大摩最後時刻搶得平安配股承銷權

Morgan Stanley is being credited with the most audacious “deal steal” seen in years by Hong Kong bankers after its last-minute snaffling of a $4.7bn placement Goldman Sachs and Credit Suisse thought they had sewn up.

摩根士丹利(Morgan Stanley)上演了香港投行業多年來最大膽的一次交易“搶斷”。它在最後一刻，從高盛(Goldman Sachs)和瑞信(Credit Suisse)手中，搶走了後者認爲已勝券在握的一筆47億美元股票增發交易。

The snatched mandate catapulted Morgan Stanley to the top of Asian league tables this week, giving it sole credit for the private placement of shares in Ping An, while demoting Goldman and Credit Suisse to mere financial advisers.

摩根士丹利得以獨家承銷平安保險(Ping An)的股票增發，使得它在本週一舉坐上了亞洲承銷業務排行榜榜首。高盛和瑞信則淪爲此案中的區區財務顧問。

By late Sunday morning Goldman and Credit Suisse bankers thought the deal was in the bag. Ping An had provisionally approved their selection of investors, a stage in the process one source described as “being at the altar and taking the ring out of your pocket”.

在接近週日中午時，高盛和瑞信的銀行家還認爲，該交易已落入他們囊中。平安曾臨時批准了他們選定的投資者名單，一名知情人士表示增發已到了“站在聖壇前，從口袋裏往外掏戒指”的階段。

But by early afternoon they were told a rival list compiled by Morgan Stanley had won the deal. That list reportedly includes Jack Ma and Pony Ma, founders of China’s tech giants Alibaba and Tencent, and the deal was priced more keenly than Goldman and Credit Suisse’s original proposal.

但週日午後不久，這兩家銀行獲知，一份由摩根士丹利選定的投資者名單最終贏得了該交易。據報道，這份名單包括中國科技巨頭阿里巴巴(Alibaba)和騰訊(Tencent)的創始人馬雲和馬化騰，且股票定價優於高盛和瑞信的初始建議。

The deal catapulted Morgan Stanley from third to first in the equity capital markets league tables compiled by Dealogic, with credit for $16.2bn of transactions in Asia excluding Japan this year. Goldman, JPMorgan and Credit Suisse follow with $14.1bn, $11.8bn and $11.5bn respectively.

贏得這份交易後，摩根士丹利今年在除日本之外亞洲市場的交易承銷金額達到162億美元，在Dealogic編撰的股權資本市場承銷排行榜上由第三名躍升至第一名。高盛、摩根大通(JPMorgan)和瑞信分別以141億美元、118億美元和115億美元排在第二、第三和第四名。