Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1
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- 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
- Stato
bosmeld
Forumer storico
volksbank
By Zoe Schneeweiss
Jan. 7 (Bloomberg) -- Oesterreichische Volksbanken AG made
a “high two-digit million euro” profit in 2010, Kurier
reported, citing Chief Executive Officer Gerald Wenzel.
Wenzel reiterated that the bank will repay 300 million
euros ($388 million) of state aid this year, according to an
interview with the Vienna-based paper.
By Boris Groendahl
Dec. 29 (Bloomberg) -- Oesterreichische Volksbanken AG will
open the books of its eastern Europe unit to bidders in January
and aims for a sale in the first half of next year, Austrian
daily newspaper Der Standard reported today.
Volksbanken met with executives of OAO Sberbank in Vienna
last week to discuss the Russian lender’s interest in Volksbank
International, Der Standard reported, without saying where it
got the information. Chinese, western and eastern European banks
are also interested in the franchise, it added.
By Zoe Schneeweiss
Jan. 7 (Bloomberg) -- Oesterreichische Volksbanken AG made
a “high two-digit million euro” profit in 2010, Kurier
reported, citing Chief Executive Officer Gerald Wenzel.
Wenzel reiterated that the bank will repay 300 million
euros ($388 million) of state aid this year, according to an
interview with the Vienna-based paper.
By Boris Groendahl
Dec. 29 (Bloomberg) -- Oesterreichische Volksbanken AG will
open the books of its eastern Europe unit to bidders in January
and aims for a sale in the first half of next year, Austrian
daily newspaper Der Standard reported today.
Volksbanken met with executives of OAO Sberbank in Vienna
last week to discuss the Russian lender’s interest in Volksbank
International, Der Standard reported, without saying where it
got the information. Chinese, western and eastern European banks
are also interested in the franchise, it added.
bosmeld
Forumer storico
west Lb (qualche cosa si muove)
Jan 7 (Reuters) - German state-backed bank WestLB [WDLG.UL] is mulling a further drastic cut to its business to comply with European Union restructuring demands, financial and political sources told Reuters on Friday.
Under an "extreme scenario", WestLB would shrink its balance sheet by up to 40 percent and slash more jobs, the people said, adding that no decisions have been taken yet.
In addition, the German government may inject more capital into WestLB, they added.
Germany's bailout fund Soffin had granted WestLB 3 billion euros ($3.89 billion) in the financial crisis. At the end of September, WestLB's balance sheet stood at 220 billion euros, down from 242 billion a year earlier. [ID:nLDE6B00EU]
WestLB declined to comment.
WestLB is working with the EU to prepare a new restructuring plan by Feb. 15. [ID:nLDE6AE1C1]
In November, EU Competition Commissioner Joaquin Almunia had warned that WestLB might need to be wound down if it did not drastically overhaul its business model to comply with EU state aid rules. [ID:nLDE6A41G8]
* Landesbanks to sell their Deka stakes-sources
* Deal prerequisite for 3-way merger of Deka, WestLB, Helaba
* Merger may include just parts of WestLB-banker
* WestLB mulling new cuts to meet EU demands
(Adds sources on WestLB restructuring)
FRANKFURT, Jan 7 (Reuters) - German fund manager Deka [DSUGUD.UL] is nearing a deal with its shareholders that could pave the way for the creation of a new big public-sector lender, several people familiar with the matter said on Friday.
A deal would combine Deka with public-sector bank Helaba [HLHTG.UL], parts of WestLB [WDLG.UL] and potentially even Landesbank Berlin (BEBG.DE), the people said.
As a prerequisite to such a merger, dubbed the "middle (Germany) model" for consolidation of German state-controlled landesbanks, Deka would change its ownership structure.
German municipally owned savings banks are to buy the Deka stakes currently owned by landesbanks in a deal that values Deka at 4.7 billion euros ($6.2 billion), the sources close to the Deka owners said on Friday.
