英语翻译Over the past several years,the global credit markets ha

英语翻译
Over the past several years,the global credit markets have seen dramatic changes.They fundamentally changed conduct and competitiveness in the credit markets and required new strategies for sustaining competitiveness.We have identified four key structural changes:
Increasing competitiveness,particularly in lower grade lending markets.Overall,competitiveness in the credit markets has increased substantially.This is particularly true for lending to lower grade counterparties (e.g.,leveraged financing,high yield debt).There are two trends responsible for this development.First,several investment banks entered the market for leveraged financing and non-investment-grade lending.Second,many commercial banks,in an effort to meet ROE-expectations of equity analysts and shareholders,expanded their lending activities to the lower part of the rating scale.
Trading credit risk.Over the past five years,the market for trading credit risk,either through credit derivatives or collateralized loan/debt obligations ( CLOs / CDOs ) has shown explosive growth.These new markets enabled the transformation of credit portfolio management from a rather academic measurement exercise into a powerful management tool that actively shapes the risk/reward profile of the portfolio.
Significant advancements in measuring credit risk.Preceding the emergence of credit risk trading was the rapid development of new credit risk measurement tools,such as JP Morgan’s Creditmetrics,KMV’s Creditmonitor,Credit Suisse’s CreditRiskPlus or McKinsey’s Credit Portfolio View.These new measurement tools deserve credit for two key accomplishments.First,they helped create transparency around the real risk of lending portfolios.Second,they helped quantify the value of alternative portfolio management approaches,such as portfolio swaps or the employment of credit derivatives.
Investors show increasing appetite for credit risk.Over the past several years,institutional investors have developed an increasing appetite for credit risk.Today,we find a wide spectrum of credit risk buyers,including pension funds,insurers/reinsurers,hedge funds,and,in some cases,corporate treasury departments.They all help to add sufficient liquidity to the new credit risk markets.
These four structural changes had a significant impact on reshaping the lending markets.Best practice examples have leveraged these structural changes to deviate from the old ``originate and hold'' paradigm and substitute it for a more proactive portfolio management approach.This new approach strives to positively influence the risk/reward profile of the lending portfolio and,along the way,remove portfolio inefficiencies.In more technical terms,the stated goal is to move the lending portfolio as close as possible to the efficient frontier formed by the two dimensions of ``risk'' and ``reward''.

过去的几年中,全球信贷市场有巨大的变化.他们从根本上改变行为和维持竞争力所需的新战略与信贷市场中的竞争力.我们已经确定了四个主要的结构变化：提高竞争力,特别是在低品位借贷市场.总体而言,大幅增加信贷市场中的竞争力.这是贷款利率调低等级的交易对手方 （例如,杠杆融资,高收益债券） 尤其如此.有两种趋势负责这方面的发展.第一,输入几家投资银行的杠杆融资和非投资级贷款市场.第二,很多的商业银行,在努力满足籽期望的股票分析师和股东,扩大其贷款活动,评定量表的下半部分.贸易信贷风险.过去的五年中,市场的交易信用风险,通过信用衍生品或抵押的贷款/债务 （CLOs / Cdo） 显示了爆炸式的增长.这些新的市场启用从积极形状的投资组合的风险/回报配置文件的一种功能强大的管理工具而是学术的测量工作的信贷投资组合管理的转变.在信用风险度量的重大进步.前面的信贷风险交易出现了快速发展的新信贷的风险测量工具例如,摩根大通的 Creditmetrics、 KMV 的 Creditmonitor、 瑞士信贷 CreditRiskPlus 或麦肯锡的信贷资产组合视图.这些新的测量工具值得我们两个重要的成就.第一,他们帮助创建周围的贷款组合的真正危险的透明度.第二,他们帮助的另类投资组合的管理方式,如投资组合互换或就业的信用衍生品价值量化.投资者显示越来越多的信贷风险偏好.过去的几年中,机构投资者发展信用风险增加食欲.今天,我们找到了广泛的信用风险买家,包括养老基金、 保险商/保险公司、 对冲基金,以及在某些情况下,公司的财务部门.这些都有助于将添加到新的信贷风险市场的充足流动性.这些结构的四个转变了重塑贷款市场显著影响.最佳做法的实例已利用这些结构的变化,偏离的旧的源于并按住范式和替代它更加积极主动的投资组合管理办法.这种新方法致力于积极影响贷款投资组合的风险/回报概况及,一路走来,删除组合效率低下.更多的技术术语,在既定的目标是尽可能接近的贷款组合转向由两个维度的风险和奖励的有效前沿.