Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (4 lettori)
- Creatore Discussione negusneg
- Data di Inizio
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- 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
Zorba
Bos 4 Mod
maxinblack
Forumer storico
Ciao a tutti
ringrazio Bos e Var su SNS
vi comunico un altro forum specializzato su steepeners e perpetual
IEX.nl - Perpetuals, Steepeners
fra l'altro il 3 e 10 3d sono dedicati ai P di SNS usate ovviamente il trad di googgle
Non solo ho trovato interessante il primo 3d "perpetual e steepeners portfolio" c'e' una disamina di come sia opportuno comprare adesso i bond con struttura:
4x10a-2a
pubblica una serie di bond con tale struttura un po come il 3d sulle rabo 2035
sono tutti abbondantemente sotto la pari. e molti sono nostre vecchie conoscenze che ne dite? postero anche sul cassetto obbligazionista perpetualista
6% cum pref non Alpha Group in 2005
Fund Code 15,187, Isincode DE000A0DX3M2;
Interest to 18/2/10 6%, then 4 * (10yr - 2yr CMS) with a minimum 3.25% and max 10%;
Noncumulative preferred, perpetual, callable 18/2/15;
Last Done 48.00 (on 25/9/09, so very illiquid!, Slightly more marketable in Frankfurt)
6% Deutsche Postbank Perp. II 2004
Fund Code 11,657, Isincode DE000A0DHUM0;
Interest 4 * (10yr - 2yr CMS) with a minimum 3.75% and max 10%;
Non-cumulative trust preferred securities, perpetual, callable from 23/12/09 (not done!);
Last Done 74.34
6% Dutch Waterschapsbank 05-35
Fund Code 15,378, Isincode XS0219499653;
Interest to 1/6/10 6%, then 4 * (10yr - 2yr CMS) with min max 2% and 9%;
Repayment on 1/6/35;
Last Done 83.01
6948 Dutch Waterschapsbank 05-35%
Fund Code 15,501, Isincode XS0225342970;
Interest 4 * (10yr - 2yr CMS) with min and max 1.5% 9%;
Callable from 15/8/15, 15/8/35 repayment;
Last Done 83.23
NIB Capital Bank 2005-2040 FX Rate
Fund Code 15,157, Isincode XS0210781828;
Interest 4 * (10yr - 2yr CMS) with a minimum 2.85% and 8.5% max;
Callable on 21/2/35, 21/2/40 repayment;
Last Done 47.10
5548% Rabo Ned Steepener 2005-35 (15181)
Fund Code 15,181, Isincode XS0211840391;
Interest 4 * (10yr - 2yr CMS) with min max 2% and 9%;
Callable from 23/2/10, 23/2/35 repayment;
Last Done 84.54
5548% Rabo Steepener Notes 2005-35 (15197)
Fund Code 15,197, XS0211174049;
Interest 4 * (10yr - 2yr CMS) with min and max 2.5% 9%;
Callable from 22/2/10, 22/2/35 repayment
Last Done 86.00
6% Rabobank 2005-35
Fund Code: 15328; Isincode XS0217518397;
Interest 6% to 9/5/10, then 4 * (10yr - 2yr CMS) with min max 2% and 9%;
Callable from 9/5/10, 9/5/35 repayment;
Last Done 83.50
6164% Rabobank Netherlands 2005-35
Fund Code 15263; Isincode XS0214155458
Interest 4 * (10yr - 2yr CMS) with min max 2% and 9%;
Repayment on 23/3/35;
Last Done 87.75
SNS Bank 6% 05-35
Fund Code 15171; Isincode: XS0209792166;
Interest 6% to 26/1/10, then 4 * (10yr - 2yr CMS) with a minimum 3% and up 10%;
Repayment on 26/1/35;
Last Done 72.50
Floaters with a spread rate depending
These products, unlike the "real" Steepener that in a steep yield curve can provide a very high rate, but a smaller spread in the rate to a lower (or no) interest could lead.