"This (Deka deal) ends uncertainty over Deka's ownership structure that has been a hurdle for merger talks," one of the people said.
Separately, WestLB is mulling a further drastic cut to its business to comply with European Union restructuring demands and boost its appeal to possible buyers, government and company sources told Reuters.
Under an "extreme scenario", WestLB would shrink its balance sheet by up to 40 percent and slash roughly 1000 more jobs, one of the people said, adding that no decisions have been taken yet.
"It makes sense to divest of units -- for example the project financing business -- that a potential buyer of WestLB would not want," the a person added.
Additionally, the German government may inject more capital -- maybe around 1 billion euros -- into WestLB, the person added.
Germany's bailout fund Soffin granted WestLB 3 billion euros in the financial crisis, although there had been talk at the time of the fund's giving as much as 4 billion.
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The government and some WestLB owners may use their bargaining power to push through a tie-up of WestLB with Helaba and Deka, according to sources close to the government and one of the owners.
"They may make their approval of the Deka deal contingent on getting support for the merger," one of the sources said.
Although resistance to landesbank consolidation efforts has been high in the past, sources close to some savings bank organisations -- co-owners of most landesbanks -- said that they were open to finding such a solution.
WestLB is working with the EU to prepare a new restructuring plan by Feb. 15. [ID:nLDE6AE1C1]
In November, EU Competition Commissioner Joaquin Almunia warned that WestLB might need to be wound down if it did not drastically overhaul its business model to comply with EU state aid rules. [ID:nLDE6A41G8]
Banking experts acknowledge that a tie-up of WestLB, Deka and Helaba would make sense.
"Deka is an apt nucleus for the so called 'middle model'," said Wolfgang Gerke, president of thinktank Bavarian Financial Centre, referring to a possible combination with Helaba and WestLB.
But others warn that the path to a merger will be rocky.
"If at all, I can imagine a combination of parts of WestLB -- like its capital markets business -- with Deka and Helaba, I do not see a solution including the complete WestLB," said a Frankfurt-based investment banker who declined to be named.
WestLB's board is expected to meet next week to discuss options for the bank and its restructuring plan.
Deka will use 1 billion of its own funds to buy back stakes held by landesbanks, and the savings banks will stump up another 1.3 billion euros.
"The talks on the purchase of Deka stakes by the savings banks are on a very good path," a spokesman for the DSGV savings bank organization said.
Deka and the landesbanks declined to comment. (Reporting by Arno Schuetze, Matthias Inverardi, Matthias Sobolewski, Kathrin Jones; Editing by David Cowell) ($1=.7609 Euro)
By Karin Matussek
Jan. 5 (Bloomberg) -- Potential buyers of state-owned
WestLB AG must deliver their bids by Jan. 10, Die Welt reported,
citing unidentified people close to the matter.
Germany’s bank rescue fund Soffin will continue with its
intention of selling the lender as a whole, despite a Feb. 15
deadline requiring Soffin to present a new restructuring plan
for the lender to the European Commission, the newspaper said in
a preview of an article to appear in tomorrow’s edition.
The restructuring plan isn’t completed, and could entail
splitting up WestLB and selling it in parts, Die Welt said.
Jan 7 (Reuters) - German state-backed bank WestLB [WDLG.UL] is mulling a further drastic cut to its business to comply with European Union restructuring demands, financial and political sources told Reuters on Friday.
Under an "extreme scenario", WestLB would shrink its balance sheet by up to 40 percent and slash more jobs, the people said, adding that no decisions have been taken yet.
In addition, the German government may inject more capital into WestLB, they added.
Germany's bailout fund Soffin had granted WestLB 3 billion euros ($3.89 billion) in the financial crisis. At the end of September, WestLB's balance sheet stood at 220 billion euros, down from 242 billion a year earlier. [ID:nLDE6B00EU]
WestLB declined to comment.
