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Glossary entry

German term or phrase:

Anleihen/Renten

English translation:

long-term interest-bearing securities / fixed-income securities

Added to glossary by Ted Wozniak
Mar 9, 2010 17:33
14 yrs ago
12 viewers *
German term

Anleihen/Renten

German to English Bus/Financial Investment / Securities
Anleihen/Renten sind Wertpapiere, die (verzinsliche) Zahlungsansprüche des Käufers der Anleihe (= Gläubiger) gegen den Emittenten (= Schuldner) verbriefen. Sie können mit einer festen, variablen oder keiner Verzinsung ausgestattet sein. Weitere Bezeichnungen sind unter anderem Bond, Obligation und Schuldverschreibung.
Proposed translations (English)
4 long-term interest-bearing securities / fixed-income securities
4 bonds / fixed-income securities (fixed-interest securities)
3 debentures
Change log

Jun 24, 2010 19:36: Ted Wozniak Created KOG entry

Jan 30, 2011 15:40: Steffen Walter changed "Field (specific)" from "Business/Commerce (general)" to "Investment / Securities"

Discussion

RobinB Mar 9, 2010:
These are simply synonyms, and are being used as such, in the same way that "Rentenmarkt" is a synonym for "Anleihemarkt". Unless your text is making some weird kind of distinction between the two, I don't see any need to use two terms in English. For the final sentence, you could say something like "Bonds are also frequently referred to as fixed-income securities, debt securities, or debt instruments".
Ted Wozniak Mar 9, 2010:
My last sentence? Take a hypothetical US Treasury bond for the little people for example. Par (face) value = $50. It matures in 5 years when you get $50 cash. But you only pay $40 for it now. You do not receive any interest payments during the 5 years, just the full par amount at maturity. Hence, it is not "verzinst" in the sense of you receiving periodic interest payments, but it does "bear interest" since it pays $10 more than you paid for it.
njbeckett (asker) Mar 9, 2010:
I didn't notice those, I'm still trying to understand the last sentence.
Ted Wozniak Mar 9, 2010:
even with the typos? :-)
njbeckett (asker) Mar 9, 2010:
Thanks Ted, that is a big help
njbeckett (asker) Mar 9, 2010:
It is about the Rentenmarkt = the bond market
njbeckett (asker) Mar 9, 2010:
No, it has nothing to do with pensions
Dr Lofthouse Mar 9, 2010:
is the latter connected to a pension for tax purposes?
njbeckett (asker) Mar 9, 2010:
If Renten are bonds and Anleiehn are bonds how can I distinguish between the two?

Proposed translations

35 mins
Selected

long-term interest-bearing securities / fixed-income securities

Anleihe is an more generic term than Rente. Laut Büschgens "das kleine Börsenlexikon":

Anleihe - auch Obligation, Schuldverschreibung, festverzinsliches Wertpapier, Bond, Rente. Sammelbezeichung für all Schuldverschreibungen mit bestimmter, fester opder variabler Verzinsung, fester, meist längerer Laufzeit sowie anleicheverträglich fixierter Tilgung.

Rente (3) Kurzbezichnung für festverzinsliches Wertpapier

Note: Rente (1) refers to "regular recurring payments under contract or law, e.g. a pension" and (2) refers to "regular recurring payments from invested capital (e.g. an annuity)

Hence, based on the definitions above, if you really need to make a distinction (but IMHO I don't think you really do here in English), you can call an Anleihe a "(long-term) interest-bearing security" and call a Rente a "fixed-income security".

But based on just the sentence given, I would just go with "interest-bearing securities". Note also that even securities with "keine Verzinsung" are still likely to be interest-bearing (if sold on the market at arm's length) since they will be sold at a discount to par but redeemed at par to allow for the time value of money.
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4 KudoZ points awarded for this answer. Comment: "Thanks. 3 good answers methinks"
44 mins

bonds / fixed-income securities (fixed-interest securities)

Please compare what the Frankfurter Allgemeine says to this, the national paper having the best financial and business sections in Germany:

Anleihen werden von juristischen Personen begeben und unterscheiden sich durch abweichende Konditionen wie verschieden lange Laufzeiten, Emissionswährungen und Verzinsungen. Letztere kann entweder fest, variabel oder strukturiert (abhängig von bestimmten Ereignissen) sein.

Renten: Kurzbezeichnung für festverzinsliche Wertpapiere
Reference:

http://boersenlexikon.faz.net/anleihe.htm

http://boersenlexikon.faz.net/renten.htm

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58 mins

debentures

"A corporate bond that is not secured by specific property. In the event that the issuer is liquidated, the holder of a debenture becomes a general creditor and therefore is less likely than the secured creditors to recover in full. Because of their high risk factor, debentures pay higher rates of interest than secured debt of the same issuer."

Wall Street Words: An A to Z Guide to Investment Terms by David L. Scott.
Copyright © 2003. Published by Houghton Mifflin.


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Note added at 1 hr (2010-03-09 19:17:47 GMT)
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"an interest-bearing bond issued against the general credit of a corporation or governmental unit, with no specific pledge of assets"
Webster's New World Dictionary
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