中资银行继续为投行贡献佣金收入
中资银行继续为投行贡献佣金收入
由 Lukec 周五 十二月 27 2013, 21:47
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中资银行是亚洲投行市场的一个亮点。[/font][/color]
在
中国经济高速增长，中资银行获得丰厚利润的时期，华尔街通过承销中资银行的上市交易赚取了数以百万美元计的佣金。
现在这些投行又开始赚取丰厚佣金，但这一次是在中国金融系统面临坏账和资本基础薄弱问题之际帮助其筹集资金。
安永会计师事务所(Ernst & Young)亚太区金融服务部门合伙人普森(Keith Pogson)说，中国还在继续为投行贡献利润吗？总的来说，情况可能并不像最初希望的那样，但它还在继续给予吗？答案是肯定的。
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咨询公司麦肯锡(McKinsey & Co.)称，据估计，未来五年中资银行将需要3,200亿美元左右的额外资金，筹资方式包括发行债券、混合证券和股票。其中相当大一部分的资金将通过首次公开募股(IPO)筹集，在香港IPO的承销佣金占交易规模的1.5% 至3%。
在亚洲投行市场低迷之际，这无疑是一个亮点，据追踪上市交易的Dealogic的数据显示，今年投行在亚洲市场赚取的佣金降至2008年以来的最低水平。今年年底中资金融机构的IPO热潮推动香港交易所成为全球新股发行交易规模第二大的市场，仅次于纽约证交所。2009年至2011年期间，香港一直是全球IPO市场的领军者，这在一定程度上是受到中资银行的大规模IPO交易推动。
最新一波IPO热潮显示出中资银行的艰难处境。其中规模最大的是中国光大银行(China Everbright Bank Co.)的IPO交易，这宗交易也是香港市场今年最大的IPO。但光大银行的每股定价低于其2013年预测账面价值，这意味着投资者认为该行将遭受重大贷款损失。尽管估值偏低，但该行在上周五上市首日仍下跌2.7%。按资产规模计，光大银行是中国第11大银行。
这一估值偏低、市场反应冷淡的情况与今年规模第二大的IPO交易形成鲜明对比。这宗IPO来自通过银行的困境受益的中国信达资产管理股份有限公司(China Cinda Asset Management co.)。该公司股票受到投资者热捧，自12月初上市以来，其股价已经上涨27%。中国信达的利润来自于折价购入银行坏账然后对其进行重组。
高盛集团(Goldman Sachs Group Inc.)、美银美林(Bank of America Merrill Lynch)、瑞士信贷集团(Credit Suisse Group AG)、摩根大通(J.P. Morgan Chase & Co.)、摩根士丹利(Morgan Stanley)和瑞银(UBS AG)等西方银行，以及一些中资银行，在近期的IPO交易中担任了承销商。在光大银行的IPO中，包括瑞银、摩根士丹利和法国巴黎银行(BNP Paribas)在内的10家投行分食了约4,000万美元佣金，而在信达的IPO中，18家投行分食了6,200万美元佣金。
两家小型中资银行今年年底发行了股票，其他一些银行发售了混合型债券用于充实资本，以应对可能出现的损失加重局面。上述三家进行IPO的银行均在招股说明书中表示，发行股票旨在增加资本缓冲。
[要查看本图请先注册并登录]
本月早些时候，信达董事长侯建杭（右）在香港交易所敲锣启动该公司的上市交易。
波士顿咨询公司(Boston Consulting Group)驻香港的合伙人加德纳(Nick Gardiner)表示，银行领域显然还隐藏着许多困难因素，尤其是涉及到小型银行和地方政府融资工具。
高盛和摩根大通的管理人士们称，他们预计中资银行将进行更多筹资活动。瑞士信贷不予置评。瑞银、摩根士丹利、德意志银行(Deustche Bank)和美银美林的管理人士也不予置评。
中国下一波融资潮对于西方银行来说可能没有此前一次那样有利可图。因为在此前一轮融资潮中，中资银行渴望获得专业指导并允许西方银行入股。持有股权的投行大多参与了这些银行的IPO，不过在金融危机之后，许多西方银行出售了持股。
曾向西方银行出售股权的广发银行(Guangfa Bank)和上海银行(Bank of Shanghai)均可能在未来几个月进行IPO。由花旗集团(Citigroup)持股20%的广发银行可能寻求筹资50亿美元，该交易的承销商包括花旗集团、德意志银行和高盛。汇丰控股(HSBC)近期出售了所持上海银行股份，后者可能通过IPO筹资20亿美元。
投行承销收入可能下降的一个原因是，一些分析师预计中资银行可能选择发行优先股，进行此类股票发行需要的指导较少，投行所能赚取的佣金也较低。
华尔街和欧洲银行业面临的另一项挑战是，中资投行越来越多地参与承销且收费较低。而且，许多小型中资银行所需资本中的大部分可能在国内筹集，意味着不一定需要西方银行参与。
普华永道(PWC)中国银行和资本市场主管合伙人梁国威(Jimmy Leung)表示，西方投行这次所能获得收入不会像前一次那么抢眼了。
Wall Street made millions of dollars taking Chinese banks public during the boom years when the economy was riding high and the country's lenders were reaping big profits.
