英語(yǔ)資源頻道為大家整理的china daily雙語(yǔ)新聞： 2013年亞太大宗股票交易規(guī)模將再超IPO，供大家學(xué)習(xí)參考:)
Even though stock markets across the Asian-Pacific region have risen in recent months, block sales of shares in already listed companies, rather than initial public offerings, will continue to drive fees of bankers specializing in share sales this year.
雖然亞太地區(qū)的股市這幾個(gè)月出現(xiàn)上漲行情，但對(duì)那些專門從事股票銷售的銀行家來(lái)說(shuō)，今年繼續(xù)推高他們服務(wù)費(fèi)收入的仍將是已上市公司股票的大宗交易，而不是首次公開募股(IPO)。
Volatility in regional markets and the fact that many of 2012's newly listed companies quickly fell below their issue price made investors nervous about IPOs for most of last year. Of the 29 companies in the region, including Japan, that raised more than US$300 million via an IPO last year, 62% underperformed their benchmark indexes from the time they went public through Friday, according to data provider FactSet.
亞太地區(qū)股市大幅震蕩，且2012年許多新上市公司的股價(jià)很快跌破發(fā)行價(jià)。這兩個(gè)因素讓投資者在去年大多數(shù)時(shí)間里都對(duì)IPO感到不安。數(shù)據(jù)提供商FactSet統(tǒng)計(jì)，去年在亞太地區(qū)（包括日本）通過(guò)IPO募集超過(guò)3億美元資金的29個(gè)公司中，有62%在發(fā)售日至上周五這段時(shí)期的表現(xiàn)不及它們的基準(zhǔn)股指。
That led to a resurgence of block trades, or sales of large chunks of existing shares, including a total of US$14.5 billion raised by American International Group as it exited pan-Asian insurer AIA Group Ltd.
于是，大宗股票交易風(fēng)生水起，其中包括美國(guó)國(guó)際集團(tuán)(American International Group)退出泛亞洲保險(xiǎn)企業(yè)友邦保險(xiǎn)控股有限公司(AIA Group Ltd.)時(shí)籌集到的總計(jì)145億美元。大宗股票交易指的是大量出售現(xiàn)有股票。
'The idea of asking investors to buy a relatively unknown company without any public track record at a high price simply isn't appealing in volatile markets,' said Jonathan Penkin, head of equity capital markets for Asia ex-Japan at Goldman Sachs Group Inc.
高盛集團(tuán)(Goldman Sachs Group Inc.)亞洲（除日本）股權(quán)資本市場(chǎng)負(fù)責(zé)人派金(Jonathan Penkin)說(shuō)，行情不穩(wěn)定時(shí)，讓投資者以高價(jià)購(gòu)買沒(méi)有任何過(guò)往公共記錄并且也不太知名的公司股票，這個(gè)主意并不怎么吸引人。
Last year, block trades accounted for 66% of the region's equity capital markets activity, which comprises IPOs and equity-linked deals like convertible bonds as well as block trades. By contrast, when AIA listed in Hong Kong in 2010, IPOs made up 48% of ECM. IPO deal value in the region dropped 35% last year to US$57 billion, while total equity capital markets activity fell 1.3% to US$213 billion─the lowest since the 2008 financial crisis.
去年，大宗股票交易占亞太地區(qū)股權(quán)資本市場(chǎng)交易活動(dòng)的66%。股權(quán)資本市場(chǎng)的活動(dòng)包括IPO、可轉(zhuǎn)換債券等股權(quán)相關(guān)交易以及大宗股票交易。相比之下，友邦保險(xiǎn)2010年在香港上市時(shí)，IPO曾占股權(quán)資本市場(chǎng)交易的48%。去年，亞太地區(qū)的IPO交易規(guī)模下降了35%，至570億美元，而股權(quán)資本市場(chǎng)交易總規(guī)模僅下滑了1.3%，至2,130億美元，這是2008年金融危機(jī)以來(lái)的最低值。
This year, bankers expect several major block deals, including around US$800 million of shares in luggage maker Samsonite International SA fromCVC Capital Partners and Royal Bank of Scotland, which have been reducing their stakes since the IPO but still hold a combined 25%. India is set to see several deals, as the government raises funds to cover its deficit. The Indian government recently appointed bankers for the sale of a 9.5% stake in power producer NTPC Ltd., to raise around $2.3 billion.
