Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1

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Questa c'era sfuggita :D Parla di RBS e dei Lloyds

Tier 1 capital deals suffer after government action

By Paul J Davies

Published: January 20 2009 02:00 | Last updated: January 20 2009 02:00

UK and other European banks were hard hit across securities markets in the wake of the latest bail-out plans yesterday in spite of a gathering trend of actions to improve their capital bases, which analysts and investors see as positive.

Some of the bleakest sentiment was reserved for so-called Tier 1 hybrid capital instruments, which occupy a grey area between debt and equity but increasingly look as risky as equity.

The UK government's move to swap the preference shares it has in Royal Bank of Scotland - a key part of the bank's Tier 1 capital - for common stock added to fears over whether such securities would still get coupon payments or even face losses.

But even as RBS was scrapping its only recently created prefs, Lloyds was raising almost £2bn in new Tier 1 capital through an exchange with existing investors.

Bankers said the two deals highlighted a common theme that would likely be one of the big stories for 2009: the need for banks to restructure their liabilities as well as their assets.

"For banks in this environment what is needed is high quality capital that is loss absorbing," said one analyst. That means more equity and more problems for existing equity-like instruments.

The outlook for Tier 1 was already stressed after it emerged late last week that securities issued by Anglo Irish, the bank nationalised by Dublin, are likely to be treated like ordinary equity, and potentially wiped out. When Northern Rock was nationalised in late 2007, much of its Tier 1 was also wiped out.

"Everyone is confused at the moment and worried that the government is in effect turning RBS prefs into equity [which] could lead other Tier 1 to become increasingly subordinated," said one London-based investor. "RBS has said it sees equity as the principle source of loss absorption, but the more government intervention in banks there is, the more likely it becomes that Tier 1 issues face losses."

Roberto Henriques, analyst at JPMorgan, said he remained cautious over the most junior hybrid securities such as Tier 1. "Quite simply, in the event of large absolute losses for the [banking] sector, potentially there may be a move towards greater sharing of these losses across the whole capital structure, which would be negative for deeply subordinated credit investors," he said.

However, senior bank debt and the middle ranking Tier 2 securities were also under pressure yesterday, in spite of the fact that many analysts and investors saw the moves by both RBS and Lloyds as a big positive for creditors nearer the front of the queue to get paid.

UK banks were among the worst performers in the European market for credit derivatives, which provide a kind of protection against default.

RBS saw its cost of protection jump 20.3 basis points to 124.2bp and the credit derivatives on the Bank of Scotland part of the combined Lloyds-HBOS group were 9.8bp wider at 107.5bp, putting both banks back to where they were trading at the start of the month before the recent rally in credit.

Barclays was hit harder, rising 23.6bp to 186.83bp - a level not seen since early October in the immediate aftermath of the first UK bank rescue package.

The one bright spot in the market was the strong -performance of the new Lloyds Tier 1 securities, which were said to be -trading at fractionally more than face value as some investors who missed out on the limited deal tried to buy them.

Analysts said the attraction was not just the 13 per cent coupon, but also the huge step-up if they are not repaid in ten years' time, which is 14 percentage points over prevailing interbank rates.
 
Per finire, oggi è stata una giornata nera per tutte le subordinate... :( :rolleyes:

Lloyds Leads Bank-Bond Drop on State Rescue Concern (Update3)


By John Glover and Abigail Moses

Feb. 16 (Bloomberg) -- Lloyds Banking Group Plc led a decline in the value of subordinated bank bonds to a record low on concern governments will be forced to nationalize lenders to save them from collapse.

The average price of the securities in Merrill Lynch & Co.’s Euro Sub-Debt Tier 1 Index fell to 41.5 from 64.5 at the end of 2008. The value of the 103 securities with a face value of 64.85 billion euros ($83 billion) contained in the gauge declined to 25.6 billion euros. London-based Lloyds was downgraded by Moody’s Investors Service today, which cited higher risk at the bank.

“Most probably there will be no other solution than to nationalize banks and politicians are preparing for that,” said Philip Gisdakis, head of credit strategy at UniCredit SpA in Munich. “We will see a significantly higher number of nationalized banks.”

Lloyds, Bank of America Corp. and Germany’s Hypo Real Estate Holding AG are all in danger of coming under state control as losses mount, according to Gisdakis. Republican Senator Lindsey Graham, who sits on the Senate Budget Committee, said yesterday he wouldn’t reject the idea of nationalizing U.S. banks.

