Cicli e Gann in sinergia - Sett. 8/12 Giugno (2 lettori)
- Creatore Discussione aleale
- Data di Inizio
Sir Green
Forumer storico
x gli amici della chat skipassee ieri sera su BCA Profilo
Pure il Financial Time.....
Un silenzioso cambio della guardia e' avvenuto questa settimana a Milano quando Matteo Arpe e' stato nominato presidente di Banca Profilo, la banca indipendente quotata che la sua societa' di investimento, Sator, ha salvato a febbraio".
E' quanto si legge in un commento del Financial Times, che spiega come "l'intervento tempestivo di Sator ha consentito a Bankitalia di mantenere un registro pulito durante la crisi finanziaria, visto che nessuna banca italiana e' fallita ad oggi".
Le autorita' italiane, "spesso criticate per il loro sistema decisionale sclerotico e la mancanza di comunicazione tra di loro, in questa occasione hanno unito le forze per assicurare una soluzione che ha protetto i clienti e ricapitalizzato la banca, iniettando nel frattempo un nuovo e rispettato team di management".
"Sator - spiega il Ft - e' a quanto pare il primo player di private equity in Europa a cui le autorita' pubbliche hanno permesso di salvare una banca regolamentata.
Mentre altri fondi hanno rilevato istituti in difficolt..., lo hanno fatto dopo che gli istituti erano falliti.
Nel caso di Profilo, Sator e' subentrata prima che il suo imminente fallimento diventasse pubblico".
Questo, secondo il quotidiano inglese, "va a credito di tutti coloro che sono coinvolti e del loro approccio di basso profilo ma efficace.
Non proprio la norma in Italia, e' doveroso dire.
Il ragguardevole ritorno che Sator ha raccolto da quando e' emersa come il salvatore di Profilo accrescera' la reputazione di Arpe per la sua astuzia.
Il fatto che le tasche dei contribuenti rimangano intatte e che gli azionisti di minoranza abbiano beneficiato di un impressionante recupero rende questo un evento doppiamente raro nel contesto italiano: un affare - conclude il commento - in cui quelli che solitamente perdono sono invece emersi silenziosamente come vincitori".
saluti
green
Pure il Financial Time.....
Un silenzioso cambio della guardia e' avvenuto questa settimana a Milano quando Matteo Arpe e' stato nominato presidente di Banca Profilo, la banca indipendente quotata che la sua societa' di investimento, Sator, ha salvato a febbraio".
E' quanto si legge in un commento del Financial Times, che spiega come "l'intervento tempestivo di Sator ha consentito a Bankitalia di mantenere un registro pulito durante la crisi finanziaria, visto che nessuna banca italiana e' fallita ad oggi".
Le autorita' italiane, "spesso criticate per il loro sistema decisionale sclerotico e la mancanza di comunicazione tra di loro, in questa occasione hanno unito le forze per assicurare una soluzione che ha protetto i clienti e ricapitalizzato la banca, iniettando nel frattempo un nuovo e rispettato team di management".
"Sator - spiega il Ft - e' a quanto pare il primo player di private equity in Europa a cui le autorita' pubbliche hanno permesso di salvare una banca regolamentata.
Mentre altri fondi hanno rilevato istituti in difficolt..., lo hanno fatto dopo che gli istituti erano falliti.
Nel caso di Profilo, Sator e' subentrata prima che il suo imminente fallimento diventasse pubblico".
Questo, secondo il quotidiano inglese, "va a credito di tutti coloro che sono coinvolti e del loro approccio di basso profilo ma efficace.
Non proprio la norma in Italia, e' doveroso dire.
Il ragguardevole ritorno che Sator ha raccolto da quando e' emersa come il salvatore di Profilo accrescera' la reputazione di Arpe per la sua astuzia.
Il fatto che le tasche dei contribuenti rimangano intatte e che gli azionisti di minoranza abbiano beneficiato di un impressionante recupero rende questo un evento doppiamente raro nel contesto italiano: un affare - conclude il commento - in cui quelli che solitamente perdono sono invece emersi silenziosamente come vincitori".
saluti
green
Elico64
Forumer storico
Beh?!? dipende Aga. In un mercato Toro, come dici tu, io vado lungo di default e shorto qualche centinaio di punti in presenza di eccessi ed in copertura del long e non il contrario.....
