AAAA47
Forumer storico
grazie, pero' e' del 2008?
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (22 lettori)
- Creatore Discussione negusneg
- Data di Inizio
-
- Tags
- additional tier 1 bail in basilea 3 coco bonds crd iv genussscheine grandfathering hybrid bond loss absorption lower tier 2 make whole amount matusalem bond obbligazioni irredimibili obbligazioni perpetue obbligazioni subordinate perpetual bond preference shares restricted tier 1 tier 1 upper tier 2
- Stato
grazie, pero' e' del 2008?
Mais78
BAWAG fan club
again, non penso proprio! Piu' alti a marzo 2009
I dati li ha pubblicati MPS.......però sono d'accordo con te Mais è più affidabile
max a 170 a marzo 2009
maxinblack
Forumer storico
maxibalnk, ma poi non lo hai più semplificato il ptf??
io un paio di consigli te li avevo dati, li scrissi sul forum
certo con tutti questi titoli praticamente ogni settimana ricevi qualche cedola. a me ricevere le cedole piace molto
cmq parlando d'altro
*Borsa Atene: Ase chiude in rialzo del 5% a 1895,96 punti
La cosa per me non e' semplice in quanto sono un cassettista e miro alle cedole. ho prezzi medi di carico bassi, e non credo di riuscire a trovare altre occasioni su molte emittenti a meno di scendere di qualita'.
D'altra parte vedo che il trading e'stato premiante per utenti come te e Mais e devo un po' imparare dalle vostre tecniche, ma eessendo cassettita mi rimane difficile, certo prima devo depurare il "Monstre portafoglio" dalla cac...ca, cosa che non e' sempre facile vedi ABN che voi avete venduto e io mantengo in euro e GBP che ancora sale
Se vuoi aiutarmi ti mando PM
Mais78
BAWAG fan club
[FONT="]Approximately €15 billion of securities affected[/FONT]
[FONT="]Moody's Investors Service downgraded its ratings on certain Italian hybrid securities, in line with its revised Guidelines for Rating Bank Hybrids and Subordinated Debt published in November 2009. This concludes the review for possible downgrade that began on November 18th, 2009. A full list of the individual securities affected can be accessed through this link:[/FONT]
[FONT="]www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF193787[/FONT]
[FONT="]Prior to the global financial crisis, Moody's had incorporated into its ratings an assumption that support provided by national governments and central banks to shore up a troubled bank would, to some extent, benefit the subordinated debt holders as well as the senior creditors. Contrary to this expectation - and past behavior of most governments - the systemic support for these instruments has not been forthcoming in many cases during this crisis. The revised guidelines largely remove previous assumptions of systemic support, resulting in today's rating action. In addition, the revised hybrid ratings guidelines generally widen the possible notching on a hybrid's rating that is based on the instrument's features.[/FONT]
[FONT="]RATING ACTION IN DETAIL[/FONT]
[FONT="]The starting point in Moody's revised approach to rating hybrid securities is the Adjusted Baseline Credit Assessment (Adjusted BCA). The Adjusted BCA reflects the bank's standalone credit strength, including parental and/or cooperative support, if applicable. The Adjusted BCA excludes systemic support.[/FONT]
[FONT="]The characteristics of most Italian junior subordinated debt instruments and non-cumulative preference shares are fairly standardised:[/FONT]
[FONT="]The loss absorption for junior subordinated debt while the issuer remains a going concern stems from the cumulative deferral feature of its coupon. Coupon deferral is both mandatory, with a minimum regulatory capital trigger, and optional, if dividends are not paid. Together with the junior subordinated claim in liquidation, this means that, unless stated otherwise, these instruments are rated to the standard Adjusted BCA minus one notch[/FONT]
[FONT="]The loss absorption for non-cumulative preferred securities while the issuer remains a going concern stems from the non-cumulative deferral feature of their coupon. Coupon skip is both mandatory, with a minimum regulatory capital and generally regulatory intervention triggers, and optional, if dividends are not paid. Together with their deeply subordinated claim in liquidation, this means that, unless stated otherwise, these instruments are rated to the standard Adjusted BCA minus three notches.[/FONT]
[FONT="]Most Italian hybrids feature a temporary principal write-down if capital falls below regulatory minimum. The risk of maturity extension is however not considered material enough to warrant deeper notching.[/FONT]
[FONT="]The rating actions on each Italian bank are detailed below:[/FONT]
[FONT="]1) UniCredit SpA[/FONT]
[FONT="]The Adjusted BCA for UniCredit is A3, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by UniCredit and subsidiaries were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt and junior subordinated EMTN programme ratings (Upper Tier 2): Downgraded to Baa1 from A1.[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Baa3 from A2. These instruments were actually issued by subsidiaries of UniCredit, guaranteed by UniCredit. The subsidiaries are: UniCredit International Bank (Luxembourg) SA, UniCredito Italiano Capital Trust I, UniCredito Italiano Capital Trust II, UniCredito Italiano Capital Trust III and UniCredito Italiano Capital Trust IV.[/FONT]
[FONT="]The outlook for all the affected instruments is negative, in line with the negative outlook for UniCredit's C BFSR and corresponding A3 BCA.[/FONT]
[FONT="]2) Intesa Sanpaolo SpA[/FONT]
[FONT="]The Adjusted BCA for Intesa Sanpaolo is A1, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Intesa Sanpaolo and subsidiaries were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt and junior subordinated EMTN programme ratings (Upper Tier 2): Downgraded to A2 from Aa3.[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Baa1 from A1. These instruments were issued by Intesa Sanpaolo and Sanpaolo IMI Capital Trust I, a subsidiary of Intesa Sanpaolo, guaranteed by Intesa Sanpaolo.[/FONT]
