negusneg
New Member
E' fra le prime cose della "to do list", ma come puoi immaginare ce ne sono ormai parecchie...
Comunque sicuramente lo farò a breve, anche per commentare l'importante decisione di Deutsche Bank di non esercitare la call di una subordinata Tier II che rischia di creare un pericoloso precedente e ha irritato molto gli operatori di questo mercato.
Deutsche Bank decides not to repay €1bn bond
By Paul J Davies in London and James Wilson in Frankfurt
Published: December 17 2008 19:30 | Last updated: December 17 2008 19:30
Deutsche Bank jolted bond and equity investors on Wednesday when it became the first big bank to say it would not repay €1bn ($1.4bn) of a particular kind of bond as expected in January.
The move raised fears about Deutsche’s capital strength and signalled a much higher likelihood that other banks would follow the example in not repaying so-called hybrid-capital bonds.
This could, in turn, erode the market for hybrid capital deals, which are supposed to occupy a kind of grey area between debt and equity. These instruments have been hugely important in squeezing extra funding into bank balance sheets – and in propping them up since the financial crisis exploded.
The bonds are typically repaid at the first opportunity after an initial period when redemptions are not allowed. If an issuer does not redeem then, they must pay a higher penalty coupon rate.
Deutsche Bank decided it was more cost-effective to pay this penalty rate rather than replace the funding in current difficult market conditions, which have made finance more expensive.
More than $800bn such bonds have been issued globally this decade, according to Dealogic, hitting a peak of $175bn in 2007. Most of the issuance has come from banks. Their importance in supporting bank balance sheets during the crisis is shown in the $137bn of deals in the past year.
When banks decide not to redeem the bonds at the earliest opportunity, the market value of the instruments falls, hurting investors. Analysts and bankers said such a scenario could see investors turn away from buying these deals in the future – further narrowing banks’ ability to raise new money.
“Deutsche Bank is running the risk that this may be seen as more symptomatic of capital and funding pressures which the institution may be facing,” said Roberto Henriques, credit analyst at JPMorgan.
The €1bn bond, which is part of Deutsche’s Tier 2 capital, an important but not core element of its balance sheet, has its first call date in mid-January.
The bank’s shares were on Wednesday down 7 per cent to €26.04, while the bonds in question dropped by up to 10 per cent to be worth less than 90 per cent of their original value, according to traders.
More than €33bn worth of these deals are due to be called next year by a string of banks, but that now looks less likely.
Copyright The Financial Times Limited 2008
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anche se per certi versi me lo aspettavo.
; E nel caso specifico (3ad a pioggia) è inevitabile, credo un' intervento + attivo dei moderatori oppure (onde evitare un' impegno full round dei medesimi) mettere dei vincoli che impongono di verificare cosa si sta cercando..
