＜Upper-Intermediate＞ Lesson No.11
Forming Underwriting Syndicate for Foreign Company Acquisition Financing / 外国企業の買収資金調達における引受シンジケート組成
０．Greetings & Ice-break (2min.)｜挨拶と導入
0-1 Greetings
Let’s practice a short small talk that you can use to greet a business partner and start building a good relationship.
講師との挨拶を兼ねて、ビジネスパートナーと信頼関係を築くための短いスモールトークを練習してみましょう。
[Tips / 会話のヒント]
・Can you hear me clearly?
私の声はクリアに聞こえますか？
・How's your day going so far?
今日はどんな一日でしたか？
・Talk about one small topic (Work, Weather, News, Hometown, Sports event, etc.)
軽い話題について話しましょう（仕事、天気、ニュース、地元、スポーツイベントなど）
0-2 Introduction
In today’s lesson, we’ll learn about the following situation. Have you ever experienced something similar?
本日のレッスンでは以下のようなシチュエーションについて学びます。同様のシチュエーションを経験したことがありますか？
- If you have experience, please tell us what it was like, what was difficult, or what you learned.
経験があれば、どんな内容だったか、難しかったことや学んだことなどを教えて下さい。
- If you don’t have experience, try to imagine yourself handling that situation in English.
What do you think would be challenging?
経験がなければ、英語でその状況に対応しているところを想像してみましょう。どんなことが難しそうですか？
Situation / シチュエーション
This involves forming an underwriting syndicate with multiple financial institutions for overseas companies' acquisition financing of Japanese companies, discussing underwriting amounts and fee allocation.
海外企業の日本企業買収資金調達で複数金融機関と引受シンジケートを組成し、引受金額や手数料配分について協議し大型案件を成功させる場面です。
1. Read (2 min)｜型を学ぶ
Let's read the following key sentences aloud!
下記の文章や単語を順番に音読しましょう！
1-1 Basic phrases
１．We propose a total facility of...（総額...の融資枠を提案する）
２．Let me clarify the rationale...（根拠を明確にさせてください）
３．We can accommodate a modified structure...（修正した体制に対応できる）
４．We assessed comparable deals...（類似案件を評価した）
５．This would lower total fees by...（これにより総手数料が...削減される）
６．We can coordinate a faster closing timeline...（より迅速なクロージングスケジュールを調整できる）
７．We anticipate finalizing all agreements within...（...以内に全ての合意を確定する見込みである）
1-2 Essential words
１．commit（コミットする）
２．enhance（高める）
３．justify（正当化する）
４．clarify（明確にする）
５．utilize（活用する）
６．accelerate（加速する）
７．assess（評価する）
８．accommodate（対応する）
９．eliminate（廃止する）
１０．anticipate（見込む）
2. Try (3 min)｜ロールプレイ練習
Let’s practice the role-play.
ロールプレイの練習をしましょう！
Situation / シチュエーション（Reference again）
This involves forming an underwriting syndicate with multiple financial institutions for overseas companies' acquisition financing of Japanese companies, discussing underwriting amounts and fee allocation.
海外企業の日本企業買収資金調達で複数金融機関と引受シンジケートを組成し、引受金額や手数料配分について協議し大型案件を成功させる場面です。
👨💼【Teacher / Acquisition Advisor】:
Thank you for joining today. We need to finalize the underwriting syndicate structure for this cross-border acquisition financing. Can you walk me through your proposed allocation among the participating banks?
（本日はお集まりいただきありがとうございます。このクロスボーダー買収資金調達の引受シンジケート体制を確定する必要があります。参加銀行間の配分案についてご説明いただけますか？）
🧑🎓【Student / Syndicate Manager】:
Certainly. We propose a total facility of 800 million USD with three lead arrangers. First, Bank A will commit 320 million USD as bookrunner. Second, Bank B and Bank C will each commit 200 million USD as co-lead managers. Third, two regional banks will participate with 40 million USD each to enhance local market credibility.
（承知しました。総額8億米ドルの融資枠を3つの主幹事で組成することを提案します。第一に、A銀行がブックランナーとして3億2000万米ドルをコミットします。第二に、B銀行とC銀行がそれぞれ共同主幹事として2億米ドルずつコミットします。第三に、2つの地域銀行が各4000万米ドルで参加し、現地市場での信頼性を高めます。）
👨💼【Teacher / Acquisition Advisor】:
I appreciate the detailed breakdown. However, I'm concerned about the fee structure. Bank A is requesting a 2.5 percent underwriting fee, which appears considerably higher than current market rates. How do you justify this level?