WestLB is working with the EU to prepare a new restructuring plan by Feb. 15. [ID:nLDE6AE1C1]
In November, EU Competition Commissioner Joaquin Almunia had warned that WestLB might need to be wound down if it did not drastically overhaul its business model to comply with EU state aid rules. [ID:nLDE6A41G8]
* Landesbanks to sell their Deka stakes-sources
* Deal prerequisite for 3-way merger of Deka, WestLB, Helaba
* Merger may include just parts of WestLB-banker
* WestLB mulling new cuts to meet EU demands
(Adds sources on WestLB restructuring)
FRANKFURT, Jan 7 (Reuters) - German fund manager Deka [DSUGUD.UL] is nearing a deal with its shareholders that could pave the way for the creation of a new big public-sector lender, several people familiar with the matter said on Friday.
A deal would combine Deka with public-sector bank Helaba [HLHTG.UL], parts of WestLB [WDLG.UL] and potentially even Landesbank Berlin (BEBG.DE), the people said.
As a prerequisite to such a merger, dubbed the "middle (Germany) model" for consolidation of German state-controlled landesbanks, Deka would change its ownership structure.
German municipally owned savings banks are to buy the Deka stakes currently owned by landesbanks in a deal that values Deka at 4.7 billion euros ($6.2 billion), the sources close to the Deka owners said on Friday.
"This (Deka deal) ends uncertainty over Deka's ownership structure that has been a hurdle for merger talks," one of the people said.
Separately, WestLB is mulling a further drastic cut to its business to comply with European Union restructuring demands and boost its appeal to possible buyers, government and company sources told Reuters.
Under an "extreme scenario", WestLB would shrink its balance sheet by up to 40 percent and slash roughly 1000 more jobs, one of the people said, adding that no decisions have been taken yet.
"It makes sense to divest of units -- for example the project financing business -- that a potential buyer of WestLB would not want," the a person added.
Additionally, the German government may inject more capital -- maybe around 1 billion euros -- into WestLB, the person added.
Germany's bailout fund Soffin granted WestLB 3 billion euros in the financial crisis, although there had been talk at the time of the fund's giving as much as 4 billion.
1 2 Next
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.
RELATED MEDIA BY GRAPESHOTAdvertisement Free Risk Guide
Are your investments exposed to unnecessary levels of risk? Inheritance Tax Guide
Find out how to legitimately reduce or remove your liability here! Wrap Technology Guide
Discover the natural companion to the modern investor here
The government and some WestLB owners may use their bargaining power to push through a tie-up of WestLB with Helaba and Deka, according to sources close to the government and one of the owners.
"They may make their approval of the Deka deal contingent on getting support for the merger," one of the sources said.
Although resistance to landesbank consolidation efforts has been high in the past, sources close to some savings bank organisations -- co-owners of most landesbanks -- said that they were open to finding such a solution.
WestLB is working with the EU to prepare a new restructuring plan by Feb. 15. [ID:nLDE6AE1C1]
In November, EU Competition Commissioner Joaquin Almunia warned that WestLB might need to be wound down if it did not drastically overhaul its business model to comply with EU state aid rules. [ID:nLDE6A41G8]
Banking experts acknowledge that a tie-up of WestLB, Deka and Helaba would make sense.
"Deka is an apt nucleus for the so called 'middle model'," said Wolfgang Gerke, president of thinktank Bavarian Financial Centre, referring to a possible combination with Helaba and WestLB.
But others warn that the path to a merger will be rocky.
"If at all, I can imagine a combination of parts of WestLB -- like its capital markets business -- with Deka and Helaba, I do not see a solution including the complete WestLB," said a Frankfurt-based investment banker who declined to be named.
WestLB's board is expected to meet next week to discuss options for the bank and its restructuring plan.
Deka will use 1 billion of its own funds to buy back stakes held by landesbanks, and the savings banks will stump up another 1.3 billion euros.
