GMAC's Other Headache
2008年06月26日17:02
汽车贷款业务曾经是通用汽车金融服务公司(General Motors Acceptance Corporation, 简称GMAC)的一个亮点。现在，这块业务也黯然失色了。
The one bright spot for GMAC used to be its auto-loan business. Now, that, too, is dimming.
这家贷款机构的房屋贷款部门状况不佳，存在着抵押贷款壤帐等种种问题，而现在又面临极度耗油的敞蓬小货车和运动型多用途汽车(SUV)价格下跌的危机，真是雪上加霜。
Declining values of gasoline-guzzling pickup trucks and sport utility vehicles are looming over the lender, adding to its existing problems with souring mortgages through its ailing home-loan unit. This leaves GMAC in worse shape than rival Ford Motor Credit.
GMAC也不太可能指望通用汽车公司(GM)帮忙。这家汽车生产商正疲于应对敞蓬小货车和SUV销量急剧下滑的状况，已于周一宣布减产。2006年，以私人资本运营集团Cerberus Capital Management LP为首的一个财团以140亿美元收购了GMAC 51%的股份，此后通用汽车拥有GMAC 49%的股份。Cerberus Capital Management LP是克莱斯勒(Chrysler LLC)的母公司。
And it is unlikely GMAC can look to General Motors Corp. for help. The auto maker, struggling to cope with a steep decline in sales of pickups and SUVs, announced production cuts Monday. The company has a 49% stake in GMAC after a consortium led by private-equity group Cerberus Capital Management LP, parent of Chrysler LLC, bought 51% of GMAC in 2006 for about $14 billion.
为了向购买通用汽车的人提供资金而于1919年建立的GMAC去年在新车及二手车贷款业务中收入508亿美元。这家曾在经济低迷时期以稳定的利润支撑了GM的贷款机构向陷入困境的抵押贷款子公司Residential Capital LLC注入数十亿美元，由此大伤元气。GMAC宣布今年第一季度净亏损5.89亿美元，而上年同期亏损3.05亿美元。
GMAC, set up in 1919 to provide financing to buyers of GM vehicles, made $50.8 billion in loans for new and used vehicles last year. The lender, which once propped up GM with steady profit during economic downturns, has been weakened by the billions of dollars it pumped into its struggling mortgage subsidiary, Residential Capital LLC. GMAC posted a net loss of $589 million in the first quarter, compared with a loss of $305 million a year earlier.
除此之外，时值汽油价格高达每加仑4美元之际，在GM的产品线中占据可观比例的敞蓬小货车和SUV需求不断下跌也会进一步给GMAC带来损失。二手车市场上的高油耗汽车价格已经剧跌。随着租约到期以及从无力继续偿还车贷的车主手中收回车辆，GMAC积压了大量高油耗汽车。
In addition, falling demand for pickup trucks and SUVs, which make up a sizable chunk of GM's production mix, amid $4-a-gallon gasoline, should further hurt GMAC. The value of gas guzzlers has dropped sharply in the used-car market. GMAC is saddled with inventories of thousands of these vehicles as they come off leases or are repossessed from owners unable to keep up with payments.
通常情况下，GMAC会在租赁期满时收回车辆，并根据估计的价格将这些车辆打折出售给经销商。据二手车批发拍卖公司Manheim的数据，今年5月，货车和SUV的拍卖价格比上年同期下跌了逾20%。
Typically, GMAC takes back vehicles at the end of leases and sells them to dealers at discounted prices based on estimated values. On average, auction prices on trucks and SUVs fell by more than 20% in May compared with year-earlier prices, according to data from Manheim, a wholesale auction company for used cars.
GMAC的发言人说：“GMAC密切关注着市场状况。”
'GMAC is monitoring the market conditions closely,' a GMAC spokeswoman says.
Cerberus的一位代表说，GMAC的管理层正在努力改善公司的资产负债状况，走出现在这种空前的经济困境，让公司将来能占据更好的地位。
A representative of Cerberus said GMAC's management is 'working hard to strengthen the balance sheet and emerge from this unprecedented economic environment better positioned for the future.'
随着货车和SUV车主所欠车款超出车辆的实际价值，GMAC还面临着贷款拖欠率日渐上升、车辆收回的数量越来越多的问题。
GMAC also faces rising delinquencies in loan payments and increasing numbers of repossessions as owners of pickups and SUVs owe more on the vehicles than they are worth.
