FInancial Translation

SOURCE TEXT

A

新発債市場では、第三四半期の予想外の金利低下に起因する買い遅れ感が投資家の中で強く、9月後半以降足許における投資家の新発債投資姿勢は積極的な様相を呈しており、このような・盛な投資家需要のモメンタムは、更に新規資金が流入する11月以降も継続するものと見込まれます。また、供給面においては、11月以降、財投機関セクター中心に新発債発行が予想されますが、銀行セクターからの供給は限定的と見込まれ、したがって11月の発行ウィンドウはABC銀行にとって劣後債ご発行の絶好のタイミングと考えます

B

分類

投資テーマ

生保

 *   減損会計導入に向けた対応、ポートの償還対応、財投機関債の残高と枠

 *   絶対値水準の動向(102.3%203.7%)、金利上昇局面での利回り向上と流動性確保

 *   ドル高見通しの中でのオープン外債のパフォーマンス

損保

 *   ポートの償還対応、一般債の残高と枠

都銀

 *   BISリスクウェイト対比の利回り、時価評価

 *   財投機関債の残高と枠、金利上昇に備えたポートフォリオ構築と流動性確保

年金

 *   イールド・カーブの形状、金利水準

 *   入替取引によるパフォーマンス向上

 *   ボラティリティ上昇局面を機動的に捕らえたパフォーマンス向上

地銀

 *   現行BISリスクウェイト対比の利回り、時価評価

 *   財投機関債の残高と枠、ローンとの競合

 *   保有しているメガ・バンク劣後債の償還対策

 *   金利上昇に備えたポートフォリオ構築

 


TARGET TEXT

A

As a result of the unexpected fall in interest rates in the third quarter, there has been a strong sense of missed buying opportunity amongst investors in the new bond issue market. The investment appetite for new bond issues has been evident since the latter half of September, and it is anticipated that this momentum of strong demand will continue to introduce new investment capital into the market from November onwards.

Furthermore, on the supply-side, new bond issues are expected from November onwards. Primarily, new issues from the Fiscal Investment and Loan Program (FILP) sector are expected, while the supply from the bank sector is projected to be limited. Therefore November is believed to be the ideal window for ABC Bank’s subordinated bond issue.

B

Type

Investment Objectives/Styles

Life Insurance

 *   Provision for writedowns; provision for portfolio liquidation; limiting total holding of Fiscal Investment and Loan Program (FILP) bonds

 *   Evolution of benchmark (10 years: 2.3%; 20 years: 3.7%); increased return following interest rate rises and preservation of liquidity

 *   Performance of open foreign bonds amid expected appreciation of the dollar

Non-life Insurance

 *   Provision for portfolio liquidation, limiting total holding of general bonds

Major Banks

 *   New BIS risk-weight ratio yield and mark-to-market

 *   Limiting total holding of FILP bonds; creation of portfolio positively correlated with rise in interest rate, preserving liquidity

Pensions

 *   Shape of yield curve, benchmark return

 *   Enhancement of performance via switch trades profiting from price variations or interest rate fluctuations

 *   Achievement of performance by nimble profiting from volatility

Regional Banks

 *   Current BIS risk-weight ratio yield and mark-to-market

 *   Limiting total holding of FILP bonds; competition against loans

 *   Provision for liquidation of holdings of subordinated bonds issued by major banks

 *   Creation of portfolio positively correlated with interest rate rises

 

 

 

[Home]