Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (17 lettori)

[Zorba]

Go short AIB and Bank or Ireland, says SocGen

Friday, January 28, 2011
In research today, Societe Generale recommends investors buy senior and subordinated credit default swap protection on Allied Irish Bank and Bank of Ireland, around uncertainty in the Irish general election. It also suggests that investors should sell AIB and Bank of Ireland senior and subordinated cash bonds, with a target price of 60 and 20 per type.

With only €18.7bn in senior unsecured debt issued by state-aided Irish banks outstanding, SocGen expects the next Irish government to utilise the already available subordinated debt order and to consider other more drastic actions as well, as part of a more comprehensive solution. Strategists do not believe that bailing-in €18bn worth of Irish bank senior is sufficient to solve the Irish indebtedness issue. The SocGen economics team assigns a 50% probability of some form of government debt restructuring by 2015.
Strategists expect a senior bail-in to include a large write-down of bank subordinated debt and a possible acceleration of the probabilities of default across Irish risk assets, especially if the interbank markets are affected by these moves.


Go short AIB and Bank or Ireland, says SocGen

 

[Zorba]

WestLB Will Offer ‘Real Solution’ in EU Dispute, Almunia Says

By Aoife White and Francine Lacqua - Jan 28, 2011 11:15 AM GMT+0100 Fri Jan 28 10:15:23 GMT 2011

WestLB AG will next month make “real” concessions to resolve a dispute with European Union regulators over a restructuring necessary to compensate for government aid, the EU’s competition commissioner said.
“In three weeks’ time we will have on the table I hope the real solution for WestLB,” Joaquin Almunia said in an interview with Bloomberg Television in Davos, Switzerland. The Feb. 15 deadline to give regulators a new restructuring plan “is a serious one and I am sure that the German authorities will put forward the proposals before this date,” he said.
Almunia said last year that he was “not convinced” by WestLB’s earlier efforts to shrink its balance sheet and reduce risk as it was required to do in a 2009 order from EU regulators. He demanded that the bank should also draw up additional restructuring measures to compensate for an extra 3.4 billion euros ($4.7 billion) in state aid.
The savings-bank association of Westphalia-Lippe, which owns a stake in WestLB, last week said it filed a lawsuit at an EU court seeking an extension until the end of 2013 to sell its Westdeutsche ImmobilienBank AG real-estate unit. WestLB must sell itself by the end of 2011 under the terms of EU approval for the injection of taxpayer money that kept it alive.

 

[Zorba]

Chinese Bank Takes Aim at Germany


By DAVID ENRICH, LAURA STEVENS and DANA CIMILLUCA

China Development Bank, the large government-owned lender, is among the finalists to buy a large stake in Germany's WestLB AG bank, a development that underscores Chinese banks' appetite for Western expansion.

China Development Bank is one of four bidders in the final round of the auction for WestLB, which is seeking a cash infusion to repair its finances, according to people familiar with the matter. The others are U.S. leveraged-buyout firms Blackstone Group LP, Apollo Global Management LP and J.C. Flowers & Co. Final bids for WestLB, which could draw bids in the neighborhood of €10 billion ($13.74 billion), are due Feb. 11. Details of the bids being prepared couldn't be learned.
While China Development might not win the deal, and in fact it is possible no deal for WestLB will materialize, its interest highlights how Chinese banks and other institutions are flexing their muscles on the world stage. Industrial & Commercial Bank of China Ltd. last week agreed to buy up to 80% of a U.S. banking business, and its chief executive said in Davos, Switzerland, this past week that the bank is on the prowl for more such deals. ICBC, which has been more active than other Chinese banks expanding abroad, though mainly in Asia, has said it will open branches in Paris, Brussels, Amsterdam and Milan this week, and Madrid the week after.
Bankers and government officials said Chinese lenders and sovereign-wealth funds are eyeing a number of potential deals in Europe. A senior German official said Chinese officials have been raising the prospect of a bank purchase in bilateral meetings during the past year.
China Development's interest in WestLB isn't its first foray into Europe. In 2008, it made a bid for Allianz SE's Dresdner Bank, which ultimately went to Commerzbank AG, people familiar with the matter said then.
Formed in 1994, China Development Bank originally was geared toward supporting China's internal development. Lately, it has become central to Beijing's efforts to project its power overseas and to secure access to natural resources, especially in developing markets.
The bank had some $684 billion of assets as of 2009, according to an annual message on its website from its chairman, Chen Yuan. The lender has been used to back major government initiatives like the Three Gorges Dam. It also has specialized in lending to domestic infrastructure projects and has been a pioneer in developing China's nascent bond markets.

