ferdo
Utente Senior
mentre i T1 di Commerzbank sono alle stelle, l'azione è a 4,50 Euro (scesa come i ns bancari ultimamente):
inoltre:
"Die CoMEN sollen ab dem 18. April 2011 an der Frankfurter Wertpapierbörse und im Xetra-Handelssystem notiert werden."
Cosa sono le CoMEN, in emissione dal 18 aprile?!
ora indago
April 13 (Bloomberg) -- Commerzbank AG, Germany’s second-
biggest lender, fell to the lowest price since July 2009 in
Frankfurt trading as it was selling conditional mandatory
exchangeable notes to investors as part of a capital increase.
Commerzbank slid 5.5 percent to 4.67 euros as of 3:34 p.m.
local time. The Frankfurt-based lender is likely to price the
sale of the notes, called Comen, at 4 euros to 4.75 euros
apiece, according to three people familiar with the offer.
“Some traders have calculated that the fair value for
those Comen is about 4.50 euros, making the stock drop closer to
that level,” said Andreas Lipkow, an equity trader at MWB
Fairtrade Wertpapierhandelsbank AG in Frankfurt. “It’s an
arbitrage thing. Commerzbank is not a good buying opportunity in
the short term because of the capital increase.”
The German bank, which needed a government bailout during
the financial crisis, said last week it plans to repay about
14.3 billion euros ($21 billion) in aid by June by selling new
shares and using excess capital. In a first step, the lender is
selling the exchangeable notes to investors, followed by a
rights offer that needs approval from the annual general
meeting, which will be held May 6.
The sale of the Comen will end today, said the people, who
declined to be identified because an announcement has not been
made public. Reiner Rossmann, a spokesman for Commerzbank in
Frankfurt, declined to comment.
Option Trading
The bank seeks to raise 11 billion euros in two steps, with
8.25 billion euros coming from investors and 2.75 billion from
Germany’s Soffin bank-rescue fund. The sale of Comen is
estimated to raise 3.5 billion euros to 4.5 billion euros, with
a maximum cap set at 6 billion euros. In the rights issue, the
lender plans to collect 6.5 billion euros to 7.5 billion euros.
The final size of the individual steps depends on demand.
Option traders see more potential for Commerzbank shares to
drop. Implied volatility, the key gauge of option prices, for
at-the-money put contracts expiring in 30 days has jumped to
61.2, compared with 42.4 for calls with the same expiry.
Investors use options to guard against fluctuations in the
price of securities they own, speculate on share-price moves or
bet that volatility, or stock swings, will rise or fall. A put
is an agreement that gives the right to sell a security for a
certain amount, known as the strike price, by a set date, while
a call carries the right to buy.
inoltre:
"Die CoMEN sollen ab dem 18. April 2011 an der Frankfurter Wertpapierbörse und im Xetra-Handelssystem notiert werden."
Cosa sono le CoMEN, in emissione dal 18 aprile?!
ora indago
April 13 (Bloomberg) -- Commerzbank AG, Germany’s second-
biggest lender, fell to the lowest price since July 2009 in
Frankfurt trading as it was selling conditional mandatory
exchangeable notes to investors as part of a capital increase.
Commerzbank slid 5.5 percent to 4.67 euros as of 3:34 p.m.
local time. The Frankfurt-based lender is likely to price the
sale of the notes, called Comen, at 4 euros to 4.75 euros
apiece, according to three people familiar with the offer.
“Some traders have calculated that the fair value for
those Comen is about 4.50 euros, making the stock drop closer to
that level,” said Andreas Lipkow, an equity trader at MWB
Fairtrade Wertpapierhandelsbank AG in Frankfurt. “It’s an
arbitrage thing. Commerzbank is not a good buying opportunity in
the short term because of the capital increase.”
The German bank, which needed a government bailout during
the financial crisis, said last week it plans to repay about
14.3 billion euros ($21 billion) in aid by June by selling new
shares and using excess capital. In a first step, the lender is
selling the exchangeable notes to investors, followed by a
rights offer that needs approval from the annual general
meeting, which will be held May 6.
The sale of the Comen will end today, said the people, who
declined to be identified because an announcement has not been
made public. Reiner Rossmann, a spokesman for Commerzbank in
Frankfurt, declined to comment.
Option Trading
The bank seeks to raise 11 billion euros in two steps, with
8.25 billion euros coming from investors and 2.75 billion from
Germany’s Soffin bank-rescue fund. The sale of Comen is
estimated to raise 3.5 billion euros to 4.5 billion euros, with
a maximum cap set at 6 billion euros. In the rights issue, the
lender plans to collect 6.5 billion euros to 7.5 billion euros.
The final size of the individual steps depends on demand.
Option traders see more potential for Commerzbank shares to
drop. Implied volatility, the key gauge of option prices, for
at-the-money put contracts expiring in 30 days has jumped to
61.2, compared with 42.4 for calls with the same expiry.
Investors use options to guard against fluctuations in the
price of securities they own, speculate on share-price moves or
bet that volatility, or stock swings, will rise or fall. A put
is an agreement that gives the right to sell a security for a
certain amount, known as the strike price, by a set date, while
a call carries the right to buy.
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