Chinese to English: Bear Market Detailed field: Investment / Securities | |
Source text - Chinese 熊市
空頭市場又稱為熊市 (Bear market) ,指證券市場上,價格走低的市場。其相反為多頭市場(牛市)。此處的證券市場,泛指常見的股票、債券、期貨、選擇權、外匯、可轉讓定存單、衍生性金融商品及其它各種證券。
熊市的名稱,來自美國西部拓荒時代,美墨邊境的牛仔閒暇時常常比賽馬、鬥牛,或是抓灰熊來鬥牛,圍觀下注作娛。後來美國人就把熊和牛視為對頭動物。既然多頭市場稱牛市,空頭市場就戲稱熊市。並不是真的曾有「熊市集」。
史上最有名的熊市是1930年代的美國經濟大恐慌。
| Translation - English Bear Market
A short-seller market, also known as a bear market, is a term indicating that stock market values are headed toward decline. This is in contrast to a bull market. Evidence supporting the bear market trend is generally seen in stocks, bonds, futures, options, foreign exchange, transferable fixed-deposit receipts, derivative financial commodities, and other types of negotiable securities.
The name bear market originated during America's western expansion period. In their spare time, cowboys on the U.S.-Mexico border often held horse- or bull-fighting contests. They would also catch grizzly bears to fight the bulls. The onlookers enjoyed placing bets. Shortly thereafter, Americans began to regard bulls and bears as adversaries. Since markets at the time with many heads of livestock sold were known as "bull markets," markets with few heads of livestock sold were jokingly referred to as "bear markets," although no bears were ever actually sold.
The most famous bear market in history was the American Great Depression of the 1930s.
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Chinese to English: European Bonds Detailed field: Finance (general) | |
Source text - Chinese 欧洲债券是通过银团承销来发行和销售的。参加这一银行的有投资银行,商人银行和商业银行的附属商人银行。传统的欧洲债券银团各组成部分如图13—1所示。一个未来的借款人—一家公司,一个国际组织或一家政府—会去寻找一家投资银行并请他代表自己成为这笔欧洲债券发行的主承销商,这家主承销商接着会邀请其他的银行组成银团来协助与借款人的商谈, 进入市场以及组织发行工作。这一银团,包括主承销商在内即为承销团。另外,还有两类银行—承销商和销售团—也将被邀请参与将债券推向市场。不同种类的银团反映了债券发售的不同阶段步骤。 | Translation - English The issuing and sale of European bonds is undertaken by a banking group. The banks who participate in this group are investment banks, merchant banks, and the merchant bank subsidiaries of commercial banks. The components of a traditional European bond banking group are shown in Figure 13-1. A potential lender—a corporation, a national organization, or a government, will seek out an investment bank and request they personally represent them and act as lead manager in the issuing of their European bond. The lead manager will then invite a banking group comprised of other banks to aid them in discussing options with the lender, entering the market, and to organize issuing of the bond. This banking group includes what is known as a managing group within the lead managing bank. Additionally, there are two other types of banks—the underwriter and the selling group—who have been invited to participate in putting the bond on the market. The different types of banking groups reflect the different levels of stages involved in putting a bond up for sale. |