Vocabulary list. Foreigner: financial markets are generally classified as money or capital markets and primary or secondary markets

THE BOND MARKET

B. DIALOGUE

Foreigner: Financial markets are generally classified as money or capital markets and primary or secondary markets. Do you follow this classification?

Russian: Yes, we do. But structurally we divide our financial market into a hard-currency market, a bank credit market, debt and equity markets and the market of gold and precious metals.

F.: I see. My experience in Russia tells me that your investors prefer operations in the hard currency market to investing in the real sector of your economy.

R.: Yes, our capital markets are thin, weak and vulnerable.

F.: It's a pity, because the debt market, for one, is a powerful instrument of monetary policy. Many governments issue bonds to solve their financial problems and to cover budget deficits.

R.: And how is the international bond market performing this year?

F.: Volumes of issuance have been rather high, though fewer bonds have appeared from emerging markets of Eastern Europe.

R.: Investors are still viewing borrowers in emerging markets too risky, I suppose. Western sovereign borrowers are the main players in the market, aren't they?

F.: Well, yes, but many are trying to slow down their borrowing and reduce their national debt.

R.: This leaves room for other borrowers, right?

F.: Yes, supranational have diversified tremendously, both in their products and markets. Corporate borrowers are also very active.

R.: But after the crisis investors have become more cautious, haven't they?

F.: That's right. Credit ratings of borrowers have become much more important. Investors demand transparency and liquidity. Borrowers are finding it much harder and more expensive to raise sufficient funds on the international debt market.

R.: How has the introduction of the Euro affected the bond market?

F.: Some are thinking of Euro-denominated bond issues as the bond markets are moving away from the dollar in favour of the Euro. The competition is becoming keener.

R.: We are entering a new and turbulent phase in the debt markets. Many people believe that the worst is yet to come.

Notes

¹ in terms of the instrument maturity – сточки зрения сроковпогашения финансового инструмента

² When revenues fall short of expenditures – Когда доходы меньше расходов

³ ... governments go into debt – правительства осуществляют заимствования

A. financial market финансовый рынок

bond market рынок облигаций

maturity n срок долгового обязательства

back v гарантировать, давать поручительство

to serve customers обслуживать заказчиков

money market денежный рынок, рынок краткосрочного капитала

capital market рынок долгосрочного ссудного капитала

primary market первичный рынок

secondary market вторичный рынок

deal (in) v торговать

short-term securities краткосрочные ценные бумаги

turn (to) v обращаться (к кому-л.)

debt financing финансирование путем получения займов

in return for в обмен на

equity financing мобилизация капитала с помощью выпуска акций

share (зд.) доля

ownership n (зд.) владение собственностью

to issue stock (bonds) выпускать акции (облигации)

long-term funds долгосрочные средства

issuer n эмитент ценных бумаг

debtor n должник, дебитор

lender n кредитор

supranational n наднациональная организация

municipal government муниципалитет

by far (зд.) в значительной степени

uniform adj единый

from the perspective of с точки зрения

internal bond market внутренний рынок облигаций

external bond market внешний рынок облигаций

decompose v разлагать на составные части

domiciled adj постоянно проживающий

subsequently adv впоследствии, затем, позже

trade v (зд.) осуществлять сделки на рынке ценных бумаг

nickname v давать прозвище

distinguishing feature отличительная черта

underwrite v гарантировать размещение ценных бумаг

jurisdiction n юрисдикция

in unregistered form незарегистрированный

offshore bond market офшорный рынок облигаций

Eurobond Market рынок еврооблигаций

submarket n субрынок

denominate v выражать в валюте различного достоинства

readily adv быстро, легко, без труда

in certificate form в форме сертификата

computer entry запись в компьютере

В. structurally adv структурно

hard-currency market рынок твердой валюты

bank credit market рынок банковских кредитов

debt market рынок ссудного капитала

equity market рынок акций

market of gold and precious metals рынок золота и драгоценных металлов

real sector реальный сектор

thin adj (зд.) узкий

issuance n выпуск (акции)

emerging markets молодые, развивающиеся рынки

sovereign borrower суверенный заемщик, государство-заемщик

cautions adj осторожный

credit rating кредитный рейтинг

Euro евро (валюта)

turbulent adj бурный, неспокойный

Дата добавления: 2014-11-29