Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1

[camaleonte]

A volte il mercato mi fa proprio sentire il primo degli imbranati. Nei giorni scorsi abbiamo assistito a:
*crisi di governo portoghese
*downgrades a raffica su paesi e banche iberiche
*rinvio della decisione ufficiale di creare il fondo europeo ESM
*allargamento di sommosse e guerre nei paesi MEMA
*aumento del prezzo del petrolio
*diminuzione nella percentuale di analisti posizionati long
*dati macroeconomici USA ed Europa/UK asfittici

Gli unici elementi positivi (a mio avviso) sono stati:
*la resilienza dei mercati alla catastrofe giapponese
*il perdurante "dopaggio" da parte della FED.

In questa situazione:
*l'euro si rafforza
*i mercati si mostrano molto vivaci
*gli strumenti finanziari considerati rischiosi (leggasi: perpetuals) salgono alla grande.

Qualcuno è in grado di spiegarmi quali fattori, che chiaramente sfuggono del tutto alla mia comprensione, giustificano questi andamenti?

Buongiorno.

No, non sei imbranato, provo comunque a dare una risposta perché me lo sono chiesto anch’io.
Il mercato vogliono che salga : tra aumenti di capitale e obbligazioni in scadenza le
Banche europee hanno bisogno di svariate centinaia di miliardi durante quest’anno.
Poi c’è ancora tanta liquidità e, anche l’America ha bisogno di una borsa pimpante,
per mantenere alta la fiducia perché i problemi, quelli che interessano alla gente, sono tuttora
irrisolti: disoccupazione e i prezzi delle case in continua discesa in tutto l’occidente.
Il problema si presenterà a Giugno quando scadrà il QE2 in America, cosa faranno
Continueranno a stampare $ e a inflazionare il mondo? Buongiorno.

 

[Topgun1976]

Uscito da Cnp 66,75

 

[gionmorg]

Intanto continuo a segnalare la performance stratosferica della depfa:
Instrument's name ISIN Euronext code Market Symbol Date
DEPFA FD 2 0%PL
XS0178243332 XS0178243332 AMS DEPF2 25/03/11 15:11 CET


Date - time Trade id Quote Volume
15:11:34 42 25.35 15,000.00
15:09:10 41 25.35 20,000.00
15:00:44 40 25.50 50,000.00
14:59:42 39 25.50 9,000.00
14:59:42 38 25.50 25,000.00
14:59:42 37 25.50 10,000.00
14:59:34 36 25.55 56,000.00
14:59:34 35 25.55 21,000.00
14:06:03 34 26.00 9,000.00
14:04:06 33 26.00 10,000.00
14:02:23 32 26.00 22,000.00
14:02:23 31 26.00 10,000.00
14:01:12 30 26.00 10,000.00
14:01:08 29 26.00 10,000.00
14:01:08 28 25.90 8,000.00
14:00:12 27 25.40 4,000.00
13:58:09 26 25.40 2,000.00
13:55:16 25 25.50 6,000.00
13:55:16 24 25.50 19,000.00
13:53:55 23 25.50 2,000.00
13:49:34 22 25.60 1,000.00
13:32:04 21 25.50 21,000.00
13:30:27 20 25.60 5,000.00
13:30:15 19 25.50 1,000.00
13:30:10 18 25.50 10,000.00
13:30:10 17 25.49 10,000.00
10:37:09 16 25.10 1,000.00
10:37:06 15 25.15 8,000.00
10:37:06 14 25.15 21,000.00
10:37:06 13 25.15 20,000.00
10:36:25 12 25.15 10,000.00
10:36:25 11 25.15 21,000.00
10:36:25 10 25.15 19,000.00
10:28:15 9 25.15 1,000.00
09:23:45 8 24.50 30,000.00
09:23:45 7 24.50 20,000.00
09:14:15 6 24.50 5,000.00
09:14:15 5 24.50 40,000.00
09:14:15 4 24.50 20,000.00
09:14:15 3 24.50 10,000.00
09:14:15 2 24.51 25,000.00
09:10:52 1 25.00 6,000.00

Gli scambi sono aumentati molto da 10gg a questa parte!!!