With a fixed rate cap:
ABN AMRO Range Accrual Note
Fund Code 11,679, Isincode NL0000116796;
Interest to 17/3/10 6%, then 5.6% * (% of days (10yr - 2yr CMS)> 0);
Unsecured, unsubordinated, redemption on 16/3/35
Last Done 68.09
6.5% Merrill Lynch Note 07-37
Fund Code 81,774, Isincode XS0294239628;
Interest to 18/5/12 6.5%, after 6.5% * (% of days (10yr - 2yr CMS)> 0);
Callable from 18/5/12, 18/5/37 repayment;
Last Done 70.55
With CMS (+ any storage) as the upper limit:
7% Deutsche Bank Trust 1 End Cap 05-20
Fund Code 11,725, Isincode DE000A0E5JD4;
Interest to 27/6/10 7%, then 1.75% 10yr CMS with min and max 10 * (10y - 2Yr CMS);
Trust Preferred Securities, perpetual, callable from 27/6/15, 27/6/35 repayment;
Last Done 63.00
3643% European Invest. Bank 05-30
Fund Code 15511; Isincode XS0224480722
Interest 10yr CMS with max 7 * (10yr - 2yr CMS)
Callable from 17/8/09, 17/8/30 repayment;
Last Done 76.43
5266% JPMorgan (Princ Prot) 05-35
Fund Code 15,435, Isincode XS0221896110;
Interest 10yr CMS + 165 bp with a maximum of 8 * (10y - 2Yr CMS);
callable from 30/6/15, 27/6/35 repayment;
Last Done 60.20
0% JPMorgan 05-35
Fund Code 15,540, Isincode XS0228393731;
Interest (10yr CMS + 70 bp) *% days (10yr - 2yr CMS)> 0.25
Callable from 30/9/15, 30/9/35 repayment;
Last Done 58.75
4498% Comp JPMorgan 05-35 (FRN)
Fund Code 15,573, Isincode XS0232829415;
Interest 10yr CMS + 100 bp with a maximum of 9 * (10yr - 2yr CMS);
Callable from 4/11/15, 4/11/35 repayment;
Last Done 59.50
6% Dutch Waterschapsbank 05-45
Fund Code 15378; Isincode XS0219499653
Interest to 1/6/10 6%, then 10 yr CMS with min and max 1.5% * 6.5 (30 yr - 5 yr CMS);
Repayment on 30/6/45;
Last Done 72.01
ringrazio Bos e Var su SNS
vi comunico un altro forum specializzato su steepeners e perpetual
IEX.nl - Perpetuals, Steepeners
fra l'altro il 3 e 10 3d sono dedicati ai P di SNS usate ovviamente il trad di googgle
Non solo ho trovato interessante il primo 3d "perpetual e steepeners portfolio" c'e' una disamina di come sia opportuno comprare adesso i bond con struttura:
4x10a-2a
pubblica una serie di bond con tale struttura un po come il 3d sulle rabo 2035
sono tutti abbondantemente sotto la pari. e molti sono nostre vecchie conoscenze che ne dite? postero anche sul cassetto obbligazionista perpetualista
6% cum pref non Alpha Group in 2005
Fund Code 15,187, Isincode DE000A0DX3M2;
Interest to 18/2/10 6%, then 4 * (10yr - 2yr CMS) with a minimum 3.25% and max 10%;
Noncumulative preferred, perpetual, callable 18/2/15;
Last Done 48.00 (on 25/9/09, so very illiquid!, Slightly more marketable in Frankfurt)
6% Deutsche Postbank Perp. II 2004
Fund Code 11,657, Isincode DE000A0DHUM0;
Interest 4 * (10yr - 2yr CMS) with a minimum 3.75% and max 10%;
Non-cumulative trust preferred securities, perpetual, callable from 23/12/09 (not done!);
Last Done 74.34
6% Dutch Waterschapsbank 05-35
Fund Code 15,378, Isincode XS0219499653;
Interest to 1/6/10 6%, then 4 * (10yr - 2yr CMS) with min max 2% and 9%;
Repayment on 1/6/35;
Last Done 83.01
6948 Dutch Waterschapsbank 05-35%
Fund Code 15,501, Isincode XS0225342970;
Interest 4 * (10yr - 2yr CMS) with min and max 1.5% 9%;
Callable from 15/8/15, 15/8/35 repayment;
Last Done 83.23
NIB Capital Bank 2005-2040 FX Rate
Fund Code 15,157, Isincode XS0210781828;
Interest 4 * (10yr - 2yr CMS) with a minimum 2.85% and 8.5% max;
Callable on 21/2/35, 21/2/40 repayment;
Last Done 47.10
5548% Rabo Ned Steepener 2005-35 (15181)
Fund Code 15,181, Isincode XS0211840391;
Interest 4 * (10yr - 2yr CMS) with min max 2% and 9%;
Callable from 23/2/10, 23/2/35 repayment;
Last Done 84.54
5548% Rabo Steepener Notes 2005-35 (15197)
Fund Code 15,197, XS0211174049;
Interest 4 * (10yr - 2yr CMS) with min and max 2.5% 9%;
Callable from 22/2/10, 22/2/35 repayment
Last Done 86.00
6% Rabobank 2005-35
Fund Code: 15328; Isincode XS0217518397;
Interest 6% to 9/5/10, then 4 * (10yr - 2yr CMS) with min max 2% and 9%;
Callable from 9/5/10, 9/5/35 repayment;
Last Done 83.50
6164% Rabobank Netherlands 2005-35
Fund Code 15263; Isincode XS0214155458
Interest 4 * (10yr - 2yr CMS) with min max 2% and 9%;
Repayment on 23/3/35;
Last Done 87.75
SNS Bank 6% 05-35
Fund Code 15171; Isincode: XS0209792166;
Interest 6% to 26/1/10, then 4 * (10yr - 2yr CMS) with a minimum 3% and up 10%;
Repayment on 26/1/35;
Last Done 72.50
Floaters with a spread rate depending
These products, unlike the "real" Steepener that in a steep yield curve can provide a very high rate, but a smaller spread in the rate to a lower (or no) interest could lead.