"The talks on the purchase of Deka stakes by the savings banks are on a very good path," a spokesman for the DSGV savings bank organization said.
Deka and the landesbanks declined to comment. (Reporting by Arno Schuetze, Matthias Inverardi, Matthias Sobolewski, Kathrin Jones; Editing by David Cowell) ($1=.7609 Euro)
By Karin Matussek
Jan. 5 (Bloomberg) -- Potential buyers of state-owned
WestLB AG must deliver their bids by Jan. 10, Die Welt reported,
citing unidentified people close to the matter.
Germany’s bank rescue fund Soffin will continue with its
intention of selling the lender as a whole, despite a Feb. 15
deadline requiring Soffin to present a new restructuring plan
for the lender to the European Commission, the newspaper said in
a preview of an article to appear in tomorrow’s edition.
The restructuring plan isn’t completed, and could entail
splitting up WestLB and selling it in parts, Die Welt said.
bosmeld
Forumer storico
dexia
By David Whitehouse
Jan. 7 (Bloomberg) -- Dexia SA has mandated Bank of America
Corp.’s Merrill Lynch unit to sell its Turkish life-insurance
business, French daily Les Echos reported, citing two
unidentified people.
Dexia is also seeking a distribution partner for non-life
products for its DenizBank unit in Turkey, the newspaper said.
The life-insurance operation is worth between 200 million and
300 million euros and Dexia has about 12 expressions of
interest, according to Les Echos.
By Fabio Benedetti-Valentini
Dec. 23 (Bloomberg) -- Dexia SA said it has no plans to
split itself as its French unit Dexia Credit Local accepted a
capital increase from its parent by converting an existing
subordinated loan.
Dexia denies “unfounded rumors” of a capital increase,
spokeswoman Ulrike Pommee said in an e-mailed response to
questions. The capital injection for Dexia Credit Local, the
French unit, has no effect on the bank’s liquidity, she said.
By James G. Neuger
Dec. 23 (Bloomberg) -- Dexia SA reinforced the capital of
its French Dexia Credit Local unit by carrying out an internal
640 million-euro ($840 million) debt-for-equity swap yesterday,
L’Echo reported, citing the company.
“This capital increase has no impact on the group’s
liquidity,” Dexia said, according to L’Echo. The move had been
approved by the bank’s supervisory board on Dec. 14, the Belgian
newspaper said.
By David Whitehouse
Jan. 7 (Bloomberg) -- Dexia SA has mandated Bank of America
Corp.’s Merrill Lynch unit to sell its Turkish life-insurance
business, French daily Les Echos reported, citing two
unidentified people.
Dexia is also seeking a distribution partner for non-life
products for its DenizBank unit in Turkey, the newspaper said.
The life-insurance operation is worth between 200 million and
300 million euros and Dexia has about 12 expressions of
interest, according to Les Echos.
By Fabio Benedetti-Valentini
Dec. 23 (Bloomberg) -- Dexia SA said it has no plans to
split itself as its French unit Dexia Credit Local accepted a
capital increase from its parent by converting an existing
subordinated loan.
Dexia denies “unfounded rumors” of a capital increase,
spokeswoman Ulrike Pommee said in an e-mailed response to
questions. The capital injection for Dexia Credit Local, the
French unit, has no effect on the bank’s liquidity, she said.
By James G. Neuger
Dec. 23 (Bloomberg) -- Dexia SA reinforced the capital of
its French Dexia Credit Local unit by carrying out an internal
640 million-euro ($840 million) debt-for-equity swap yesterday,
L’Echo reported, citing the company.
“This capital increase has no impact on the group’s
liquidity,” Dexia said, according to L’Echo. The move had been
approved by the bank’s supervisory board on Dec. 14, the Belgian
newspaper said.
bosmeld
Forumer storico
hypo re
By Oliver Suess
Dec. 22 (Bloomberg) -- FMS Wertmanagement, Hypo Real Estate
Holding AG’s bad bank, said it returned 38.5 billion euros
($50.4 billion) in guarantees given by Germany’s Soffin bank-
rescue fund, reducing the remaining amount to 15 billion euros.
