pier87
GBP uber alles
Non c'è nessun pericolo.......non serve più assicurarsi ora
magari...
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 2 (4 lettori)
- Creatore Discussione tommy271
- Data di Inizio
- Stato
magari...
Nobody's
Γένοιο οἷος εἷ
International Swaps and Derivatives Association
Greek Sovereign Debt Q&A (Update)
The following are responses to the most frequently-asked questions that ISDA has received in
connection with the application of credit derivatives to a potential restructuring or
reprofiling of Greek sovereign debt. The following does not constitute legal advice, and is
subject in all respects to any determination that the ISDA EMEA Credit Derivatives
Determinations Committee may make in relation to CDS referencing the Hellenic Republic
(Greece). ISDA makes no comment on the likelihood of the events described in this Q&A.
UPDATE OCTOBER 27:
The determination of whether the Eurozone deal with regard to Greece is a credit event
under CDS documentation will be made by ISDA’s EMEA Determinations Committee
when the proposal is formally signed, and if a market participant requests a ruling from
the DC. Based on what we know it appears from preliminary news reports that the
bond restructuring is voluntary and not binding on all bondholders. As such, it does
not appear to be likely that the restructuring will trigger payments under existing CDS
contracts. In addition, it is important to note that the restructuring proposal is not yet
at the stage at which the ISDA Determinations Committee would be likely to accept a
request to determine whether a credit event has occurred.
INFORMATION ORIGINALLY POSTED ON JULY 8:
How are Credit Default Swaps documented?
The vast majority of Credit Default Swaps (CDS) are documented using the 2003 ISDA
Credit Derivatives Definitions, as supplemented by the July 2009 Supplement. The
Definitions can be obtained from ISDA’s Bookstore.
What triggers CDS?
The CDS contract contains a number of elections that parties can make (for example, which
events from a menu of potential Credit Events will apply, what obligations are relevant for
triggering a Credit Event, what kind of obligation will be deliverable if a Credit Event
occurs). Of course, parties are free to agree to make whichever elections they wish, but
standard elections are generally used for particular transaction types (so, for example, some
of the elections for North American corporates, will be different from those for, say, Western
European Sovereigns).
A CDS is triggered when a Credit Event occurs. There are three Credit Events that are
typically used for Western European Sovereigns (including Greece), they are: Failure to Pay;
Repudiation/Moratorium and Restructuring. We will focus on Restructuring for these
purposes.
The Restructuring Credit Event is triggered if one of a defined list of events occurs, with
respect to a debt obligation such as a bond or a loan, as a result of a decline in
creditworthiness or financial condition of the reference entity. The listed events are: reduction
in the rate of interest or amount of principal payable (which would include a “haircut”);
deferral of payment of interest or principal (which would include an extension of maturity of
an outstanding obligation); subordination of the obligation; and change in the currency of payment to a currency that is not legal tender in a G7 country or a AAA-rated OECD country. The decline in creditworthiness or financial condition requirement is intended to filter out restructurings that occur as a result of improved financial condition.
Are CDS triggered by a declaration by a rating agency that the Reference
Entity has been downgraded or is in “default”?
No. There is no link between a rating agency declaration and a CDS Credit Event. It is possible that the same set of facts might give rise to both, but it is also possible that one might occur but not the other.
As noted above, one element of the Restructuring Credit Event is that the event has to occur as a direct or indirect result of a decline in creditworthiness or financial condition of the reference entity. In determining whether that criterion has been met, rating agency actions may -- but need not -- be considered, together with any other relevant information.
What is the difference between “Restructuring”, “Modified Restructuring” and “Modified Modified Restructuring”?
The CDS Definitions provide for three different variants of Restructuring: Restructuring (sometimes referred to as “old” Restructuring), Modified Restructuring and Modified Modified Restructuring). The differences relate to what is deliverable following a Restructuring Credit Event. Modified Restructuring and Modified Modified Restructuring contain certain limitations on the maturity of debt that can be delivered in a Restructuring Credit Event when the buyer triggers. These limitations are the reason why there are auctions for different “maturity buckets” following a Restructuring Credit Event. “Old” Restructuring does not apply any special restrictions to deliverable obligations, and is subject to the usual 30- year maturity limit on deliverables, so the same obligations will be deliverable for an Old Restructuring as for any other Credit Event. Old Restructuring applies to
Western European Sovereigns.
Does it matter whether the event is “voluntary” or “mandatory”?