/31-12
Change (%) 81.07
High (%) 25/03/11 26.00
Low (%) 12/01/11 13.01

 

[ferdo]

E ti apsetti il profumo inebriante o le spine ?

sono tradizionalista:
aprile
maggio

 

[fabriziof]

Intanto continuo a segnalare la performance stratosferica della depfa:
Instrument's name ISIN Euronext code Market Symbol Date
DEPFA FD 2 0%PL
XS0178243332 XS0178243332 AMS DEPF2 25/03/11 15:11 CET

Date - time Trade id Quote Volume
15:11:34 42 25.35 15,000.00
15:09:10 41 25.35 20,000.00
15:00:44 40 25.50 50,000.00
14:59:42 39 25.50 9,000.00
14:59:42 38 25.50 25,000.00
14:59:42 37 25.50 10,000.00
14:59:34 36 25.55 56,000.00
14:59:34 35 25.55 21,000.00
14:06:03 34 26.00 9,000.00
14:04:06 33 26.00 10,000.00
14:02:23 32 26.00 22,000.00
14:02:23 31 26.00 10,000.00
14:01:12 30 26.00 10,000.00
14:01:08 29 26.00 10,000.00
14:01:08 28 25.90 8,000.00
14:00:12 27 25.40 4,000.00
13:58:09 26 25.40 2,000.00
13:55:16 25 25.50 6,000.00
13:55:16 24 25.50 19,000.00
13:53:55 23 25.50 2,000.00
13:49:34 22 25.60 1,000.00
13:32:04 21 25.50 21,000.00
13:30:27 20 25.60 5,000.00
13:30:15 19 25.50 1,000.00
13:30:10 18 25.50 10,000.00
13:30:10 17 25.49 10,000.00
10:37:09 16 25.10 1,000.00
10:37:06 15 25.15 8,000.00
10:37:06 14 25.15 21,000.00
10:37:06 13 25.15 20,000.00
10:36:25 12 25.15 10,000.00
10:36:25 11 25.15 21,000.00
10:36:25 10 25.15 19,000.00
10:28:15 9 25.15 1,000.00
09:23:45 8 24.50 30,000.00
09:23:45 7 24.50 20,000.00
09:14:15 6 24.50 5,000.00
09:14:15 5 24.50 40,000.00
09:14:15 4 24.50 20,000.00
09:14:15 3 24.50 10,000.00
09:14:15 2 24.51 25,000.00
09:10:52 1 25.00 6,000.00

Gli scambi sono aumentati molto da 10gg a questa parte!!!

/31-12
Change (%) 81.07
High (%) 25/03/11 26.00
Low (%) 12/01/11 13.01

motivo?

 

[fabriziof]

c'è euforia per questa bella notizia?


DUBLIN-based Depfa bank, part of the giant German bank Hypo Real Estate (HRE), said it will not make any payments on €500m of its subordinated bonds when payment falls due on March 21.
The decision was announced in a statement on the Irish Stock Exchange, where Depfa's bonds are listed and traded.
The news means Depfa joins Irish banks, including AIB and Bank of Ireland, in not being allowed to pay interest to holders of risky bonds while relying on their governments for financial support.
Depfa became the biggest bank in Ireland during the credit boom after moving its headquarters to Dublin from Germany back in 2002.
It operates from the IFSC where its main business is lending to governments and local government projects around the world.
That kind of lending tends to be very safe, but Depfa funded its long-term lending activities by borrowing short-term finance in the financial markets.
Depfa was bought by German property bank Hypo Real Estate (HRE) in 2008, just in time to save the Government having to rescue the bank from near collapse when the Lehman Brothers crisis shut down the market for short-term bank finance.
Thanks to its German parent, HRE had to turn to the German government for help and was not included in the Irish bank guarantees.
HRE had to be nationalised by the German government under a €102bn bailout deal in 2009.
- Donal O'Donovan

 

[Discepolo]

Buy Mais 174 a 70,50 e Bawag 897 a 70,50.