FMS Wertmanagement commented in an e-mailed statement today.
By Oliver Suess
Dec. 22 (Bloomberg) -- FMS Wertmanagement, Hypo Real Estate
Holding AG’s bad bank, said it returned 38.5 billion euros
($50.4 billion) in guarantees given by Germany’s Soffin bank-
rescue fund, reducing the remaining amount to 15 billion euros.
FMS Wertmanagement commented in an e-mailed statement today.
bosmeld
Forumer storico
ikb
By Jann Bettinga
Dec. 7 (Bloomberg) -- HSBC Trinkaus & Burkhardt AG isn’t
interested in buying unprofitable IKB Deutsche Industriebank AG,
according to management board Chairman Andreas Schmitz.
HSBC Trinkaus, the Dusseldorf, Germany-based bank
controlled by HSBC Holdings Plc, also has no interest in
acquiring Deutsche Bank AG’s BHF-Bank unit as a whole, Schmitz
told reporters late yesterday.
p.s good night
By Jann Bettinga
Dec. 7 (Bloomberg) -- HSBC Trinkaus & Burkhardt AG isn’t
interested in buying unprofitable IKB Deutsche Industriebank AG,
according to management board Chairman Andreas Schmitz.
HSBC Trinkaus, the Dusseldorf, Germany-based bank
controlled by HSBC Holdings Plc, also has no interest in
acquiring Deutsche Bank AG’s BHF-Bank unit as a whole, Schmitz
told reporters late yesterday.
p.s good night
mago gambamerlo
Xx Phuket xX
ci son' dentro anch' io .... praticamente tutte le LT2 emesse recentemente si sono beccate l' aumento dei tassi e il ribasso delle info negative Barclays 2021 6% XS0525912449 era arr sui 110 e poi ora sta sui 95/96
LLB 2019 5.875% XS0468940068 era sui 108 e ora e' sui97/98 con min 96/95
LLOYDS 2020 6.5% XS0497187640 era sui 105 /106 e ora e' sui 91/92
x fare qualche es. / Che probabilita' avranno di rivalutarsi ?
ciao.
Ultima modifica:
Rottweiler
Forumer storico
50% liquido
20% perpetual
30% minestrone
aspetto i tds con rendimenti x la pensione
C'è la spada di damocle del Portogallo, la propaganda vs i subordinati e poi quest'anno le P partivano da prezzi più alti rispetto all'anno scorso. A nostro favore, abbiamo maggior chiarezza sullo stato di salute delle banche, una timidissima ripresa dell'economia e soprattutto Basel III
Chi era bullish l'anno scorso, non può che esserlo anche quest'anno. Mi sembra che i prezzi delle P riflettano l'atlante geografico: benino la Germania, qualche punticino qua e là Austria, Olanda, Francia e malino i PIIGS (tra cui c'è l'Italia).
Il mercato delle P sembra premiare le singole storie (tipo le small caps): il primo esempio potrebbe già essere HSH.
PS: l'anno scorso, le P hanno visto il rally consistente a marzo/aprile.
PPS: l'ho già scritto, IMHO quest'anno ci saranno meno possibilità di correggere gli errori. Se vogliamo fare bene anche quest'anno occorrerà disciplina nelle entrate e nelle uscite. Non so se fissarmi un target o andare a briglia sciolta come l'anno scorso... Non so ancora. Ci devo pensare
L’anno scorso le perpetue hanno avuto 4 momenti di gloria: all’inizio di gennaio (rientro degli istituzionali), a marzo-aprile, con la speranza di una ripresa economica (soprattutto per i floaters), a luglio, con l’esito degli stress tests e a metà settembre con le notizie su Basilea 3.
