Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (10 lettori)

[(g)old_boy]

In Germania c'e' allo studio una proposta di un ministro di non far pagare cedole ai tier1 e quindi ai perpetual per le societa' che hanno ricevuto aiuti di stato. Sarebbe ' chiaramente una inversione di tendenza rispetto al presente, dato che l'Inghilterra ha consentito a Northern Rock il pagamento di cedola sul perpetual.
Non so se il governo ha fatto la due diligence con le proprie assicurazioni, infatti le assicurazioni sono piene di questi titoli e il mancato pagamento di cedola provocherebbe un writeoff di portafoglio assai marcato con ulteriore fabbisogno di capitali. Le assicurazioni tra i mkt in caduta libera e i tier1 sono la prossima vera bomba a orologeria

 

[Imark]

Depfa ed HRE ufficializzano il mancato pagamento della cedola su di una serie di perpetuals, che conseguentemente vengono ulteriormente downgradati dalle agenzie...

Ratings On Various Depfa Funding LP, HRE International Trust I Hybrid Instruments Cut On Announcement Of Nonpayment

FRANKFURT (Standard & Poor's) March 4, 2009--Standard & Poor's Ratings Services said today it lowered its issue ratings on hybrid Tier 1 instruments issued by Depfa Funding IV LP to 'C' from 'CCC'. At the same time, we lowered to 'CC' from 'CCC' the issue ratings on hybrid Tier 1 instruments issued by Depfa Funding II LP, Depfa Funding III LP, and Hypo Real Estate International Trust I.

We have not assigned public ratings to other hybrid Tier 1 or upper
Tier 2 instruments issued by the Hypo Real Estate Group.

"This rating action follows yesterday's announcement by DEPFA BANK PLC
(BBB/Developing/A-2) that its Tier 1 issuing vehicle, Depfa Funding IV, will
not make payments on the next distribution date, March 21, 2009," said
Standard & Poor's credit analyst Stefan Best. "Although the bank announced that it has not made decisions on other Tier 1 instruments, we have lowered the ratings on those instruments by one notch because we consider it less likely than before that the bank will make payments on them.

For the same reason, we lowered the ratings on the Tier 1 instruments issued by Hypo Real Estate International Trust I."

Nonpayment on the hybrid instruments is not unexpected, considering the
risk characteristics of these instruments and that the group almost failed
because of severe liquidity pressure and has been supported by the German government since October 2008. On Oct. 24, 2008, we lowered the counterparty credit ratings on members of the Hypo Real Estate group to 'BBB/A-2' and cut the ratings on hybrid Tier 1 instruments to 'CCC' (for full details see "Seven Entities Of Hypo Real Estate Cut To 'BBB'; 'A-2' Affirmed; Off Watch; Outlook Developing," published on RatingsDirect).


RATINGS LIST
Downgraded To From
DEPFA Funding IV LP Preferred stock* C CCC
Depfa Funding II LP Preferred stock* CC CCC
Depfa Funding III LP Preferred stock* CC CCC

Hypo Real Estate International Trust I P.s. CC CCC

*Guaranteed by DEPFA BANK PLC.

 

[Onoff]

Depfa ed HRE ufficializzano il mancato pagamento della cedola su di una serie di perpetuals, che conseguentemente vengono ulteriormente downgradati dalle agenzie...

La cedola se la possono pure tenere per qualche anno: ora come ora gli converebbe comprarsi il titolo a 5 invece che pagare la cedola poco più.
Basterebbe essere sicuri (non dico al 100% ) di rivedere il capitale fra qualche anno invece che delle "preferred shares".
Vabbé, se ne esco senza le ossa rotte questo post me lo inquadro ...

 

[Topgun1976]

Segnalo l 'accredito della Bank of Ireland,tassazione 12,5.

 

[puravida]

Segnalo l 'accredito della Bank of Ireland,tassazione 12,5.

ottima news...ci rischierei un deca di nominale...prossime scadenze...io ho una lodi in carico a 50 circa che stacca il 30 giugno...in attesa e in speranza..

