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Leaders社论Securitisation券化Its back重新启动Once a cause of the financial worlds problems, securitisation is now part of the solution券化曾经是导致金融危机的因素之一,如今却能帮助解决金融难题GIVEN their role in the 2008 meltdown, and their subsequent branding as toxic sludge, it is not surprising that securitised financial products have had a quiet few years.鉴于2008年经济危机时所扮演的角色,以及随后被贴上的有毒污泥的标签,券化金融产品这几年的表现并不出乎人的意料。Yet the transformation of mortgages, credit-card debt and other recurring cashflows into new marketable securities is enjoying something of a resurgence.然而抵押贷款、信用卡债务和其他一些循环的现金流向新的可交易券的转变目前正在振兴。Once apparently destined for the financial history books, the alphabet soup of ABSs, MBSs, CLOs and others had a bumper year in 2013. More growth is expected this year.尽管曾经有过惨痛的经历,但是资产担保券、抵押贷款券和贷款抵押债券以及其他许多以字母简称命名的券在2013年却大获丰收。据预测,今年还会继续增长。Not everybody is thrilled.并不是所有人都对此满心欢喜。Some observers argue that the risks securitisation poses are too grave.一些观察家称券化带来的风险会非常严重。But its revival should be welcomed, for it is probably essential to continued economic recovery, particularly in Europe.但是尽管如此,重新启动券化还是众望所归,因为这对于经济的进一步复苏很可能是必需的,尤其是对于欧洲国家而言。Use carefully谨慎实行In its simplest form, securitisation is straightforward and beneficial.单纯来看,券化比较直截了当并且有着诸多优势。For example, a carmaker expecting lots of monthly payments from customers who have taken out financing can get investors to fund its business more cheaply by selling them its claim to those payments.例如,那些每个月从办理了汽车贷款的消费者那里获得贷款付的汽车制造商可以通过变卖这些款项的债权而让投资者以更低的代价进行投资。A bank on the receiving end of mortgage repayments or credit-card receivables can do something similar: bundle the loans up and sell them, or use them as collateral to get funding, which it can then use to issue more loans.按揭还款或者信用卡应收账款的收款可以效仿此番做法:将贷款集中起来卖掉,或者把他们当作抵押款使用以获得投资资金,这样一来,他们就能继续放贷。This boosts both credit and growth.这样不仅能够提升信用还能够促进经济增长。Used recklessly, though, securitisation can be dangerous.然而一旦使用不慎,券化也会带来危险。It fuelled the catastrophic boom in American subprime mortgages.之前,它曾刺激了美国次级抵押贷款的繁荣增长,但其影响随后被明是灾难性的。Some banks, aware that home loans would be sliced, diced, repackaged and sold on, gave up even cursory checks on their borrowers creditworthiness.部分意识到住房贷款将会被分解、重组和转卖,因而对贷款者信誉哪怕是最粗略的核查都放弃了。Investors piled in blindly, snapping up supposedly safe tranches of bundled-up debt that proved to be anything but.投资者们纷纷盲目涌入投资,抢购那批所谓的安全捆绑资金,但事实上这些资金并不如想象中那么优良。The boom turned to bust and bail-outs.这股投资热潮进而转向诸多破产,市场急需解救措施。Yet structured finance cannot bear sole responsibility for the crisis.然而结构化的金融业并不是经济危机的唯一祸根。It was more the conduit for irrational financial exuberance than its cause.与其说它是经济危机的根源不如说是它助了金融业的非理性繁荣一臂之力。Lax lending standards in boom times predate the emergence of securitisation by several centuries at least.在金融业繁荣时期实施宽松的借贷政策使得券化的兴起提前了至少几个世纪。Most structured products performed well through the crisis, with the notable exception of those related to American residential mortgages.大多数结构化产品在经济危机期间仍然表现良好,除了那些与美国住房抵押贷款有关的一些例外。Defaults in Europe remained low despite the recession.欧洲国家的债务违约情况并没有受经济危机的影响而明显加深。And although there are still risks, securitisation should be safer in the future than in the past because of new, post-crisis regulations to reduce the danger of excesses.尽管风险仍然存在,但比起过去券化在将来应该会相对较安全,因为危机过后重新制定的金融管理政策有利于减小过度放贷的可能性。The principle that the party creating a new security needs to retain some exposure to the underlying credit should help ensure that underwriting standards do not get too slack.