[FONT="]The outlook for all the affected instruments is negative, in line with the negative outlook for Intesa Sanpaolo's B- BFSR and corresponding A1 BCA.[/FONT]
[FONT="]3) Banca Monte dei Paschi di Siena[/FONT]
[FONT="]The Adjusted BCA for Banca Monte dei Paschi di Siena is Baa2, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Banca Monte dei Paschi di Siena and subsidiaries were affected by this rating action:[/FONT]
[FONT="]Tier 3 EMTN programme rating: Downgraded to A3 from A2, which is 2 notches above the Adjusted BCA due to its senior subordinated claim in liquidation and the risk of interest deferral and/or maturity extension upon breach of minimum regulatory capital requirements.[/FONT]
[FONT="]Junior subordinated debt and EMTN programme ratings (Upper Tier 2): Downgraded to Baa3 from A2.[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Ba2 from A3. This instrument was actually issued by a subsidiary of Banca Monte dei Paschi di Siena and guaranteed by Banca Monte dei Paschi di Siena. The subsidiary is MPS Capital Trust I.[/FONT]
[FONT="]The outlook for all the affected instruments is negative, in line with the negative outlook for Banca Monte dei Paschi di Siena's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]4) Banco Popolare[/FONT]
[FONT="]The Adjusted BCA for Banco Popolare is Baa2, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Banco Popolare and subsidiaries were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt (originally issued by the former Banca Popolare Italiana) and EMTN programme ratings (Upper Tier 2): Downgraded to Baa3 from A3.[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Ba2 from Baa1. One instrument was actually issued by a subsidiary of Banco Popolare, guaranteed by Banco Popolare. The subsidiary is Banca Popolare di Lodi Investor Trust III.[/FONT]
[FONT="]The outlook for all the affected instruments is negative, in line with the negative outlook for Banco Popolare's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]5) Unione di Banche Italiane[/FONT]
[FONT="]The Adjusted BCA for Unione di Banche Italiane is A3, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Unione di Banche Italiane and subsidiaries were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt (originally issued by the former Banca Lombarda e Piemontese) and EMTN programme ratings (Upper Tier 2): Downgraded to Baa1 from A2.[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Baa3 from A3. These instruments were actually issued by subsidiaries of Unione di Banche Italiane, guaranteed by Unione di Banche Italiane. The subsidiaries are: Banca Lombarda Preferred Securities Trust and Banca Popolare di Bergamo Capital Trust.[/FONT]
[FONT="]The outlook for all the affected instruments is negative, in line with the negative outlook for Unione di Banche Italiane's C BFSR and corresponding A3 BCA.[/FONT]
[FONT="]6) Banca Popolare di Milano[/FONT]
[FONT="]The Adjusted BCA for Banca Popolare di Milano is Baa1, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Banca Popolare di Milano and subsidiaries were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt and EMTN programme ratings (Upper Tier 2) Downgraded to Baa2 from A2.[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Ba1 from A3. One instrument was actually issued by a subsidiary of Banca Popolare di Milano, guaranteed by Banca Popolare di Milano. The subsidiary is BPM Capital Trust I.[/FONT]
[FONT="]The outlook for all the affected instruments is stable, in line with the stable outlook for Banca Popolare di Milano's C- BFSR and corresponding Baa1 BCA.[/FONT]
[FONT="]7) Banca CR Firenze SpA[/FONT]
[FONT="]The Adjusted BCA for Banca CR Firenze is A2, which is three notches higher than its unadjusted BCA of Baa2, due to parental support from Intesa Sanpaolo, which is rated Aa2 for long-term deposits, and with a BFSR of B- corresponding to a BCA of A1.[/FONT]
[FONT="]The following securities issued by Banca CR Firenze were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt (Upper Tier 2): Downgraded to A3 from A2.[/FONT]
[FONT="]The outlook for all the affected instruments is stable, in line with the stable outlook for Banca CR Firenze's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]8) Banca Agrileasing[/FONT]
[FONT="]The Adjusted BCA for Banca Agrileasing is Baa1, which is one notch higher than its unadjusted BCA of Baa2, due to co-operative support from the BCC Group.[/FONT]
[FONT="]The following securities issued by Banca Agrilerasing were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt and EMTN programme ratings (Upper Tier 2): Downgraded to Baa2 from Baa1.[/FONT]
[FONT="]The outlook for all the affected instruments is negative, in line with the negative outlook for Banca Agrileasing's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]9) Credito Valtellinese[/FONT]
[FONT="]The Adjusted BCA for Credito Valtellinese is Baa2, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Credito Valtellinese were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa3 from Baa1.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be stable, in line with the stable outlook for Credito Valtellinese's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]10) Bancaperta[/FONT]
[FONT="]The Adjusted BCA for Bancaperta is Baa2, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Bancaperta were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa3 from Baa1.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be stable, in line with the stable outlook for Bancaperta's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]11) Banca delle Marche[/FONT]
