produkter, der opfylder de institutionelle eller private investorers behov på visse nationale markeder, Banken i stand til dels at sænke omkostningerne i for bindelse med middeltilvejebringelsen betydeligt, dels at opbygge en kreds af faste kunder, der søger fordelagtige finansieringsinstrumenter.
Moreover, the supply of structured products meeting the requirements of both institutional and retail investors on some domestic capital markets made it possible for the EIB to cut the cost of its fund-raising appreciably and to encourage greater loyalty among clients looking for attractively priced financial products.
Det andet hovedpunkt var den fortsatte støtte til og udvikling af kapitalmarkederne i ansøgerlandene i Central- og Østeuropa.
The second main thrust was geared towards furthering the EIB 's support and development of capital markets in preaccession countries in Central and Eastern Europe.
Banken udmærkede sig især gennem indgåelse af en emissionsr'ammeaftale i tjekkiske kroner, som indførte en ny emissionsteknik, svarende til den, der anvendes på euromarkedet, og som indtil da ikke var blevet brugt på det tjekkiske nationale marked. Her åbnede EIB endvidere tiårsdelmarkedet.
The Bank set up a pioneering debt issuance programme in Czech koruny, instituting a new issuance technique identical to that used on the euro-market, but hitherto unknown on the Czech Republic's domestic bond market; it also inaugurated a 10-year segment on the same market.
Det tredje hovedpunkt var tilstedeværelse på de fleste kapital markeder ud over de europæiske og USA 's (Sydafrika, Asien og Australien).
Lastly, the third strategic drive saw the EIB actively involved in most capital markets outside Europe and the USA (South Africa, Asia and Australia).
Virkeliggørelsen af disse målfremmedes endvidere af en effektiv risikostyring, der altid har været en af EIB's stærke sider og i øvrigt et område, som den har styrket sine retningslinier på.
The Bank's aims were also fulfilled as a result of shrewd expertise in risk control, a fundamental criterion for the Bank's management and an area in which the EIB has tightened its guidelines.
I 2000 agter Banken især at udvikle innovative produkter, at tilstræbe bedre overensstemmelse mellem kundernes behov (både låntagernes og investorernes), at styrke sin bistand til vækst landene - ¡sær de central- og østeuropæiske lande - med henblik på at åbne dem for de store markeder samt at udvide sin geografiske og sektorale dækning.
In 2000, the EIB will endeavour, in particular, to develop innovative products, to accom­modate its clients' needs more effectively (both borrowers and investors), to step up its support for emerging countries, most notably those in Central and Eastern Europe, to open these up to major markets as well as to broaden its geographical and sectoral cov­erage.
Den vil desuden optimere sin anvendelse af moderne kommunikationsteknologi - Internettet - og derigennem skabe øget merværdi og transparens i låntagningsvirksomheden til gavn for kunderne.
Furthermore, it will optimise its use of modern communications technology - the Internet - thereby adding value to and enhancing the transparency of its borrowing operations to its clients' advantage.
De indgåede aftaler om låntagning beløb sig inden rente- og valutaswaps til 29 295 mio, hvilket er 7% mindre end i 1998 (31 463 mio). EU-valutaernes andel var 68% som i 1998, og EUR repræsenterede 43% (41% i 1998 ud trykt i de 11 eurolandes valutaer).
Total borrowings signed, before currency and interestrate swaps, amounted to 29 295 mil lion, down 7% on 1998 (31 463 million); the proportion collected in EU currencies was the same as in 1998, i.e. 68%, with some 43% being raised in EUR (compared with 41% in the future euro-11 currencies in 1998).
Heraf blev der undertegnet aftaler om 961 mio inden for rammerne af det andet tilbud om gældsombytning til EUR, en omstrukturering, der indledtes i juni 1998 (1 318 mio). Andre side 47
Of this total, 961 million was concluded under the second debt exchange offer aimed at restruc­turing the Bank's debt into euro, a process page 47
af den stærkt forøgede aktivitet i USD (28% mod 21%).
opposed to 78%), as a result, most noticeably, of the steep increase in the USD's share (up to 28% from 21%).