銀行家認(rèn)為今年將有一些大規(guī)模的大宗股票交易，包括私募股權(quán)投資公司CVC Capital Partners和蘇格蘭皇家銀行集團(tuán)(Royal Bank of Scotland)出售所持箱包生產(chǎn)商新秀麗國(guó)際有限公司(Samsonite International SA)約8億美元的股票。這兩家公司自新秀麗上市后就一直在減持后者的股票，但目前二者持有的新秀麗股份總計(jì)仍達(dá)25%。另外，由于印度政府要籌資以減少赤字，所以該國(guó)也將有若干大宗股票交易。印度政府前不久已指定銀行家負(fù)責(zé)出售電力生產(chǎn)商N(yùn)TPC Ltd 9.5%的股份，預(yù)計(jì)將籌資約23億美元。
Other government-controlled firms likely to see stake sales this year include MMTC Ltd. Oil India Ltd. , and Rashtriya Chemicals & Fertilizers, bankers say.
銀行家們說(shuō)，可能會(huì)在今年出售股份的其它印度政府控股公司包括印度國(guó)家礦業(yè)開發(fā)公司(MMTC Ltd.)、印度石油公司(Oil India Ltd.)和拉什特里亞化學(xué)與肥料公司(Rashtriya Chemicals & Fertilizers)等。
Still, with a 9.8% surge in the MSCI Asia Pacific Index during the fourth quarter and strong performances from listings during that time, there is some hope for IPOs this year, bankers say. People's Insurance Co. (Group) of China Ltd., which raised US$3.6 billion in Hong Kong in December, closed Wednesday up 33% from its IPO price of 3.48 Hong Kong dollars (45 U.S. cents), and Tokyo-listed GLP J-REIT, sponsored by Singaporean warehouse operator Global Logistic Properties , has risen 13% from its IPO price, after a US$1.3 billion flotation in December.
銀行家們說(shuō)，盡管如此，由于去年第四季度摩根士丹利資本國(guó)際亞太指數(shù)(MSCI Asia Pacific Index)上漲9.8%，再加上那段時(shí)期IPO表現(xiàn)強(qiáng)勁，人們對(duì)今年IPO仍抱有些許期望。中國(guó)人民保險(xiǎn)集團(tuán)股份有限公司(People's Insurance Co. (Group) of China Ltd.)去年12月在香港籌集了36億美元，周三收盤價(jià)較3.48港元（約合45美分）的IPO價(jià)上漲了33%。新加坡倉(cāng)儲(chǔ)運(yùn)營(yíng)商普洛斯公司(Global Logistic Properties)旗下房地產(chǎn)投資企業(yè)GLP J-REIT去年12月在東京掛牌上市，募集資金13億美元，目前其股價(jià)較IPO價(jià)已上漲13%。
'We expect follow-on and convertible-bond issuance to account for a majority of ECM activity in the region for the first half of 2013, with a potential pickup in IPO activity as we approach and enter into the second half of the year,' said Damien Brosnan, head of Asia equity capital markets syndicate at UBS AG.
瑞士銀行(UBS AG)亞洲股權(quán)資本市場(chǎng)銀團(tuán)負(fù)責(zé)人布魯斯南(Damien Brosnan)說(shuō)：我們預(yù)計(jì)今年上半年增發(fā)新股和可轉(zhuǎn)換債券發(fā)行將成為亞太股權(quán)資本市場(chǎng)的重頭戲，而隨著下半年的到來(lái)，IPO活動(dòng)可能會(huì)提速。
Among deals set for the year in Southeast Asia, last year's hot market for deals, are a US$1.5 billion Bangkok IPO of Thai skytrain operator BTS Group Holdings PCL and sales in Malaysia from ports operator Westports Bhd. and power producer Malakoff Corp., each expected to be worth about US$1 billion.
東南亞是去年股票交易的熱門市常預(yù)計(jì)今年將登陸該地區(qū)的交易有，泰國(guó)空中列車運(yùn)營(yíng)商BTS Group Holdings PCL擬在曼谷舉行的15億美元IPO，港口運(yùn)營(yíng)商Westports Bhd和電力生產(chǎn)商Malakoff Corp.擬在馬來(lái)西亞出售股票，出售規(guī)模預(yù)計(jì)分別為10億美元左右。
Hong Kong, which last year fell to fifth place globally for IPOs, is unlikely to reclaim its 2011 crown, bankers say. But two deals could raise at least $1 billion for Chinese companies in 2013: a dual Shanghai-Hong Kong listing by brokerage China Galaxy Securities Co., and a US$1.5 billion IPO by China Petrochemical Corp.'s engineering unit.