[FONT="]The Adjusted BCA for Banca delle Marche is Baa2, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Banca delle Marche were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa3 from Baa1.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be negative, in line with the negative outlook for Banca delle Marche's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]12) Cassa di Risparmio di Bolzano-Sudtiroler Sparkasse[/FONT]
[FONT="]The Adjusted BCA for Cassa di Risparmio di Bolzano is Baa1, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Cassa di Risparmio di Bolzano-Sudtiroler Sparkasse were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa2 from A3.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be negative, in line with the negative outlook for Cassa di Risparmio di Bolzano's C- BFSR and corresponding Baa1 BCA.[/FONT]
[FONT="]13) Cassa di Risparmio di Ferrara[/FONT]
[FONT="]The Adjusted BCA for Cassa di Risparmio di Ferrara is Ba2, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Cassa di Risparmio di Ferrara were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Ba3 from Ba1.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be negative, in line with the negative outlook for Cassa di Risparmio di Ferrara's D BFSR and corresponding Ba2 BCA.[/FONT]
[FONT="]14) Santander Consumer Bank[/FONT]
[FONT="]The Adjusted BCA for Santander Consumer Bank is Baa2, which is one notch higher than its unadjusted BCA of Baa3, due to parental support from Banco Santander S.A. (Spain), which is rated Aa2 for long-term deposits, and with a BFSR of B- corresponding to a BCA of A1.[/FONT]
[FONT="]The following securities issued by Santander Consumer Bank were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa3 from Baa2.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be negative, in line with the negative outlook for Santander Consumer Bank's D+ BFSR and corresponding Baa3 BCA.[/FONT]
[FONT="]15) Banca Popolare dell'Alto Adige -Suedtir.Volksb[/FONT]
[FONT="]The Adjusted BCA for Banca Popolare dell'Alto Adige (BPAA) is Baa1, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by BPAA were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa2 from A3.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be stable, in line with the stable outlook for Banca Popolare dell'Alto Adige's C- BFSR and corresponding Baa1 BCA.[/FONT]
[FONT="]16) Banca Popolare di Cividale[/FONT]
[FONT="]The Adjusted BCA for Banca Popolare di Cividale is Baa1, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Banca Popolare di Cividale were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa2 from Baa1.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be negative, in line with the negative outlook for Banca Popolare di Cividale's Baa1 BCA.[/FONT]
[FONT="]The principal methodology used in these rating actions was Moody's Guidelines for Rating Hybrid Securities and Subordinated Debt, published in November 2009.[/FONT]
[FONT="]The last rating action on UniCredit was on 6 August 2009, when the bank's BFSR was downgraded to C from C+ with negative outlook.[/FONT]
[FONT="]UniCredit is headquartered in Milan, Italy. At 30 September 2009 it had total assets of EUR 958 billion.[/FONT]
[FONT="]The last rating action on Intesa Sanpaolo was on 18 June 2009, when the bank's Aa3/P-1/B- ratings were affirmed, with negative outlook on the B- BFSR and stable outlook on all other ratings.[/FONT]
[FONT="]Intesa Sanpaolo is headquartered in Milan, Italy. At 30 September 2009 it had total assets of EUR 632 billion.[/FONT]
[FONT="]The last rating action on Banca Monte dei Paschi di Siena was on 1 July 2009, when the bank's BFSR was downgraded to C- from C with negative outlook, its long-term deposit and senior unsecured ratings were downgraded to A1 from Aa3 with stable outlook, its subordinated ratings were downgraded to A2 from A1 with stable outlook and its preferred ratings were downgraded to A3 from A2 with negative outlook.[/FONT]
[FONT="]Banca Monte dei Paschi di Siena is headquartered in Siena, Italy. At 30 September 2009 it had total assets of EUR 219 billion.[/FONT]
[FONT="]The last rating action on Banco Popolare was on 1 July 2009, when the bank's C- BFSR was confirmed with negative outlook, and all other ratings were confirmed with stable outlook.[/FONT]
[FONT="]Banco Popolare is headquartered in Verona, Italy. At 30 September 2009 it had total assets of EUR 139 billion.[/FONT]
[FONT="]The last rating action on Unione di Banche Italiane was on 1 July 2009, when the bank's C BFSR was confirmed with negative outlook.[/FONT]
[FONT="]Unione di Banche Italiane is headquartered in Bergamo, Italy. At 30 September 2009 it had total assets of EUR 122 billion.[/FONT]
[FONT="]The last rating action on Banca Popolare di Milano was on 1 July 2009, when the bank's BFSR was downgraded to C- from C with stable outlook, and all other ratings were confirmed with stable outlook.[/FONT]
[FONT="]Banca Popolare di Milano is headquartered in Milan, Italy. At 30 September 2009 it had total assets of EUR 44 billion.[/FONT]
[FONT="]The last rating action on Banca CR Firenze was on 9 September 2009, when the bank's BFSR was downgraded to C- from C with stable outlook and the long-term rating downgraded to A1 from Aa3 with stable outlook.[/FONT]
[FONT="]Banca CR Firenze is headquartered in Florence, Italy. At 31 December 2008 it had total assets of EUR 40 billion.[/FONT]
[FONT="]The last rating action on Banca Agrileasing was on 1 July 2009, when all the bank's ratings were confirmed with negative outlook.[/FONT]
[FONT="]Banca Agrileasing is headquartered in Rome, Italy. At 30 June 2009 it had total assets of EUR 10 billion.[/FONT]
[FONT="]The last rating action on Credito Valtellinese was on 1 July 2009, when the bank's long-term and senior unsecured ratings were upgraded to A3 from Baa1 with stable outlook, and the subordinate ratings were upgraded to Baa1 from Baa2 with stable outlook.[/FONT]
