在信贷紧缩之后，美国银行(Bank of America)正寻求通过出售所持中国建设银行(CCB)股份来筹集资金，以强化其资产负债表。

Bank of America is seeking to raise capital to shore up its balance sheet in the wake of the credit crunch¹ by selling shares in China Construction Bank.

知情人士称，这家美国银行正计划部分出售其所持建行9%股份，建行是中国第二大银行。不过，美国银行同时还将寻求行使其拥有的选择权，以远低于市场水平的价格买入更多建行股票。

The US bank is planning to sell part of its 9 per cent stake in China’s second biggest bank, people familiar with the matter say. However, at the same time, it is seeking to exercise options it holds to buy more shares in the bank at levels that are now well below market rates.

这种两面出击的做法旨在调和美国银行两方面的需求：一方面抵消减记对其糟糕的资产负债状况的影响，但又不抛出太多股份，以保持与建行之间的友好关系。

The two-pronged action is aimed at reconciling BofA’s need to offset² write-downs on its bloodied³ balance sheet while still preserving cordial relations with CCB by not selling too many shares.

一位熟知美国银行思路的人士表示：“他们是在告诉投资者，桌面上有很多钱，他们打算拿走一些。”

“They are telling investors⁵ that there is a lot of money on the table and they would like to take some off,” said a person familiar with the thinking at BofA.

在此之际，美国银行正就出售旗下大宗经纪业务与法国巴黎银行(BNP Paribas)展开深入谈判，该项业务服务于对冲基金。

The move comes as the US bank holds advanced talks to sell its prime brokerage operation that services hedge funds to BNP Paribas.

美国银行所持建行股份意味着，该银行坐拥数十亿美元的未兑现收益。尽管建行股价与中国股市同步下跌——大盘较去年10月份的高点下跌46%——但仍远高于该银行2005年上市时的水平。建行目前的市值约为1770亿美元。

BofA is sitting on unrealised gains on its holdings that are worth billions. While CCB’s share price has slid in line with the Chinese stock market – 46 per cent below its October peak – the share price is still far higher than the level at which CCB listed in 2005. It has a market capitalisation of about $177bn.

如果美国银行只是将现有持股在市场上抛售，将加大建行股价所面临的下行压力，建行只有少部分股份上市。

If BofA just dumped its existing holdings on to the market, that would put increased downward pressure on the share price of CCB, which has only a small float.

美国银行仍在考虑买入新股的确切比例，不过该银行不太可能通过行使选择权，将其持股比例提高到19%。

The US bank is still considering the exact percentage of new shares it would buy, though it is unlikely to exercise its right to increase its holdings to 19 per cent.

同样，美国银行仍未决定是否在公开市场上出售建行股票，或是将其整批出售给一家战略投资者，抑或将这些股份再卖回给中国政府。

It also has not yet determined⁶ if it would sell its shares into the open market, or sell its block to a strategic investor⁴ or even sell its shares back to the government.

中国监管机构和建行本身可能需要首肯任何战略售股。

Regulators, as well as CCB itself, is likely to have to sign off on any strategic sale.

美国银行和建行之间的协议规定，美国银行将持股至今年10月份。美国银行和建行方面的管理人士都表示彼此关系十分良好。

The terms of the agreement struck between BofA and CCB oblige the US bank to hold its shares until October. Both BofA and CCB officials speak warmly of the relationship.