Corporate hedging gets harder
公司对冲愈难
The perils of prudence
慎亦生祸
Jun 18th 2009
From The Economist print edition
The credit crunch has made it much more difficult and expensive for firms to hedge their risks
信用紧缩使得公司对冲风险变得更为不易且成本更高。
WARREN BUFFETT, one of the world’s most famous investors, once called derivatives “financial weapons of mass destruction”. Central bankers worry that those sold “over the counter”, meaning outside exchanges, threaten the stability of the whole financial system. Yet firms that rely on derivatives to limit their exposure to swings in commodity prices, interest rates or exchange rates cannot get enough of them—literally.
世界上最著名的投资家之一,WARREN BUFFETT(沃伦·巴菲特)曾经把衍生品叫“金融大规模杀伤性武器”。 央行官员担心这些衍生品的“柜台销售”, 意指他们是在所外交易,会威胁整个金融系统的稳定。 然而,有的公司靠衍生品来减低大宗商品的价格, 利率, 或汇率大幅波动的影响,这些公司对这些衍生品是如饥似渴却又求之不得。
Several firms using derivatives in an attempt to manage such risks have suffered huge losses of late, on paper at any rate. Among the hardest hit have been airlines, many of which paid to protect themselves from higher fuel prices last year when the oil price peaked at $147 a barrel. Because oil now costs much less, many have had to write down the value of those contracts, even if they are not due to be settled for years. The losers included Cathay Pacific Airways, which made paper losses of close to $1 billion, Ryanair, Air France-KLM and Southwest.
几家公司想用衍生品来对付上述风险, 近来蒙受巨大损失。 各个公司账面的损失各有不同。损失最惨重的当属航空公司了,很多航空企业在去年原油价格升至每桶147美元的时候买入了衍生品以期对冲未来可能进一步升高的油价。 但是因为现在油价大跌,尽管这些合同还要好几年才会到期,很多公司也不得不因为这些浮亏而记提账面损失。亏失的公司有 Cathay Pacific Airways (国泰航空), 它账面损失近十亿; 还有Ryanair (瑞安航空),Air France-KLM (法国航空- KLM) 和 Southwest (西南).
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