（詳細な内訳をありがとうございます。しかし、手数料体系について懸念があります。A銀行が2.5パーセントの引受手数料を要求していますが、これは現在の市場レートよりかなり高く見えます。この水準をどう正当化されますか？）
🧑🎓【Student / Syndicate Manager】:
Let me clarify the rationale. The 2.5 percent fee reflects three factors. First, this transaction involves complex regulatory coordination across multiple jurisdictions. Second, Bank A will utilize its extensive investor network to accelerate the placement process. Third, current market conditions impose additional risk premiums due to currency volatility. We assessed comparable deals and this fee remains competitive for transactions of this complexity.
（根拠を明確にさせてください。2.5パーセントの手数料は3つの要因を反映しています。第一に、この取引は複数の法域にわたる複雑な規制調整を伴います。第二に、A銀行は広範な投資家ネットワークを活用して配置プロセスを加速します。第三に、現在の市場環境は通貨変動により追加のリスクプレミアムを課しています。類似案件を評価しましたが、この手数料はこの複雑性の取引として競争力があります。）
👨💼【Teacher / Acquisition Advisor】:
I understand the complexity, but our client is hesitant about the total fee burden. The combined fees across all arrangers would exceed 15 million USD. Is there any flexibility to reduce this without compromising the syndicate quality?
（複雑性は理解しますが、クライアントは総手数料負担について躊躇しています。全主幹事の合計手数料は1500万米ドルを超えます。シンジケートの質を損なわずにこれを削減する柔軟性はありますか？）
🧑🎓【Student / Syndicate Manager】:
We can accommodate a modified structure. If your client commits to a 5-year relationship with quarterly reporting, we can reduce Bank A's fee to 2.2 percent and eliminate certain administrative charges. This would lower total fees by approximately 2.4 million USD. Additionally, we can coordinate a faster closing timeline to minimize your carrying costs during the transition period.
（修正した体制に対応できます。クライアントが四半期報告を伴う5年間の関係にコミットすれば、A銀行の手数料を2.2パーセントに削減し、特定の事務手数料を廃止できます。これにより総手数料は約240万米ドル削減されます。さらに、移行期間中の保有コストを最小化するため、より迅速なクロージングスケジュールを調整できます。）
👨💼【Teacher / Acquisition Advisor】:
That's a constructive proposal. Let me consult with the client on the 5-year commitment. Assuming they agree, when can we proceed with the syndicate documentation?
（それは建設的な提案です。5年間のコミットメントについてクライアントと相談させてください。彼らが同意すると仮定して、いつシンジケート文書を進められますか？）
🧑🎓【Student / Syndicate Manager】:
Once we receive your confirmation, we can launch the documentation process within 48 hours. Our legal team will collaborate with your counsel to expedite the drafting. We anticipate finalizing all agreements within 3 weeks, allowing sufficient time for regulatory approvals before the target closing date.
（確認を受け取り次第、48時間以内に文書化プロセスを開始できます。当方の法務チームが貴社の弁護士と協力して起草を迅速化します。目標クロージング日前に規制承認のための十分な時間を確保し、3週間以内に全ての合意を確定する見込みです。）
👨💼【Teacher / Acquisition Advisor】:
Excellent. I appreciate your flexibility on the fee structure and the clear timeline. I'll communicate with the client today and aim to provide our response by tomorrow afternoon. Thank you for working through these details efficiently.
（素晴らしい。手数料体系の柔軟性と明確なスケジュールに感謝します。本日クライアントと連絡を取り、明日午後までに回答を提供することを目指します。これらの詳細を効率的に進めていただきありがとうございます。）
3. Use (4 min)｜ロールプレイ & 実践（空欄補完）
Let's perform the role-play and fill in the blanks by translating the Japanese into English!
空欄の日本語を英語に訳しながら、ロールプレイを実践してみましょう！
Situation / シチュエーション（Reference again）
This involves forming an underwriting syndicate with multiple financial institutions for overseas companies' acquisition financing of Japanese companies, discussing underwriting amounts and fee allocation.
海外企業の日本企業買収資金調達で複数金融機関と引受シンジケートを組成し、引受金額や手数料配分について協議し大型案件を成功させる場面です。
👨💼【Teacher / Acquisition Advisor】:
Thank you for joining today. We need to finalize the underwriting syndicate structure for this cross-border acquisition financing. Can you walk me through your proposed allocation among the participating banks?
