Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (5 lettori)
- Creatore Discussione negusneg
- Data di Inizio
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- Tags
- 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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saverio1973
BOND SUB.
statemiasentire
Nuovo forumer
una informazione da chi può darmela: chi ricorda i prezzi minimi della popolare lodi negli ultimi 12 mesi ? grazie a chi vorrà rispondermi
angy2008
Forumer storico
direi 76,50 a fine maggio, visto da grafici Aviva
Zorba
Bos 4 Mod
Dal documento tecnico della banca centrale irlandese:
Allied Irish Banks plc (“AIB”)
The capital requirements resulting from the PCAR exercise previously announced were:
a. An additional €7.396bn4 of equity capital to meet the base case target of 7% equity, before taking account of projected asset disposals; and
b. €4.865bn of Core Tier 1 capital, less any equity generated under paragraph 1 excluding conversion of preference shares held by the Government, to meet the base case target of 8% Core Tier 1. This additional Core Tier 1 capital will also satisfy AIB’s stress case target of 4% Core Tier 1.
AIB is now required to raise an additional €5.265bn Core Tier 1 capital. Taking account of the capital AIB has still to raise under its capital plan, the bank has now to raise €9.765bn of Core Tier 1 capital by end-February 2011.
The Governor & Company of the Bank of Ireland (“BOI”)
The capital requirements resulting from the PCAR exercise previously announced were:
a. An additional €2.66bn of equity capital to meet the base case target of 7% equity; and
b. In meeting this requirement provided at least €0.25bn of new Core Tier 1 is raised, then Bank of Ireland also meets (a) the base case target of 8% Core Tier 1, and, (b) the stress target of 4% Core Tier 1.
BOI is now required to raise an additional €2.199bn Core Tier 1 capital by end-February 2011.
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BOI deve raccimolare 2 bln. Può darsi che ce la faccia cedendo attività estere. La parte UK pesa quasi il 50%.
AIB deve aggiungerne 3 bln, oltre a quelli già promessi dallo stato.
Alla fine non c'erano i tempi per studiare una soluzione tecnica per segare i subordinati. L'appuntamento è rimandato al 2011. Non credo che possano partire delle OPA tipo Anglo. Probabilmente saranno stile Safilo: OPA ad un prezzo basso, con la minaccia che se non si raggiunge una quota minima, la banca viene nazionalizzata. Mia idea.
Da seguire. Rischio alle stelle
Ultima modifica:
Topgun1976
Guest
Aib è statalizzata Ormai,Su Boi se non ci sono pressioni insistenti da Parte Ue ,credo che ce la possano fare a raccimolare 2bls per resistere,daltronde l'Irlanda deve tenere una Banca Privata in Vita
Molto probabilmente cercheranno di raccimolare denaro da tender offer sui Sub a prezzi scontati,e credo non ci vorrà molto ad avere dei guadagni,visto il terrorismo che faranno.
Zorba
Bos 4 Mod
Cmq con uno statement del genere della banca centrale, non riesco a immaginare come Boi possa segare d'imperio le sub. Forse all'epoca della Russia di Stalin...
Topgun1976
Guest
Se non è Nazionalizzata non può imporre nulla,deve fare tender offer,terrorizzando quanto vuole ,ma non può imporre nulla,cmq sono le autorità Ireland a volere un Haircut dei Sub,non la Ue.
Haircut vuol dire taglio non azzeramento
Se passa sotto controllo statale(come non credo visto che gli azionisti sono contrari al 100%)allora x i sub è la fine.
Infondo sono 2 Bls,venderanno qlc e raccimoleranno altro dalle Tender
Ovviamente a Logica,poi purtroppo tutto può accadere
Quanto ha BOi in totale di Lt2 e T1?La 482 era stata ormai portata sui 250Milioni nulla de che.
maxolone
Forumer storico
France and Germany agree mechanism for future crises
France and Germany, with the support of the European Commission and the European Central Bank, have reached agreement on the central elements of how private creditors will be involved in future eurozone debt crises.
Paris and Berlin were seeking the backing of European Union finance ministers meeting in Brussels on Sunday night, as the bloc accelerated its preparations for a permanent inter-governmental financing facility in a bid to reassure financial markets unsettled by the Irish debt crisis.
Officials said they hoped a deal would convince the markets of the resilience of the eurozone.
The main feature of the proposed new system – dubbed the European Stabilisation Mechanism – will be for future borrowing by eurozone members to include collective action clauses that would involve bondholders in any eventual debt restructuring.