Those same investment banks are raking in fees again, but this time by helping China's financial system raise capital as it grapples with bad debts and thin capital bases.
'Is China the gift that just keeps on giving for investment banks?' asked Keith Pogson, financial-services managing partner for Asia Pacific at Ernst & Young. 'Overall, probably not as originally was hoped, but does it keep giving, yes.'
By one estimate, Chinese banks will require about $320 billion in additional capital--including from bonds, hybrids and equity issuance--over the next five years, according to consulting firm McKinsey & Co. Of that, a sizable amount could be through IPOs, which in Hong Kong pay between 1.5% and 3% of the deal's size as fees to underwriters.
That is a bright spot in an otherwise weak investment-banking market in Asia, where fees this year fell to their lowest level since 2008, according to Dealogic, which tracks deals. A rush of Chinese financial IPOs at the end of the year propelled the Hong Kong stock market to second place globally in new issues, behind the New York Stock Exchange. Hong Kong led the world in IPOs from 2009 to 2011, driven in part by huge offerings from Chinese banks.
The latest wave of offerings shows the tough situation Chinese banks are in. The biggest offering was China Everbright Bank Co., which raised $3 billion, *** it Hong Kong's top IPO of the year. But China Everbright had to sell shares below 2013 forecast book value, a sign that investors believed that it will suffer big losses on its loans. Despite the low valuation, shares of the bank, China's 11th largest by assets, fell 2.7% on its first day of trading last Friday.
The low valuation and weak reception were in contrast to the second-biggest IPO of the year, a Chinese asset-management company that stands to benefit from banks' struggles. Investors threw money at China Cinda Asset Management Co., whose shares are up 27% since its offering early in December. Cinda buys bad debt from banks at a discount and tries to restructure it and make a profit.
Western banks, including Goldman Sachs Group Inc., Bank of America Merrill Lynch, Credit Suisse Group AG, J.P. Morgan Chase & Co., Morgan Stanley and UBS AG, as well as Chinese banks, served as underwriters in the recent IPOs. For Everbright, 10 banks including UBS AG, Morgan Stanley and BNP Paribas shared almost $40 million in fees while 18 banks split $62 million on the Cinda deal.
Two smaller Chinese banks issued shares late in the year, while others sold hybrid bonds that would bolster their capital if losses got serious. The three banks that had IPOs all said in their prospectuses that they were selling shares to beef up their capital buffers.
'There are clearly a lot of hidden difficulties in the sector, especially in relation to the smaller banks and the local government financing vehicles,' said Nick Gardiner, a Hong Kong-based partner at Boston Consulting Group.
Executives at Goldman Sachs and J.P. Morgan said they expect further fundraising by China's banks. Credit Suisse Group declined to comment. Executives at UBS AG, Morgan Stanley, Deustche Bank and Bank of America Merrill Lynch declined to comment.
The next wave of capital raising from China might not be as lucrative for Western banks as the last one. Back then, Chinese banks were seeking out expertise and allowed their Western counterparts to buy stakes. Often banks holding those stakes were involved in IPOs, though since the financial crisis, many western banks have sold their stakes.
Both Guangdong-based Guangfa Bank and Bank of Shanghai have affiliations with Western banks and are expected to sell shares in the coming months. Guangfa Bank, which is 20% owned by Citigroup, may look to raise US$5 billion. Its underwriters include Citigroup, Deutsche Bank and Goldman Sachs. HSBC recently exited its stake in Bank of Shanghai, which may raise US$2 billion.
One reason for lower fees is that some analysts anticipate banks may prefer to issue preferred shares, which require less advice for issuers and generate smaller fees.
Another challenge for the Wall Street and European banks: the increasing presence of Chinese underwriters offering lower prices. And much of the capital needed for many of China's smaller banks may be raised in the country itself, meaning Western banks may have less of a role to play.
'In terms of eye-catching volume, it won't be as comparable as achieved in the past,' said Jimmy Leung, banking and capital-markets leader partner at PWC.
