China’s $26bn trainmaker merger last week boosted Bank of America Merrill Lynch from third to first in Asia’s 2014 dealmaking rankings, highlighting the importance of state-owned enterprises for banks’ league table credit.
上周，中国宣布了一笔260亿美元的机车制造商合并案，使得美银美林(Bank of America Merrill Lynch)在2014年亚洲交易撮合排行榜上由第三名升至第一名，凸显了国企对投行在排行榜上位置的重要性。
The region’s biggest three deals last year were all the product of SoE reforms — a movement that has triggered bruising battles between banks and league table compilers over how much credit each adviser deserves.
去年亚洲三笔最大交易都是国企(SoE)改革的产物。在这一背景下，投行与排行榜编制机构之间在每家顾问应计入多少撮合金额的问题上发生激烈争执。Asian dealmaking reached a record $651bn in 2014, up a fifth on the previous year and led by China. But bank fees are unlikely to have kept issue is whether such deals, directed by the state, involve the sort of strategic advice involved in western dealmaking — and thus deserve similar credit.
2014年，在中国相关交易的带动下，亚洲地区交易撮合金额达到创纪录的6510亿美元，同比增长五分之一。但投行佣金不大可能同步增长。问题在于，这类政府指令的交易，是否需要西方交易撮合中的那种战略建议——并由此计入类似的贡献。
Providing the idea or otherwise broking a deal generates far more in fees than arranging such nuts and bolts as shareholder approval or ironing out legal issues.
提供思路或以其它方式撮合交易所赚取的佣金，比安排股东批准或化解法律问题等具体细节所赚佣金要多得多。“It is not like you’re at the table negotiating. There’s no part in these where someone says ‘I think this is the price’ and someone else disagrees,” said one senior M&A banker of SoE deals.
“这不像你坐在谈判桌前谈判。有人说，‘我认为这个价格合适’，而另一方不同意，交易过程中没有这种情形，”一名参与了国企交易的高级并购银行家表示。BofA advised CSR, alongside China’s CICC, in its purchase of fellow SoE trainmaker CNR. The $15.6bn of credit each bank got for the deal — the value of CNR, according to Dealogic — vaulted BofA past Citigroupand Goldman Sachs, formerly first and second.
在中国南车(CSR)收购其同行、国有机车制造商中国北车(CNR)的交易中，美银和中国的中金公司(CICC)一起提供了咨询服务。美银和中金公司各自被计入156亿美元的撮合金额（Dealogic数据显示，这正是中国北车的价值），使得美银一举超过了先前分别位居第一和第二的花旗集团(Citigroup)和高盛(Goldman Sachs)。One banker involved in the train deal, however, said it was in fact more complex than many SoE deals since it required agreement by four sets of shareholders as both groups are dual-listed in Shanghai and Hong Kong.
然而，一名参与南北车合并的银行家表示，该交易事实上比许多国企合并案更复杂，这是因为，这两家公司均同时在上海和香港两地上市，合并必须获得四群股东的同意。“It was agreed by the Chinese government that’s true. But how exactly to merge — to balance shareholders, to get regulatory agreement — that was still a big issue to sort out,” he said.
他说，“中国政府已同意南北车合并是没错。但具体如何合并（平衡股东利益和取得监管机构同意），仍是一个有待解决的大问题。”More SoE deals are expected this year as Beijing’s push for reform gathers pace — part of its efforts to improve the performance of its sprawling corporate empire, which has long lagged the returns produced by the private sector.
随着北京方面加快推进国企改革计划，今年预计将发生更多的国企相关交易。这是中国政府提高其不断膨胀的企业帝国业绩的努力的一部分——长期以来，中国国企的回报一直低于民营行业。The CSR-CNR deal was the second-biggest in Asia last year, by Dealogic’s rankings, behind Sinopec’s $17.4bn partial spin-off of its retail arm and just ahead of Citic’s $15.6bn reverse merger — which involved the injection of $37bn of state-owned assets into the group’s listed Hong Kong subsidiary.
在Dealogic的排行榜上，南北车合并是去年亚洲规模第二大的交易，排在174亿美元的中石化(Sinopec)部分剥离其零售部门之后，略高于156亿美元的中信(Citic)的反向收购——该集团将370亿美元国有资产注入了其香港上市子公司。UBS advised CNR alongside Somerley Capital, an independent mid-market Hong Kong adviser, and Great Wall Securities.
瑞银(UBS)跟香港一家独立的中间市场顾问公司Somerley Capital以及长城证券(Great Wall Securities)一道向中国北车提供了咨询服务。Dealogic’s tables now give BofA credit for work on deals worth $81bn, Citi for $78bn and Goldman for $68bn in Asia excluding Japan. Add in Australia, where Goldman is particularly strong, and BofA moves to second from third with $92bn, behind Goldman with $110bn but pushing ahead of Citi with $87bn.
在Dealogic除日本外亚洲市场交易排行榜上，目前美银的撮合金额为810亿美元，花旗为780亿美元，高盛为680亿美元。如果加上高盛业绩尤其强劲的澳大利亚，则美银以920亿美元变为第二名，落后于撮合金额达1100亿美元的高盛，但领先于撮合金额为870亿美元的花旗。