John Rynne Oct 24, 2010:

positivización That's "steepening" in Spanish (as used by one of my clients, who talk about this a lot).
A "steepener" is "una estrategia de positivización".
The opposite, "flattening" is "aplanamiento".
"carry" is translated as "carry" -- so they talk about "carry positivo", for example.
I have never come across "long steepener" but imagine it would be "una estrategia de positivización basada en posiciones largas".

Note to mediatmatrix: if you are not familiar with a field, its jargon will sound like "non-native English" to you. Check out this document:
http://www.secinfo.com/dsVQx.t1Qs.htm
It's in beautiful English.

hemenia (asker) Oct 23, 2010:

SMART = Slope Monetisation for Alpha Returns

Peter Riccomini Oct 23, 2010:

A couple of points 1) The DB Steepener Index reflects the economic return of a strategy of going long the near end and short the far end of the yield curve.
https://index.db.com/staticPages/steepenerEUR.html.

2) Mediamatrix, 'We go long' is good financial English. It means 'we take a long position'.

3) I would like to know what the SMART Index is in this context.

Antonio Tomás Lessa do Amaral Oct 23, 2010:

Hth

This strategy takes a view on the shape of the curve based on the actions of the Fed. In this strategy, one puts on a steepener or flattener in
http://en.wikipedia.org/wiki/Developing_and_Trading_Strategi...

Enthusiasm for constant maturity swap (CMS) steepeners has waned following mark-to-market losses in the past 18 months, when the US dollar interest rate yield curve flattened

Read more: http://www.risk.net/asia-risk/feature/1496874/rate-steepener...
Risk.net - Financial risk management news and analysis. Take a 1 month free trial to Risk now! ..
in
http://www.risk.net/asia-risk/feature/1496874/rate-steepener...

Building off these structures are the "exotic" interest rate derivatives (least liquid, traded over the counter), such as:
<clip>
* CMS steepener
in http://en.wikipedia.org/wiki/Interest_rate_derivative

http://www.proz.com/kudoz/English/finance_general/695682-cur...

http://www.proz.com/kudoz/english_to_spanish/economics/23611...

http://www.proz.com/kudoz/english_to_spanish/finance_general...

hemenia (asker) Oct 23, 2010:

This text is rendered in a very confusing way, undoubtedly. This leaflet belongs to Deutsche Bank, so I suppose its original language was German, but I don't have the source document. The problem is that I must deliver my translation on Sunday and if my client could not reach the author today, let alone throughout the weekend...

mediamatrix (X) Oct 23, 2010:

Hmmmm.... Even without properly understanding the concepts involved, it's obvious that this is not native English. For example, "We go long" probably means "We extend" or "We stretch".
It might (I stress *might*) help if you told us what the original language was before this mangled 'English' was produced, or the country of origin of the author if this is in fact his/her original words.

hemenia (asker) Oct 23, 2010:

You're right! I forgot to add more context related to the expression:

Step 0: Create a synthetic steepening position: the “Steepener Index”
This is achieved by combining a long position in the short end of the curve and a short position in the long end of the curve. We go long the 2yr Duration Bias Index and short the 10 year Duration Bias Index, weighting them to be duration neutral

mediamatrix (X) Oct 23, 2010:

Steepener Index? I don't see 'Steepener Index' in your quote from the source text.
You have "steepener" (both 'long' and 'short', and also 'steepener' all by itself), and you have 'Smart Index', but not 'Steepener Index'.
Maybe you're reading more into this than is written in black and white...?