美国和欧洲政府为银行及其它金融机构债务提供担保的行动，使资本市场一些重要环节的私人融资活动变得非常缺乏吸引力。

Moves by US and European governments to guarantee the debt of banks

and other financial institutions have made private fundraising in vital parts

of the capital markets extremely unattractive.

尽管政府采取了干预行动，意图提振银行业体系，但几乎没有迹象表明，信贷市场状况正因此得到改善。

In spite of governments intervening to shore up banking systems, there are so far few signs that this

is improving conditions in the credit markets.

例如，根据Dealogic的统计，10月份美国和欧洲没有一家机构发行信用卡贷款支持债券。直至最近，此类资产支持证券活动仍保持相当良好的状态。

For example, in October there has been no issuance of bonds backed by credit card loans in the US or Europe,

according to data from Dealogic. Until recently, activity in this type of asset-backed security had held up

reasonably well.

摩根大通分析师克里斯托弗•弗拉纳根(Christopher Flanagan)表示：“目前，通过有担保的银行票据融资，比通过资产支持市场融资有相对优势。很难说这种状况将持续多久，因为很大程度上，这取决于政府将进一步采取什么行动。可能是几个月，甚至几年。”

“There is now a relative advantage to raising funds through guaranteed bank paper versus the

asset-backed markets,” said Christopher Flanagan, managing director at JPMorgan. “It is very

tough to say how long this will remain the case for, as much of it depends on what further action

governments take. It could be months or even years.”

银行及其它金融集团可以通过政府担保融资，意味着通过资产支持证券等更为传统的途径融资将昂贵得多。

The ability of banks and other financial groups to raise money via government guarantees means funding

through more traditional routes like asset-backed securities will be much more expensive.

http://www.ftchinese.com/story_ce.php?storyid=001022714#场景_1

[此贴子已经被作者于2008-10-28 5:27:22编辑过]