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derivative-swap

French translation: swap de taux d'intérêt

16:16 Jun 25, 2015
English to French translations [PRO]
Bus/Financial - Finance (general)
English term or phrase: derivative-swap
Bonsoir à tous,

Quelqu'un aurait-il l'amabilité de me prêter ses lumières pour traduire une phrase assez obscure...
C'est en plus assez urgent, comme toujours.

Voici la phrase :

"a joint bookrunner on a US$1bn bond for XXX - we subsequently executed the whole $1.5bn derivative-swap from fixed USD to floating Euribor"

Il s'agit d'exemples d'opérations réussies sur les marchés européens.

Mon essai, puisqu'il le faut: « un joint bookrunner (co-teneur de livre?) sur une obligation de 1 mia USD pour XXX – nous avons par la suite exécuté l'ensemble du swap dérivé de 1,5 mia USD d'un prix fixe en USD à un Euribor variable. »

Pitoyable...
Merci de vos conseils!
François Duperrier
Spain
Local time: 13:44
French translation:swap de taux d'intérêt
Explanation:
Tout est clairement dit dans le link qui suit:



--------------------------------------------------
Note added at 10 mins (2015-06-25 16:26:28 GMT)
--------------------------------------------------

https://fr.wikipedia.org/wiki/Swap_de_taux_d'intérêt

--------------------------------------------------
Note added at 23 mins (2015-06-25 16:39:58 GMT)
--------------------------------------------------

EN termes clairs, il y a un swap entre une personne qui a souscrit a une dette a taux fixes en dollars et une personne qui accepte de fournir une garantie en Euros.



--------------------------------------------------
Note added at 24 mins (2015-06-25 16:40:54 GMT)
--------------------------------------------------

What is Euribor?

Euribor is short for Euro Interbank Offered Rate. The Euribor rates are based on the interest rates at which a a panel of European banks borrow funds from one another. In the calculation, the highest and lowest 15% of all the quotes collected are eliminated. The remaining rates will be averaged and rounded to three decimal places. Euribor is determined and published at about 11:00 am each day, Central European Time.

--------------------------------------------------
Note added at 57 mins (2015-06-25 17:13:39 GMT)
--------------------------------------------------

Nous avons exécuté par la suite un swap entre le taux d’intérêt fixe en dollar américain et l’euribor flottant pour une valeur de 1,5 milliard de dollars américains

--------------------------------------------------
Note added at 3 hrs (2015-06-25 20:05:05 GMT)
--------------------------------------------------

swap = échange; donc on pourrait aussi dire échange entre taux d’intérêt au ieu de swap de taux d’intérêt

--------------------------------------------------
Note added at 1 day22 hrs (2015-06-27 14:19:27 GMT)
--------------------------------------------------

Response to PAPIER: The definition below comes from one of the links you provided. My key question to you is how can you model the excerpt submitted for translation in terms of the explanation provided below? In the excerpt, there is no bank, no client, no agreement. So why use the concept of cross-currency interest rate swap?


'Cross-currency interest rate swap (CIRS) is an agreement by which the Bank and the Client undertake to exchange nominals and periodically exchange interest payments in two currencies. The objective of CIRS is to hedge against FX risk with opportunity to simultaneously hedge against interest rate risk in a given currency by way of an off-balance sheet swap of liability currency (e.g. into currency in which company's revenue is generated) and a change of interest risk profile.'

--------------------------------------------------
Note added at 1 day22 hrs (2015-06-27 14:32:57 GMT)
--------------------------------------------------

Addendum: nothing is said about FX risk in the excerpt, either

--------------------------------------------------
Note added at 2 days9 hrs (2015-06-28 01:18:46 GMT)
--------------------------------------------------

The text below provides a clear-cut explanation and representation of CIRS. My point is that PAPIER is far from providing so clear an explanation or representation.


A cross-currency basis swap agreement is a contract in which one party borrows one currency from another party and simultaneously lends the same value, at current spot rates, of a second currency to that party. The parties involved in basis swaps tend to be financial institutions, either acting on their own or as agents for non-financial corporations. The chart below illustrates the flow of funds involved in a euro/US dollar swap. At the start of the contract, A borrows X·S USD from, and lends X EUR to, B. During the contract term, A receives EUR 3M Libor+ α from, and pays USD 3M Libor to, B every three months, where α is the price of the basis swap, agreed upon by the counterparties at the start of the contract. When the contract expires, A returns X·S USD to B, and B returns X EUR to A, where S is the same FX spot rate as of the start of the contract. Though the structure of cross-currency basis swaps differs from FX swaps, the former basically serve the same economic purpose as the latter, except for the exchange of floating rates during the contract term.

