Passage 10
Syndicated Lending
银团（联合）贷款
背景介绍
syndicated lending 银团贷款
syndicated loan 银团贷款
syndicated lending指的是：通常由一家主办银行联合两家以上之金融机构，共同组成联合授信银行团，以相同之授信条件及授信契约并使用统一之授信文件，对借款人提供授信
与syndicated lending 相对的 syndicated credit 银团融资。
关于Eurocurrency Market
欧洲货币市场(Eurocurrency Market)是离岸金融市场的核心组成部分。
经营对象是欧洲货币(Eurocurrency)（又称境外货币Off-shore Currency，是在货币发行国境外被存储和借贷的各种货币的总称。）最早出现的欧洲货币是欧洲美元，即境外美元，后来扩展到欧洲英镑、欧洲马克、欧洲日元、欧洲瑞士法郎等等。
Passage 10
Notes
1
the total amount of borrowing is unknown, and may be exaggerated by the market analysis.
市场分析人士可能夸大未知的借贷总量
Exaggerate v. – make sth. More than it is true, .
Some borrowers tend to ~ their difficulties when applying for loan.
有些贷款人往往在申请贷款时夸大其困难。
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Passage 10
Notes
2
In the Eurocurrency market, however, syndicated lending becomes less of a convenience and more of a necessity.
但在欧洲货币市场上银团贷款与其说是出于方便还不如说是出于必要。
Passage 10
Notes
3
if a business needs a large amount of long-term funding, bank loans are only one, albeit often the most viable, of several options.
如果企业需要一大笔长期融资，银行贷款是几种选择中唯一的、然而往往也是最为可行的一种。
Business: a person, firm, company or other organization which makes or produce a product, buys and sells goods or provides some kind of service, usu. For the purpose of making a profit .
Ours is a profitable ~ 我么的企业是个盈利企业
He owes a share in the family ~.他有这家家庭企业的股份
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Passage 10
Notes
4
Equity:
That part of a company’s capital that belongs to the ordinary shareholders or, in ., common stockholders, . the person who bear the risk and therefore in the end have the right to an equal share in the profit. 产权、权益、股本
Passage 10
Notes
5
Banks are able to diversify their risk by extending credit to a wider spectrum of different borrowers than they could otherwise attract.
银行用贷款于众多不同借款人的方式来分散风险，否则用别的方式无法吸引到这么多的借款人。
Spectrum n. – wide range, a series, etc. such as
A diverse ~ of political tendencies 一系列不同政治倾向
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Otherwise adv. – in other way or manner; by other causes; in other respects; ender other conditions, such as,
He reminded me of what I should ~ have forgotton.
他提醒了我，要不我就会把这件事忘了。
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Passage 10
Notes
6
The importance of loan diversification arises because the legal protection available to bank is much different when a private borrower defaults as opposed to when a public borrower defaults.
之所以产生贷款多样化的重要性问题， 是因为私人借款者的违约与官方借款者的违约相比， 银行方面可以得到的法律保护存在着很大的差异。
Default n. – failure to pay at the right time. Such as,
~ in the repayment of the loan. 拖欠还款。
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Opposed to – against, compared with, such as,
Truth is the ~ ~ the falsehood. 真理是谬误之对
We stand firmly ~ ~ the practice of power politics between nations. 我们坚决反对在国与国之间实行强权政治。
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Passage 10
Notes
7
…the public sector borrower is covered by sovereign immunity.
政府部门借款受主豁免权的保护。
Cover v. – to protect, .
~ the retreat (landing) if the main forces. 掩护主力部队撤退/登陆
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Immunity n. – freedom or exemption from obligation in any respect; exemption or release from any charge, duty, office, tax, or imposition, .
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Passage 10
Notes
8
portfolio: the entire collection of investments belong to an investor or held by a financial organization such as a bank, pension fund or investment trust.
有价证券组合（搭配），有价证券清单，投资组合。
Passage 10
Notes
9
should the managing banks later be unsuccessful in selling the portions of their shares, each bank has to provide the credit to the borrower according to the share each undertakers less its portion of share each sold.
万一后来经办银行没能将其份额内的某些部分销售出去，每家银行就值得按各自承担的份额减去各自买出的部分，来为借方提供资金。
Less prep. – without; diminution of minus, .
A month ~ two days. 一个月差两天。
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Passage 10
Notes
1
Including convergence toward EMU reference values and adherence to the new exchange rate mechanism (ERM2) create for nonparticipating EU members.
包括趋同于欧洲货币联盟的参考标准与符合为非欧盟国家创设的新汇率机制。
convergence. n. –tendency toward or meet in one point or value
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adherence. n. –sticking fast (to)
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