Glossary entry (derived from question below)
Italian term or phrase:
ha come sottostante
English translation:
is backed
Italian term
Spain
20 yrs+ quality translations, Trados
Native in: Spanish 
, English (Variants: UK, US, British, Irish)
Works in: English to Spanish, Spanish to English, Italian to English, and 8 more.
ha come sottostante
In data xxx la Banca ha regolato l’emissione di una Credit Linked Note del valore nominale di Euro xxx e ha come sottostante portafogli di crediti nei confronti delle ASL.
La nota è stata sottoscritta da (bank) che la collocherà ad investitori sul mercato secondario La nota ha durata di diciotto mesi e riconosce una cedola del xxx% annuo.
| 5 +3 | is backed |
Ann Pollak
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| 5 | the underlying of which is |
Thomas Roberts
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| 4 | is based on |
Cosmina Carmen
|
Non-PRO (1): Thomas Roberts
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Proposed translations
Italy
Specialista in Economia, Finanza, Legge
Native in: English (Variants: US, Australian, US South, Canadian, New Zealand, Scottish, British, UK, Irish)
Works in: Italian to English, French to English
is backed
| agree |
Simona de Logu
3 mins
|
| agree |
James (Jim) Davis
: I think I'd go for backed in the case of CLN and this particular sentence.
4 mins
|
|
Yes, Jim, in other cases, it might be translated differently.
|
|
| agree |
Peter Cox
1 day 5 hrs
|
Multilingual academic lawyer
Native in: English (Variant: Scottish) , Italian
Works in: Italian to English, German to English, French to English, and 3 more.
the underlying of which is
| neutral |
James (Jim) Davis
: This is not a disagree.
Normally with derivatives you talk about underlying, but this is really about collateral. It is a derivative arrangement, which provides backing through the ASL receivables.
6 mins
|
|
Don't think so. Under a credit linked note the buyer of the note accepts risk on the underlying securities. This essentially makes it a derivative arrangement.
|
Romania
Native in: Romanian
Works in: Romanian to Italian, Italian to Romanian, English to Romanian, and 3 more.
Discussion
As you say Tam, the holder can "satisfy its claim on the receivables. Which is the same as saying that the notes are backed by the receivables. The other thing is that Italian financial authors seem to taken any chance they can get to use the word "sottostante" so it is more widely used than underlying, while the best they can do for "backed" is "assistito" which they tend to use only with "garanzia reale".
See: http://www.ecb.int/pub/pdf/scpwps/ecbwp209.pdf for anyone who can understand the maths....
If we were talking about a loan with the receivables as collateral, if the lender were unable to satisfy its claims against those receivables then it would still be an unsecured creditor against the borrower. However, that is not the case with a credit linked note (in fact, isn't the whole point of it all to avoid that happening?).