Cross-currency basis swaps have been employed to fund foreign currency investments, both by financial institutions and their customers, including multinational corporations engaged in foreign direct investment. They have also been used as a tool for converting currencies of liabilities, particularly by issuers of bonds denominated in foreign currencies. Mirroring the tenor of the transactions they are meant to fund, most cross-currency basis swaps are long-term, generally ranging between one and 30 years in maturity.


Selected response from:

Francois Boye
United States
Local time: 07:44
Grading comment
Merci!
4 KudoZ points were awarded for this answer



Summary of answers provided
5swap de taux d'intérêt
Francois Boye
4échange financier de devises
papier


Discussion entries: 5





  

Answers


13 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
échange financier de devises


Explanation:
Je trouve que l'opération décrit n'est pas d'autre que le Currency Interest Rate Swap, dont l'acronyme est C.I.R.S, connu en français comme "swap de devises" ou "échange financier de devises". Ça veut dire qu'on échange un actif fondé sur une devise, dont la valeur au moment de la transaction ou les gains prévus sont fixes, pour un autre actif, fondé sur une deuxième monnaie et de valeur variable, comme c'est le cas du taux d'intérêt interbancaire européen.
https://www.bankmillennium.pl/en/corporate/products/treasury...
http://ciberconta.unizar.es/bolsa/ccs.htm


--------------------------------------------------
Note added at 13 horas (2015-06-26 05:54:36 GMT)
--------------------------------------------------

L'échange du montant en principal fait toute la différence: ça reste évidente dans la phrase originale en anglais.
"Un swap de taux d’intérêt ne donne lieu à aucun échange de principal;
en revanche, les montants en principal sont échangés à la signature et à l’échéance d’un contrat de swap de devises."
http://www.banqueducanada.ca/wp-content/uploads/2010/06/kiff...

--------------------------------------------------
Note added at 1 dia11 horas (2015-06-27 04:03:28 GMT)
--------------------------------------------------

François,
voilà une possible traduction de la phrase:
" ...un co-teneur de livre sur une obligation de 1 mia USD pour XXX – nous avons par la suite exécuté 1,5 mia USD, equivalentes à l'ensemble de l'échange financier de devises d'un prix fixe en USD à un Euribor variable. "


papier
Brazil
Local time: 08:44
Specializes in field
Native speaker of: Native in PortuguesePortuguese
PRO pts in category: 34

Peer comments on this answer (and responses from the answerer)
neutral  Francois Boye: Pourquoi 1) l'autre actif ne fait l'objet d'aucune mention ? 2) pourquoi les taux de change ne font l'objet d'aucune mention ? Enfin, voulez-vous traduire la phrase en question ?//Puis-je vous rappeler que vous n’avez répondu ni à 1) ni à 2) ?
6 hrs
  -> "Il s'agit d'exemples d'opérations réussies sur les marchés européens."
neutral  Germaine: Vos explications ne correspondent pas à la question. Votre trad. "possible" ne reprend pas la termino usuelle et comporte des fautes d'orthographe, d'accord et de syntaxe + contresens/nonsens - entre autres: on n'exécute pas des USD!
6 days
Login to enter a peer comment (or grade)

9 mins   confidence: Answerer confidence 5/5
swap de taux d'intérêt


Explanation:
Tout est clairement dit dans le link qui suit:



--------------------------------------------------
Note added at 10 mins (2015-06-25 16:26:28 GMT)
--------------------------------------------------

https://fr.wikipedia.org/wiki/Swap_de_taux_d'intérêt

--------------------------------------------------
Note added at 23 mins (2015-06-25 16:39:58 GMT)
--------------------------------------------------

EN termes clairs, il y a un swap entre une personne qui a souscrit a une dette a taux fixes en dollars et une personne qui accepte de fournir une garantie en Euros.



--------------------------------------------------
Note added at 24 mins (2015-06-25 16:40:54 GMT)
--------------------------------------------------

What is Euribor?

