Obbligazioni bancarie MONITOR Principali banche mondiali (2 lettori)

[Capirex85]

L'individual rating è un'altra cosa ancora:

"Fitch lowered BofA's individual rating to C/D from C and its rating on the preferred stock to BB from BBB, with a negative rating watch for both. Fitch reaffirmed Bank of America's A-plus long-term and F1+ short-term issuer default rating, with a stable outlook for the long-term rating."

"Fitch downgraded Citi's individual ratings to C/D from C. It also cut its rating on Citi's preferred shares to double B from triple B."

 

[samantaao]

avete voglia di erudirci sull'individual rating?

 

[Capirex85]

avete voglia di erudirci sull'individual rating?

Sono rating che vengono assegnati solo alle banche:

http://www.fitchratings.com/corporate/fitchResources.cfm?detail=1&rd_file=ind

 

[iuessei1981]

avete voglia di erudirci sull'individual rating?

ehmmm, io passo. Si vede che sono arrugginito coi rating ?!?...

 

[lorenzo63]

ormai quasi ufficiale?

Scappatoia legale in Usa per salvare le banche, le Borse rimbalzano

Websim - 05/02/2009 18:33:55

Il forte recupero dell'ultima mezz'ora ha permesso alle Borse europee di chiudere in parità una seduta vissuta quasi interamente all'insegna del ribasso. A Milano l'indice S&P/Mib è finito invariato, dopo essere arrivato a perdere oltre il 2%. Invariate anche Londra e Parigi, Francoforte è salita dello 0,3%.

La notizia che ha dato lo sprint finale ai mercati europei, e che sta facendo salire la Borsa americana, è che il governo americano potrebbe acconsentire a rivedere le norme contabili che impongono alle società quotate di aggiornare ogni trimestre il valore dei loro investimenti ai prezzi di mercato. In tempi eccezionali "bisogna sapere cambiare temporaneamente le regole", ha detto ai giornalisti Christopher Dodd, presidente del comitato Banche del Senato.

Una sospensione della regola del mark to market permetterebbe alle banche di non dovere registrare maxi perdite nei loro bilanci a causa della svalutazioni degli asset tossici. Grazie a questa notizia, a metà seduta a Wall Street il Dow Jones sale dell'1,2%, l'S&P abanza dell'1,6% e il Nasdaq guadagna il 2%.

In Piazza Affari, al termine di svariati saliscendi, hanno chiuso in forte rialzo: Impregilo +5,3%, Parmalat +4%, Tenaris +3,3%, Geox +3,3%, Autogrill +3,1% e MaireTecnimont +5%.

Se fosse valida per ogni volta che si fà anche noi una "minus"...

 

[batti38]

Scusate, noto solo ora questo interessante thread.

Ho un obbligazione CommerzBank e ho letto la notizia al primo post di questo thread.

Causa tempo e pigrizia non ho letto tutte le 20 pagine, potete dirmi com'è messa Commerz? E' andata in porto la fusione? A livello di rischio a che punto siamo?

Grazie

 

[paologorgo]

Great read from AP: The rise and (almost) fall of America's banks

 

[paologorgo]

non sapevo dove postarlo, ma mi sembrava interessante... si può spostare o cancellare senza problemi... faccine e grassetto sono miei...

Good comments from a bond ghoul writing in the new Atlantic business channel on the nervousness among his compatriots given that it seems increasingly possible that bondholders will eventually be forced to share the bailout pain. As I have said here repeatedly, PIMCO has made it clear it is taking the other side of that trade, cozying up to the government and even suggesting how it should orient its umbrella of protection. Who is right?