28 334 mio blev tilvejebragt på kapitalmarke derne med henblik på finansiering af lån el ler den negative pengestrøm.
initiated in June 1998 (1 318 million), and 28 334 million was obtained on capital mar­kets to finance loans or to cover cash flow shortfalls.
De variabelt forrentede midler (21 850 mio mod 14 141 mio i 1998) oversteg klart de fast forrentede (6 506 mio mod 15 957 mio i 1998) med en andel på 77% af de tilvejebragte mid ler mod 47% i 1998.
Significantly more floating-rate resources (21 850 million as against 14 141 million in 1998) - accounting for 77% overall (47% in 1998) - were raised than fixed-rate borrowings (6 506 million compared with 15 957 million in 1998).
Denne markante stigning afspejler de overordentlig fordelagtige arbitra gevilkår på swapmarkedet, der i høj grad tiltrak Bankens låntagere, ¡sær i USD, EUR og GBP, men også i svenske kroner (SEK), græske drakmer (GRD) og tjekkiske kroner (CZK).
This strong rise amply demonstrates the particularly advantageous arbitrage conditions on the swaps market, particularly appreciated by the Bank's clients, especially in USD, EUR and GBP as well as Swedish kronor (SEK), Greek drachma (GRD) and Czech koruny (CZK).
Faldet i den samlede middeltilvejebringelse på 6% skyldtes hovedsagelig en afmatning i ud betalingerne på lån, visse finansielle markeders mindre modtagelighed i forhold til 1998 og en vis forsigtighed blandt investorerne forud for år 2000.
The 6% decline in total resources raised can be attributed, in particular, to the slower pace of loan disbursements, the less accommodating mood on certain financial markets compared with 1998 and investors' circumspect attitudes in the run-up to the Year 2000.
Låntagningen var præget af en bety delig tilstedeværelse på markederne for de tre førende valutaer EUR (41% mod 39% i de 11 eurolandes valutaer i 1998) - hvoraf over halvdelen tilvejebragtes inden for rammerne af emissionsprogrammet EARN - GBP (25%) og USD (23%), idet knap 90% af alle Bankens emissioner fandt sted i disse valutaer.
In its borrow­ings, the EIB was particularly active on the markets of the three main currencies: EUR (41% compared with 39% in the future euro-11 currencies in 1998) of which over half coming under the EARN facility, GBP (25%) and USD (23%), this trio together accounting for almost 90% of all issues.
Indførelsen af EUR reducerede naturligvis an tallet af Bankens lånevalutaer betydeligt.
The euro's arrival on the scene understand­ably led to a marked reduction in the number of currencies borrowed by the Bank.
Den samlede låntagning var dog fordelt på 16 forskellige valutaer (22 i 1998) og 120 for retninger, hvoraf 64 fandt sted ifølge pro grammerne for mellemfristede notes eller emissionsrammeaftaler, og 4 via EARN (hvor til kommer én emission inden for rammerne af programmet for gældsombytning til EUR). Disse forretninger var fordelt på 101 emissio ner og 19 private placeringer.
None­theless, aggregate resources borrowed were garnered in 16 different currencies (22 in 1998) and in 120 operations of which 64 were launched as part of medium-term note or debt issuance programmes and four under the EARN issuance facility (excluding an issue launched as part of the euro debt exchange offer programme).
Middeltilvejebringelsen efter valuta- eller renteswaps, der specielt tjente til dækning af låntagernes behov, belob sig til 28 355 mio (30 098 mio i 1998).
Resources raised after currency and interestrate swaps, undertaken particularly to satisfy the requirements of the Bank's borrowers, to­talled 28 355 million (30 098 million in 1998).
