Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (2 lettori)
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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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Zorba
Bos 4 Mod
Appunto.... Basilea III vuole procede spedita
Basel passes milestone as banks warn over economy
Fri Apr 16, 2010 4:43pm IST
By Huw Jones
LONDON, April 16 (Reuters) - Consultation on tough new global capital rules for banks closed on Friday to warnings from the sector that drumming up chunks of extra cash may come at the expense of jobs and growth.
The Basel Committee on Banking Supervision proposed the new rules last December to increase the amount and quality of capital banks must hold by the end of 2012.
It implements a pledge from the Group of 20 leading countries, which wants to avoid tapping taxpayer money again to rescue banks when the next crisis hits.
Dubbed Basel III, the rules strengthen and widen the scope of the existing Basel II global accord, which policymakers say left banks with too little capital to survive the credit crunch.
"Most of what is proposed is sensible but our biggest concern is has anybody done the holistic analysis. If you look at parts of the proposals they put buffers on buffers," said Pat Newberry, a financal services expert at PricewaterhouseCoopers.
"There is a very serious risk the proposals overdo the requirements. That is a big macroeconomic gamble to take. Our view is there will be changes. Maybe 2012 is rather optimistic," Newberry said.
Credit Suisse has estimated that Basel will create an additional capital requirement of 139 billion euros in Europe alone. Basel will fix actual new levels of capital, liquidity and leverage ratios by the end of this year, a process that has prompted banks to put corporate activity on hold.
CHEEKINESS OF CROWDS
The Basel Committee may publish consultation feedback next week after a polarised debate between banks and regulators in past weeks that signals tough negotiations.
The blame game was illustrated in London this week when a top banker said Basel III is a flawed attempt to make the next crisis affordable and removes hundreds of billions of pounds from the British economy at a time when it needs it.
The banker said "political interference" set the fuse on the crisis through global imbalances and cheap money.
However, a senior regulator dismissed this as the "cheekiness of crowds" -- a play on Extraordinary Popular Delusions and the Madness of Crowds, the landmark 1841 book that examined famous asset bubbles like Tulipomania.
The crisis was a "corporate finance problem" that needed "political interference" to rescue banks with wads of taxpayer cash, the regulator added.
The Institute of International Finance, a global bank lobby, said on Thursday Basel will have a significant adverse impact on U.S. jobs and growth over several years.
"A more substantial effect is likely in the euro area, reflecting the greater relative importance of banks in the region's economy, and there will be material effects on Japan and on emerging markets," the IIF said.
WHO BLINKS FIRST?
Basel III is the G20's core regulatory response to the financial crisis and if substantially weakened or delayed, it would be seen as a major loss of face by policymakers.
Banks hope the reforms will be phased in over a longer period with some elements such as treatment of minorities and deferred taxes watered down.
Baudoin Prot, chief executive of French bank BNP Paribas (BNPP.PA) and acting head of the French banking federation, called on Thursday for a second round of consultation on Basel III after the summer. There are concerns in countries like France, Germany and Canada that the planned cap on leverage is too blunt. Credit rating agency Standard & Poor's warned this week it could give banks an incentive to take on higher risk, higher yielding loans.
Some bankers this week warned that hopes that December's proposals will be "watered down" could be over-optimistic, and Basel will stick close to its outline on most issues.
G20 members are already urging each other to hold their nerve and finalise the Basel package by year end.
"The EU supports the current work for more, better quality additional capital and new liquidity buffer requirements," European Union finance ministers are due to say on Saturday ahead of a G20 finance ministers meeting next week.
Basel passes milestone as banks warn over economy
Fri Apr 16, 2010 4:43pm IST
By Huw Jones
LONDON, April 16 (Reuters) - Consultation on tough new global capital rules for banks closed on Friday to warnings from the sector that drumming up chunks of extra cash may come at the expense of jobs and growth.
The Basel Committee on Banking Supervision proposed the new rules last December to increase the amount and quality of capital banks must hold by the end of 2012.
It implements a pledge from the Group of 20 leading countries, which wants to avoid tapping taxpayer money again to rescue banks when the next crisis hits.
Dubbed Basel III, the rules strengthen and widen the scope of the existing Basel II global accord, which policymakers say left banks with too little capital to survive the credit crunch.
"Most of what is proposed is sensible but our biggest concern is has anybody done the holistic analysis. If you look at parts of the proposals they put buffers on buffers," said Pat Newberry, a financal services expert at PricewaterhouseCoopers.
"There is a very serious risk the proposals overdo the requirements. That is a big macroeconomic gamble to take. Our view is there will be changes. Maybe 2012 is rather optimistic," Newberry said.
Credit Suisse has estimated that Basel will create an additional capital requirement of 139 billion euros in Europe alone. Basel will fix actual new levels of capital, liquidity and leverage ratios by the end of this year, a process that has prompted banks to put corporate activity on hold.
CHEEKINESS OF CROWDS
The Basel Committee may publish consultation feedback next week after a polarised debate between banks and regulators in past weeks that signals tough negotiations.
The blame game was illustrated in London this week when a top banker said Basel III is a flawed attempt to make the next crisis affordable and removes hundreds of billions of pounds from the British economy at a time when it needs it.
The banker said "political interference" set the fuse on the crisis through global imbalances and cheap money.
However, a senior regulator dismissed this as the "cheekiness of crowds" -- a play on Extraordinary Popular Delusions and the Madness of Crowds, the landmark 1841 book that examined famous asset bubbles like Tulipomania.
