華爾街投行擬聯(lián)合創(chuàng)建次貸收購(gòu)工具

花旗集團(tuán)(Citigroup)和其它大型投資銀行正在討論有關(guān)設(shè)想，打算創(chuàng)建一個(gè)基金，收購(gòu)那些價(jià)格嚴(yán)重縮水的抵押貸款相關(guān)證券。市場(chǎng)擔(dān)心，隨著資產(chǎn)負(fù)債表外基金面臨拋售這些證券的壓力，未來(lái)數(shù)周，這些證券的價(jià)格將會(huì)暴跌，而花旗等投行此舉就是為了打消人們的擔(dān)心。

Citigroup and other large investment banks are discussing proposals to create a fund to buy distressed mortgage-linked securities, in an attempt to counter fears that the value of the securities could plunge in price in the coming weeks as off-balance sheet funds come under pressure to sell them.

一位知情人士表示，這個(gè)新的投資工具名為Single-Master Liquidity Enhancement Conduit （簡(jiǎn)稱(chēng)：SMLEC），最初負(fù)責(zé)為其融資的3家投行分別是花旗、美國(guó)銀行(Bank of America)和摩根大通(JPMorgan)，但其它投行未來(lái)有望加入承銷(xiāo)財(cái)團(tuán)。

A person familiar with the proposals said the three banks involved in underwriting the finance for the vehicle ? named Single-Master Liquidity Enhancement Conduit ? will initially be Citigroup, Bank of America and JPMorgan, but it was hoped that others would join the underwriting syndicate in the future.

另一位知情人士稱(chēng)，預(yù)計(jì)各投行將提供總計(jì)大約750億美元的信貸安排支持，但參與SMLEC設(shè)計(jì)的銀行家強(qiáng)調(diào)，這一額度將按照需要進(jìn)行調(diào)整，可能會(huì)需要多大就有多大。

Another person familiar with the discussions said the banks were expected to offer backstop credit facilities totalling about $75bn, but bankers involved in SMLEC’s design stressed that it would evolve in line with demand, and so might only be as large as that demand required.

美國(guó)財(cái)政部作為中立“第三方”，召集會(huì)議討論了SMLEC的構(gòu)成。美國(guó)財(cái)長(zhǎng)漢克?保爾森(Hank Paulson)強(qiáng)烈支持這一創(chuàng)舉。

The US Treasury convened meetings discussing the shape of SMLEC and acted as a neutral “third party”, and Treasury secretary Hank Paulson was strongly in support of the initiative.

根據(jù)設(shè)想，SMLEC最初將重點(diǎn)關(guān)注美元市場(chǎng)工具，但它有可能會(huì)擴(kuò)展到歐洲的銀行，甚至可能擴(kuò)展到歐元市場(chǎng)。

Although it is envisaged that the scheme will initially focus on vehicles in the dollar market, it likely to be extended to European banks as well, and may even be extended to the euro market.

一些銀行最近已經(jīng)開(kāi)始按照極低的價(jià)格交易次級(jí)抵押貸款相關(guān)證券，它們可能不會(huì)歡迎這樣的舉措，主要原因是一些私人參與者已在采取有關(guān)努力，對(duì)大型結(jié)構(gòu)性投資工具(SIVs)進(jìn)行重組。

The move is likely to be disliked by some banks which have already started trading in distressed subprime securities in recent weeks at knockdown prices ? not least because there are already efforts under way among some private sector players to conduct restructurings of large structured investment vehicles (SIVs).

一位銀行家上周表示：“各家銀行計(jì)入的賬面減損金額差別巨大，當(dāng)然，有些銀行希望避免計(jì)入大額減損。”

One banker said last week: “The banks have varied enormously in terms of how much they have marked down their books ? of course there are some that want to avoid the big writedowns.”

SMLEC的架構(gòu)最早將在今天公布。

SMLEC’s structure of the facility could be announced as soon as today.