Zorba
Bos 4 Mod
Porti rogna?All's well that ENDS WELL....
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (4 lettori)
- Creatore Discussione negusneg
- Data di Inizio
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- Tags
- 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
no perpetual no party
Forumer storico
Mais78
BAWAG fan club
accidenti...
se qua tutti hanno venduto e c'è ancora denaro sulle portoghesi, il mercato è impostato decisamente al rialzo.. visto che da un mese meta delle bes/bcp sono tutte in questo forum!!!!
senza parlare della quasi totalita di baca ed oevag..
PS importante
bentornato Mais!
Grazie, in realta' non sono ritornato perche' non me ne sono mai andato.., semplicemente non ho piu' il tempo di seguire perche' sto lavorando fuori sede, oggi ero in ufficio e ho fatto una sbirciatina...Come dicevo la cosa continuera' per altre settimane
Bisogna fare due ragionamenti/calcoli su BACA:
- cosa dice la legge austriaca, puo' richiamare un perp senza emetterne un altro?
- Quanto valgono le due emissioni sul totale capitale Tier 1, 2% su 10% o 0.5% su 15%?
Piu' che dal costo la probabilita' della call dipende da queste due cose qui
junior63
Forumer storico
Ciao Stordits ...
Cercherò di trattenermi dal venderle ...ma sarà dura a mano a mano che sale il prezzo ...
Averti ascoltato e (leggendo le notizie) per adesso credo che sia stata una cosa buona e giusta
P.S. Ho notato anche io sui siti tedeschi l'aumento dei volumi su tutte e due le perp...sperem
Certo che se per Giugno ripagano 600 cucuzze ...aumentano il capitale e vendono la partecipazione in RZB ...le 288 potrebbero veramente andare vicino ai 50/100!!...Chi vivrà vedrà....
Hai fretta di uscire per entrare sul Venezuela?
Nel 2012, anno delle elezioni in Venezuela, prevedo
delle belle montagne russe su tutti i bond venezuelani stile marzo 2009, e se nel 2012 Oevag torna a pagare puoi uscirne con un super gain e rientrare sul Venezuela a prezzi da saldo.
Vet
Forumer storico
Porti rogna?
Dai.....non dire così....a un amico puoi solo augurare del bene.....o no?
Zorba
Bos 4 Mod
:vicini:
Vet
Forumer storico
discipline
Forumer storico
L'idillio è commovente e soprattutto non vorrei interrompere questo clima da piena bolla ma Alpha rifiuta l'offerta:
UPDATE 4-NBG opens Greek bank merger play with Alpha bid
By George Georgiopoulos
ATHENS, Feb 18 (Reuters) - National Bank of Greece kicked off a government-sponsored consolidation of the sector with an all-share bid for third-largest lender Alpha Bank , valuing it at around 3 billion euros ($4 billion).
But the move by Greece's biggest bank was quickly rejected by Alpha, which said the 8-for-11 share offer was not in its shareholders' interests, opening the way for a takeover battle.
NGB's move is seen as laying the ground for other banks to merge. If they do, this should give Greek lenders better access to wholesale funding markets which have been closed to them as a result of the country's severe debt crisis.
Greek Finance Minister George Papaconstantinou, whose government has been pushing the country's banks to merge, immediately welcomed NBG's bid.
'The government encourages such initiatives, which aim at strengthening the banking system and at a quicker exit from the crisis,' Papaconstantinou said in a statement on Friday.
'The government has repeatedly said that the Greek banking system must restructure ... The ongoing discussion between National Bank and Alpha Bank is in the right direction.'
NBG's offer gives the smaller bank's shareholders 29 percent of the combined group and the right to nominate the non-executive chairman. But it puts NBG firmly in control with the remaining 71 percent and the chief executive position.
It is the second time the two lenders have attempted to get together. In 2001, despite an agreement at board level, the deal fell through because of management disagreements.
Talks between NBG and Alpha had been going on for five weeks before NBG went public with its offer, a source close to the deal said, adding management issues were high on the agenda.
'I believe they (Alpha) want better terms and they are bargaining,' said Alexander Moraitakis, head of Nuntius Securities in Athens.
