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海航减持德银股份
HNA cuts stake in Deutsche Bank

来源:FT中文网    2018-02-11 07:21



        China’s HNA Group has cut its stake in Deutsche Bank, with a regulatory filing showing that the cash-strapped conglomerate has lent some of its shares in the German lender to raise funding.        中国的海航集团(HNA Group)已削减其在德意志银行(Deutsche Bank)的股份,同时监管申报文件显示,这家资金紧张的企业集团为筹集资金,已经出借一部分德银股票。
        HNA Group said in the filing on Friday that its share of voting rights in the German bank had fallen from 9.9 to 9.2 per cent. While this holding still makes the airline-to-finance conglomerate Deutsche Bank’s largest shareholder on paper, the filing said that HNA had lent 4.9 per cent of its stake in the bank, while retaining a right to recall the stock.        海航集团在周五提交的申报文件中表示,其在德银的投票权份额已从9.9%降至9.2%。虽然这一持股在纸面上仍意味着这家业务涵盖航空公司和金融的企业集团是德银的最大股东,但申报文件称,海航已出借其在该行所持的4.9%股份,同时保留收回这批股票的权利。
        HNA has shown increasing signs of liquidity problems in recent months and has this year looked to sell or raise financing against assets, putting its $40bn debt-fuelled buying spree over the previous three years into reverse.        最近几个月,海航日益显示出遭遇流动性问题的迹象,今年已开始寻求出售资产或通过抵押资产融资,逆转了过去三年以债务助燃的400亿美元收购狂欢。
        HNA Group holds its stake in Deutsche Bank through C-Quadrat, an Austrian asset management firm, and a spokesman for the firm said that the Chinese conglomerate “will continue to be a significant investor in Deutsche Bank”.        海航集团通过奥地利资产管理公司C-Quadrat持有其在德银所持股份。C-Quadrat的发言人表示,这家中国企业集团“将继续是德意志银行的重要投资者”。
        “In connection with the implementation of a long-term-oriented financing structure of the Deutsche Bank shareholding, it is possible that voting right thresholds will be temporarily crossed — with corresponding voting rights announcements — due to changes in direct holdings and financial instruments,” the C-Quadrat spokesman added.        “与实施这笔德意志银行持股的长期融资结构有关,由于直接持有和金融工具的变化,投票权门槛可能被暂时跨越,届时会有相应的投票权公告,”C-Quadrat发言人补充说。
        HNA built up the stake in Deutsche Bank at the start of 2017, attracting attention for the complexity of financing it used to acquire such a large stake in one of Europe’s most prominent banks. The heavily indebted Chinese group financed the stake through a combination of margin loans and so-called “funded equity collars” — another form of stock-based lending that uses derivatives.        海航在2017年初积累德银股份,吸引人们关注其获取欧洲最知名银行之一大量股权所用融资的复杂性。为了筹资买入德银股票,这家负债累累的中资集团结合使用保证金贷款和所谓“股权领口”(另一种基于股票的贷款,使用衍生品)。
        UBS put in place the equity collar and, alongside ICBC Standard Bank, provided the margin loan. The two banks restructured this position in December, increasing the size of the equity collar and reducing the size of the margin loan.        瑞银(UBS)安排了“股权领口”,并与工行标准银行(ICBC Standard Bank)一起提供了保证金贷款。这两家银行在去年12月重组了这一头寸,增加了股权领口的规模,缩小了保证金贷款的规模。
        Deutsche Bank’s share price has tumbled more than 20 per cent so far this year, raising concerns among some analysts that HNA could breach a margin trigger on its financing. One banker, who was not involved in the financing, said they did not think this had occurred.        今年以来,德银股价累计下跌逾20%,引发一些分析师担忧海航的融资可能触发保证金追缴。未参与海航融资的一名银行家表示,其不认为这已经发生。
        “If that happened you would expect them to disclose a partial unwind of that [margin loan and collar] position, but they haven’t disclosed that,” the banker said.        “如果发生那种情况,你会预期他们披露保证金贷款和领口的部分解除,但他们没有披露,”这位银行家说。
        HNA has raised similar financing against other listed stakes, announcing in December that it had increased a collar facility on Dufry, the Swiss duty-free retailer, to cover its full 20.9 per cent stake.        海航已针对其在其他上市公司所持股份筹集类似融资,于去年12月宣布增加其在瑞士免税零售商Dufry的领口安排,以覆盖其全部20.9%股权。
        Elliott built up a 5.6 per cent stake in Dufry as a result of this collar, which was provided by JPMorgan, with the hedge fund taking advantage of HNA’s liquidity squeeze.        由摩根大通(JPMorgan)提供的这一领口意味着,对冲基金Elliott利用海航的流动性紧张,获得了Dufry 5.6%的股份。
        Dufry’s share price rallied more than 14 per cent in the month after the trade and Elliott disclosed at the start of February that it has now sold the majority of its stake.        在交易完成后的一个月内,Dufry股价上涨14%以上,Elliott在2月初披露,它已经出售了大部分股份。
                
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