Siden 1995 har Bankens låntagningsstrategi haft to målsætninger, nemlig tilvejebringelse af likvide midler - generelt i form af tonean givende lån - og reduktion af omkostnin gerne ved middeltilvejebringelsen gennem såkaldte opportunistiske forretninger, der sik rer investorerne et bredt udbud af produkter.
Since 1995, the Bank's borrowing strategy has been geared towards two specific goals in its issuing operations: seeking liquidity, gener­ally by means of benchmark issues, and cutting resource-raising costs through oppor­tunistic issues, thereby offering investors a di­versified range of products.
I alt 22 545 mio tilvejebragtes i form af li kvide lån, hvilket muliggjorde skabelse af toneangivende emissioner på hele afkastkurven gennem emission af nye eller fungible trancher og dermed bekræftede Bankens stilling som international, AAA-vurderet udbyder af toneangivende emissioner.
22 545 million was raised through liquid borrowings which, via the issue of subsequent new or fungible tranches, made it feasible to establish bench­mark issues along the entire length of the yield curve, thereby cementing the Bank's po­sition as a leading AAA-rated international borrower.
De opportunisti ske forretninger, hvis andel er steget stodt si den deres indførelse, repræsenterer nu en femtedel af den samlede middeltilvejebrin gelse (5 789 mio).
Opportunistic borrowings, which have been growing steadily since their intro­duction, have now come to account for one fifth of all funds raised (5 789 million).
De gennemføres normalt i struktureret form med henblik på at dække de tilsigtede investorers behov.
Such operations are generally issued in a struc­tured format to meet the needs of target investors.
Banken er overordentlig omhyggelig med at vurdere ri sikoen i forbindelse med denne type emissio ner.
When it comes to this type of issue, the Bank exercises great care in assessing the risks involved.
De tre førende valutaer EUR, USD og GBP re præsenterede 97%. EUR udgjorde 44% og GBP og USD tilsammen over halvdelen på grund af de meget favorable vilkår, som Ban ken gav videre til sine låntagere.
GBP - accounted for 97% of this total.
Efter indførelsen af EUR som den fælles va­luta i det nye monetære område fortsatte og koncentrerede Banken sin indsats på det fi­nansielle marked for denne nye valuta.
Following introduction of the euro, as the single European currency within the new monetary area, the Bank pressed ahead with and focused its efforts on the financial mar­ket in this new currency.
Den fastholdt således sin strategi fra de foregå­ende år, ligesom den præsenterede sig på markedet med udbydelsen af sit nye emissi­onsprogram EARN som supplement til euro­landenes statslige emissioner.
On the one hand, it pursued its strategy implemented in recent years and, on the other, it brought to the market its new EARN issuance facility as a complement to government bonds issued by countries participating in EMU.
Lånenes gennemsnitlige løbetid var stort set uændret i forhold til året før (10,1 år mod 10,2 i 1998), medens de individuelle løbetider ud­gjorde fra 3 til 40 år (mod 3 til 30 år i 1998).
At 10.1 years, the average maturity of borrow­ings last year was on a par with the previous year's level of 10.2 years, while individual matu­rities stretched from 3 to 40 years (as opposed to 3 to 30 years in 1998).
De lange løbetider var specielt karakteristiske for forretningerne i GBP (indtil 40 år), hvad enten der var tale om strukturerede eller simple emis­sioner.
In general, long­dated maturities applied in particular to GBP opera­tions (up to 40 years) in both structured and plain vanilla products.
De opportunistiske forretninger var ken­detegnet af en betydelig længere gennemsnitlig løbetid end i 1998 (14,1 år mod 8,7), hvilket især skyldtes de strukturerede lån, herunder lån, der er bundet til børsindekser, og nulkuponlån.
Opportunistic borrowings tended to have noticeably longer maturities than in 1998 (14.1 years compared with 8.7 years), characterised by structured borrowings linked, for example, to stock exchange indexes or taking the form of zero coupon issues.
