Obbligazioni bancarie Banche irlandesi: newsflow, ratings, bonds. Il fronte irlandese dell'Euro.
- Creatore Discussione Imark
- Data di Inizio
troppidebiti
Forumer storico
lupin70
Volere è potere.
Some good news
Finalmente, forse, buone notizie...
Bank of Ireland upgraded by Deutsche Securities Briefing.com(Wed :07am)
LONDON (MarketWatch) -- The Bank of Ireland (IRE 9.03, +2.11, +30.49%) (UKKIR 1.56, +0.23, +17.36%) was upgraded to neutral from reduce by Nomura after the gorup reported better-than-expected captial ratios on Tuesday. But the broker still sees uncertainty around further dilution risks from the government's implementation of the National Asset Management Agency
Finalmente, forse, buone notizie...
Bank of Ireland upgraded by Deutsche Securities Briefing.com(Wed :07am)
LONDON (MarketWatch) -- The Bank of Ireland (IRE 9.03, +2.11, +30.49%) (UKKIR 1.56, +0.23, +17.36%) was upgraded to neutral from reduce by Nomura after the gorup reported better-than-expected captial ratios on Tuesday. But the broker still sees uncertainty around further dilution risks from the government's implementation of the National Asset Management Agency
lupomar
Forumer attivo
Qulacuno ha notizie di come sia andato il collocamento?
Bond euro in calo su rialzo borse e peso offerta
Reuters - 19/05/2009 08:33:27
LONDRA, 19 maggio (Reuters) - I titoli di stato della zona euro hanno registrato un calo in apertura, appesantiti dal ritornato ottimismo degli investitori che hanno così rivolto la loro attenzione ad asset più rischiosi. Pesa anche la massiccia
offerta di titoli governativi e corporate.
"Le borse sono in rialzo e il mercato ha scambiato molto ieri comunque in relazione all'offerta di nuovi titoli corporate" dice un trader.
In arrivo anche offerta sul fronte statale, con l'Irlanda
che oggi collocherà fino a 1 miliardo di euro in bond 2014 e 2019, come parte della sua emissione netta di 20 miliardi.
L'attenzione degli investitori è oggi puntata sull'indagine Zew sulle prospettive per l'economia tedesca a maggio. Dopo il
marcato miglioramento del mese scorso, che ha segnato la prima lettura positiva da luglio 2007, la mediana delle aspettative raccolte da Reuters prospetta un ulteriore miglioramento dell'indice da 13,0 a 20,0.
Bond euro in calo su rialzo borse e peso offerta
offerta di titoli governativi e corporate.
"Le borse sono in rialzo e il mercato ha scambiato molto ieri comunque in relazione all'offerta di nuovi titoli corporate" dice un trader.
In arrivo anche offerta sul fronte statale, con l'Irlanda
che oggi collocherà fino a 1 miliardo di euro in bond 2014 e 2019, come parte della sua emissione netta di 20 miliardi.
L'attenzione degli investitori è oggi puntata sull'indagine Zew sulle prospettive per l'economia tedesca a maggio. Dopo il
marcato miglioramento del mese scorso, che ha segnato la prima lettura positiva da luglio 2007, la mediana delle aspettative raccolte da Reuters prospetta un ulteriore miglioramento dell'indice da 13,0 a 20,0.
Imark
Forumer storico
La tender offer di Boi su taluni perpetuals viene considerata distressed e porta ad un drastico abbattimento del rating su questi titoli... Fondamentali i passaggi chiave grassettati per la comprensione di come si muoveranno i ratings in future vicende analoghe... 
Bank of Ireland Hybrid Securities Downgraded On Announced Tender Offers
LONDON (Standard & Poor's) May 20, 2009--Standard & Poor's Ratings Services said today that it has lowered to 'C' from 'BB' the issue ratings on six hybrid capital securities issued by subsidiaries of Bank of Ireland (BOI; the trading name of the Governor and Company of the Bank of Ireland; A/Watch Neg/A-1).
This action follows BOI's announcement of tender offers for six series of hybrid capital securities (the "tender offer securities") with an aggregate value of about €3 billion. We also removed the ratings on these securities from CreditWatch with negative implications, where they were originally placed on Nov. 14, 2008. This action does not affect the issuer credit ratings on BOI.
Under our criteria (see "Rating Implications Of Exchange Offers And
Similar Restructurings, Update," published on May 12, 2009, on RatingsDirect), we characterize the BOI tender offers as a "distressed exchange." As a result, we lowered the ratings on the tender offer securities to 'C', reflecting our opinion that the exchange is equivalent to a payment deferral. Upon completion of the offers, we will review the remaining tender offer securities and likely raise the ratings on them to the level of the ratings on BOI's hybrid securities without voting rights that are not subject to the tender offers.