Before Alpha's rejection on Friday, analysts had said the deal was more likely to go through this time round.
'The synergies that will come from the merger will boost earnings per share of both banks, while the move will possibly trigger more merger deals in Greece,' said Kappa Securities analyst Nikos Galoussis.
BID SPARKS RALLY
NBG's 8-for-11 share offer sparked a rally in Greek bank shares with the benchmark index jumping 7.1 percent.
The country's number two and number four banks EFG Eurobank and Piraeus Bank surged 17 and 15 percent respectively on market expectations they are next in line.
Piraeus made a bid for smaller, state controlled ATEbank and Hellenic Post Bank in July but withdrew the offer saying the government was taking too long to make up its mind.
The other bank likely to play a role in the wider reshaping of the sector is Marfin Popular which made its own move on Piraeus in 2007 but was rebuffed.
NBG, which the source close to the deal said was being advised by Morgan Stanley and Merrill Lynch, said its offer represented a premium of 18.5 percent based on closing prices on Feb. 17 and a 23.4 percent premium over Alpha's closing share price on Jan. 17.
'The combined bank ... would have a Core Tier 1 ratio of 10.7 percent, ranking among the best capitalised banks in Europe,' NBG said in a statement.
It said the combined group would have a balance sheet of 200 billion euros and could generate annual synergies of 550-700 million euros.
Rumours about a merger had swirled in the Athens bourse during the day, leading to a suspension of both shares. The announcement came minutes later.
'There is tremendous scope for synergies between the two banks and their networks are largely complementary in their presence in southern Europe,' said a banking analyst who declined to be named.
'Last time, the merger failed because of management issues, so I guess that this time around they might have explored these issues in advance,' he added.
Shrinking deposits have added to the strains on Greek banks, making them reliant on European Central Bank funding for their liquidity needs as access to wholesale funding remains mostly shut because of wider Greek sovereign debt concerns.
At 1322 GMT, before the suspension, shares in Alpha Bank rose 6.32 percent to 4.88 euros, while National Bank gained 2.14 percent to 7.64 euros.
National Bank trades at 13 times its estimated 2010 earnings versus a multiple of 40.9 for Alpha Bank, according to data from Thomson Reuters I/B/E/S.
($1=.7375 Euro)
(Additional reporting by Harry Papachristou and Angeliki Koutantou; Writing by Alexander Smith; Editing by Sophie Walker) Keywords: ALPHABANK NBG/
([email protected] ; +30 210 337 6438; Reuters Messaging: [email protected])
COPYRIGHT
Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
e soprattutto non vorrei interrompere questo clima da piena bolla ma Alpha rifiuta l'offerta:UPDATE 4-NBG opens Greek bank merger play with Alpha bid
By George Georgiopoulos
ATHENS, Feb 18 (Reuters) - National Bank of Greece kicked off a government-sponsored consolidation of the sector with an all-share bid for third-largest lender Alpha Bank , valuing it at around 3 billion euros ($4 billion).
But the move by Greece's biggest bank was quickly rejected by Alpha, which said the 8-for-11 share offer was not in its shareholders' interests, opening the way for a takeover battle.
NGB's move is seen as laying the ground for other banks to merge. If they do, this should give Greek lenders better access to wholesale funding markets which have been closed to them as a result of the country's severe debt crisis.
Greek Finance Minister George Papaconstantinou, whose government has been pushing the country's banks to merge, immediately welcomed NBG's bid.
'The government encourages such initiatives, which aim at strengthening the banking system and at a quicker exit from the crisis,' Papaconstantinou said in a statement on Friday.
'The government has repeatedly said that the Greek banking system must restructure ... The ongoing discussion between National Bank and Alpha Bank is in the right direction.'
NBG's offer gives the smaller bank's shareholders 29 percent of the combined group and the right to nominate the non-executive chairman. But it puts NBG firmly in control with the remaining 71 percent and the chief executive position.
It is the second time the two lenders have attempted to get together. In 2001, despite an agreement at board level, the deal fell through because of management disagreements.