Tier 1 securities are sold to bolster bank capital and are designed to cushion senior bondholders and depositors against loss. In a state takeover, holders of the securities would be among the first in line after equity investors to be wiped out or forced to take a loss.

Senior Rating Cut

Lloyds had its senior debt rating cut three steps to A1, six levels from the top, by Moody’s after the bank forecast a 10 billion-pound ($14 billion) pretax loss at its HBOS Plc unit last week. Lloyds agreed to buy HBOS, the U.K.’s largest mortgage lender, in a government-brokered transaction in September. The rating of Lloyds TSB Bank, the main banking unit, was reduced from the top Aaa to Aa3, and its Bank of Scotland unit was downgraded from Aa1 to Aa3.

The Markit iTraxx Financial Index of credit-default swaps on the subordinated debt of 25 European banks and insurers, which gains as perceptions of risk increase, jumped 14 basis points to 214, the highest this year, according to JPMorgan Chase & Co prices.

Lloyds Debt Risk

Credit-default swaps on Lloyds subordinated debt climbed 16 basis points to 230, the highest in more than four months, according to CMA Datavision prices at 5:30 p.m. in London. Contracts on the bank’s senior debt rose 17 basis points to 159.

The 13 largest decliners in percentage terms in the Markit iBoxx Sterling Corporates Index of 757 bonds today are all securities sold by units of Lloyds. The biggest slide was in Lloyds’ 410 million pounds of undated 5.625 percent notes, due to be called in July 2010, which fell more than 28 percent to 50 pence in the pound, according to Royal Bank of Scotland Group Plc prices on Bloomberg.

“All you have out there are sellers,” said Phil Roantree, a portfolio manager at New Star Asset Management in London. “Bank subordinated bonds are very widely held so this is going to hurt. Institutions are really going to feel the pain.”

Lloyds shares, which opened down by as much as 22 percent, rallied after Stephen Timms, chief secretary to the Treasury, told the British Broadcasting Corp. the government is “not contemplating” nationalization. The stock was down 8.1 percent at 56.4 pence as of 5:37 p.m. in London.

Shares of Bank of America Corp., the buyer of unprofitable Merrill Lynch and of mortgage lender Countrywide, have collapsed, falling about 60 percent this year on speculation that the government might seize the company.

Hypo Real Estate

In Germany, Chancellor Angela Merkel said at the weekend that Hypo Real Estate, which has already received 102 billion euros from the state, is the only bank that may be nationalized. A government takeover would be an option only after all other alternatives are exhausted, she said.

Credit-default swaps, contracts conceived to protect bondholders against default, pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements. A basis point on a credit-default swap contract protecting 10 million euros of debt from default for five years is equivalent to 1,000 euros a year.

Contracts tied to Fortis’s subordinated debt increased 67.5 basis points to 325, CMA prices show. The senior debt rose 27 to 202. Swaps on the junior debt of Munich Re, the world’s biggest reinsurer, increased 4 to 128.5 and the senior debt rose 4.5 to 57. Contracts on Zurich Insurance Co.’s subordinated bonds were 8.5 basis points higher at 145 and the senior debt was up 9.5 at 114.5.

Swaps tied to subordinated bonds of Banco Sabadell SA, the largest commercial bank in Spain’s Catalunya region, climbed 45 basis points to 510, CMA prices show.

---Editor: Michael Shanahan, Paul Armstrong

To contact the reporter on this story: John Glover in London at [email protected]

Last Updated: February 16, 2009 12:39 EST
 
solenoide ha scritto:
Ciao,
mi fa piacere che ti abbiano tassato al 12,5% , anzi torno subito all'attacco con la mia banca per chiedere spiegazioni ulteriori.
Ho scritto "il capitale puo' essere diminuito" (avrei dovuto scrivere "potrebbe essere diminuito") non nel senso che hai interpretato tu ma perche' "Any such reduction shall........apply first to any unpaid cumulative interest from prior periods, and subsequently to principal" .
Si potrebbe verificare il caso in cui gli interessi siano sufficienti a coprire le perdite senza intaccare il capitale ( ipotesi mia ovviamente) .
Clicca per allargare...