Enda Curran
Imaginechina/Zuma Press
[color][font]中资银行是亚洲投行市场的一个亮点。[/font][/color]
在
中国经济高速增长，中资银行获得丰厚利润的时期，华尔街通过承销中资银行的上市交易赚取了数以百万美元计的佣金。
现在这些投行又开始赚取丰厚佣金，但这一次是在中国金融系统面临坏账和资本基础薄弱问题之际帮助其筹集资金。
安永会计师事务所(Ernst & Young)亚太区金融服务部门合伙人普森(Keith Pogson)说，中国还在继续为投行贡献利润吗？总的来说，情况可能并不像最初希望的那样，但它还在继续给予吗？答案是肯定的。
[要查看本图请先注册并登录]
咨询公司麦肯锡(McKinsey & Co.)称，据估计，未来五年中资银行将需要3,200亿美元左右的额外资金，筹资方式包括发行债券、混合证券和股票。其中相当大一部分的资金将通过首次公开募股(IPO)筹集，在香港IPO的承销佣金占交易规模的1.5% 至3%。
在亚洲投行市场低迷之际，这无疑是一个亮点，据追踪上市交易的Dealogic的数据显示，今年投行在亚洲市场赚取的佣金降至2008年以来的最低水平。今年年底中资金融机构的IPO热潮推动香港交易所成为全球新股发行交易规模第二大的市场，仅次于纽约证交所。2009年至2011年期间，香港一直是全球IPO市场的领军者，这在一定程度上是受到中资银行的大规模IPO交易推动。
最新一波IPO热潮显示出中资银行的艰难处境。其中规模最大的是中国光大银行(China Everbright Bank Co.)的IPO交易，这宗交易也是香港市场今年最大的IPO。但光大银行的每股定价低于其2013年预测账面价值，这意味着投资者认为该行将遭受重大贷款损失。尽管估值偏低，但该行在上周五上市首日仍下跌2.7%。按资产规模计，光大银行是中国第11大银行。
这一估值偏低、市场反应冷淡的情况与今年规模第二大的IPO交易形成鲜明对比。这宗IPO来自通过银行的困境受益的中国信达资产管理股份有限公司(China Cinda Asset Management co.)。该公司股票受到投资者热捧，自12月初上市以来，其股价已经上涨27%。中国信达的利润来自于折价购入银行坏账然后对其进行重组。
高盛集团(Goldman Sachs Group Inc.)、美银美林(Bank of America Merrill Lynch)、瑞士信贷集团(Credit Suisse Group AG)、摩根大通(J.P. Morgan Chase & Co.)、摩根士丹利(Morgan Stanley)和瑞银(UBS AG)等西方银行，以及一些中资银行，在近期的IPO交易中担任了承销商。在光大银行的IPO中，包括瑞银、摩根士丹利和法国巴黎银行(BNP Paribas)在内的10家投行分食了约4,000万美元佣金，而在信达的IPO中，18家投行分食了6,200万美元佣金。
两家小型中资银行今年年底发行了股票，其他一些银行发售了混合型债券用于充实资本，以应对可能出现的损失加重局面。上述三家进行IPO的银行均在招股说明书中表示，发行股票旨在增加资本缓冲。
[要查看本图请先注册并登录]
本月早些时候，信达董事长侯建杭（右）在香港交易所敲锣启动该公司的上市交易。
波士顿咨询公司(Boston Consulting Group)驻香港的合伙人加德纳(Nick Gardiner)表示，银行领域显然还隐藏着许多困难因素，尤其是涉及到小型银行和地方政府融资工具。
高盛和摩根大通的管理人士们称，他们预计中资银行将进行更多筹资活动。瑞士信贷不予置评。瑞银、摩根士丹利、德意志银行(Deustche Bank)和美银美林的管理人士也不予置评。
中国下一波融资潮对于西方银行来说可能没有此前一次那样有利可图。因为在此前一轮融资潮中，中资银行渴望获得专业指导并允许西方银行入股。持有股权的投行大多参与了这些银行的IPO，不过在金融危机之后，许多西方银行出售了持股。
曾向西方银行出售股权的广发银行(Guangfa Bank)和上海银行(Bank of Shanghai)均可能在未来几个月进行IPO。由花旗集团(Citigroup)持股20%的广发银行可能寻求筹资50亿美元，该交易的承销商包括花旗集团、德意志银行和高盛。汇丰控股(HSBC)近期出售了所持上海银行股份，后者可能通过IPO筹资20亿美元。
投行承销收入可能下降的一个原因是，一些分析师预计中资银行可能选择发行优先股，进行此类股票发行需要的指导较少，投行所能赚取的佣金也较低。
华尔街和欧洲银行业面临的另一项挑战是，中资投行越来越多地参与承销且收费较低。而且，许多小型中资银行所需资本中的大部分可能在国内筹集，意味着不一定需要西方银行参与。
普华永道(PWC)中国银行和资本市场主管合伙人梁国威(Jimmy Leung)表示，西方投行这次所能获得收入不会像前一次那么抢眼了。
Wall Street made millions of dollars taking Chinese banks public during the boom years when the economy was riding high and the country's lenders were reaping big profits.
