russiabond
Il mito, la leggenda.
ESEGUITO a 39,00/100
per altre 110k totale mi restano 600k ...prox settimana acquisti su 643 10%...
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (13 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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ESEGUITO a 39,00/100
per altre 110k totale mi restano 600k ...prox settimana acquisti su 643 10%...
Zorba
Bos 4 Mod
Mi sembra sempre lì in area 30 (un po' sopra un po' sotto)
bosmeld
Forumer storico
ESEGUITO a 39,00/100
é scesa rispetto a 39,75 di ieri pomeriggio.
fabriziof
Forumer storico
hai ragione mi ha ingannato una rapida visita alla borsa di stoccarda
lupomar
Forumer attivo
Non è certo un emittente ottimo, ma io ho appena acquistato un po' di NIBC XS0215294512 - che paga IRS USA 10 anni+0,1% - eseguito a 48 cambio 1,406
Ce l'ho già in portafoglio a 49,80!
Dupondius
Forumer storico
Potresti postarle anche nel 3d "Perché una banca dovrebbe esercitare la call?", così le si trova più facilmente.sto monitorando anche tutte le Lt2 per capire che fa la call e chi no....
man mano che escono le posto
angy2008
Forumer storico
Nella news per la nuova LT2 di Commerzbank si cita anche l'emissione di un bond a copertura di due subordinati callabili, trattati anche in Italia sull'HiMtf:
Avendo in carico il primo dei due titoli (il 2016), chiedo gentilmente aiuto su questo thread di esperti in materia.
Se capisco bene, per i due titoli 2016 e 2017 viene offerto il concambio con un titolo subordinato 2019, che verrà emesso espressamente per questo concambio. Quelle che non mi sono chiare sono le modalità di questa offerta.
Nella news si escludono dall'offerta i residenti USA ma non si fa cenno ad altre esclusioni (pur dichiarando che quella news oltre che in USA non deve essere pubblicata nemmeno in Italia, mistero...)
Secondo voi, chi come me ha in carico quel titolo e risiede in Italia è ammesso al concambio? Se sì, che devo fare prima che scadano i termini il 17 marzo?
Grazie di ogni suggerimento!
Suggerimenti su cosa fare non ne posso dare, però ti posso confermare che, a parte i residenti USA, tutti possono partecipare, anche in Italia dove è solo vietata la pubblicazione dell'offerta essendo priva di prospetto autorizzato.
Zorba
Bos 4 Mod
Ingegnoso. Speriamo funzioni...
NAMA II alternative to avoid more aid for banks
Experts suggest 'PaddyMac' scheme
Under the plan, AIB, Bank of Ireland, Irish Life & Permanent and EBS would transfer about €64bn worth of loans into a new vehicle which Glas Securities dubs 'PaddyMac'
By Laura Noonan
Thursday March 10 2011
THE incoming Government could avoid having to make another massive injection into the banking sector under a plan proposed by debt specialists Glas Securities.
The Dublin-based experts say the banks would own a new vehicle set up to work out their 'non-core' loans, rather than transferring them to a 'NAMA II' and taking huge losses which would require further recapitalisation by the taxpayer.
The solution also offers a way of diffusing a potential row between the new Coalition and the European Central Bank (ECB) about "normalising" funding for our banks.
The plan tunes smoothly with the new Programme for Government's commitment that "bank deleveraging must be paced to match the return of more normal market conditions and demand for bank assets".
Under the plan, AIB, Bank of Ireland, Irish Life & Permanent and EBS would transfer about €64bn worth of loans into a new vehicle which Glas Securities dubs 'PaddyMac' -- a play on the US mortgage provider Freddie Mac.
Targets
The transfers would help the banks achieve the "deleveraging" targets set by the bailout agreement with the EU/IMF and get the balance between their loans and deposits down to the target of less than €125 loaned out for every €100 on deposit.
Because the banks themselves would own PaddyMac, the prospect of massive losses on transfer to a State-owned Nama II is greatly reduced.
PaddyMac could also be structured so that it wouldn't have to sell the assets for years, reducing the prospect of fire sales that would destroy value.
The State would have to put some money into PaddyMac -- Glas suggests €4bn in capital to absorb losses plus some other supports -- but crucially the State's exposure would be capped at a given level.
Unexpected losses would be taken by the banks themselves.
The proposed PaddyMac would also help the Government achieve its ambition of replacing "emergency lending" to Ireland's banks without putting the country on a collision course with the ECB.
The ECB has been very reluctant to set up a tailor-made programme to replace the €50bn of emergency lending to Ireland's banks with the "official" and "affordable" lending envisaged by the Government.
But the PaddyMac plan suggests a structure that would allow the ECB to fund Irish banks in a more "regular" way, without requiring the ECB to make any special arrangements.
Under the plan, the vehicle would pay banks for their €64bn of assets by issuing 'PaddyMac notes', mirroring the way that Nama pays the banks for their toxic development loans.
The ECB already accepts Nama bonds in its regular operations, and Glas suggests it would be willing to accept PaddyMac bonds in the same way, until the banks are ultimately able to sell the bonds on in the market.
The structure of PaddyMac would also allow the banks to get more bang for their buck at the ECB, because complex securitisations would be unwound in favour of straight-forward arrangements that attract lower ECB discounts.
