酷兔英语

投行家和投资者们说,仅凭美联储(Federal Reserve)缩减货币刺激计划、叙利亚的乱局以及美国债务上限论战,是遏制不住今秋首次公开募股(IPO)潮的全面爆发的。IPO市场有望经历金融危机以来最繁忙的一年。投资者的证据包括,现金大量涌入股票共同基金,以及在很多人看来相对年度利润预期而言合理的估值。


It will take more than Federal Reserve plans to pare back monetary stimulus, turmoil in Syria or the U.S. debt-ceiling debate to curb a full fall slate of initial public offerings, bankers and investors say.


本周,矿盐及矿物开采公司OCI Resources LP举行了路演,为规模1亿美元的IPO造势。该公司开采的矿物用于建筑和汽车生产。其他计划进行IPO的公司包括在线教科书租赁公司Chegg Inc.、房地产经纪公司RE/MAX Holdings Inc.和广告及科技公司Rocket Fuel Inc.。


The IPO market is on track for its busiest year since the financial crisis. Investors point to a flood of cash into stock mutual funds and what many view as reasonable valuations relative to annual profit expectations.


此外,交易员们预计已上市公司将出现一股稳定的增发潮,比如LinkedIn Corp.周三规模10亿美元的增发,化学品生产商LyondellBasell Industries NV规模11亿美元的股票发售。


This week, OCI Resources LP, a miner of salts and minerals used in construction and auto production, launched a road show to shop its $100 million IPO. Other companies in the pipeline include online textbook-rental business Chegg Inc., real-estate brokerage RE/MAX Holdings Inc. and advertising-technology firm Rocket Fuel Inc.


一系列成功的股票发行可能将意味着,在经济增长不均、金融市场动荡之际,投资者对股票的需求依然强劲。尽管美国国债交易损失惨重,新兴市场股票遭大量抛售,但标普500指数距离今年早些时候创下的历史新高只差不到5%。


In addition, traders expect a steady stream of new share sales from public companies, such as Wednesday's $1 billion follow-on offering from LinkedIn Corp. and the sale of a $1.1 billion block of stock in chemical maker LyondellBasell Industries NV.


Turner Investments高级投资组合经理巴吉尼(Chris Baggini)说,在IPO市场出现停顿之前,将必须经历更深程度的调整。该公司管理着100亿美元的资金。


A series of successful offerings would indicate investor demand for stocks remains robust amid uneven economic growth and nervousfinancial markets. The S&P 500 is within 5% of its all-time high set earlier this year, despite whipsaw trading in U.S. Treasury securities and a sharp selloff in emerging markets.


由于去年颁布的规定使年营收不足10亿美元的公司能够以保密的方式提交初步IPO申请,这样就比过去更难以评估计划中的IPO规模。但2013年有望成为2007年以来最忙碌的一年。年初至8月底,有134家公司已经在美国上市,较2012年同期增加了37%。


'We'd have to have a deeper correction before we'd see a pause in the IPO market,' said Chris Baggini, senior portfolio manager at Turner Investments, which manages $10 billion.


巴吉尼说,很多刚刚上市的公司规模都相对较小,这些业务上升迅速的公司并不会受到中东紧张局势等宏观事件的太大影响。他上个月就在这样一家公司IPO时买进了该公司的股票。这家公司是活动策划软件生产商Cvent Inc.。


Due to rules enacted last year that enable companies with less than $1 billion in annualrevenue to file initial IPO paperwork confidentially, it is harder than in the past to gauge the size of the IPO pipeline. But 2013 is on track to the busiest year since 2007. Through August, 134 companies had gone public in the U.S., up 37% from this point in 2012.


Manulife Asset Management高级投资组合经理科尔(Daniel Cole)说,IPO市场正处于一个甜蜜的时点,新股估值尚未过热,但市场涨幅足以吸引非上市公司进入。他管理着约4亿美元。他说,美联储已经明显流露出削减刺激计划的想法,如果9月18日在两天的政策会议后公布此事,市场不应该感到不安。他说,有关削减刺激的大部分担忧已经被消化了。


Many of the companies coming to market have been relatively small, fast-rising businesses that aren't strongly influenced by so-called macro events such as Middle East tension, Mr. Baggini said. He bought shares of one such company, event-planning software maker Cvent Inc., in its IPO last month.


据理柏(Lipper)提供的初步数据显示,今年8月1日至28日,投资者向美国股票共同基金 投入108亿美元新资金。


Daniel Cole, who oversees about $400 million as a senior portfolio manager at Manulife Asset Management, says the IPO market is in a sweet spot where valuations on new stocks haven't become overheated but the market is up enough to attract private companies looking to cash in. He said a Fed stimulusreduction has been so well telegraphed that the announcement after a two-day policy-setting meeting on Sept. 18 shouldn't spook the market. 'A lot of this anxiety over tapering is already digested,' he said.


据Dealogic的数据,截至周三,今年上市的公司股价较上市发行价平均涨了27%。这个涨幅高于标普500指数今年以来16%的涨幅。


Investors added $10.8 billion in net new cash to U.S. stock-focused mutual funds in August through the 28th, according to preliminary figures from Lipper.


德意志银行(Deutsche Bank AG)科技股权资本市场负责人图比亚森(Ted Tobiason)说,Facebook Inc.和Groupon Inc.等一些知名公司的IPO最初表现不佳,但现在股价上涨,开始吸引更多的科技公司上市。


Companies that went public this year are up 27% on average since their debuts, as of Wednesday, according to Dealogic. That is better than the 16% advance in the S&P 500 year-to-date.


当然,交易员们说,如果叙利亚局势失控,或是美联储削减刺激的力度比预期的要大,IPO形势可能会出现变化。


Ted Tobiason, head of technology equity capital markets at Deutsche Bank AG, said improving share performance among some prominent, initially poor-performing technology IPOs such as Facebook Inc. and Groupon Inc. are beginning to draw more tech deals to market.


Matt Jarzemsky / Telis Demos