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Existing public sector capital injections will be grandfathered until 1 January 2018. Capital instruments that no longer qualify as non-common equity Tier 1 capital or Tier 2 capital will be phased out over a 10 year horizon beginning 1 January 2013. Fixing the base at the nominal amount of such instruments outstanding on 1 January 2013, their recognition will be capped at 90% from 1 January 2013, with the cap reducing by 10 percentage points in each subsequent year. In addition, instruments with an incentive to be redeemed will be phased out at their effective maturity date.
l'altro di Cs che allego qui
Molto interessante, ma riprende quanto già detto sopra.
Anche da questo report di Credit Suisse, ancora non ci sono certezze, ma riprendo questo apssaggio:
Implications for Tier 1 Hybrids
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For Tier 1 bondholders, the implications are very positive in our view, as the new rules increase the incentive to redeem the existing securities at expiry of grandfathering which is sooner than what is assumed in pricing of this segment. Additionally, the amount of Tier 1 hybrids outstanding is likely to shrink given the larger portion of the Total Capital requirementto be met with Common Equity than before
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Relative to expectations, we believe the grandfathering period was generally shorter than expected, particularly for Step-Up (or Innovative Tier 1 securities) which will cease to attractTier 1 hybrid regulatory capital treatment post the call date, thus increasingthe probability of a redemption of the security at the first call date very significantly
A mio parere è ancora presto per capire cosa succederà, ma ovviamente la view sembra solo positiva.