Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (2 lettori)
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bosmeld
Forumer storico
thanks for the news Dante
let's stay in contact
By James Wilson in Frankfurt
Published: February 16 2011 07:48 | Last updated: February 16 2011 08:48
WestLB’s owners have agreed to split the bank into four separate units and slash its asset base in a last-minute compromise to try to meet the concerns of European competition authorities.
The proposal was presented shortly before the expiry of a Tuesday deadline but the troubled German Landesbank must now wait to find out whether the suggested restructuring meets the demands of Joaquín Almunia, the EU’s competition commissioner.
The bank, whose need for repeated state bail-outs makes it a serial offender in the eyes of EU competition watchdogs, has been under orders since 2009 to cut its balance sheet by half and sell key subsidiaries as recompense for a bail-out. Its owners also agreed to a change of ownership by the end of this year.
However, an attempt to sell the bank whole has attracted only lukewarm interest and the sale of the its WestImmo property unit also had to be halted last year.
WestLB did offload about €77bn ($104bn) of assets into a “bad bank” for rundown last year but in doing so benefited from more than €3bn of state subsidy, EU competition authorities found, triggering a further restructuring demand.
Under the updated restructuring plan, WestLB will cut its assets by a further one-third by 2015. It will also create four internal units to facilitate spin-off sales or consolidation into other banks.
One spin-off is likely to be a bank that will provide one of the core Landesbank functions – providing services to smaller local savings banks and corporate finance in the bank’s home region. This unit would probably be financed by the savings banks themselves, which are already joint owners of WestLB.
Other speciality finance units are also set to be sold.
Michael, Rohr, an analyst at Silvia Quandt, said the plan had “nothing new”.
“We would be surprised should this low-quality attempt to once again buy more time move close to approval by the EU. The plan does not contain any idea of how to make WestLB a profitable business model, neither does it suggest solutions on how to lift the burden on the German taxpayer,” he wrote. “In our eyes, this is irresponsible and impudent and should be opposed heavily to send a clear signal to the Landesbank sector that now is the time to sort things out.”
“It seems like it is just an attempt to extract more help for even more toxic assets hidden on the books of WestLB. In essence, it is begging for more support from the federal government and the German taxpayer.”
Mr Rohr said the split into four divisions would add restructuring cost and delay the disappearance of WestLB from the German banking market.
WestLB said on Tuesday the plan would require unspecified “burden-sharing” among its owners – the state of North Rhine-Westphalia and the German government. Haggling over the cost of the plan has gone on for weeks.
WestLB is among Germany’s ten largest banks by assets, with a balance sheet of €220bn. The bank’s 2009 promise was to halve its balance sheet – which then stood at about €280bn – so this week’s further commitment should mean the bank’s assets will be reduced to less than €100bn by 2015 if implemented in full.
The bank was once Germany’s most internationally ambitious state-owned bank, building up a substantial project and principal finance business. But it has been lossmaking in five of the past eight years and Neelie Kroes, the EU’s previous competition commissioner, said in 2009 that it was time for the “saga” of the troubled bank to come to an end.
Mr Almunia had insisted on a February 15 deadline for the restructuring plan and previously warned that the bank was moving closer to being wound down.
Mr Almunia is also due to rule in the coming months on cases of state aid to more of Germany’s Landesbanken, including HSH Nordbank and BayernLB.
The regionally-controlled banks have struggled to find profitable business and have no substantial deposit bases, making them vulnerable during the financial crisis. Many also racked up huge losses through investments in mortgage-backed securities that turned into “toxic” assets in the crisis.
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FT.com / Companies / Banks - WestLB owners agree four-way split
bosmeld
Forumer storico
German bank WestLB to 'offload' third of assets
FRANKFURT (AFP) – The regional German bank WestLB said Wednesday that Germany's government had submitted a restructuring plan to the European Commission that included cutting a third of its assets by 2015.
These cuts come on top of a 2008 plan that already involved reducing its assets by half, the bank said.
The new proposals also included plans to ease the purchase or transfer of its assets by putting risky holdings such as bad loans in a "bad bank" to be disposed of later when conditions are more favourable.
The bank would split its activities into four parts, some of which could be taken up by savings banks while others were sold to investors, said the bank.
These steps would incur new charges, which would be passed on to shareholders and regional and federal authorities, the statement said.
It did not say how much those charges would be.
Deputy finance minister Steffen Kampeter said they had put three options to the European Commission and that it was now up to it to respond, Dow Jones Newswires reported.
The owners of WestLB -- regional savings banks and the German state of North-Rhine Westphalia -- had until Tuesday to submit with the federal government a plan to restructure the bank to the European Commission.
They were also expected to propose candidates who were ready to take it over. Media reports have identified interested buyers as the US investment funds Apollo, JC Flowers and Lone Star.
WestLB got into trouble through risky investments in the US real estate market that went sour in 2007, and has depended on state aid since then to stay in business.
The EU Commission approved the aid but demanded the bank be restructured and either made viable or sold off.