With a fixed rate cap:
ABN AMRO Range Accrual Note
Fund Code 11,679, Isincode NL0000116796;
Interest to 17/3/10 6%, then 5.6% * (% of days (10yr - 2yr CMS)> 0);
Unsecured, unsubordinated, redemption on 16/3/35
Last Done 68.09
6.5% Merrill Lynch Note 07-37
Fund Code 81,774, Isincode XS0294239628;
Interest to 18/5/12 6.5%, after 6.5% * (% of days (10yr - 2yr CMS)> 0);
Callable from 18/5/12, 18/5/37 repayment;
Last Done 70.55
With CMS (+ any storage) as the upper limit:
7% Deutsche Bank Trust 1 End Cap 05-20
Fund Code 11,725, Isincode DE000A0E5JD4;
Interest to 27/6/10 7%, then 1.75% 10yr CMS with min and max 10 * (10y - 2Yr CMS);
Trust Preferred Securities, perpetual, callable from 27/6/15, 27/6/35 repayment;
Last Done 63.00
3643% European Invest. Bank 05-30
Fund Code 15511; Isincode XS0224480722
Interest 10yr CMS with max 7 * (10yr - 2yr CMS)
Callable from 17/8/09, 17/8/30 repayment;
Last Done 76.43
5266% JPMorgan (Princ Prot) 05-35
Fund Code 15,435, Isincode XS0221896110;
Interest 10yr CMS + 165 bp with a maximum of 8 * (10y - 2Yr CMS);
callable from 30/6/15, 27/6/35 repayment;
Last Done 60.20
0% JPMorgan 05-35
Fund Code 15,540, Isincode XS0228393731;
Interest (10yr CMS + 70 bp) *% days (10yr - 2yr CMS)> 0.25
Callable from 30/9/15, 30/9/35 repayment;
Last Done 58.75
4498% Comp JPMorgan 05-35 (FRN)
Fund Code 15,573, Isincode XS0232829415;
Interest 10yr CMS + 100 bp with a maximum of 9 * (10yr - 2yr CMS);
Callable from 4/11/15, 4/11/35 repayment;
Last Done 59.50
6% Dutch Waterschapsbank 05-45
Fund Code 15378; Isincode XS0219499653
Interest to 1/6/10 6%, then 10 yr CMS with min and max 1.5% * 6.5 (30 yr - 5 yr CMS);
Repayment on 30/6/45;
Last Done 72.01
Allegati
frankiemachine
Mr. Tentenna
Ciao a tutti
ringrazio Bos e Var su SNS
vi comunico un altro forum specializzato su steepeners e perpetual
IEX.nl - Perpetuals, Steepeners
fra l'altro il 3 e 10 3d sono dedicati ai P di SNS usate ovviamente il trad di googgle
Non solo ho trovato interessante il primo 3d "perpetual e steepeners portfolio" c'e' una disamina di come sia opportuno comprare adesso i bond con struttura:
4x10a-2a
pubblica una serie di bond con tale struttura un po come il 3d sulle rabo 2035
sono tutti abbondantemente sotto la pari. e molti sono nostre vecchie conoscenze che ne dite? postero anche sul cassetto obbligazionista perpetualista
6% cum pref non Alpha Group in 2005
Fund Code 15,187, Isincode DE000A0DX3M2;
Interest to 18/2/10 6%, then 4 * (10yr - 2yr CMS) with a minimum 3.25% and max 10%;
Noncumulative preferred, perpetual, callable 18/2/15;
Last Done 48.00 (on 25/9/09, so very illiquid!, Slightly more marketable in Frankfurt)
6% Deutsche Postbank Perp. II 2004
Fund Code 11,657, Isincode DE000A0DHUM0;
Interest 4 * (10yr - 2yr CMS) with a minimum 3.75% and max 10%;
Non-cumulative trust preferred securities, perpetual, callable from 23/12/09 (not done!);
Last Done 74.34
6% Dutch Waterschapsbank 05-35
Fund Code 15,378, Isincode XS0219499653;
Interest to 1/6/10 6%, then 4 * (10yr - 2yr CMS) with min max 2% and 9%;
Repayment on 1/6/35;
Last Done 83.01
6948 Dutch Waterschapsbank 05-35%
Fund Code 15,501, Isincode XS0225342970;