产生新的有价券的一方必须保留能明其潜在信用的相关文件这一条例应该能够确保保险业管理政策不至于太过松弛。That will hamper the desirable transferring of risk but, given recent history, it is probably prudent to put a little sand in the gears.这将会限制风险的直接转移,但是,鉴于之前的经验,防患于未然可能会比较明智。Some of the Kafkaesque structures spawned by securitisation—such as collateralised debt obligations that invested in other CDOs that themselves invested in MBSs—have been made prohibitively difficult to recreate.由券化引起的一些奇怪结构—例如将债务抵押债券投资到其他的债务抵押债券,而这些获得投资的债务抵押债券本身则又投资到抵押付债券—已经被限制形成。That is also sensible: whereas simple securitisation should be welcomed back, the over-engineered versions that rendered the financial system needlessly opaque should not.这一做法也是很理智的:尽管单纯的券化回归应该受到欢迎,而那些太过凸显投资者个人利益并会致使金融系统变得迟钝的投资方式则不该受到期许。Europe stands to benefit most from securitisations return. Lenders across Europe are under pressure to improve the ratio of capital they hold to loans made.从券化的回归之中受益最大的仍然是欧洲国家。整个欧洲的国家都面临巨大的压力,它们都急需提高资金持有量对贷款额的比例。One way of doing this is to stop extending credit, which is, unfortunately, what many banks have done.解决此问题的途径之一是停止放贷,但遗憾的是,很多已经开始这样做了。If they instead slimmed themselves through securitisation, by bundling and repackaging loans and selling them to outside investors such as insurance firms or asset managers, they could lend more money to credit-starved companies.如果它们是通过集中和重组贷款并转卖给外部投资者诸如保险公司或者资产管理公司这种券化方式来向外贷款的话,那么它们就可以向资金极度短缺的公司以更大幅度放贷。That would have the added benefit of sping risk away from wobbly banks.这样做的额外好处是可以将风险从经营状况不佳的转移到其他地方。Securitisation certainly has a black mark against it, but it is far too useful to be banished for good.券化的回归当然会面临诸多困难,但是它的自身优势使得其不可能被永久弃用。Almost all financial innovations, from the humble mortgage to the joint-stock company, have had to re-establish their reputations after a bust at some point in their history.几乎所有的金融改革,从不起眼的抵押贷款到合股企业都曾经经历破产然后重塑形象。Society benefited from their eventual rehabilitation—as it most probably will from the revival of securitisation.而等它们最终成功恢复名声,社会将能从中收益—正如很可能从券化的回归中受益一样。 201401/273295。

  • Londons lockups伦敦车房Garage music车库音乐How to make use of unloved urban spaces怎样利用被弃置的城市空间MERIJN ROYAARDS, a musician and architecture student, does not own a car. But for two years he has rented a small garage in east London. Tucked behind a row of shops, it has no electricity, is freezing in winter and stuffy in summer. Yet without any close neighbours it makes an ideal music studio for him and his friends.“ Drummers jump on it,” he grins.音乐系兼建筑学学生MERIJN ROYAARDS虽然没有车,但是在过去的两年中他却在伦敦东区租了一间小型车库。车库在一排商店后面,由于没有通电的缘故,冬冷夏热。但是车库方圆几里都没有任何邻居,这使得其成为一个他和他的小伙伴们十分理想的音乐工作室。“鼓手能够直接上手,”他咧嘴一笑道。Owning a car used to mean housing it in a garage—in 1951 one resident of Coventry told the local press that there was “no joy in having a new car if it is going to be exposed to the elements and ruffians to be ruined”. Developers obliged: over half of the homes built between 1919 and 1980 had one. But many are becoming redundant. Between 2002 and 2012 the proportion of vehicles kept in garages at night dropped from 22% to 14%.拥有一辆车曾经意味着养在车库中落灰,1951年考文垂的一位居民这样告诉当地媒体,如果一出门爱车就将面临着被各种因素或恶棍毁坏的风险,那么拥有一辆新车只会徒添烦恼。据开发商们披露:“建造于1919年至1980年间的房屋之中,有超过一半以上的房屋配备了车库”。但有许多车库逐渐变得多余。2002年至2012年期间夜间车库的存车率从22%下降至14%。