Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (7 lettori)

[Topgun1976]

Sempre a prendersela con IWBANK !!! D)

Mah boh Chissà Cmq prima o Poi arriverà

 

[fidw99]

oevag 288 con pmc di 33,20

 

[Wallygo]

su Bawag 897 anch io su sella non ho ricevuto nulla ma non sono preoccupato mi era capitato un caso analogo con AAREAL l' anno scorso stacco cedola 30/9 me l hanno accreditata l 8 o il 9/10

su OEVAG 643 20k a 57.73

 

[maxolone]

RUSSIA ma dove sei ???
Nei momenti di buriana sei presente ed ora che ha cominciato ad uscire un pallido sole non ci sei...

cercando sui siti tedeschi ho trovato, questo report. ecco spiegato l'improvviso aumento dei prezzi.


Here is an interesting development of a large investment bank from noon today to ÖVAG Tier1 floaters.

This non-cumulative Preferred security is issued by Osterreichische Volksbanken​

This non-cumulative preferred security is issued by Osterreichische Volksbank

(VBAG Group) via the standard SPV/support agreement format.​

(VBAG Group) format via the standard SPV / support agreement.

It's a EUR 250mm​

It's a EUR 250mm

issue MUST-PAY noncumulative tier 1, Caa2 rated.​

MUST PAY issue noncumulative tier 1, Caa2 rated.

The coupon is linked to the​

The coupon is linked to the

10yr swap rate plus 10bps, capped at 9%.​

10yr swap rate plus 10bps, capped at 9%.

Triggers for coupon deferral are sufficient distributable funds and regulatory​

Triggers for coupon deferral are sufficient distributable funds and regulatory

capital ratio, ie non-discretionary coupon.​

capital ratio, ie non-discretionary coupon.

There is no writedown language.​

There is no write-down language.

The semi-annual coupon has not paid since March 2010.​

The semi-annual coupon has not paid since April 2010.

2010 FY results are due to be released in April - the 1st 3 quarters of 2010​

FY 2010 results are due to be released in April - the 1st 3 Quarters of 2010

showed a positive trend with lower provisions and €73mm PBT up to Sep2010 on a​

showed a positive trend with lower provisions and € PBT up to 73mm on a Sep2010

consolidated basis.​

consolidated basis.

On assets of €48bn VBAG Group reported a tier 1 ratio of​

On assets of € 48bn VBAG Group reported a tier 1 ratio of

9.7%.​

9.7%.

The combination with Investkredit Bank AG is expected to complete by mid-​

The combination with Invest Bank AG is expected to complete by mid-

2011.​

2011th

Mgmt target to start repaying the 1bn participation capital held by the​

Mgmt target to start Repaying the participation 1bn capital held by the

Republic of Austria from 2011 and aim to fully resume distributions on profit-​

Republic of Austria from 2011 and aim to fully resume on profit distributions

related instruments in 2012 based on 2011 fiscal year.​

related instruments in 2012 based on 2011 fiscal year.

Coupons based on 2010​

Coupons based on 2010

results are unlikely because at non-consolidated VBAG level a positive annual​

results are unlikely because at non-consolidated level VBAG a positive annual

profit was not expected.​

profit was not expected.

We​

We

expect FY results to trigger a substantial rally as coupons start getting​

expect FY results to trigger a substantial rally as coupons start getting

priced back in. Similar coupon-paying prefs trade around 55-75 range, and of​

Similar priced back in. coupon-paying prefs trade around 55-75 range, and of

course the recent rise in 10yr rates means coupons will start fixing​

course the recent rise in rates means 10yr coupons will start fixing

increasingly higher as well.​

Increasingly higher as well.

Once retail starts buying again they will quickly​

Once again they will retail buying starts quickly

ramp up.​

ramp up

Cheap on fundamental basis, what about relative value?​

Cheap on a fundamental basis, what about relative value?

The only other tier 1 that actively trades is the AUSTVB 10% 49-18s: non-​

The only other animal that one is the AUSTVB Actively trades 10% 49-18s: non-

cumulative participation capital Caa2 rated, where the Board have full​

cumulative capital participation Caa2 rated, where the Board have full

discretion over the coupon and the notes have principal writedown related to​

discretion over the coupon and the notes have principal write-down related to

profits.​

profits.

Whilst the 10% coupon is attractive (when its paying), you have​

Whilst the 10% coupon is attractive (when its paying), you have

significantly weaker protection.​

Significantly weaker protection.

Currently wrapped around 61.00 cash price.​

Currently wrapped around 61.00 cash price.

Hard to be exact, but arguably the CMS prefs should not be more than ~12-15 pts​

Hard to be exact, but arguably the CMS prefs should not be more than ~ 12-15 pts

below this after adjusting for coupon and illiquidity ie they look 10-12​

below this after adjusting for illiquidity ie coupon and they look 10-12

points cheap on rel value (especially as lower price makes tender more​

cheap points on relative value (especially as lower price makes tender more

attractive for issuer).​

attractive for issuer).