Interest 4 * (10yr - 2yr CMS) with min and max 1.5% 9%;
Callable from 15/8/15, 15/8/35 repayment;
Last Done 83.23
NIB Capital Bank 2005-2040 FX Rate
Fund Code 15,157, Isincode XS0210781828;
Interest 4 * (10yr - 2yr CMS) with a minimum 2.85% and 8.5% max;
Callable on 21/2/35, 21/2/40 repayment;
Last Done 47.10
5548% Rabo Ned Steepener 2005-35 (15181)
Fund Code 15,181, Isincode XS0211840391;
Interest 4 * (10yr - 2yr CMS) with min max 2% and 9%;
Callable from 23/2/10, 23/2/35 repayment;
Last Done 84.54
5548% Rabo Steepener Notes 2005-35 (15197)
Fund Code 15,197, XS0211174049;
Interest 4 * (10yr - 2yr CMS) with min and max 2.5% 9%;
Callable from 22/2/10, 22/2/35 repayment
Last Done 86.00
6% Rabobank 2005-35
Fund Code: 15328; Isincode XS0217518397;
Interest 6% to 9/5/10, then 4 * (10yr - 2yr CMS) with min max 2% and 9%;
Callable from 9/5/10, 9/5/35 repayment;
Last Done 83.50
6164% Rabobank Netherlands 2005-35
Fund Code 15263; Isincode XS0214155458
Interest 4 * (10yr - 2yr CMS) with min max 2% and 9%;
Repayment on 23/3/35;
Last Done 87.75
SNS Bank 6% 05-35
Fund Code 15171; Isincode: XS0209792166;
Interest 6% to 26/1/10, then 4 * (10yr - 2yr CMS) with a minimum 3% and up 10%;
Repayment on 26/1/35;
Last Done 72.50
Floaters with a spread rate depending
These products, unlike the "real" Steepener that in a steep yield curve can provide a very high rate, but a smaller spread in the rate to a lower (or no) interest could lead.
With a fixed rate cap:
ABN AMRO Range Accrual Note
Fund Code 11,679, Isincode NL0000116796;
Interest to 17/3/10 6%, then 5.6% * (% of days (10yr - 2yr CMS)> 0);
Unsecured, unsubordinated, redemption on 16/3/35
Last Done 68.09
6.5% Merrill Lynch Note 07-37
Fund Code 81,774, Isincode XS0294239628;
Interest to 18/5/12 6.5%, after 6.5% * (% of days (10yr - 2yr CMS)> 0);
Callable from 18/5/12, 18/5/37 repayment;
Last Done 70.55
With CMS (+ any storage) as the upper limit:
7% Deutsche Bank Trust 1 End Cap 05-20
Fund Code 11,725, Isincode DE000A0E5JD4;
Interest to 27/6/10 7%, then 1.75% 10yr CMS with min and max 10 * (10y - 2Yr CMS);
Trust Preferred Securities, perpetual, callable from 27/6/15, 27/6/35 repayment;
Last Done 63.00
3643% European Invest. Bank 05-30
Fund Code 15511; Isincode XS0224480722
Interest 10yr CMS with max 7 * (10yr - 2yr CMS)
Callable from 17/8/09, 17/8/30 repayment;
Last Done 76.43
5266% JPMorgan (Princ Prot) 05-35
Fund Code 15,435, Isincode XS0221896110;
Interest 10yr CMS + 165 bp with a maximum of 8 * (10y - 2Yr CMS);
callable from 30/6/15, 27/6/35 repayment;
Last Done 60.20
0% JPMorgan 05-35
Fund Code 15,540, Isincode XS0228393731;
Interest (10yr CMS + 70 bp) *% days (10yr - 2yr CMS)> 0.25
Callable from 30/9/15, 30/9/35 repayment;
Last Done 58.75
4498% Comp JPMorgan 05-35 (FRN)
Fund Code 15,573, Isincode XS0232829415;
Interest 10yr CMS + 100 bp with a maximum of 9 * (10yr - 2yr CMS);
Callable from 4/11/15, 4/11/35 repayment;
Last Done 59.50
6% Dutch Waterschapsbank 05-45
Fund Code 15378; Isincode XS0219499653
Interest to 1/6/10 6%, then 10 yr CMS with min and max 1.5% * 6.5 (30 yr - 5 yr CMS);
Repayment on 30/6/45;
Last Done 72.01
ciao max,
potresti in soldoni esprimere le motivazioni?