[FONT="]Credito Valtellinese is headquartered in Sondrio, Italy. At 30 September 30 2009 it had total assets of EUR 24 billion.[/FONT]
[FONT="]The last rating action on Bancaperta was on 1 July 2009, when the bank's long-term and senior unsecured ratings were upgraded to A3 from Baa1 with stable outlook, and the subordinate ratings were upgraded to Baa1 from Baa2 with stable outlook.[/FONT]
[FONT="]Bancaperta is headquartered in Sondrio, Italy. At 30 June 30 2009 it had total assets of EUR 4 billion.[/FONT]
[FONT="]The last rating action on Banca delle Marche was on 1 July 2009, when the bank's long-term deposit and senior unsecured debt ratings were downgraded to A3 from A2 with stable outlook, the short-term deposit rating was downgraded to Prime-2 from Prime-1, and the subordinate debt ratings were downgraded to Baa1 from A3 with stable outlook.[/FONT]
[FONT="]Banca delle Marche is headquartered in Jesi, Italy. At 30 June 2009 it had total assets of EUR 19 billion.[/FONT]
[FONT="]The last rating action on Cassa di Risparmio di Bolzano was on 18 June 2009, when all the bank's ratings were affirmed and the outlook to the long-term debt and deposit ratings was changed to negative from stable.[/FONT]
[FONT="]Cassa di Risparmio di Bolzano is headquartered in Bolzano, Italy. At 31 December 2008 it had total assets of EUR 8 billion.[/FONT]
[FONT="]The last rating action on Cassa di Risparmio di Ferrara was on 21 October 2009, when the bank's BFSR was downgraded to D from D+ with negative outlook, the long-term deposit and senior unsecured debt ratings were downgraded to Baa3 from Baa2 with stable outlook, the short-term deposit rating was downgraded to Prime-3 from Prime-2, and the subordinate debt ratings were downgraded to Ba1 from Baa3 with stable outlook.[/FONT]
[FONT="]Cassa di Risparmio di Ferrara is headquartered in Ferrara, Italy. At 30 June 2009 it had total assets of EUR 8 billion.[/FONT]
[FONT="]The last rating action on Santander Consumer Bank was on 9 September 2009, when the bank's BFSR was downgraded to D+ from C with negative outlook, the long-term deposit and senior unsecured debt ratings were downgraded to Baa1 from A1 with negative outlook, the short-term deposit rating was downgraded to Prime-2 from Prime-1, and the subordinate debt ratings were downgraded to Baa2 from A2 with negative outlook.[/FONT]
[FONT="]Santander Consumer Bank is headquartered in Turin, Italy. At 31 December 2008 it had total assets of EUR 8 billion.[/FONT]
[FONT="]The last rating action on Banca Popolare dell'Alto Adige was on 1 July 2009, when the bank's BFSR was downgraded to C- from C with stable outlook, the long-term deposit and senior unsecured debt ratings were downgraded to A2 from A1 with stable outlook, and the subordinate debt ratings were downgraded to A3 from A2 with stable outlook.[/FONT]
[FONT="]Banca Popolare dell'Alto Adige is headquartered in Bolzano, Italy. At 31 December 2008 it had total assets of EUR 5 billion.[/FONT]
[FONT="]The last rating action on Banca Popolare di Cividale was on 18 June 2009, when the bank's when the bank's A3/P-2/C- ratings were affirmed with stable outlook.[/FONT]
[FONT="]Banca Popolare di Cividale is headquartered in Cividale, Italy. At 31 December 2008 it had total assets of EUR 3 billion.[/FONT]
[FONT="]Please visit www.moodys.com to access the following documents for additional information:[/FONT]
[FONT="]Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt - November 17, 2009[/FONT]
[FONT="]Frequently Asked Questions: Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt - November 17, 2009[/FONT]
[FONT="]Moody's Investors Service downgraded its ratings on certain Italian hybrid securities, in line with its revised Guidelines for Rating Bank Hybrids and Subordinated Debt published in November 2009. This concludes the review for possible downgrade that began on November 18th, 2009. A full list of the individual securities affected can be accessed through this link:[/FONT]
[FONT="]www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF193787[/FONT]
[FONT="]Prior to the global financial crisis, Moody's had incorporated into its ratings an assumption that support provided by national governments and central banks to shore up a troubled bank would, to some extent, benefit the subordinated debt holders as well as the senior creditors. Contrary to this expectation - and past behavior of most governments - the systemic support for these instruments has not been forthcoming in many cases during this crisis. The revised guidelines largely remove previous assumptions of systemic support, resulting in today's rating action. In addition, the revised hybrid ratings guidelines generally widen the possible notching on a hybrid's rating that is based on the instrument's features.[/FONT]
[FONT="]RATING ACTION IN DETAIL[/FONT]
[FONT="]The starting point in Moody's revised approach to rating hybrid securities is the Adjusted Baseline Credit Assessment (Adjusted BCA). The Adjusted BCA reflects the bank's standalone credit strength, including parental and/or cooperative support, if applicable. The Adjusted BCA excludes systemic support.[/FONT]
[FONT="]The characteristics of most Italian junior subordinated debt instruments and non-cumulative preference shares are fairly standardised:[/FONT]
[FONT="]The loss absorption for junior subordinated debt while the issuer remains a going concern stems from the cumulative deferral feature of its coupon. Coupon deferral is both mandatory, with a minimum regulatory capital trigger, and optional, if dividends are not paid. Together with the junior subordinated claim in liquidation, this means that, unless stated otherwise, these instruments are rated to the standard Adjusted BCA minus one notch[/FONT]