■ Hovedtræk
■ Salient features
Som et led i sin gældsforvaltning foretog EIB førtidige indfrielser og tilbagekøb på 1 005 mio.
As part of its debt management, the Bank engaged in early redemptions and buy­backs worth in total 1 005 million.
Banken benyttede sig fortsat i høj grad af swapmarkederne (87% af middeltilvejebrin­gelsen mod 62% i 1998). Der var som i 1998 tale om 122 forretninger.
The Bank's recourse to the swap markets re­mained high (87% of resources raised com­pared with 62% in 1998).
Denne markante beløbsmæssige stigning af­spejler tilpasningen af de tilvejebragte midler til låntagernes behov for valutaer eller rente­former såvel som omdannelsen af strukture­rede lån til simple, generelt variabelt forren­tede lån.
This brisk growth in volume was in re­sponse to the need to adapt resources to bor­rowers' requirements in terms of currencies and interest­rate formulae or to convert structured issues into plain vanilla chiefly floating­rate products.
EARN­programmet blev undertegnet i marts og er begrænset til 15 mia. For 1999 omfat­tede det emissioner på mindst 2 mia i hvert af de tre kvartaler.
This programme, involving a maximum amount of 15 billion, was signed in March and provided for the launch, in each of the three succeeding quarters of 1999, of EARN issues worth at least 2 billion.
Emissionerne fandt sted un­der anvendelse af tre teknikker, nemlig syndi­kering, udbudskonkurrence og ombytningstil­bud.
Three techniques could be used for this facility: syndication, auction or exchange offers.
Hertil medvirkede en gruppe på ti primary dealers (specialiserede finansielle for­midlere), der deltog i emissionerne på det pri­mære marked enten som lead managers eller som co­lead managers, og som på det sekun­dære marked forpligtede sig til at sikre mar­kedets likviditet og stille priser med et redu­ceret spænd mellem købs­ og salgskurserne, samtidig med at de fremmer skabelsen af et repomarked.
The issues were launched via a group of 10 primary dealers who, on the primary market, were involved in the issues as lead or co­lead managers and who, on the secondary market, acted as market­makers ensuring liquidity in the mar­ket and providing bid/offer quotes with a nar­rower spread whilst fostering development of a repo market.
En gruppe på 21 dealers (finan­sielle formidlere) styrkede de ti primary dea­lers' indsats både på det primære marked, hvor de deltog i Bankens emissioner, og på det sekundære marked med mulighed for at blive primary dealers, afhængig af deres præ­stationer.
Alongside these 10 primary dealers, there was a group of 21 dealers fur­thering the actions of the primary group by also operating in the primary market where they could participate in the Bank's issues as well as in the secondary market, with the op­portunity of subsequently becoming, depend­ing on actual results, primary dealers.
Afdækningen af renterisikoen, der berørte 16% af de tilvejebragte fast forrentede mid­ler efter swaps, skete hovedsagelig i form af ombytning af variabelt forrentede midler med fast forrentede samt under anvendelse af afdækningsporteføljen af fast forrentede obligationer med samme karakteristik som de af Banken udbudte, der afhændes i takt med udbetalingsbehovet.
To guard against interest­rate risks, equiva­lent in volume terms to 16% of resources raised at fixed rate after swaps, operations were basically hedged via fixed/reverse float­ers and by drawing on the hedging bond portfolio comprising fixed­rate securities with the same characteristics as those issued by the Bank, resold in line with loan disburse­ment needs.
side f 49 I TILVEJEBRAGTE MIDLER
page 49 I
EUR-obligationsmarkederne i 1999
Bond markets in euro in 1999
Udviklingen på EUR-obligationsmarkedet kom især låntagerne i eurozonen til gode, hvilket er indlysende, idet de undgår enhver kursrisiko ved at emittere i deres egen valuta.
The development of a wider euro bond market has predominantly been exploited by borrowers based within the euro area, a natural phenomenon as they do not have to bear exchange rate risks when they issue in their own currency.
