Chapter 179: Capital (4)

In a year when the fiscal deficit was low, China's treasury bond issuance was only about 100 billion yuan, and in terms of the exchange rate against the United States that year, it was only just $10 billion.

In a year with a large number of issuances, that is, 600 billion yuan, this is usually divided into several or even dozens of insensitions, and the total amount of bonds each time will never exceed 10 billion US dollars.

Not to mention the riskier Russian, Mexican bonds, etc. As corporate bonds, even Coca-Cola and General Electric rarely have the luxury of selling tens of billions of bonds.

Pfizer's annual operating income is tens of billions of US dollars, and the bonds issued are still not enough, not to mention the new company established by Huang Xuan, however, this is not an absolute thing, and many times, whether the bonds can be sold is a matter for the issuing company. Goldman Sachs, for example, is a well-known bond operator on Wall Street.

Therefore, when Rubin offered to help sell $10 billion in bonds, Huang Xuan also thought that it was impossible.

Of course, the odds are a bit low.

Rubin took a sip of wine with a smile, put it on the dining table, wiped his hands with a dining cloth, and said, "The interest on the bond is 9.5%, and Citi will charge 5% of the total amount." ”

5% is $500 million, plus interest, you will have to pay $1.5 billion in the first year, and if you repay the debt after 5 years, you will have to pay half more. It's too good to make some money.

Huang Xuan looked at Rubin suspiciously, $1.5 billion is almost half of his assets, and the return rate in the first year is likely to not reach this level, so he naturally cannot repay the interest. This made him a little incredulous: "Citi isn't worried that I can't afford it?" ”

Rubin smiled and threw the napple on the table, saying, "Your patent should be placed in Citi's safe as collateral." ”

In other words, he believes that Huang Xuan's BD patents are worth at least $7 billion.

If it is 6 years later, this is a matter of course, after all, these patented technologies cover half of BD's profits, and they are the technology synthesis in the next 20 years, such as coatings, and other patented technologies, which can be used in other industries, but now it is still very risky to value it at 7 billion US dollars. This is enough to make a decision to acquire a "sexual" stake in a multinational company.

If Huang Xuan is allowed to evaluate it himself, it is actually only two or three billion US dollars, and patents can only be patents, especially when a standard has not yet entered the popularization, the price of patents will be greatly discounted, if it is according to Sony's estimates, 6 years later will be the popularization period of BD, and the interest of 7 billion US dollars will be 4 billion at that time, no matter how much it increases, it is not interesting.

Huang Xuan couldn't understand Rubin's thoughts, just as Rubin couldn't see how Huang Xuan got these patents, but in the eyes of Americans, the mystery of the Chinese seems to be innate, and even in the CIA, many people will not understand the difference between China's government and business and state-owned enterprises.

As a member of the Huang family, Huang Xuan certainly has the capital of officials and businessmen, in fact, Huang Xuan did not consider the source of these BD technologies before his trip to the United States. Whether it is Sifang Group or a certain research institute, it can be the perfect solution, but Huang Xuan deliberately did not do so.

A layer of "fog", coupled with a little distance, will increase the temptation of American enterprises.

In other words, Americans actually have a very envious attitude towards some red-top enterprises in China, just like today's Chinese, talking about diamond mines in South Africa and oil wells in Saudi Arabia, leaving saliva.

Rubin looked a little hungry, the old man who was about to be 70 years old still maintained his vigorous energy and appetite, he ate two pieces of small red sausage, took another sip of wine with a meal, and said with a smile: "How is Mr. Huang thinking about it?" ”

Huang Xuan picked up the wine glass, looked at the enlarged bonfire through the glass, and waited for a long time before saying, "I can't pay 1.5 billion US dollars." ”

"You can get $9.5 billion in cash, and the interest can be paid again after six months, and then $80 million a month, of course, until the money is used, it will be put in Citi."

This is an extremely altruistic clause, but the point is that Citi can provide so much money, Huang Xuan really can't think of any other financial institution that dares to boast of such a big Haikou.

As long as he nodded, the $4 billion in Xie Hao's hand could be obtained, Huang Xuan's heart moved slightly, and then he calmed down, rubbed the rim of the cup, and said, "It's really tempting, but I can't afford this money." ”

Rubin glanced at Huang Xuan imperceptibly, quite surprised. is still a stupid young man, but he is very able to endure "sex", in fact, let alone a young man, he is a gentleman who has been in the mall for a long time, and when he hears about the $10 billion bond, at this time, he should be a little dizzy. Think about it, as long as you nod, you can immediately become the operator of tens of billions of assets, such a temptation is really not small.

