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Subject: market flex clause Пожалуйста, помогите перевести.market flex clause Выражение встречается в следующем контексте: Research in field of market flex clause linked to national spreads Заранее спасибо |
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link 24.06.2006 14:10 |
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Строка в фи-ноте (счете на выплату гонорара). Поиск и анализ НПА и судебной практики в области flex clause, привязанных к national spreads. А вот что это такое - лучше спросить Economist or Irisha. The market flex clause The market flex clause first made its appearance in late 1998 in response to the Russian debt crisis. The provision, which has become commonplace in loan commitment letters, specifically allows underwriting banks to restructure the pricing, structure and/or terms of a committed loan to the extent necessary to ensure a successful syndication. Before the advent of the clause, underwriting banks would commit to a financing, including its pricing and its covenant package, well before closing, thereby assuming all the risk of changes in market conditions. The introduction of the market flex clause shifted this risk to the borrower. Market flex as a tool has been used to reprice transactions in the light of investor reaction to the credit. It has thus brought the loan market closer to the underwritten bond market where the bond underwriters commit to bring an issuer to market on the basis of the pricing (and often the covenants and structure) prevailing in the market for comparable credits on the date of issue. The use of the clause is now prevalent across all debt products, although perhaps with more focus in relation to lower grade credits or structured transactions where market reaction is less predictable. The following is an example of the sort of market flex clause that an underwriting bank might include in its loan documentation: "Before the close of syndication, the underwriting banks shall be entitled to change the pricing, structure, tranches or terms of the facilities (otherwise than by reducing the total amount of the facilities) if, having regard to the then prevailing conditions in the domestic and/or international financial markets, they determine that such changes are advisable in order to ensure a successful syndication of the facilities." The clause itself will not necessarily be found in the commitment or underwriting letter, sometimes being included in the fee letter. Moreover, the provision will often survive the signing of the definitive credit documentation as syndication may well be planned to continue for a period after the signing. In negotiating market flex clauses, a borrower will want both to preserve the optimal structure for its loan and to minimize the risk of an increase in pricing. Limiting the scope of the clause so that the underwriting banks can only increase the margin and/or their fees (and capping the amount of any such increase), clearly achieves both these objectives but is unlikely to provide the underwriting banks with the flexibility that they require. The better solution, therefore will probably be to exclude changes to certain elements of the structure or covenant package or limit changes to particular items, for example by defining the extent to which tranches may be increased or reduced or by specifying the particular covenants which are subject to change (and then limiting the extent of those changes). In highly leveraged transactions, where there is likely to be a need for more extensive structural changes, misunderstandings between the borrower and the underwriting banks can be avoided by ensuring that the market flex clauses are more specific in describing the way in which the transaction might be restructured, for example by reference to the inclusion of different pricing options such as call protection and rate floors or the introduction of subordinated or senior levels of debt and securitizations. The extent to which successful syndication needs to be defined will depend on the particular transaction, but some degree of objectivity (for example, by reference to a final hold position for the underwriting banks and a specific period of time) will be helpful in all cases. However, although a test that is triggered if a loan does not achieve a minimum credit rating or if there are too many competing syndications in the relevant market may suit some transactions, a better approach in others may be simply to call for a pre-agreed period of consultation with the borrower before changes are introduced. |
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O.D.: а "national spreads" у Вас вопросов не вызывает? С market flex - более или мнее понятно: андеррайтеры оставляю за собой право изменить условия размещения при недостаточном уровне подписки/заявок. spreads - это не... продукты питания? :-)) |
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link 24.06.2006 15:07 |
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Продукты [процесса] питания? Не знаю. Просто слышал звон: "спрэды". Что-то из фондовой торговли, нет? Типа, вид сделки или что-то? А national - это не вот эти самые спрэды на национальном рынке(т.е. не на иностранных/международых)? |
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Не, естественно, у меня speads тоже вызвали изначально реакцию - "спрэды", разница в ценах, разброс... что угодно... но просто Вы написали " в области flex clause, привязанных к national spreads." У меня гугль на "national spreads" + "market flex" (закавыченные) не выдает ни одного совпадения. А вот поиск по national spreads дает весьма разнообразные трактовки. :-) Возможно, аскер, задавая вопрос, уже знал, что такое national spreads. Но где же аскер? :-)) Очень тяжко сейчас лазить по гуглю... опять жара... O.D., а который у Вас сейчас час? Уж ночь, поди? А какие ассоциации с названными мной улицами (на соседней ветке)? Жили там? |
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link 25.06.2006 8:39 |
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Уже не ночь. Ассоциации... "Была зима... Шел первый день каникул" (с) Рузавина & Таюшев (альбом "Татьяна+Сергей") из коллекции Эрла. Прошлый век... Прошлая жизнь... |
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