Il Monte dei Paschi è stato rapidissimo a rispondere e, secondo me, in maniera abbastanza chiara. Posto il messaggio integrale

Buongiorno,
in merito alla domanda sul bond MPS Capital Trust I, codice ISIN XS0121342827, il valore nominale dei titoli non è alterato da alcun evento.
In caso di capital deficiency event (discesa del requisito minimo patrimoniale complessivo della Banca al di sotto del 5% per perdite di esercizio), si verifica un cambiamento della parte interna della struttura, che comporta l'effetto di assorbimento delle perdite. Non si verifica, però, una riduzione del valore nominale dei titoli. In caso di rimborso al decimo anno, quindi, anche se si è verificato un capital deficiency event, nel frattempo, e, sempre che la Banca d'Italia autorizzi l'esercizio della call, la Banca rimborserebbe l'intero valore nominale.
Il capital deficiency event potrebbe avere un impatto solo sulla cedola, nell'ipotesi in cui la Banca non sia obbligata a pagarla e qualora dal pagamento deriverebbe il capital deficiency event ovvero tale evento sia pendente alla data prevista per il pagamento.


Chiaro anche per Voi esperti?
 
stube ha scritto:
Il Monte dei Paschi è stato rapidissimo a rispondere e, secondo me, in maniera abbastanza chiara. Posto il messaggio integrale

Buongiorno,
in merito alla domanda sul bond MPS Capital Trust I, codice ISIN XS0121342827, il valore nominale dei titoli non è alterato da alcun evento.
In caso di capital deficiency event (discesa del requisito minimo patrimoniale complessivo della Banca al di sotto del 5% per perdite di esercizio), si verifica un cambiamento della parte interna della struttura, che comporta l'effetto di assorbimento delle perdite. Non si verifica, però, una riduzione del valore nominale dei titoli. In caso di rimborso al decimo anno, quindi, anche se si è verificato un capital deficiency event, nel frattempo, e, sempre che la Banca d'Italia autorizzi l'esercizio della call, la Banca rimborserebbe l'intero valore nominale.
Il capital deficiency event potrebbe avere un impatto solo sulla cedola, nell'ipotesi in cui la Banca non sia obbligata a pagarla e qualora dal pagamento deriverebbe il capital deficiency event ovvero tale evento sia pendente alla data prevista per il pagamento.


Chiaro anche per Voi esperti?
Clicca per allargare...

Ciao Stube, hai per caso postato qui da qualche parte l'Offering Circular di questo titolo ?
 
Ciao stube,
il 12,5% a questo punto e' sacrosanto.
In effetti avevo avuto il sospetto che la loss absorption del titolo MPS fosse "virtuale" , nel senso che il capitale sembrava essere sempre reintegrato in caso di rimborso e la risposta di MPS lo conferma.
Purtroppo non sono abbastanza esperto per avere certezze assolute.
A questo proposito ho scritto ad un altro emittente a riguardo di una clausola di loss absorption leggermente diversa e che mi fa sospettare che ci sia la possibilita' di una perdita vera in conto capitale. Quando e se avro' una risposta vi faro' sapere nel caso qualcuno fosse interessato a quel perpetual.

Peraltro ho notato che la tassazione dei perpetual e' sempre stata sotto i nostri occhi:-)
Prendete i prospetti di emittenti italiani ed alla voce "Taxation" vedrete che fino al 2005 erano specificate le 3 possibilita : assimilazione ad obbligazione, ad azione , titolo atipico.(ad esempio prospetto MPS del 2001 o PoPolare Bergamo del 2005)
Se prendete i prospetti post circolare 4/e del 2006 troverete che attualmente i perpetual sono assimilati alle obbligazioni ed e' anche chiarito il perche'.(generali emesso nel 2007 ed Intesa emesso nel 2008)
La spiegazione che trovate nei prospetti mi sembra sostanzialmente uguale a quanto mi hanno raccontato.
Sto aspettando ulteriori conferme
 