🧑🎓【Student / Syndicate Manager】:
Certainly. We propose a total facility of 800 million USD with three lead arrangers. First, Bank A will ［コミットする］ 320 million USD as bookrunner. Second, Bank B and Bank C will each ［コミットする］ 200 million USD as co-lead managers. Third, two regional banks will participate with 40 million USD each to ［高める］ local market credibility.
👨💼【Teacher / Acquisition Advisor】:
I appreciate the detailed breakdown. However, I'm concerned about the fee structure. Bank A is requesting a 2.5 percent underwriting fee, which appears considerably higher than current market rates. How do you justify this level?
🧑🎓【Student / Syndicate Manager】:
Let me ［明確にする］ the rationale. The 2.5 percent fee reflects three factors. First, this transaction involves complex regulatory coordination across multiple jurisdictions. Second, Bank A will ［活用する］ its extensive investor network to ［加速する］ the placement process. Third, current market conditions impose additional risk premiums due to currency volatility. We ［評価する］ed comparable deals and this fee remains competitive for transactions of this complexity.
👨💼【Teacher / Acquisition Advisor】:
I understand the complexity, but our client is hesitant about the total fee burden. The combined fees across all arrangers would exceed 15 million USD. Is there any flexibility to reduce this without compromising the syndicate quality?
🧑🎓【Student / Syndicate Manager】:
We can ［対応する］ a modified structure. If your client ［コミットする］s to a 5-year relationship with quarterly reporting, we can reduce Bank A's fee to 2.2 percent and ［廃止する］ certain administrative charges. This would lower total fees by approximately 2.4 million USD. Additionally, we can coordinate a faster closing timeline to minimize your carrying costs during the transition period.
👨💼【Teacher / Acquisition Advisor】:
That's a constructive proposal. Let me consult with the client on the 5-year commitment. Assuming they agree, when can we proceed with the syndicate documentation?
🧑🎓【Student / Syndicate Manager】:
Once we receive your confirmation, we can launch the documentation process within 48 hours. Our legal team will collaborate with your counsel to expedite the drafting. We ［見込む］ finalizing all agreements within 3 weeks, allowing sufficient time for regulatory approvals before the target closing date.
👨💼【Teacher / Acquisition Advisor】:
Excellent. I appreciate your flexibility on the fee structure and the clear timeline. I'll communicate with the client today and aim to provide our response by tomorrow afternoon. Thank you for working through these details efficiently.
4. Challenge (7 min)｜応用実践
Let's perform the role-play and fill in the blanks by translating the Japanese into English!
空欄の日本語を英語に訳しながら、ロールプレイを実践してみましょう！
*Let's practice this part repeatedly until we can speak it smoothly.
このパートはスムーズにスピーキングできるようになるまで繰り返し練習しましょう。
Situation / シチュエーション（Reference again）
This involves forming an underwriting syndicate with multiple financial institutions for overseas companies' acquisition financing of Japanese companies, discussing underwriting amounts and fee allocation.
海外企業の日本企業買収資金調達で複数金融機関と引受シンジケートを組成し、引受金額や手数料配分について協議し大型案件を成功させる場面です。
👨💼【Teacher / Acquisition Advisor】:
Thank you for joining today. We need to finalize the underwriting syndicate structure for this cross-border acquisition financing. Can you walk me through your proposed allocation among the participating banks?
🧑🎓【Student / Syndicate Manager】:
Certainly. ［総額8億米ドルの融資枠を3つの主幹事で組成することを提案します。］ First, Bank A will commit 320 million USD as bookrunner. Second, Bank B and Bank C will each commit 200 million USD as co-lead managers. Third, two regional banks will participate with 40 million USD each to enhance local market credibility.
👨💼【Teacher / Acquisition Advisor】:
I appreciate the detailed breakdown. However, I'm concerned about the fee structure. Bank A is requesting a 2.5 percent underwriting fee, which appears considerably higher than current market rates. How do you justify this level?