Finally, another Austrian bank Kommunalkredit tendered last Autumn for its tier​

Finally, another Austrian bank Kommunalkredit tendered last Autumn for its animal

1, and we saw Eurohypo/CMZB tendering for tier 1 last month, so at these levels​

1, and we saw € Hypo / CMZB tendering for tier 1 last month, so at these levels

there is a reasonable chance of a tender from Oevag at a good premium.​

there is a reasonable chance of a tender from DAV at a good premium.

A couple of smart-money accounts have been involved, we think we are getting to​

A couple of smart-money accounts have been involved, we think we are getting to

crunch-time in the next 2 months as the FY results provide more clarity on​

crunch-time in the next two months as the FY results Provide more clarity on



Bondboard@BaaderMarkets ***vorher wissen - wie man handelt***

 

[bia06]

Originalmente inviato da pier_pat
poca, roba ma questa è la risposta che ho appena ricevuto da IW:

Gentile Signor XXX ,

La informiamo che da verifiche effettuate con la depositaria per cedola dell’obbligazione
Bawag XS0119643897 (OTC) risulta che si è verificato un ritardo della messa a disposizione
dei fondi da parte dell’emittente e che non appena perverrà flusso di pagamento provvederemo
a contabilizzare.

Distinti saluti.
xxx

Customer Care IWBank

Scusate la domanda da non bancario, quale sono:
ma la bawag può permettersi di posticipare un pagamento per quanti giorni prima di defoultare?-suona malissimo lo so....

C'è una regola standard in merito o dipende dal prospetto?
Io se salto una rata del mutuo mi fanno un fondello dimensione capidoglio !!!

 

[bosmeld]

fortissimo denaro su oevag irs


sulla borsa di stoccarda ha scambiato oltre 2.000.000 di euro


peccato essermi accorto in ritardo del tutto. se no incrementavo in primo pomeriggio



otc denaro 37,5 lettera 38,5

 

[russiabond]

Övag...finalmente benzina sul titolo

Uscita ricerca di una investment bank che ha valutato che la differenza tra Oevag tasso fisso e oevag cms non puó essere piú alta di 12 punti percentuali al momento. Quindi se consideriamo la tasso fisso a 61% dobbiamo parlare della tasso variabile ad un prezzo di 49% che potrebbe in effetti essere plausibilissimo nel caso di inizio conteggio rateo.
Se poi ci spingiamo a valutare che la tasso fisso potrebbe essere tutt'ora sottovalutata ed un prezzo plausibile potrebbe essere 70 a questo punto la Oevag cms potrebbe nel giro di qualche mese arrivare a quotare 58% praticamente un poco meno della Baca odierna e quindi plausibile anche questo...

cercando sui siti tedeschi ho trovato, questo report. ecco spiegato l'improvviso aumento dei prezzi.


Here is an interesting development of a large investment bank from noon today to ÖVAG Tier1 floaters.

This non-cumulative Preferred security is issued by Osterreichische Volksbanken​

This non-cumulative preferred security is issued by Osterreichische Volksbank

(VBAG Group) via the standard SPV/support agreement format.​

(VBAG Group) format via the standard SPV / support agreement.

It's a EUR 250mm​

It's a EUR 250mm

issue MUST-PAY noncumulative tier 1, Caa2 rated.​

MUST PAY issue noncumulative tier 1, Caa2 rated.

The coupon is linked to the​

The coupon is linked to the

10yr swap rate plus 10bps, capped at 9%.​

10yr swap rate plus 10bps, capped at 9%.

Triggers for coupon deferral are sufficient distributable funds and regulatory​

Triggers for coupon deferral are sufficient distributable funds and regulatory

capital ratio, ie non-discretionary coupon.​

capital ratio, ie non-discretionary coupon.

There is no writedown language.​

There is no write-down language.

The semi-annual coupon has not paid since March 2010.​

The semi-annual coupon has not paid since April 2010.

2010 FY results are due to be released in April - the 1st 3 quarters of 2010​

FY 2010 results are due to be released in April - the 1st 3 Quarters of 2010

showed a positive trend with lower provisions and €73mm PBT up to Sep2010 on a​

showed a positive trend with lower provisions and € PBT up to 73mm on a Sep2010

consolidated basis.​

consolidated basis.

On assets of €48bn VBAG Group reported a tier 1 ratio of​

On assets of € 48bn VBAG Group reported a tier 1 ratio of

9.7%.​

9.7%.