 

[Onoff]

Segnalo l 'accredito della Bank of Ireland,tassazione 12,5.

Non infierire (sono contento per te, ovviamente)...

 

[Gallo Cedrone]

Depfa ed HRE ufficializzano il mancato pagamento della cedola su di una serie di perpetuals, che conseguentemente vengono ulteriormente downgradati dalle agenzie...

Ratings On Various Depfa Funding LP, HRE International Trust I Hybrid Instruments Cut On Announcement Of Nonpayment

FRANKFURT (Standard & Poor's) March 4, 2009--Standard & Poor's Ratings Services said today it lowered its issue ratings on hybrid Tier 1 instruments issued by Depfa Funding IV LP to 'C' from 'CCC'. At the same time, we lowered to 'CC' from 'CCC' the issue ratings on hybrid Tier 1 instruments issued by Depfa Funding II LP, Depfa Funding III LP, and Hypo Real Estate International Trust I.

We have not assigned public ratings to other hybrid Tier 1 or upper
Tier 2 instruments issued by the Hypo Real Estate Group.

"This rating action follows yesterday's announcement by DEPFA BANK PLC
(BBB/Developing/A-2) that its Tier 1 issuing vehicle, Depfa Funding IV, will
not make payments on the next distribution date, March 21, 2009," said
Standard & Poor's credit analyst Stefan Best. "Although the bank announced that it has not made decisions on other Tier 1 instruments, we have lowered the ratings on those instruments by one notch because we consider it less likely than before that the bank will make payments on them.

For the same reason, we lowered the ratings on the Tier 1 instruments issued by Hypo Real Estate International Trust I."

Nonpayment on the hybrid instruments is not unexpected, considering the
risk characteristics of these instruments and that the group almost failed
because of severe liquidity pressure and has been supported by the German government since October 2008. On Oct. 24, 2008, we lowered the counterparty credit ratings on members of the Hypo Real Estate group to 'BBB/A-2' and cut the ratings on hybrid Tier 1 instruments to 'CCC' (for full details see "Seven Entities Of Hypo Real Estate Cut To 'BBB'; 'A-2' Affirmed; Off Watch; Outlook Developing," published on RatingsDirect).


RATINGS LIST
Downgraded To From
DEPFA Funding IV LP Preferred stock* C CCC
Depfa Funding II LP Preferred stock* CC CCC
Depfa Funding III LP Preferred stock* CC CCC

Hypo Real Estate International Trust I P.s. CC CCC

*Guaranteed by DEPFA BANK PLC.

 

[Topgun1976]

ottima news...ci rischierei un deca di nominale...prossime scadenze...io ho una lodi in carico a 50 circa che stacca il 30 giugno...in attesa e in speranza..

A questi prezzi fanno veramente gola,però concordo col Negus nell 'aspettare almeno altri 6 mesi,sperando in qlc segnale di ripresa,meglio entrare a 30 con un venticello rigenerante,che a 15 con le nubi.

Daltronde stanno massacrando bond senior,e Lt2 con una veemenza assurda,è ovvio che per i P ci sarà molto da soffrire.
Cmq credo che a meno di casi disperati piuttosto che non pagare le cedole,facendo vedere al mercato di essere fragili e subendo downgrade dalle agenzie,le Banche pagheranno il + possibile.

 

[OdioGliAcronimi]

Segnalo l 'accredito della Bank of Ireland,tassazione 12,5.

Confermo, e aggiungo:

09/03/2009 09/03/2009 STACCO CEDOLE BANK OF IRELAND VAR 11-49 09/03/2009 09/03/2009 STACCO CEDOLE EUROHYPO CAPITAL FUNDING TRUST II/T https://trader.iwbank.it/internal/gestioneaccount/imposta_movimenti.jhtml#m

 

[OdioGliAcronimi]

confermo, e aggiungo:

09/03/2009 09/03/2009 stacco cedole bank of ireland var 11-49 09/03/2009 09/03/2009 stacco cedole eurohypo capital funding trust ii/t

10/03/2009 10/03/2009 stacco cedole abn amro bank nv tv no fixmat