It called for more efforts from the bank in return for the 3.4 billion euros ($4.6 billion) in public aid it had obtained to set up the "bad bank" facility into which the group has already dumped 77 billion euros of toxic assets.
If Brussels is not convinced by efforts to turn WestLB around, the Commission could order that it be dismantled.
EU Competition Commissioner Joaquin Almunia estimated earlier this month that WestLB had received a total of about 16 billion euros in aid from German taxpayers.
prossimo step é l'approvazione o meno da parte di almunia.
se approva il piano ci saranno cmq delle belle perdite, che eroderanno il nominale delle hybrid.
se non approva il piano .......
rispetto a ieri la situazione é migliore ma ci sono ancora molti punti da chiarire.
FRANKFURT (AFP) – The regional German bank WestLB said Wednesday that Germany's government had submitted a restructuring plan to the European Commission that included cutting a third of its assets by 2015.
These cuts come on top of a 2008 plan that already involved reducing its assets by half, the bank said.
The new proposals also included plans to ease the purchase or transfer of its assets by putting risky holdings such as bad loans in a "bad bank" to be disposed of later when conditions are more favourable.
The bank would split its activities into four parts, some of which could be taken up by savings banks while others were sold to investors, said the bank.
These steps would incur new charges, which would be passed on to shareholders and regional and federal authorities, the statement said.
It did not say how much those charges would be.
Deputy finance minister Steffen Kampeter said they had put three options to the European Commission and that it was now up to it to respond, Dow Jones Newswires reported.
The owners of WestLB -- regional savings banks and the German state of North-Rhine Westphalia -- had until Tuesday to submit with the federal government a plan to restructure the bank to the European Commission.
They were also expected to propose candidates who were ready to take it over. Media reports have identified interested buyers as the US investment funds Apollo, JC Flowers and Lone Star.
WestLB got into trouble through risky investments in the US real estate market that went sour in 2007, and has depended on state aid since then to stay in business.
The EU Commission approved the aid but demanded the bank be restructured and either made viable or sold off.
It called for more efforts from the bank in return for the 3.4 billion euros ($4.6 billion) in public aid it had obtained to set up the "bad bank" facility into which the group has already dumped 77 billion euros of toxic assets.
If Brussels is not convinced by efforts to turn WestLB around, the Commission could order that it be dismantled.
EU Competition Commissioner Joaquin Almunia estimated earlier this month that WestLB had received a total of about 16 billion euros in aid from German taxpayers.
prossimo step é l'approvazione o meno da parte di almunia.
se approva il piano ci saranno cmq delle belle perdite, che eroderanno il nominale delle hybrid.
se non approva il piano .......
rispetto a ieri la situazione é migliore ma ci sono ancora molti punti da chiarire.
Léon D.
Forumer attivo
Ciao, benvenuto e complimenti per la citazione nel tuo avatar...
è vero che siamo fuori dalle p, ma stavo giusto guardando l'emissione, confrontandola con questa di BOFA: isin XS0584356942, cedola annuale 5,25%, scadenza 31/01/2026 con facoltà di rimborso dopo 10 anni da parte dell'emittente.
Al momento preferirei RBS perché ha la cedola semestrale, però mi chiedo, rispetto ad entrambe le emissioni: e con il rialzo dei tassi come la mettiamo? Che convenienza avrebbero BOFA e RBS ad emettere dei decennali senior con buona cedola ora, se i tassi rimanessero bassi o il rialzo di queste settimane fosse un fuoco fatuo?
Buona giornata a tutti
Ciao Pier_pat,
grazie per il benvenuto ed i complimenti,
la tua domanda credo non abbia una risposta facile e sicura, la mia ipotesi è che anche le banche non hanno la sfera di cristallo e - talvolta - preferiscono diversificare l'offerta.
Buona giornata a tutti
Rottweiler
Forumer storico
Deludenti i risultati Groupama per il 2010.
(ANSA) - PARIGI, 16 FEB - Il gruppo assicurativo francese Groupama ha registrato nel 2010 un fatturato di 14,7 mld di euro, in aumento dell'1,4%, con un utile in forte calo (-41,4%) a 387 mln. Per quanto riguarda in particolare le attivita' italiane, precisa una nota della societa', la filiale Groupama Assicurazioni ha visto il proprio giro d'affari crescere del 7,8% a 1,5 miliardi di euro, grazie 'all'estensione della rete delle agenzie, allo sviluppo della gamma prodotti e alle misure tariffarie sostanziali'.
(ANSA) - PARIGI, 16 FEB - Il gruppo assicurativo francese Groupama ha registrato nel 2010 un fatturato di 14,7 mld di euro, in aumento dell'1,4%, con un utile in forte calo (-41,4%) a 387 mln. Per quanto riguarda in particolare le attivita' italiane, precisa una nota della societa', la filiale Groupama Assicurazioni ha visto il proprio giro d'affari crescere del 7,8% a 1,5 miliardi di euro, grazie 'all'estensione della rete delle agenzie, allo sviluppo della gamma prodotti e alle misure tariffarie sostanziali'.