The crisis was a "corporate finance problem" that needed "political interference" to rescue banks with wads of taxpayer cash, the regulator added.
The Institute of International Finance, a global bank lobby, said on Thursday Basel will have a significant adverse impact on U.S. jobs and growth over several years.
"A more substantial effect is likely in the euro area, reflecting the greater relative importance of banks in the region's economy, and there will be material effects on Japan and on emerging markets," the IIF said.
WHO BLINKS FIRST?
Basel III is the G20's core regulatory response to the financial crisis and if substantially weakened or delayed, it would be seen as a major loss of face by policymakers.
Banks hope the reforms will be phased in over a longer period with some elements such as treatment of minorities and deferred taxes watered down.
Baudoin Prot, chief executive of French bank BNP Paribas (BNPP.PA) and acting head of the French banking federation, called on Thursday for a second round of consultation on Basel III after the summer. There are concerns in countries like France, Germany and Canada that the planned cap on leverage is too blunt. Credit rating agency Standard & Poor's warned this week it could give banks an incentive to take on higher risk, higher yielding loans.
Some bankers this week warned that hopes that December's proposals will be "watered down" could be over-optimistic, and Basel will stick close to its outline on most issues.
G20 members are already urging each other to hold their nerve and finalise the Basel package by year end.
"The EU supports the current work for more, better quality additional capital and new liquidity buffer requirements," European Union finance ministers are due to say on Saturday ahead of a G20 finance ministers meeting next week.
nik.sala
Money Never Sleeps
Cari boys tutti,
Devo essere malato mentale...mezzanotte passata di un venerdi di una notte di primavera londinese e penso a voi e alle perpetuals...robe da pazzi...
..................siamo tutti sulla stessa barca...
e soffriamo della medesima malattia...
sia che ci troviamo a Londra, Parigi, Roma, Milano, Bergamo o Venezia 
ci siamo tutti ZorbinoBenvenuto a bordo
Siamo una bella banda di speculoni...
...azz lo prendo ocme un supercomplimento...però mica ci hai detto quale è l'investimento che hai fatto oggi
nik.sala
Money Never Sleeps
Sei forte Maxolone.
Ragazzi, vi saluto. Più tardi vi confesso il mio peccatuccio di oggi. Sono quasi già pentito...
questo intendo
claudioborghi
Twitter: @borghi_claudio
In condizioni normali secondo me l'avrebbero fatta fallire con calcio nel sirtaki... adesso hanno tutti troppa paura di fare Lehman 2 quindi secondo me la salvano.
In ogni caso sto cominciando a pensare che il default dello staterello sia meno dannoso del default della bancona... e comunque i default hanno sempre portato dei discreti rialzi dopo... basti pensare alla Russia nel '98 all' Argentina nel 2002 e a Lehman nel 2008
Tobia
Forumer storico
nel tardo pomeriggio ho richiamato iw,
volevo vendere Efg hellas 345 e comprare un bel PACCONE di baca w70
ma non mi hanno richiamato...
ora non mi resta che aspettare lunedì
io ho venduto le mie a 58, poca roba e con un misero punto di gain. Ma che dovevo fare? come dici tu, roba immobilizzata che al momento non rende. Ho stornato su Oevag con un cippino, poi ne volevo prendere altre ma IW non mi ha chiamato.
Pensare che un annetto fa solo di questi tempi non andavo oltre ai CCT.
Zorba
Bos 4 Mod
stiamo aspettando impazienti il peccatuccio...
il peccatore giá lo conosciamo
questo intendo
So già che non vi piacerà. Ieri ero meno convinto
, oggi sto già somatizzando...
Ieri in chiusura ero tentato di prendere dei tds greci, in particolare il 2025 a 73-74. Poi ho letto di GS. Poi ho fatto una strana associazione: cosa posso comprare di altro a 74? Ho pensato alle P, anche loro ancora sottovalutate come i tds greci, ma mentre i tds greci sono in calo, le P sono in salita.
Così ho preso l'Axa 174
: cumulativa, no loss abs, buon emittente, tasso 4,7%, call 2011. A 74,5 non è malaccio: tra l'altro è quasi ferma da una settimana. Ormai sto guardando alle P in uno scenario normalizzato. Devo dire una cosa: in questa fase sono molto cauto a prendere le francesi. Quasi tutte hanno clausole di loss abs pesanti e le banche francesi stanno facendo pressioni affinchè Basilea III salvaguardi le loro P (facendo appunto leva sul fatto che hanno queste clausole di loss abs). Non credo che Basilea cederà alle loro richieste, ma a parità di prezzo prendo altro (e non mi piglio questo rischio).
Axa 174 è una P francese atipica, essendo cumulativa e senza loss abs. E' un po' cara, lo so. Però la chiudo nel cassetto insieme a BACA e le cumulativa (Bancaja, SNS, FP, etc..) e sto tranquillo.
ilfolignate
Forumer storico
Buongiorno e buon Sabato a tutti
Ragazzi la OEVAG 643 di cui tanto si è parlato, si potrebbe avere l'ISIN?
Grazie
Ragazzi la OEVAG 643 di cui tanto si è parlato, si potrebbe avere l'ISIN?
Grazie
samantaao
Forumer storico
Così ho preso l'Axa 174
scusa, la cedola non è 5% + 22% IRS 10a?
Wallygo
Forumer storico
Buongiorno e buon Sabato a tutti
Ragazzi la OEVAG 643 di cui tanto si è parlato, si potrebbe avere l'ISIN?
Grazie
eccolo: XS0359924643 CIAO!
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