grazie
PS. quotazioni a parte, qualcuno ha notizie di mais??
frankiemachine
Mr. Tentenna
ops....come non detto.....visto di là
però non c'ho capito un tubo
vado a farmi una piadina ché con la panza piena ragiono meglio
però non c'ho capito un tubo
vado a farmi una piadina ché con la panza piena ragiono meglio
discipline
Forumer storico
DEPFA Funding IV LP
05.03.2010
DEPFA Funding IV LP will not pay the next coupon on its Preferred Securities
PRESS RELEASE
Dublin/Munich, 5 March 2010 – Dublin-based DEPFA BANK plc, a sub-
sidiary of Hypo Real Estate Holding AG (HRE), has determined that its
Tier 1 issuing vehicle DEPFA Funding IV LP will not make payments on its
€ 500 million Preferred Securities (XS0291655727) on the next Distribution
Payment Date scheduled 21 March 2010.
Preferred securities are a particular class of subordinated Tier 1 instruments.
The conditions for coupon payments are set out in the terms and conditions
of each issue. Coupon payments are at the discretion of the Board of Direc-
tors of DEPFA BANK plc unless a contractual or other legal prohibition on
payment exists. As of 5 March 2010 such a situation exists whereby DEPFA
BANK plc is not permitted to pay coupons owing to an insufficiency of ad-
justed distributable reserves as calculated from the latest available audited
annual accounts of the company.
In addition, DEPFA BANK plc considers servicing these instruments would
conflict with the EU Commission’s rules for banks subject to a restructuring
aid investigation. In its Communication on restructuring aid to financial in-
stitutions of July 2009 the Commission sets out that “banks should not use
state aid to remunerate own funds (equity and subordinated debt) when their
activities do not generate sufficient profits”. HRE has been in receipt of re-
structuring aid from the Federal Republic of Germany and is awaiting a final
ruling on the compatibility of such aid.
DEPFA BANK plc will make a decision regarding the payment of coupons
on its other subordinated Tier 1 instruments, DEPFA Funding II LP
(XS0178243332) and DEPFA Funding III LP (DE000A0E5U85), closer to
their scheduled distribution payment dates on 30 October 2010 and 8 June
2010 respectively. Nevertheless, in this context DEPFA BANK plc does not
expect that any such coupon payments will be made in 2010.
05.03.2010
DEPFA Funding IV LP will not pay the next coupon on its Preferred Securities
PRESS RELEASE
Dublin/Munich, 5 March 2010 – Dublin-based DEPFA BANK plc, a sub-
sidiary of Hypo Real Estate Holding AG (HRE), has determined that its
Tier 1 issuing vehicle DEPFA Funding IV LP will not make payments on its
€ 500 million Preferred Securities (XS0291655727) on the next Distribution
Payment Date scheduled 21 March 2010.
Preferred securities are a particular class of subordinated Tier 1 instruments.
The conditions for coupon payments are set out in the terms and conditions
of each issue. Coupon payments are at the discretion of the Board of Direc-
tors of DEPFA BANK plc unless a contractual or other legal prohibition on
payment exists. As of 5 March 2010 such a situation exists whereby DEPFA
BANK plc is not permitted to pay coupons owing to an insufficiency of ad-
justed distributable reserves as calculated from the latest available audited
annual accounts of the company.
In addition, DEPFA BANK plc considers servicing these instruments would
conflict with the EU Commission’s rules for banks subject to a restructuring
aid investigation. In its Communication on restructuring aid to financial in-
stitutions of July 2009 the Commission sets out that “banks should not use
state aid to remunerate own funds (equity and subordinated debt) when their
activities do not generate sufficient profits”. HRE has been in receipt of re-
structuring aid from the Federal Republic of Germany and is awaiting a final
ruling on the compatibility of such aid.
