bosmeld
Forumer storico
Intanto un saluto al mitico Fabbro (ti leggo con grande interesse sul thread delle convertibili)
prezzi Banco popolare
Bpvn 290 82 denaro 83 lettera
Bpvn XS0304963373 82 denaro 83,5 lettera.
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (22 lettori)
- Creatore Discussione negusneg
- Data di Inizio
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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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Intanto un saluto al mitico Fabbro (ti leggo con grande interesse sul thread delle convertibili)
prezzi Banco popolare
Bpvn 290 82 denaro 83 lettera
Bpvn XS0304963373 82 denaro 83,5 lettera.
giapo27
Forumer attivo
)Mais78
BAWAG fan club
Anglo Irish Debt Offer May Trigger $420 Million Swaps, BNP Says
2010-10-25 11:25:34.386 GMT
By Abigail Moses
Oct. 25 (Bloomberg) -- Anglo Irish Bank Corp.’s offer to swap subordinated bonds for new notes may trigger payouts on as much as $420 million of credit-default swap contracts, according to BNP Paribas SA.
Anglo Irish offered investors a choice of trading 1.6 billion euros ($2.2 billion) of notes at 20 cents on the euro last week, or redeeming them for 1 cent per 1,000-euro face amount. Investors will have to approve changes to the terms of the bonds to exchange them, causing a so-called restructuring credit event on swaps linked to all of the bank’s debt, said BNP Paribas credit analyst Olivia Frieser.
The proposals come after Finance Minister Brian Lenihan vowed to “address the issue” of junior bondholders taking a loss on their investments in nationalized banks. The offer is “tantamount to a default,” and will lead to a downgrade of Anglo Irish’s non-senior ratings to D for “Default” after the switch, Toronto-based ratings firm DBRS said today.
“Most people will feel compelled to exchange,” London- based Frieser said. The Irish government is “facing enormous political pressure not to treat bondholders too well.”
Credit-default swaps insuring 10 million euros of Anglo Irish’s junior debt for five years cost 7 million euros in advance and 500,000 euros annually, BNP Paribas prices show.
Contracts on the bank’s senior debt cost 1.35 million euros in advance and 500,000 euros annually.
Martha Kavanagh, an outside spokeswoman for the bank, declined to comment.
Bank Nationalized
Anglo Irish was nationalized in January after borrowing from mostly international investors and lending to property developers who couldn’t repay loans when the property market crashed. Commercial real estate prices in Ireland have fallen about 60 percent since peaking in 2007.
The first opportunity to trigger the swaps is Nov. 23, when holders of floating-rate lower Tier 2 notes due 2017 will vote on the debt exchange. The securities are trading at about 20.6 cents on the euro, according to data compiled by Bloomberg.
The decision on whether buyers of default protection can demand payment on Anglo Irish debt will be made by a committee of dealers and investors as members of the International Swaps & Derivatives Association. Auctions may then be held to determine the value of the debt and how much should be paid out.
A total 674 contracts protecting a net $420 million of Anglo Irish’s senior and subordinated debt were outstanding on Oct. 15, according to the Depository Trust & Clearing Corp., which runs a central registry for the market. Under the terms of the contracts, holders of swaps linked to both senior and subordinated debt can demand payment.
Credit-default swaps 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.
2010-10-25 11:25:34.386 GMT
By Abigail Moses
Oct. 25 (Bloomberg) -- Anglo Irish Bank Corp.’s offer to swap subordinated bonds for new notes may trigger payouts on as much as $420 million of credit-default swap contracts, according to BNP Paribas SA.
Anglo Irish offered investors a choice of trading 1.6 billion euros ($2.2 billion) of notes at 20 cents on the euro last week, or redeeming them for 1 cent per 1,000-euro face amount. Investors will have to approve changes to the terms of the bonds to exchange them, causing a so-called restructuring credit event on swaps linked to all of the bank’s debt, said BNP Paribas credit analyst Olivia Frieser.
The proposals come after Finance Minister Brian Lenihan vowed to “address the issue” of junior bondholders taking a loss on their investments in nationalized banks. The offer is “tantamount to a default,” and will lead to a downgrade of Anglo Irish’s non-senior ratings to D for “Default” after the switch, Toronto-based ratings firm DBRS said today.
“Most people will feel compelled to exchange,” London- based Frieser said. The Irish government is “facing enormous political pressure not to treat bondholders too well.”
Credit-default swaps insuring 10 million euros of Anglo Irish’s junior debt for five years cost 7 million euros in advance and 500,000 euros annually, BNP Paribas prices show.
Contracts on the bank’s senior debt cost 1.35 million euros in advance and 500,000 euros annually.
Martha Kavanagh, an outside spokeswoman for the bank, declined to comment.
Bank Nationalized
Anglo Irish was nationalized in January after borrowing from mostly international investors and lending to property developers who couldn’t repay loans when the property market crashed. Commercial real estate prices in Ireland have fallen about 60 percent since peaking in 2007.