Sospetto che le attuali forti tensioni sui periferici europei spingano il mercato ad attendere una qualche buona notizia, prima di assistere ad un rally generalizzato delle perpetue, come nei 4 casi dell’anno scorso.
Al momento riesco solo ad immaginare 3 possibili eventi di questo tipo: una serie di dati molto robusti dall’economia americana, una nuova serie di stress tests, un po’ più seri di quelli passati, oppure qualche novità politico-finanziaria dall’Europa, in grado di porre fine alle incursioni al ribasso sui suoi nervi scoperti.
Cos’altro potrebbe farci recuperare brio?
In assenza di un “fatto” di questa natura temo che il clima cupo non aiuti le nostre perpetue ad esprimersi.
P.S. Zorba: l’eventuale “premio” a singole storie non può che riguardare casi di “resurrezione” (vera o sperata) di qualche distressed piuttosto che emittenti considerati sani, non pensi?
bosmeld
Forumer storico
Barclays 2021 6% XS0525912449 era arr sui 110 e poi ora sta sui 95/96
LLB 2019 5.875% XS0468940068 era sui 108 e ora e' sui97/98 con min 96/95
LLOYDS 2020 6.5% XS0497187640 era sui 105 /106 e ora e' sui 91/92
x fare qualche es. / Che probabilita' avranno di rivalutarsi ?
ciao.
io non ne ho ma a questi prezzi le lt2 mi sembrano interessanti. specie quelle che hai postato te con la'aggiunta di sns.
con questi prezzi, uno si fa una rendita con lt2 tra il 6-7% che non mi sembra proprio male.
Cat XL
Shizuka Minamoto
C'è la spada di damocle del Portogallo, la propaganda vs i subordinati e poi quest'anno le P partivano da prezzi più alti rispetto all'anno scorso. A nostro favore, abbiamo maggior chiarezza sullo stato di salute delle banche, una timidissima ripresa dell'economia e soprattutto Basel III
Chi era bullish l'anno scorso, non può che esserlo anche quest'anno. Mi sembra che i prezzi delle P riflettano l'atlante geografico: benino la Germania, qualche punticino qua e là Austria, Olanda, Francia e malino i PIIGS (tra cui c'è l'Italia).
Il mercato delle P sembra premiare le singole storie (tipo le small caps): il primo esempio potrebbe già essere HSH
PS: l'anno scorso, le P hanno visto il rally consistente a marzo/aprile.
PPS: l'ho già scritto, IMHO quest'anno ci saranno meno possibilità di correggere gli errori. Se vogliamo fare bene anche quest'anno occorrerà disciplina nelle entrate e nelle uscite. Non so se fissarmi un target o andare a briglia sciolta come l'anno scorso... Non so ancora. Ci devo pensare
Il Portogallo e' in una situazione preoccupante. Leggete qui sotto. Non oso pensare cosa succedera' con la Spagna...Il problema e' che vediamo il solito copione. A questo punto farebbero meglio a fare un "orderly restructuring" di tutti questi staterelli...
BERLIN | Sat Jan 8, 2011 7:56am EST
BERLIN (Reuters) - Germany and France want Portugal to accept an international bailout as soon as possible in order to prevent its debt crisis spreading to other countries, German magazine Der Spiegel reported on Saturday.
Without citing its sources, the magazine said government experts from both European heavyweights were concerned Lisbon will soon not be able to finance its debt at reasonable rates, after its borrowing costs rose at the end of last year.
Berlin and Paris also want euro zone countries to publicly commit to do whatever it takes to protect the bloc's single currency, including topping up a 750 billion euro ($968 billion) rescue fund if necessary.
Portugal is viewed by many economists as the peripheral euro zone country that is most likely to follow Ireland and Greece to seek an international bailout as it grapples to cut its debts and borrowing costs. It holds its first bond auction of the year next week.
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