Those same investment banks are raking in fees again, but this time by helping China's financial system raise capital as it grapples with bad debts and thin capital bases.
'Is China the gift that just keeps on giving for investment banks?' asked Keith Pogson, financial-services managing partner for Asia Pacific at Ernst & Young. 'Overall, probably not as originally was hoped, but does it keep giving, yes.'
By one estimate, Chinese banks will require about $320 billion in additional capital--including from bonds, hybrids and equity issuance--over the next five years, according to consulting firm McKinsey & Co. Of that, a sizable amount could be through IPOs, which in Hong Kong pay between 1.5% and 3% of the deal's size as fees to underwriters.
That is a bright spot in an otherwise weak investment-banking market in Asia, where fees this year fell to their lowest level since 2008, according to Dealogic, which tracks deals. A rush of Chinese financial IPOs at the end of the year propelled the Hong Kong stock market to second place globally in new issues, behind the New York Stock Exchange. Hong Kong led the world in IPOs from 2009 to 2011, driven in part by huge offerings from Chinese banks.
The latest wave of offerings shows the tough situation Chinese banks are in. The biggest offering was China Everbright Bank Co., which raised $3 billion, *** it Hong Kong's top IPO of the year. But China Everbright had to sell shares below 2013 forecast book value, a sign that investors believed that it will suffer big losses on its loans. Despite the low valuation, shares of the bank, China's 11th largest by assets, fell 2.7% on its first day of trading last Friday.
The low valuation and weak reception were in contrast to the second-biggest IPO of the year, a Chinese asset-management company that stands to benefit from banks' struggles. Investors threw money at China Cinda Asset Management Co., whose shares are up 27% since its offering early in December. Cinda buys bad debt from banks at a discount and tries to restructure it and make a profit.
Western banks, including Goldman Sachs Group Inc., Bank of America Merrill Lynch, Credit Suisse Group AG, J.P. Morgan Chase & Co., Morgan Stanley and UBS AG, as well as Chinese banks, served as underwriters in the recent IPOs. For Everbright, 10 banks including UBS AG, Morgan Stanley and BNP Paribas shared almost $40 million in fees while 18 banks split $62 million on the Cinda deal.
Two smaller Chinese banks issued shares late in the year, while others sold hybrid bonds that would bolster their capital if losses got serious. The three banks that had IPOs all said in their prospectuses that they were selling shares to beef up their capital buffers.
'There are clearly a lot of hidden difficulties in the sector, especially in relation to the smaller banks and the local government financing vehicles,' said Nick Gardiner, a Hong Kong-based partner at Boston Consulting Group.
Executives at Goldman Sachs and J.P. Morgan said they expect further fundraising by China's banks. Credit Suisse Group declined to comment. Executives at UBS AG, Morgan Stanley, Deustche Bank and Bank of America Merrill Lynch declined to comment.
The next wave of capital raising from China might not be as lucrative for Western banks as the last one. Back then, Chinese banks were seeking out expertise and allowed their Western counterparts to buy stakes. Often banks holding those stakes were involved in IPOs, though since the financial crisis, many western banks have sold their stakes.
Both Guangdong-based Guangfa Bank and Bank of Shanghai have affiliations with Western banks and are expected to sell shares in the coming months. Guangfa Bank, which is 20% owned by Citigroup, may look to raise US$5 billion. Its underwriters include Citigroup, Deutsche Bank and Goldman Sachs. HSBC recently exited its stake in Bank of Shanghai, which may raise US$2 billion.
One reason for lower fees is that some analysts anticipate banks may prefer to issue preferred shares, which require less advice for issuers and generate smaller fees.
Another challenge for the Wall Street and European banks: the increasing presence of Chinese underwriters offering lower prices. And much of the capital needed for many of China's smaller banks may be raised in the country itself, meaning Western banks may have less of a role to play.
'In terms of eye-catching volume, it won't be as comparable as achieved in the past,' said Jimmy Leung, banking and capital-markets leader partner at PWC.
Enda Curran
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