De amerikanske låntagere tegnede sig for ca. 10% af den samlede låntagning i EUR i 1999.
US borrowers accounted for about one tenth of the total amount raised in euro last year.
Medens låntagerne på de fleste vækstmarkeder fortsat hovedsagelig op tog lån i USD, skabte EUR sig i høj grad en plads som de østeuropæiske låntageres foretrukne emissionsvaluta.
While borrowers of most emerging market regions continued to borrow predominantly in US dollars, the euro made noticeable inroads as the foreign issuing currency of choice for Eastern European borrowers.
Da mange af disse landes valutaer på en eller anden måde er bundet til EUR, er EUR-emissioner velegnede til at reducere valutakursrisikoen i for bindelse med deres gæld.
Since many of these countries have currencies linked in one way or another to the euro, borrowing in euro is an effective way of reducing the exchange rate risk in their debt management.
Byggeobligationer og gældsbreve
Governments, agencies, municipals and supranationals
Stigningen i emissionerne i 1999 var ulige fordelt på de forskellige delmarkeder.
The increase in issues in 1999 was unevenly distributed across sectors.
På det europæiske obligationsmarked fandt der en klar strukturel udvikling sted i retning af en forøgelse af virksomhedsobligationernes andel.
A notable shift in the structure of the European bond market can be detected, in the direction of a larger corporate bond market.
• De statslige emittenter reducerede fortsat deres obligationsemissioner i takt med bedringen i de offentlige finanser, både i USA og Europa.
• Sovereigns continued to reduce their bond issues as a result of improved government finances, both in the United States and in Europe.
De samlede EUR-emissioner, der blev udbudt af stater (især i eurozonen), beløb sig til 621 mia i 1999, hvilket er en tilbagegang på ca. 10% i forhold til året før.
The total volume of eurodenominated issues by governments (mostly euro-area governments) amounted to EUR621bn in 1999, down by around 10% from the year before.
Statsemissionerne styrkede den traditio nelle sæsonmæssige udvikling i obligationsemissionerne i 1999, ¡det staterne koncen trerede deres emissioner i første halvår for så hurtigt som muligt at kunne etablere toneangivende lån og drage fordel af den lavere rente.
Government issues contributed to reinforcing the traditional seasonal pattern of bond issues in 1999, hav­ing front-loaded issues to the first half of the year to establish benchmarks early and to benefit from lower interest rates.
Kapløbet om at opnå status af toneangivende emittent er endnu ikke helt afsluttet.
The struggle for benchmark status remains par­tially unresolved.
Medens de tyske statsemis sioner synes at have opnået status af toneangivende på markedet for tiårige papirer, har den franske stats obligationer de laveste afkast på markedet for papirer med lø betider på mellem ca. fem og syv år.
While German Bunds appear to have achieved benchmark status at the 10-year maturity, French government bonds have enjoyed the lowest yields at around 5 to 7-year maturities.
Forsøgene på at drage fordel af et større og mere koncentreret marked i Europa resulterede i en forøgelse af især statsemissionernes gennemsnitlige størrelse i 1999.
The attempt to benefit from a larger and more con­centrated bond market in Europe led to an increase in the average issue size in 1999, especially by government issuers.
EUR-obligationsemissioner i 1999: Fordeling på sektorer
Sectoral shares of total eurodenominated bond issues in 1999
• De private emittenter øgede deres andel af de samlede EUR-emissioner i 1999, nem lig til lidt over 50%.
• Private issuers increased their share of total eurodenominated issues in 1999, to just over 50%.
Denne udvikling afspejler i nogen grad statsemittenternes afta gende aktivitet, men EUR's indførelse har også lettet den private sektors adgang til det internationale obligationsmarked.
To some extent, this reflects the reduced presence of sovereigns, but the introduction of the euro has also made it easier for the private sector to tap the international bond market.