Separately, we lowered the ratings on BOI's three hybrid securities not subject to the tender offers. We downgraded two hybrid securities with voting rights in certain circumstances to 'B-' from 'BB' and one security without voting rights to 'B' from 'BB', and removed all the ratings from CreditWatch with negative implications where they were originally placed on Nov. 14, 2008.
These rating actions were part of a review of hybrid security ratings of
several European financial institutions that have received state aid or that are likely, in our opinion, to receive state aid in the near future (see "
Hybrid Securities Of 9 European Banking Groups Receiving State Aid Lowered By 3 Or More Notches Following Review," published today).
BOI launched its tender offers on May 19, 2009. BOI has indicated minimum purchase prices for these tender offer securities of between €380 and €500 per €1,000, which would represent a substantial discount to par, but a premium on recent market prices.
According to our criteria, we may view a tender or exchange offer as distressed if investors accept less than the original promise because of the risk that the issuer will not fulfill its original obligations.
We consider that BOI's offers for these securities constitute a distressed exchange for two reasons. First, we believe that investors who accept the offers will realize a substantial loss relative to par. Second, we expect BOI to receive further state aid (proposed through Ireland's National Asset Management Agency plan). We understand this will require European Commission (EC) approval, which could include a restructuring plan that restricts dividend and interest payments on BOI's hybrid capital.
While BOI may be willing to service its hybrid securities, we believe that the potential that BOI could be prohibited from doing so (by the Irish authorities or the EC) could compel investors to accept the offer, essentially making the acceptance equivalent to a payment deferral.
A successful completion of the tender offers will moderately improve
BOI's capitalization. We expect that the bank will book a profit as a result
of investors' acceptances of the offers, reflecting the difference between the offer value and the book value of the tender offer securities. For example, assuming a 45% average participation rate and an average offer of 45% of par, by our calculation there would be a pretax gain of about €740 million. This would boost the Tier 1 capital ratio by approximately 70 basis points, based on pro forma risk-weighted assets on March 31, 2009.
Given that BOI currently has hybrid capital significantly in excess of our gearing bands, we believe our total adjusted capital measure would also increase following completion of the offers, despite the reduction in outstanding Tier 1 capital.
RATINGS LIST
Downgraded; CreditWatch/Outlook Action
To From
BOI Capital Funding (No.1) LP (1)
EUR600 mil 6.25% fxd/var non-cum perp callable
C BB/Watch Neg
BOI Capital Funding (No.2) LP (1)
US$800 mil var rate /fltg rate gtd non-voting non-cum callable perp pfd secs
C BB/Watch Neg
BOI Capital Funding (No.3) LP (1)
US$400 mil var rate /fltg rate gtd non-voting non-cum callable perp pref
secs
C BB/Watch Neg
BOI Capital Funding (No.4) LP (1)
£500 mil var rate fxd/fltg rate gtd non-voting non-cum perp pref secs
C BB/Watch Neg
Bank of Ireland UK Holdings PLC
£350 mil 6.25% callable perp pfd secs hybrid
EUR600 mil step-up callable perp pfd secs hybrid
C BB/Watch Neg
Bank of Ireland
US$150 mil 6.187% hybrid
B BB/Watch Neg
EUR63.49 mil
£18.76 mil 12% non-cum pfd stk
B- BB/Watch Neg
(1) Guaranteed by Bank of Ireland.
Bank of Ireland Hybrid Securities Downgraded On Announced Tender Offers
LONDON (Standard & Poor's) May 20, 2009--Standard & Poor's Ratings Services said today that it has lowered to 'C' from 'BB' the issue ratings on six hybrid capital securities issued by subsidiaries of Bank of Ireland (BOI; the trading name of the Governor and Company of the Bank of Ireland; A/Watch Neg/A-1).
This action follows BOI's announcement of tender offers for six series of hybrid capital securities (the "tender offer securities") with an aggregate value of about €3 billion. We also removed the ratings on these securities from CreditWatch with negative implications, where they were originally placed on Nov. 14, 2008. This action does not affect the issuer credit ratings on BOI.
Under our criteria (see "Rating Implications Of Exchange Offers And
Similar Restructurings, Update," published on May 12, 2009, on RatingsDirect), we characterize the BOI tender offers as a "distressed exchange." As a result, we lowered the ratings on the tender offer securities to 'C', reflecting our opinion that the exchange is equivalent to a payment deferral. Upon completion of the offers, we will review the remaining tender offer securities and likely raise the ratings on them to the level of the ratings on BOI's hybrid securities without voting rights that are not subject to the tender offers.
