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book-runner

German translation: Bookrunner

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:book-runner
German translation:Bookrunner
Entered by: Ralf Lemster
Options:
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- Include in personal glossary

07:33 Mar 25, 2002
English to German translations [Non-PRO]
Bus/Financial
English term or phrase: book-runner
This is from a company considering an IPO:
"X and Y have been appointed as advisors to the company and the principal shareholders and will act as joint book-runners for an initial public offering".

What is a book-runner. Does he run the books? Or is this just another Monday morning?

Thanks for any help!
LegalTrans D
Turkey
Konsortialführer/in
Explanation:
Yes, a book-runner "runs" the books.

A book-runner is the managing or lead underwriter who maintains the books of securities sold for a new issue. (www.investopedia.com).

Regards,
Andrea



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Note added at 2002-03-25 08:16:33 (GMT)
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Den Ausdruck \"Konsortialführer\" (book runner) habe ich aus dem \"Finanz- und Börsenlexikon\", Beck-Wirtschaftsberater. Liest man oft so in der Fachpresse.
Selected response from:

Andrea Kopf
Germany
Local time: 07:44
Grading comment
Dabke, Andrea. Konsortialführer ist Ausdruck, der mir hier am besten passt. Investopedia habe ich gleich bei meinen Favoriten abgelehnt. Danke auch an Kim und Alison für die Hilfe.

PS: Der Roller im Park ist sehr hübsch
4 KudoZ points were awarded for this answer

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Summary of answers provided
5Bookrunner
Ralf Lemster
4Bookrunner
Alison Schwitzgebel
5 -1Konsortialführer/in
Andrea Kopf
4Versicherungsgeber
Kim Metzger


  

Answers


6 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
Versicherungsgeber


Explanation:
UBS Warburg is acting as a lead underwriter (book-runner) and ...


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Note added at 2002-03-25 07:41:07 (GMT)
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Oder Emssionsgarant ist wahrscheinlich besser hier.

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Note added at 2002-03-25 07:41:29 (GMT)
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Emissionsgarant

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Note added at 2002-03-25 07:43:41 (GMT)
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Offering Price - This is the price set by the Lead Underwriter (also known as Lead Manager or Lead Book-Runner) at which the company\'s stock is sold to the first round of investors.

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Note added at 2002-03-25 07:44:55 (GMT)
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http://ipo.ragingbull.com/ipoinfo/pricings.asp?p=RAGE

Kim Metzger
Mexico
Local time: 00:44
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 2598

Peer comments on this answer (and responses from the answerer)
neutral  Mats Wiman: Referenz bitte!
1 min
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24 mins   confidence: Answerer confidence 5/5 peer agreement (net): -1
Konsortialführer/in


Explanation:
Yes, a book-runner "runs" the books.

A book-runner is the managing or lead underwriter who maintains the books of securities sold for a new issue. (www.investopedia.com).

Regards,
Andrea



--------------------------------------------------
Note added at 2002-03-25 08:16:33 (GMT)
--------------------------------------------------

Den Ausdruck \"Konsortialführer\" (book runner) habe ich aus dem \"Finanz- und Börsenlexikon\", Beck-Wirtschaftsberater. Liest man oft so in der Fachpresse.


    Reference: http://www.investopedia.com
Andrea Kopf
Germany
Local time: 07:44
Native speaker of: Native in GermanGerman
PRO pts in pair: 121
Grading comment
Dabke, Andrea. Konsortialführer ist Ausdruck, der mir hier am besten passt. Investopedia habe ich gleich bei meinen Favoriten abgelehnt. Danke auch an Kim und Alison für die Hilfe.

PS: Der Roller im Park ist sehr hübsch

Peer comments on this answer (and responses from the answerer)
neutral  Ralf Lemster: "Konsortialführer" is usually referred to as "Lead Manager" - a bookrunner's job can be different
1 hr

disagree  Birgit Gläser: Konsortialführer ist die Bank/Partei, die bei einem Konsortialkredit die Führung hat, "Bookrunning" ist eine weitere Aktivität von Konsortialbanken bei Börsengängen von Unternehmen.
2668 days
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38 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
Bookrunner


Explanation:
Is a very commonly used "Denglish" term:

"Frankfurt (vwd) - Die Heidelberger Druckmaschinen AG hat die Commerzbank
AG und Deutsche Bank AG zu Bookrunnern bei der Platzierung einer Anleihe im
Volumen von 500 Mio EUR bestimmt. Wie die beiden Institute mitteilten, liegt
die Rendite der als revolvierender Konsortialkredit ausgestalteten
Multiwährungs-Anleihe mit einer Laufzeit von fünf Jahren um 25 Basispunkte
über Libor. Die Anleihe dient nach Angaben eines Heidelberg-Sprechers der
Kreditumschichtung "und nicht der Finanazierung einer aktuellen Geschichte".
vwd/12/11.1.2002/ces/mr"

"Neben Goldman Sachs als Global Coordinator und Bookrunner besteht das Konsortium aus den folgenden Banken: Morgan Stanley und Schroder Salomon Smith Barney als Senior Co-Lead Manager sowie Commerzbank, HypoVereinsbank und Lehman Brothers als Co-Lead Manager. Darüber hinaus befinden sich Consors Capital und die DAB bank in der Verkaufsgruppe"

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Note added at 2002-03-25 08:15:55 (GMT)
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During an IPO, potential shareholders submit subscription requests for the shares to the \"book runner\" - who keeps a \"book\" of subscription requests. When the issuing price has been finalized, the bookrunner allocates the shares to the applicants.

\"Bookrunner: the bank responsible for managing the books for an offer, specifically collecting orders, pricing and allocation and stabilization. Where there are joint lead managers (or global co-ordinators) there will typically be only one bookrunner. In larger offers there may be a bookrunner for each region and then a single global bookrunner \"

http://www.gs.com/recruiting/asiapacific/glossary/index_u.ht...


    Reference: http://www.boerseninfos.de/ak/mk/news/514000-20020111-124601...
    Reference: http://www.infineon.com/news/press/107_093d.htm
Alison Schwitzgebel
France
Local time: 07:44
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in pair: 284
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2 hrs   confidence: Answerer confidence 5/5
Bookrunner


Explanation:
Although frequently, the lead manager (=Konsortialführer) of an issue also acts as the book runner (although this is not clear from the question), the two functions are distinctively different. Also, if an entity had assumed both functions, I would expect them to explicitly say so (investment banking is not exactly about hiding your achievements...*g*).

"Running the book" means organising the receipt of orders from investors subscribing to the issue, and allocating securities according to demand, the issuer's placement preferences and other considerations.

For larger, multinational issues, the functions will usually be carried out by different entities, where one or two houses share the overall responsibility as (Joint) Lead Managers, but the issue is organised by country-specific (or regional) book runners.

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Note added at 2002-03-25 10:21:22 (GMT) Post-grading
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Regarding the issue of dicos - I use Zahn and Dietl on a very regular basis - but the people who collate these books usually don\'t know the intricacies of investment banking... sorry.


    Own professional experience in the financial markets (including equity trading and sales)
Ralf Lemster
Germany
Local time: 07:44
Native speaker of: German
PRO pts in pair: 4899

Peer comments on this answer (and responses from the answerer)
neutral  Andrea Kopf: Ich habe 3 Nachschlagewerke, die "bookrunner" mit "Konsortialführer" übersetzen. Was sind Dietl/Lorenz, ein Finanz- und Börsenlexikon vom Beck-Verlag und Zahn, Bank- und Börsenwesen E/D wert, wenn sie falsche Angaben machen?
18 mins
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