Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1
- 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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mavalà
Forumer storico
a parte il fatto che sul loro sito hanno incrociato erroneamente i codici delle loro emissioni (e già questo inorridisce), se guardi questa slide per la loro presentazione fatta l'anno scorso, noterai che a pag 45 le menzionano entrambe come step up. Nei prospetti però NON è mai chiaramente evidenziato, ne per la usd ne per la eur, e poichè a novembre 99 l'eur3 era a 3,8 non sono sicuro a pelle che sia step up (3,8+3,95=7,75 / precall 8,22). mi ricordo che l'anno scorso avevo scritto all ir segnalando l'errore dei codici incrociati sul loro sito e chedendogli appunto se fossero step up, ma non mi hanno mai risposto
https://multimediafiles.kbcgroup.eu...f_presentation_Debt_roadshow_October_2010.pdf
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capt.harlock
MENA IL CAMMELLO FAN CLUB
peccato non avere la certezza..sarebbero sate molto buone n ottica fine 2012
no perpetual no party
Forumer storico
non vorrei dire una sciocchezza...
ma le emissioni step up che vanno a perdere lo status di tier1 sono quelle che hanno la call da settembre 2010 in poi.. es. bawag 897..
mentre le step-up non callate precedentemente dovrebbero essere ammortizzate secondo lo schema del 10% annuo... o mi sbaglio?
ma le emissioni step up che vanno a perdere lo status di tier1 sono quelle che hanno la call da settembre 2010 in poi.. es. bawag 897..
mentre le step-up non callate precedentemente dovrebbero essere ammortizzate secondo lo schema del 10% annuo... o mi sbaglio?
Rottweiler
Forumer storico
Qualche post fa si era discusso dell'inattesa resistenza dell'euro alle cattive notizie.
Ecco una possibile spiegazione da una fonte autorevole:
Market Pro: 3 Reasons the Euro Remains Strong
Published: Friday, 25 Mar 2011 | 2:18 PM ET
By: Drew Sandholm
On Friday, the euro shrugged off concerns about deepening European debt crisis following the collapse of Portugal's government earlier this week.
"It's pretty extraordinary," said Rebecca Patterson, managing director and global head of currencies and commodities at J.P. Morgan Private Bank. "You lose an entire government and the euro doesn't seem to care."
There are three reasons for the euro's resiliency, Patterson said.
First, the market expects the European Central Bank to raise interest rates when it meets on April 7, Patterson explained. The market is now pricing in 100 basis points of rate hikes over the next 12 months. Being as yields have risen more in Europe than they have in the U.S., Patterson said the euro is made "more attractive."
In addition, Patterson said oil prices are well supported. Being as oil producers now have more money, they are diversifying and buying euros.
Finally, there are continued flows into emerging markets. The Brazilian real, as well as the Mexican peso, for example, are strong. Patterson said central banks are intervening and diversifying with euros.
Patterson herself has stayed away from the euro. She doesn't anticipating getting into it any time soon either.
Ecco una possibile spiegazione da una fonte autorevole:
Market Pro: 3 Reasons the Euro Remains Strong
Published: Friday, 25 Mar 2011 | 2:18 PM ET
By: Drew Sandholm
On Friday, the euro shrugged off concerns about deepening European debt crisis following the collapse of Portugal's government earlier this week.
"It's pretty extraordinary," said Rebecca Patterson, managing director and global head of currencies and commodities at J.P. Morgan Private Bank. "You lose an entire government and the euro doesn't seem to care."
There are three reasons for the euro's resiliency, Patterson said.
First, the market expects the European Central Bank to raise interest rates when it meets on April 7, Patterson explained. The market is now pricing in 100 basis points of rate hikes over the next 12 months. Being as yields have risen more in Europe than they have in the U.S., Patterson said the euro is made "more attractive."
In addition, Patterson said oil prices are well supported. Being as oil producers now have more money, they are diversifying and buying euros.
Finally, there are continued flows into emerging markets. The Brazilian real, as well as the Mexican peso, for example, are strong. Patterson said central banks are intervening and diversifying with euros.
Patterson herself has stayed away from the euro. She doesn't anticipating getting into it any time soon either.