Talks between NBG and Alpha had been going on for five weeks before NBG went public with its offer, a source close to the deal said, adding management issues were high on the agenda.
'I believe they (Alpha) want better terms and they are bargaining,' said Alexander Moraitakis, head of Nuntius Securities in Athens.
Before Alpha's rejection on Friday, analysts had said the deal was more likely to go through this time round.
'The synergies that will come from the merger will boost earnings per share of both banks, while the move will possibly trigger more merger deals in Greece,' said Kappa Securities analyst Nikos Galoussis.
BID SPARKS RALLY
NBG's 8-for-11 share offer sparked a rally in Greek bank shares with the benchmark index jumping 7.1 percent.
The country's number two and number four banks EFG Eurobank and Piraeus Bank surged 17 and 15 percent respectively on market expectations they are next in line.
Piraeus made a bid for smaller, state controlled ATEbank and Hellenic Post Bank in July but withdrew the offer saying the government was taking too long to make up its mind.
The other bank likely to play a role in the wider reshaping of the sector is Marfin Popular which made its own move on Piraeus in 2007 but was rebuffed.
NBG, which the source close to the deal said was being advised by Morgan Stanley and Merrill Lynch, said its offer represented a premium of 18.5 percent based on closing prices on Feb. 17 and a 23.4 percent premium over Alpha's closing share price on Jan. 17.
'The combined bank ... would have a Core Tier 1 ratio of 10.7 percent, ranking among the best capitalised banks in Europe,' NBG said in a statement.
It said the combined group would have a balance sheet of 200 billion euros and could generate annual synergies of 550-700 million euros.
Rumours about a merger had swirled in the Athens bourse during the day, leading to a suspension of both shares. The announcement came minutes later.
'There is tremendous scope for synergies between the two banks and their networks are largely complementary in their presence in southern Europe,' said a banking analyst who declined to be named.
'Last time, the merger failed because of management issues, so I guess that this time around they might have explored these issues in advance,' he added.
Shrinking deposits have added to the strains on Greek banks, making them reliant on European Central Bank funding for their liquidity needs as access to wholesale funding remains mostly shut because of wider Greek sovereign debt concerns.
At 1322 GMT, before the suspension, shares in Alpha Bank rose 6.32 percent to 4.88 euros, while National Bank gained 2.14 percent to 7.64 euros.
National Bank trades at 13 times its estimated 2010 earnings versus a multiple of 40.9 for Alpha Bank, according to data from Thomson Reuters I/B/E/S.
($1=.7375 Euro)
(Additional reporting by Harry Papachristou and Angeliki Koutantou; Writing by Alexander Smith; Editing by Sophie Walker) Keywords: ALPHABANK NBG/
([email protected] ; +30 210 337 6438; Reuters Messaging: [email protected])
COPYRIGHT
Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Zorba
Bos 4 Mod
Grazie, in realta' non sono ritornato perche' non me ne sono mai andato.., semplicemente non ho piu' il tempo di seguire perche' sto lavorando fuori sede, oggi ero in ufficio e ho fatto una sbirciatina...Come dicevo la cosa continuera' per altre settimane
Bisogna fare due ragionamenti/calcoli su BACA:
- cosa dice la legge austriaca, puo' richiamare un perp senza emetterne un altro?
- Quanto valgono le due emissioni sul totale capitale Tier 1, 2% su 10% o 0.5% su 15%?
Piu' che dal costo la probabilita' della call dipende da queste due cose qui
BACA ha equity per 18 bln e T1 per 0,4 bln (un 2,2% rispetto all'equity).
Credo che la banca possa rimpiazzare i T1 con qualsiasi forma di equity (anche utili), ma è da verificare.
bosmeld
Forumer storico
L'idillio è commovente
UPDATE 4-NBG opens Greek bank merger play with Alpha bid
By George Georgiopoulos
ATHENS, Feb 18 (Reuters) - National Bank of Greece kicked off a government-sponsored consolidation of the sector with an all-share bid for third-largest lender Alpha Bank , valuing it at around 3 billion euros ($4 billion).
