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Obbligazioni perpetue e subordinateTutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1
Ecco perchè l'Irlanda è decollata oggi: MS ha dato il buy. C'è qualcuno che riesce a reperire questo report di MS?
LONDON (ShareCast) - In a note published this afternoon, titled 'Ireland - Time to Buy', MorganStanley's Chief European Economist Elga Bartsch's team reaches the following conclusions:
"Investment conclusion: We recommend investors buy Irish sovereign risk, with a preference for longer-dated cash government bonds. What's new: We view the Irish bank stress test results released last week as credible and likely to increase the focus on Ireland's positive underlying economic trajectory. The stress scenario assumes forward-looking losses comparable with US sub-prime experience from pre-crisis to date, and we note that this is in addition to material losses already taken by the Irish banks. Where we differ: Current sovereign pricing reflects hitherto justifiable concerns over Ireland's medium-term debt sustainability. However, we believe that Irish sovereign debt will stabilise at around 120% of GDP by 2013 and decline gradually thereafter. What's next: Volatility may remain high in the near term (...)We would therefore buy today and add on additional weakness over the next few weeks. Key milestones over the next few months will be the performance of the Irish economy in the early part of 2011".
Austrian banks will need 15 billion euros to 18 billion euros ($21 billion to $26 billion) in additional capital by 2019 to comply with Basel III rules, Central Bank Governor Ewald Nowotny told Wirtschaftsblatt newspaper.