Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (2 lettori)

[amorgos34]

questa é da vedere.

se fosse una normale lt2 senza possibilitá di skip cedola, sarebbe da comprare.

Dubito...mi sa che siano dei bei coco bond.

Mi sa che le nuove saranno tutte emissioni da 100 k .

 

[Discepolo]

Grazie Rott per la puntualità con cui posti queste news.

Devo però dire che sono incredulo dal tasso con cui esce.

Il 9 % rispetto alle emissioni SNS attuali (e ai loro prezzi attuali) è un non-sense tasso Perchè uno dovrebbe entrarci ?

Pensando poi che sarà B3 compliant (con tutte le clausole peggiorative).




Ci sono i certificati bonus cap (che assomigliano molto ai coco bond, provate a pensarci) che (almeno fino a settimana scorsa) rendono incommensurabilmente di più.

Infatti, mi pare tu abbia fatto un bel colpaccio su Generali , quanto a Furstenberg, XS0456513711 ce l'ho, anche se è salita abbastanza, nelle 3 fasce del Negus la metterei in terza fascia e poi è in dollari. Ho anche la DE000A0EUBN9 che è salita parecchio, ma per ora tengo. Sono ancora alle prime esperienze come cassettista dinamico...

 

[Gallo Cedrone]

It's simple... questa è (Dutch, non irish) STATE OWNED, con un prospetto che rende la cedola inskippabile, alla peggio cumula. Quindi deve valere come un titolo di stato (Olanda, non Italia).

E' da un po' che mi dicono che il ragionamento non va, eppure al momento non sono certo pentito di aver fatto di testa mia

Hai fatto la scelta migliore Noi qui siamo usciti quasi tutti in area 60-65...

Ottima scelta claudio io sono uscito a 60,5

 

[amorgos34]

ot

Infatti, mi pare tu abbia fatto un bel colpaccio su Generali , .

Per quanto riguarda il Bonus Cap su Generali (di Bnp) devo ringraziare Fabriziof.

(dopo mi sono un po' fatto prendere la mano da altri certificati )

 

[samantaao]

grazie!
praticamente e' come la BPVN (cedola simile, call 2017 e postcall quasi identico)
pero' perche' mais dice di prendere l'altra che ha cedola piu' bassa? o ho capito male?

la ING 127 sull'euronext oggi ha chiuso a 74
ma dove vuole arrivare?
se arriva a 75 mi vendo le ultime e switcho su BACA

copio e incollo i miei appunti farciti di commenti presi anche qui:

cedola annuale 4,375% fino al 06/06/2015 poi cedola trimestrale euribor3M+2,25%
dopo la call 06/06/2015 non ha maturity, quindi è una perpetua
veniamo alle cedole
l'emittende deve pagare cedola ed eventuali arretrati in presenza di compulsory che avviene se:
a)solvency margin level >=150% del minimo richiesto dalla legislazione
OPPURE
b)si presentano contemporaneamente queste 3 condizioni:
b1)solvency margin level > del minimo richiesto dalla legislazione
b2)non c'è un regulatory intervention ovvero le autorità non impediscono il pagamento
b3)sono state pagate cedole/dividendi o rimborsati altri strumenti di capitale
in presenza di a) oppure b) la cedola arriva, in caso contrario è a discrezione dell'emittente (a meno che ci sia il regulatory intervention )
GLI INTERESSI ARRETRATI E CUMULATI NON MATURANO ALTRI INTERESSI
--------------------------------------------
bene, ora le zone oscure sono:
1-chi riesce a monitorare il solvency margin level?
2-solvencyII potrebbe modificare il solvency margin level minimo richiesto dalla legislazione? perdonate la mancanza, ancora non ho approcciato a solvencyII però secondo me molto probabile come fatto da basilea3 x le banche
3-qualcuno ho un'analisi sulla solidità di questa società?
-----------------
fabbro:
per Groupama ,corretto.Difatti la FR0010533414 è un deeply undated subordinated, quindi non-cumulative e anche con clausole di loss absorption.E alcune banche tipo DB la tassano al 27%.
Poi sempre di Groupama, esiste attualmente una terza :la FR0010815464 cumulative e senza loss abs collocata nel ottobre 2009 per rimborsare quei 2 bond emessi a luglio 1999 e non callati a luglio 09 cioè il FR0000495665 e il FR0000495657 che furono richiamati io penso il 22 gennaio 2010 o il 22/10/2009 coi proventi (750 milioni) di questa terza FR0010815464 emessa a ottobre 2009
Questa terza è la unica che ha scadenza definita: 27/10/2039,mentre le altre 2 ancora in essere ,sono perpetual .
Infine la FR0010208751 che abbiamo io e l'amico obsoleto è una undated senior subordinated note , cumulative e senza loss absorption e se non erro Bloomberg la classifica LT2 anche se sbaglia .
Da un sunto di un articolo su AFFARI E FINANZA di Repubblica di lunedì 8/11/10: Groupama è un gruppo mutualistico, i suoi 16 milioni di clienti sono anche i suoi 16 milioni di azionisti:è una "coop con 16 milioni di soci ,sesta assicurazione francese, quindicesima in Europa,16 milioni di clienti, 39 mila dipendenti considerata una delle migliori società di gestione ,con raccolta premi di 17,4 miliardi, un'attività di tutto rispetto nel settore bancario meno di dieci anni dopo il suo avvio (500 mila clienti bancari).Una struttura che ricorda quella del Crédit Agricole e dell'AXA che nacque da una piccola mutua agricola di Rouen .La lontana origine di GROUPAMA è invece in una mutua per i contadini di Mions, nel dipartimento dell'Isère (Grenoble);vi è una cascata di società che compongono l'organigramma di Groupama come è nel CREDIT AGRICOLE A capo di GROUPAMA ci sono il presidente Jean-Luc Baucherel e l'amministratore delegato Jean Azéma . E per il momento GROUPAMA non è quotata in BORSA e probabilmente verrà quotata la Groupama SA (società per azioni)che guida le attività operative, controlla le filiali, riassicura le casse regionali.
Ma l'arrivo in Borsa servirebbe anche a trovare denaro fresco per ridurre i limiti del gruppo: nel primo semestre dell'anno 2010 gli utili sono scesi del 29%, i fondi propri sono calati da 4,6 a 3,9 miliardi, la Standard & Poor's ha degradato Groupama da A a A-, sottolineando la sua troppo bassa redditività.

 

[fabriziof]

Per quanto riguarda il Bonus Cap su Generali (di Bnp) devo ringraziare Fabriziof.

(dopo mi sono un po' fatto prendere la mano da altri certificati )

e io te per il macquarie su intesa

 

[ferdo]

Metà RZB 040 a 61,00 con IW

Altro pianeta Torelli e Terzano rispetto alla donzella

oggi sono usciti i dati di RZB - non ho ancora letto se li avete postati perchè oggi non ho potuto seguire, quindi eccoli qui:

RBI posts consolidated profit of almost € 1.1 billion in 2010

08.04.2011

• Consolidated profit rises 141.5 per cent year-on-year to € 1,087 million (pro forma 2009: € 450 million)
• Net interest income increases by 9.0 per cent to € 3,578 million (pro forma 2009: € 3,282 million)
• Net provisioning for impairment losses declines by 46.5 per cent to € 1,194 million (pro forma 2009: € 2,232 million)
• Net fee and commission income rises 4.9 per cent to € 1,491 million (pro forma 2009: € 1,421 million)
• Profit before tax increases by 62.9 per cent to € 1,287 million (pro forma 2009: € 790 million)
• Return on equity before tax improves by 4.2 percentage points year-on-year to 13.7 per cent (pro forma 2009: 9.5 per cent)
• Core tier 1 ratio, total increases by 0.4 percentage points year-on-year to 8.9 per cent; Tier 1 ratio, total increases by 0.3 percentage points to 9.7 per cent
• Earnings per share rise by € 3.27 to € 4.56 (pro forma 2009: € 1.29)
  

"The year 2010 was a decisive one, both for our company and for its home market Central and Eastern Europe. Despite the considerable additional costs brought about by the merger, Raiffeisen Bank International managed to post a very satisfying full-year profit of more than one billion euros for its first financial year. Moreover, with our merger, we have ensured that we are well-positioned to meet future challenges and market requirements. Central and Eastern Europe has, on the whole, achieved the turnaround and all of the region's countries are seen back on the path of growth in 2011. This should result in a clear rise in the demand for financial products – something for which we are also well-prepared," said Herbert Stepic, CEO of Raiffeisen Bank International.