This is partly because some households now have more cars than garage space. But it is also because big modern cars do not fit in older garages, says David Leibling, a transport expert. Few rust when left outside, and many are more difficult to steal: between 2003 and 2013 the number of vehicle thefts in England and Wales fell 76%. Instead, garages now solve a different set of problems. Householders unable to move to larger homes have taken to filling their garages with clutter. Some have become “granny annexes” for ageing parents, says Paul Bishop, who runs a garage conversion company in Bedfordshire. Others house youngsters unable, or unwilling, to leave home.这一部分是因为现在有一些家庭拥有私家车的数量要比车位要多。不过这又可能是因为大型的现代化轿车与老旧车库的搭配并不协调,运输专家David Leibling这样说道。当车辆停放在街道外面时很少有车会生锈,并且对大部分车来说很难被偷:2003年至2013年期间,英格兰与威尔士的偷车贼下降了76%。而如今的车库反而能为我们解决一系列不一样的问题。无法搬去更大房间的房主们利用车库来堆放杂物。还有一些车库被改造成“老人厢房”,专为上了年纪的父母提供便利,在贝德福德郡经营一家车库改装公司的Paul Bishop这样说道。这样的改装车库也提供给一些无法或者是不愿意离开家的年轻人居住。In desirable parts of London garages can sell for vast sums. But many publicly owned ones lie empty. Of the 6,000 garages owned by Hackney council, around 40% are free. Over 3,000 garages owned by ten housing associations are unused and the land they take up is unfit for building homes upon, says Steve OConnell, a councillor at the London Assembly. He thinks they could be turned into small offices. That has aly happened in places such as Berlin. Boosters hope such projects could be funded from the 9m which Boris Johnson, the mayor of London, has promised to councils who want to spruce up their boroughs.在伦敦,车库的合意部分能卖出个好价钱。但是却有很多公家所有的车库被空置。哈克尼委员会所有的6000间车库中有大约40%的车库是免费使用的。由十家住房协会联合所有的车库中有超过3000间是从未用过的,并且车库所占据的土地也不适合在上面建造房屋,伦敦市议会的议员Steve OConnell这样说道。他认为这些车库都能被改造成小型办公室,这样的想法也在很多地方实践过,比如柏林。持者们希望这样的工程能够得到政府的资金资助,伦敦市市长Boris Johnson曾经向希望整顿区容区貌的委员会做出拨款900万英镑的承诺。But converting garages can be tricky, says Bill Hodgson of University College London. Few councils are enthusiastic enough to truly champion the idea. A recent proposal to turn some garages in north London into shelters for the homeless foundered; councillors feared that local residents would not approve. Getting planning permission can be complex, and developing on local authority land is often fraught. Like the garages themselves, these plans may moulder.但是改造车库是一件麻烦事,伦敦大学学院的Bill Hodgson这样说道。很少有足够热情的委员会会真正实施这个想法。最近一项要求将北伦敦的一些车库改造成流浪者的避难所的申请被拒绝了;议员害怕当地居民不同同意此项议案。获取计划的许可是件十分复杂的事,并且要在地方政府土地上发展项目通常是充满问题的。如同被空置的车库自身一样,这些计划也许也会流产。 内容来自:201406/306688。
  • The research team have been out since dawn looking for Puck. 黎明时分,研究小队外出寻找帕克。Its now the height of the shark season, Semu, whos been born at the worst time.现在是鲨鱼的季节,莎木在最坏时节诞生了。Weve been waiting for Puck to have a calf, and now finally shes finally here,哦,看它游的,我们等帕克生孩子很久了,现在终于完成了,were all too so relieved that we can actually see the calf and then the calf is actually good and healthy.我们很欣慰,能够看到小海豚,看起来很健康。Though Puck has been calling to Semu since before he was born, Its thought it would take him a week to learn her call. 自打莎木出生后,帕克就一直呼唤它,莎木需要花一周时间学习妈妈的叫声。He swims very close to Pucks head, listening intently to her whistle.它游得离帕克头部很近,专心学习妈妈的叫声。The one thing he must avoid is getting separated from her, this would mean certain death.有件事它必须注意,不要和妈妈分开,因为那意味着死亡。Puck may not eat for a week, she cannot risk losing sight of him for a moment. 帕克可能一周都不会吃东西,它不会让孩子离开视线一刻的。Oh,shark, theres a shark, thats a shark, long one. approaching from behind, the family are unaware its closing.鲨鱼,那是鲨鱼吗?很大,从后面游过来了,家庭成员还没意识到。Semu is in grave danger. 莎木很危险了。Oh, the shark looks like a tiger, it looks huge.Yeah,It was big.像是虎鲨,看起来真大,是的,很大。Boy, its the shark, the shark. 鲨鱼,鲨鱼!One of Pucks daughters rushes in to help protect Semu.帕克的一个女儿,帮忙保护莎木。201405/300232。
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