The first opportunity to trigger the swaps is Nov. 23, when holders of floating-rate lower Tier 2 notes due 2017 will vote on the debt exchange. The securities are trading at about 20.6 cents on the euro, according to data compiled by Bloomberg.
The decision on whether buyers of default protection can demand payment on Anglo Irish debt will be made by a committee of dealers and investors as members of the International Swaps & Derivatives Association. Auctions may then be held to determine the value of the debt and how much should be paid out.
A total 674 contracts protecting a net $420 million of Anglo Irish’s senior and subordinated debt were outstanding on Oct. 15, according to the Depository Trust & Clearing Corp., which runs a central registry for the market. Under the terms of the contracts, holders of swaps linked to both senior and subordinated debt can demand payment.
Credit-default swaps 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.
fabbro
Forumer storico
saluto anche io tutti voi e vi faccio i miei più sinceri complimenti.
Per quanto riguarda la 373 BP , proprio presso la BP (telefonando io direttamente presso il desk obbligazionario di Verona) mi han dato una lettera operativa a 83,50, ma poi dopo 10 minuti mi han telefonato che a 83,50 non si chiudeva e quindi mi sono alzato a 83,75.
A Fineco dove mi aggrada i 19 € di massimo commissionale ,invece su questo bond non mi hanno saputo dire alcun prezzo . Ne approffitto per chiedere a chi opera OTC con Fineco: la commissione massima è 19 € ma chiedo il denaro lettera che vi danno è simile a quello delle altre banche ?
In Banco Popolare (al desk per obbligazioni estere come dicevo) e presso una BCC che lavora con ICCREA mi trovo bene e idem dicasi con Terzano e Torielli di IWB , e nessuno di queste tre strutture mi da dei prezzi chiamiamoli fantasiosi cioè con sovraprezzo . Fineco fa altrettanto ?
ilfolignate
Forumer storico
XS0487557125 INTERXION HOLDING 9,5% BB-
non sò nemmeno se sia una perp.
vi chiedo a chi sà e ha tempo di esaminarla
prezzo su on vista 107
Visto che se ne è parlato a Titignano , e attraverso l'intervento di Paolo ho capito anche come funzionano i collagamenti Internet
Mi sembra che qui non l'abbiamo mai presa in considerazione
Ciao Acro, buonasera a tutti
Effettivamente questa Interxion interesserebbe anche a me dopo il discorso di Paolo
reef
...
Di sicuro! Aspetto di avere qualcosa di adeguato per accompagnarlo.
Benvenuto tra noi Fabrizio!
Se credi nel Banco, prova a buttare un occhio alla Cenerentola delle perpetue nazionali, la Italease che non paga cedola e quota 52-53
Non riesco ad immaginare uno scenario, tale per cui le BPVN rimborseranno regolarmente e questa no, specie dopo la ricapitalizzazione.
Se mi volete aiutare...
fabbro
Forumer storico
Di sicuro! Aspetto di avere qualcosa di adeguato per accompagnarlo.
Benvenuto tra noi Fabrizio!
Se credi nel Banco, prova a buttare un occhio alla Cenerentola delle perpetue nazionali, la Italease che non paga cedola e quota 52-53
Non riesco ad immaginare uno scenario, tale per cui le BPVN rimborseranno regolarmente e questa no, specie dopo la ricapitalizzazione.
Se mi volete aiutare...
grazie del benvenuto e devo dire che mi dispiace molto non essere venuto agli ultimi 2 pranzi ,ma erano troppo lontano ,volendo io venire in moto . Spero che il prossimo lo facciate un poco più vicino .
Grazie per il consiglio su Italease ; vedrò di studiarmela bene .
ciao
Topgun1976
Guest
Benvenuto.Fineco è la Peggiore x quanto riguarda l'Otc Perpetuo,Spread Alti e Nessuna Certezza dell'eseguito ,Iw Tutta la Vita,anche se costa di più come commissione
acro26
Nuovo forumer
Ciao Acro, buonasera a tutti
Effettivamente questa Interxion interesserebbe anche a me dopo il discorso di Paolo
Ho indagato un pò per conto mio , sembra che la discussione si dovrebbe spostare forse sulle telecomunicazioni .
Comunque cedola 9,5% TF semestrale scad. 12-02-17 rating BB- B2
taglio forse 1000 rend. 8% circa lordo se la paghi 107 ma dubito di questo
prezzo.
ilfolignate
Forumer storico
Ho indagato un pò per conto mio , sembra che la discussione si dovrebbe spostare forse sulle telecomunicazioni .
Comunque cedola 9,5% TF semestrale scad. 12-02-17 rating BB- B2
taglio forse 1000 rend. 8% circa lordo se la paghi 107 ma dubito di questo
prezzo.
Grazie per le info Davide
- Stato