Ciao Zorba,
vorrei chiederti una delucidazione visto che sei uno dei piu' attenti, forse il piu' attento a questi aspetti.
Queste clausole di loss absorption a te sembrano pesanti mentre a me sembrano un po' fasulle .
Per loss absorption vera io intendo qualcosa tipo la senior contingent note appena emessa da Rabo che rimborsa immediatamente al 25% se l'emittente scende sotto i requisiti di capitale e chi si e' visto si e' visto.
Nel caso di francesi ed italiane invece il rimborso e' sempre al valore nominale.
Ad esempio : CNP utilizza la loss absorption quest'anno , l'anno prossimo Basilea III decide che il titolo non e' piu' Tier I.
A questo punto CNP decide di rimborsarla e da prospetto e' obbligata a farlo al nominale , interessi arretrati compresi..non mi sembra una gran loss absorption.
Che ne pensi?
ps.
vedo adesso che sei attivissimo nel 3ad "oltre l'high yeld....."
![Lol :lol: :lol:](/images/smilies/lol.gif)
![Lol :lol: :lol:](/images/smilies/lol.gif)
![Lol :lol: :lol:](/images/smilies/lol.gif)
![Lol :lol: :lol:](/images/smilies/lol.gif)
e poi ti fai scrupoli per una loss absorption?
Redemption for Regulatory Reasons
If the Notes cease to be treated by the CCAMIP or its successor or any other relevant regulator (to the extent
that such consent is required in accordance with applicable legislation) as regulatory capital for the purposes
of calculating the solvency margin (marge de solvabilité) for any reason whatsoever (other than in accordance
with the provisions of Articles R. 334-11 and A. 334-3 of the French Code des Assurances), the Issuer may,
subject to the prior written consent of the CCAMIP (in accordance with Article A. 334-3 of the French Code
des Assurances) or its successor or any other relevant regulator (whose consent the Issuer is required to obtain
in accordance with applicable legislation), and subject to having given not more than 45 nor less than 30 days’
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