Wednesday, October 10, 2012

主動做被動


政府的語文表演,相信大家都大感新鮮,像國民教育科擱置課程指引,但又並非撤銷,改由學校決定,那麼政府旗下官校等會否有開科的壓力?

資本市場同樣出現語文解讀各不同的場面,像於8月16日才沽太古地產(1972)股份的太古(019)母公司太古集團話,與包括滙豐、中銀國際和摩根士丹利的經辦人同意,在沽貨後90天內,不出售所持餘下太古地產股份,按時間計,即最快於11月中才可再售股。

怎知於本月4日,太古集團便再沽太古地產餘下股份,簡直快過打針,當然與「禁售期」仍有一段距離,但能夠提早賣股套現,原來是經辦人同意。

對不起,所謂「禁售期」並非向首批接貨的投資者交代,即使太古集團於短時間內再拋貨,也無可奈何。

唯一可慶幸的是,首批接貨價為每股21.53元,與昨日收市價22.85元比較,帳面仍賺6.1%,但若果股價回落又可怪誰呢?

其實,銀行生意難做,顧不得這個所謂「禁售期」的道德責任。

同投資賓架朋友談起,他也嘆近來十分忙碌,畢竟踏入籌集資金旺季,近期生意的確多了,但競爭認真大,甚至有些銀行為了搶得一張凳仔坐,竟變出新花樣。

佢話,以中信泰富(267)計劃發行票據為例,本來單交易由德意志銀行和瑞士銀行擔任聯席全球協調人,但佢話,或許中信泰富與滙豐和渣打銀行本身也有業務往來關係,所以在這宗集資中,滙豐和渣打也可分一杯羹,擔任簿記行。

不過,這4間銀行在交易中出現的英文名稱相當趣怪,德銀和瑞銀被稱為「Active Bookrunner」,而大笨象同渣打則名為「Passive Bookrunner」,即主動和被動之別,堪稱前所未見,莫非有銀行「主動」要求參與做「被動」?

說穿了,是關乎名份的問題,原來Bookrunner旗下再協助找客的稱作「Manager」,但若果能夠冠以「Bookrunner」的話,則可在企業集資的排名榜上有所紀錄,排名愈高,代表集資能力愈強,對銀行自然有好處。

況且中信泰富單「刁」亦易吸客,畢竟指標年息為7.125厘,在這個低息環境中,回報已算和味,即使該集團的澳洲鐵礦項目投產日期一再延遲,但過去炒澳元事件已明顯有「阿爺」照顧,即使再發生問題,也可憧憬獲阿爺出手拯救,可放心押注,故引來大批認購。據聞有近70億美元(約546億港元)認購,與目標的500球美金,即約5億美元(約39億港元)超額13倍,要加碼發行額至7.5億美元(約58.5億港元),相信銀行可飲得杯落。

(10月10日刊於《am730》)

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