RBI posted a consolidated profit (after tax and non-controlling interests) of € 1,087 million in 2010, which represents an increase of 141.5 per cent compared to RBI's pro forma consolidated profit a year earlier (2009: € 450 million). This result reflects, above all, the positive influence of markedly lower need for net provisioning for impairment losses, which declined by 46.5 per cent to € 1,194 million (pro forma 2009: € 2,232 million). In addition, there was a one-off effect with regard to income taxes. This item was lower in spite of a 58 per cent rise in net income due, in particular, to deferred tax income arising from the recognition of tax loss carry-forwards in Austria (€ 120 million) and changes to tax legislation in Ukraine (€ 26 million). Profit before tax rose by 62.9 per cent to € 1,287 million (pro forma 2009: € 790 million), while the profit after tax increased by 121.7 per cent to € 1,177 million (pro forma 2009: € 531 million). Earnings per share rose from pro forma € 1.29 in 2009 by € 3.27 to € 4.56. The Management Board will propose a dividend of € 1.05 per share at this Annual General Meeting. If this proposal is approved, the total dividend will be € 204.3 million.

Operating result shows year-on-year stability

RBI's operating result in 2010 fell by 1 per cent to € 2,424 million as a result of higher general administrative expenses and the Hungarian bank levy, which comes under other net operating income.

While individual income components showed differing trends, operating income remained relatively constant quarter by quarter in 2010. The 5 per cent year-on-year increase to € 5,403 million (pro forma 2009: € 5,167 million) was primarily due to higher net interest income and growth in net fee and commission income, while net trading income and other net operating income showed negative development.

Net interest income rose by 9 per cent, or € 296 million, to € 3,578 million, representing the biggest increase of any earnings component. Part of this growth was due to higher business volume as a result of a slight rise in credit growth in some markets in 2010 following the dip in 2009 brought about by the financial crisis.

The increase of 5 per cent, or € 70 million, to € 1,491 million in net fee and commission income was a clear sign that the overall economic situation has improved in RBI's home markets.

Net trading income amounted to € 328 million, representing a 22 per cent, or € 91 million, decline against the previous year. The main reason for this decline was the positive trend in 2009, a year that saw a strong recovery in the value of interest rate products, which contributed to above-average net income.

"The rise in our net interest income and net fee and commission income mirrors the improving macroeconomic environment in our home market. Southeastern Europe, the region with the most moderate economic performance, was the region that posted the highest contribution to our Group's profits. Central Europe posted the second-highest profit before tax, edging out Russia, which nevertheless managed to post the highest year-on-year increase, namely 76 per cent. Following the loss it had posted a year earlier, the region CIS Other was clearly back in profitable territory in 2010," RBI Chief Financial Officer Martin Grüll summarized developments in the group's regional segments.

Decline in provisioning for impairment losses

Due to the improvement in overall economic conditions and the measures taken to stabilize the loan portfolio, provisioning for impairment losses in 2010 fell by 47 per cent or € 1,038 million to € 1,194 million.

"The revitalised economic growth in the region is also reflected in the sharp decline in net provisioning for impairment losses, whose 2010 volume was nearly one-half lower than that of 2009," Johann Strobl, Chief Risk Officer of RBI, commented on the developments. "Our NPL ratio – the proportion of non-performing loans in our loan portfolio – stood at 9.0 per cent at the end of the reporting period. It's worth noting that the NPL growth rate slowed down considerably since the start of the second half of 2010. During the fourth quarter, we could even observe a decline in the existing stock of non-performing loans in Russia, the Czech Republic, Poland and Romania," Strobl added.

