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InvestmentBanking

PublicandPrivatePlacement

ChapterOutlineWhoareinvestmentbankersCostsandriskinvolvedindistributionofnewsecuritiesDistributionofnewsecuritiesanddilutionofearningspersharePublicversusprivatefinancingLeveragedbuyoutsandrestructuringofacorporationTheRoleofInvestmentBankingTheinvestmentbankeristhelinkbetweenthecorporationsinneedoffundsandtheinvestorInvestmentbankersareresponsiblefordesigningandpackagingasecurity,offeringandsellingthesecuritiestothepublicConcentrationofCapitalAllowslargefirmstotakeadditionalrisksandsatisfytheneedsofanincreasinglydemandingcapitalmarketRaisingcapitalhasbecomeaninternationalpropositionInternationalconsolidationsandbuy-outsofbankshavebecomecommonTop10underwriterscontrolling55.9percent(in2009)oftheglobalmarketforstocksandbondsGramm-Leach-BlileyAct(1999)Repealedthedepression-eralawsWhichincludeddemarcationofbanking,brokerage,insurance,andinvestmentbankingasseparateentitiesContinuingpowersoftheFederalReserveandtheTreasury:ToimposerestrictionsontheactivitiesofthebanksToallowstrongerbankstoparticipateintheventurecapitalmarketbyimposingstrictreserverequirementsInvestmentBankingCompetitorsIntensecompetitioninthemarketGlobalcompetitionvariesacrossofferingsUBSwritesmoreequitygloballybutfortheerstwhileBigFourBarclaysisaworldleaderindebtofferingsLehmannwasachampioninthemarketforUSmortgagebackedsecuritiesBeingaleaderinonesectorhelpsafirm’soverallreputationFunctionsofInvestmentBankersAsamiddlemaninthedistributionofsecurities,theinvestmentbankerhasakeyroleof:UnderwriterMarketmakerClientadvisorAgencyservicestocorporationsUnderwriterContractingtobuysecuritiesfromacorporationandre-sellingthemtosecuritydealersandthepublicUnderwritingGivinga“firmcommitment”topurchasesecuritiesfromtheissuingcorporationAssuminganyrisksassociatedwiththenewissueBest-effortsUndertakingtodotheverybestinsellingasecurityissuetothepublic,onpro-ratacommissionbasis,withoutcommittinganyquantity

MarketMakerBuyingandsellingofsecuritiesissuedtoensurealiquidmarketProvidingresearchonthefirmtoencourageactiveinvestorinterestAdvisorAdvisingclientsonacontinuingbasisabout:TypesofsecuritiestobesoldNumberofsharesorunitstobedistributedTimingofsuchsaleOfferingotheradvisoryservicesintheareasofM&A,leveragedbuyouts,andcorporaterestructuringAgencyFunctionsActingasanagenttoacorporationtoplaceitssecuritiesprivatelywith:AninsurancecompanyApensionfundAwealthyindividualNegotiatingforabestpossibledealwiththepotentialinvestorsTheDistributionProcess

inInvestmentBankingTheDistributionProcess

inInvestmentBanking(cont’d)Principalinvestmentbanker callsonotherinvestmenthousestoshareburdenofriskandaidindistributionUnderwritingsyndicateisformedcomprisingmanyinvestmenthousesSyndicatemembersactaswholesalersindistributingthesharestobrokersanddealersBrokersanddealerssellthesharestothepublicTheUnderwritingSpreadRepresentsthetotalcompensationforallparticipantsinthedistributionprocessThelowerapartyfallsinthedistributionprocess,thehigheristhepriceforsharesThefartherdownthelinethesecuritiesareresold,thehigheristhepotentialprofitThelargerthedollarvalueofanissue,thesmallerthespreadisasapercentageoftheofferingpriceAllocationofUnderwritingSpreadPricingtheSecurityThemanaginginvestmentbankerdeterminesthepricebyconductinganin-depthanalysisonthefollowing:Company’sindustryFinancialcharacteristicsAnticipatedearningsDividend-payingcapabilityPricingtheSecurity(cont’d)Basedonatechniquedeemedappropriatebytheunderwriter:AtentativepriceisassignedPriceiscomparedtoindustrypeersAnticipatedpublicdemandalsoplaysamajorfactorUnderpricingSettingthepriceslightlybelowthecurrentmarketvalueCommonduringtheissuanceofadditionalsharesDilutionIssuanceofadditionalsecuritiesresultin:ActualorperceiveddilutionofearningsforsharescurrentlyoutstandingCurrentprofitdistributabletomorenumberofoutstandingsharesA