[FONT="]The loss absorption for non-cumulative preferred securities while the issuer remains a going concern stems from the non-cumulative deferral feature of their coupon. Coupon skip is both mandatory, with a minimum regulatory capital and generally regulatory intervention triggers, and optional, if dividends are not paid. Together with their deeply subordinated claim in liquidation, this means that, unless stated otherwise, these instruments are rated to the standard Adjusted BCA minus three notches.[/FONT]
[FONT="]Most Italian hybrids feature a temporary principal write-down if capital falls below regulatory minimum. The risk of maturity extension is however not considered material enough to warrant deeper notching.[/FONT]
[FONT="]The rating actions on each Italian bank are detailed below:[/FONT]
[FONT="]1) UniCredit SpA[/FONT]
[FONT="]The Adjusted BCA for UniCredit is A3, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by UniCredit and subsidiaries were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt and junior subordinated EMTN programme ratings (Upper Tier 2): Downgraded to Baa1 from A1.[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Baa3 from A2. These instruments were actually issued by subsidiaries of UniCredit, guaranteed by UniCredit. The subsidiaries are: UniCredit International Bank (Luxembourg) SA, UniCredito Italiano Capital Trust I, UniCredito Italiano Capital Trust II, UniCredito Italiano Capital Trust III and UniCredito Italiano Capital Trust IV.[/FONT]
[FONT="]The outlook for all the affected instruments is negative, in line with the negative outlook for UniCredit's C BFSR and corresponding A3 BCA.[/FONT]
[FONT="]2) Intesa Sanpaolo SpA[/FONT]
[FONT="]The Adjusted BCA for Intesa Sanpaolo is A1, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Intesa Sanpaolo and subsidiaries were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt and junior subordinated EMTN programme ratings (Upper Tier 2): Downgraded to A2 from Aa3.[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Baa1 from A1. These instruments were issued by Intesa Sanpaolo and Sanpaolo IMI Capital Trust I, a subsidiary of Intesa Sanpaolo, guaranteed by Intesa Sanpaolo.[/FONT]
[FONT="]The outlook for all the affected instruments is negative, in line with the negative outlook for Intesa Sanpaolo's B- BFSR and corresponding A1 BCA.[/FONT]
[FONT="]3) Banca Monte dei Paschi di Siena[/FONT]
[FONT="]The Adjusted BCA for Banca Monte dei Paschi di Siena is Baa2, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Banca Monte dei Paschi di Siena and subsidiaries were affected by this rating action:[/FONT]
[FONT="]Tier 3 EMTN programme rating: Downgraded to A3 from A2, which is 2 notches above the Adjusted BCA due to its senior subordinated claim in liquidation and the risk of interest deferral and/or maturity extension upon breach of minimum regulatory capital requirements.[/FONT]
[FONT="]Junior subordinated debt and EMTN programme ratings (Upper Tier 2): Downgraded to Baa3 from A2.[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Ba2 from A3. This instrument was actually issued by a subsidiary of Banca Monte dei Paschi di Siena and guaranteed by Banca Monte dei Paschi di Siena. The subsidiary is MPS Capital Trust I.[/FONT]
[FONT="]The outlook for all the affected instruments is negative, in line with the negative outlook for Banca Monte dei Paschi di Siena's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]4) Banco Popolare[/FONT]
[FONT="]The Adjusted BCA for Banco Popolare is Baa2, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Banco Popolare and subsidiaries were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt (originally issued by the former Banca Popolare Italiana) and EMTN programme ratings (Upper Tier 2): Downgraded to Baa3 from A3.[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Ba2 from Baa1. One instrument was actually issued by a subsidiary of Banco Popolare, guaranteed by Banco Popolare. The subsidiary is Banca Popolare di Lodi Investor Trust III.[/FONT]
[FONT="]The outlook for all the affected instruments is negative, in line with the negative outlook for Banco Popolare's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]5) Unione di Banche Italiane[/FONT]
[FONT="]The Adjusted BCA for Unione di Banche Italiane is A3, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Unione di Banche Italiane and subsidiaries were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt (originally issued by the former Banca Lombarda e Piemontese) and EMTN programme ratings (Upper Tier 2): Downgraded to Baa1 from A2.[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Baa3 from A3. These instruments were actually issued by subsidiaries of Unione di Banche Italiane, guaranteed by Unione di Banche Italiane. The subsidiaries are: Banca Lombarda Preferred Securities Trust and Banca Popolare di Bergamo Capital Trust.[/FONT]
[FONT="]The outlook for all the affected instruments is negative, in line with the negative outlook for Unione di Banche Italiane's C BFSR and corresponding A3 BCA.[/FONT]
[FONT="]6) Banca Popolare di Milano[/FONT]
[FONT="]The Adjusted BCA for Banca Popolare di Milano is Baa1, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Banca Popolare di Milano and subsidiaries were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt and EMTN programme ratings (Upper Tier 2) Downgraded to Baa2 from A2.[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Ba1 from A3. One instrument was actually issued by a subsidiary of Banca Popolare di Milano, guaranteed by Banca Popolare di Milano. The subsidiary is BPM Capital Trust I.[/FONT]
[FONT="]The outlook for all the affected instruments is stable, in line with the stable outlook for Banca Popolare di Milano's C- BFSR and corresponding Baa1 BCA.[/FONT]
[FONT="]7) Banca CR Firenze SpA[/FONT]
[FONT="]The Adjusted BCA for Banca CR Firenze is A2, which is three notches higher than its unadjusted BCA of Baa2, due to parental support from Intesa Sanpaolo, which is rated Aa2 for long-term deposits, and with a BFSR of B- corresponding to a BCA of A1.[/FONT]