The net provisioning ratio based on average credit risk-weighted assets also fell significantly by 123 basis points to 1.66 per cent.

The NPL ratio, which is the non-performing loan ratio in the loan portfolio, rose by 1.56 percentage points to 9.0 per cent. This followed an increase of 4.5 percentage points in the previous year. The strongest growth in 2010 was in business with large corporates and private individuals.

Return on equity before tax rises to 13.7 per cent

The return on equity (ROE) before tax rose year-on-year by 4.2 percentage points to 13.7 per cent, primarily due to a reduction in provisioning for impairment losses. Average equity, on which this calculation is based, was up 13 per cent year-on-year at € 9,400 million. The growth in capital was accounted for by retained earnings and the participation capital issued in the second quarter of 2009. Due to the aforementioned tax-related effects, consolidated ROE – based on the capital attributable to RBI shareholders – grew even more sharply by 5.9 percentage points to 13.0 per cent.

General administrative expenses up by almost 10 per cent

Following a 14 per cent decline in 2009 due to cost-cutting measures and currency effects, general administrative expenses grew by 10 per cent or € 264 million to € 2,980 million in the year under review. In contrast to the previous year, currency appreciation in 2010 partly contributed to a rise in general administrative expenses.

Market-related changes in salary structures and reinstated bonus payments led to an 8 per cent increase in staff expenses to € 1,453 million.

The average number of staff fell by 6 per cent or 3,692 to 59,188, primarily as a result of cutbacks in Ukraine, Russia and Romania.

As per the end of 2010, RBI had 59,782 employees, which represents an increase of 1.0 per cent in comparison to the end of 2009.

Other administrative expenses rose by 9 per cent to € 1,187 million, largely due to higher IT costs, the costs of the merger with RZB's principal business areas and the costs of launching the direct bank ZUNO.

Higher general administrative expenses, which grew by 10 per cent -- and thus by more than operating income, which was up 5 per cent – to reach € 2,980 million were the main reason for the increase in the cost/income ratio by 2.6 percentage points to 55.1 per cent. This ratio of general administrative expenses to operating income is a key measure of a bank's efficiency.

Organic decline in total assets

With the merger of Raiffeisen International and RZB's principal business areas shown retroactively, the total assets increased by € 69.4 billion at the start of the year 2010. It fell year-on-year by € 14.5 billion to € 131.2 billion at year-end. This fall was largely due to interbank business. As a result of the appreciation of the US dollar and most CEE currencies, the total assets increased by approximately € 2.4 billion. Adjusted for these effects, there was an organic reduction of the total assets of around 12 per cent or € 16.9 billion.

Tier 1 ratio (credit risk) rises to 12.2 per cent

As a result of the merger of Raiffeisen International and RZB's principal business areas, equity (primarily comprised of participation capital and retained earnings) rose by € 2,325 million. The merger also entailed a capital increase from own funds. As a result, subscribed capital rose by € 125 million to € 596 million (not including own shares of € 593 million).

After taking the merger into account, RBI's equity – including the capital of non-controlling interests – rose year-on-year by 12 per cent or € 1,078 million to € 10,404 million as at the reporting date.

The tier 1 ratio (credit risk) rose by 0.4 percentage points to 12.2 per cent. The tier 1 ratio (total risk) increased by 0.3 percentage points to 9.7 per cent, while the core tier 1 ratio rose by 0.4 percentage points to 8.9 per cent. The own funds ratio fell by 0.2 percentage points to 13.3 per cent.

Further optimization of outlet network

The number of business outlets fell by 68 to 2,961 in the year under review on account of further optimization in the RBI Group's network of business outlets. The overall figure includes the five branches of RBI AG. Due to exclusion of customers who had been inactive over a longer period of time, RBI's overall number of customers sank to around 14 million from 15.1 million at the end of 2009.