DEPFA BANK plc will make a decision regarding the payment of coupons
on its other subordinated Tier 1 instruments, DEPFA Funding II LP
(XS0178243332) and DEPFA Funding III LP (DE000A0E5U85), closer to
their scheduled distribution payment dates on 30 October 2010 and 8 June
2010 respectively. Nevertheless, in this context DEPFA BANK plc does not
expect that any such coupon payments will be made in 2010.
discipline
Forumer storico
CommerzBank
Si prosegue con CommerzBank, vediamo chi sarà il prossimo...
IR news
March 05, 2010
INTEREST OR CAPITAL PAYMENTS ON COMMERZBANK CAPITAL FUNDING TRUST I-II
COMMERZBANK CAPITAL FUNDING TRUST I
Wilmington, Delaware, U.S.A.
20,000 Noncumulative Trust Preferred Securities
- ISIN: DE000A0GPYR7 ¿
COMMERZBANK CAPITAL FUNDING TRUST II
Wilmington, Delaware, U.S.A.
16,000 Noncumulative Trust Preferred Securities
- ISIN: XS0248611047 -
RE: INTEREST OR CAPITAL PAYMENTS
Capitalised terms not otherwise defined herein shall have the meanings given to them in the Prospectuses issued in connection with the Noncumulative Trust Preferred Securities of Commerzbank Capital Funding Trust I and II (together "Trust Preferred Securities") dated 28 March 2006 (the "Prospectuses") and approved by the Irish Financial Services Regulatory Authority.
On 02 November 2009, Commerzbank reported, due to goodwill impairments and planned restructuring expenses for the Dresdner Bank integration (EUR 0.9 bn.), in Q3 a net profit of minus EUR 1.05 bn. For the 2009 business year for both Commerzbank AG und Group a negative annual result (net loss) is expected. In case of a net loss at the AG, the liquidation of reserves or special reserves (Sonderposten according to Section 340g German Commercial Code) for the granting of profit-related payments on equity related instruments is not permitted further to EU regulations and further to the agreements with the SoFFin. In this case profit-related equity instruments may not be serviced.
On 03 November 2009 Commerzbank Capital Funding Trust I and II reported, that generally, this means that no Capital Payments on the Trust Preferred Securities can be expected for the year 2009. However, even if a net loss at the AG for the year 2009 will materialise, an obligation to make Capital Payments on the Trust Preferred Securities could arise from payments on other instruments ranking pari passu with the Trust Preferred Securities ("Parity Securities") called Deemed Declaration of Capital Payments. If payments on other instruments are payments on Parity Securities and whether such payments will trigger the Deemed Declaration of Capital Payments has to be assessed on a case by case basis pursuant to the terms and conditions of the Trust Preferred Securities. Please refer to the description of the terms and conditions of the Trust Preferred Securities in the Prospectus.
As per this announcement date, it became evident, that no Deemed Declaration of Capital Payments would come into effect, since no payments on Parity Securities are to be expected before Capital Payments on the Trust Preferred Securities come due on 12 April 2010.
Consequently, investors are advised, that no Capital Payments on the Trust Preferred Securities will be made on 12 April 2010.
Moreover, Commerzbank Capital Funding Trust I and II will recommend brokers and exchanges to convert quotation from a pricing of the Trust Preferred Securities which excludes any interest that has accrued since the most recent coupon payment to a pricing of the Trust Preferred Securities which includes accrued interest on the Trust Preferred Securities. Hence, if brokers and exchanges follow such recommendation, no accrued interest should be payable by a buyer with regard to the Trust Preferred Securities in addition to the quoted price.
Sorte simile per il titolo:
COMMERZBANK CAPITAL FUNDING TRUST III
Wilmington, Delaware, U.S.A.
300,000 Noncumulative Trust Preferred Securities
- ISIN: DE000CK45783 -
Si prosegue con CommerzBank, vediamo chi sarà il prossimo...
IR news
March 05, 2010
INTEREST OR CAPITAL PAYMENTS ON COMMERZBANK CAPITAL FUNDING TRUST I-II
COMMERZBANK CAPITAL FUNDING TRUST I
Wilmington, Delaware, U.S.A.
20,000 Noncumulative Trust Preferred Securities
- ISIN: DE000A0GPYR7 ¿
COMMERZBANK CAPITAL FUNDING TRUST II
Wilmington, Delaware, U.S.A.
