1. underwriting (UW) n – андеррайтинг (покупка ценных бумаг у эмитента для перепродажи или собственных инвестиций); страхование; гарантирование размещения займа

underwriter n – андеррайтер, гарант

underwrite v – гарантировать, страховать

2. syndicate n – синдикат (консорциум)

syndicate v – синдицировать, образовывать синдикат

3. lead manager – лид-менеджер (ведущий менеджер: банк, являющийся главным организатором и гарантом займа)

4. blue sky law – «законы голубого неба» (законы ряда штатов, предназначенные для защиты от мошенничества при эмиссии и торговле ценными бумагами)

5. pre-emption n – покупка прежде других; преимущественное право на покупку

pre-empt v – покупать раньше других; приобретать преимущественное право; осуществлять преимущественное право

pre-emptive a – преимущественное право

6. prospectus n – проспект эмиссии

7. quiet period – «тихий» период (период до и некоторое время после регистрации эмиссии, когда запрещено заниматься ее рекламой)

8. gun jumping – нарываться (торговля ценными бумагами на основе еще не обнародованной информации; незаконное принятие брокером приказов на покупку новых, еще не зарегистрированных ценных бумаг)

9. tombstone n – «надгробный памятник» (краткое объявление в финансовой прессе о займе, выпуске новых акций, поглощении и т. п.)

10. red herring – предварительный вариант проспекта эмиссии до регистрации в Комиссии по ценным бумагам и биржам США

11. road show – презентация компании или эмиссии ценных бумаг, которая устраивается компанией и ее инвестиционными советниками в основных финансовых центрах

12. misstatement n – неверное, ложное утверждение

13. omission n – упущение

omit v – упускать, пропускать

14. joint and several liability – солидарная и индивидуальная ответственность

15. intermediary n – посредник

16. repeal v – аннулирование, отмена

17. boutique firm – маленькая специализированная брокерская фирма или инвестиционный банк с ограниченным кругом операций, клиентов и услуг

18. sell side – организации, занимающиеся продажей ценных бумаг

19. buy side – организации, занимающиеся приобретением ценных бумаг

20. private banking – частные банковские услуги

21. asset management – управление активами

22. bridge financing – промежуточное финансирование

23. front office – «франт»-офис, передний офис

24. middle office – средний офис

25. back office – «бэк»-офис, вспомогательный офис

26. pitch n – зд. реклама

pitch v – излагать, рекламировать

27. corporate finance – корпоративные финансы

28. caveat emptor – лат. «пусть покупатель остерегается», «качество на риске покупателя»

29.trading desk – торговый стол

30. buy – «покупать» (инвестиционная рекомендация)

31. sell – «продавать» (инвестиционная рекомендация)

32. underlying security – базовая ценная бумага

33. commoditize v – превращать в обычные товары

34. market manipulation – манипулирование рынком

35. Financial Services Authority (FSA) – Агентство по финансовым услугам

36. Chinese Wall – «китайская стена» (жесткое разделение функций инвестиционного банка в сфере корпоративных финансов и торговли ценными бумагами)

37. equity research – анализ акций

38. front running – «опережающий бег» (незаконная практика покупки брокером ценной бумаги для себя, а затем выполнение крупного приказа клиента о покупке бумаги; биржевая практика, при которой дилер, располагающий информацией о предстоящей крупной операции, заранее заключает опционную сделку на данные бумаги для получения прибыли от изменения цен)

1. How are IPOs usually organized? 2. What are the legal requirements to IPOs in the US? 3. What aspects should be taken into account in the process of pricing of an IPO? 4. What is the traditional role of investment banks? 5. What are the new functions that investment banks perform? 6. What are the main units of investment banks? 7. What are the potential conflicts of interest that might arise between different parts of an investment bank?

1. interim financing to solidify a position

2. let the buyer beware

3. a communication barrier between members or departments of a financial institution intended to prevent the transfer of price-sensitive information

4. a situation where a financial institution is acting for the parties on both sides of a transaction, or where the institution itself has a financial interest in the outcome of the transaction

5. a Federal law that prohibits commercial banks from securities underwriting

6. someone who studies companies and financial securities and makes recommendations to buy and sell shares and other securities

7. a liability that falls at the same time on each one of two or more parties, and on all together

8. a financial institution, which coordinates a syndicated loan or the underwriting of securities

9. a dealer who regularly quotes both bid and ask prices and is ready to make a two-sided market for any financial instrument

10. when investors are prepared to purchase more shares at the offered price than are available

11. a group of banks acting together temporarily to loan money in a syndicated credit or to underwrite a new issue of bonds

12. analyzing and structuring a proposed loan

Who would have thought only two years ago that we would see so many Russian companies featured so prominently in the global……. markets? Who would have thought that Sistema and EvrazHolding would become…….. names in international investment circles?

A look at the figures shows just how dramatically Russian equity……. have grown in the last two years – a period in which investors have been inundated with…….. coming out of Russia. Market………were clearly right. With developed equity markets generally in decline, investors became willing to look further afield for attractive…….. With the Russian economy growing rapidly, politics stabilizing, and more companies embracing higher standards of……… and corporate………., Russia seemed like a good bet. Looking at the returns that the majority of the Russia and Eastern Europe-dedicated…….. have boasted in the past two years, it becomes even clearer just why investor demand for new Russian issues has been so strong, and why in turn so many companies from the region have decided to go……..

