Obbligazioni perpetue e subordinate SNS Reeal in diretta: storia di un esproprio - Notizie, informazioni e commenti
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CristianF
Nuovo forumer
TEXT-Fitch places SNS Bank's covered bonds on rating watch evolving
Feb 06 - Fitch Ratings has placed SNS Bank N.V.'s (SNS, 'BBB+'/RWE/'F2') mortgage covered bonds' 'AA+' rating on Rating Watch Evolving (RWE).
The RWE is driven by the placement of SNS Bank's Long- and Short-term Issuer Default Ratings (IDRs) on RWE (see 'Fitch Places SNS Bank's and SNS REALL's 'BBB+' on RWE; Downgrades SNS Bank's VR to 'f'' dated 5 February 2013 at Fitch Ratings - Dedicated to providing value beyond the rating). This followed the announcement by the Dutch Finance Minister on 2 February that SNS REAAL and SNS Bank have been nationalised.
The RWE on the covered bonds reflects the uncertainty about how the group will be resolved by the state in the medium term. Fitch will resolve the RWE once details emerge about group restructuring and the future use of the covered bond programme as funding instrument, and expects these to be forthcoming within the next six months.
The covered bonds' 'AA+' rating is based on SNS's Long-Term IDR, a Discontinuity Cap (D-Cap) of 4 (moderate), and an asset percentage (AP) of 67.4%, which is the level Fitch gives credit to and corresponds to the highest observed AP over the last 12 months leading to January 2013.
However, if the programme was deemed to be in wind-down, Fitch would rely in its analysis on the maximum contractual AP of currently 78%, which is above the 76% breakeven level of AP for SNS's covered bonds 'AA+' rating. In addition, under Fitch's covered bond rating criteria, the uplift of the covered bonds rating above the bank's IDR might be tightened by up to two notches via an adjustment to the cover pool specific alternative management section of the D-Cap if the programme is deemed to be in wind down.
SENSITIVITY/RATING DRIVERS
The covered bonds' rating would be vulnerable to a downgrade if any of the following occurred: (i) the IDR was downgraded by one notch or more; or (ii) the D-Cap fell by one category to 3 (moderate high risk); or (iii) the AP that Fitch takes into account in its analysis exceeded 76.0%.
The covered bonds' rating may be upgraded with an unchanged D-Cap and subject to a satisfactory level of AP, if the IDR was upgraded by one notch or more.
Currently, EUR4.3bn soft-bullet covered bonds are outstanding under SNS Bank's covered bond programme, which are guaranteed by SNS Covered Bond Company B.V., a special purpose company established under Dutch Law. They are secured against a EUR6.4bn cover pool consisting in Dutch residential mortgage loans.
Feb 06 - Fitch Ratings has placed SNS Bank N.V.'s (SNS, 'BBB+'/RWE/'F2') mortgage covered bonds' 'AA+' rating on Rating Watch Evolving (RWE).
The RWE is driven by the placement of SNS Bank's Long- and Short-term Issuer Default Ratings (IDRs) on RWE (see 'Fitch Places SNS Bank's and SNS REALL's 'BBB+' on RWE; Downgrades SNS Bank's VR to 'f'' dated 5 February 2013 at Fitch Ratings - Dedicated to providing value beyond the rating). This followed the announcement by the Dutch Finance Minister on 2 February that SNS REAAL and SNS Bank have been nationalised.
The RWE on the covered bonds reflects the uncertainty about how the group will be resolved by the state in the medium term. Fitch will resolve the RWE once details emerge about group restructuring and the future use of the covered bond programme as funding instrument, and expects these to be forthcoming within the next six months.
The covered bonds' 'AA+' rating is based on SNS's Long-Term IDR, a Discontinuity Cap (D-Cap) of 4 (moderate), and an asset percentage (AP) of 67.4%, which is the level Fitch gives credit to and corresponds to the highest observed AP over the last 12 months leading to January 2013.