Nel contempo mi pare che sta settimana le ltII (mercato italiano) abbiano continuato nella fase di debolezza (UC ren 4,65 2016 oggi alle 14....)

Ciao a tutti!

 

[tdf]

per chi fosse interessato a obbligazioni in $ ora bpce 208 TF 6,75% in dollari con iw si acquista a 91,50. Altri prezzi: OEVAG si acquista a 40 la irs e la tf 10% a 64,5. Saluti

 

[fabriziof]

c'è euforia per questa bella notizia?


DUBLIN-based Depfa bank, part of the giant German bank Hypo Real Estate (HRE), said it will not make any payments on €500m of its subordinated bonds when payment falls due on March 21.
The decision was announced in a statement on the Irish Stock Exchange, where Depfa's bonds are listed and traded.
The news means Depfa joins Irish banks, including AIB and Bank of Ireland, in not being allowed to pay interest to holders of risky bonds while relying on their governments for financial support.
Depfa became the biggest bank in Ireland during the credit boom after moving its headquarters to Dublin from Germany back in 2002.
It operates from the IFSC where its main business is lending to governments and local government projects around the world.
That kind of lending tends to be very safe, but Depfa funded its long-term lending activities by borrowing short-term finance in the financial markets.
Depfa was bought by German property bank Hypo Real Estate (HRE) in 2008, just in time to save the Government having to rescue the bank from near collapse when the Lehman Brothers crisis shut down the market for short-term bank finance.
Thanks to its German parent, HRE had to turn to the German government for help and was not included in the Irish bank guarantees.
HRE had to be nationalised by the German government under a €102bn bailout deal in 2009.
- Donal O'Donovan

o per quest'altra?

DEPFA Funding IV LP will not pay the next coupon on its
Preferred Securities

Dublin/Munich 4 March 2011 - The Board of Directors of Dublin-based DEPFA BANK plc has determined that its Tier 1 issuing vehicle DEPFA Funding IV LP will not make payments on its € 500 million Preferred Securities (XS0291655727) on the next Distribution Payment Date scheduled 21 March 2011.

Preferred securities are a particular class of subordinated Tier 1 instruments. The conditions for coupon payments are set out in the terms and conditions of each issue. In principle coupon payments are at the discretion of the Board of Directors of DEPFA BANK plc unless a contractual or other legal prohibition on payment exists. As of 4 March 2011 such a situation exists whereby DEPFA BANK plc is not permitted to pay coupons owing to insufficient Adjusted Distributable Reserves (ADR) as calculated from the latest available audited annual accounts of the company.

In addition, DEPFA BANK plc considers servicing these instruments would conflict with the EU Commission's rules for banks subject to a restructuring aid investigation. In its Communication on restructuring aid to financial institutions of July 2009 the Commission sets out that "banks should not use state aid to remunerate own funds (equity and subordinated debt) when their activities do not generate sufficient profits". DEPFA BANK plc.'s shareholder, Hypo Real Estate Holding AG, has been in receipt of restructuring aid from the Federal Republic of Germany and is awaiting a final ruling on the compatibility of such aid.

DEPFA BANK plc will make a decision regarding the payment of coupons on its other subordinated Tier 1 instruments, DEPFA Funding II LP (XS0178243332) and DEPFA Funding III LP (DE000A0E5U85), closer to their scheduled distribution payment dates on 30 October 2011 and 8 June 2011 respectively. Nevertheless, in this context DEPFA BANK plc does not expect that any such coupon payments will be made in 2011.

 

[gionmorg]

Sono news relativamente vecchie, quindi già scontate dai prezzi