The deepest, darkest concern of bond professionals is whether bond holders of banks will ever be asked to share the bailout pain. Ever since Lehman the Fed's reluctance to impair bank bonds has been palpable. For starters, finance issues represent more than 60% of 1-5 year maturity bonds. They are ubiquitous in pension funds, insurance company portfolios and, until last fall, money market funds (most money market funds have moved up the capital structure to CDs at this point, spooked by the post-Lehman panic). So there are "systemic" reasons to protect them. The same logic protects General Electric. Furthermore, the capital structure of large banks is horribly convoluted. If you wanted to get bondholders to contribute to recapitalization you'd have to create a scheme of cascading discounts to cover preferred stock and capital notes issued by the holding company and the senior and subordinated debt of the banks. Near the top of this stack is the preferred stock investment of TARP, so a bondholder discount necessitates a TARP revaluation. Also, the Guarantied "TLGP" obligations are holding company debt and would have to be discounted. So the government would participate in any loss.
Still, one understand public sentiment on this issue. Apart from Lehman, bondholders, like CDS counterparties, have benefited at the expense of taxpayers. This potential uncertainty is one of the things supporting wide bond spreads. Despite the obvious government support, Citibank's holding company bonds offer a plus-sized 5% premium over their government-guarantied paper. Pimco, the gorillas of bond investing have publicly positioned themselves as if this pain-sharing will never happen. "Shake hands with the Government", they claim. Others among us have hedged our bets. On Tuesday, Geithner will choose where to locate losses, or delay the reckoning again.
​

More here.

http://seekingalpha.com/article/119365-bondholders-and-bailouts-sharing-the-pain

 

[slowdown]

California's Alliance Bank marks eighth failure of the year
7:43 PM ET, Feb 06, 2009 - By John LetzingSAN FRANCISCO (MarketWatch) -- Culver City, Calif.-based Alliance Bank was closed by regulators Friday, marking the eighth bank failure of the year amid the ongoing credit crisis, the Federal Deposit Insurance Corporation said. San Diego-based California Bank & Trust has agreed to assume the failed bank's deposits, the FDIC said. Alliance Bank had $1.14 billion in assets and $951 million in total deposits as of Dec. 31, the FDIC said.



FirstBank 7th failed bank of year, 32nd of recession
5:23 PM ET, Feb 06, 2009 - By Wallace WitkowskiSAN FRANCISCO (MarketWatch) -- FirstBank Financial Services of McDonough, Ga. became the seventh bank of 2009 to fail and the 32nd of the recession on Friday, according to the Federal Deposit Insurance Corporation. Regions Financial Corp. said it will assume about $285 million in total deposits from FirstBank, and that the FDIC will retain most of FirstBank's loan portfolio for later disposition.RF

 

[yellow]

non sapevo dove postarlo, ma mi sembrava interessante... si può spostare o cancellare senza problemi... faccine e grassetto sono miei...

Good comments from a bond ghoul writing in the new Atlantic business channel on the nervousness among his compatriots given that it seems increasingly possible that bondholders will eventually be forced to share the bailout pain. As I have said here repeatedly, PIMCO has made it clear it is taking the other side of that trade, cozying up to the government and even suggesting how it should orient its umbrella of protection. Who is right?

The deepest, darkest concern of bond professionals is whether bond holders of banks will ever be asked to share the bailout pain. Ever since Lehman the Fed's reluctance to impair bank bonds has been palpable. For starters, finance issues represent more than 60% of 1-5 year maturity bonds. They are ubiquitous in pension funds, insurance company portfolios and, until last fall, money market funds (most money market funds have moved up the capital structure to CDs at this point, spooked by the post-Lehman panic). So there are "systemic" reasons to protect them. The same logic protects General Electric. Furthermore, the capital structure of large banks is horribly convoluted. If you wanted to get bondholders to contribute to recapitalization you'd have to create a scheme of cascading discounts to cover preferred stock and capital notes issued by the holding company and the senior and subordinated debt of the banks. Near the top of this stack is the preferred stock investment of TARP, so a bondholder discount necessitates a TARP revaluation. Also, the Guarantied "TLGP" obligations are holding company debt and would have to be discounted. So the government would participate in any loss.
Still, one understand public sentiment on this issue. Apart from Lehman, bondholders, like CDS counterparties, have benefited at the expense of taxpayers. This potential uncertainty is one of the things supporting wide bond spreads. Despite the obvious government support, Citibank's holding company bonds offer a plus-sized 5% premium over their government-guarantied paper. Pimco, the gorillas of bond investing have publicly positioned themselves as if this pain-sharing will never happen. "Shake hands with the Government", they claim. Others among us have hedged our bets. On Tuesday, Geithner will choose where to locate losses, or delay the reckoning again.
​

More here.

http://seekingalpha.com/article/119365-bondholders-and-bailouts-sharing-the-pain

Non molto rassicurante per gli obbligazionisti.