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

[Rottweiler]

Un'opinione raccolta tra gli assicurativi:

April 11, 2011
Insurers lose confidence in Solvency II deadline
by Gill Montia

Insurers are less confident that the industry will achieve Solvency II compliance by 1st January 2013, according to new research undertaken by the Economist Intelligence Unit for Deliotte.

The survey found that just under half of respondents (46%) were confident or very confident about the prospects for industry compliance, compared to 63% in 2010.

However, firms were more optimistic about their own chances of achieving compliance than for the industry as a whole.

In addition, 65% of insurers questioned said they expect to introduce new risk mitigation techniques due to Solvency II, whilst almost half (47%) said they may need to reorganise or restructure, compared to approximately one-third last year (34%).

Life insurers were more likely than non-life companies to say that they may need to reorganise or restructure (57% vs 36%) and were also more likely to say that they may need to launch new products (33% vs 11%).

Commenting on the findings, Deliotte Solvency II lead partner, Rick Lester, says: “The consequences of Solvency II include the number of companies looking at restructuring or relocating and the anticipated effect it will have on consumers as a result of changes to product mix, design and pricing.”

However, all respondents have now submitted budgets, which is a significant improvement on last year’s figure of 62%.

 

[negusneg]

l'anno scorso fu la Grecia a fine aprile, questo anno cosa cosa sarà?!
vorrei arrivare a mangiare l'agnello in pace

l'agnello non so, ma agli agnolotti di questo week end dovremmo arrivarci...

si naviga a vista

 

[Tobia]

Un'opinione raccolta tra gli assicurativi:

April 11, 2011
Insurers lose confidence in Solvency II deadline
by Gill Montia

Insurers are less confident that the industry will achieve Solvency II compliance by 1st January 2013, according to new research undertaken by the Economist Intelligence Unit for Deliotte.

The survey found that just under half of respondents (46%) were confident or very confident about the prospects for industry compliance, compared to 63% in 2010.

However, firms were more optimistic about their own chances of achieving compliance than for the industry as a whole.

In addition, 65% of insurers questioned said they expect to introduce new risk mitigation techniques due to Solvency II, whilst almost half (47%) said they may need to reorganise or restructure, compared to approximately one-third last year (34%).

Life insurers were more likely than non-life companies to say that they may need to reorganise or restructure (57% vs 36%) and were also more likely to say that they may need to launch new products (33% vs 11%).

Commenting on the findings, Deliotte Solvency II lead partner, Rick Lester, says: “The consequences of Solvency II include the number of companies looking at restructuring or relocating and the anticipated effect it will have on consumers as a result of changes to product mix, design and pricing.”

However, all respondents have now submitted budgets, which is a significant improvement on last year’s figure of 62%.

luci e ombre, anche se ritengo che il settore con il rialzo tassi abbia da guadagnarne

 

[frankiemachine]

in questi due-tre anni abbiamo ingoiato di tutto, difficile trovare qualcosa che ci possa ancora sorprendere...
oramai, a parte qualche irs, il barile è stato raschiato, le ciofeche o ritornano a clamorosi utili o vivacchiano senza impressionare più qualcuno
purtroppo a causa di un mega incastro mi sono perso l'ultima salita dell'obbligazionario ma non gufo di certo rovesci o sciagure

Uomo di poca fede

 

[Rottweiler]

Un'altro punto di vista a proposito del cambio €/$, questa volta da un analista di UBS:

Dollar May Rise on Interest Rate Prospects, UBS Says
By Anchalee Worrachate and Tom Keene


April 11 (Bloomberg) -- The dollar may gain this year as faster-than-expected growth and inflation in the U.S. force the Federal Reserve to tighten monetary policy, according to UBS AG.

Sentiment towards the dollar, especially among Asian investors, will improve once the Fed ends its $600 billion asset-purchase program in June, said Mansoor Mohi-Uddin, Singapore-based chief currency strategist at UBS AG. He declined to say when he expects the Fed to start raising interest rates. The dollar has fallen 7.3 percent against the euro this year.

“U.S. inflation numbers keep on printing higher,” Mohi- Uddin said in a radio interview today on “Bloomberg Surveillance” with Tom Keene. “The way the dollar is now against the euro, against the Australian dollar, has not priced in the risk that the Fed can end quantitative easing. It has not priced in the risk that U.S. policy will lead to stronger growth in America.”

The euro may decline because the market is expecting more interest-rate increases by the European Central Bank than policy makers are likely to deliver, Mohi-Uddin said. The central bank boosted its main refinancing rate on April 7 to 1.25 percent from 1 percent, and ECB President Jean-Claude Trichet signaled more increases may be on the way.