[FONT="]The following securities issued by Banca CR Firenze were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt (Upper Tier 2): Downgraded to A3 from A2.[/FONT]
[FONT="]The outlook for all the affected instruments is stable, in line with the stable outlook for Banca CR Firenze's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]8) Banca Agrileasing[/FONT]
[FONT="]The Adjusted BCA for Banca Agrileasing is Baa1, which is one notch higher than its unadjusted BCA of Baa2, due to co-operative support from the BCC Group.[/FONT]
[FONT="]The following securities issued by Banca Agrilerasing were affected by this rating action:[/FONT]
[FONT="]Junior subordinated debt and EMTN programme ratings (Upper Tier 2): Downgraded to Baa2 from Baa1.[/FONT]
[FONT="]The outlook for all the affected instruments is negative, in line with the negative outlook for Banca Agrileasing's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]9) Credito Valtellinese[/FONT]
[FONT="]The Adjusted BCA for Credito Valtellinese is Baa2, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Credito Valtellinese were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa3 from Baa1.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be stable, in line with the stable outlook for Credito Valtellinese's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]10) Bancaperta[/FONT]
[FONT="]The Adjusted BCA for Bancaperta is Baa2, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Bancaperta were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa3 from Baa1.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be stable, in line with the stable outlook for Bancaperta's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]11) Banca delle Marche[/FONT]
[FONT="]The Adjusted BCA for Banca delle Marche is Baa2, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Banca delle Marche were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa3 from Baa1.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be negative, in line with the negative outlook for Banca delle Marche's C- BFSR and corresponding Baa2 BCA.[/FONT]
[FONT="]12) Cassa di Risparmio di Bolzano-Sudtiroler Sparkasse[/FONT]
[FONT="]The Adjusted BCA for Cassa di Risparmio di Bolzano is Baa1, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Cassa di Risparmio di Bolzano-Sudtiroler Sparkasse were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa2 from A3.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be negative, in line with the negative outlook for Cassa di Risparmio di Bolzano's C- BFSR and corresponding Baa1 BCA.[/FONT]
[FONT="]13) Cassa di Risparmio di Ferrara[/FONT]
[FONT="]The Adjusted BCA for Cassa di Risparmio di Ferrara is Ba2, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Cassa di Risparmio di Ferrara were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Ba3 from Ba1.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be negative, in line with the negative outlook for Cassa di Risparmio di Ferrara's D BFSR and corresponding Ba2 BCA.[/FONT]
[FONT="]14) Santander Consumer Bank[/FONT]
[FONT="]The Adjusted BCA for Santander Consumer Bank is Baa2, which is one notch higher than its unadjusted BCA of Baa3, due to parental support from Banco Santander S.A. (Spain), which is rated Aa2 for long-term deposits, and with a BFSR of B- corresponding to a BCA of A1.[/FONT]
[FONT="]The following securities issued by Santander Consumer Bank were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa3 from Baa2.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be negative, in line with the negative outlook for Santander Consumer Bank's D+ BFSR and corresponding Baa3 BCA.[/FONT]
[FONT="]15) Banca Popolare dell'Alto Adige -Suedtir.Volksb[/FONT]
[FONT="]The Adjusted BCA for Banca Popolare dell'Alto Adige (BPAA) is Baa1, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by BPAA were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa2 from A3.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be stable, in line with the stable outlook for Banca Popolare dell'Alto Adige's C- BFSR and corresponding Baa1 BCA.[/FONT]
[FONT="]16) Banca Popolare di Cividale[/FONT]
[FONT="]The Adjusted BCA for Banca Popolare di Cividale is Baa1, which is the same level as its unadjusted BCA.[/FONT]
[FONT="]The following securities issued by Banca Popolare di Cividale were affected by this rating action:[/FONT]
[FONT="]Junior subordinated EMTN programme rating (Upper Tier 2): Downgraded to Baa2 from Baa1.[/FONT]
[FONT="]The outlook for any securities issued in this affected rating class would be negative, in line with the negative outlook for Banca Popolare di Cividale's Baa1 BCA.[/FONT]
[FONT="]The principal methodology used in these rating actions was Moody's Guidelines for Rating Hybrid Securities and Subordinated Debt, published in November 2009.[/FONT]
[FONT="]The last rating action on UniCredit was on 6 August 2009, when the bank's BFSR was downgraded to C from C+ with negative outlook.[/FONT]
[FONT="]UniCredit is headquartered in Milan, Italy. At 30 September 2009 it had total assets of EUR 958 billion.[/FONT]
[FONT="]The last rating action on Intesa Sanpaolo was on 18 June 2009, when the bank's Aa3/P-1/B- ratings were affirmed, with negative outlook on the B- BFSR and stable outlook on all other ratings.[/FONT]
[FONT="]Intesa Sanpaolo is headquartered in Milan, Italy. At 30 September 2009 it had total assets of EUR 632 billion.[/FONT]
[FONT="]The last rating action on Banca Monte dei Paschi di Siena was on 1 July 2009, when the bank's BFSR was downgraded to C- from C with negative outlook, its long-term deposit and senior unsecured ratings were downgraded to A1 from Aa3 with stable outlook, its subordinated ratings were downgraded to A2 from A1 with stable outlook and its preferred ratings were downgraded to A3 from A2 with negative outlook.[/FONT]