Separately, we lowered the ratings on BOI's three hybrid securities not subject to the tender offers. We downgraded two hybrid securities with voting rights in certain circumstances to 'B-' from 'BB' and one security without voting rights to 'B' from 'BB', and removed all the ratings from CreditWatch with negative implications where they were originally placed on Nov. 14, 2008.
These rating actions were part of a review of hybrid security ratings of
several European financial institutions that have received state aid or that are likely, in our opinion, to receive state aid in the near future (see "
Hybrid Securities Of 9 European Banking Groups Receiving State Aid Lowered By 3 Or More Notches Following Review," published today).
BOI launched its tender offers on May 19, 2009. BOI has indicated minimum purchase prices for these tender offer securities of between €380 and €500 per €1,000, which would represent a substantial discount to par, but a premium on recent market prices.
According to our criteria, we may view a tender or exchange offer as distressed if investors accept less than the original promise because of the risk that the issuer will not fulfill its original obligations.
We consider that BOI's offers for these securities constitute a distressed exchange for two reasons. First, we believe that investors who accept the offers will realize a substantial loss relative to par. Second, we expect BOI to receive further state aid (proposed through Ireland's National Asset Management Agency plan). We understand this will require European Commission (EC) approval, which could include a restructuring plan that restricts dividend and interest payments on BOI's hybrid capital.
While BOI may be willing to service its hybrid securities, we believe that the potential that BOI could be prohibited from doing so (by the Irish authorities or the EC) could compel investors to accept the offer, essentially making the acceptance equivalent to a payment deferral.
A successful completion of the tender offers will moderately improve
BOI's capitalization. We expect that the bank will book a profit as a result
of investors' acceptances of the offers, reflecting the difference between the offer value and the book value of the tender offer securities. For example, assuming a 45% average participation rate and an average offer of 45% of par, by our calculation there would be a pretax gain of about €740 million. This would boost the Tier 1 capital ratio by approximately 70 basis points, based on pro forma risk-weighted assets on March 31, 2009.
Given that BOI currently has hybrid capital significantly in excess of our gearing bands, we believe our total adjusted capital measure would also increase following completion of the offers, despite the reduction in outstanding Tier 1 capital.
RATINGS LIST
Downgraded; CreditWatch/Outlook Action
To From
BOI Capital Funding (No.1) LP (1)
EUR600 mil 6.25% fxd/var non-cum perp callable
C BB/Watch Neg
BOI Capital Funding (No.2) LP (1)
US$800 mil var rate /fltg rate gtd non-voting non-cum callable perp pfd secs
C BB/Watch Neg
BOI Capital Funding (No.3) LP (1)
US$400 mil var rate /fltg rate gtd non-voting non-cum callable perp pref
secs
C BB/Watch Neg
BOI Capital Funding (No.4) LP (1)
£500 mil var rate fxd/fltg rate gtd non-voting non-cum perp pref secs
C BB/Watch Neg
Bank of Ireland UK Holdings PLC
£350 mil 6.25% callable perp pfd secs hybrid
EUR600 mil step-up callable perp pfd secs hybrid
C BB/Watch Neg
Bank of Ireland
US$150 mil 6.187% hybrid
B BB/Watch Neg
EUR63.49 mil
£18.76 mil 12% non-cum pfd stk
B- BB/Watch Neg
(1) Guaranteed by Bank of Ireland.
troppidebiti
Forumer storico
secondo me la boi e le altre banchette irlandesi ce la faranno, il prezzo di ciò sarà il debito pubblico irlandese che tra un pò supererà agevolmente il 100% sul pil...la cosa che invece mi lascia stupefatto è la cronica mancanza di informazioni...sul sito di bankofireland non è possibile neanche visionare gli isin di tutti i bond emessi dalla banca
si va a tentoni cercando una volta nella borsa di francoforte una volte nell' euronext....
si va a tentoni cercando una volta nella borsa di francoforte una volte nell' euronext....Topgun1976
Guest
mi mangio sempre più la mani,da 7 a 50...
Imark
Forumer storico
Non era facile pronosticarla, quella risalita...
troppidebiti
Forumer storico
io ero dentro con pmc sui 50 poi gaudenzio mi ha fatto venire il cagotto
e ho venduto tutto ...cmq c' è da dire che questo titolo è un vero risiko markettaro molto leggero in denaro
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