well-leveraged

“四两拨千斤”

Supplementary Notes to the Fit and Proper Criteria (for applicants applying for licences under the Leveraged Foreign Exchange Trading Ordinance)

《<适当人选的准则>补充附注》(适用于根据《杠杆式外汇买卖条例》申请牌照的申请人)

Guideline on Leveraged Foreign Exchange Trading

《杠杆式外汇买卖指引》

Conduct of Business Guidelines (for Licence Holders under the Leveraged Foreign Exchange Trading Ordinance)

《业务操守指引──适用于根据<杠杆式外汇买卖条例>获发牌照的人士》

Leveraged Foreign Exchange Trading Ordinance Arbitration Panel [Securities and Futures Commission]

杠杆式外汇买卖条例仲裁委员会〔证券及期货事务监察委员会〕

Highly-leveraged institutions(HLI)

高杠杆交易机构

The Chevrolet Epica is yet another classic piece of work by Shanghai GM that has leveraged GM′s global resources, enabling the vehicle to be at the pinnacle of its class.

雪佛兰景程是上海通用汽车又一款整合全球资源的经典之作，这使其具备得天独厚的成熟风范。

||1:They own assets all over the world, including property in Manhattan, utilities in Chile, international airports and the high-speed railway connecting London to the Channel tunnel.||2:They have taken part in six of the top 100 leveraged buy-outs in history.They have won the attention both of Wall Street firms, which consider them rivals, and institutional investors, which aspire to be like them.

||1:他们所拥有的财产遍布全球，这包括在曼哈顿的房产，智利的公共设施，国际机场以及将伦敦与外界连通的高铁海底隧道。||2:历史上最有影响的100宗负债收购他们就占了6宗.无论是华尔街的竞争对手还是渴望像他们一样的公共机构的投资者，都对他们青睐有加。

||1: By carefully dissecting the careers of over 5,700 bosses of companies that have been on the S&P 1500 list, Ms Schoar and Mr Zuo found that those who began their management careers during a bust were substantially more risk-averse, took on less debt and generally were more conservative managers than the rest of the sample, even many decades later. ||2: That will strike critics of the over-leveraged company as thoroughly good news, but it is hard to say whether this effect is entirely benign.

||1:通过详细分析那些公司曾入标普1500（S&P1500）的公司的5700多名老板的职业生涯，肖尔女士和佐先生发现，那些在萧条时期开始管理生涯的人更不愿意冒险，公司的负债更少。此外，即使几十年之后，相对于样本中的其他老板，他们亦更保守。||2:这对于那些指责公司过度负债的批评家来说，应该是彻底的好消息。然而，很难判断这样的效应是否是完全良性的。

||1:Minority shareholders are now waiting to hear in detail what Mr Richard plans for the business beyond improving morale.||2:He is a talented communicator, but some foreign investors grumble that despite having been at the firm for over six months, he tends to turn to other executives when asked for precise details on France Telecom’s financial performance.||3:But Mr Richard clearly has lots of business nous.||4:The grandson of a shepherd, he made his fortune from a leveraged buy-out of a property developer, Nexity, in 2000-01.||5:He is likely to push France Telecom into behaving like a private firm, and further away from its past as a public monopoly.

||1:小股东希望听到Richard有更详尽的商业规划，而不仅仅是提升士气。||2:他处事圆熟，一些外国投资者仍然指责他：尽管执掌公司已六月有余，一旦面对公司财务状况详情的质询，就推诿给其他高管。||3:但是毋庸置疑的是，Richard颇有商业头脑。||4:2000年1月，这个牧羊人的孙子用杠杆收购的方法得到了一家房地产开发公司，自此起家。||5:他想让法国电信按私有企业的方式运作，进而完全脱离国有控制。

||1: The deal may also reflect anxiety on Clear Channel’s part. ||2: Its leveraged buy-out in 2008, just before the ad market collapsed, has left it heavily in hock. ||3: It has enough cash to keep things humming for a few years, but in 2016 debts of $12.1 billion fall due. ||4: The company will probably need a maturity extension. ||5: "There’s no way to pay that," says Melissa Link of Fitch, a ratings agency. "They need growth."

||1:这项协议可能也反映了清晰频道方面的担忧。||2:2008年，它在广告市场崩溃前举债收购，这使之负债沉重。||3:几年内它尚有足够的资金周转，但2016年有一笔121亿美元的债务到期。||4:该公司或将需要延期偿债。||5: 惠誉评级公司（Fitch）的梅利莎·林克（Melissa Link）说："钱他们肯定还不了，他们需要发展。"

The leveraged buy-out, which was worth 11.1 billion, remains Europe’s biggest.