Virksomheder , 9%
Corporates 9%
Offentlige organer 3%
Agencies 3%
• Finansieringsinstitutterne, der traditionelt dominerer markederne for ikkestatslige obligationer, øgede igen i 1999 deres emissioner betydeligt, således at de fortsat do minerer delmarkedet for ikkestatslige obligationer med en markedsandel på 20%.
• Financials, which have traditionally dominated the non-government bond market, ex­perienced continued strong growth in issues in 1999 and with a 20% market share still dominate the non-government sector.
• Markedet for byggeobligationer oplevede en vis stagnation i 1999, men dets lang sommere vækst afspejler til dels byggeobligationernes allerede stærke position på mar kedet for private obligationer, hvor de repræsenterer 17% af de samlede EUR-emissioner.
• The Pfandbrief bond market segment was relatively stagnant in 1999, but its slower growth rate partially reflects an already strong position in the private bond market, at 17% of all eurodenominated bond issues.
Markedet for byggeobligationer rækker nu langt ud over sit oprindelses land Tysklands grænser, idet en ny lovgivning har lettet indførelsen af sådanne papirer både i Spanien og Frankrig.
The Pfandbrief market has expanded from its traditional Germanic confines as new legislation facilitated the introduction of these bonds in Spain and France as well.
• Virksomhedsemissionerne på obligationsmarkedet havde størst fordel af indførelsen af den fælles valuta.
• Corporate borrowing in the bond market has benefited the most from introduction of a common currency.
De internationale obligationsemissioner, der blev udbudt af virk somheder og forsyningsvirksomheder, mere end tredobledes ifølge Capital Data Bondware, nemlig fra 44 mia i 1998 til 135 mia i 1999.
International bond issues by corporates and utilities more than tripled, from EUR 44bn in 1998 to EUR 135bn in 1999, according to Capital Data Bondware.
En del af denne markante udvikling skyldtes sandsynligvis den betydelige aktivitet i forbindelse med sammenlægninger og overtagelser - der igen var en følge af den øgede økonomiske integration som kon sekvens af EUR's indførelse - men også de nye finansieringsmuligheder, som det langt større finansielle marked i EUR åbner.
Some of this robust expansion is probably related to the high volume of Merger & Acquisition activity, that is itself a result of the closer economic integration brought about by the euro and of the new financing opportunities offered by the much larger financial market in euro. Financials 20%
Gældbreve 3%
Asset-backed securities 3%
De strukturelle ændringer på EUR-obligationsmarkedet kan alternativt betragtes ud fra en lidt anden synsvinkel, nemlig låntagernes bonitet. I mange år var obligationsmarkedet i de va lutaer, som EUR har erstattet, udelukkende forbeholdt stater og andre låntagere med før steklasses kreditværdighed. I EUR-obligationsmarkedets første år opnåede nyemissionerne imidlertid lavere vurderinger.
The structural changes in the bond market in euro can be looked at from a slightly different angle: credit quality.
Udtrykt i markedsandele faldt de AAA-vurderede obligationer, medens de andre emissioner med »investment grade« steg betydeligt, især i den nedre del af denne kategori.
The share of AAA bond issues has fallen, while the share of other investment grade rating has increased sharply, especially in the lower credit quality classes.
Et andet nyt og bemærkelsesværdigt forhold er, at andelen af obligationsemissioner, der ikke er officielt vurderet af et af de førende kreditvurderingsinstitutter, aftog markant på det europæiske obligationsmarked, der bliver stadig større og mere anonymt.
Another noticeable development is that the share of bond issues not carrying a formal credit rating from the main rating agencies has dwindled con­siderably in the increasingly anonymous and larger European bond market.
Hovedparten af disse nye tendenser skyldes udviklingen i investorernes efterspørgsel.
Most of the above developments result from the changing demands of investors.
En stor del af obligationsemissionerne er traditionelt blevet placeret hos mindre in vestorer.
A large fraction of bond issues was usually purchased by retail investors.