The CDS Definitions do not refer to a distinction between voluntary and mandatory events, though it does come up indirectly. An important element of the definition of Restructuring is that the event has to occur in a form that binds all holders of the "restructured" debt. Thus, for example, if bonds contain a Collective Action Clause (CAC) with a 75% threshold for making a change to bond terms, then if 75% or more of the holders vote in favour, that change is binding on all the holders, even those that voted against. That is, the change does not have to be agreed upon by all the holders to trigger a Credit Event, just the relevant majority of them. In that sense, the change is “mandatory” for those who voted against it. We understand that Greece’s domestic law debt, which accounts for over 90% of all of its outstanding debt, does not contain CAC clauses.
Would a debt exchange trigger a Credit Event?
A voluntary debt exchange typically would not trigger a Credit Event. A restructuring credit event requires an amendment of terms of outstanding bonds or loans, whereas an exchange means the original bonds are redeemed and replaced with new bonds on the new terms. Economically they may be the same but legally they are different, which could have very different consequences for CDS.
If Greece’s debt were restructured in a way that did not trigger a Credit Event,
would this call into question the utility of CDS as a hedging tool?
No. It has always been understood that the Restructuring definition cannot catch all possible events. Restructuring was, in fact, dropped as a Credit Event for North American investment grade names because it was felt to be unnecessary. It was, however, maintained in Europe because European companies tend to restructure their debt where North American companies would reorganise under Chapter 11 (which would trigger the Bankruptcy Credit Event). If a creditor is hedging using CDS, and declines to participate in a voluntary restructuring, then the creditor would still hold its original debt claim and its CDS hedge, which would continue to protect against future non-payment or a mandatory restructuring for the remaining term of the CDS.
What is the process for determining a Credit Event?
All firms entering into CDS transactions using the standard ISDA documentation (described above) have agreed to be bound by the decisions reached through the process for determining a Credit Event set out in the CDS Definitions. This process is fair, transparent and well tested, and was developed working closely with global regulators. Credit Events are determined by one of five regional ISDA Credit Derivatives Determinations Committees (DCs). An event with respect to Greece would be dealt with by the EMEA DC. The composition of the DCs is explained below.
The process begins when a market participant puts a question to the DC for the relevant region. Any market participant (who need not be an ISDA member) with one or more CDS transactions can raise a question. A question is raised by submitting it, along with publicly-available information evidencing the event, using an online form on the ISDA website.
After a question is submitted, it must be accepted by one of the members of the appropriate DC. This step is included in order to filter out frivolous questions. Once a question is accepted, the DC will meet within a defined timeframe to consider it. The DC will weigh the publicly-available evidence and vote on whether a Credit Event has occurred within the terms of the CDS Definitions. It should be noted that the DC simply applies the Definitions to the public facts; it is not empowered to
decide whether, as a matter of policy, a Credit Event should or should not occur in particular circumstances.
As soon as a vote has occurred, the determination is posted on the ISDA website. Each DC member’s vote is made public. Requests to the DCs and updates following meetings of the DCs are posted immediately on the ISDA website on the Credit Derivatives page at ISDA Credit Derivatives Determinations Committees. In order to stay up to date on requests to any of the 5 DCs and the status of the requests the DCs are considering, you can subscribe to our RSS feed, which allows you to receive updates by e-mail or through a news aggregator. To subscribe to our RSS feed click here: Subscribe to RSS Feed.
Details on how RSS feeds work are available here: What is RSS?
Further details of the operation of the DCs are available at ISDA Credit Derivatives Determinations Committees
Who are the members of the DCs?
Each DC consists of ten voting dealers and five voting non-dealers, plus two consultative (non-voting) dealers and one consultative non-dealer. The dealers are selected annually according to (and only to) their CDS trading volume over the past year and their compliance with certain requirements, notably to participate in CDS auctions, whilst the non-dealers are
selected annually at random from a pool of buyside market participants meeting certain specified size criteria. Non-dealer members’ one-year terms are staggered so that they do not all finish their terms at once. A list of the firms that are members of the DCs is available at:
ISDA Determinations Committees
Would a Credit Event on Greece lead to massive payments by protection
sellers?
