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Axa174

sono un investitore nelle p da tempo ma "silenzioso".
uno dei motivi del supposto "mispricing" delle AXA 174 potrebbe essere la ritenuta del 27% applicabile in quanto la seguente clausola a pag. 2-3 del pricing supplement sembra prevedere una falcidia “giuridica” del diritto al rimborso in caso d’incapienza di fondi in sede di riparto di liquidazione.

“If any judgment is rendered by any competent court declaring the judicial liquidation (liquidation judiciaire) of the Issuer or if the Issuer is liquidated for any other reason, the rights of payment of the holders of Subordinated Notes and any relative Receipts and Coupons shall be subordinated to the payment in full of unsubordinated creditors (including depositors and creditors whose claims arise under contracts entered into for the purposes of any liquidation) and, subject to such payment in full, the holders of Subordinated Notes shall be paid in priority to any prêts participatifs granted to the Issuer and any titres participatifs issued by it. In the event of voluntary or judicial liquidation of the Issuer, bankruptcy proceedings or any other similar proceedings affecting the Issuer, prêts participatifs will rank lowest in priority of ranking of creditors in accordance with the loi No 78-741 of 13th July, 1978. In such circumstances, in the event of incomplete payment of unsubordinated creditors, the obligations of the Issuer in connection with the Subordinated Notes and any relative Receipts and Coupons will be terminated.
 

Mais78

BAWAG fan club
sono un investitore nelle p da tempo ma "silenzioso".
uno dei motivi del supposto "mispricing" delle AXA 174 potrebbe essere la ritenuta del 27% applicabile in quanto la seguente clausola a pag. 2-3 del pricing supplement sembra prevedere una falcidia “giuridica” del diritto al rimborso in caso d’incapienza di fondi in sede di riparto di liquidazione.

“If any judgment is rendered by any competent court declaring the judicial liquidation (liquidation judiciaire) of the Issuer or if the Issuer is liquidated for any other reason, the rights of payment of the holders of Subordinated Notes and any relative Receipts and Coupons shall be subordinated to the payment in full of unsubordinated creditors (including depositors and creditors whose claims arise under contracts entered into for the purposes of any liquidation) and, subject to such payment in full, the holders of Subordinated Notes shall be paid in priority to any prêts participatifs granted to the Issuer and any titres participatifs issued by it. In the event of voluntary or judicial liquidation of the Issuer, bankruptcy proceedings or any other similar proceedings affecting the Issuer, prêts participatifs will rank lowest in priority of ranking of creditors in accordance with the loi No 78-741 of 13th July, 1978. In such circumstances, in the event of incomplete payment of unsubordinated creditors, the obligations of the Issuer in connection with the Subordinated Notes and any relative Receipts and Coupons will be terminated.

cireno non penso per due motivi: 1. il prospetto delle altre due cumulative dovrebbe essere analogo 2. il mercato non lo fanno gli italiani (tassazione 27%)
 
visto che ho rotto il silenzio, ecco il mio ptf
NL0000116150 AEGON NV (cum) 2%
NL0009213545 ASR NED 09 PERP TM 2%
XS0181369454 AXA FLOAT PERP (cum) 5%
XS0223454512 BANCA POPOLARE LODI TRST 9%
DE000A0DD4K8 BANK AUSTRIA FINANCE 4%
XS0194093844 BCP FINANCE 3%
XS0304963373 BIPIM PERPET TV SUB 1%
XS0160850227 BNP PARIBAS 2%
FR0010161026 CREDIT AGRICOLE PERP FLOAT 5%
DE000A0TU305 DEUT BK PERP Cum) 4%
XS0307741917 DEUT POST PERP SUB 7%
DE000A0DEN75 DEUT POST PERP SUB FLOAT 4%
DE000A0E5JD4 DEUTSCHE BK CAPITAL TRST 6%
XS0256975458 GENERALI FINANCE 7%
XS0283629946 GENERALI FINANCE 7%
FR0010533414 GROUPAMA PERP TM SUB 3%
XS0211568331 HBOS TV     4%
XS0456541506 INTESA SANPAOLO SPA 8%
XS0156923913 LLOYDS TSB 3%
XS0200688256 NORDEA PERP TV 9%
XS0214155458 RABOBANK PERP 4%
XS0293707617 RABOBK 4/4/12 1%
 
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