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camaleonte
Forumer storico
La sto tenendo d'occhio da un bel pò, la mia banca mi ha detto che
è illiquida e che se proprio voglio acquistarla il quantitativo minimo
diventa di 100000 non ricordo bene se fiorini o €.
Rottweiler
Forumer storico
Ciao,
non so se tu abbia letto il prospetto, ma questo dice che i titoli sono disponibili in 2 forme (francamente non capisco cosa significhi) denominate K e CF, disponibili rispettivamente in tagli di 5000 e 10000 NLG per i K e 5000, 100000 e 1000000 per i CF.
Se avessi intenzione di acquistare dovrai capire perchè la tua banca ti parla solo del taglio da 100000 NLG.
samantaao
Forumer storico
non vorrei dire una sciocchezza...
ma le emissioni step up che vanno a perdere lo status di tier1 sono quelle che hanno la call da settembre 2010 in poi.. es. bawag 897..
mentre le step-up non callate precedentemente dovrebbero essere ammortizzate secondo lo schema del 10% annuo... o mi sbaglio?
il discorso è un po' più articolato:
Capital instruments that no longer qualify as non-common equity Tier 1 capital or Tier 2 capital will be phased out beginning 1 January 2013. Fixing the base at the nominal amount of such instruments outstanding on 1 January 2013, their recognition will be capped at 90% from 1 January 2013, with the cap reducing by 10 percentage points in each subsequent year. This cap will be applied to Additional Tier 1 and Tier 2 separately and refers to the total amount of instruments outstanding that no longer meet the relevant entry criteria. To the extent an instrument is redeemed, or its recognition in capital is amortised, after 1 January 2013, the nominal amount serving as the base is not reduced. In addition, instruments with an incentive to be redeemed will be treated as follows:
–For an instrument that has a call and a step-up prior to 1 January 2013 (or another incentive to be redeemed), if the instrument is not called at its effective maturity date and on a forward-looking basis will meet the new criteria for inclusion in Tier 1 or Tier 2, it will continue to be recognised in that tier of capital.
–For an instrument that has a call and a step-up on or after 1 January 2013 (or another incentive to be redeemed), if the instrument is not called at its effective maturity date and on a forward looking basis will meet the new criteria for inclusion in Tier 1 or Tier 2, it will continue to be recognised in that tier of capital. Prior to the effective maturity date, the instrument would be considered an “instrument that no longer qualifies as Additional Tier 1 or Tier 2” and will therefore be phased out from 1 January 2013.
–For an instrument that has a call and a step-up between 12 September 2010 and 1 January 2013 (or another incentive to be redeemed), if the instrument is not called at its effective maturity date and on a forward looking basis does not meet the new criteria for inclusion in Tier 1 or Tier 2, it will be fully derecognised in that tier of regulatory capital from 1 January 2013.
–For an instrument that has a call and a step-up on or after 1 January 2013 (or another incentive to be redeemed), if the instrument is not called at its effective maturity date and on a forward looking basis does not meet the new criteria for inclusion in Tier 1 or Tier 2, it will be derecognised in that tier of regulatory capital from the effective maturity date. Prior to the effective maturity date, the instrument would be considered an “instrument that no longer qualifies as Additional Tier 1 or Tier 2” and will therefore be phased out from 1 January 2013.
–For an instrument that had a call and a step-up on or prior to 12 September 2010 (or another incentive to be redeemed), if the instrument was not called at its effective maturity date and on a forward looking basis does not meet the new criteria for inclusion in Tier 1 or Tier 2, it will be considered an “instrument that no longer qualifies as Additional Tier 1 or Tier 2” and will therefore be phased out from 1 January 2013.
camaleonte
Forumer storico
Secondo il Ministro Tremonti esiste la possibilità che i Fondi Sovrani Arabi possano dismettere
1600 Mld di $ e 600 Mld di € di attività per far fronte alle richieste della popolazione del mondo Arabo in rivolta. E’ quanto è emerso, tra le altre cose, nel corso dell’intervista odierna di Lucia Annunziata al Ministro durante il programma in ½ h.
1600 Mld di $ e 600 Mld di € di attività per far fronte alle richieste della popolazione del mondo Arabo in rivolta. E’ quanto è emerso, tra le altre cose, nel corso dell’intervista odierna di Lucia Annunziata al Ministro durante il programma in ½ h.
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