However, he misestimated Huang Xuan, compared to most people who can't manage $10 billion in a lifetime, Xiao Huang's mentality is naturally different, he made himself a simple version of the sandwich, bit down, chewing, and thinking.

Even within the Huang family, Huang Xuan received the most business education, Zhang Xinyi took Huang Xuan through the company since she was a child, at that time the Sifang Group was just a small company, so many years have passed, when most of the children of the Huang family are focused on how to rely on intrigue, from the Huang Fund to peel off more interests, the Sifang Group has become a new flagship.

In her opinion, if there is no accident, when Huang Xuan inherits the family business, he no longer needs to know how a factory should be produced, how a trade should be conducted, and the top level of a group with assets of more than $1 billion should be concerned about issues such as who to give the money to operate, or in which aspect to operate.

In this regard, Huang Xuanxue is not bad, which is inversely proportional to his school grades.

Rubin stared at Huang Xuan, and the latter seemed to be completely unaware, putting the wine glass to his lips, but there was no wine on his lips, looking as if he was stunned.

Huang Xuan's mind was spinning wildly.

Who can afford to pay $10 billion?

Sony can't do it, Toshiba naturally can't do it, and the Japanese consortium headed by Mitsubishi? Their relationship with Citi is delicate, at least not yet interested in helping Citi make $500 million.

Hollywood's source dealers? Huang Xuan blinked negatively, Warner couldn't come up with $10 billion in cash, and the share exchange was about the same. He casually looked around, and suddenly saw Bunker, the president of Bank of America, standing in the outer circle of sight, staring here.

Is it a financial institution? Huang Xuan looked up at Rubin, only major financial institutions would be willing to buy tens of billions of dollars in bonds, because for them, bonds with collateral "nature" are not very risky, and the yield is obviously very satisfactory and suitable for speculation.

Thinking of this, Huang Xuan looked at Rubin with burning eyes and said, "Mr. Minister, making money on both sides is not the style of a world-class financial institution. ”

Rubin was about to fork a piece of roasted red meat, when he heard Huang Xuan's words, he suddenly 'plugged' away, and he smiled reluctantly: "How could Mr. Huang say that?" ”

"Mr. Rubin, I know Mr. McLiwether well, and I inadvertently thought of the possibility that if a hedge fund used for arbitrage in the market used financial leverage to buy my bonds, in fact, he would only need a margin of $1 billion or even $500 million to get these bonds from the bank. You can then put it on the market or store it in a safe......"

Huang Xuan didn't continue, because the next content must be something Citi didn't want to hear. If Rubin had done so, Citi would have done nothing but financial leverage, which is almost a "sexual" nature, and had made $500 million without even taking the slightest risk, and as for the interest, whoever held the bonds would take the interest. This is not an issue of bonds at all.

Rubin's face turned ugly, and he coughed twice and said, "This is a violation." ”

"Of course." Huang Xuan said in a very heavy and slow tone.

"I think there may have been some misunderstanding between us." Rubin said with a bit of a stutter.

Huang Xuan is not 'forced', he knows that his age will always make some people feel that there is an opportunity, and he has no ill feelings towards the US Treasury Secretary himself. So just laughing: "I still need a loan, I hope Citi will seriously consider it." ”

With that, he went out from behind the table.

Rubin sent Huang Xuan away with a smile, and Lorraine said in a low voice: "I took the initiative to scan the whole audience just now, maybe there are some things that you will find interesting." ”

"Oh?"

"The vice president of the Bank of Paris, Maurice. Blanshaw confirmed to China that he had decided to lend you $400 million, which, of course, would require a mortgage. ”

"Where is he? Right now. ”

"Right next to Bunker, the president of Bank of America." Lorraine opened the energy screen and displayed real-time information to Huang Xuan, so that no one else could see it.

"Who's around Bunker?" Huang Xuan asked strangely, the person who can stand with the two bank presidents should also be a famous person.

Lorraine was quick to say: "Standard Chartered Group's Global Consumer Banking Group Executive Officer, Mike Brown. Dinoma. Need more information? ”

"No, let them cool down."