Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1
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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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Topgun1976
Guest
Aug 18 (Reuters) - State-owned British bank Northern Rock (NRKx.L) said on Tuesday it would defer paying interest on a range of subordinated bonds, propping up its capital position and preempting an anticipated European Commission requirement. The loss-making lender, nationalised in early 2008 after it became the first major British victim of the credit crisis, said it had decided to defer payment of coupons until further notice on almost all of its subordinated debt.
"The company will continue to make payments on its debt where it is contractually obliged to do so," Northern Rock said in a statement. [ID:nRnsR5964X]
The bonds affected total almost $2.8 billion, but analysts said the move was not critical for the bank as it did not include Lower Tier 2 bonds, on which deferring payment could have put Northern Rock in technical default.
"It should not be a surprise," credit analyst Olivia Frieser at BNP Paribas said. "This is Tier 1 and Upper Tier 2 debt, and Northern Rock is only deferring where they legally can."
Bradford & Bingley, itself nationalised last year, deferred its Lower Tier 2 payments earlier this year, but under a previous law. It would be harder for Northern Rock to do the same under current legislation, Frieser said.
Northern Rock, which slid to a statutory loss of 724 million pounds ($1.19 billion) in the first half of the year, said last month that its capital base had fallen below its minimum regulatory capital requirement.
The British government has pledged to help the bank meet its capital requirements once restructuring has taken place at Northern Rock and subject to appropriate state aid approval from the European Commission, which is expected in the coming months.
"Right now, pending their restructuring, Northern Rock are below regulatory capital requirements and still making a loss, so that's their reason to do this," BNP Paribas' Frieser said. "Had Northern Rock not taken this decision themselves, the (European Commission) could have required a similar decision of them as it still needs to approve the bank's restructuring plan."
EUROPEAN PRESSURE
The Commission last year ruled that German bank BayernLB could not pay out any interest on a Tier 1 bond as a condition for its approval of billions of euros in state aid.
Belgium's KBC (KBC.BR) said earlier this month it was advised not to pay interest on a Tier 1 bond pending regulatory approval of its restructuring plan, as regulators force bondholders to share the pain of bailed-out banks.
Nationalised Irish lender Anglo Irish Bank [ANGLLN.UL] also said it would not pay interest on its lowest-ranked Tier 1 debt due to a regulatory decision, but subsequently offered to buy back the bonds, albeit at a substantial discount to their nominal value. [ID:nL9493956][ID:nLM314318]
"It will be interesting to see what banks with less state ownership, like Royal Bank of Scotland and Lloyds, do, as they might come under pressure from Europe to not pay subordinated debt coupons," Elisabeth Afseth at Evolution Securities said. "This is not likely to help new Tier 1 issuance."
Prices for Tier 1 bonds, the riskiest subordinated bank bonds, fell off a cliff this year on fears banks would not pay coupons or repay the bonds. The market has started to recover, but issuance has slumped.
"The market has completely changed over the last couple of years, and few investors who bought this debt in 2006 and 2007 would have expected the coupons to be deferred," Afseth said.
"The company will continue to make payments on its debt where it is contractually obliged to do so," Northern Rock said in a statement. [ID:nRnsR5964X]
The bonds affected total almost $2.8 billion, but analysts said the move was not critical for the bank as it did not include Lower Tier 2 bonds, on which deferring payment could have put Northern Rock in technical default.
"It should not be a surprise," credit analyst Olivia Frieser at BNP Paribas said. "This is Tier 1 and Upper Tier 2 debt, and Northern Rock is only deferring where they legally can."
Bradford & Bingley, itself nationalised last year, deferred its Lower Tier 2 payments earlier this year, but under a previous law. It would be harder for Northern Rock to do the same under current legislation, Frieser said.
Northern Rock, which slid to a statutory loss of 724 million pounds ($1.19 billion) in the first half of the year, said last month that its capital base had fallen below its minimum regulatory capital requirement.
The British government has pledged to help the bank meet its capital requirements once restructuring has taken place at Northern Rock and subject to appropriate state aid approval from the European Commission, which is expected in the coming months.
"Right now, pending their restructuring, Northern Rock are below regulatory capital requirements and still making a loss, so that's their reason to do this," BNP Paribas' Frieser said. "Had Northern Rock not taken this decision themselves, the (European Commission) could have required a similar decision of them as it still needs to approve the bank's restructuring plan."
EUROPEAN PRESSURE
The Commission last year ruled that German bank BayernLB could not pay out any interest on a Tier 1 bond as a condition for its approval of billions of euros in state aid.
