Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (4 lettori)

[fidw99]

documento basilea 3

stavo leggendo il documento postato ieri....

mi interessano in particolare questi due paragrafi

Press release 13 January 2011 (Loss absorbency at the point of non-viability)
31. Does the option for loss absorbency at the point of non-viability to be implemented through statutory means, as described in the press release of 13 January 2011, release banks from the requirement of Basel III (Criterion 11 of the Additional Tier 1 entry criteria) to have a contractual principal loss absorption mechanism for Tier 1 instrument classified as liabilities?
[FONT=Arial,Arial][FONT=Arial,Arial]No. The press release of 13 January 2011 does not release banks from any of the requirements of the Basel III rules text published in December 2010. [/FONT]
[/FONT]32. Regarding loss absorbency at the point of non-viability, the press release says in relation to disclosure "it is disclosed by the relevant regulator and by the issuing bank, in issuance documents going forward, that such instruments are subject to loss under clause (a) in this paragraph" Does this mean that if an instrument issued prior to 1 January 2013 meets all of the criteria set out in the December 2010 rules text and there is a statutory regime that meets the requirements of the 13 January 2011 press release, there is no Basel III requirement to disclose in its terms and conditions that it is subject to loss under the statutory regime in order for it to be compliant?
[FONT=Arial,Arial][FONT=Arial,Arial]That is correct. The reference to "going-forward" was to avoid the necessity to amend existing contracts if the loss absorbency is implemented through statutory means. However, instruments issued on or after 1 January 2013 will need to have the relevant disclosure.[/FONT]

[FONT=Arial,Arial]Mi aiutate ad interpretarli ?[/FONT]
[FONT=Arial,Arial]mi sembra che dal secondo punto venga chiarito che non è necessario che ci sia scritta la clausolo di loss absorption se vige un regime "statutory regime" ?[/FONT]

[FONT=Arial,Arial]grazie [/FONT]

[/FONT]

 

[stordits]

NIBC altra categoria...
NIBC releases Half Year Results 2011 08-24-11
Net profit of EUR 43 million on the back of strong client business
Net interest income rose 38% in H1 2011 compared to H1 2010
Net profit in H1 2011 of EUR 43 million, 2% higher than in H1 2010 and 26% higher than H2 2010.
Growth in corporate loan portfolio of 6% in H1 2011.
In line with our strategy, recurrent income net interest and net fee and commission income increased; operating income decreased due to lower net trading income.
Impairments significantly decreased in H1 2011.
Diversification of funding continued, with successful issuance of EUR 500 million inaugural public covered bonds and EUR 750 million RMBS; retail savings via NIBC Direct increased to EUR 5.5 billion.
NIBC Holding has declared an interim dividend of 52% (EUR 29 million).
No debt exposure to sovereign entities in Greece, Ireland, Italy, Portugal and Spain.

 

[stordits]

*nibc bank tier 1 ratio 15.8%, core tier 1 ratio 14.1% :nibna na

 

[capt.harlock]

NIBC altra categoria...
NIBC releases Half Year Results 2011 08-24-11
Net profit of EUR 43 million on the back of strong client business
Net interest income rose 38% in H1 2011 compared to H1 2010
Net profit in H1 2011 of EUR 43 million, 2% higher than in H1 2010 and 26% higher than H2 2010.
Growth in corporate loan portfolio of 6% in H1 2011.
In line with our strategy, recurrent income net interest and net fee and commission income increased; operating income decreased due to lower net trading income.
Impairments significantly decreased in H1 2011.
Diversification of funding continued, with successful issuance of EUR 500 million inaugural public covered bonds and EUR 750 million RMBS; retail savings via NIBC Direct increased to EUR 5.5 billion.
NIBC Holding has declared an interim dividend of 52% (EUR 29 million).
No debt exposure to sovereign entities in Greece, Ireland, Italy, Portugal and Spain.

gran bei numeri..le ultime 2 righe non so se destano in me sollievo o preoccupazione

 

[bia06]

Bentornato AAAA47

 

[capt.harlock]

comunque mi sono sempre chiesto come mai la irs ING fosse salita cosi' tanto (mi pare arrivando quasi a 75), con la "gemella" aegon che la seguiva nella salita, mentre per esempio la BACA si era fermata poco sopra i 60

imho se le sono ricomprate un po'in ottica 2013
credo anche erste l' abbia fatto ma se ricordo bene non hanno l'obbligo di comunicarlo

 

[bia06]

RBS XS0323734961

Qualcuno riesce gentilmente a confermare se è step up?
Grazie mille

 

[Rottweiler]

Ageas: primo semestre

Ottimi risultati di Ageas nel primo semestre. Il titolo guadagna, a quest'ora, più del 10%.

 

[bia06]

RBS
XS0237530497
XS0205935470


Sicuramente mi sono perso qualcosa: come fa la 497, che rende il 4%, a costare (quotazione siti gratuiti) 10 punti in più della 470 che rende il 5%?

Disclaimer: OKKIO, CIOFECHE CON CEDOLE SOSPESE !!!

 

[Rottweiler]

stavo leggendo il documento postato ieri....

mi interessano in particolare questi due paragrafi

Press release 13 January 2011 (Loss absorbency at the point of non-viability)
31. Does the option for loss absorbency at the point of non-viability to be implemented through statutory means, as described in the press release of 13 January 2011, release banks from the requirement of Basel III (Criterion 11 of the Additional Tier 1 entry criteria) to have a contractual principal loss absorption mechanism for Tier 1 instrument classified as liabilities?
[FONT=Arial,Arial][FONT=Arial,Arial]No. The press release of 13 January 2011 does not release banks from any of the requirements of the Basel III rules text published in December 2010. [/FONT]
[/FONT]32. Regarding loss absorbency at the point of non-viability, the press release says in relation to disclosure "it is disclosed by the relevant regulator and by the issuing bank, in issuance documents going forward, that such instruments are subject to loss under clause (a) in this paragraph" Does this mean that if an instrument issued prior to 1 January 2013 meets all of the criteria set out in the December 2010 rules text and there is a statutory regime that meets the requirements of the 13 January 2011 press release, there is no Basel III requirement to disclose in its terms and conditions that it is subject to loss under the statutory regime in order for it to be compliant?
[FONT=Arial,Arial][FONT=Arial,Arial]That is correct. The reference to "going-forward" was to avoid the necessity to amend existing contracts if the loss absorbency is implemented through statutory means. However, instruments issued on or after 1 January 2013 will need to have the relevant disclosure.[/FONT]

[FONT=Arial,Arial]Mi aiutate ad interpretarli ?[/FONT]
[FONT=Arial,Arial]mi sembra che dal secondo punto venga chiarito che non è necessario che ci sia scritta la clausolo di loss absorption se vige un regime "statutory regime" ?[/FONT]

[FONT=Arial,Arial]grazie [/FONT]

[/FONT]

Io interpreto così: per le emissioni antecedenti l'1-1-2013 è sufficiente che il regime nazionale preveda la clausola di loss absorption al PONV (=burden sharing forte); questo onde evitare di modificare tutti i prospetti. Le emissioni successive a tale data invece devono contenere esplicitamente la clausola nel prospetto; questo sia per un dovere di trasparenza verso gli investitori sia per indurre i governi locali a passare senza indugi la nuova legge europea.
In teoria la nuova normativa europea sul burden sharing dovrebbe entrare in vigore in ciascun paese entro la fine dell'anno prossimo.