No. According to the Depository Trust & Clearing Corporation’s CDS data warehouse, the total net exposure of market participants who have sold CDS credit protection on Greek sovereign debt is approximately $3.7bn as of 10-21- 2011. This figure is calculated by summing the net exposures of the protection sellers, and so it is impossible for any one firm selling protection to have more than $3.7bn in exposure and, of course, given that there are many net sellers, any one seller’s exposure is likely to be far less. Also, firms’ net exposures are partially offset by the recovery value of underlying obligations. For example, if the CDS auction showed the recovery value of debt to be (hypothetically) 50%, the maximum aggregate amount payable would, in Greece’s case, be 50% of $3.7bn: $1.85bn. Furthermore, statistics indicate that, on average, 70 per cent of derivatives exposure is collateralised and the level of CDS collateralization is likely to be even higher as over 90% of CDS transactions (by numbers of trades) are collateralised. Thus, in this example, of the $1.85bn payable, about $1.5bn has effectively already been paid.
The data regarding CDS exposures on Greek sovereign debt, and for the top 1,000 reference entities, are public. They are available here: DTCC » Consent (Greece is listed under "Hellenic Republic").
Regulators have access to additional data, including individual firm CDS exposures.
©2011 International Swaps and Derivatives Association, Inc. Privacy policy
Fonte raffio
Greek Sovereign Debt Q&A (Update)
The following are responses to the most frequently-asked questions that ISDA has received in
connection with the application of credit derivatives to a potential restructuring or
reprofiling of Greek sovereign debt. The following does not constitute legal advice, and is
subject in all respects to any determination that the ISDA EMEA Credit Derivatives
Determinations Committee may make in relation to CDS referencing the Hellenic Republic
(Greece). ISDA makes no comment on the likelihood of the events described in this Q&A.
UPDATE OCTOBER 27:
The determination of whether the Eurozone deal with regard to Greece is a credit event
under CDS documentation will be made by ISDA’s EMEA Determinations Committee
when the proposal is formally signed, and if a market participant requests a ruling from
the DC. Based on what we know it appears from preliminary news reports that the
bond restructuring is voluntary and not binding on all bondholders. As such, it does
not appear to be likely that the restructuring will trigger payments under existing CDS
contracts. In addition, it is important to note that the restructuring proposal is not yet
at the stage at which the ISDA Determinations Committee would be likely to accept a
request to determine whether a credit event has occurred.
INFORMATION ORIGINALLY POSTED ON JULY 8:
How are Credit Default Swaps documented?
The vast majority of Credit Default Swaps (CDS) are documented using the 2003 ISDA
Credit Derivatives Definitions, as supplemented by the July 2009 Supplement. The
Definitions can be obtained from ISDA’s Bookstore.
What triggers CDS?
The CDS contract contains a number of elections that parties can make (for example, which
events from a menu of potential Credit Events will apply, what obligations are relevant for
triggering a Credit Event, what kind of obligation will be deliverable if a Credit Event
occurs). Of course, parties are free to agree to make whichever elections they wish, but
standard elections are generally used for particular transaction types (so, for example, some
of the elections for North American corporates, will be different from those for, say, Western
European Sovereigns).
A CDS is triggered when a Credit Event occurs. There are three Credit Events that are
typically used for Western European Sovereigns (including Greece), they are: Failure to Pay;
Repudiation/Moratorium and Restructuring. We will focus on Restructuring for these
purposes.
The Restructuring Credit Event is triggered if one of a defined list of events occurs, with
respect to a debt obligation such as a bond or a loan, as a result of a decline in
creditworthiness or financial condition of the reference entity. The listed events are: reduction
in the rate of interest or amount of principal payable (which would include a “haircut”);
deferral of payment of interest or principal (which would include an extension of maturity of
an outstanding obligation); subordination of the obligation; and change in the currency of payment to a currency that is not legal tender in a G7 country or a AAA-rated OECD country. The decline in creditworthiness or financial condition requirement is intended to filter out restructurings that occur as a result of improved financial condition.
Are CDS triggered by a declaration by a rating agency that the Reference
Entity has been downgraded or is in “default”?
No. There is no link between a rating agency declaration and a CDS Credit Event. It is possible that the same set of facts might give rise to both, but it is also possible that one might occur but not the other.
As noted above, one element of the Restructuring Credit Event is that the event has to occur as a direct or indirect result of a decline in creditworthiness or financial condition of the reference entity. In determining whether that criterion has been met, rating agency actions may -- but need not -- be considered, together with any other relevant information.
What is the difference between “Restructuring”, “Modified Restructuring” and “Modified Modified Restructuring”?