The combination with Investkredit Bank AG is expected to complete by mid-​

The combination with Invest Bank AG is expected to complete by mid-

2011.​

2011th

Mgmt target to start repaying the 1bn participation capital held by the​

Mgmt target to start Repaying the participation 1bn capital held by the

Republic of Austria from 2011 and aim to fully resume distributions on profit-​

Republic of Austria from 2011 and aim to fully resume on profit distributions

related instruments in 2012 based on 2011 fiscal year.​

related instruments in 2012 based on 2011 fiscal year.

Coupons based on 2010​

Coupons based on 2010

results are unlikely because at non-consolidated VBAG level a positive annual​

results are unlikely because at non-consolidated level VBAG a positive annual

profit was not expected.​

profit was not expected.

We​

We

expect FY results to trigger a substantial rally as coupons start getting​

expect FY results to trigger a substantial rally as coupons start getting

priced back in. Similar coupon-paying prefs trade around 55-75 range, and of​

Similar priced back in. coupon-paying prefs trade around 55-75 range, and of

course the recent rise in 10yr rates means coupons will start fixing​

course the recent rise in rates means 10yr coupons will start fixing

increasingly higher as well.​

Increasingly higher as well.

Once retail starts buying again they will quickly​

Once again they will retail buying starts quickly

ramp up.​

ramp up

Cheap on fundamental basis, what about relative value?​

Cheap on a fundamental basis, what about relative value?

The only other tier 1 that actively trades is the AUSTVB 10% 49-18s: non-​

The only other animal that one is the AUSTVB Actively trades 10% 49-18s: non-

cumulative participation capital Caa2 rated, where the Board have full​

cumulative capital participation Caa2 rated, where the Board have full

discretion over the coupon and the notes have principal writedown related to​

discretion over the coupon and the notes have principal write-down related to

profits.​

profits.

Whilst the 10% coupon is attractive (when its paying), you have​

Whilst the 10% coupon is attractive (when its paying), you have

significantly weaker protection.​

Significantly weaker protection.

Currently wrapped around 61.00 cash price.​

Currently wrapped around 61.00 cash price.

Hard to be exact, but arguably the CMS prefs should not be more than ~12-15 pts​

Hard to be exact, but arguably the CMS prefs should not be more than ~ 12-15 pts

below this after adjusting for coupon and illiquidity ie they look 10-12​

below this after adjusting for illiquidity ie coupon and they look 10-12

points cheap on rel value (especially as lower price makes tender more​

cheap points on relative value (especially as lower price makes tender more

attractive for issuer).​

attractive for issuer).

Finally, another Austrian bank Kommunalkredit tendered last Autumn for its tier​

Finally, another Austrian bank Kommunalkredit tendered last Autumn for its animal

1, and we saw Eurohypo/CMZB tendering for tier 1 last month, so at these levels​

1, and we saw € Hypo / CMZB tendering for tier 1 last month, so at these levels

there is a reasonable chance of a tender from Oevag at a good premium.​

there is a reasonable chance of a tender from DAV at a good premium.

A couple of smart-money accounts have been involved, we think we are getting to​

A couple of smart-money accounts have been involved, we think we are getting to

crunch-time in the next 2 months as the FY results provide more clarity on​

crunch-time in the next two months as the FY results Provide more clarity on



Bondboard@BaaderMarkets ***vorher wissen - wie man handelt***

RUSSIA ma dove sei ???
Nei momenti di buriana sei presente ed ora che ha cominciato ad uscire un pallido sole non ci sei...

fortissimo denaro su oevag irs


sulla borsa di stoccarda ha scambiato oltre 2.000.000 di euro


peccato essermi accorto in ritardo del tutto. se no incrementavo in primo pomeriggio

ECCELLENTE RAGAZZI

Ero al telefono un pò " incasinato" oggi ...

Direi semplicemente ECCELLENTE ...aspettiamo a questo punto che si salga o che escano notizie "certe" di accordi con SBERBANK ...per salire ancora di più....

P.S. Mi viene un dubbio , ma non è che questi delle grosse Banche d'Investimento ci leggono e poi escono con i Report

 

[mavalà]

oltre a oevag (e speriamo continui!), anche lanschot ha messo il turbo: 20% in un mese
LANSCHOT 3,453%PL - NL0000116374, Chart
il cavallo peggiore dei miei, oltre a westlb che però era gia nata come scommessa, è sto ramarro di bancaja, mannaggia!

 

[bosmeld]

oltre a oevag (e speriamo continui!), anche lanschot ha messo il turbo: 20% in un mese
LANSCHOT 3,453%PL - NL0000116374, Chart
il cavallo peggiore dei miei, oltre a westlb che però era gia nata come scommessa, è sto ramarro di bancaja, mannaggia!

bene anche lanschot, non ci avevo fatto caso

lanschot irs denaro 59 lettera 61

la mia pecora nera é westlb, peraltro ne ho pure parecchie, speriamo bene

 

[Martilde]

oevag IRS

Venghino gente venghino.
Iscrizioni aperte.
Members pls reply with quantity and price.

18k irs prezzo medio 36,8