Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (3 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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Es Vedrà
Nuovo forumer
No Vet mi spiace ma non ho scanner,
cmq gli articoli non aggiungono granchè di nuovo a quanto già postato in questo splendido forum....
sui co.co.bond semmai rafforza l'idea che questi saranno gli strumenti del futuro e che se non ricordo male riprendeva uno studio Ubs che stima in 500 miliardi di euro il potenziale di questi strumenti da qui al 2018 e via via la classifica degli istituti che avranno necessità di collocare questi strumenti per sostituire gli ibridi in scadenza o in call date.....tutto questo a partire dal 2013 ma pare che i big europei siano già pronti a partire, prova ne è l'emissione privata di credit suisse.....
le perplessità sono: chi li sottoscriverà a queste condizioni? intendo switch automatico in azioni quando si raggiunge certo livello di patrimonio....quindi strumenti adatti ai solo istituzionali
....ma pare che Pimco abbia già creato una task force dedicata....e se si muovono loro c'è da scommettere che c'è sostanzae dubbi sono espressi anche dal lato emittente e cioè quanto piaceranno ai banchieri avere strumenti che potrebbero, in caso di evento, cambiare assetti e pesi societari.....e spiegava come infatti credit suisse abbia collocato agli arabi, già loro azionisti per il 6%, l'intera emissione da 4,5 miliardi mi pare....concludendo che in tal modo avrebbero ottenuto pure lo sconto sulla cedola al 9%-9,5%
discipline
Forumer storico
La sonnolenza avrà avuto il suo peso, per cui un accordo è stato raggiunto.. bisogna vedere i dettagli...
15.02.2011 23:36 WestLB owners reach restructuring deal-German govt
BERLIN, Feb 15 (Reuters) - The owners of WestLB agreed a restructuring deal for the ailing German public-sector bank late on Tuesday, hours before a European Union deadline runs out, a German finance ministry spokesman said.
No details of the agreement were immediately available.
(Reporting by Matthias Sobolewsky; writing by Stephen Brown) Keywords: WESTLB AGREEMENT/
([email protected]; +49-30-2888-5216; [email protected])
Zorba
Bos 4 Mod
in Irlanda, l'opposizione sta abbasando i toni sulla ristrutturazione del debito bancario.
Irish opposition party softens tone on bank debt | Reuters
Irish opposition party softens tone on bank debt | Reuters
maxolone
Forumer storico
Zorba
Bos 4 Mod
Ho un discreto giardinetto di ciofeche...
Pensa che mi sono pure letto il manifesto elettorale del Fine Gael..
Zorba
Bos 4 Mod
UPDATE 1-WestLB owners agree on revamp deal
Tue Feb 15, 2011 6:16pm EST
* WestLB owners reach deal minutes before deadline
* Seen proposing own breakup to EU
* Core bank to be kept under public-sector control
By Matthias Sobolewski
BERLIN, Feb 15 (Reuters) - The owners of WestLB [WDLG.UL] agreed to a restructuring deal for the ailing German public-sector bank on Tuesday just minutes ahead of a European Union deadline.
A German finance ministry spokesman said late on Tuesday, just ahead of the midnight deadline, that no details of the agreement were immediately available.
Sources close to the negotiations had said earlier the deal would create a core bank less than a third of WestLB's current size, with some its businesses being sold off to investors.
The owners of WestLB, a regional landesbank that lost billions of euros on risky investments during the financial crisis, struggled for months to agree to a restructuring plan that they hope will get EU approval.
European Competition Commissioner Joaquin Almunia asked for the bank to be restructured after it received billions of euros in state aid.
According to the revamp plan, WestLB -- which once tried to compete with the likes of Deutsche Bank (DBKGn.DE) -- will be broken up, sources said before news of the agreement.