The CDS Definitions provide for three different variants of Restructuring: Restructuring (sometimes referred to as “old” Restructuring), Modified Restructuring and Modified Modified Restructuring). The differences relate to what is deliverable following a Restructuring Credit Event. Modified Restructuring and Modified Modified Restructuring contain certain limitations on the maturity of debt that can be delivered in a Restructuring Credit Event when the buyer triggers. These limitations are the reason why there are auctions for different “maturity buckets” following a Restructuring Credit Event. “Old” Restructuring does not apply any special restrictions to deliverable obligations, and is subject to the usual 30- year maturity limit on deliverables, so the same obligations will be deliverable for an Old Restructuring as for any other Credit Event. Old Restructuring applies to
Western European Sovereigns.
Does it matter whether the event is “voluntary” or “mandatory”?
The CDS Definitions do not refer to a distinction between voluntary and mandatory events, though it does come up indirectly. An important element of the definition of Restructuring is that the event has to occur in a form that binds all holders of the "restructured" debt. Thus, for example, if bonds contain a Collective Action Clause (CAC) with a 75% threshold for making a change to bond terms, then if 75% or more of the holders vote in favour, that change is binding on all the holders, even those that voted against. That is, the change does not have to be agreed upon by all the holders to trigger a Credit Event, just the relevant majority of them. In that sense, the change is “mandatory” for those who voted against it. We understand that Greece’s domestic law debt, which accounts for over 90% of all of its outstanding debt, does not contain CAC clauses.
Would a debt exchange trigger a Credit Event?
A voluntary debt exchange typically would not trigger a Credit Event. A restructuring credit event requires an amendment of terms of outstanding bonds or loans, whereas an exchange means the original bonds are redeemed and replaced with new bonds on the new terms. Economically they may be the same but legally they are different, which could have very different consequences for CDS.
If Greece’s debt were restructured in a way that did not trigger a Credit Event,
would this call into question the utility of CDS as a hedging tool?
No. It has always been understood that the Restructuring definition cannot catch all possible events. Restructuring was, in fact, dropped as a Credit Event for North American investment grade names because it was felt to be unnecessary. It was, however, maintained in Europe because European companies tend to restructure their debt where North American companies would reorganise under Chapter 11 (which would trigger the Bankruptcy Credit Event). If a creditor is hedging using CDS, and declines to participate in a voluntary restructuring, then the creditor would still hold its original debt claim and its CDS hedge, which would continue to protect against future non-payment or a mandatory restructuring for the remaining term of the CDS.
What is the process for determining a Credit Event?
All firms entering into CDS transactions using the standard ISDA documentation (described above) have agreed to be bound by the decisions reached through the process for determining a Credit Event set out in the CDS Definitions. This process is fair, transparent and well tested, and was developed working closely with global regulators. Credit Events are determined by one of five regional ISDA Credit Derivatives Determinations Committees (DCs). An event with respect to Greece would be dealt with by the EMEA DC. The composition of the DCs is explained below.
The process begins when a market participant puts a question to the DC for the relevant region. Any market participant (who need not be an ISDA member) with one or more CDS transactions can raise a question. A question is raised by submitting it, along with publicly-available information evidencing the event, using an online form on the ISDA website.
After a question is submitted, it must be accepted by one of the members of the appropriate DC. This step is included in order to filter out frivolous questions. Once a question is accepted, the DC will meet within a defined timeframe to consider it. The DC will weigh the publicly-available evidence and vote on whether a Credit Event has occurred within the terms of the CDS Definitions. It should be noted that the DC simply applies the Definitions to the public facts; it is not empowered to
decide whether, as a matter of policy, a Credit Event should or should not occur in particular circumstances.
As soon as a vote has occurred, the determination is posted on the ISDA website. Each DC member’s vote is made public. Requests to the DCs and updates following meetings of the DCs are posted immediately on the ISDA website on the Credit Derivatives page at ISDA Credit Derivatives Determinations Committees. In order to stay up to date on requests to any of the 5 DCs and the status of the requests the DCs are considering, you can subscribe to our RSS feed, which allows you to receive updates by e-mail or through a news aggregator. To subscribe to our RSS feed click here: Subscribe to RSS Feed.
Details on how RSS feeds work are available here: What is RSS?
Further details of the operation of the DCs are available at ISDA Credit Derivatives Determinations Committees
Who are the members of the DCs?
