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Brics raise $6.7bn amid demand for EM
assets
Brazil，Russia，India and China have issued a record amount of equity since
the start of the year，as the so-called ①Bric countries have rushed to take
advantage of increased appetite for emerging market assets.
The Brics have
raised $6.7bn in 26 ②initial public offerings so far this year，the highest
amount ever for the month of January，according to Thomson Reuters.
The
biggest single offering was the $2.2bn listing of Rusal，the Russian aluminum
giant controlled by ③oligarch Oleg Deripaska.
However，shares in Rusal
④plunged 10.6 per cent on Wednesday in its first day of trading in Hong
Kong，making the company the 10th-worst performing debut on the Hong Kong
exchange since 2008，according to Dealogic.
At least 140 Bric offerings are
in the pipeline for 2010，with a collective value of more $29bn，Thomson Reuters
said.
This surpasses expected issuances this year of $21.6bn from the US
and $15.4bn from western Europe. While Bric listings have accounted for more
than three-quarters of the total number of IPOs this year，they could be prone to
headwinds in a more ⑤volatile second half should governments ratchet up monetary
tightening as expected.
“Bric companies will be looking to take advantage
of any window in the first half of the year，in the event the second half of the
year is rockier，”said Nick Chamie，global head of emerging markets at RBC Capital
Markets.
Mr Chamie said the fate of Rusal would not be a“major
deterrent”for potential Bric investors，in spite of the“deterioration of the
global environment for risk appetite”during the past couple of weeks following
concerns over ⑥European sovereigns，US bank regulations and monetary tightening
in China.
Allan Conway，head of emerging market equities at
Schroders，said：“We are going through a little short-term turbulence but the
outlook for this year remains very positive.”
He added：“If you start
getting a preponderance of companies coming out with paper that is clearly
mispriced or in other ways distinctly unappealing，then absolutely it will spoil
the market. But so far at least these companies are the exception.”
In
addition to Rusal，⑦three other Russian conglomerates are considering foreign
listings that could take place within the first half of this
year.
Metalloinvest，Russia’s biggest iron ore miner，recently resurrected
plans for a London listing，as did Russia’s biggest coal producer Suek and media
group ProfMedia.
譯文梗概
金磚四國掀IPO熱潮
隨著所謂的金磚四國(Bric)紛紛利用投資者對新興市場資產興趣增強的機會，巴西、俄羅斯、印度和中國今年以來的股票發行量已達創紀錄水平。
湯森路透(Thomson
Reuters)的數據顯示，今年以來，金磚四國已通過26宗首次公開發行(IPO)融資67億美元，創下歷史上1月份融資額的最高紀錄。
湯森路透表示，至少有140家金磚四國公司準備在2010年上市，預計籌資總額超過290億美元。
加拿大皇家銀行資本市場分析(RBC
Capital Markets)新興市場全球主管尼克·查米(Nick
Chamie)表示：“金磚四國公司會努力抓住上半年的一切機遇，以防下半年會更加艱難。”
查米表示，盡管對歐洲主權債務、美國銀行監管以及中國貨幣政策收緊的擔憂，導致過去幾周“全球風險偏好狀況惡化”，但俄鋁的命運不會對潛在的金磚四國投資者構成“嚴重威懾”。
(文章來源：FT中文網)
點評
①Bric countries，金磚四國。
②Initial Public
Offering縮寫為IPO，首次公開募股，指一家公司首次向公眾發行股票籌措資金，令公司成為股票在交易所掛牌買賣的上市公司，英文亦稱為flotation或going
public。發行者通常通過承銷商向公眾出售股票。
③oligarch，意為“寡頭政治執政者”，操控企業時帶有壟斷性。
④plunge，意為“to
move forward and downward
violently”，常用來表示股票價格大幅殺跌。
⑤volatile意為“揮發性的”，用在經濟學術語中是指“有波動性的”，與下文中的turbulence同義。
⑥European
sovereigns在此應為European sovereigns debts的省略，即歐洲主權債務。
⑦three other Russian
conglomerates，“另外三家俄羅斯企業集團”，注意結構的不同：“基數詞+other+名詞”；“another+基數詞+名詞”。
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