Euribor is short for Euro Interbank Offered Rate. The Euribor rates are based on the interest rates at which a a panel of European banks borrow funds from one another. In the calculation, the highest and lowest 15% of all the quotes collected are eliminated. The remaining rates will be averaged and rounded to three decimal places. Euribor is determined and published at about 11:00 am each day, Central European Time.

--------------------------------------------------
Note added at 57 mins (2015-06-25 17:13:39 GMT)
--------------------------------------------------

Nous avons exécuté par la suite un swap entre le taux d’intérêt fixe en dollar américain et l’euribor flottant pour une valeur de 1,5 milliard de dollars américains

--------------------------------------------------
Note added at 3 hrs (2015-06-25 20:05:05 GMT)
--------------------------------------------------

swap = échange; donc on pourrait aussi dire échange entre taux d’intérêt au ieu de swap de taux d’intérêt

--------------------------------------------------
Note added at 1 day22 hrs (2015-06-27 14:19:27 GMT)
--------------------------------------------------

Response to PAPIER: The definition below comes from one of the links you provided. My key question to you is how can you model the excerpt submitted for translation in terms of the explanation provided below? In the excerpt, there is no bank, no client, no agreement. So why use the concept of cross-currency interest rate swap?


'Cross-currency interest rate swap (CIRS) is an agreement by which the Bank and the Client undertake to exchange nominals and periodically exchange interest payments in two currencies. The objective of CIRS is to hedge against FX risk with opportunity to simultaneously hedge against interest rate risk in a given currency by way of an off-balance sheet swap of liability currency (e.g. into currency in which company's revenue is generated) and a change of interest risk profile.'

--------------------------------------------------
Note added at 1 day22 hrs (2015-06-27 14:32:57 GMT)
--------------------------------------------------

Addendum: nothing is said about FX risk in the excerpt, either

--------------------------------------------------
Note added at 2 days9 hrs (2015-06-28 01:18:46 GMT)
--------------------------------------------------

The text below provides a clear-cut explanation and representation of CIRS. My point is that PAPIER is far from providing so clear an explanation or representation.


A cross-currency basis swap agreement is a contract in which one party borrows one currency from another party and simultaneously lends the same value, at current spot rates, of a second currency to that party. The parties involved in basis swaps tend to be financial institutions, either acting on their own or as agents for non-financial corporations. The chart below illustrates the flow of funds involved in a euro/US dollar swap. At the start of the contract, A borrows X·S USD from, and lends X EUR to, B. During the contract term, A receives EUR 3M Libor+ α from, and pays USD 3M Libor to, B every three months, where α is the price of the basis swap, agreed upon by the counterparties at the start of the contract. When the contract expires, A returns X·S USD to B, and B returns X EUR to A, where S is the same FX spot rate as of the start of the contract. Though the structure of cross-currency basis swaps differs from FX swaps, the former basically serve the same economic purpose as the latter, except for the exchange of floating rates during the contract term.

Cross-currency basis swaps have been employed to fund foreign currency investments, both by financial institutions and their customers, including multinational corporations engaged in foreign direct investment. They have also been used as a tool for converting currencies of liabilities, particularly by issuers of bonds denominated in foreign currencies. Mirroring the tenor of the transactions they are meant to fund, most cross-currency basis swaps are long-term, generally ranging between one and 30 years in maturity.




Francois Boye
United States
Local time: 07:44
Specializes in field
Native speaker of: Native in FrenchFrench
PRO pts in category: 960
Grading comment
Merci!
Notes to answerer
Asker: Mais "swap de taux d'intérêt" n'est-il pas la traduction de "interest rate swap"? Est-ce vraiment la même chose que "derivative-swap"?

Asker: Je comprends beaucoup mieux. Merci! Mais j'avoue que j'ai encore de la peine à le transcrire en termes adéquats...

Asker: Merci encore!!


Peer comments on this answer (and responses from the answerer)
agree  Germaine: avec swap de taux (à priori), mais pas avec votre note à 23 min. Quant à votre note à 57 min, la locution est "swap DE taux" et non "swap entre..." + voir discussion.
3 hrs
  -> Merci, Germaine ! Il est difficile de passer de l'anglais au français dans ce domaine !
disagree  papier: http://ciberconta.unizar.es/bolsa/ccs.htm
13 hrs
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