Each DC consists of ten voting dealers and five voting non-dealers, plus two consultative (non-voting) dealers and one consultative non-dealer. The dealers are selected annually according to (and only to) their CDS trading volume over the past year and their compliance with certain requirements, notably to participate in CDS auctions, whilst the non-dealers are
selected annually at random from a pool of buyside market participants meeting certain specified size criteria. Non-dealer members’ one-year terms are staggered so that they do not all finish their terms at once. A list of the firms that are members of the DCs is available at:
ISDA Determinations Committees
Would a Credit Event on Greece lead to massive payments by protection
sellers?
No. According to the Depository Trust & Clearing Corporation’s CDS data warehouse, the total net exposure of market participants who have sold CDS credit protection on Greek sovereign debt is approximately $3.7bn as of 10-21- 2011. This figure is calculated by summing the net exposures of the protection sellers, and so it is impossible for any one firm selling protection to have more than $3.7bn in exposure and, of course, given that there are many net sellers, any one seller’s exposure is likely to be far less. Also, firms’ net exposures are partially offset by the recovery value of underlying obligations. For example, if the CDS auction showed the recovery value of debt to be (hypothetically) 50%, the maximum aggregate amount payable would, in Greece’s case, be 50% of $3.7bn: $1.85bn. Furthermore, statistics indicate that, on average, 70 per cent of derivatives exposure is collateralised and the level of CDS collateralization is likely to be even higher as over 90% of CDS transactions (by numbers of trades) are collateralised. Thus, in this example, of the $1.85bn payable, about $1.5bn has effectively already been paid.
The data regarding CDS exposures on Greek sovereign debt, and for the top 1,000 reference entities, are public. They are available here: DTCC » Consent (Greece is listed under "Hellenic Republic").
Regulators have access to additional data, including individual firm CDS exposures.
©2011 International Swaps and Derivatives Association, Inc. Privacy policy
Fonte raffio
Ultima modifica:
tommy271
Forumer storico
.
g.ln
Triplo Panico: comprare
Mosse vincenti!
Mossa vincente e coraggiosa!
Ciao, Giuseppe
Riempirmi di brevi vendendo quote Italiane......è stata una mossa vincente
1 a 0 per gli ottimisti
Lo spazio per le cassandre si assottiglia
Mossa vincente e coraggiosa!
Ciao, Giuseppe
tommy271
Forumer storico
Tesoro,Borsa puntano sottoscrizione online bond per retail
venerdì 28 ottobre 2011 10:12
MILANO, 28 ottobre (Reuters) - Avvalendosi dei sistemi di 'trading on line' bancari aderenti alla piattaforma Mot di Borsa Italiana, il Ministero dell'Economia ha allo studio nuove modalità di collocamento diretto al 'retail' di titoli del Tesoro.
Per gli investitori al dettaglio diventerà possibile sottoscrivere titoli di Stato all'emissione via Internet, senza recarsi fisicamente in banca.
Lo dice un comunicato di via XX Settembre, secondo cui il nuovo sistema di sottoscrizione è pensato in particolar modo per "premiare la fiducia dei piccoli risparmiatori" che preferiscono prendere autonomamamnte le proprie decisioni di investimento. Il Tesoro mira inoltre ad ampliare l'efficacia del collocamento dei titoli di Stato.
"I risparmiatori italiani hanno una lunga tradizione di sottoscrizione dei titoli di Stato" commenta il numero uno per il dipartimento del debito pubblico Maria Cannata.
"La domanda domestica, istituzionale e privata, ha sostenuto soddisfacentemente le emissioni di titoli di Stato anche nelle fasi di turbolenza sui mercati internazionali, ma le sfide del mercato e l'evoluzione tecnologica impongono miglioramenti continui. Ora che le abitudini di investimento stanno cambiando anche la nostra offerta deve saper evolvere per non perdere, anzi, per premiare la fiducia dei risparmiatori. Ci auguriamo che questo progetto apra una nuova stagione con gli investitori privati, attraverso un rapporto più diretto e più vicino ai nuovi bisogni di informazione e di tutela del risparmio privato".
L'AD di Borsa Italiana Raffaele Jerusalmi parla di progetto innovativo e indica che questo "è il primo passo di una collaborazione più ampia che prevede nuove attività anche nell'ambito dell'educazione finanziaria".
***
OT, ma interessa i "traders" ...
venerdì 28 ottobre 2011 10:12
MILANO, 28 ottobre (Reuters) - Avvalendosi dei sistemi di 'trading on line' bancari aderenti alla piattaforma Mot di Borsa Italiana, il Ministero dell'Economia ha allo studio nuove modalità di collocamento diretto al 'retail' di titoli del Tesoro.