Poi ad ognuno la propria operatività....
AranciaMeccanica
ecchetelodicoafare...
ho detto che sto facendo intraday....non ho detto che sono short con l'intraday.....sto longando un fib da 19300....vediamo se va a 20500
treno
trenotrading.blogspot.it
tesoro non potresti mollare un attimo , ti prometto che poi lo lasciamo salire a 23.000...
AranciaMeccanica
ecchetelodicoafare...
Beh?!? dipende Aga. In un mercato Toro, come dici tu, io vado lungo di default e shorto qualche centinaio di punti in presenza di eccessi ed in copertura del long e non il contrario.....
Poi ad ognuno la propria operatività....
di solito faccio così, altre volte in presenza di segnali interessanti vado anche short intraday
AranciaMeccanica
ecchetelodicoafare...
tombola
AranciaMeccanica
ecchetelodicoafare...
e adesso shortino da 20490....mi accontento di poco...chiudo a 20450
aross
Nuovo forumer
July 24..
Ciao a tutti, scusate se posto di seguito questo articolo sull'azione CITI GROUP, ma vi dice qualcosa il 24 Luglio (riguardo agli short)?
BARRON'S TAKE
How to Invest in Citigroup
By ANDREW BARY
With today's $58 billion exchange offer, Citi's preferred stock offers an appealing alternative to the common stock.
EVEN AFTER THE FORMAL start today of Citigroup's (ticker: C) massive $58 billion exchange offer involving its preferred stock, Citi's preferred issues are trading at a sizable discount to their exchange values.
This makes the $15 billion of publicly issued preferred an attractive way to play a revival in beleaguered Citi.
Citi's 8.125% AA preferred stock, which is listed on the New York Stock Exchange as C preferred P, is trading at $21.58, up 58 cents. The spread, however, between the preferred and the exchange value of the Citi common shares actually has widened about 50 cents to $4.55 a share from Tuesday. Citi shares are up 17 cents at $3.58.
Each share of the series AA preferred will be swapped for roughly 7.3 Citi common shares, or roughly $26.13 based on today's Citi common-share price. The three other publicly traded preferreds targeted for conversion into common stock trade at similar spreads to their exchange value.
Many traders figured that the formal start of the exchange offer might result in a tightening in what has been a volatile spread since Citi initially announced the exchange offer in February. Why has the spread actually widened today? Because it's still very difficult to short Citi shares and when it is possible, the borrowing costs are very high. The exchange offer is due to expire on July 24, which is past the expiration of July options on Citi.
Many arbitragers have used Citi options to hedge the risk of owning the Citi preferreds because of the difficulty in shorting the common. With the exchange offer expiring on July 24, arbs need to use more expensive September options as a hedge now. This raises the cost of hedging and results in a wider spread of the preferred to the common exchange value. Many arbs have lost money in the Citi trade. They had bought the preferred and shorted the common to capture the spread and then saw the spread widen as Citi became increasingly tough to short.
With the Citi AA preferred at $21.58, investors effectively are creating the stock at about $2.95 a share, considerably below the current Citi share price. To arrive at the $2.95 price, take the preferred price and divide by the exchange ratio of 7.3.
This means the preferred offers an appealing alternative to the common stock.
In a note today, Jefferies analysts wrote that the raw spread of the preferred to the exchange, which stood at 19% yesterday, "has been volatile and remains wide." The spread is tighter at 5% if investors seek to create an arbitrage using expensive options or other derivatives.
The spread could close if the New York Stock Exchange allows when-issued trading in the Citi shares that will be issued in the exchange offer. The NYSE apparently is weighing such a move. There was no immediate comment from the exchange.
A when-issued market probably would result in a tightening spread of the preferred to the common because it would facilitate hedging because it's generally easier to short when-issued stock than regular stock, Jefferies noted today.