This would ultimately allow the banks to get more money from the ECB's normal operations -- which lend at 1pc -- so they would have to borrow less of the 2.75pc 'emergency' money.
Banking sources last night said that while the PaddyMac structure was "very clever", it was just one of a number of possible outcomes in the bank restructuring.
A final decision on the way forward won't be made until the end of March, and will require sign-off from the Irish authorities, the Central Bank, the ECB, the European Commission and the IMF.
- Laura Noonan
NAMA II alternative to avoid more aid for banks
Experts suggest 'PaddyMac' scheme
Under the plan, AIB, Bank of Ireland, Irish Life & Permanent and EBS would transfer about €64bn worth of loans into a new vehicle which Glas Securities dubs 'PaddyMac'
By Laura Noonan
Thursday March 10 2011
THE incoming Government could avoid having to make another massive injection into the banking sector under a plan proposed by debt specialists Glas Securities.
The Dublin-based experts say the banks would own a new vehicle set up to work out their 'non-core' loans, rather than transferring them to a 'NAMA II' and taking huge losses which would require further recapitalisation by the taxpayer.
The solution also offers a way of diffusing a potential row between the new Coalition and the European Central Bank (ECB) about "normalising" funding for our banks.
The plan tunes smoothly with the new Programme for Government's commitment that "bank deleveraging must be paced to match the return of more normal market conditions and demand for bank assets".
Under the plan, AIB, Bank of Ireland, Irish Life & Permanent and EBS would transfer about €64bn worth of loans into a new vehicle which Glas Securities dubs 'PaddyMac' -- a play on the US mortgage provider Freddie Mac.
Targets
The transfers would help the banks achieve the "deleveraging" targets set by the bailout agreement with the EU/IMF and get the balance between their loans and deposits down to the target of less than €125 loaned out for every €100 on deposit.
Because the banks themselves would own PaddyMac, the prospect of massive losses on transfer to a State-owned Nama II is greatly reduced.
PaddyMac could also be structured so that it wouldn't have to sell the assets for years, reducing the prospect of fire sales that would destroy value.
The State would have to put some money into PaddyMac -- Glas suggests €4bn in capital to absorb losses plus some other supports -- but crucially the State's exposure would be capped at a given level.
Unexpected losses would be taken by the banks themselves.
The proposed PaddyMac would also help the Government achieve its ambition of replacing "emergency lending" to Ireland's banks without putting the country on a collision course with the ECB.
The ECB has been very reluctant to set up a tailor-made programme to replace the €50bn of emergency lending to Ireland's banks with the "official" and "affordable" lending envisaged by the Government.
But the PaddyMac plan suggests a structure that would allow the ECB to fund Irish banks in a more "regular" way, without requiring the ECB to make any special arrangements.
Under the plan, the vehicle would pay banks for their €64bn of assets by issuing 'PaddyMac notes', mirroring the way that Nama pays the banks for their toxic development loans.
The ECB already accepts Nama bonds in its regular operations, and Glas suggests it would be willing to accept PaddyMac bonds in the same way, until the banks are ultimately able to sell the bonds on in the market.
The structure of PaddyMac would also allow the banks to get more bang for their buck at the ECB, because complex securitisations would be unwound in favour of straight-forward arrangements that attract lower ECB discounts.
This would ultimately allow the banks to get more money from the ECB's normal operations -- which lend at 1pc -- so they would have to borrow less of the 2.75pc 'emergency' money.
Banking sources last night said that while the PaddyMac structure was "very clever", it was just one of a number of possible outcomes in the bank restructuring.
A final decision on the way forward won't be made until the end of March, and will require sign-off from the Irish authorities, the Central Bank, the ECB, the European Commission and the IMF.
- Laura Noonan
fullofmoney
Forumer attivo
Buon giorno a tutti,
volevo fare un rapido questito agli esperti:
volendo diversificare e possedendo già al 5% del mio ptf "MPS Capital Trust I XS0121342827 eur3m+6,30", ha senso comprare "Antonveneta XS0122238115 eur3m+3,75 fino 21/03 poi eur3mesi+630" che è dello stesso gruppo?
Ho già altre BPCI sempre al 5% del ptf. In pratica sto cercando una TV post call, ma con queste cedole non si trova niente che non sia gruppo MPS o UBI. Help please.
P.S. Ho pensato anche a Banca Pop. Di Lodi (BP) XS0223454512 ma essendo un call 2015 con il rialzo dei tassi sendo me ne risentiranno molto i corsi.
C'è anche Banca Pop. Di Milano Capital Trust I XS0131749623 ma DB tassa al 27%!!!
volevo fare un rapido questito agli esperti:
volendo diversificare e possedendo già al 5% del mio ptf "MPS Capital Trust I XS0121342827 eur3m+6,30", ha senso comprare "Antonveneta XS0122238115 eur3m+3,75 fino 21/03 poi eur3mesi+630" che è dello stesso gruppo?
Ho già altre BPCI sempre al 5% del ptf. In pratica sto cercando una TV post call, ma con queste cedole non si trova niente che non sia gruppo MPS o UBI. Help please.
P.S. Ho pensato anche a Banca Pop. Di Lodi (BP) XS0223454512 ma essendo un call 2015 con il rialzo dei tassi sendo me ne risentiranno molto i corsi.
C'è anche Banca Pop. Di Milano Capital Trust I XS0131749623 ma DB tassa al 27%!!!
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