Key parts of the bank would be kept under public-sector control, while other bits would be offered to investors. [ID:nLDE71D1FT] [ID:nLDE711296]
While the rough outline of the deal has been in the bag for weeks, negotiations among the involved stakeholders concentrated on how the burden of additional financial support for WestLB will be split between them.
This lender -- which would stay under the control of public-sector banks -- would have total assets of 40-60 billion euros ($54-$81 billion), equity worth 1-2 billion euros and 10-11 billion euros in risk-weighted assets, sources have said.
WestLB is 50.06 percent owned by savings bank organisations RSGV and WLSGV, while the regional state of North Rhine-Westphalia owns the rest.
The new core bank will see RSGV and WLSGV keeping slightly less than half of the shares, while the state will pull out completely, a model the owners are confident will comply with the EU's demand of an ownership change, sources have said.
The rest of the shares of the new entity -- dubbed Verbundbank -- could be bought by other savings bank organisations or by other landesbanks.
Tue Feb 15, 2011 6:16pm EST
* WestLB owners reach deal minutes before deadline
* Seen proposing own breakup to EU
* Core bank to be kept under public-sector control
By Matthias Sobolewski
BERLIN, Feb 15 (Reuters) - The owners of WestLB [WDLG.UL] agreed to a restructuring deal for the ailing German public-sector bank on Tuesday just minutes ahead of a European Union deadline.
A German finance ministry spokesman said late on Tuesday, just ahead of the midnight deadline, that no details of the agreement were immediately available.
Sources close to the negotiations had said earlier the deal would create a core bank less than a third of WestLB's current size, with some its businesses being sold off to investors.
The owners of WestLB, a regional landesbank that lost billions of euros on risky investments during the financial crisis, struggled for months to agree to a restructuring plan that they hope will get EU approval.
European Competition Commissioner Joaquin Almunia asked for the bank to be restructured after it received billions of euros in state aid.
According to the revamp plan, WestLB -- which once tried to compete with the likes of Deutsche Bank (DBKGn.DE) -- will be broken up, sources said before news of the agreement.
Key parts of the bank would be kept under public-sector control, while other bits would be offered to investors. [ID:nLDE71D1FT] [ID:nLDE711296]
While the rough outline of the deal has been in the bag for weeks, negotiations among the involved stakeholders concentrated on how the burden of additional financial support for WestLB will be split between them.
This lender -- which would stay under the control of public-sector banks -- would have total assets of 40-60 billion euros ($54-$81 billion), equity worth 1-2 billion euros and 10-11 billion euros in risk-weighted assets, sources have said.
WestLB is 50.06 percent owned by savings bank organisations RSGV and WLSGV, while the regional state of North Rhine-Westphalia owns the rest.
The new core bank will see RSGV and WLSGV keeping slightly less than half of the shares, while the state will pull out completely, a model the owners are confident will comply with the EU's demand of an ownership change, sources have said.
The rest of the shares of the new entity -- dubbed Verbundbank -- could be bought by other savings bank organisations or by other landesbanks.
bosmeld
Forumer storico
westlb
DGAP-Adhoc: WestLB AG: Restructuring Plan at the European Commission by the deadline
WestLB AG : Restructuring Plan at the European Commission by the deadline
The federal government, the European Commission of the Supervisory Board of WestLB approved revised restructuring plan on 15
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DGAP-Adhoc: WestLB AG: Restructuring Plan at the European Commission by the deadline
WestLB AG : Restructuring Plan at the European Commission by the deadline
WestLB AG / Schlagwort(e): Unternehmensrestrukturierung
WestLB AG / Keyword (s): Corporate Restructuring 16.02.2011 00:56
16.02.2011 00:56 Veröffentlichung einer Ad-hoc-Mitteilung nach § 15 WpHG, übermittelt durch die DGAP - ein Unternehmen der EquityStory AG.
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
For the message content of this announcement.The federal government, the European Commission of the Supervisory Board of WestLB approved revised restructuring plan on 15
Februar 2011 fristgemäß vorgelegt.