Belgium's KBC (KBC.BR) said earlier this month it was advised not to pay interest on a Tier 1 bond pending regulatory approval of its restructuring plan, as regulators force bondholders to share the pain of bailed-out banks.
Nationalised Irish lender Anglo Irish Bank [ANGLLN.UL] also said it would not pay interest on its lowest-ranked Tier 1 debt due to a regulatory decision, but subsequently offered to buy back the bonds, albeit at a substantial discount to their nominal value. [ID:nL9493956][ID:nLM314318]
"It will be interesting to see what banks with less state ownership, like Royal Bank of Scotland and Lloyds, do, as they might come under pressure from Europe to not pay subordinated debt coupons," Elisabeth Afseth at Evolution Securities said. "This is not likely to help new Tier 1 issuance."
Prices for Tier 1 bonds, the riskiest subordinated bank bonds, fell off a cliff this year on fears banks would not pay coupons or repay the bonds. The market has started to recover, but issuance has slumped.
"The market has completely changed over the last couple of years, and few investors who bought this debt in 2006 and 2007 would have expected the coupons to be deferred," Afseth said.
solenoide
Forumer storico
Ciao Bosmeld ,
il resoconto 2008 e' uscito ad aprile 2009 , per sapere se non paghera' dividendo dovremo presumibilmente aspettare aprile 2010 , perche' pensi che annuncino il non pagamento della cedola prima di quella data?
Peraltro in quel documento ritengono di poter continuare a pagare regolarmente le cedole.
Non voglio fare l'ottimista a tutti i costi ma non e' ancora sicuro che non pagheranno.
http://www.eurohypo.com/media/ehlisten/englisch/sonstiges/capital_funding_I_2008_fullyear.pdf
Allegati
AAAA47
Forumer storico
UBI Banca International (gruppo UBI), utile netto di 6,2 mln nel I semestre
Finanzaonline.com - 20.8.09/11:51
UBI Banca International, banca del gruppo UBI Banca, ha riportato nel primo semestre 2009 un utile netto pari a 6,2 milioni di euro. La raccolta diretta da clientela si attesta 1,1 miliardi di euro, mentre la raccolta indiretta è pari a 2,565 miliardi di euro. Gli impieghi con clientela ammontano a circa 895 milioni di euro, ed il patrimonio netto 94,7 milioni di euro. Alla chiusura della semestrale il Solvency Ratio della Banca è al 10,47% ed il Cost Income al 47%.
Finanzaonline.com - 20.8.09/11:51
UBI Banca International, banca del gruppo UBI Banca, ha riportato nel primo semestre 2009 un utile netto pari a 6,2 milioni di euro. La raccolta diretta da clientela si attesta 1,1 miliardi di euro, mentre la raccolta indiretta è pari a 2,565 miliardi di euro. Gli impieghi con clientela ammontano a circa 895 milioni di euro, ed il patrimonio netto 94,7 milioni di euro. Alla chiusura della semestrale il Solvency Ratio della Banca è al 10,47% ed il Cost Income al 47%.
Topgun1976
Guest
ginopelo
Moving to PeloPonneso
non la conosco, sono andato sul sito di ING per scaricare il prospetto ma riguardo a questa ho trovato solo 15 paginette riguardante, mi par di capire, + che altro il regolamento dell'emissione...
penso che ci sia bisogno di altro per farsi un'idea..
solenoide
Forumer storico
Pagina 1 dei final terms che hai postato fa riferimento al prospetto che trovi sulla pagina ING , il primo in alto "Programme prospectus 2008"
Quello e' il prospetto che ti interessa e devi leggerlo inseme ai final terms , a pagina 94 e seguenti trovi il punto 4. Deferrals.
Non mi sembra di vedere loss absorption ma non ho letto tutto il prospetto
Quello e' il prospetto che ti interessa e devi leggerlo inseme ai final terms , a pagina 94 e seguenti trovi il punto 4. Deferrals.
Non mi sembra di vedere loss absorption ma non ho letto tutto il prospetto
Allegati
The_Alchimist
Nuovo forumer
Fitch Downgradings
Fitch Ratings-London-20 August 2009: Fitch Ratings has downgraded the ratings of hybrid securities at Lloyds Banking Group plc (LBS), Royal Bank of Scotland Group plc (RBS), ING Group, Dexia Group, ABN Amro, SNS Bank, Fortis Bank Nederland and BPCE and certain related entities. The downgrade reflects increased risk of deferral of interest payments after the European Commission (the "Commission") clarified its stance on bank hybrid capital, and in particular the application of the concept of "burden-sharing". A full list of ratings actions is available at the end of this commentary.
