Obbligazioni MPS (1 Viewer)
- Creatore Discussione Trading Stern
- Data di Inizio
apaci2
Ad bestias
Dal Q&A con gli analisti durante la presentazione del piano industriale:
In terms of target MREL, we are planning to stay above 10%. This has been clearly built also in connection with a gradual tapping of the market, also with subordinated bonds and senior bond for a total of about EUR11 billion. About half in senior and half in the subordinated bonds.
In terms of MREL target, yes we are including senior with maturity over one year. There are about four -- between EUR4 billion and EUR5 billion around life of the plan. And this will get to about -- between 10%, 10.5% and 11% of MREL. So this is more or less our position and there is no other peculiarity around MREL for us.
so just wondering about the Single Resolution Board and whether or not they were comfortable with you using senior for that purpose? Has that been all signed off?
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Francesco Mele, Banca Monte dei Paschi di Siena SpA - CFO [105]
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Yes, they are
Mi sorge questa domanda...
C'è qualche motivo (normativo o non) che obbliga ad escludere dal MREL i bond senior con scadenza entro l'anno???
E nel caso ok non rientrano nel calcolo del MREL, ma presumo restino comunque aggredibili???
Ben accetti commenti/risposte
In terms of target MREL, we are planning to stay above 10%. This has been clearly built also in connection with a gradual tapping of the market, also with subordinated bonds and senior bond for a total of about EUR11 billion. About half in senior and half in the subordinated bonds.
In terms of MREL target, yes we are including senior with maturity over one year. There are about four -- between EUR4 billion and EUR5 billion around life of the plan. And this will get to about -- between 10%, 10.5% and 11% of MREL. So this is more or less our position and there is no other peculiarity around MREL for us.
so just wondering about the Single Resolution Board and whether or not they were comfortable with you using senior for that purpose? Has that been all signed off?
--------------------------------------------------------------------------------
Francesco Mele, Banca Monte dei Paschi di Siena SpA - CFO [105]
--------------------------------------------------------------------------------
Yes, they are
Mi sorge questa domanda...
C'è qualche motivo (normativo o non) che obbliga ad escludere dal MREL i bond senior con scadenza entro l'anno???
E nel caso ok non rientrano nel calcolo del MREL, ma presumo restino comunque aggredibili???
Ben accetti commenti/risposte
GiveMeLeverage
& I will remove the world
One key issue is the definition of the liabilities which can be used to comply with the MREL. Article
45.4 BRRD lists a number of conditions, including regular limitations as to the maturity (remaining
maturity of at least one year), the holder (instrument issued and fully paid up, not owned, secured nor
guaranteed by the institution, and purchase of the instrument not funded directly or indirectly by the
institution) and the nature (the liability does not arise from a derivative or from a preferred deposit)
of the instruments. In addition, the resolution authority may exclude liabilities governed by the law
of a third country, if the resolution authority is not convinced that its decision would be effective
under that law. While instruments don't need to be subordinated to count towards MREL, the
resolution authority may require that part of the MREL be met with contractual bail-in instruments,
that is to say instruments subject to subordination and containing contractual terms providing for their
conversion or write down upon resolution.
It is also important to keep in mind that instruments which are not eligible for MREL are not
necessarily excluded from bail-in. A number of instruments therefore will therefore absorb losses in
line with their ranking in the hierarchy of creditors albeit they do not count toward the MREL. A
detailed table on the eligibility of various classes of instruments under both the MREL framework
and the TLAC standard is presented in Annex A. It also indicates which instruments are bail-inable
and which instruments are excluded from bail-in.
45.4 BRRD lists a number of conditions, including regular limitations as to the maturity (remaining
maturity of at least one year), the holder (instrument issued and fully paid up, not owned, secured nor
guaranteed by the institution, and purchase of the instrument not funded directly or indirectly by the
institution) and the nature (the liability does not arise from a derivative or from a preferred deposit)
of the instruments. In addition, the resolution authority may exclude liabilities governed by the law
of a third country, if the resolution authority is not convinced that its decision would be effective
under that law. While instruments don't need to be subordinated to count towards MREL, the
resolution authority may require that part of the MREL be met with contractual bail-in instruments,
that is to say instruments subject to subordination and containing contractual terms providing for their
conversion or write down upon resolution.
It is also important to keep in mind that instruments which are not eligible for MREL are not
necessarily excluded from bail-in. A number of instruments therefore will therefore absorb losses in
line with their ranking in the hierarchy of creditors albeit they do not count toward the MREL. A
detailed table on the eligibility of various classes of instruments under both the MREL framework
and the TLAC standard is presented in Annex A. It also indicates which instruments are bail-inable
and which instruments are excluded from bail-in.
apaci2
Ad bestias
Fin troppo on topic nella risposta grazie
Se il documento fosse pubblico lo potresti postare o inserire il link?
Ancora grazie
http://www.europarl.europa.eu/RegData/etudes/BRIE/2016/574408/IPOL_BRI(2016)574408_EN.pdf
russiabond
Il mito, la leggenda.
acinorev
Forumer attivo
Nei fatti sul sito della banca viene pubblicata la comunicazione delle cedole che verranno corrisposte il 15/11/2016 e il 15/05/2017, relative al subordinato UT2, ISIN IT0004352586. Dobbiamo nutrire buone speranze che le rimborseranno ai retail, alla scadenza del 15 maggio 2018?
apaci2
Ad bestias
Non sposta di una virgola la questione
Rottweiler
Forumer storico
Al di là del quesito normativo, è interessante chiedersi perché i due analisti (RBS e MS) abbiano rivolto il quesito sul MREL a Morelli.
A mio avviso i motivi sono due: verificare l'impatto del funding sul NII e cercare di prevedere quali bonds saranno coinvolti nell'LME, tenendo conto del piano industriale MPS per le emissioni delle varie tipologie di bonds nel periodo 2017-2019...
apaci2
Ad bestias
Per me invece il motivo è anche un altro in parte legato a NII... considerando che l'obiettivo MREL non è ancora palese, è sicuramente interessante avere conoscenza di che % MREL sia nei piani della banca anche in vista della riduzione dei titoli MREL-labili post LME (quanto toccherà emettere per farla semplice semplice)
Non a caso l'analista ha posto interesse se i bond senior siano o meno includibili (determina una differenza da giorno alla notte eh e non solo per MPS)
In ogni caso adesso come adesso è l'ultimo dei problemi di MPS