Brics raise $6.7bn amid demand for EM assets

　　Brazil，Russia，India and China have issued a record amount of equity since the start of the year，as the so-called ①Bric countries have rushed to take advantage of increased appetite for emerging market assets.
　　The Brics have raised $6.7bn in 26 ②initial public offerings so far this year，the highest amount ever for the month of January，according to Thomson Reuters.
　　The biggest single offering was the $2.2bn listing of Rusal，the Russian aluminum giant controlled by ③oligarch Oleg Deripaska.
　　However，shares in Rusal ④plunged 10.6 per cent on Wednesday in its first day of trading in Hong Kong，making the company the 10th-worst performing debut on the Hong Kong exchange since 2008，according to Dealogic.
　　At least 140 Bric offerings are in the pipeline for 2010，with a collective value of more $29bn，Thomson Reuters said.
　　This surpasses expected issuances this year of $21.6bn from the US and $15.4bn from western Europe. While Bric listings have accounted for more than three-quarters of the total number of IPOs this year，they could be prone to headwinds in a more ⑤volatile second half should governments ratchet up monetary tightening as expected.
　　“Bric companies will be looking to take advantage of any window in the first half of the year，in the event the second half of the year is rockier，”said Nick Chamie，global head of emerging markets at RBC Capital Markets.
　　Mr Chamie said the fate of Rusal would not be a“major deterrent”for potential Bric investors，in spite of the“deterioration of the global environment for risk appetite”during the past couple of weeks following concerns over ⑥European sovereigns，US bank regulations and monetary tightening in China.
　　Allan Conway，head of emerging market equities at Schroders，said：“We are going through a little short-term turbulence but the outlook for this year remains very positive.”
　　He added：“If you start getting a preponderance of companies coming out with paper that is clearly mispriced or in other ways distinctly unappealing，then absolutely it will spoil the market. But so far at least these companies are the exception.”
　　In addition to Rusal，⑦three other Russian conglomerates are considering foreign listings that could take place within the first half of this year.
　　Metalloinvest，Russia’s biggest iron ore miner，recently resurrected plans for a London listing，as did Russia’s biggest coal producer Suek and media group ProfMedia.

　　译文梗概

　　金砖四国掀IPO热潮

　　随着所谓的金砖四国(Bric)纷纷利用投资者对新兴市场资产兴趣增强的机会，巴西、俄罗斯、印度和中国今年以来的股票发行量已达创纪录水平。
　　汤森路透(Thomson Reuters)的数据显示，今年以来，金砖四国已通过26宗首次公开发行(IPO)融资67亿美元，创下历史上1月份融资额的最高纪录。
　　汤森路透表示，至少有140家金砖四国公司准备在2010年上市，预计筹资总额超过290亿美元。
　　加拿大皇家银行资本市场分析(RBC Capital Markets)新兴市场全球主管尼克·查米(Nick Chamie)表示：“金砖四国公司会努力抓住上半年的一切机遇，以防下半年会更加艰难。”
　　查米表示，尽管对欧洲主权债务、美国银行监管以及中国货币政策收紧的担忧，导致过去几周“全球风险偏好状况恶化”，但俄铝的命运不会对潜在的金砖四国投资者构成“严重威慑”。

　　(文章来源：FT中文网)

　　点评

　　①Bric countries，金砖四国。
　　②Initial Public Offering缩写为IPO，首次公开募股，指一家公司首次向公众发行股票筹措资金，令公司成为股票在交易所挂牌买卖的上市公司，英文亦称为flotation或going public。发行者通常通过承销商向公众出售股票。
　　③oligarch，意为“寡头政治执政者”，操控企业时带有垄断性。
　　④plunge，意为“to move forward and downward violently”，常用来表示股票价格大幅杀跌。
　　⑤volatile意为“挥发性的”，用在经济学术语中是指“有波动性的”，与下文中的turbulence同义。
　　⑥European sovereigns在此应为European sovereigns debts的省略，即欧洲主权债务。
　　⑦three other Russian conglomerates，“另外三家俄罗斯企业集团”，注意结构的不同：“基数词+other+名词”；“another+基数词+名词”。