Classification of the Notes under Italian tax law
Italian tax law does not provide for any specific and proper definition of “bonds” and “debentures similar to bonds” referred to in Article 1 et seq of Legislative Decree No. 239 of 1 April 1996 (“Decree No. 239”). The
statements contained in the section “Taxation — Italy” regarding the applicability of the tax regime provided for by Decree No. 239 to the Notes are based on clarifications given by the Italian Revenue Agency in Circular No. 4/E of 18 January 2006, according to which bonds may have a maturity which is not scheduled at a specific date, but which instead is linked either to the duration of the issuing company (as is the case with the Notes) or to the liquidation of the issuer, if the company has been incorporated for an indefinite period pursuant to Article 2328(2), paragraph 13 of the Italian Civil Code. Prospective purchasers and holders of the Notes should be aware that the above clarifications (as well as the Italian tax provisions in effect as of the date of this Prospectus) are subject to changes, which could even apply retrospectively.
If, as a result of a change in Italian tax provisions or in the interpretation applied by the Italian tax authorities, the Notes were classified as “atypical securities” pursuant to Article 5 of Law Decree No. 512 of 30 September 1983 (instead of being qualified as “bonds” or “debentures similar to bonds” and subject to the tax regime described in the section “Taxation — Italy”), interest and other proceeds in respect of the Notes(including the difference between the redemption amount and the issue price) could be subject to Italian withholding tax at a rate of 27 per cent. if owed to beneficial owners that are not resident in Italy for tax purposes or to certain categories of Italian resident beneficiaries, depending on the legal status of the beneficiary owner of such interest and other proceeds.

TAXATION

The following is a general summary of certain tax consequences in Italy of acquiring, holding and disposing of Notes. It does not purport to be a complete analysis of all tax considerations that may be relevant to the
decision to purchase, own or dispose of Notes and does not purport to deal with the tax consequences applicable to all categories of prospective beneficial owners of Notes, some of which may be subject to special rules. This summary is based upon tax laws and/or practice in force as at the date of this Prospectus, which are subject to any changes in law and/or practice occurring after such date, which could be made on a retroactive basis. The Issuer will not update this summary to reflect changes in law and, if any such change occurs, the information in this summary could be superseded. Prospective purchasers of Notes should consult their tax advisers as to the overall tax consequences of acquiring, holding and disposing of Notes and receiving payments of interest, principal and/or other amounts under the Notes, including in particular the effect of any state, regional or local tax laws.

Italy
Tax treatment of interest and other proceeds under the Notes
Pursuant to Legislative Decree No. 239 of 1 April 1996 (“Decree No. 239”), as amended and restated, and pursuant to Article 44, paragraph (2)(c) of Presidential Decree No. 917 of 22 December 1986 (“Decree No. 917”), in general, interest and other proceeds (including the difference between the redemption amount and the issue price) in respect of Notes which are classified as “bonds” or “securities similar to bonds” (obbligazioni or titoli similari alle obbligazioni) for Italian tax purposes and which are issued by Italian banks or listed companies (i.e. so-called grandi emittenti) may be subject to Italian substitute tax, depending on the legal status of the beneficial owner of such interest and other proceeds. Both (i) “bonds”, which are the securities classified as obbligazioni pursuant to Art. 2410 et seq. of the Italian Civil Code, and (ii) other securities, defined as “securities similar to bonds” by Article 44(2)(c) of Decree No. 917, which incorporate an unconditional obligation to pay an amount not less than their nominal value at maturity and that do not give any right to participate directly or indirectly in the management of the relevant issuer or of the business in relation to which they are issued, are included in the category of “bonds and securities similar to bonds” referred to in Decree No. 239, subject to the tax regime regulated therein. The Italian tax authorities have clarified (Revenue Agency Circular No. 4/E of 18 January 2006) that bonds may have a maturity which is not scheduled at a specific date but which is linked to the duration of the issuing company or to the liquidation thereof, if the company has been incorporated for an indefinite duration pursuant to Article 2328(2), No. 13, of the Italian Civil Code.

Italian resident Noteholders — applicability of substitute tax
Under Decree No. 239, payments of interest and other proceeds (including the original issue discount, if any) in respect of the Notes to Italian resident beneficial owners (either when interest and other proceeds are paid or when payment thereof is obtained by a beneficial owner on a transfer of the Notes) are subject to a final substitute tax (imposta sostitutiva) at a rate of 12.5 per cent. in the Republic of Italy if made to Italianresident beneficial owners that are:
(i) private individuals holding the Notes otherwise than in connection with an entrepreneurial activity(unless they have entrusted the management of their financial assets, including the Notes, to an Italian authorised financial intermediary and have opted for the regime provided for under Article 7 of
Legislative Decree No. 461 of 21 November 1997, the so called “asset management option” or ​
risparmio gestito) (for individuals holding the Notes in connection with an entrepreneurial activity, see below);​

​

 
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