銀行家說(shuō)，香港不太可能在今年重新奪回2011年全球IPO冠軍的桂冠。去年，香港IPO集資額的全球排名跌至第五位。但2013年的兩筆交易或許能為中國(guó)公司帶來(lái)至少10億美元的籌資額：中國(guó)銀河證券股份有限公司(China Galaxy Securities Co.)將在上海和香港兩地上市，中國(guó)石油化工集團(tuán)公司(China Petrochemical Corp.)旗下工程公司計(jì)劃通過(guò)IPO集資15億美元。
PricewaterhouseCoopers expects Hong Kong IPO volumes to climb 70% to up to US$19.4 billion this year, from US$11.4 billion in 2012, as China's economy revives.
普華永道(PricewaterhouseCoopers)預(yù)計(jì)，隨著中國(guó)經(jīng)濟(jì)的復(fù)蘇，香港IPO交易額今年將大增70%，至194億美元，高于2012年的114億美元。
But for investment bankers, block trades are no substitute for IPOs. New listings tend to involve more bankers, and can take months, if not years, to execute, while block trades can be done in one night. But fees on block trades tend to be much lower, and bankers risk losing money if they misjudge market demand.
但對(duì)投資銀行家來(lái)說(shuō)，大宗股票交易并非IPO的替代。新股發(fā)行往往需要更多銀行家的參與，而且這一過(guò)程的持續(xù)時(shí)間即使不是幾年，也可能是好幾個(gè)月。而大宗股票交易則可能在一夜之間完成。但相比IPO，大宗股票交易的服務(wù)費(fèi)一般要低得多。如果銀行家誤判市場(chǎng)需求，還有可能會(huì)虧錢。
Bankers charge around 0.75%-1.25% of the deal for a block trade, against up to 3% for IPOs in Hong Kong, for instance. Banks that underwrite blocks need to buy unsold shares, unlike IPOs, which can be scrapped or cut in the event of little investor demand.
譬如，銀行家對(duì)香港大宗股票交易收取的服務(wù)費(fèi)約在0.75%至1.25%之間，而對(duì)IPO收取的服務(wù)費(fèi)則高達(dá)3%。與IPO不同，負(fù)責(zé)大宗股票交易承銷的銀行需購(gòu)買那些沒(méi)有賣出去的股票。而在發(fā)行新股時(shí)，如果投資者需求很少，可取消發(fā)行或減少發(fā)行量。
Even though stock markets across the Asian-Pacific region have risen in recent months, block sales of shares in already listed companies, rather than initial public offerings, will continue to drive fees of bankers specializing in share sales this year.
雖然亞太地區(qū)的股市這幾個(gè)月出現(xiàn)上漲行情，但對(duì)那些專門從事股票銷售的銀行家來(lái)說(shuō)，今年繼續(xù)推高他們服務(wù)費(fèi)收入的仍將是已上市公司股票的大宗交易，而不是首次公開募股(IPO)。
Volatility in regional markets and the fact that many of 2012's newly listed companies quickly fell below their issue price made investors nervous about IPOs for most of last year. Of the 29 companies in the region, including Japan, that raised more than US$300 million via an IPO last year, 62% underperformed their benchmark indexes from the time they went public through Friday, according to data provider FactSet.
亞太地區(qū)股市大幅震蕩，且2012年許多新上市公司的股價(jià)很快跌破發(fā)行價(jià)。這兩個(gè)因素讓投資者在去年大多數(shù)時(shí)間里都對(duì)IPO感到不安。數(shù)據(jù)提供商FactSet統(tǒng)計(jì)，去年在亞太地區(qū)（包括日本）通過(guò)IPO募集超過(guò)3億美元資金的29個(gè)公司中，有62%在發(fā)售日至上周五這段時(shí)期的表現(xiàn)不及它們的基準(zhǔn)股指。
That led to a resurgence of block trades, or sales of large chunks of existing shares, including a total of US$14.5 billion raised by American International Group as it exited pan-Asian insurer AIA Group Ltd.
于是，大宗股票交易風(fēng)生水起，其中包括美國(guó)國(guó)際集團(tuán)(American International Group)退出泛亞洲保險(xiǎn)企業(yè)友邦保險(xiǎn)控股有限公司(AIA Group Ltd.)時(shí)籌集到的總計(jì)145億美元。大宗股票交易指的是大量出售現(xiàn)有股票。
'The idea of asking investors to buy a relatively unknown company without any public track record at a high price simply isn't appealing in volatile markets,' said Jonathan Penkin, head of equity capital markets for Asia ex-Japan at Goldman Sachs Group Inc.
