Obbligazioni CMS e steepener Monitor obbligazioni CMS e steepener e obbligazioni a Tasso Variabile
Topgun1976
Guest
Mi spiage solo non ci siano i cds di Cnp
Piuttosto hai sottomano gli Isin delle Db e Axa ?
solovaloreaggiunto
Forumer storico
su BES da un global..
it looks like Portugal will be one of the regions to own towards 2014 and BES is clearly the most tractionable idea in the region.
The key focus for everyone as you would imagine is related to the macro situation. On this matter the Head of research and former Finance State Secretary delivered a confident message pointing to (i) high chances of better fiscal data than budgeted and (ii) zero chances of any PSI, with the continuation of a precautionary program being the base case for 2014. At the end the key area of focus for BES, Portuguese banks and the Portuguese economy overall is the outcome of the Constitutional Court decision about spending cuts. In a worst case scenario you would end up with another bail out which would come with a constitutional change and early elections, this is something that we will know by 1Q14.
BANKING ENVIRONEMNT IN PORTUGAL
Traditionally everyone blamed Caixa Geral (Public bank) for non-competitive practices in the country but, according to BES, it is playing under the same rules than other players. The current competition for deposits in the country is influenced by the Government selling bonds to retail and not from competitive pressures from Caixa Geral. In terms of lending the outlook doesn’t look great for anyone as the lending ex financials is not particularly exciting The sectors that were the most problematic in the last 3 years are not turning around yet, having said this BES expects to see marginal lending growth in 2014.
ASSET QUALITY
The outlook on asset quality is better and clearly improving.
CAPITAL
The bank expects to run its operations in the long run with a 9-10% ET1 (B3) ratio, as of today given all the provisioning efforts they are not generating capital but they don’t expect to issue capital to reach that target. They see the current provisioning levels as temporary and they expect the capital and the profitability to increase in the medium term.
it looks like Portugal will be one of the regions to own towards 2014 and BES is clearly the most tractionable idea in the region.
The key focus for everyone as you would imagine is related to the macro situation. On this matter the Head of research and former Finance State Secretary delivered a confident message pointing to (i) high chances of better fiscal data than budgeted and (ii) zero chances of any PSI, with the continuation of a precautionary program being the base case for 2014. At the end the key area of focus for BES, Portuguese banks and the Portuguese economy overall is the outcome of the Constitutional Court decision about spending cuts. In a worst case scenario you would end up with another bail out which would come with a constitutional change and early elections, this is something that we will know by 1Q14.
BANKING ENVIRONEMNT IN PORTUGAL
Traditionally everyone blamed Caixa Geral (Public bank) for non-competitive practices in the country but, according to BES, it is playing under the same rules than other players. The current competition for deposits in the country is influenced by the Government selling bonds to retail and not from competitive pressures from Caixa Geral. In terms of lending the outlook doesn’t look great for anyone as the lending ex financials is not particularly exciting The sectors that were the most problematic in the last 3 years are not turning around yet, having said this BES expects to see marginal lending growth in 2014.
ASSET QUALITY
The outlook on asset quality is better and clearly improving.
CAPITAL
The bank expects to run its operations in the long run with a 9-10% ET1 (B3) ratio, as of today given all the provisioning efforts they are not generating capital but they don’t expect to issue capital to reach that target. They see the current provisioning levels as temporary and they expect the capital and the profitability to increase in the medium term.
nik.sala
Money Never Sleeps
ho chiesto: dipende dalla controparte ma non si ha la certezza se venga applicato o no prima dello stacco valuta, cioè fra tre giorni
in teoria GS applica il rateo JPM no (forse)
ma parlate della bawag 290 ?
Myskin
Forumer stoico
DB XS0230409301 (fino al 2015 4%)
RBS XS0211568331
AXA XS0207825364 + XS0210434782
ci sono anche le rabo e le tue amate sns steep
Myskin
Forumer stoico
Topgun1976
Guest
DB XS0230409301 (fino al 2015 4%)
RBS XS0211568331
AXA XS0207825364 + XS0210434782
ci sono anche le rabo e le tue amate sns steep
Thanks..
Le Sns le Amo come Amo una Squadra milanese appena passata di proprietà
Myskin
Forumer stoico
Thanks..
vedrai che dopo un decennio di magre figure ti sarà più simpatica
okkio ai turchi piuttosto
nik.sala
Money Never Sleeps
sto cercando di rincorrerle, le baw 290.sì....
ps. visto ikb?
Ikb visto, incrementato ieri @ 80.75, ieri sera ho iniziato ad approfondire i dati
cmq il succo è che con fatica sta migliorando...Deve andare x forza bene ikb sennò son guai
