More On Parties Involved in An International Bond Issue
国际债券发行问题
国际债券是一国政府或居民（金融机构、企业等）为筹措外币资金，在国外发行的以外币计值的债券。按照面值货币与发行债券市场所在国的关系，国际债券主要分为外国债券和欧洲债券。
发行市场的构成 国际债券的发行涉及到几个国家，当事人较多，在发行过程中，必须处理好各个参与主体的关系。
（1）发行人（Issuer） 即借款人，可以是一般工商企业、政府机构、金融机构或国际金融机构、跨国公司等。
（2）牵头经理人（Lead Manager） 是发行国际债券的主要组织者，一般由一家知名度较高的投资银行或证券公司担任。其职责是受债券发行人的委托，负责组织、安排发行债券的工作。牵头经理人可能是一家投资银行或证券公司，也可能是几家.
(3)承销团（Underwriters） 国际债券的发行金额一般较大，不是一家承销商可以包销的，所以需要组织承销团共同负责，其中每一个承销商都负责一定量的债券承购和分销业务。
（4）财务代理人（Financial Agent） 财务代理人是接受债券发行人的委托，负责向债券投资者支付本金和利息的代理机构，其手续费是按照所支付的利息或支付的本金的一定百分比来确定的。
（5）法律顾问（Legal Counsel或Legal Adviser） 国际债券在发行过程中，涉及国家较多，会有许多法律问题、合同文件以及谈判活动，需要律师的咨询和指导。债券发行人和牵头经理人一般都分别委托两名法律顾问，一名是发行者所在国的，一名是发行对象国的。
（6）投资者（Investor） 包括个人、公司企业、金融机构、政府或中央银行等。
（7）有关管理当局（the Administration Authority） 各国都设有专门的证券管理机构从事债券的募集、发行、买卖等经营行为的监督管理。如美国的证券交易委员会、英国的证券与投资委员会、日本的大藏省等。在欧洲债券市场上，筹款人也必须先到资本市场委员会或证券市场管理委员会申请登记，提供各种证明，经审查确认后才能取得债券发行权。
2、发行条件 发行条件是发行债券的关键环节。对发行人而言，发行条件关系到筹资成本、筹资效益；对投资者而言，发行条件是作出投资判断的基础，涉及投资风险和收益问题。国际债券的发行条件主要包括资信评级、发行额度、偿还期限、票面利率、发行价格、偿还方式、利息支付方式和担保等。
3、发行与承销方式 国际债券的发行方式主要有两种：公募(public offering )和私募(private placement)；承销方式主要有三种：代销、全额包销和余额包销。
息票利率(COUPON RATE):
息票指定期付给债券持有人的利息。息票利率即为基于债券面值的回报率（债券面值是发行人到期将归还债券持有人的本金）。这一利率一般设定为债券发行时市场通行的利率。息票既可以是固定利率也可以是浮动利率的；既可以于到期日一次付清，也可以定期支付。传统上大多数债券都带有固定利率的息票，并每半年支付一次。
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counsel: a professional advocate in a court of law in England, commonly given the title “barrister” or, if senior, ”King’s/Queen’s Counsel ”
律师，辩护人，法律顾问
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in other cases, the issuer negotiates with several investment banks before selecting the one who appears to offer the best package.
其他情况下，发行者在挑选一位似乎能够提供最佳整体包销的承销商之前，要与若干家投资银行进行协商。
Package: a combination or group of several things taken or treated together, buthere it refers to an combination of underwriting, for other usage such as
~ deal 一揽子交易，整批买卖，综合性交易
~ insurance 一揽子保险（单），混合保险单
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(b) to present financing alternatives to the issuer.
(乙)给发行者提供备选的融资方案。
Present to – to proffer; to put forward or bring up for examination, trial, dedication, a degree, consideration; to deliver,etc.
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Alternative n. – a pair of (loosely a set) of possibilities (esp. of choice) excluding
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All others: a choice between them; one of them, esp. other than the one in question, etc. .
That ‘s the only ~ （除此之外）那时唯一可供选择的方法
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Passage 14
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paperwork n. – clerical work; keeping of records as part of a job
日常文书工作
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prospectus: a document inviting the public to buy a new issue of shares, stock, bond or debentures in a public company stating the terms, and giving a certain information required by law.
募股说明书，招股书
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accountants and engineers frequently play an important role in evaluating the creditworthiness of a potential issuer.
会计师和精明的管理者在评估潜在发行人的信誉方面常常发挥着重要的作用
Engineer n. – a skillful or clever manager.
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its placement power, ., its ability to successfully distribute the issue on the basis of the price and other conditions agreed upon.
其配售能力，即按谈妥的价位以及其他条件顺利出售债券的能力。
Placement: new shares or bonds allotted direct to a person or organization who is not already a shareholder or bondholder.
募集，配售，安排发售
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Agreed past participle. - approved by all the parties, such as,
An ~ price / payment/rate/sum,etc.
已经商定的价位／报酬／金额等
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commission: payment to agent and others for their services, usu. In buying and selling goods, and calculated as an agreed percentage of the amount of business done or introduced.
佣金，手续费
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concession: a right given by the manufacturer of a product to a business organization, called a concessionaire, to be the only sellers of that product in a particular area or country; an allowance given to certain taxpayers for a special reason, such as to encourage exports, increase employment and reduce overcrowding in certain places.
特许（销售）权；
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mandate: a direction, command or request, esp. a formal written authority by one person, giving another person, called the mandatory, power to act for him in certain stated matters, such as to sign checks or to operate a joint account, here, to issue a syndicated bond or loan
委托书，委托契约
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the underwriters are obligated to buy the remaining securities on a pro-rata basis…
承销商有责任按一定的比例买下剩余的证券
Obligate v. – to bind by contract or duty, .
Be ~d to help 有责任去帮助
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Pro-rata: at a certain rate （拉丁文）按比例（分配的），成比例的，.
Profits are divided among members ~ ~ to the member of shares they hold.
把利润在股东中间按各自持有的股份进行分配。
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allotment: allotting
分配，分派
~ of shares 分派股票（把公司新发行股票分配给申请购买的个人或机构，也指这样分派得来的股份数目）
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Passage 14
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…only giving a comfort letter concerning legitimacy of the lead manager’s legal action for the issue in light of the laws of the issuer’s country.
就承销商关于发行事宜这一法律行为的合法性，根据发行国的法律， 仅仅发出一封表示支持的证明书
Comfort letter: a letter to a bank or other lender of money in which the writer supports a person who wishes to borrow money, and recommends that a loan be given to him
告慰书，安慰信，支持证明书
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these regulations were recently relaxed which bodes well for the future.
最近这些规定有所松动，预示着未来的良好发展。
Bode v. – to fore-show; to have a presentiment of ,.
~ well (ill) 主吉（凶）
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however a rating, preferably by one of the two major rating agencies, is essential for the success of any Yankee bond issue.
不过，资信等级的评定，最好由两家大的评级机构之一来评定，这对于任何扬基债券的成功发行都是非常关键的
Rating : a measure of the riskiness of banks as judged by an independent organization such as Standard & Poor and Moody’s 资信等级评定、资信程度。
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Yankee Bond: 扬基债券（由非美国公司在美国市场发行的美元债券）
Bulldog Bond (猛犬债券) Samurai Bond(武士债券)_
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