Английский язык. Практический курс для решения бизнес-задач
Шрифт:
Mechel is one of Russia’s leading mining and metals companies. It produces coking coal in Russia, with a 12% market share in 2004. It is Russia’s largest exporter of coking coal concentrate. It is the largest and most comprehensive producer of specialty steels and alloys in Russia, producing 39% of total Russian specialty steel output. In the first quarter of 2005, almost 90% of Mechel’s net income came from mining. The major shareholders of the company are its founders Igor Zyuzin, Chairman of the Board, and Vladimir Iorich, CEO. J.P. Morgan Investment holds 1.62% of the company.
Source: Russia IPO’s Pioneers, www.pbnco.com
Exercise 5. Translate into English.
ОАО
Неослабевающий спрос на акции компании ОАО «НОВАТЕК» показал, что иностранные инвесторы не так сильно обеспокоены упущениями российского правительства в секторе природных ресурсов, как утверждали западные СМИ после «дела ЮКОСа».
Владельцы «НОВАТЭКа» продали 17,3% обыкновенных акций компании на Лондонской фондовой бирже по цене $ 16,75 за каждую GDR – максимальной цене в рамках ожидаемого диапазона. В первый день размещения на момент закрытия торгов акции «НОВАТЭКа» стоили $ 19, что на 13% выше цены предложения. Огромный спрос позволил UBS AG и Morgan Stanley, выступившим международными консультантами размещения, реализовать свой опцион на продажу дополнительного 1,7% акций, что в итоге увеличило объем привлеченных средств в рамках IPO до $ 966 млн, а количество размещенных акций – до 19%. Подписка более чем в 12 раз превысила первоначально запланированную сумму предложения, а стоимость компании в результате составила почти $ 5,5 млрд.
IPO ОАО «НОВАТЭК» является на данный момент вторым по величине IPO российской компании после IPO АФК «Система» в объеме $ 1,56 млрд, проведенного в феврале этого года. Несмотря на некоторые опасения инвесторов, вызванные отношением компании с ОАО «Газпром», IPO «НОВАТЭКа» прошло успешно. Это объясняется главным образом привлекательностью компании для широкого круга инвесторов, ищущих выход на самый крупный в мире рынок газа. Согласно проспекту IPO ОАО «НОВАТЭК», привлеченный капитал будет использоваться для погашения долга, возникшего в процессе консолидации компании в конце 2004 г.
Ключевые данные
Дата IPO – 21 июля 2005 г.
Фондовая биржа – LSE
Андеррайтеры
Лид-менеджеры – Morgan Stanley, UBS AG, CSFB
Соменеджеры – «Тройка Диалог», Alfa Capital Markets, Внешэкономбанк
Форма предложения акций – GDR (каждая представляет 0,01 акции)
Количество размещенных акций – 52,44 млн
Компанией – 0
Существующими акционерами – 52,44 млн
Количество акций, включенных в опцион на сверхраспределенную долю, – 5,25 млн
Доля размещенных акций в уставном капитале – 19%
Заявленный ценовой коридор – $ 14,75—16,75
Цена размещения – 16,75 долл. США
Суммарный привлеченный капитал – $ 966 млн
Цели привлечения средств – реструктуризация долга
«Спрос на эту сделку с точки зрения объема и качества был одним из лучших за последние два года», – cказал Хенрик Гобель, глава европейского фондового синдиката Morgan Stanley.
Bloomberg, 21 июля 2005 г.
Источник: Russia IPO’s Pioneers, www.pbnco.com
Lesson 32
Commodity Trading
Read and translate the text and learn terms from the Essential Vocabulary.
The 10 Commandments of Successful Commodity Trading
I’ve been trading for myself and for others going on 20 years. In all my years trading and watching others trade, studying the markets and listening to all the different «gurus of the moment», I have come to find a few simple truths. In no way am I suggesting that these are all the truths or that there is any monopoly on truth, especially in trading. Nevertheless, if one is in this game long enough one starts to notice things. One of those things is that a lot of systems and approaches to commodity trading work a lot of the time, and another is, from time to time, some work exceedingly well.
So why do so many people lose money trading in the markets while others consistently make hundreds of thousands – even millions of dollars each year? It is my contention that for most of us it boils down to a few simple sins. Sins that a lot of people trading in the commodity market tend to repeat over and over again. Like the old man in Las Vegas still hitting on seventeen at the blackjack table, some people never learn. It can be a basic flaw in the system or trading approach or no approach at all. But most of the time, in my view, it is in the trader himself – the one pulling the trigger.
Here, accordingly, is my take on the ten deadliest sins:
I.Thou shalt not risk more money than thou can afford to lose. Also known as
Let’s face it – this ain’t bean ball. You can lose money! Stop right here, throw away this handbook, forget about trading futures, do something else with the rest of your life if losing whatever money you might trade with would take food off your table, keep your kids from going to college or change your lifestyle. Repeat, there is no system or approach available that doesn’t sustain losses sometimes. The trick is containing those losses.
II.Thou shalt not trade futures without the placing of stops.
Also known as «you’ve got to know when to hold up, know when to fold up.» Show me a futures trader who doesn’t use stop loss orders and I’ll show you someone who loses a lot of money. Before initiating any trade if you haven’t already figured out at what point you would be wrong and would want to cut your losses or, at the very least, reevaluate your position from the sidelines, then you shouldn’t be putting on the trade. [3] You should also have a profit or price objective that is at least twice the proposed risk, and you should never take a profit just for the sake of taking a profit.
3
If you need a good example of this consider Nick Leeson, the currency trader who brought down Great Britain’s Barings Bank, who is now resting comfortably in some Singapore prison for not cutting his losses when his bet on the direction of the Japanese stock market went against him.
Options, of course, are different because of the inherent liquidity problems in some markets and because frequently the reason an option is purchased in the first place is to «ride the wave», or position trade, using the fixed risk of the option premium itself.
III.Thou shalt not let large profits turn into losses. Also known as «stupid».
The most common scenario is: You’ve had a favorable move in the market, maybe you are up a few thousand dollars per contract. Hopefully, you followed the second commandment and placed an open stop loss order when you initiated the trade. But now you are afraid to raise your stop and lock in at least some profit because you don’t want to get «whipsawed» and stopped out. Then the market reverses. So you let the market take back some of your profits, hoping it will turn around again, until all of a sudden your once profitable trade is now under water and in real danger of being stopped out at a loss! What went wrong? The answer is: You didn’t raise your stop. Most pros use a trailing stop system, (a pattern of raising their stop to lock-in profits) based on either chart points or a pure money management approach. You should too. [4]
4
Placing contingent orders, such as «stop-loss» or «stop-limit» orders, will not always limit your losses to the intended amounts, due to slippage or market conditions on the exchange where the order is placed.