The Commission's recent statements confirm Fitch's view that government support for banks may not extend to holders of subordinated bank capital (see 4 February 2009 comment "Fitch Sees Elevated Risk of Bank Hybrid Coupon Deferral in 2009" on www.fitchratings.com). Fitch has already taken significant rating actions on the hybrid capital instruments of ailing banks within the EU and elsewhere. Nevertheless, in the light of the latest Commission statements, Fitch is applying additional guidelines in its ratings of hybrid capital instruments issued by EU financial institutions. These are outlined in a report published today, entitled "Burden Sharing and Bank Hybrid Capital within the EU." A second report; "UK Banks and State Aid: "A Burden Shared", which is also published today, discusses the implications for bondholders of UK banks that have received state aid.
In particular, Fitch would highlight that a bank that has received state aid and is subject to a name-specific restructuring process will likely have a hybrid capital rating in the 'BB' range or below, with most ratings on Rating Watch Negative (RWN), indicating the possibility of further downgrades. Banks which Fitch believes are subject to significant state aid beyond broad-based confidence building measures will likely have a hybrid capital rating in the 'B' range or below, and be on RWN. Fitch will apply these guidelines to banks where a formal state aid process has not yet been established, but where Fitch believes such a process is likely to arise.
"Although the concept of burden-sharing is implicit in EU state-aid rules, Fitch regards that the latest Commission communications on its application to hybrid capital to be a significant clarification," says Gerry Rawcliffe, Managing Director in Fitch's Financial Institutions rating group.
As well as the implications for coupon deferral under "burden-sharing," the possibility of asset sales, branch closures, commitments to capping market share and pricing have the potential to be a material issue for banks in receipt of state aid.
"In Fitch's view, the capacity for the Commission to materially influence both the capital remuneration policy and the future shape of state-aided banks should not be under-estimated," says Rawcliffe.
In Fitch's view, dated subordinated debt with no deferral features is unlikely to be affected by the Commission's "burden-sharing" concept. As such, Fitch will maintain its normal approach to rating such instruments, unless it believes there is heightened risk that a bank will be subject to state intervention under national bank resolution legislation such as the UK's Banking Act.
Banks that have benefited from broad industry-wide support measures, which themselves have been approved by the Commission, and which have not been subject to a name-specific process, are likely to be unaffected by the EC's recent statements. Fitch will continue to rate their hybrid capital instruments in line with existing criteria.
The securities affected are as follows:
The Royal Bank of Scotland Group plc
Preferred stock downgraded to 'B' from 'BB-' and remains on RWN
The Royal Bank of Scotland plc
Upper tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
National Westminster Bank plc
Upper tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
Lloyds TSB Bank plc
Preferred stock downgraded to 'B' from 'BB-' and remains on RWN
Upper tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
HBOS plc
Upper tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
Bank of Scotland plc
Preferred stock downgraded to 'B' from 'BB-' and remains on RWN
Upper tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
ABN AMRO Bank N.V.
Tier 1 securities downgraded to 'B' from 'BB-' and remain on RWN
Upper tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
ING Group
Upper Tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
ING Verzekeringen
Upper Tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
Equitable of Iowa Companies Capital Trust II (an ING subsidiary)
Upper Tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
Dexia Credit Local
Tier 1 securities downgraded to 'B' from 'BB+' and remain on RWN
Dexia Banque Internationale a Luxembourg
Tier 1 securities downgraded to 'B' from 'BB+' and remain on RWN
Dexia Funding Luxembourg
Tier 1 securities downgraded to 'B' from 'BB+' and remain on RWN
SNS Bank
Tier 1 securities downgraded to 'BB' from 'BBB+' and placed on RWN
Fortis Capital Company Ltd (Guarantor: Fortis Bank Nederland (Holding)
Tier 1 securities downgraded to 'B' from 'BBB-' and placed on RWN
BPCE
Tier 1 instruments downgraded to 'BB' from 'BB+' and remain on RWN Natixis
Tier 1 instruments downgraded to 'BB' from 'BB+' and remain on RWN
Fitch Ratings-London-20 August 2009: Fitch Ratings has downgraded the ratings of hybrid securities at Lloyds Banking Group plc (LBS), Royal Bank of Scotland Group plc (RBS), ING Group, Dexia Group, ABN Amro, SNS Bank, Fortis Bank Nederland and BPCE and certain related entities. The downgrade reflects increased risk of deferral of interest payments after the European Commission (the "Commission") clarified its stance on bank hybrid capital, and in particular the application of the concept of "burden-sharing". A full list of ratings actions is available at the end of this commentary.