另一重忧虑是GMAC居高不下的资产负债比率。据穆迪投资者服务公司(Moody's Investors Service)计算，GMAC的借款为其净值的23倍。而竞争对手Ford Credit的借款为其净值的11倍。
Another worry is GMAC's high level of borrowings compared with its equity cushion. One measure of GMAC's leverage ratio, as calculated by Moody's Investors Service, shows that the company has 23 times its net worth in borrowings. Ford Credit has 11 times its net worth.
穆迪的债务分析师马克?威斯登(Mark Wasden)说，GMAC的杠杆规模太大，这对它的信贷状况有负面影响。
GMAC's leverage 'is an aggressive measure and has negatively impacted GMAC's credit standing,' says Mark Wasden, a debt analyst at Moody's.
GMAC手头拥有充足的现金结余：148.4亿美元，但幅度超出预期的剩余价值下滑意味着GMAC无法在这次经济低迷期充当勇救GM的白马王子。
GMAC has a hefty cash balance of $14.84 billion on hand, but steeper-than-expected declines in residual values mean GMAC won't ride to GM's rescue during this downturn.
历史教训：巴克莱堪比花旗？
History Lesson: Barclays Like Citi?
巴克莱集团(Barclays PLC)的处境有点像1991年的花旗集团(Citigroup)，当时一位沙特王子和一名私人银行客户注资挽救了这家美国银行。
Barclays PLC's situation looks a bit like that of Citigroup in 1991, when a Saudi prince and a private-banking client put in capital to rescue the U.S. bank.
巴克莱的股东需要确保他们的银行不会重复花旗后来犯下的错误。
Barclays's shareholders need reassuring that their bank won't repeat Citigroup's subsequent mistakes.
巴克莱将筹资45亿英镑（合88.6亿美元）以充实资本金，其中很大一部分来自卡塔尔投资局(Qatar Investment Authority)。问题在于，巴克莱会拿这笔钱做什么。
Barclays is raising GBP 4.5 billion ($8.86 billion) to shore up its core equity ratios, with a large chunk coming from Qatar Investment Authority, among others. The question is what will Barclays do with the new money.
此次增资后，巴克莱的一级资本充足率将提高到8.8%，而从它对这桩交易的评价看，它从配置资金上获得的收益将超出整个集团10.5%的资金成本。它还将在美国资本市场及英国抵押贷款市场等重要领域赢得市场份额。
Its Tier 1 capital rises to 8.8%, and judging by its comments on current trading, it is able to generate returns on deployed capital more than its 10.5% cost of capital throughout the group. It also is gaining market share in some key areas, such as U.S. capital markets and U.K. mortgages.
花旗的教训值得回顾。在获救之后，利润有所回升，花旗展开了毫无节制的收购行动。不久，花旗就失去了理智，将宝贵的资产随意乱投，而不考虑长期的回报。
Citigroup's experience is worth recalling. After the rescue, profits returned and Citi went on a buying spree. Soon after, the bank lost the plot, with precious equity thrown around without much respect for long-term returns.
有人认为花旗是为了达到某些华尔街人士不现实的短期预期而陷入困境的，对于同意这一看法的人而言，巴克莱首席执行长约翰?瓦利(John Varley)要汲取的教训就是避免同样的压力。
For those sympathetic with the view that Citigroup was undone by trying to meet the unrealistic short-term expectations of some on Wall Street, the lesson for Barclays Chief Executive John Varley is to avoid the same pressure.
令投资者感到安慰的是，瓦利成功避免了他许多同侪所遭遇的次债过高问题。而瓦利及巴克莱其他一些管理者周三暗示说巴克莱在考虑并购事宜，这又让投资者惴惴不安。
Comforting for investors is Mr. Varley's success in skirting the worst subprime-related excesses of many of his contemporaries. Less so is the fact that Mr. Varley and his colleagues indicated Wednesday that Barclays has acquisitions in mind.
巴克莱必须重点关注新股东的潜力，而非进行什么交易。利用新股东的销售能力、推销定制金融产品应该是优先考虑的事情。
Rather than deal making, Barclays must focus on the potential of its new investors. Harnessing their distribution capabilities and pushing tailored financial products should be a priority.
Aparajita Saha-Bubna
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