stand-by underwriting

简明释义

余额包销

英英释义

例句

1.The stand-by underwriting provided a safety net for the bond issuance.

该备用承销为债券发行提供了安全网。

2.The stand-by underwriting arrangement was crucial for the success of the IPO.

该备用承销安排对于首次公开募股的成功至关重要。

3.During the financial crisis, many companies relied on stand-by underwriting to secure funding.

在金融危机期间，许多公司依赖于备用承销来确保资金。

4.Investors were reassured by the stand-by underwriting agreement in place.

投资者对现有的备用承销协议感到放心。

5.The company secured a loan with the help of stand-by underwriting.

该公司在备用承销的帮助下获得了一笔贷款。

作文

In the world of finance and investment, various terms and strategies are employed to manage risks and ensure successful outcomes. One such term that is often encountered is stand-by underwriting. This financial mechanism plays a crucial role in the issuance of securities and can be particularly beneficial in certain market conditions. Understanding stand-by underwriting is essential for investors, issuers, and financial professionals alike.To begin with, stand-by underwriting refers to a commitment made by an underwriter to purchase any remaining unsold shares or securities from an issuer after a public offering. This type of underwriting serves as a safety net for the issuer, ensuring that they can raise the desired amount of capital even if the market does not respond favorably to the initial offering. The underwriter essentially stands by, ready to step in and buy up the excess securities, which helps stabilize the offering and instills confidence in potential investors.The process typically involves an agreement between the issuer and the underwriter, where the underwriter agrees to purchase the unsold shares at a predetermined price. This arrangement provides a level of assurance to the issuer, as they know they will receive the necessary funds regardless of market demand. For example, if a company is looking to raise $10 million through a stock offering but only manages to sell $8 million worth of shares, the underwriter will purchase the remaining $2 million worth of shares. This guarantees that the company receives the full $10 million it was aiming for.Moreover, stand-by underwriting can also have implications for the pricing of the securities. Since the underwriter is willing to purchase the unsold shares, they may influence the initial offering price to ensure that the securities are attractive to investors. If the price is set too high, the underwriter may end up buying a significant portion of the shares, which could lead to a dilution of ownership for existing shareholders. Therefore, the underwriter must carefully assess market conditions and investor sentiment when determining the appropriate pricing strategy.From an investor's perspective, stand-by underwriting can provide additional reassurance when participating in a new offering. Knowing that there is an underwriter ready to step in and purchase unsold shares can alleviate concerns about the success of the offering. It signals to investors that there is institutional support behind the issuance, which can bolster confidence and encourage participation.However, it is important to note that stand-by underwriting is not without its drawbacks. While it provides a safety net for issuers, it can also lead to potential conflicts of interest. Underwriters may prioritize their own interests over those of the issuer or investors, especially if they have significant control over the pricing and allocation of shares. This underscores the importance of transparency and due diligence in the underwriting process.In conclusion, stand-by underwriting is a vital component of the financial landscape, offering a mechanism for issuers to secure funding while providing a layer of security for investors. By understanding how stand-by underwriting works and its implications, stakeholders can make more informed decisions in the ever-evolving world of finance. As with any financial strategy, it is crucial to weigh the benefits against the potential risks and to approach investments with a well-rounded perspective.

在金融和投资的世界中，各种术语和策略被用来管理风险并确保成功的结果。其中一个经常遇到的术语是备用承销。这种金融机制在证券发行中发挥着至关重要的作用，在某些市场条件下尤其有益。理解备用承销对于投资者、发行人和金融专业人士来说都是至关重要的。首先，备用承销是指承销商向发行人承诺购买在公开发行后未售出的剩余股票或证券。这种类型的承销作为发行人的安全网，确保他们能够筹集所需的资本，即使市场对初始发行反应不佳。承销商基本上是待命，准备介入并购买多余的证券，这有助于稳定发行并增强潜在投资者的信心。这一过程通常涉及发行人与承销商之间的协议，承销商同意以预定价格购买未售出的股票。这种安排为发行人提供了一定程度的保证，因为他们知道无论市场需求如何，他们将收到必要的资金。例如，如果一家公司希望通过股票发行筹集1000万美元，但仅成功售出800万美元的股票，承销商将购买剩余的200万美元的股票。这保证了公司能够获得其目标的1000万美元。此外，备用承销也可能对证券的定价产生影响。由于承销商愿意购买未售出的股票，他们可能会影响证券的初始发行价格，以确保证券对投资者具有吸引力。如果价格设置得过高，承销商可能会最终购买大量股票，这可能导致现有股东的所有权稀释。因此，承销商在确定适当的定价策略时，必须仔细评估市场条件和投资者情绪。从投资者的角度来看，备用承销可以在参与新发行时提供额外的保障。知道有承销商准备介入并购买未售出的股票，可以缓解对发行成功的担忧。这向投资者发出了有机构支持发行的信号，这可以增强信心并鼓励参与。然而，需要注意的是，备用承销并非没有缺点。虽然它为发行人提供了安全网，但也可能导致潜在的利益冲突。承销商可能会优先考虑自己的利益，而不是发行人或投资者的利益，特别是当他们对股票的定价和分配有重大控制权时。这凸显了在承销过程中透明度和尽职调查的重要性。总之，备用承销是金融领域的一个重要组成部分，为发行人提供了一种确保融资的机制，同时为投资者提供了一层安全保障。通过理解备用承销的运作及其影响，利益相关者可以在不断变化的金融世界中做出更明智的决策。与任何金融策略一样，权衡利弊和潜在风险至关重要，并以全面的视角看待投资。