2020年经济学人 拜拜美国(2)

The price tag on BBVA's American franchise¹ amounts to about 30 times its projected earnings² in 2021, according to analysts³ at UBS, a bank. That is a lot for a unit that has long underperformed, posting returns on equity⁴ of around 6-7% (BBVA's Mexican arm, which is comparable in terms of risk-weighted assets, routinely produces returns of 20% or more). But PNC has demonstrated a knack⁵ for turning round ailing⁶ ventures, notably⁷ the American arm of RBC, a Canadian bank, which it snapped up in 2012. Investors⁸ seem confi- dent⁹ PNC can repeat the trick: the bank's share price rose by 3% on the day the deal was announced.

据瑞士联合银行(UBS)的分析师称，BBVA在美国的特许经营费用大约是其2021年预期收益的30倍。对于一个长期表现不佳的部门来说这是一个不小的数字，其净资产收益率约为6-7%(BBVA的墨西哥分支，其风险加权资产可与之比较，通常回报率为20%或更高)。但PNC已经展示了其扭转风险的能力，尤其是在2012年收购的加拿大皇家银行(RBC)的美国分部。投资者似乎确信PNC可以再一次上演这个把戏：该银行的股价在交易宣布当天上涨了3%。

BBVA's investors were even more enthusiastic. Its share price jumped by 20% on the day. Britta Schmidt of Autonomous¹⁰, a research firm, estimates the net value gained at about 8bn Euros($9.5bn), or 40% of the bank's market capitalisation. The sale will shore up its core-capital ratio by nearly three percentage points, to 14.5%, well above the level demanded by regulators.

BBVA的投资者甚至更加热情，它的股价当天上涨了20%。一家名为Autonomous的研究公司的布里塔·施密特估计，该公司的净资产收益约为80亿欧元(95亿美元)，相当于该银行市值的40%。此次出售将使其核心资本比率提高近3个百分点，达到14.5%，远高于监管机构要求的水平。

A chunk¹¹ of the bounty¹² may go towards acquisitions closer to home, fuelling a long-awaited wave of consolidation¹³ in Europe's overbanked markets. BBVA's American exit makes its portfolio¹⁴ disproportionately exposed to emerging markets, giving it a reason to invest at home. It may also help that, since July, the European Central Bank has encouraged banks to recognise an accounting¹⁵ gain, known as negative goodwill¹⁶, which they generate when they buy a rival at a lower price than the book value of its assets. Such "badwill", in turn, can be used to offset¹⁷ restructuring charges. Investors seem to believe that BBVA's talks with Sabadell will succeed: Sabadell's share price jumped by 16% on the PNC news, and a further 9% after PNC and BBVA said that due diligence had begun.

这笔收入的绝大部分可能会流向更靠近本土的收购，从而在银行过度扩张的欧洲市场掀起一波期待已久的整合浪潮。BBVA退出美国市场使其投资组合不成比例地暴露在新兴市场，这给了它在国内投资的理由。自7月以来，欧洲央行(ECB)鼓励各银行承认一种名为“负商誉”的会计收益(银行以低于其资产账面价值的价格收购竞争对手时产生的收益)，这或许也起到一定作用。反过来，这种“不良意愿”可以用来抵消重组费用。投资者似乎相信BBVA与Sabadell的谈判将会成功：在PNC的消息传出后，Sabadell的股价上涨了16%，而在PNC和BBVA表示尽职调查已经开始后，Sabadell的股价又上涨了9%。

Transatlantic divestitures, meanwhile, will probably continue. European banks operating in America should either go big or give up, says Adrian Cighi of Credit Suisse, a bank. Analysts expect HSBC, Europe's largest bank by assets, to signal a partial exit when it releases its results in February. Santander and BNP Paribas, the other European banks with a big American presence, say they do not want to sell. The PNC deal, however, may make shareholders¹⁸ think focus is not such a bad idea.

与此同时，跨大西洋的资产剥离可能会继续下去。瑞士信贷银行的艾德里安·奇吉表示，在美国经营的欧洲银行要么做大要么放弃。分析师预计，欧洲资产规模最大的银行汇丰(HSBC)将在2月份公布业绩时发出部分退出的信号。桑坦德银行(Santander)和法国巴黎银行(BNP Paribas)是另外两家在美国拥有大量业务的欧洲银行，它们表示不想出售。然而，PNC交易可能会让股东认为“专注”并不是一个坏主意。

1 franchise   

n.特许，特权，专营权，特许权

参考例句：

• Catering in the schools is run on a franchise basis.学校餐饮服务以特许权经营。
• The United States granted the franchise to women in 1920.美国于1920年给妇女以参政权。

2 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

3 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

4 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

5 knack   

n.诀窍，做事情的灵巧的，便利的方法

参考例句：

• He has a knack of teaching arithmetic.他教算术有诀窍。
• Making omelettes isn't difficult,but there's a knack to it.做煎蛋饼并不难，但有窍门。

6 ailing   

v.生病

参考例句：

• They discussed the problems ailing the steel industry. 他们讨论了困扰钢铁工业的问题。
• She looked after her ailing father. 她照顾有病的父亲。

7 notably   

adv.值得注意地，显著地，尤其地，特别地

参考例句：

• Many students were absent,notably the monitor.许多学生缺席，特别是连班长也没来。
• A notably short,silver-haired man,he plays basketball with his staff several times a week.他个子明显较为矮小，一头银发，每周都会和他的员工一起打几次篮球。

8 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

9 dent   

n.凹痕，凹坑；初步进展

参考例句：

• I don't know how it came about but I've got a dent in the rear of my car.我不知道是怎么回事，但我的汽车后部有了一个凹痕。
• That dent is not big enough to be worth hammering out.那个凹陷不大，用不着把它锤平。

10 autonomous   

adj.自治的；独立的

参考例句：

• They proudly declared themselves part of a new autonomous province.他们自豪地宣布成为新自治省的一部分。
• This is a matter that comes within the jurisdiction of the autonomous region.这件事是属于自治区权限以内的事务。

11 chunk   

n.厚片，大块，相当大的部分（数量）

参考例句：

• They had to be careful of floating chunks of ice.他们必须当心大块浮冰。
• The company owns a chunk of farmland near Gatwick Airport.该公司拥有盖特威克机场周边的大片农田。

12 bounty   

n.慷慨的赠予物，奖金；慷慨，大方；施与

参考例句：

• He is famous for his bounty to the poor.他因对穷人慷慨相助而出名。
• We received a bounty from the government.我们收到政府给予的一笔补助金。

13 consolidation   

n.合并,巩固

参考例句：

• The denser population necessitates closer consolidation both for internal and external action. 住得日益稠密的居民，对内和对外都不得不更紧密地团结起来。 来自英汉非文学 - 家庭、私有制和国家的起源
• The state ensures the consolidation and growth of the state economy. 国家保障国营经济的巩固和发展。 来自汉英非文学 - 中国宪法

14 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

15 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

16 goodwill   

n.善意，亲善，信誉，声誉

参考例句：

• His heart is full of goodwill to all men.他心里对所有人都充满着爱心。
• We paid ￡10,000 for the shop,and ￡2000 for its goodwill.我们用一万英镑买下了这家商店，两千英镑买下了它的信誉。

17 offset   

n.分支，补偿；v.抵消，补偿

参考例句：

• Their wage increases would be offset by higher prices.他们增加的工资会被物价上涨所抵消。
• He put up his prices to offset the increased cost of materials.他提高了售价以补偿材料成本的增加。

18 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任