Zorba
Bos 4 Mod
Devo confessare una cosa: in finale ho venduto un lotto di EFG 399 a 48 e ho incrementato SNS a 66,5.
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1
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- Data di Inizio
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- 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
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Devo confessare una cosa: in finale ho venduto un lotto di EFG 399 a 48 e ho incrementato SNS a 66,5.
bosmeld
Forumer storico
devo a questo punto confessare anche io una cosa, liquidate una piccola parte di Alpha a 51.
volevo vendere Efg XS0234821345 ma purtroppo a 57 non me le hanno ritirate....
la mia idea era uguale alla tuia, comprare Sns
che però alla fine non ho preso.cmq sono ancora forse troppo carico di greche....
dopo il piccolo allegerimento
ho ancora:
200k di alpha
50k Efg XS0234821345 (che avevo allegerito a cul... qualche giorno fa a 59, per prendere anglo irish)
quantotanto
Forumer attivo
Prese stamane
XS0119643897 BAWAG a 70,25
FR0010093328 CNP a 69
NL0000117224 EUREKO a 82,5
XS0215338152 ERSTE a 66,5
XS0193631040 RZB a 55,5
prese in ottica da cassettista e in previsione di rialzo tassi.
XS0119643897 BAWAG a 70,25
FR0010093328 CNP a 69
NL0000117224 EUREKO a 82,5
XS0215338152 ERSTE a 66,5
XS0193631040 RZB a 55,5
prese in ottica da cassettista e in previsione di rialzo tassi.
Zorba
Bos 4 Mod
quantotanto
Forumer attivo
ferdo
Utente Senior
devo a questo punto confessare anche io una cosa, liquidate una piccola parte di Alpha a 51.
volevo vendere Efg XS0234821345 ma purtroppo a 57 non me le hanno ritirate....
la mia idea era uguale alla tuia, comprare Sns
cmq sono ancora forse troppo carico di greche....
dopo il piccolo allegerimento
ho ancora:
200k di alpha
50k Efg XS0234821345 (che avevo allegerito a cul... qualche giorno fa a 59, per prendere anglo irish)
ora come ora penso che vendere le p. greche non abbia molto senso ...
a meno che non si prevede che scendano ancora,
o si aspetta che dalle dichiarazioni si passi agli aiuti e che la situazione torni nella pseudo normalità ...
bosmeld
Forumer storico
se ne avevo poche, non le avrei vendute, ma visto che le quantita non sono esigue, ne ho venduta qualcuna, cmq poco. a diore il vero vendere alpha mi dispiace, il rateo è troppo goloso.
peraltro voglio usare quei soldini per fare un bell'accumulo su un titolino azionario molto piccolino
Zorba
Bos 4 Mod
Lt2
Irish government action presents bank LT2 opportunity, says RBC
Monday, March 29, 2010
Royal Bank of Canada has published research say that today’s action by the Irish government may present an opportunity to buy bank’s lower tier two paper. The Irish government is expected to announce plans to effectively nationalise most of the banking system.
RBC says it forecast this outcome some time ago and moved to overweight LT2 securities of Allied Irish Banks and Bank of Ireland. Although the local market may be prepared for this eventuality, RBC expects that international investors may initially take fright at the size and comprehensive nature of the action.
An Irish Time report says the government is likely to take 40% ownership interests in BKIR and 70% in AIB. In addition, EBS and Irish Nationwide building societies would be fully government owned. The report states that the Irish government is expected to inject in excess of €16 billion into AIB, BKIR, EBS, Irish Nationwide and fully-owned Anglo Irish.
After a period of initial uncertainty, RBC expects the market will begin to price the LT2 debt of these institutions more like other government-controlled banks globally. Strategists note that the AIB 12.5s trade at a (bid) yield to maturity of just over 10% in sterling and euros, while similar maturity Royal Bank of Scotland debt trades at a yield to maturity in the range of 7%. The recently issued BKIR 10 trades at just over 9%. While strategists allow that rating agencies still rate the UK as triple-A while Ireland has a composite rating of double-A, RBC believes the 3% differential in yields is overdone. It notes that the differential between UK and Irish five- and 10-year CDS is only 50bp.
Irish government action presents bank LT2 opportunity, says RBC
Irish government action presents bank LT2 opportunity, says RBC
Monday, March 29, 2010
Royal Bank of Canada has published research say that today’s action by the Irish government may present an opportunity to buy bank’s lower tier two paper. The Irish government is expected to announce plans to effectively nationalise most of the banking system.
RBC says it forecast this outcome some time ago and moved to overweight LT2 securities of Allied Irish Banks and Bank of Ireland. Although the local market may be prepared for this eventuality, RBC expects that international investors may initially take fright at the size and comprehensive nature of the action.
