主题:国投买Morgan Stanley了 -- 楚客
继UBS和Citi后,又一个华尔街大块头卖肉了。
外链出处又是10%,不过这回是正牌老牛肉了,比上次啃得牙疼的黑石头强点吧。
这些金融机构这一阵子手头紧啊,缺的就是现钱。现在还有一身胖肉可以割了卖。再过一阵子恐怕只能剔骨头了。
新闻刚爆出来的时候WSJ引了这段,最终的版本又莫了,有啥讲究呢?
因为没有达到10%,所以无需经过美国财政部下属外国投资委员会的审批。
摩根士丹利目前第一大股东为State Street公司,持股13.2%;第二大股东为巴克莱全球资本,持股4.54%。
呵呵……
1、买早了
2、搞不好是比政治交易
新闻里面只是说“可转换股权单位”
Mandatory convertible securities we are issuing to CIC targeted yield of 9% and the after-tax profit approximately 7% because significant portion of the yield is tax deductible. Therefore, the after-tax yield of these equity securities is only 4.75% over our common dividend yield.
In return for this excess yield of these equity securities, we retain the first 20% depreciation of our stock price. We believe that the combination of paying less than 5% annual excess yield probably two years and seven months, the return for 20% premium is attractive to our shareholders. The 20% premium will be set above a reference price to be determined shortly.
The number of shares the mandatory convertible securities will convert into is based on our stock price of conversion. A higher future stock price lowers the cost of the equity capital because the number of shares issued at conversion declines.
Given this feature and the tax deductibility of the yield on the combination of regulatory capital eligibility and high equity trading from the rating agencies, we believe this is an attractive security to add to our capital base, as we pursue growth and revenue opportunities in 2008 and beyond.
政治交易,也有可能。不过商业行为意味更大。现在美国的确现金缺口大。
看来缺钱的不光是华尔街啊。
尤其是在四大行改制时期发挥了不少作用,只是后来被美林赶上,难说这里面的细节会是什么。金融没有点内幕恐怕就不是金融了。