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2013年经济学人 巴西百达比高盛还好?

时间:2019-12-02 07:57来源:互联网 提供网友:nan   字体: [ ]


Finance and Economics;Better Than Goldman? A Brazilian star heads to market


The announcement on March 1st that BTG Pactual plans an initial public offering (IPO) came after weeks of speculation1. André Esteves, the Brazilian investment bank's chief executive, had said before that an IPO was a matter of when, not if. A private deal in late 2010 with sovereign-wealth funds and rich families, including the Agnellis and the Rothschilds (both of whom have links with The Economist), had brought in $1.8 billion in return for 18% of the firm. But BTG has spent at least $1.5 billion on a series of takeovers in the past five months, eating up capital. The most recent deal, a cash-and-shares purchase of Celfin Capital, a Chilean brokerage, implied a valuation of $14.8 billion. The moment to list, it seemed, had arrived.

3月1日,巴西百达发表声明称公司计划进行首次公开发行(IPO)。此前数周里,人们一直在猜测百达要上市的传闻。这家巴西投行的CEO安德鲁·艾斯泰维斯曾说过,IPO并非是否要做,而是何时做的问题。百达在2010年末曾向一些主权财富基金和几个财势雄厚的家族非公开发行了18%的股份,募得18亿美元。投资者中包括了阿涅利家族和罗斯柴尔德家族(都是《经济学人》股东)。在过去的5个月里,百达展开了一系列收购活动,花费了了至少 15亿美元的资本。不久前,百达以现金加股票的方式买下了一家智利的投资经纪公司Celfin Capital,这笔交易暗示了百达的市值应该有148亿美元。上市之日看起来似乎是指日可待了。

With more cash, BTG will be able to continue its shopping spree without overstretch, applauds Ceres Lisboa of Moody's, a ratings agency. And Brazil could do with its own investment bank: global players such as UBS and Credit Suisse have been active there for some time but have pulled back because of the financial crisis. “BTG has advantages right now,” says Ms Lisboa, “because it has Brazil expertise2 and a relative lack of global exposure.”


Mr Esteves's story is not quite rags to riches but is still impressive. He joined Banco Pactual in 1989 as a systems analyst3, worked his way to the top and sold the bank to UBS in 2006 for $3.1 billion. Three years later his new fund, BTG (the initials stand for Banking4 and Trading Group but also, wags point out, Better Than Goldman), bought it back from the cash-strapped Swiss bank for $2.5 billion. The Celfin deal implies a price many times that—and, according to S?o Paulo gossip, three times the bank's book value.

艾斯泰维斯并非白手起家,但他的成长经历仍然令人印象深刻。他在1989年加入Banco Pactual银行,成为一名计算机系统分析员,尔后一路升迁至公司最高层。2006年,他作价31亿美元将银行卖给了瑞银集团。三年后,他新成立的基金公司BTG(Banking and Trading Group的首字母缩写,但也有人打趣说是Better Than Goldman的简称)又以25亿美元的对价将Banco Pactual从当时急缺资金的瑞银集团手中买了回来。圣保罗路边社传言,对Celfin的收购交易意味着百达的市净率高达3倍。

Talk of such multiples makes level-headed types nervous. Three times the value of assets minus liabilities is what Goldman Sachs listed at in 1999; it now trades below book value. Itaú Unibanco, Brazil's biggest private bank, trades at a bit over twice book value; BTG's return on equity5 is little more than at Itaú, although, at 25%, it is still eye-wateringly high by rich-world standards. But the bank is neither dragged down by the rich world's slump6 nor attached, like its local rivals, to a big, staid retail7 arm, says Oliver Leyland of Mirae Asset Global Investments. “These guys have sold hundreds of deals; I'm sure they can sell themselves.”


The prospectus8, when it appears, will be scrutinised not only for growth prospects9 and strategy—some of the cash is expected to be spent in Asia to capitalise on links between that region and Latin America—but also for reassurances10 regarding minority rights. BTG plans to offer non-voting shares as well as voting ones, a route few Brazilian firms have taken in recent years. The partners clearly have an eye to future offerings (it is expected to sell 10% of its shares this time) and the importance of maintaining control, says Ricardo Almeida of Insper, a S?o Paulo business school.


BTG's listing will also be watched for signs of a revival11 in Brazil's moribund12 IPO market. In 2006 and 2007 companies listed at frothy prices almost weekly, but the most recent IPO was last July, since when a dozen or so planned deals have been postponed13 or dropped as risk-averse foreign buyers hang on to cash and sellers hold out for higher prices. The sense of urgency is now palpable, says Paulo Sergio Dortas of Ernst & Young, an accounting14 firm: companies know they cannot keep growing without cash. At least 40 are thought to be ready to list if the mood changes. Few will have a story to match BTG's—and as Brazil's biggest dealmaker, it will stand ready to profit when they finally do follow suit.



1 speculation 9vGwe     
  • Her mind is occupied with speculation.她的头脑忙于思考。
  • There is widespread speculation that he is going to resign.人们普遍推测他要辞职。
2 expertise fmTx0     
  • We were amazed at his expertise on the ski slopes.他斜坡滑雪的技能使我们赞叹不已。
  • You really have the technical expertise in a new breakthrough.让你真正在专业技术上有一个全新的突破。
3 analyst gw7zn     
  • What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务?
  • The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。
4 banking aySz20     
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
5 equity ji8zp     
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值,墨菲必须出售或者重新融资。
6 slump 4E8zU     
  • She is in a slump in her career.她处在事业的低谷。
  • Economists are forecasting a slump.经济学家们预言将发生经济衰退。
7 retail VWoxC     
  • In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
  • These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。
8 prospectus e0Hzm     
  • An order form was included with the prospectus.订单附在说明书上。
  • The prospectus is the most important instrument of legal document.招股说明书是上市公司信息披露制度最重要法律文件。
9 prospects fkVzpY     
  • There is a mood of pessimism in the company about future job prospects. 公司中有一种对工作前景悲观的情绪。
  • They are less sanguine about the company's long-term prospects. 他们对公司的远景不那么乐观。
10 reassurances dbcc40319f9da62b0b507bc61f8f35ac     
n.消除恐惧或疑虑( reassurance的名词复数 );恢复信心;使人消除恐惧或疑虑的事物;使人恢复信心的事物
  • We have had some reassurances from the council that the building will be saved. 理事会保证会保留那座建筑,这使我们得到了些许安慰。 来自《简明英汉词典》
  • Everybody's reassurances have encouraged me. 大家的勉励鼓舞了我。 来自辞典例句
11 revival UWixU     
  • The period saw a great revival in the wine trade.这一时期葡萄酒业出现了很大的复苏。
  • He claimed the housing market was showing signs of a revival.他指出房地产市场正出现复苏的迹象。
12 moribund B6hz3     
  • The moribund Post Office Advisory Board was replaced.这个不起作用的邮局顾问委员会已被替换。
  • Imperialism is monopolistic,parasitic and moribund capitalism.帝国主义是垄断的、寄生的、垂死的资本主义。
13 postponed 9dc016075e0da542aaa70e9f01bf4ab1     
vt.& vi.延期,缓办,(使)延迟vt.把…放在次要地位;[语]把…放在后面(或句尾)vi.(疟疾等)延缓发作(或复发)
  • The trial was postponed indefinitely. 审讯无限期延迟。
  • The game has already been postponed three times. 这场比赛已经三度延期了。
14 accounting nzSzsY     
  • A job fell vacant in the accounting department.财会部出现了一个空缺。
  • There's an accounting error in this entry.这笔账目里有差错。
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