“The European Central Bank may go for a couple more rate hikes this year, but the market is pricing in five rate hikes in the next 12 months,” said Mohi-Uddin. “We think that’s too high and that’s why we are cautious about the euro at this level against the dollar.”

The euro declined 0.3 percent to $1.4447 as of 2:47 p.m. in London. UBS forecast that the euro will be at $1.30 in the next 12 months.

 

[fabriziof]

a qunto mi ha detto la tussi è stato un problema legato alle modifiche informatiche e sembra circoscritto a questo caso,oggi stacca efg hellas vediamo che succede.

 

[Zorba]

Un po' di prezzi:
- AIB 10,75% 26.5-27.5
- AIB 12.50% 25.50-25.50 (questa è sempre stata penalizzata dal maxi rateo, ma così lo spread con la 10.75% è un po' troppo)
- BOI 10% 61-63
- BACA K8 61.25-61.50

Operativamente ho venduto a 61 le BOI che avevo preso settimana scorsa a 55 (circa metà dell'esposizione). Ho preso lo stesso nominale di AIB 12.50% a 25.5. Ho fatto un po' di cash, ridotto i rischi in caso di nave che affonda e scommettendo su OPA a 30, AIB non mi sembra malaccio come prezzo.

Operazioni solo per cuori forti

Errata corrige: BOI eseguite a 62, anzichè 61. Meglio così.

Riprendo questo msg del 4 aprile. Ho visto che la AIB 10.75% oggi era 30-31 (mio target di ipotetica OPA): ho liquidato metà esposizione sulla 10.75% a 30.
Ho incrementato la AIB 12.50% a 28, sperando che domani (o a breve) annuncino OPA a 30 .

Morale della favola: ho portato a casa un po' di gain (che mi calcolo in riduzione del pmc, ormai molto vicino a 20) e spero di guadagnare due punti domani...

 

[camaleonte]

Un'altro punto di vista a proposito del cambio €/$, questa volta da un analista di UBS:

Dollar May Rise on Interest Rate Prospects, UBS Says
By Anchalee Worrachate and Tom Keene


April 11 (Bloomberg) -- The dollar may gain this year as faster-than-expected growth and inflation in the U.S. force the Federal Reserve to tighten monetary policy, according to UBS AG.

Sentiment towards the dollar, especially among Asian investors, will improve once the Fed ends its $600 billion asset-purchase program in June, said Mansoor Mohi-Uddin, Singapore-based chief currency strategist at UBS AG. He declined to say when he expects the Fed to start raising interest rates. The dollar has fallen 7.3 percent against the euro this year.

“U.S. inflation numbers keep on printing higher,” Mohi- Uddin said in a radio interview today on “Bloomberg Surveillance” with Tom Keene. “The way the dollar is now against the euro, against the Australian dollar, has not priced in the risk that the Fed can end quantitative easing. It has not priced in the risk that U.S. policy will lead to stronger growth in America.”

The euro may decline because the market is expecting more interest-rate increases by the European Central Bank than policy makers are likely to deliver, Mohi-Uddin said. The central bank boosted its main refinancing rate on April 7 to 1.25 percent from 1 percent, and ECB President Jean-Claude Trichet signaled more increases may be on the way.

“The European Central Bank may go for a couple more rate hikes this year, but the market is pricing in five rate hikes in the next 12 months,” said Mohi-Uddin. “We think that’s too high and that’s why we are cautious about the euro at this level against the dollar.”

The euro declined 0.3 percent to $1.4447 as of 2:47 p.m. in London. UBS forecast that the euro will be at $1.30 in the next 12 months.

C'è un evento che proprio nuovo non è che, secondo me, andrebbe considerato: la questione immigrazione, che ci vede in conflitto con l'Europa
e la mancanza di politiche comuni europee di grande rilevanza, come l'energia, il fisco, l'occupazione che incidano sulla crescita in modo strutturale. In questo siamo più deboli rispetto agli USA. Guardiamo solo
all'inflazione e come coprire i buchi delle banche.

 

[marketa]

Io ci ho creduto e anche a 47/48 le ho acq ancora . Ora ho il pmc a 62 e non so se tenere ancora. Secondo me arrivano a 70. Sono indeciso

io vorrei riprendermi il 69 pdc

 

[no perpetual no party]

Mps/ Cda delibera aumento di capitale da 2 a 2,471 mld
Lunedi, 11 Aprile 2011 - 19:20

Il Cda della Banca Monte dei Paschi di Siena ha approvato il Piano d'Impresa 2011- 2015 e deliberato la proposta di un aumento di capitale per 2 miliardi di euro, incrementabili per altri 471 milioni di euro, in funzione del valore nominale dei titoli Fresh 2003 che saranno acquistati dalla Banca nell'ambito dell'operazione di riacquisto.