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Business English Exercises
 

The Secondary Debt Market

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Home > Teaching Business English > Business English Lessons, Advanced Level # 375
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"With the credit crunch likely to grow worse before it gets better, what are commercial banks doing in the face of this problem?" asks Kingsley Greenland of DebtX.

Correct answer: (b) crunch

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Increasingly, the answer is to sell loans in the debt market; powered by electronic trading, the global secondary market is now sufficiently liquid on a day-to-day basis to efficiently dispose of non- or poorly-performing debt, as well as high-quality loans, as part of normal portfolio rebalancings.

Correct answer: (b) performing

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Loan sales have become a potent weapon because electronic due diligence, trading and closing allow competitive bidding of everything from multi-billion credits to loans or pools of loans as small as US$1million.

Correct answer: (d) potent

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As a result, loan sales are now more attractive than the traditional solution of protracted loan workouts; rather than incur the expense and management distraction of sticking with problem assets, it now makes more sense to sell and put the problems behind.

Correct answer: (d) protracted

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The market's liquidity has translated into strong price execution, which makes a loan sale strategy all the more compelling.

Correct answer: (b) compelling

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Today, debt can be traded at a fraction of the cost and time compared to the traditional, offline environment because electronic trading has eliminated much of the friction in the process.

Correct answer: (a) friction

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The high fixed transaction costs that previously suppressed liquidity have largely gone away.

Correct answer: (d) suppressed

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In previous years, due diligence required investors to make onsite visits to search boxes of loan documents, collateral information, appraisals, operating statements, court proceedings or other underwriting documents.

Correct answer: (c) due

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If investors decided against making an offer, or another bid was accepted, travel expenses and management time went unrewarded.

Correct answer: (d) unrewarded

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At electronic trading platforms, investors can now view hundreds or even thousands of pages of loan documents online; reams of documents can be easily searched, and sophisticated financial modeling is built right into the platform.

Correct answer: (a) reams

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