Metriko
Forumer attivo
Chi riguarda il 22,22% ?
tomcat
Forumer attivo
Ciao Pier_pat,
grazie per il benvenuto ed i complimenti,
la tua domanda credo non abbia una risposta facile e sicura, la mia ipotesi è che anche le banche non hanno la sfera di cristallo e - talvolta - preferiscono diversificare l'offerta.
Buona giornata a tutti
anch'io penso che il momento del rialzo si stia nuovamente allontanando (di quanto?)
in ogni caso quale pensate possa essere un tetto realistico all'aumento?
xs0178243332
bosmeld
Forumer storico
eurohypo vola
Eurohypo Capital Funding Tr. 1 (WKN 542376, ISIN XS0169058012) - Profil - Aktien, Aktienkurse - ARIVA.DE
EUROHYP.C.F.TR.II 05/UND. (WKN A0DZJZ, ISIN DE000A0DZJZ7) - Profil - Aktien, Aktienkurse - ARIVA.DE
probabilmente questa torna a pagare cedola
Commerzbank Suffers Setback In QVT Lawsuit On Coupon Payments
FRANKFURT (Dow Jones)--Germany's Commerzbank AG (CBK.XE) suffered a setback Tuesday when a regional court in Frankfurt ruled that New York-based private equity group QVT is entitled to around EUR20,000 in coupon payments for some profit-sharing securities issued by Commerzbank's Eurohypo real estate financier.
While small in value, the verdict could eventually pose a larger problem for Commerzbank as it will likely be monitored closely by other hedge funds and investors considering a similar lawsuit against Germany's No. 2 listed bank.
A spokesman for Commerzbank said the bank will examine the verdict closely, adding that it reserves the right to appeal the verdict at a later stage. A spokesman for QVT in Frankfurt said the hedge fund is happy about the verdict, but will also examine the reasoning given by the court more closely.
The lawsuit concerns three profit-sharing securities issued by Eurohypo, which was taken over completely by Commerzbank in 2008. According to the Frankfurt court, Eurohypo will have to repay the three securities at face value upon redemption, rather than cutting the face value by a single-digit percentage rate as the bank did in February 2010 after suffering a loss for 2009.
Additionally, the court ruled that for two of the three profit-sharing certificates, or Genussscheine, Eurohypo will have to make a coupon payment for 2009.
QVT filed a suit against Eurohypo for not paying out dividends on profit-dependent securities in 2009. Commerzbank had argued no dividend payments were possible because Eurohypo posted a loss for 2009, while the hedge fund had argued that due to a domination agreement Commerzbank would have to cover all losses at the unit
Commerzbank Suffers Setback In QVT Lawsuit On Coupon Payments - WSJ.com
sui siti tedechi denaro a 54 per la irs
da 47 dove l'ho venduta é un ulteriore +15%
Eurohypo Capital Funding Tr. 1 (WKN 542376, ISIN XS0169058012) - Profil - Aktien, Aktienkurse - ARIVA.DE
EUROHYP.C.F.TR.II 05/UND. (WKN A0DZJZ, ISIN DE000A0DZJZ7) - Profil - Aktien, Aktienkurse - ARIVA.DE
probabilmente questa torna a pagare cedola
Commerzbank Suffers Setback In QVT Lawsuit On Coupon Payments
FRANKFURT (Dow Jones)--Germany's Commerzbank AG (CBK.XE) suffered a setback Tuesday when a regional court in Frankfurt ruled that New York-based private equity group QVT is entitled to around EUR20,000 in coupon payments for some profit-sharing securities issued by Commerzbank's Eurohypo real estate financier.
While small in value, the verdict could eventually pose a larger problem for Commerzbank as it will likely be monitored closely by other hedge funds and investors considering a similar lawsuit against Germany's No. 2 listed bank.
A spokesman for Commerzbank said the bank will examine the verdict closely, adding that it reserves the right to appeal the verdict at a later stage. A spokesman for QVT in Frankfurt said the hedge fund is happy about the verdict, but will also examine the reasoning given by the court more closely.
The lawsuit concerns three profit-sharing securities issued by Eurohypo, which was taken over completely by Commerzbank in 2008. According to the Frankfurt court, Eurohypo will have to repay the three securities at face value upon redemption, rather than cutting the face value by a single-digit percentage rate as the bank did in February 2010 after suffering a loss for 2009.
Additionally, the court ruled that for two of the three profit-sharing certificates, or Genussscheine, Eurohypo will have to make a coupon payment for 2009.
QVT filed a suit against Eurohypo for not paying out dividends on profit-dependent securities in 2009. Commerzbank had argued no dividend payments were possible because Eurohypo posted a loss for 2009, while the hedge fund had argued that due to a domination agreement Commerzbank would have to cover all losses at the unit
Commerzbank Suffers Setback In QVT Lawsuit On Coupon Payments - WSJ.com
sui siti tedechi denaro a 54 per la irs
da 47 dove l'ho venduta é un ulteriore +15%- Stato