But block trade margins are often slim at best and, if the purchasing price is misjudged, banks vying for extra business can be left with millions of dollars in losses when the shares fall below the discount price offered at the initial auction.
然而大宗交易的利润率在最好的情况下也往往相当微薄,而如果误判收购价格,当股价跌至最初拍卖时的折扣价以下时,争夺这些额外业务的银行将不得不面对数百万美元的亏损。
“Competition is very tough these days, and there seem to be more examples of banks getting their fingers burnt by pushing a little bit too hard with their initial pricing on block trades, says a senior equity capital market banker at one of the top 10 banks.
一位资深ECM银行家表示:“如今竞争非常激烈,在大宗交易中因初始竞价过于冒进而自食其果的银行似乎更多了。这位银行家就职的银行位居排行榜前十之列。
Most recently, HSBC two weeks ago was left holding a more than €410m block of shares in Amadeus, a Spanish travel IT group, after it failed to attract enough investors to buy stock it was selling on behalf of Deutsche Lufthansa and Air France-KLM.
最近的例子是,两周前汇丰(HSBC)代表德国汉莎航空公司(Deutsche Lufthansa)和法荷航空(Air France-KLM)出售西班牙旅游信息技术集团Amadeus的股份,但由于未能吸引足够的投资者购买,价值4.10亿欧元的股份砸在了自己的手里。
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