However, if the programme was deemed to be in wind-down, Fitch would rely in its analysis on the maximum contractual AP of currently 78%, which is above the 76% breakeven level of AP for SNS's covered bonds 'AA+' rating. In addition, under Fitch's covered bond rating criteria, the uplift of the covered bonds rating above the bank's IDR might be tightened by up to two notches via an adjustment to the cover pool specific alternative management section of the D-Cap if the programme is deemed to be in wind down.
SENSITIVITY/RATING DRIVERS
The covered bonds' rating would be vulnerable to a downgrade if any of the following occurred: (i) the IDR was downgraded by one notch or more; or (ii) the D-Cap fell by one category to 3 (moderate high risk); or (iii) the AP that Fitch takes into account in its analysis exceeded 76.0%.
The covered bonds' rating may be upgraded with an unchanged D-Cap and subject to a satisfactory level of AP, if the IDR was upgraded by one notch or more.
Currently, EUR4.3bn soft-bullet covered bonds are outstanding under SNS Bank's covered bond programme, which are guaranteed by SNS Covered Bond Company B.V., a special purpose company established under Dutch Law. They are secured against a EUR6.4bn cover pool consisting in Dutch residential mortgage loans.
fenox
Forumer storico
ogni decisione penso avrà effetto erga omnes e non solo verso i singoli ricorrenti
Topgun1976
Guest
Se il governo paga per il ritiro causa no..E io credo che questi siano di quella specie
Aggiungo che io non ho mai fatto una causa,ma in questo caso specifico và fatta,anche solo per opporsi ad un sopruso evidente
Ultima modifica di un moderatore:
bmwz4black
Nuovo forumer
Ci sono..
Eccomi qua, sono dei vostri e pronto x il ricorso.
Cosa devo fare?
Ho compilato il form a cui si accede dal link della prima pagina, ho fatto le copie dei documenti richiesti, ho richiesto la certificazione di possesso dei titoli..e ora????
Attendo news, grazie
Eccomi qua, sono dei vostri e pronto x il ricorso.
Cosa devo fare?
Ho compilato il form a cui si accede dal link della prima pagina, ho fatto le copie dei documenti richiesti, ho richiesto la certificazione di possesso dei titoli..e ora????
Attendo news, grazie
Ultima modifica:
fenox
Forumer storico
ne dubito fortemente
cumulate
Forumer storico
1 sono io (se per appealed intendono la mail mandata al governo per dire che non mi stava bene il loro esproprio)
Ultima modifica:
manz
Nuovo forumer
ho appena ricevuto email dallo studio Grimaldi con tutta la documentazioni i moduli per mandato e procure ed i termini.
Solo un chiarimento:
in caso ci conto corrente co intestato sono necessarie due procure due mandati... ovvero uno per ciascun intestatario del conto?
grazie
Solo un chiarimento:
in caso ci conto corrente co intestato sono necessarie due procure due mandati... ovvero uno per ciascun intestatario del conto?
grazie
frankiemachine
Mr. Tentenna
Un paio di domande
...per vedere se ho inteso bene la mail di Zorba relativa ai costi:
1)l'onorario variabile verrà corrisposto SOLO in caso di esito favorevole?
2)per i contributi locali dovrà essere corrisposta l'eccedenza su 150€ (ovvero fino a 150€ non dovrà essere corrisposto alcunché?)?
grazie
...per vedere se ho inteso bene la mail di Zorba relativa ai costi:
1)l'onorario variabile verrà corrisposto SOLO in caso di esito favorevole?
2)per i contributi locali dovrà essere corrisposta l'eccedenza su 150€ (ovvero fino a 150€ non dovrà essere corrisposto alcunché?)?
grazie
apudmontem
Forumer storico
Ciao, arrivata seconda mail dello studio Grimaldi con spiegazione delle altre modalità per aderire al ricorso e costi