But the move by Greece's biggest bank was quickly rejected by Alpha, which said the 8-for-11 share offer was not in its shareholders' interests, opening the way for a takeover battle.
NGB's move is seen as laying the ground for other banks to merge. If they do, this should give Greek lenders better access to wholesale funding markets which have been closed to them as a result of the country's severe debt crisis.
Greek Finance Minister George Papaconstantinou, whose government has been pushing the country's banks to merge, immediately welcomed NBG's bid.
'The government encourages such initiatives, which aim at strengthening the banking system and at a quicker exit from the crisis,' Papaconstantinou said in a statement on Friday.
'The government has repeatedly said that the Greek banking system must restructure ... The ongoing discussion between National Bank and Alpha Bank is in the right direction.'
NBG's offer gives the smaller bank's shareholders 29 percent of the combined group and the right to nominate the non-executive chairman. But it puts NBG firmly in control with the remaining 71 percent and the chief executive position.
It is the second time the two lenders have attempted to get together. In 2001, despite an agreement at board level, the deal fell through because of management disagreements.
Talks between NBG and Alpha had been going on for five weeks before NBG went public with its offer, a source close to the deal said, adding management issues were high on the agenda.
'I believe they (Alpha) want better terms and they are bargaining,' said Alexander Moraitakis, head of Nuntius Securities in Athens.
Before Alpha's rejection on Friday, analysts had said the deal was more likely to go through this time round.
'The synergies that will come from the merger will boost earnings per share of both banks, while the move will possibly trigger more merger deals in Greece,' said Kappa Securities analyst Nikos Galoussis.
BID SPARKS RALLY
NBG's 8-for-11 share offer sparked a rally in Greek bank shares with the benchmark index jumping 7.1 percent.
The country's number two and number four banks EFG Eurobank and Piraeus Bank surged 17 and 15 percent respectively on market expectations they are next in line.
Piraeus made a bid for smaller, state controlled ATEbank and Hellenic Post Bank in July but withdrew the offer saying the government was taking too long to make up its mind.
The other bank likely to play a role in the wider reshaping of the sector is Marfin Popular which made its own move on Piraeus in 2007 but was rebuffed.
NBG, which the source close to the deal said was being advised by Morgan Stanley and Merrill Lynch, said its offer represented a premium of 18.5 percent based on closing prices on Feb. 17 and a 23.4 percent premium over Alpha's closing share price on Jan. 17.
'The combined bank ... would have a Core Tier 1 ratio of 10.7 percent, ranking among the best capitalised banks in Europe,' NBG said in a statement.
It said the combined group would have a balance sheet of 200 billion euros and could generate annual synergies of 550-700 million euros.
Rumours about a merger had swirled in the Athens bourse during the day, leading to a suspension of both shares. The announcement came minutes later.
'There is tremendous scope for synergies between the two banks and their networks are largely complementary in their presence in southern Europe,' said a banking analyst who declined to be named.
'Last time, the merger failed because of management issues, so I guess that this time around they might have explored these issues in advance,' he added.
Shrinking deposits have added to the strains on Greek banks, making them reliant on European Central Bank funding for their liquidity needs as access to wholesale funding remains mostly shut because of wider Greek sovereign debt concerns.
At 1322 GMT, before the suspension, shares in Alpha Bank rose 6.32 percent to 4.88 euros, while National Bank gained 2.14 percent to 7.64 euros.
National Bank trades at 13 times its estimated 2010 earnings versus a multiple of 40.9 for Alpha Bank, according to data from Thomson Reuters I/B/E/S.
($1=.7375 Euro)
(Additional reporting by Harry Papachristou and Angeliki Koutantou; Writing by Alexander Smith; Editing by Sophie Walker) Keywords: ALPHABANK NBG/
([email protected] ; +30 210 337 6438; Reuters Messaging: [email protected])
COPYRIGHT
Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
peccato, speriamo riescano ad unirsi. sarebbe una bella banca, in un paese disastrato, ma cmq una bella banca
questa cosa é importante. bisogna sentire l'ir di Baca, e di tutte le banche austriache, chiedendo info.
Ultima modifica:
- Stato