引爆银行业危机的那场融资，硅谷银行和高盛做错了什么？

华尔街见闻2023-03-15

作者：韩旭阳分析师认为，硅谷银行此次股份发行忽视了之前银行业资本重组带来的教训。3月8日晚间，硅谷银行宣布计划通过发行普通股、优先股、定向增发等方式紧急融资22.5亿美元，由高盛牵头，General Atlantic 同意以发行价购买5亿美元的普通股。这可以说是为硅谷银行量身定制的救援计划。幸运的是，硅谷银行所筹集的资金超过了其出售几乎所有“可供出售”（AFS）债券投资组合而损失的18亿美元。但到...

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安安0715
2023-03-15
安安0715
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曾参与过欧洲金融危机时期的几次银行业资本重组。他认为，在动荡的资本市场中，“愚蠢和聪明之间只有一线之隔”。有几个指导原则是至关重要的，一是筹集股本要比需要的多，也要比监管机构要求的多，不要只是填补资金缺口；二是股票发行必须需要承销。在这两个方面，尤其是第二个方面，硅谷银行的股票发行都失败了。硅谷银行此前宣布，其出售的210亿美元债券投资资产，因利率上升而遭遇18亿美元税后亏损，因此计划通过发行普通股、优先股、定向增发等方式紧急融资22.5亿美元，以弥补损失。华尔街见闻此前提及，在平时，硅谷银行的融资声明并不会引发太多联想，然而与此同时，“币圈友好银行”Silvergate 也宣告倒闭。想象这个场景：币圈银行暴雷的新闻还在电视上滚动播放时，一家有近40年历史的大银行却宣布出现巨额亏损，需要融资。这显然会令市场揣测，这家大银行是不是遭遇了流动性危机，所以急于融资脱困。投资者早在2008年的金融危机中就认识到，银行的问题很少是孤立的或得到有效控制的。Coben 认为，更大的问题是，硅谷银行的此次发行没有进行股票承销，也没有进行股份认购。理想情况下，高盛会在股票发行前与一小群投资者进行“穿越墙”（Wall-Crossing）式的交谈。 这是一个向投资者披露重大非公开信息、秘密试探投资者是否有兴趣参与交易的流程。但高盛能想出的最好办法，也不过是从 General Atlantic 获得5亿美元的基石订单（一种提前订单，对成功发行起到重要作用）。Coben 认为，也许是时间不够，也许是其他投资者不喜欢这笔交易，更也许是硅谷银行和高盛认为他们不需要这样做，General Atlantic 订单已经足以安抚市场。Coben 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