高盛集團(tuán)(Goldman Sachs Group Inc.)亞洲（除日本）股權(quán)資本市場(chǎng)負(fù)責(zé)人派金(Jonathan Penkin)說(shuō)，行情不穩(wěn)定時(shí)，讓投資者以高價(jià)購(gòu)買沒(méi)有任何過(guò)往公共記錄并且也不太知名的公司股票，這個(gè)主意并不怎么吸引人。
Last year, block trades accounted for 66% of the region's equity capital markets activity, which comprises IPOs and equity-linked deals like convertible bonds as well as block trades. By contrast, when AIA listed in Hong Kong in 2010, IPOs made up 48% of ECM. IPO deal value in the region dropped 35% last year to US$57 billion, while total equity capital markets activity fell 1.3% to US$213 billion─the lowest since the 2008 financial crisis.
去年，大宗股票交易占亞太地區(qū)股權(quán)資本市場(chǎng)交易活動(dòng)的66%。股權(quán)資本市場(chǎng)的活動(dòng)包括IPO、可轉(zhuǎn)換債券等股權(quán)相關(guān)交易以及大宗股票交易。相比之下，友邦保險(xiǎn)2010年在香港上市時(shí)，IPO曾占股權(quán)資本市場(chǎng)交易的48%。去年，亞太地區(qū)的IPO交易規(guī)模下降了35%，至570億美元，而股權(quán)資本市場(chǎng)交易總規(guī)模僅下滑了1.3%，至2,130億美元，這是2008年金融危機(jī)以來(lái)的最低值。
This year, bankers expect several major block deals, including around US$800 million of shares in luggage maker Samsonite International SA fromCVC Capital Partners and Royal Bank of Scotland, which have been reducing their stakes since the IPO but still hold a combined 25%. India is set to see several deals, as the government raises funds to cover its deficit. The Indian government recently appointed bankers for the sale of a 9.5% stake in power producer NTPC Ltd., to raise around $2.3 billion.
銀行家認(rèn)為今年將有一些大規(guī)模的大宗股票交易，包括私募股權(quán)投資公司CVC Capital Partners和蘇格蘭皇家銀行集團(tuán)(Royal Bank of Scotland)出售所持箱包生產(chǎn)商新秀麗國(guó)際有限公司(Samsonite International SA)約8億美元的股票。這兩家公司自新秀麗上市后就一直在減持后者的股票，但目前二者持有的新秀麗股份總計(jì)仍達(dá)25%。另外，由于印度政府要籌資以減少赤字，所以該國(guó)也將有若干大宗股票交易。印度政府前不久已指定銀行家負(fù)責(zé)出售電力生產(chǎn)商N(yùn)TPC Ltd 9.5%的股份，預(yù)計(jì)將籌資約23億美元。
Other government-controlled firms likely to see stake sales this year include MMTC Ltd. Oil India Ltd. , and Rashtriya Chemicals & Fertilizers, bankers say.
銀行家們說(shuō)，可能會(huì)在今年出售股份的其它印度政府控股公司包括印度國(guó)家礦業(yè)開發(fā)公司(MMTC Ltd.)、印度石油公司(Oil India Ltd.)和拉什特里亞化學(xué)與肥料公司(Rashtriya Chemicals & Fertilizers)等。
Still, with a 9.8% surge in the MSCI Asia Pacific Index during the fourth quarter and strong performances from listings during that time, there is some hope for IPOs this year, bankers say. People's Insurance Co. (Group) of China Ltd., which raised US$3.6 billion in Hong Kong in December, closed Wednesday up 33% from its IPO price of 3.48 Hong Kong dollars (45 U.S. cents), and Tokyo-listed GLP J-REIT, sponsored by Singaporean warehouse operator Global Logistic Properties , has risen 13% from its IPO price, after a US$1.3 billion flotation in December.
銀行家們說(shuō)，盡管如此，由于去年第四季度摩根士丹利資本國(guó)際亞太指數(shù)(MSCI Asia Pacific Index)上漲9.8%，再加上那段時(shí)期IPO表現(xiàn)強(qiáng)勁，人們對(duì)今年IPO仍抱有些許期望。中國(guó)人民保險(xiǎn)集團(tuán)股份有限公司(People's Insurance Co. (Group) of China Ltd.)去年12月在香港籌集了36億美元，周三收盤價(jià)較3.48港元（約合45美分）的IPO價(jià)上漲了33%。新加坡倉(cāng)儲(chǔ)運(yùn)營(yíng)商普洛斯公司(Global Logistic Properties)旗下房地產(chǎn)投資企業(yè)GLP J-REIT去年12月在東京掛牌上市，募集資金13億美元，目前其股價(jià)較IPO價(jià)已上漲13%。
'We expect follow-on and convertible-bond issuance to account for a majority of ECM activity in the region for the first half of 2013, with a potential pickup in IPO activity as we approach and enter into the second half of the year,' said Damien Brosnan, head of Asia equity capital markets syndicate at UBS AG.