通过价值111亿英镑的杠杆收购后，这单收购至今仍是欧洲最大的。

The term "carry trade" usually refers to leveraged trades by speculative international investors, such as hedge funds.

“套息交易”这一术语通常用来指包括对冲基金在内的国际投机者所进行的杠杆交易。

"Under Goodwin’s tutelage, RBS also became Europe’s biggest backer of leveraged buyouts, " reporter Simon Clark notes.

“在古德温的领导下，RBS也成为欧洲最大的杠杆收购支持者。”记者西蒙.克拉克（SimonClark）补充道。

Arbitration Panel under the Securities and Futures (Leveraged Foreign Exchange Trading) (Arbitration) Rules

《证券及期货（杠杆式外汇交易）（仲裁）规则》仲裁委员会

The grandson of a shepherd, he made his fortune from a leveraged buy-out of a property developer, Nexity, in 2000-01.

2000年1月，这个牧羊人的孙子用杠杆收购的方法得到了一家房地产开发公司，自此起家。

Terra Firma acquired EMI in a leveraged buy-out in 2007 and has struggled with a loan it obtained from Citi to fund the deal.

2007年，TerraFirma通过杠杆式收购获得百代，却一直难以清偿为完成此交易而向花旗贷的款项。

Formed in 2004, DIC focused early on leveraged buyouts, targeting North American and European firms.

DIC成立于2004年，初期主要面向北美和欧洲的企业进行杠杆收购。

KKR looks particularly vulnerable because it is less diversified than its arch-rival in the leveraged -buyout business.

KKR看似尤为脆弱，因为与其杠杆收购业务中的主要竞争对手相比，其多样化程度较差。

Xfire also leveraged the gaming celebrity status of one of its co-founders (Dennis Fong) for well-targeted promotion spots.

Xfire还在准确定位受众的促销广告中利用其中一位联合创始人的游戏名人的地位。

Brazilian managers reel off the names of highly leveraged buy-outs that have tanked in the West.

巴西的管理层可以一口气说出西方失败的高调的杠杆收购的名字。

Barclays, for instance, took a hit of just £ 1. 6 billion, mainly on investments in derivatives and leveraged loans in 2007.

比如巴克莱银行，由于2007年只损失了16亿英镑而得到称赞，其损失主要是对金融衍生品和融资贷款的投资。

For instance, highly leveraged investment banks lend more when credit is easy and pull back faster in the crash.

比如说，高杠杆的投资银行在信贷宽松期大举放贷，在危机来临时则竭力回笼资金。

Instead of saving more, the US government is desperately trying to get the already over-leveraged US consumer to save less.

不但不增加储蓄，美国政府还竭力试图使已经过度借贷的美国消费者储蓄得更少。

The financial industry has done so well for itself, in short, because it has been given the licence to make a leveraged bet on property.

不管怎样，金融业的成绩已经相当辉煌。资产杠杆性投资也已经成为现实。但是，这样一个赌注风险往往被严重低估。

Britain’s over-leveraged banks have been cutting back.

不是银行减少，而是银行借贷减少

By comparison, he foresees first-quarter write-downs of $10 billion in CDOs and $5. 8 billion in leveraged -loan commitments.

此外﹐他还预测一季度CDO和杠杆贷款承诺的冲销额分别为100亿美元和58亿美元。

Most disappointment was directed at the sketchy plan to tackle banks’ toxic assets, such as mortgage-backed securities and leveraged loans.

大部分失望情绪指向处理银行有毒资产的计划粗略，比如抵押证券和杠杆贷款。

But the real key of leveraged financing is that it seriously protects down-side risk.

但杠杆融资的真正关键在于它极大地保障了下行风险。

But on broad-brush measures that don’t risk-weight assets, the bank’s balance sheet is still highly leveraged .

但如果不对资产进行风险加权评估，粗略来看，花旗集团仍留有较高的杠杆比率。