 

[bosmeld]

Chinese Bank Takes Aim at Germany


By DAVID ENRICH, LAURA STEVENS and DANA CIMILLUCA

China Development Bank, the large government-owned lender, is among the finalists to buy a large stake in Germany's WestLB AG bank, a development that underscores Chinese banks' appetite for Western expansion.

China Development Bank is one of four bidders in the final round of the auction for WestLB, which is seeking a cash infusion to repair its finances, according to people familiar with the matter. The others are U.S. leveraged-buyout firms Blackstone Group LP, Apollo Global Management LP and J.C. Flowers & Co. Final bids for WestLB, which could draw bids in the neighborhood of €10 billion ($13.74 billion), are due Feb. 11. Details of the bids being prepared couldn't be learned.
While China Development might not win the deal, and in fact it is possible no deal for WestLB will materialize, its interest highlights how Chinese banks and other institutions are flexing their muscles on the world stage. Industrial & Commercial Bank of China Ltd. last week agreed to buy up to 80% of a U.S. banking business, and its chief executive said in Davos, Switzerland, this past week that the bank is on the prowl for more such deals. ICBC, which has been more active than other Chinese banks expanding abroad, though mainly in Asia, has said it will open branches in Paris, Brussels, Amsterdam and Milan this week, and Madrid the week after.
Bankers and government officials said Chinese lenders and sovereign-wealth funds are eyeing a number of potential deals in Europe. A senior German official said Chinese officials have been raising the prospect of a bank purchase in bilateral meetings during the past year.
China Development's interest in WestLB isn't its first foray into Europe. In 2008, it made a bid for Allianz SE's Dresdner Bank, which ultimately went to Commerzbank AG, people familiar with the matter said then.
Formed in 1994, China Development Bank originally was geared toward supporting China's internal development. Lately, it has become central to Beijing's efforts to project its power overseas and to secure access to natural resources, especially in developing markets.
The bank had some $684 billion of assets as of 2009, according to an annual message on its website from its chairman, Chen Yuan. The lender has been used to back major government initiatives like the Three Gorges Dam. It also has specialized in lending to domestic infrastructure projects and has been a pioneer in developing China's nascent bond markets.

speriamo bene.

mi sfugge una cosa, ma una banca che addirittura si pensava di chiudere, vale 10 bln



cmq stiamo a vedere, qui i colpi di scena sono sempre possibile e in positivo ma anche n negativo



io faccio il tifo per i cinesi.

 

[Zorba]

speriamo bene.

mi sfugge una cosa, ma una banca che addirittura si pensava di chiudere, vale 10 bln



cmq stiamo a vedere, qui i colpi di scena sono sempre possibile e in positivo ma anche n negativo



io faccio il tifo per i cinesi.

Tra i bidders c'è pure JC FLowers, che è già azionista di HSH...

 

[Rottweiler]

Sul Belgio

Per chi è interessato alle questioni belghe (KBC, Ageas, etc.), si riferisce di un'intervista al "Bossi Fiammingo".
A parole dice di non voler la divisione.....

De Wever refuse de parler de scission - lesoir.be

 

[Cat XL]

speriamo bene.

mi sfugge una cosa, ma una banca che addirittura si pensava di chiudere, vale 10 bln



cmq stiamo a vedere, qui i colpi di scena sono sempre possibile e in positivo ma anche n negativo



io faccio il tifo per i cinesi.

Neanche Commerz capitalizza 10bn. E' tutto detto.

 

[maxolone]

Direi che a noi vanno meglio i cinesi...


QUOTE=Zorba;1995592]Tra i bidders c'è pure JC FLowers, che è già azionista di HSH...[/QUOTE]

 

[ferdo]

domani paga Bawag

 

[capt.harlock]

bancajaPrevista próxima amortización parcial de la emisión de Obligaciones Subordinad

e'della vigilia di natale..non so se sia stata postata..nel dubbio..


http://bancaja.es/archivos/institucional/relevantes/HR AParcial DSub Bcj_mzo 2006.pdf