大师作文网英语翻译ASSESSMENT OF THE ASIAN NPL MARKET AND ITS OPPORTUNITY T
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英语翻译
ASSESSMENT OF THE ASIAN NPL MARKET AND ITS OPPORTUNITY
The best way to grasp the scope of the Asian NPL market is to break it down by country or region,as each of them is in a different stage of its restructuring process.Economic development,political systems,cultural and social norms,and other factors play a major role in shaping the components of the restructuring effort in each individual country,as well as the balance of power among the parties involved at all levels.
Japan
Japan has been one of the region's sickest patients.The prolonged economic recession in that country put a lot of strain on the corporate sector.Due to its complex inter-company ownership and financial structures,lending standards have often been less than prudent.Its well-developed legal system,however,is relatively effective at facilitating collateral repossession as well as the repayment work-out process.Like most reforms in Japan,the balance sheet clean-up was initially delayed by a number of years.Foreign investors stood ready to participate in NPL purchases as early as 1993,whereas the Japanese government did not start putting pressure on the banks to dispose of bad assets until 1997.At that point,the problem escalated to a level where the banks had to sell the loans or go bankrupt.They chose to sell,and foreign investors bought with tremendous ferocity.
In the following years,particularly in 1998 and 1999,the banks embarked on a balance sheet clean-up of unprecedented magnitude,selling an estimated $600 billion worth of paper.Patience finally paid off for foreign investors,primarily investment banks and private equity and hedge funds focusing on distressed securities,who were able to acquire assets at significant discounts to their face value.In one of the transactions,Goldman Sachs and Lone Star,a U.S.private equity fund,ended up becoming the biggest owners of golf properties in Japan.Deals completed during those years produced handsome returns for investors who had the patience and optimism to establish the infrastructure in Japan,and wait for several years for the government to pull the trigger on sales.
At present,an estimated $330 billion of non-performing assets remain in Japan (see Exhibit).However,as the country's economy is beginning to recover,local players have also shown interest in this space.Competition for deals has intensified,which only means one thing for returns--they have been falling.However,barriers to entry in this market are high--many auctions are invitation-only and it takes years of building relationships to get on the auction invitation list of Japanese financial institutions.Judging by the substantial remaining supply of loans and the still relatively limited competition,compared to the more developed markets,the opportunity cannot be over yet,and skillful investors who know how to shift strategy in the face of changing market winds can continue to deliver returns.
ASSESSMENT OF THE ASIAN NPL MARKET AND ITS OPPORTUNITY
The best way to grasp the scope of the Asian NPL market is to break it down by country or region,as each of them is in a different stage of its restructuring process.Economic development,political systems,cultural and social norms,and other factors play a major role in shaping the components of the restructuring effort in each individual country,as well as the balance of power among the parties involved at all levels.
Japan
Japan has been one of the region's sickest patients.The prolonged economic recession in that country put a lot of strain on the corporate sector.Due to its complex inter-company ownership and financial structures,lending standards have often been less than prudent.Its well-developed legal system,however,is relatively effective at facilitating collateral repossession as well as the repayment work-out process.Like most reforms in Japan,the balance sheet clean-up was initially delayed by a number of years.Foreign investors stood ready to participate in NPL purchases as early as 1993,whereas the Japanese government did not start putting pressure on the banks to dispose of bad assets until 1997.At that point,the problem escalated to a level where the banks had to sell the loans or go bankrupt.They chose to sell,and foreign investors bought with tremendous ferocity.
In the following years,particularly in 1998 and 1999,the banks embarked on a balance sheet clean-up of unprecedented magnitude,selling an estimated $600 billion worth of paper.Patience finally paid off for foreign investors,primarily investment banks and private equity and hedge funds focusing on distressed securities,who were able to acquire assets at significant discounts to their face value.In one of the transactions,Goldman Sachs and Lone Star,a U.S.private equity fund,ended up becoming the biggest owners of golf properties in Japan.Deals completed during those years produced handsome returns for investors who had the patience and optimism to establish the infrastructure in Japan,and wait for several years for the government to pull the trigger on sales.
At present,an estimated $330 billion of non-performing assets remain in Japan (see Exhibit).However,as the country's economy is beginning to recover,local players have also shown interest in this space.Competition for deals has intensified,which only means one thing for returns--they have been falling.However,barriers to entry in this market are high--many auctions are invitation-only and it takes years of building relationships to get on the auction invitation list of Japanese financial institutions.Judging by the substantial remaining supply of loans and the still relatively limited competition,compared to the more developed markets,the opportunity cannot be over yet,and skillful investors who know how to shift strategy in the face of changing market winds can continue to deliver returns.
评亚洲不良贷款市场和机遇的最佳途径掌握范围的亚洲不良贷款 市场是它打破了由一个国家或地区, 由于每个人都处于不同阶段的转型过程. 经济发展,政治制度,文化和社会规范, 和其他因素发挥了重要作用,塑造组成的重组工作,在每个国家, 以及之间的权力均衡各方各级. 日本日本一直是这一地区的衰老病人. 长期的经济衰退,国家投入了不少的压力,企业部门. 由于其复杂的跨公司所有权和财务结构,贷款标准往往低于谨慎. 完备的法律制度,不过,是比较有效地促进侧支收楼以及还款工作的进程. 象大多数日本进行了不少改革,资产负债表清理起初推迟了若干年. 外国投资者随时准备参与不良资产的收购早在1993年, 而日本政府虽未开始施加压力,对银行处置不良资产,直到1997年. 在这一点上,这个问题提升到一个地步,银行不得不出售贷款或倾家荡产. 他们选择了出售,而外国投资者购买具有巨大凶猛. 在随后的几年,特别是1998年和1999年 银行开始了资产负债表的清理前所未有的,销售约600亿美元的文件. 耐心终于没有白费,为外国投资者 主要投资银行和私人股本基金和对冲基金集中苦恼证券 含饴弄孙收购资产大幅折扣,其面值. 在其中的交易中,高盛与孤星,美国私人股本基金 落得成为最大的业主高尔夫球性能在日本. 交易完成,在这些年里产生了可观的回报,为投资者者的耐心和乐观态度,以建立基础设施 在日本,等到几年后,政府拉动扳机销售. 目前,估计有330亿元的不良资产留在日本(见图) . 不过,因为该国的经济已开始复苏,本地球员也表示有兴趣在这个空间. 比赛进行交易加剧,而只意味着一件事的回报--他们已经在下降. 然而, 在进入这个市场是高--许多拍卖会的邀请,只不过,它需要多年的建设的关系,以获得 关于拍卖的邀请名单中的日本金融机构. 从目前掌握的大量供应,余下的贷款,仍相对有限的竞争, 相对于较发达市场的机会,是不可忽视的,但 娴熟的投资者懂得如何换档策略,在面对瞬息万变的市场风可以继续交付 回报.