perceivedtimelagintherecoveryofearningpershareResultingfromincreaseinsharesoutstandingTemporaryweaknessinpriceTheproceedsfromadditionalissuemaybeexpectedtoprovideadditionalearningsMarketStabilizationAninvestmentbankerstabilizestheofferingduringdistributionperiodby:RepurchasingsecuritieswhenmarketpricegoesbelowtheinitialpublicofferingpricePeriodofstabilizationlastsfortwoorthreedaysafterinitialoffering,butmayextendupto30daysStabilizationmaybevirtuallyimpossibleincaseofpoormarketenvironmentPricemanipulationinsecuritymarketsisillegalAnexceptiontothisisunderwriterpricesupportAftermarketResearchshowsIPOsgenerallyperformwellinimmediateaftermarketOverthefirstthreeyearsoftrading,IPOreturns(excludingthefirst-daypricejump),areapproximately6.5%lowerthanreturnsforsimilarsizedfirmsTheIPOisagooddealforinvestorswhopurchasesharesfromtheunderwriterattheofferingpriceAfterthefirstdayoftradingmostcompaniesunderperformthemarketforseveralyearsShelfRegistrationLargefirmsfilingonecomprehensiveregistrationstatement:Outlinesthefirm’sfinancingplansforuptotwoyearsAllowedtoissuesecuritieswithoutfurtherSECapprovalwhenmarketconditionsareappropriateMostlyusewithdebtissues,andutilizeminimallywithequitymarketsPublicversusPrivateFinancingManycompaniesprefertoremainprivateRestrictingtheirfinancialactivitiestodirectdealingsandnegotiationswithbankers,insurancecompaniesetc.AdvantagesofBeingPublicTocorporations:CorporationscanhaveaccesstogreateramountsoffundsApublictradedsecurityhelpsinbanknegotiationsAcompanycanuseitsownstockascurrencyforthepurchaseofanotherfirmAcompanycanissuemarketablesecuritiesforthepurchaseofanotherfirmAdvantagesofBeingPublic(cont’d)Tostockholders:AbilitytoachieveahigherdegreeofliquidityAbilitytodiversifyhis/herportfolioHoldingapubliclytradedstockhelpsinestateplanningDisadvantagesofBeingPublicImportantcorporateinformationonprofitmarginsandproductlineswillbedivulgedthroughSECandstatefilingsThesefilingsaretedious,time-consuming,andexpensiveTremendouspressurefromsecurityanalystsandlargeinstitutionalInvestorsforshort-termperformanceShiftinmanagementinterestforshorttermperformanceagainstlong-termstewardshipRelativelyhighcostforsmallerfirmsgoingpublicUnderwritingspreadandout-of-pocketcostscanruninthe15%-18%rangePublicOfferingsTheactofissuingsharestothepublicTheissuingcompanyhastofilearegistrationstatementwiththeSECStatementincludesprospectuscontainingdetailsaboutthecompanyofferingPublicOfferings–ClassicExampleAclassicexampleofrecentIPO–RosettaStoneRefertothechapterforthecompletestory[Pages476-79]PublicOfferings–Example(cont’d)

2009StockReturnsForRosettaStoneandS&P500Index

PrivatePlacementSellingofsecuritiesnotthroughthesecuritymarketbutdirectlyto:InsurancecompaniesPensionfundsWealthyindividualsSuchdeviceemployedto:AvoidordeferanIPOofferingIncorporateprivatefundsintothefinancingpackageMorethan50%oflong-termcorporatedebtoutstandingisprivatelyplacedAdvantagesandDisadvantagesofPrivatePlacementAdvantages:Nolengthy,expensiveregistrationprocesswiththeSECGreaterflexibilityinnegotiatingthanispossibleinapublicofferingLowerinitialcostsinaprivateplacementthanthoseofapublicissueDisadvantage:InterestrateonbondsisusuallyhighertocompensatetheinvestorforholdingalessliquidobligationGoingPrivateandLeveragedBuy-outsThetrend:1970s,anumberofsmallfirmsgaveuptheirpubliclistingstobeprivate1980s,1990s,andmid-2000s,verylargecompaniesbegantogoprivateReason:Significantcostsavingsinannualreportexpenses,legalandauditingfees,andsecurityanalystsmeetingsGoingPrivateAbsenceofapublicfloatTwomethodsofgoingprivate:ApubliclyownedcompanypurchasedbyaprivatecompanyoraprivateequityfundRepurchasingallpubliclytradedshares

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