4th Quarter 2010: consolidated profit rises fivefold on year-on-year basis

In the fourth quarter, RBI posted a net interest income after provisioning of € 590.2 million, a figure that is 74 per cent higher than that for the same quarter a year earlier.

Net provisioning for impairment losses amounted to € 280.7 million, a figure that was € 92.2 million, or 24.7 per cent, lower than that for the same period in 2009 (Q4 2009: € 372.9 million). Provisioning needs were also clearly lower when compared to the preceding quarters of 2010: net provisioning for impairment losses had amounted to € 324.9 million in the first quarter, to € 282.7 million in the second quarter and to € 305.7 million in the third quarter.

Consolidated profit in the fourth quarter of 2010 amounted to € 304.3 million, representing an increase of 437.6 per cent compared to the consolidated profit posted in the fourth quarter of 2009 (Q4 2009: € 56.6 million).

2011 Outlook

Now that the crisis is tailing off and amidst mounting signs of an overall economic recovery, RBI aims in the medium term, with the inclusion of the acquisition of Polbank, for a return on equity before tax of 15 to 20 per cent. This is excluding future acquisitions, any capital increases, as well as unexpected regulatory requirements from today’s perspective.

In 2011, RBI plans to notably increase growth in customer lending volumes relative to the previous year (2010: 4.3 per cent). In terms of regions, RBI is seeking the highest absolute growth in lending to customers in CEE.

From the customer standpoint, RBI plans to retain its Corporate customers division as the backbone of its business and in the medium term to expand the proportion of Group lending to customers accounted for by its Retail customers division. Following the successful conclusion of the acquisition of Polbank, the Central European segment will continue to gain importance in terms of customer lending volumes.

In terms of credit risk, RBI expects to witness a further decline in the net provisioning ratio (provisioning for impairment losses in relation to the average credit risk-weighted assets) over the medium term. Based on current market forecasts, RBI assumes that the non-performing loan ratio at Group level will peak in the second half of 2011.

The bank levies in Austria and Hungary will lead to an anticipated reduction in RBI's 2011 result of some € 130 million (approximately € 90 million for Austria and € 40 million for Hungary).

In 2011, RBI plans to raise around € 6.5 billion in long-term wholesale funding in the capital markets, of which € 2.3 billion had already been successfully placed as of beginning of March.

The number of Group outlets is to remain fairly stable in 2011, although there may continue to be some optimization of our network in some countries.

You can access the web-version of Raiffeisen Bank International's annual report at http://ar2010.rbinternational.com. A printed English-language version can also be ordered on that webpage.

 

[Mais78]

Mais che ne Pensi dell' $ Euro?

Intanto la Baw897 Piano Piano Salicchia

Non penso Sui cambi non ho una view, prendo semplicemente atto di dove sono...mercato piu' difficile in assoluto

La Bawag 897 in questi giorni a 70 mi sembrava cosi sacrificata che oggi stavo per darle una bella martellata, poi ho aperto bloomberg e ho visto che e' sui 73...per me vale almeno 85. Non escludo di arrotondare.

 

[Mais78]

grazie!
praticamente e' come la BPVN (cedola simile, call 2017 e postcall quasi identico)
pero' perche' mais dice di prendere l'altra che ha cedola piu' bassa? o ho capito male?

la ING 127 sull'euronext oggi ha chiuso a 74
ma dove vuole arrivare?
se arriva a 75 mi vendo le ultime e switcho su BACA

perche' il livello di subordinazione e' diverso, la 414 e' una T1 con loss abs, la 751 e' LT2 cumulativa

 

[ferdo]

Si 50 (e multipli). La Groupama 414 è la bella corna:) addormentata nel bosco delle p.

FUERSTENBERG XS0456513711
Raschiando il barile ho trovato questa. Per me assolutamente sconosciuta. Qualcuno ne sa qualcosa ? L'avete ?
Rating : Baa2 (non male).

LB Nordbank, la meglio messa tra le LB tedesche
ha sempre pagato
consigliata da Unicredit nel report di agosto 2010
elevata cedola e post call

disclaimer: mai comprata con pentimento