16,000 Noncumulative Trust Preferred Securities
- ISIN: XS0248611047 -
RE: INTEREST OR CAPITAL PAYMENTS
Capitalised terms not otherwise defined herein shall have the meanings given to them in the Prospectuses issued in connection with the Noncumulative Trust Preferred Securities of Commerzbank Capital Funding Trust I and II (together "Trust Preferred Securities") dated 28 March 2006 (the "Prospectuses") and approved by the Irish Financial Services Regulatory Authority.
On 02 November 2009, Commerzbank reported, due to goodwill impairments and planned restructuring expenses for the Dresdner Bank integration (EUR 0.9 bn.), in Q3 a net profit of minus EUR 1.05 bn. For the 2009 business year for both Commerzbank AG und Group a negative annual result (net loss) is expected. In case of a net loss at the AG, the liquidation of reserves or special reserves (Sonderposten according to Section 340g German Commercial Code) for the granting of profit-related payments on equity related instruments is not permitted further to EU regulations and further to the agreements with the SoFFin. In this case profit-related equity instruments may not be serviced.
On 03 November 2009 Commerzbank Capital Funding Trust I and II reported, that generally, this means that no Capital Payments on the Trust Preferred Securities can be expected for the year 2009. However, even if a net loss at the AG for the year 2009 will materialise, an obligation to make Capital Payments on the Trust Preferred Securities could arise from payments on other instruments ranking pari passu with the Trust Preferred Securities ("Parity Securities") called Deemed Declaration of Capital Payments. If payments on other instruments are payments on Parity Securities and whether such payments will trigger the Deemed Declaration of Capital Payments has to be assessed on a case by case basis pursuant to the terms and conditions of the Trust Preferred Securities. Please refer to the description of the terms and conditions of the Trust Preferred Securities in the Prospectus.
As per this announcement date, it became evident, that no Deemed Declaration of Capital Payments would come into effect, since no payments on Parity Securities are to be expected before Capital Payments on the Trust Preferred Securities come due on 12 April 2010.
Consequently, investors are advised, that no Capital Payments on the Trust Preferred Securities will be made on 12 April 2010.
Moreover, Commerzbank Capital Funding Trust I and II will recommend brokers and exchanges to convert quotation from a pricing of the Trust Preferred Securities which excludes any interest that has accrued since the most recent coupon payment to a pricing of the Trust Preferred Securities which includes accrued interest on the Trust Preferred Securities. Hence, if brokers and exchanges follow such recommendation, no accrued interest should be payable by a buyer with regard to the Trust Preferred Securities in addition to the quoted price.
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COMMERZBANK CAPITAL FUNDING TRUST III
Wilmington, Delaware, U.S.A.
300,000 Noncumulative Trust Preferred Securities
- ISIN: DE000CK45783 -
maxinblack
Forumer storico
Oops mi ero dimenticato di mettere l'articolo relativo:
Indeed in recent years we were confronted with an extremely low interest rate differential between 2 and 10 year swap rate, or with a very flat yield curve.
In the context of this article, there are the flat yield curve where the difference between 2 and 10 year rate is less than 0.25% is.
The recent developments in the credit market, influenced by the problems in the subprime crisis, the curve is somewhat inverted.
The real question is will this continue steepening, what lies at the root and how far can this trend continue.
Sometimes it is good to take a step back in time.
I also go and see how the 2 / 10 year yield curve has worn since 1970.
We see that there is a cyclical pattern in this plot development is to observe the following characteristics.
1 a cyclical movement in the 2.10 spread that lasts approximately 9 years, of which about 4.5 years and 4.5 years an upswing a seesaw. 2 the average results in the cyclic period is about 270 basis points positive, and 100 bp. negative 3 the period 1973-1995 was further extended by the unification of Germany. In that period, the maximum results 200 bp. positive and 200 bp. negative. 4 The 2 year rate moves in a shorter cyclical movements roughly 9 years 5 The cyclical movement in the 10-year is about 7.25 years. 6 Since 1995, we see a rash becoming smaller. In this period we have a positive curve of 200 bp but not negative 7 The most recent movement began in 2000 with a peak in 2004 and one end of the trend in 2007.
Since August 2006, the 2.10-year spread is smaller than 25 bp and a very short period even slightly negative. Recently the spread widened again to about 50 bp.
Also in the swap rates we see a similar pattern, because since December 2007 is the 2.10-year swap spread back 40 bps and higher.
What more can we expect?
In previous cycles, the steepening yield curve through the deployed through the short side of the curve, namely the change in the 2 year rate, which is also a pattern longer than the 10 year.
When central banks announce their monetary policy tightening will not go, so stop raising short rates, we see a decline in the 2 year rate.
