制卧价贸易+学 金融英语阅读 Translate the English into Chinese: How do investors form credit opinions and make buy/sell decisions on bonds? Research shows that they are increasingly cutting out the middle man----the investment bank----and trying to go direct to the issuer.In-house research and meetings with management are the most important factors when fund managers form credit opinions.The bad news for investment banks is that the influence of their credit research is declining.One reason for this decline is skepticism about the motives behind sell-side research.One fund manager who used to be a credit analyst at a major investment bank says,"you learn very quickly that there is a hidden agenda. Investment banks are there to sell bonds.No matter how unbiased sell-side analysts try to be,there is constant pressure from the origination side of the business because that is where the money is made."That is a view shared by many fixed income investors.There is a growing feeling that investment banks have to sell bonds so they will not tell investors the bad parts of the story.It is not that sell-side research does not add value,but more that its findings should be approached somewhat gingerly Translate the Chinese into English: 与公司管理成一对一的沟通，被越来越多的投资者认为是他们获得所需信息的唯 一途径。“我们坐下那，看着他们的眼睛。”在一家重要的投资机构工作的基金管 理人这样说。在过去，对于获得高回报的投资者来说，了解发行企业的最高管理 者被认为很重要，而对于投资级购买者来说，了解蓝筹股企业的最高管理者却显 得没有那么重要。近几年，随着信用质量的恶化，这种了解开始重要起来。特别 是“911”事件之后，它变得越来越关键了。 Key Match:JG BF D EIHCA Cloze:GDEB F Translation: 1.投资者是怎样形成（债券的）信用评价并做出买卖债券决定的？研究表明， 他们正逐渐减少与中间人一投资银行—的接触，而是尽量地直接面对发行 者。内部研究和与（企业）管理人员的沟通是基金管理者形成资信评价最重要的 因素。信用研究影响的减小，对投资银行来说是个坏消息。对隐藏在卖方研究背 后的动机的怀疑是这种影响减小的一个原因。过去曾在一家重要的投资银行做过 信用分析师的一个基金管理人说：“你很快就会明白，这儿有一个隐含的待办事 项：投资银行在那儿卖债券。不管卖方的分析师多么尽力的公正，都将存在来 自于营业机构方持续的压力，因为这正是（它们）盈利的来源。”许多固定首席 投资者都赞同这样一个观点，就是投资银行必须卖掉债券，所以它们不会告诉投 资者购买这些债券的不利方面。这倒不是说卖方研究没有什么价值，而更多的表 明它的这些研究应该在某种程度上被谨慎地对待。 2.One-to-one meetings with corporate management are increasingly regarded as the only place where investors can obtain the sort of information they want."We need to stare them in the eyes across the table,"says a fund manager at a major investment institution.In the past,it seemed important for high-yield investors to know the chief executive of an issuer but less so for investment grade buyers to know the head of a blue-chip corporate.In recent years,as credit quality deteriorated,such contact began 第3页共4页金融英语阅读 第 3 页 共 4 页 Translate the English into Chinese: How do investors form credit opinions and make buy/sell decisions on bonds? Research shows that they are increasingly cutting out the middle man----the investment bank----and trying to go direct to the issuer. In-house research and meetings with management are the most important factors when fund managers form credit opinions. The bad news for investment banks is that the influence of their credit research is declining. One reason for this decline is skepticism about the motives behind sell-side research. One fund manager who used to be a credit analyst at a major investment bank says, “you learn very quickly that there is a hidden agenda. Investment banks are there to sell bonds. No matter how unbiased sell-side analysts try to be, there is constant pressure from the origination side of the business because that is where the money is made.” That is a view shared by many fixed income investors. There is a growing feeling that investment banks have to sell bonds so they will not tell investors the bad parts of the story. It is not that sell-side research does not add value, but more that its findings should be approached somewhat gingerly. Translate the Chinese into English: 与公司管理成一对一的沟通，被越来越多的投资者认为是他们获得所需信息的唯 一途径。“我们坐下那，看着他们的眼睛。”在一家重要的投资机构工作的基金管 理人这样说。在过去，对于获得高回报的投资者来说，了解发行企业的最高管理 者被认为很重要，而对于投资级购买者来说，了解蓝筹股企业的最高管理者却显 得没有那么重要。近几年，随着信用质量的恶化，这种了解开始重要起来。特别 是“911”事件之后，它变得越来越关键了。 Key Match: J G B F D E I H CA Cloze：G D E B F Translation： 1. 投资者是怎样形成（债券的）信用评价并做出买卖债券决定的？研究表明， 他们正逐渐减少与中间人——投资银行——的接触，而是尽量地直接面对发行 者。内部研究和与（企业）管理人员的沟通是基金管理者形成资信评价最重要的 因素。信用研究影响的减小，对投资银行来说是个坏消息。对隐藏在卖方研究背 后的动机的怀疑是这种影响减小的一个原因。过去曾在一家重要的投资银行做过 信用分析师的一个基金管理人说：“你很快就会明白，这儿有一个隐含的待办事 项： 投资银行在那儿卖债券。不管卖方的分析师多么尽力的公正，都将存在来 自于营业机构方持续的压力，因为这正是（它们）盈利的来源。”许多固定首席 投资者都赞同这样一个观点，就是投资银行必须卖掉债券，所以它们不会告诉投 资者购买这些债券的不利方面。这倒不是说卖方研究没有什么价值，而更多的表 明它的这些研究应该在某种程度上被谨慎地对待。 2. One-to-one meetings with corporate management are increasingly regarded as the only place where investors can obtain the sort of information they want. “We need to stare them in the eyes across the table,” says a fund manager at a major investment institution. In the past, it seemed important for high-yield investors to know the chief executive of an issuer but less so for investment grade buyers to know the head of a blue-chip corporate. In recent years, as credit quality deteriorated, such contact began