gross spread

简明释义

总价差［证券］

英英释义

例句

1.Understanding the gross spread is essential for assessing the profitability of a deal.

理解毛利差对于评估交易的盈利能力至关重要。

2.A higher gross spread often indicates a more lucrative underwriting deal.

较高的毛利差通常表明更有利可图的承销交易。

3.The investment bank calculated the gross spread to determine their profit from the bond issuance.

投资银行计算了毛利差以确定他们从债券发行中获得的利润。

4.The gross spread on this IPO was significantly higher than previous offerings.

此次IPO的毛利差明显高于之前的发行。

5.The gross spread can vary based on market conditions and investor demand.

根据市场情况和投资者需求，毛利差可能会有所不同。

作文

In the world of finance and investment, understanding various terms is crucial for making informed decisions. One such term that often comes up in discussions about underwriting and capital markets is gross spread. The gross spread refers to the difference between the price at which underwriters buy securities from the issuer and the price at which they sell those securities to the public. This concept is essential for both issuers and investors as it affects the overall cost of raising capital and the potential return on investment.When a company decides to go public or issue new securities, it typically hires an underwriter, usually an investment bank, to facilitate the process. The underwriter plays a critical role in determining the initial offering price of the securities. Once the price is set, the underwriter purchases the securities from the issuer at this predetermined price. However, the underwriter does not sell these securities to the public at the same price; instead, they mark up the price to cover their fees and generate profit, leading to the concept of gross spread.For example, if a company issues shares at $10 each and the underwriter sells them for $12, the gross spread would be $2 per share. This amount is significant because it represents the underwriter's compensation for the risks they take on during the underwriting process. The wider the gross spread, the more profit the underwriter stands to make, but it also means that the issuer receives less money for each share sold.Investors should be aware of the gross spread when considering investments in newly issued securities. A high gross spread can indicate that the underwriter perceives greater risk associated with the offering, which may be due to market conditions or the financial health of the issuing company. Conversely, a lower gross spread might suggest a more stable offering, but it could also mean that the underwriter is operating on thinner margins.Understanding the implications of the gross spread is also important in the context of market efficiency. In an efficient market, the prices of securities reflect all available information. If the gross spread is too wide, it could signal inefficiencies in the pricing mechanism, leading to mispriced securities and potentially impacting investor confidence.Moreover, the gross spread can vary significantly across different sectors and market conditions. For instance, during periods of high volatility or uncertainty, underwriters may increase the gross spread to compensate for the additional risks they face. On the other hand, in a stable market, competition among underwriters may drive the gross spread down, benefiting issuers and investors alike.In conclusion, the term gross spread is a fundamental concept in the realm of finance, particularly in the context of underwriting and capital markets. It serves as a key indicator of the relationship between issuers and underwriters, as well as a reflection of market conditions and investor sentiment. By grasping the intricacies of the gross spread, investors can make better-informed decisions and navigate the complexities of the financial landscape more effectively.

在金融和投资的世界中，理解各种术语对于做出明智的决策至关重要。一个在承销和资本市场讨论中经常出现的术语是gross spread。gross spread指的是承销商从发行人那里购买证券的价格与他们将这些证券出售给公众的价格之间的差异。这个概念对发行人和投资者都很重要，因为它影响着筹集资金的整体成本和潜在的投资回报。当一家公司决定上市或发行新证券时，通常会雇佣一个承销商，通常是一个投资银行，来促进这个过程。承销商在确定证券的初始发行价格方面发挥着关键作用。一旦价格确定，承销商就会以这个预定价格从发行人那里购买证券。然而，承销商并不会以相同的价格将这些证券出售给公众；相反，他们会提高价格以覆盖费用并产生利润，从而导致gross spread的概念。例如，如果一家公司以每股10美元的价格发行股票，而承销商以12美元的价格出售，那么gross spread就是每股2美元。这一金额是重要的，因为它代表了承销商在承销过程中承担的风险的补偿。gross spread越宽，承销商获得的利润就越多，但这也意味着发行人在每股销售中获得的资金更少。投资者在考虑投资新发行的证券时应关注gross spread。较高的gross spread可能表明承销商认为该发行存在较大的风险，这可能是由于市场条件或发行公司的财务健康状况导致的。相反，较低的gross spread可能表明发行更加稳定，但也可能意味着承销商的利润空间较小。理解gross spread的影响在市场效率的背景下也很重要。在一个有效的市场中，证券的价格反映了所有可用的信息。如果gross spread过宽，可能会发出定价机制效率低下的信号，导致证券定价错误，并可能影响投资者信心。此外，gross spread在不同的行业和市场条件下可能会有显著的变化。例如，在高波动性或不确定性的时期，承销商可能会增加gross spread以补偿他们面临的额外风险。另一方面，在稳定的市场中，承销商之间的竞争可能会降低gross spread，使发行人和投资者受益。总之，gross spread这一术语是金融领域，特别是在承销和资本市场背景下的基本概念。它作为发行人与承销商之间关系的关键指标，以及市场条件和投资者情绪的反映。通过掌握gross spread的复杂性，投资者可以做出更明智的决策，更有效地驾驭金融环境的复杂性。