[FONT="]Banca Monte dei Paschi di Siena is headquartered in Siena, Italy. At 30 September 2009 it had total assets of EUR 219 billion.[/FONT]
[FONT="]The last rating action on Banco Popolare was on 1 July 2009, when the bank's C- BFSR was confirmed with negative outlook, and all other ratings were confirmed with stable outlook.[/FONT]
[FONT="]Banco Popolare is headquartered in Verona, Italy. At 30 September 2009 it had total assets of EUR 139 billion.[/FONT]
[FONT="]The last rating action on Unione di Banche Italiane was on 1 July 2009, when the bank's C BFSR was confirmed with negative outlook.[/FONT]
[FONT="]Unione di Banche Italiane is headquartered in Bergamo, Italy. At 30 September 2009 it had total assets of EUR 122 billion.[/FONT]
[FONT="]The last rating action on Banca Popolare di Milano was on 1 July 2009, when the bank's BFSR was downgraded to C- from C with stable outlook, and all other ratings were confirmed with stable outlook.[/FONT]
[FONT="]Banca Popolare di Milano is headquartered in Milan, Italy. At 30 September 2009 it had total assets of EUR 44 billion.[/FONT]
[FONT="]The last rating action on Banca CR Firenze was on 9 September 2009, when the bank's BFSR was downgraded to C- from C with stable outlook and the long-term rating downgraded to A1 from Aa3 with stable outlook.[/FONT]
[FONT="]Banca CR Firenze is headquartered in Florence, Italy. At 31 December 2008 it had total assets of EUR 40 billion.[/FONT]
[FONT="]The last rating action on Banca Agrileasing was on 1 July 2009, when all the bank's ratings were confirmed with negative outlook.[/FONT]
[FONT="]Banca Agrileasing is headquartered in Rome, Italy. At 30 June 2009 it had total assets of EUR 10 billion.[/FONT]
[FONT="]The last rating action on Credito Valtellinese was on 1 July 2009, when the bank's long-term and senior unsecured ratings were upgraded to A3 from Baa1 with stable outlook, and the subordinate ratings were upgraded to Baa1 from Baa2 with stable outlook.[/FONT]
[FONT="]Credito Valtellinese is headquartered in Sondrio, Italy. At 30 September 30 2009 it had total assets of EUR 24 billion.[/FONT]
[FONT="]The last rating action on Bancaperta was on 1 July 2009, when the bank's long-term and senior unsecured ratings were upgraded to A3 from Baa1 with stable outlook, and the subordinate ratings were upgraded to Baa1 from Baa2 with stable outlook.[/FONT]
[FONT="]Bancaperta is headquartered in Sondrio, Italy. At 30 June 30 2009 it had total assets of EUR 4 billion.[/FONT]
[FONT="]The last rating action on Banca delle Marche was on 1 July 2009, when the bank's long-term deposit and senior unsecured debt ratings were downgraded to A3 from A2 with stable outlook, the short-term deposit rating was downgraded to Prime-2 from Prime-1, and the subordinate debt ratings were downgraded to Baa1 from A3 with stable outlook.[/FONT]
[FONT="]Banca delle Marche is headquartered in Jesi, Italy. At 30 June 2009 it had total assets of EUR 19 billion.[/FONT]
[FONT="]The last rating action on Cassa di Risparmio di Bolzano was on 18 June 2009, when all the bank's ratings were affirmed and the outlook to the long-term debt and deposit ratings was changed to negative from stable.[/FONT]
[FONT="]Cassa di Risparmio di Bolzano is headquartered in Bolzano, Italy. At 31 December 2008 it had total assets of EUR 8 billion.[/FONT]
[FONT="]The last rating action on Cassa di Risparmio di Ferrara was on 21 October 2009, when the bank's BFSR was downgraded to D from D+ with negative outlook, the long-term deposit and senior unsecured debt ratings were downgraded to Baa3 from Baa2 with stable outlook, the short-term deposit rating was downgraded to Prime-3 from Prime-2, and the subordinate debt ratings were downgraded to Ba1 from Baa3 with stable outlook.[/FONT]
[FONT="]Cassa di Risparmio di Ferrara is headquartered in Ferrara, Italy. At 30 June 2009 it had total assets of EUR 8 billion.[/FONT]
[FONT="]The last rating action on Santander Consumer Bank was on 9 September 2009, when the bank's BFSR was downgraded to D+ from C with negative outlook, the long-term deposit and senior unsecured debt ratings were downgraded to Baa1 from A1 with negative outlook, the short-term deposit rating was downgraded to Prime-2 from Prime-1, and the subordinate debt ratings were downgraded to Baa2 from A2 with negative outlook.[/FONT]
[FONT="]Santander Consumer Bank is headquartered in Turin, Italy. At 31 December 2008 it had total assets of EUR 8 billion.[/FONT]
[FONT="]The last rating action on Banca Popolare dell'Alto Adige was on 1 July 2009, when the bank's BFSR was downgraded to C- from C with stable outlook, the long-term deposit and senior unsecured debt ratings were downgraded to A2 from A1 with stable outlook, and the subordinate debt ratings were downgraded to A3 from A2 with stable outlook.[/FONT]
[FONT="]Banca Popolare dell'Alto Adige is headquartered in Bolzano, Italy. At 31 December 2008 it had total assets of EUR 5 billion.[/FONT]
[FONT="]The last rating action on Banca Popolare di Cividale was on 18 June 2009, when the bank's when the bank's A3/P-2/C- ratings were affirmed with stable outlook.[/FONT]
[FONT="]Banca Popolare di Cividale is headquartered in Cividale, Italy. At 31 December 2008 it had total assets of EUR 3 billion.[/FONT]
[FONT="]Please visit www.moodys.com to access the following documents for additional information:[/FONT]
[FONT="]Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt - November 17, 2009[/FONT]
[FONT="]Frequently Asked Questions: Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt - November 17, 2009[/FONT]
Mais78
BAWAG fan club
La cosa per me non e' semplice in quanto sono un cassettista e miro alle cedole. ho prezzi medi di carico bassi, e non credo di riuscire a trovare altre occasioni su molte emittenti a meno di scendere di qualita'.
