美國次級房貸翻譯

Question

This witches' brew hasdisrupted some LBO-related debt issuance and
generated substantial increases in some credit spreads.
As shown in Figure 1,high yield corporate bond spreads have increased by180basis points since mid-June,and swap spreads and spreads for mortgage-back sevurities are also up substantially.
Until thisweek,however,the selloff has been restricted to a relatively narrow set of credit products.The broad sulloff in global equities,and to alesser degree in some emergin market assets,over the last several days is a clear indication that the selloff incroporate credit is spilling over to other risky assets.Such volatility rarely dissipates quickly.Furthermore,the fallout from the recent selloff for financial institutions will not be clear for some tine .All of this suggests that financial markets are not likely to normalize quickly.
The potential for a further tightening of global financial conditions is a risk To the economic outlook. That said, there are a number of important factors that will Likely limit the impact of the recent financial market turmoil on economic performance. First, the outlook for global growth remains quite robust.

Answer 1

這個巫女們的策劃已經混亂了部份融資收購相關的債券發行，且使一些債券的信用價差明顯上升。
如同圖一顯示，高收益公司債券的價差自六月中旬以來已經增加了180個基點，而交換價差以及房貸抵押證券的價差也都顯著的上升了。
然而直到這個星期，一個相對小範圍的信用產品的拋售行為才受到限制。過去幾天在全球權益證券的大量拋售、以及少數新興市場資產較小程度的脫售，可說是從公司信用正蔓延到其他風險資產的明顯指標，像這樣的震盪不太會快速消失。尤甚者，由最近金融機構（股票）被拋售所帶來的餘波影響在短期內還不明朗。這全部都指向金融市場不會很快回歸正常化。
未來全球金融狀況進一步緊縮的潛在可能是對未來經濟展望的風險。意即，仍有一些重要因素可抑制最近金融市場混亂對於未來經濟表現所帶來的影響。首先，全球成長的展望仍然十分強勁。
Comments:
1. witches' brew：witch指的是巫女，brew指的是釀造、策劃，這裡要看前文才知道指的是什麼。意思可能是最近的風波是一堆各懷鬼胎的人所造成的。
2. LBO-related bond issuance:LBO是Leverage Buy-Out的縮寫，意思是融資收購，在這個交易架構中，一方會發行垃圾債券(Junk Bond)以換取資金來作為支付目標公司的價金。
3. Credit spread:信用價差，貸方（比如說銀行）再融資時會揹負一定程度的風險，為了承擔這風險（比如說借款人的違約機率），貸方會要求較高於其資金成本的利率，貸方資金成本（比方說放給存款戶的利率）與借出的利率就是信用價差，在債券而言是指該債券與指標利率的差距。
4. high yield corporate bond: 高收益公司債，其實就是前面所說的垃圾債券，由於這一類債券的風險極高，因此給予投資人的利率也很高，因此稱之為高收益債券。
5. basic points:基點，1% = 100BPS。180BPS = 1.8%。
6. mortgage-backed securities (MBS)：房貸抵押型證券，簡而言之就是銀行把房貸的本金與利息再度包裝成不同現金流量的固定收益商品，在次級金融市場上出售。而swap spread則是固定利率與變動利率之間的價差。
7. volatility指的是證券商品或風險資產在價值上的上下震盪程度。
以上簡答如此，若有疑問請再告知。

Answer 2

ANS美國次級房貸翻譯原文:This witches' brew has disrupted some LBO-related debt issuance and generated substantial increases in some credit spreads. As shown in Figure 1, high yield corporate bond spreads have increased by180basis points since mid-June, and swap spreads and spreads for mortgage-back securities are also up substantially.Until this week, however, the sell off has been restricted to a relatively narrow set of credit products. The broad sell off in global equities, and to a lesser degree in some emerging market assets, over the last several days is a clear indication that the sell off incorporate credit is spilling over to other risky assets. Such volatility rarely dissipates quickly. Furthermore, the fallout from the recent sell off for financial institutions will not be clear for some tine .All of this suggests that financial markets are not likely to normalize quickly.The potential for a further tightening of global financial conditions is a risk to the economic outlook. That said, there are a number of important factors that will likely limit the impact of the recent financial market turmoil on economic performance. First, the outlook for global growth remains quite robust.譯文：這樣的經濟蠱惑已破壞某些LBO相關的放貸，而增加某些信用價差擴張的現象。 如圖1，高收益的企業債券流通自6月中以來，已增加180個基準點，而交易價差和不動產抵押證券的價差也實質上升。直到本週，廉價賣清才得限定在較小的信用商品範圍內，在全球資產廣泛的廉價賣清動作，在某些現有的市場資產中，已較小的範圍內容，在過去幾天來，明顯出現整合信用的廉價賣清動作已擴散到其他有風險的資產上。這樣的資產揮發性則快速消散。再者，最近在金融機構的廉價賣清動作的陰霾，將持續一段期間而不會消散。所有的情況即顯示金融市場不可能在短期內正常化。全球金融情況更進一步緊縮的可能性，對未來的經濟展望則是1種風險。也就是說，有許多的因子，將可能限制最近進行金融市場對經濟作出的表現。首先，對全球經濟的展望仍屬堅穩。www.yushan.idv.twhttp://tw.myblog.yahoo.com/twntnacysfni