The word from Davos isn't actually a word. It's an acronym: LBO.
從達沃斯傳來的消息實際上連一個單詞都不是，它只是一個縮略詞：LBO（杠桿收購）。
A range of finance executives said here Tuesday that they expect the buyout business to boom in 2013. In conversations Blackstone Group's John Studzinski, Lazard CEO Kenneth Jacobs, and Guggenheim Partners chief investment officer Scott Minerd all expected LBO volume to surge.
多位金融業(yè)高管周二在達沃斯表示，他們預(yù)計收購交易在2013年將呈現(xiàn)出繁榮景象。在對話中，黑石集團(Blackstone Group)的斯圖辛斯基(John Studzinski)、Lazard的首席執(zhí)行長雅各布(Kenneth Jacobs)以及Guggenheim Partners的首席投資長米納德(Scott Minerd)均預(yù)計杠桿收購交易量將出現(xiàn)激增。
The reason: Debt is cheap, companies are trading at reasonable multiples, and bond investors are dying to get their hands on paper with even trace amounts of yield.
這種預(yù)測的理由是：舉債成本低；公司股價在以合理的估值倍數(shù)進行交易；債券投資者渴望買入債券，哪怕收益率很低。
Minerd made the most compelling case for a private-equity rebound, saying in an interview that 'there is no supply and so much demand.'
米納德則拿出最有力的證據(jù)支撐其私募股權(quán)投資將現(xiàn)反彈的觀點。他在接受記者采訪時說，現(xiàn)在是需求非常旺盛但供給嚴重不足的時候。
'There is so much money chasing yield. Every pension fund has had to scale back their actuarial assumptions.'
米納德說，有太多資金在追逐收益率。每一只退休基金都不得不降低其精算假設(shè)(actuarial assumption)。
Minerd said that a Dell deal ─ which would put upwards of $10 billion of new debt into the market ─ would be relatively easy to complete.
米納德說，戴爾的交易相對來說較容易完成。這筆交易將向市場注入超過100億美元的新債。
Interestingly, Minerd said he also expected a return of more asset-backed securities to enter the market.
有趣的是，米納德說他還預(yù)計更多資產(chǎn)支持證券將重回市常
While the ABS markets for autos and credit markets are somewhat active, Minerd said that much of the market should be rebuilt from its post-crisis days. The relative volumes of aircraft, franchise financing, and Collateralized Loan Obligation paper remain meek following the 2008 credit crash.
雖然汽車行業(yè)和信貸市場的資產(chǎn)支持證券市場稍顯活躍，但米納德說資產(chǎn)支持證券市場的大部分領(lǐng)域都應(yīng)在金融危機過后重建。在2008年信貸緊縮過后，飛機、特許經(jīng)營融資以及企業(yè)放款組合受益證券(Collateralized Loan Obligation)的相對交易量仍然不溫不火。
But for Minerd, it's only a matter of time until these lines return. In turn, he said, the CLO business will beget a reborn market for 'leveraged loans' or syndicated bank debt, that will in turn fuel more LBOs.
但對米納德來說，這些業(yè)務(wù)變得活躍只是一個時間問題。他說，企業(yè)放款組合受益證券業(yè)務(wù)反過來將令“杠桿貸款”或銀團承銷債券市場重生，而這又將推動更多杠桿收購交易的產(chǎn)生。
The 'virtuous cycle' will return, he said.
米納德說，“良性循環(huán)”將回歸。
從達沃斯傳來的消息實際上連一個單詞都不是，它只是一個縮略詞：LBO（杠桿收購）。
A range of finance executives said here Tuesday that they expect the buyout business to boom in 2013. In conversations Blackstone Group's John Studzinski, Lazard CEO Kenneth Jacobs, and Guggenheim Partners chief investment officer Scott Minerd all expected LBO volume to surge.
多位金融業(yè)高管周二在達沃斯表示，他們預(yù)計收購交易在2013年將呈現(xiàn)出繁榮景象。在對話中，黑石集團(Blackstone Group)的斯圖辛斯基(John Studzinski)、Lazard的首席執(zhí)行長雅各布(Kenneth Jacobs)以及Guggenheim Partners的首席投資長米納德(Scott Minerd)均預(yù)計杠桿收購交易量將出現(xiàn)激增。
The reason: Debt is cheap, companies are trading at reasonable multiples, and bond investors are dying to get their hands on paper with even trace amounts of yield.
這種預(yù)測的理由是：舉債成本低；公司股價在以合理的估值倍數(shù)進行交易；債券投資者渴望買入債券，哪怕收益率很低。
Minerd made the most compelling case for a private-equity rebound, saying in an interview that 'there is no supply and so much demand.'
米納德則拿出最有力的證據(jù)支撐其私募股權(quán)投資將現(xiàn)反彈的觀點。他在接受記者采訪時說，現(xiàn)在是需求非常旺盛但供給嚴重不足的時候。
'There is so much money chasing yield. Every pension fund has had to scale back their actuarial assumptions.'
米納德說，有太多資金在追逐收益率。每一只退休基金都不得不降低其精算假設(shè)(actuarial assumption)。
Minerd said that a Dell deal ─ which would put upwards of $10 billion of new debt into the market ─ would be relatively easy to complete.
米納德說，戴爾的交易相對來說較容易完成。這筆交易將向市場注入超過100億美元的新債。
Interestingly, Minerd said he also expected a return of more asset-backed securities to enter the market.
有趣的是，米納德說他還預(yù)計更多資產(chǎn)支持證券將重回市常
While the ABS markets for autos and credit markets are somewhat active, Minerd said that much of the market should be rebuilt from its post-crisis days. The relative volumes of aircraft, franchise financing, and Collateralized Loan Obligation paper remain meek following the 2008 credit crash.
雖然汽車行業(yè)和信貸市場的資產(chǎn)支持證券市場稍顯活躍，但米納德說資產(chǎn)支持證券市場的大部分領(lǐng)域都應(yīng)在金融危機過后重建。在2008年信貸緊縮過后，飛機、特許經(jīng)營融資以及企業(yè)放款組合受益證券(Collateralized Loan Obligation)的相對交易量仍然不溫不火。
But for Minerd, it's only a matter of time until these lines return. In turn, he said, the CLO business will beget a reborn market for 'leveraged loans' or syndicated bank debt, that will in turn fuel more LBOs.
但對米納德來說，這些業(yè)務(wù)變得活躍只是一個時間問題。他說，企業(yè)放款組合受益證券業(yè)務(wù)反過來將令“杠桿貸款”或銀團承銷債券市場重生，而這又將推動更多杠桿收購交易的產(chǎn)生。
The 'virtuous cycle' will return, he said.
米納德說，“良性循環(huán)”將回歸。