D'altra parte vedo che il trading e'stato premiante per utenti come te e Mais e devo un po' imparare dalle vostre tecniche, ma eessendo cassettita mi rimane difficile, certo prima devo depurare il "Monstre portafoglio" dalla cac...ca, cosa che non e' sempre facile vedi ABN che voi avete venduto e io mantengo in euro e GBP che ancora sale
Se vuoi aiutarmi ti mando PM
max, guarda che io non sono affatto un trader, quando compro compro con l'ottica di tenere fino a scadenza/call, pero' se le condizioni di mercato mutano mutano anche la strategia e il portafoglio il portafoglio...
Zorba
Bos 4 Mod
[FONT="]Grazie mille.
[/FONT]
[FONT="][/FONT]
[FONT="]Ricapitolando: outlook negativo per tutte. Investment grade solo per UCG, Intesa e UBI. MPS e Banco Pop below investment grade.[/FONT]
[FONT="][/FONT]
[FONT="]1) UniCredit SpA[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Baa3 from A2. [/FONT]
[FONT="]The outlook for all the affected instruments is negative.[/FONT]
[FONT="][/FONT]
[FONT="]2) Intesa Sanpaolo SpA[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Baa1 from A1. [/FONT]
[FONT="]The outlook for all the affected instruments is negative.[/FONT]
[FONT="]3) Banca Monte dei Paschi di Siena[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Ba2 from A3. [/FONT]
[FONT="]The outlook for all the affected instruments is negative.[/FONT]
[FONT="]4) Banco Popolare[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Ba2 from Baa1. [/FONT]
[FONT="]The outlook for all the affected instruments is negative.[/FONT]
[FONT="]5) Unione di Banche Italiane[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Baa3 from A3. [/FONT]
[FONT="]The outlook for all the affected instruments is negative.[/FONT]
[/FONT][FONT="][/FONT]
[FONT="]Ricapitolando: outlook negativo per tutte. Investment grade solo per UCG, Intesa e UBI. MPS e Banco Pop below investment grade.[/FONT]
[FONT="][/FONT]
[FONT="]1) UniCredit SpA[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Baa3 from A2. [/FONT]
[FONT="]The outlook for all the affected instruments is negative.[/FONT]
[FONT="][/FONT]
[FONT="]2) Intesa Sanpaolo SpA[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Baa1 from A1. [/FONT]
[FONT="]The outlook for all the affected instruments is negative.[/FONT]
[FONT="]3) Banca Monte dei Paschi di Siena[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Ba2 from A3. [/FONT]
[FONT="]The outlook for all the affected instruments is negative.[/FONT]
[FONT="]4) Banco Popolare[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Ba2 from Baa1. [/FONT]
[FONT="]The outlook for all the affected instruments is negative.[/FONT]
[FONT="]5) Unione di Banche Italiane[/FONT]
[FONT="]Non-cumulative preferred securities: Downgraded to Baa3 from A3. [/FONT]
[FONT="]The outlook for all the affected instruments is negative.[/FONT]
bosmeld
Forumer storico
La cosa per me non e' semplice in quanto sono un cassettista e miro alle cedole. ho prezzi medi di carico bassi, e non credo di riuscire a trovare altre occasioni su molte emittenti a meno di scendere di qualita'.
D'altra parte vedo che il trading e'stato premiante per utenti come te e Mais e devo un po' imparare dalle vostre tecniche, ma eessendo cassettita mi rimane difficile, certo prima devo depurare il "Monstre portafoglio" dalla cac...ca, cosa che non e' sempre facile vedi ABN che voi avete venduto e io mantengo in euro e GBP che ancora sale
Se vuoi aiutarmi ti mando PM
mandami pure pm.
parlando d'altro sono uscito un attimo e mi sono perso la chiusura del mib
peccato, avrei comprato diversa robetta....
Zorba
Bos 4 Mod
Greciaaesi Eurozona d'Accordo In Linea Principio Su Aiuti
martedì, 9 febbraio 2010 - 17:59 CET
(AGI) - Berlino, 9 feb. - I paesi dell'area euro hanno deciso in linea di principio di aiutare la Grecia. Lo rivela una fonte governativa tedesca. "La decisione di un aiuto alla Grecia e' stato preso in linea di principio all'interno dell'area euro" spiega la fonte, Secondo la quale una decisione finale non e' ancora stata presa sul tipo di iniziativa da assumere, ma l'ipotesi piu' concreta e' quella di un "aiuto bilaterale".
aesi Eurozona d'Accordo In Linea Principio Su Aiuti
martedì, 9 febbraio 2010 - 17:59 CET
(AGI) - Berlino, 9 feb. - I paesi dell'area euro hanno deciso in linea di principio di aiutare la Grecia. Lo rivela una fonte governativa tedesca. "La decisione di un aiuto alla Grecia e' stato preso in linea di principio all'interno dell'area euro" spiega la fonte, Secondo la quale una decisione finale non e' ancora stata presa sul tipo di iniziativa da assumere, ma l'ipotesi piu' concreta e' quella di un "aiuto bilaterale".
- Stato