The Commission's recent statements confirm Fitch's view that government support for banks may not extend to holders of subordinated bank capital (see 4 February 2009 comment "Fitch Sees Elevated Risk of Bank Hybrid Coupon Deferral in 2009" on www.fitchratings.com). Fitch has already taken significant rating actions on the hybrid capital instruments of ailing banks within the EU and elsewhere. Nevertheless, in the light of the latest Commission statements, Fitch is applying additional guidelines in its ratings of hybrid capital instruments issued by EU financial institutions. These are outlined in a report published today, entitled "Burden Sharing and Bank Hybrid Capital within the EU." A second report; "UK Banks and State Aid: "A Burden Shared", which is also published today, discusses the implications for bondholders of UK banks that have received state aid.
In particular, Fitch would highlight that a bank that has received state aid and is subject to a name-specific restructuring process will likely have a hybrid capital rating in the 'BB' range or below, with most ratings on Rating Watch Negative (RWN), indicating the possibility of further downgrades. Banks which Fitch believes are subject to significant state aid beyond broad-based confidence building measures will likely have a hybrid capital rating in the 'B' range or below, and be on RWN. Fitch will apply these guidelines to banks where a formal state aid process has not yet been established, but where Fitch believes such a process is likely to arise.
"Although the concept of burden-sharing is implicit in EU state-aid rules, Fitch regards that the latest Commission communications on its application to hybrid capital to be a significant clarification," says Gerry Rawcliffe, Managing Director in Fitch's Financial Institutions rating group.
As well as the implications for coupon deferral under "burden-sharing," the possibility of asset sales, branch closures, commitments to capping market share and pricing have the potential to be a material issue for banks in receipt of state aid.
"In Fitch's view, the capacity for the Commission to materially influence both the capital remuneration policy and the future shape of state-aided banks should not be under-estimated," says Rawcliffe.
In Fitch's view, dated subordinated debt with no deferral features is unlikely to be affected by the Commission's "burden-sharing" concept. As such, Fitch will maintain its normal approach to rating such instruments, unless it believes there is heightened risk that a bank will be subject to state intervention under national bank resolution legislation such as the UK's Banking Act.
Banks that have benefited from broad industry-wide support measures, which themselves have been approved by the Commission, and which have not been subject to a name-specific process, are likely to be unaffected by the EC's recent statements. Fitch will continue to rate their hybrid capital instruments in line with existing criteria.
The securities affected are as follows:
The Royal Bank of Scotland Group plc
Preferred stock downgraded to 'B' from 'BB-' and remains on RWN
The Royal Bank of Scotland plc
Upper tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
National Westminster Bank plc
Upper tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
Lloyds TSB Bank plc
Preferred stock downgraded to 'B' from 'BB-' and remains on RWN
Upper tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
HBOS plc
Upper tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
Bank of Scotland plc
Preferred stock downgraded to 'B' from 'BB-' and remains on RWN
Upper tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
ABN AMRO Bank N.V.
Tier 1 securities downgraded to 'B' from 'BB-' and remain on RWN
Upper tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
ING Group
Upper Tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
ING Verzekeringen
Upper Tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
Equitable of Iowa Companies Capital Trust II (an ING subsidiary)
Upper Tier 2 securities downgraded to 'B+' from 'BB' and remain on RWN
Dexia Credit Local
Tier 1 securities downgraded to 'B' from 'BB+' and remain on RWN
Dexia Banque Internationale a Luxembourg
Tier 1 securities downgraded to 'B' from 'BB+' and remain on RWN
Dexia Funding Luxembourg
Tier 1 securities downgraded to 'B' from 'BB+' and remain on RWN
SNS Bank
Tier 1 securities downgraded to 'BB' from 'BBB+' and placed on RWN
Fortis Capital Company Ltd (Guarantor: Fortis Bank Nederland (Holding)
Tier 1 securities downgraded to 'B' from 'BBB-' and placed on RWN
BPCE
Tier 1 instruments downgraded to 'BB' from 'BB+' and remain on RWN Natixis
Tier 1 instruments downgraded to 'BB' from 'BB+' and remain on RWN
The_Alchimist
Nuovo forumer
A settembre...
si ricomincia a scendere?
si ricomincia a scendere?
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