Per gli investitori al dettaglio diventerà possibile sottoscrivere titoli di Stato all'emissione via Internet, senza recarsi fisicamente in banca.
Lo dice un comunicato di via XX Settembre, secondo cui il nuovo sistema di sottoscrizione è pensato in particolar modo per "premiare la fiducia dei piccoli risparmiatori" che preferiscono prendere autonomamamnte le proprie decisioni di investimento. Il Tesoro mira inoltre ad ampliare l'efficacia del collocamento dei titoli di Stato.
"I risparmiatori italiani hanno una lunga tradizione di sottoscrizione dei titoli di Stato" commenta il numero uno per il dipartimento del debito pubblico Maria Cannata.
"La domanda domestica, istituzionale e privata, ha sostenuto soddisfacentemente le emissioni di titoli di Stato anche nelle fasi di turbolenza sui mercati internazionali, ma le sfide del mercato e l'evoluzione tecnologica impongono miglioramenti continui. Ora che le abitudini di investimento stanno cambiando anche la nostra offerta deve saper evolvere per non perdere, anzi, per premiare la fiducia dei risparmiatori. Ci auguriamo che questo progetto apra una nuova stagione con gli investitori privati, attraverso un rapporto più diretto e più vicino ai nuovi bisogni di informazione e di tutela del risparmio privato".
L'AD di Borsa Italiana Raffaele Jerusalmi parla di progetto innovativo e indica che questo "è il primo passo di una collaborazione più ampia che prevede nuove attività anche nell'ambito dell'educazione finanziaria".
***
OT, ma interessa i "traders" ...
capt.harlock
MENA IL CAMMELLO FAN CLUB
Nobody's
Γένοιο οἷος εἷ
StockExchange
Forumer storico
c' e' una cosa che non mi torna
se lo swap e' stato allungato fino alle 2035 perche' i prezzi non si sono allineati?
forse ci vuole qualche giorno?
Ma pensi realmente che dopo le buffonate viste a luglio uno ora si fiondi a comprare?
A tutt'ora se dovessimo accreditare la versione che ne dovrebbe venir fuori staremmo assistendo a un caso più unico che raro dove a pagare sarebbero solo le banche.
Per ora cosa hai in mano? Che si sono accordati con l'IIF...
Anche il 21 luglio lo hanno fatto, ma a fine settembre ancora non si sapeva a che % di swap erano giunti...
A mio modo di vedere siamo ancora in alto mare per poter tirare il fiato:
Non hanno detto che % di adesione vogliono.
Non sappiamo quale effettiva adesione otterranno.
Non sappiamo quale ulteriore campagna terroristica potrebbero mettere in atto magari prima della tranche di dicembre/gennaio per motivare all'adesione
e magari per convincere anche i retails a un buyback.
Io dico che cassettare le lunghe al momento è molto rischioso.
Poi magari fra un bel po' di tempo si capirà che il debito residuo sarà più sostenibile, ma soprattutto ci sarà la volontà politica europea di sostenerlo e allora potrebbe diventare un interessante TdS HY dalla resa dell'8-9-10% complessiva.
Ma poichè in questa fase l'unica scommessa sensata era/è il lascia o raddoppia con le brevi, quindi tentativo di guadagno in conto capitale,
tanto valeva caricarsi di azioni bancarie ad agosto
ISP sta già a +60% dai minimi.
Se con la Grecia dice male e alla fine fanno ingoiare una ristrutturazione a tutti, sulle brevi incassi una perdita secca notevole.
Con le banche ai prezzi più bassi che abbiamo visto male che andava te le dovevi tenere più tempo, ma era difficile nel peggiore dei casi non venderle almeno a più 20-30% anche dopo eventuali ADC, appena fosse tornata un minimo di verve sui mercati.
L'unico vero scenario avverso per le banche rispetto ai prezzi estivi era un'eventuale apocalisse con nazionalizzazioni post-fallimento e totale cancellazione dell'azionariato precedente.
Scenario che comunque non si potrebbe escludere al 100% se seguissimo fino in fondo le implicazioni della linea tedesca portata avanti in maniera dura e pura fino alle estreme conseguenze.
Ultima modifica:
frmaoro
il Fankazzista
ciao amico miofrma
Ciao caro.....dove @azzo sei stato
sono stato un p'ò in letargo
consolandomi con le cedole
tu sempre operativo vedo
Ultima modifica:
- Stato