The $58 billion preferred exchange offer includes some $25 billion of preferred held by the government, $12.5 billion of privately placed preferred, $15 billion of public preferred and $5.5 billion of Citi trust preferred securities. The exchange offer, if fully subscribed, will result in a huge increase in Citi shares outstanding to about 23 billion from five billion. Assuming a full conversion, Citi's tangible book value is expected to fall to about $4 a share and its ratio of tangible common equity to assets will rise to about 5% from the current 2%.
In a statement today, Citi CEO Vikram Pandit said that following completion of the exchange offer, "Citi will be among the best capitalized banks in the world."
COSA NE PENSATE? SI VOLA IN LUGLIO?
Ciao a tutti, scusate se posto di seguito questo articolo sull'azione CITI GROUP, ma vi dice qualcosa il 24 Luglio (riguardo agli short)?
BARRON'S TAKE
How to Invest in Citigroup
By ANDREW BARY
With today's $58 billion exchange offer, Citi's preferred stock offers an appealing alternative to the common stock.
EVEN AFTER THE FORMAL start today of Citigroup's (ticker: C) massive $58 billion exchange offer involving its preferred stock, Citi's preferred issues are trading at a sizable discount to their exchange values.
This makes the $15 billion of publicly issued preferred an attractive way to play a revival in beleaguered Citi.
Citi's 8.125% AA preferred stock, which is listed on the New York Stock Exchange as C preferred P, is trading at $21.58, up 58 cents. The spread, however, between the preferred and the exchange value of the Citi common shares actually has widened about 50 cents to $4.55 a share from Tuesday. Citi shares are up 17 cents at $3.58.
Each share of the series AA preferred will be swapped for roughly 7.3 Citi common shares, or roughly $26.13 based on today's Citi common-share price. The three other publicly traded preferreds targeted for conversion into common stock trade at similar spreads to their exchange value.
Many traders figured that the formal start of the exchange offer might result in a tightening in what has been a volatile spread since Citi initially announced the exchange offer in February. Why has the spread actually widened today? Because it's still very difficult to short Citi shares and when it is possible, the borrowing costs are very high. The exchange offer is due to expire on July 24, which is past the expiration of July options on Citi.
Many arbitragers have used Citi options to hedge the risk of owning the Citi preferreds because of the difficulty in shorting the common. With the exchange offer expiring on July 24, arbs need to use more expensive September options as a hedge now. This raises the cost of hedging and results in a wider spread of the preferred to the common exchange value. Many arbs have lost money in the Citi trade. They had bought the preferred and shorted the common to capture the spread and then saw the spread widen as Citi became increasingly tough to short.
With the Citi AA preferred at $21.58, investors effectively are creating the stock at about $2.95 a share, considerably below the current Citi share price. To arrive at the $2.95 price, take the preferred price and divide by the exchange ratio of 7.3.
This means the preferred offers an appealing alternative to the common stock.
In a note today, Jefferies analysts wrote that the raw spread of the preferred to the exchange, which stood at 19% yesterday, "has been volatile and remains wide." The spread is tighter at 5% if investors seek to create an arbitrage using expensive options or other derivatives.
The spread could close if the New York Stock Exchange allows when-issued trading in the Citi shares that will be issued in the exchange offer. The NYSE apparently is weighing such a move. There was no immediate comment from the exchange.
A when-issued market probably would result in a tightening spread of the preferred to the common because it would facilitate hedging because it's generally easier to short when-issued stock than regular stock, Jefferies noted today.
The $58 billion preferred exchange offer includes some $25 billion of preferred held by the government, $12.5 billion of privately placed preferred, $15 billion of public preferred and $5.5 billion of Citi trust preferred securities. The exchange offer, if fully subscribed, will result in a huge increase in Citi shares outstanding to about 23 billion from five billion. Assuming a full conversion, Citi's tangible book value is expected to fall to about $4 a share and its ratio of tangible common equity to assets will rise to about 5% from the current 2%.
In a statement today, Citi CEO Vikram Pandit said that following completion of the exchange offer, "Citi will be among the best capitalized banks in the world."
COSA NE PENSATE? SI VOLA IN LUGLIO?
Balla coi Lupi
Forumer storico
ehhhhh allora si sale senza sosta fino a meta' luglio