🧑🎓【Student / Syndicate Manager】:
［根拠を明確にさせてください。］ The 2.5 percent fee reflects three factors. First, this transaction involves complex regulatory coordination across multiple jurisdictions. Second, Bank A will utilize its extensive investor network to accelerate the placement process. Third, current market conditions impose additional risk premiums due to currency volatility. ［類似案件を評価しましたが、この手数料はこの複雑性の取引として競争力があります。］
👨💼【Teacher / Acquisition Advisor】:
I understand the complexity, but our client is hesitant about the total fee burden. The combined fees across all arrangers would exceed 15 million USD. Is there any flexibility to reduce this without compromising the syndicate quality?
🧑🎓【Student / Syndicate Manager】:
［修正した体制に対応できます。］ If your client commits to a 5-year relationship with quarterly reporting, we can reduce Bank A's fee to 2.2 percent and eliminate certain administrative charges. This would lower total fees by approximately 2.4 million USD. Additionally, we can coordinate a faster closing timeline to minimize your carrying costs during the transition period.
👨💼【Teacher / Acquisition Advisor】:
That's a constructive proposal. Let me consult with the client on the 5-year commitment. Assuming they agree, when can we proceed with the syndicate documentation?
🧑🎓【Student / Syndicate Manager】:
Once we receive your confirmation, we can launch the documentation process within 48 hours. Our legal team will collaborate with your counsel to expedite the drafting. We anticipate finalizing all agreements within 3 weeks, allowing sufficient time for regulatory approvals before the target closing date.
👨💼【Teacher / Acquisition Advisor】:
Excellent. I appreciate your flexibility on the fee structure and the clear timeline. I'll communicate with the client today and aim to provide our response by tomorrow afternoon. Thank you for working through these details efficiently.
\ If you have some extra capacity, give it a try（余力があればやってみましょう）/
5. Real-world application (5 min)｜実務応用
Let's speak freely with the phrases and flow we learned today. If you can, imagine your real job—it makes practice more effective.
本日学習した単語やフレーズ、会話の流れを思い出しながら、自由に話してみましょう。可能であれば、自身の実務を想像しながら話すと効果的です。
Situation / シチュエーション
A foreign company is acquiring a Japanese firm and needs to arrange financing through a syndicate of multiple banks.
You are negotiating the underwriting amounts, fee structure, and roles among participating financial institutions.
海外企業が日本企業を買収するため、複数の銀行によるシンジケートを通じて資金調達を行う必要があります。
参加金融機関間で引受金額、手数料体系、役割分担について交渉しています。
👨💼【Teacher / Acquisition Advisor】:
We need to finalize the syndicate structure for this acquisition financing. Can you explain your proposed allocation and fee arrangement among the participating banks?
（この買収資金調達のシンジケート体制を確定する必要があります。参加銀行間の配分案と手数料体系についてご説明いただけますか？）
🧑🎓【Student / Your Role】:
(Free Speaking based on today's lesson)
Hints / ヒント
１． Propose the total facility amount
２． Clarify the fee rationale
３． Accommodate modified terms
４． Anticipate the timeline
※This is not a role-play. Please speak until you finish your thoughts.
このパートはロールプレイ形式ではありません。最後まで通して話してみましょう。
6. Wrap-up (2 min) ｜レッスンの振り返り
Let's review today's lesson with your teacher!
今日のレッスンについて講師と振り返ってみましょう！
6-1 Comments from student
・Good points / 良かったところ・上手くできたところ
・Things to work on / 今後強化したいところ
6-2 Feedback from teacher
・Good points / 良かった点
・Things to work on / 今後の強化ポイント
・What to review / 復習ポイント
*6-3 Questions from student (if any)
Japanese translation（日本語訳）
1. Read (2min)（型を学ぶ）｜基本フレーズ
2. Try (4min)（ロールプレイ練習）｜型を使った練習
Let’s practice the role-play.
ロールプレイの練習をしましょう！
3. Use (7min)｜応用
Let’s perform the role-play and filling in the missing English!
英語を補完しながら、ロールプレイを実践してみましょう！
4. Challenge (7min)｜実践
Let’s perform the role-play and filling in the missing English!
英語を補完しながら、ロールプレイを実践してみましょう！
5. Wrap-up (3min) – レッスンの振り返り
"Let’s review today’s lesson with your teacher!”
「今日のレッスンについて講師と振り返ってみましょう！」
5-1. Comments from Student
- Good points / 良かったところ・上手くできたところ
- Things to work on / 今後強化したいところ
5-2. Feedback from Teacher
- Good points / 良かった点
- Things to work on / 今後の強化ポイント
- What to review / 復習ポイント
5-3. Question from Students (If any)