While raising capital was certainly one of the factors driving Russian IPOs, in many cases the need to raise……. finance was secondary. The status and…….. which comes with a public….. influenced some companies. And there is also the idea that…….. foreign investors gives Russian companies a degree of political protection at home.

A key driver for rising investor demand has been a notable desire on the part of investors to diversify their Russia……… away from politically risky resource stocks and into more dynamic, rapidly growing…….. companies. It was this voracious appetite for new, liquid stocks offering……… to Russian growth which made the Sistema IPO such a resounding success, and which paved the way for numerous other consumer-oriented companies – from automotive to internet to food & beverage – to make their capital markets debuts in 2004—2005.

Many of the consumer companies which followed Sistema also found strong investor……… although not all achieved the high……… initially projected. A number of investors considered some of the Russian IPOs to be……… too aggressively.

While……… and exposure to consumer growth describe much of the recent investor interest in Russian equities, it has not all been about the consumer story. Lest we forget, resource companies still have the heaviest…….. in the indexes, and many domestic and foreign portfolio investors are still willing to invest in the enticing if less predictable «strategic sectors». Novatek’s recent London IPO at the end of 2005, which was 12 times……… bears witness to this.

VimpelCom’s listing on the…… in November 1996 was Russia’s first ever IPO in any form. The company…….. at the top of the announced price……, which was increased in response to strong demand from $15.75—$18.75 to $19.50—$20.50 the day before the IPO. The stock was one of the most actively…….. and its price rose by 40% on the first day……… at $20.50, the VimpelCom ADSs……. at $29. By the end of 1996 the stock was up 50% from its……. price. The structure of the offer comprised 3.9 million ADSs offered to investors in the U.S. and Canada, while 1.5 million ADSs were offered…….. «Everyone knows that the cellular business is the most dynamic, so the combination of Russia and telecommunications just hypnotized investors,» said Valery Antonov, a telecommunications…….. with Creditanstalt Grant.

The success of VimpelCom’s IPO depended on the results of Russian president Boris Yeltsin’s cardiac surgery, which was carried out during the……… «Nobody would buy Russian………. in a situation of complete uncertainty of the country’s further political line,» said VimpelCom’s head of IR Valery Goldin.

«Russia’s leading cellular telephone company, Vimpel-Communications A.O., is set for a roughly $90 million IPO as the first Russian company to be listed on the………. VimpelCom, as the company is known, is also a case study of……. political connections into cash in the Wild West business atmosphere of today’s Russia.»

WBD’s IPO was…….. Best European Equity Deal of 2002 by EuroWeek and Institutional Investor magazines. Investors striving to gain exposure to the first ever offering of a Russian consumer goods company were not frightened by the information……. in the IPO……… about the criminal past of the company’s biggest shareholder, Gavriil Yushvaev, and about the…….. of other shareholders and directors with Trinity Holding, which Russian media have linked to organized crime. The issue, which was placed in the middle of the…….. price range, was five times oversubscribed. The……. price rose 15.8% on the first day of trading in light of the news that Danone SA bought 4% of WBD through the IPO. Among other investors who bought in WBD were large……… investment funds and investment banks. The substantial interest from U.S. investors in WBD’s IPO was partly due to the fact that Templeton Strategic Emerging Markets Fund…….. a 1.48%…… in the company earlier in 2002.

«We are the first Russian consumer……. company to list on the NYSE. In addition to raising capital to help fund our development, this IPO will enhance our transparency and demonstrate our……. to becoming an international……,» said David Iakobashvili…… of the Board.

Big Board, stock, prospectus, exposure, governance, Chairman, equity, international, acquired, attracting, capital, announced, player, household, overseas, awarded, involvement, issues, IPOs, conditions, returns, transparency, funds, public, profile, listing, holdings, floated, consumer, demand, goods, commitment, multiples, priced, weighting, oversubscribed, range, traded, opening, closed, offer, analyst, securities, leveraging, disclosed, stake, NYSE, road-show

Mechel’s IPO made it the first Russian company in more than two years to list shares in the U.S. as well as Russia’s first metals firm to list on the NYSE. The offering came amid growing world steel prices, which helped Mechel to place the stock at the top of the expected price range and to raise $291 million. About 20% of the offered ADRs represented existing shares and 80% – new shares. A month later, the lead underwriter of the offering, UBS Limited, exercised its option for an additional 1.5% stake. According to UBS, 90% of the offering was taken by foreign investment funds, mainly from the United States. Mechel planned to use the proceeds to take part in an auction for a 17.8% stake in MMK but later decided not to bid, choosing instead to sell its own stake in MMK to the plant’s current management. It will invest the proceeds into developing its coal capacity as well as modernization of its steel facilities.

Date of IPO: October 29, 2004

Stock exchange: NYSE

Underwriters

Lead managers: UBS Limited

Co-managers: JP Morgan, Troika Dialog, Morgan Stanley

Form of offer: ADS (each ADS represents 3 common shares)

Number of securities offered: 13.87 million

By the company: 11.1 million

By existing holders: 2.77 million

Number of securities subject to the over-allotment option: 2.08 million

Percentage of the share capital offered: 11.5%

Price range: $19—$21

Offer price: $21

Total capital raised: $335 million

Use of proceeds: Capital expenditures, including equipment purchases and modernization of facilities; acquisition of additional operations and subsoil licenses.

«There is a big, wide investor base that can’t access the steel sector. These shares are a good way to get access to an under-represented sector and diversify a Russia portfolio» – Anton Khmelnitsky, Brunswick Asset Management.

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.

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.

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.