February 2011 submitted on time. Grundlage waren Gespräche mit der Europäischen Kommission, in denen der Vorstand der WestLB der Behörde - in enger Konsultation mit dem Lenkungskreis - den Zuschnitt der neuen Kernbank aufgezeigt hat.
Was based on discussions with the European Commission, in which the Executive Board of WestLB, the Authority - has shown the layout of the new core banking - in close consultation with the Steering Committee. Die Bank hält den vorliegenden überarbeiteten Umstrukturierungsplan für genehmigungsfähig seitens der Europäischen Kommission.
The Bank holds this revised restructuring plan approvable by the European Commission. Der Umstrukturierungsplan sieht vor, dass die WestLB ihre Bilanzsumme und die risikogewichteten Aktiva (RWA) bis 2015 weiter reduziert.
The restructuring plan provides that WestLB their total assets and risk-weighted assets (RWA) in 2015 further reduced. Im Vergleich zu den in der ursprünglichen Beihilfeentscheidung festgelegten Werten wird die WestLB damit ihre Bilanzsumme und ihre risikogewichteten Aktiva um ca. ein weiteres Drittel verringern.
decrease compared to those specified in the original aid decision values, WestLB will ensure that their assets and their risk-weighted assets by about a third. Um die Anschluss- und Transaktionsfähigkeit für mögliche Verbindungen mit Partnern strukturell zu erhöhen, schlägt die Bank die Separierung von vier Teilbetrieben unter dem Dach der WestLB vor.
To increase access to and transaction capability for possible links with partners structurally, proposes the bench before the separation of four sub-companies under the umbrella of WestLB. Es handelt sich dabei um die Teilbetriebe Verbund & Unternehmensfinanzierung, Spezialfinanzierungen, Transaktionsinstitut sowie Gruppen-&Servicefunktionen.
This is the part of firms composite & corporate finance, structured finance, transaction Institute, group & service functions. Einzelne Teilbetriebe können zu einem späteren Zeitpunkt im Rahmen von Partneroptionen in Zusammenschlüsse eingebracht oder veräußert werden.
Individual branches of activity may at a later date as part of partner options in mergers brought or sold. Die im überarbeiteten Umstrukturierungsplan vorgeschlagene weitere Verkleinerung der Bank führt zu Lasten, die von Eigentümern, Land und Bund mitgetragen werden müssen, trägt jedoch den Forderungen der Kommission Rechnung.
In the revised restructuring plan proposed further reduction of the bank does at the expense that must be shared by owners, state and federal governments, but with the claims by the Commission. 16.02.2011 Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten, Corporate News/Finanznachrichten und Pressemitteilungen.
The DGAP 16.02.2011 Distribution Services include statutory reporting requirements, corporate news / financial news and press releases. DGAP-Medienarchive unter Pressemitteilungen ? Presseinformationen ? Pressemappe ? Presseportal dgap-medientreff.de und Aktuelle Finanznachrichten und Börseninfos direkt von der Quelle - dgap.de
DGAP-media archive at-medientreff.de and Aktuelle Finanznachrichten und Börseninfos direkt von der Quelle - dgap.deGoogle Traduttore
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Hi Bosmeld, yes that is quite good news for WestLB.
Most important, the use of the german banking restructuring act "RestrukturierungsG" seems to be off the table. That was the main threat to the value of WestLB Hybrids, both profit participations (Genussscheine) and silent participations (the hybrid capital fundings). Also the timeline till 2015 looks favorable, as no fire sales might be necessary. The incurring losses will be shared between the state, the bund and the Sparkassen, but as it seems not mainly by WestLB AG itselft, which is another positive. The hybrids might in time move to a merged Landesbank.
So, the bad news for WestLB should stop now as all involved partys now share the desire for moving ahead. But please, let's not jump the boat prematurely before the commission accepts these new plans...
serendipity
Nuovo forumer
Ing
4q2010
4q2010
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