The clauses make it easier to reach agreements between creditors and debtors to change the terms of a bond.
“The message to the markets is that it will only come into effect in 2013, and there is nothing in there that the markets do not already know about,” a senior German official said. “Collective action clauses are already used in the US and UK.”
At the same time, a permanent intergovernmental financing facility will be established to replace the existing €440bn ($583bn) rescue fund, which expires in 2013.
Governments that borrow from the facility would be bound by the sort of strict conditions regarding their fiscal and economic policies that were attached to Greece’s bail-out in May.
One potential obstacle to EU-wide approval for the mechanism came from Italy, which, according to French and German officials, argued against collective action clauses fearing it would reduce bond market liquidity.
A central element of the plan is that future debt crises in eurozone member states would be dealt with on a case-by-case basis, rather than according to any automatic mechanism.
“We are not putting in place a default mechanism of any sort,” said a senior official at the Elysée palace, who pointed out that the arrangement was based on procedures used by the International Monetary Fund, a key demand of Paris and the ECB.
A eurozone country with liquidity problems would be able to apply for emergency funding from the ESM subject to a tough fiscal adjustment programme – as with Ireland or Greece – without having to restructure its debts or agree a standstill.
However, if the country’s debt position was judged by the IMF, the ECB and the Commission to be unsustainable, it would have to enter negotiations with its creditors to restructure its debt as a condition of further bail-out funding.
With this new second stage of the mechanism, Germany appears to have gained some of the “automaticity” it was seeking.
During a liquidity crisis, private sector creditors would be encouraged to maintain their exposure to the real economy of a troubled country or to its sovereign debt. But during the second stage, there could be a graduated response, including debt standstills, maturity extensions, interest rate cuts and outright writedowns or haircuts.
French officials insisted that restructuring was a last-resort scenario and that collective action clauses did not make it more likely.
Under the proposal, the new system will be phased in after 2013, meaning it would take six to eight years before the new government bonds, including collective action clauses, amount to a majority of public debt.
The Commission was originally supposed to present the outlines of the mechanism at a meeting of European leaders in December. But the parties decided to accelerate their work in order to give greater clarity to jittery investors. Speculation that they would face harsh treatment in future crises is one factor that unsettled the markets, ultimately forcing Ireland to request a bail-out.
The compromise was produced following urgent negotiations over the weekend between Berlin, Paris and Brussels.
Steffen Seibert, German government spokesman, said the two-page paper was finalised by France and Germany, working “very closely” with Jean-Claude Juncker, the Luxembourg prime minister who chairs the 16 eurozone members in the Eurogroup, as well as Herman Van Rompuy, permanent chairman of the European Council, and with José Manuel Barroso, president of the European Commission.
Berlin and Paris are anxious not to be seen to be laying down the law for the other EU member states but to be working in close collaboration with all the EU institutions.
Zorba
Bos 4 Mod
The Governor and Company of the Bank of Ireland (The Bank of Ireland)
Statement on Capital Requirements
28 November 2010
Bank of Ireland (“the Bank”) notes the announcement by the Central Bank of Ireland on 28 November 2010 that, having considered the additional capital required to reach new capital targets, the Bank requires an additional €2.199 billion of capital to be generated by 28 February 2011.
The Bank intends to seek to generate the required capital through a combination of internal capital management initiatives, support from existing shareholders and other capital markets sources.
The Irish Government will subscribe for the incremental capital, should the Bank not be in a position to raise sufficient capital within the proposed timeframe.
On the basis that all of the required incremental capital is equity and taking account of the guidance provided at the Bank’s Interim Management Statement on 12 November 2010, the estimated pro forma Equity Tier 1 and Core Tier 1 ratios as at 31 December 2010 are circa 10% and circa 12.5% respectively.
Statement on Capital Requirements
28 November 2010
Bank of Ireland (“the Bank”) notes the announcement by the Central Bank of Ireland on 28 November 2010 that, having considered the additional capital required to reach new capital targets, the Bank requires an additional €2.199 billion of capital to be generated by 28 February 2011.
The Bank intends to seek to generate the required capital through a combination of internal capital management initiatives, support from existing shareholders and other capital markets sources.
The Irish Government will subscribe for the incremental capital, should the Bank not be in a position to raise sufficient capital within the proposed timeframe.
On the basis that all of the required incremental capital is equity and taking account of the guidance provided at the Bank’s Interim Management Statement on 12 November 2010, the estimated pro forma Equity Tier 1 and Core Tier 1 ratios as at 31 December 2010 are circa 10% and circa 12.5% respectively.
- Stato