An Irish Time report says the government is likely to take 40% ownership interests in BKIR and 70% in AIB. In addition, EBS and Irish Nationwide building societies would be fully government owned. The report states that the Irish government is expected to inject in excess of €16 billion into AIB, BKIR, EBS, Irish Nationwide and fully-owned Anglo Irish.
After a period of initial uncertainty, RBC expects the market will begin to price the LT2 debt of these institutions more like other government-controlled banks globally. Strategists note that the AIB 12.5s trade at a (bid) yield to maturity of just over 10% in sterling and euros, while similar maturity Royal Bank of Scotland debt trades at a yield to maturity in the range of 7%. The recently issued BKIR 10 trades at just over 9%. While strategists allow that rating agencies still rate the UK as triple-A while Ireland has a composite rating of double-A, RBC believes the 3% differential in yields is overdone. It notes that the differential between UK and Irish five- and 10-year CDS is only 50bp.
Irish government action presents bank LT2 opportunity, says RBC
Zorba
Bos 4 Mod
Anglo Irish
Sempre da Bondboard
UBS 06-04-2010
Anglo Irish Bank was nationalized in January 2009, as it breached the minimum Tier-1 capital requirement of 4%, following huge loan impairment charges on its EUR 72bn loan book. The government injected EUR 4bn in 2009 and it has been announced that Anglo Irish will transfer the largest amount of assets to NAMA, up to EUR 36bn, leading to a further capital need of EUR 18.3bn. As private sources are unwilling to provide capital to the bank, the government will step in and inject EUR 8.3bn immediately and most probably around EUR 10bn at a later stage.
The Minister of Finance stated that closing the bank and liquidating it could lead to losses of more than EUR 30bn and the government would still need to provide additional cash. Restoring the bank's financial health may take several years, but the government appears to be willing to meet this challenge.
In order to establish a well functioning bank again as soon as possible, Anglo Irish should be split into a 'good bank', including senior bonds and deposits, and a 'bad bank', including impaired loans that do not qualify for NAMA as well as subordinated bonds. We think an exchange offer for existing Lower Tier 2 securities is likely in the near term, to allow investors exiting those securities. As the bad bank is going to be wound down, we cannot exclude losses on the subordinated bonds.
Sempre da Bondboard
UBS 06-04-2010
Anglo Irish Bank was nationalized in January 2009, as it breached the minimum Tier-1 capital requirement of 4%, following huge loan impairment charges on its EUR 72bn loan book. The government injected EUR 4bn in 2009 and it has been announced that Anglo Irish will transfer the largest amount of assets to NAMA, up to EUR 36bn, leading to a further capital need of EUR 18.3bn. As private sources are unwilling to provide capital to the bank, the government will step in and inject EUR 8.3bn immediately and most probably around EUR 10bn at a later stage.
The Minister of Finance stated that closing the bank and liquidating it could lead to losses of more than EUR 30bn and the government would still need to provide additional cash. Restoring the bank's financial health may take several years, but the government appears to be willing to meet this challenge.
In order to establish a well functioning bank again as soon as possible, Anglo Irish should be split into a 'good bank', including senior bonds and deposits, and a 'bad bank', including impaired loans that do not qualify for NAMA as well as subordinated bonds. We think an exchange offer for existing Lower Tier 2 securities is likely in the near term, to allow investors exiting those securities. As the bad bank is going to be wound down, we cannot exclude losses on the subordinated bonds.
no perpetual no party
Forumer storico
per la scelta amletica tra rendimento da cedola, rendimento a scadenza (call) e post call credo sia opportuno un bilanciament.
Se infatti abbiamo un titolo più che buono la call è quasi sicura quindi guardo il rendimento da cedola ma è fondamentale quello a scadenza.
HAI UN PAIO DI TITOLI COME ESEMPIO?
Se il titolo è discreto, il rendimento a scadenza è importante nella misura in cui il post call è appetibile. Bene gli euribor + spread alto così come gli irs + qualcosa.
E SU QUESTO IL POST CALL E' EVIDENTE E SCRITTO ...
Se invece la cedola è invariata o abbiamo un irs10 - irs2 bisogna stare attenti a cosa si compra e all'evolversi dei tassi.
A MENO CHE LA CEDOLA NON SIA FISSA E ATTORNO AL 7-8 DI RENDIMENTO...
INVECE PER IRS10-IRS2 PUO ESSERE VALIDO A BREVE-MEDIO TERMINE, MAX 3 ANNI DIREI... OVVIAMENTE PARERE PERSONALE E ""SPANNOMETRICO"
Sulla roba meno buona non vado. Preferisco un ptf con un rendimento medio del 7/8% fatto da titoli ottimi che pagano annualmente la cedola e che verranno richiamati a scadenza a un ptf di potenziale più alto ma solo se viene esercitata la call, mentre le cedolozze sono relativamente basse.
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