瑞士銀行(UBS AG)亞洲股權(quán)資本市場(chǎng)銀團(tuán)負(fù)責(zé)人布魯斯南(Damien Brosnan)說(shuō)：我們預(yù)計(jì)今年上半年增發(fā)新股和可轉(zhuǎn)換債券發(fā)行將成為亞太股權(quán)資本市場(chǎng)的重頭戲，而隨著下半年的到來(lái)，IPO活動(dòng)可能會(huì)提速。
Among deals set for the year in Southeast Asia, last year's hot market for deals, are a US$1.5 billion Bangkok IPO of Thai skytrain operator BTS Group Holdings PCL and sales in Malaysia from ports operator Westports Bhd. and power producer Malakoff Corp., each expected to be worth about US$1 billion.
東南亞是去年股票交易的熱門市常預(yù)計(jì)今年將登陸該地區(qū)的交易有，泰國(guó)空中列車運(yùn)營(yíng)商BTS Group Holdings PCL擬在曼谷舉行的15億美元IPO，港口運(yùn)營(yíng)商Westports Bhd和電力生產(chǎn)商Malakoff Corp.擬在馬來(lái)西亞出售股票，出售規(guī)模預(yù)計(jì)分別為10億美元左右。
Hong Kong, which last year fell to fifth place globally for IPOs, is unlikely to reclaim its 2011 crown, bankers say. But two deals could raise at least $1 billion for Chinese companies in 2013: a dual Shanghai-Hong Kong listing by brokerage China Galaxy Securities Co., and a US$1.5 billion IPO by China Petrochemical Corp.'s engineering unit.
銀行家說(shuō)，香港不太可能在今年重新奪回2011年全球IPO冠軍的桂冠。去年，香港IPO集資額的全球排名跌至第五位。但2013年的兩筆交易或許能為中國(guó)公司帶來(lái)至少10億美元的籌資額：中國(guó)銀河證券股份有限公司(China Galaxy Securities Co.)將在上海和香港兩地上市，中國(guó)石油化工集團(tuán)公司(China Petrochemical Corp.)旗下工程公司計(jì)劃通過(guò)IPO集資15億美元。
PricewaterhouseCoopers expects Hong Kong IPO volumes to climb 70% to up to US$19.4 billion this year, from US$11.4 billion in 2012, as China's economy revives.
普華永道(PricewaterhouseCoopers)預(yù)計(jì)，隨著中國(guó)經(jīng)濟(jì)的復(fù)蘇，香港IPO交易額今年將大增70%，至194億美元，高于2012年的114億美元。
But for investment bankers, block trades are no substitute for IPOs. New listings tend to involve more bankers, and can take months, if not years, to execute, while block trades can be done in one night. But fees on block trades tend to be much lower, and bankers risk losing money if they misjudge market demand.
但對(duì)投資銀行家來(lái)說(shuō)，大宗股票交易并非IPO的替代。新股發(fā)行往往需要更多銀行家的參與，而且這一過(guò)程的持續(xù)時(shí)間即使不是幾年，也可能是好幾個(gè)月。而大宗股票交易則可能在一夜之間完成。但相比IPO，大宗股票交易的服務(wù)費(fèi)一般要低得多。如果銀行家誤判市場(chǎng)需求，還有可能會(huì)虧錢。
Bankers charge around 0.75%-1.25% of the deal for a block trade, against up to 3% for IPOs in Hong Kong, for instance. Banks that underwrite blocks need to buy unsold shares, unlike IPOs, which can be scrapped or cut in the event of little investor demand.
譬如，銀行家對(duì)香港大宗股票交易收取的服務(wù)費(fèi)約在0.75%至1.25%之間，而對(duì)IPO收取的服務(wù)費(fèi)則高達(dá)3%。與IPO不同，負(fù)責(zé)大宗股票交易承銷的銀行需購(gòu)買那些沒(méi)有賣出去的股票。而在發(fā)行新股時(shí)，如果投資者需求很少，可取消發(fā)行或減少發(fā)行量。