This is currently applicable.
The European Central Bank, though still very vigilant. Gives its policy of rate increases put stop, now the refi rate is increased from 2 to 4%.
A first signal of change of policy by the ECB, and the shift to expansionary monetary policy, even by cutting interest rates, in my opinion should be expected by mid year.
This analysis shows that a cyclical pattern occurs in the difference between 2 and 10 year rate, driven by either structural or incidental factors. Similarly, it appears that for decades the interest rate difference, irrespective of the amount of the nominal interest rate, operates within certain marks, both positive and negative. We also know that a flat or inverted yield curve is not normal and certainly does not stand long, and after a certain time knows will return to normal.
I can not find arguments which I should infer that the pattern of the past 35 years will now change contrast, all indicators suggest that we are on the eve of a further normalization of the yield curve. The rate at which this occurs and the extent to which the curve further versteild is important.
Based on historical trends, I may presume to assume that this cycle, which recently deployed in the second half of 2011 will reach its peak, with an interest rate differential between 2 and 10 year interest rate of between 100 and 150 bp.
Certainly not for every investor, but for those who have patience and have a certain impact have speculative (and who does not exist at investor days), the so discredited Steepener bonds issued in the years 2004-2006, and mostly impaired to 70% and lower prices, bring back some value.
If my vision is correct and the next few years the 2.10-year spread rose again to 125% over current rates seem promising for a repair, and an above average return possible. More attractive are those loans over the next 2 years have a fixed coupon offer in 2010-11 and the spread 4 times the difference of 2 and 10 year interest be valued
You can think of:
For loans from prime borrowers stretching to 2015 KFW 1.5% annually in May in which the coupon is adjusted to 4 times (10-2 yrs) swaps. Rate now 86% European INV. Bank 1.5% running until 2015, with annual coupon is adjusted in May 3 times (10-2yrs) swap interest rate now 85% Europ.Inv Bank 5% running tor 2020, with effect from Feb.., 2008 the annual coupon is adjusted to 4 times (10-2yrs) interest rate swap now 79 Rabobank 6% running until 2035. 2010 to receive a 6% coupon, from May 2010 to 2035 annual 5 times (10-2yrs) swap interest rate now 72% For the more speculative investor: BNP running 5% to 2020. Until June 2010 will receive a 6% coupon annually thereafter 4 times (30-2yrs) swap rate, current rate 77%
Only a selection from a number of possibilities.
Note it needs to fit in your profile,
Joop Bresser. Bresser for his retirement was director fixed income at Delta Lloyd Asset. Today he is active as afviseur at many institutions and organizations.
Here is a list "real" Steepener a list and associated products. I have restricted myself to funds that are traded on Euronext Alex and last until at least 2030 or be perpetual.
Zorba
Bos 4 Mod
Grazie Max per questi nuovi spunti!
Ho visto la fonte del tuo articolo, che sembra cmq essere del 2008. Non ho la più pallida idea di come possa muoversi il CMS10-2 nei prox anni. Ma credo che fino ad ora quasi tutte le previsioni sui tassi siano state cannate.
Io ho adottato un approccio difensivo-aggressivo: difensivo perchè ho preso Alpha che quota 50 e ha un floor del 3,25% (quindi un 6,5%), aggressivo perchè è una banca greca. Digerito il rischio Grecia, a 50 non vai tanto per il sottile sul tasso.
Se non ci fosse Alpha, non credo che prenderei il CMS10-2 di Axa o DPB che quotano intorno a 75. Forse perchè non ho mai studiato più di tanto questo tasso.
C'è qualcuno che ha un grafico a 20-30 anni del CMS10-2?
Ho visto la fonte del tuo articolo, che sembra cmq essere del 2008. Non ho la più pallida idea di come possa muoversi il CMS10-2 nei prox anni. Ma credo che fino ad ora quasi tutte le previsioni sui tassi siano state cannate.
Io ho adottato un approccio difensivo-aggressivo: difensivo perchè ho preso Alpha che quota 50 e ha un floor del 3,25% (quindi un 6,5%), aggressivo perchè è una banca greca. Digerito il rischio Grecia, a 50 non vai tanto per il sottile sul tasso.
Se non ci fosse Alpha, non credo che prenderei il CMS10-2 di Axa o DPB che quotano intorno a 75. Forse perchè non ho mai studiato più di tanto questo tasso.
C'è qualcuno che ha un grafico a 20-30 anni del CMS10-2?
Richard Fuld
lehman's ceo !
- Stato