paologorgo
Chapter 11
io uso l'app di CNBC, perchè ha i prezzi delle azioni USA in real time, è graficamente discreta, e ti invia i messaggi delle breaking news (max una/poche al giorno) solo se la usi.
ciao frankie, buon ferragosto... (a tutti...)
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (7 lettori)
- Creatore Discussione negusneg
- Data di Inizio
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- Tags
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- Stato
io uso l'app di CNBC, perchè ha i prezzi delle azioni USA in real time, è graficamente discreta, e ti invia i messaggi delle breaking news (max una/poche al giorno) solo se la usi.
ciao frankie, buon ferragosto... (a tutti...)
russiabond
Il mito, la leggenda.
Buon Ferragosto a TUTTI.
Un po di acqua salata ogni tanto fa bene ...
Un po di acqua salata ogni tanto fa bene ...
angy2008
Forumer storico
e io che penso male aggiungerei che in qualche caso, almeno dalle nostre parti, ci sia stato un ritorno commerciale ( chiamasi anche bustarella) per invogliare alla firma di prodotti che a nulla servono come coperture ma che invece sono stati propinati a moltissimi enti pubblici, tanto poi paga pantalonePenso che non e' scritta in ingleseTraduttore google?
Secondo me e' nulla. E' una tecnica testata, sopratutto dalle grandi banche d'affari: un giorno il tesoriere del comune, cha ha fatto la ragioneria (senza offesa a nessuno, per dire che un ingegnere non puo' fare il medico), riceve una chiamata da Goldman Sachs da Londra che vuole parlare di hedging e protezione dal rialzo dei tassi di interesse attraverso derivati. Il ragioniere che fino ad allora conosceva solo i derivati del latte e neanche riusciva a parlare col sindaco, accetta subito l'incontro con i grandi banchieri da Londra di cui leggeva sul Sole24ore. Un paio di cene per rompere il ghiaccio, un paio di meeting per farlo sentire il dio sceso in terra della finanza, un paio di firme qui e li e il disastro e' fatto. Dopo qualche mese la posizione e' in perdita, quindi per non fare uscire la lucetta rossa nei conti, si organizza nuovo meeting per "ristrutturare", allungare scadenze a fare il rollover della perdita (vi lascio immaginare le conseguenze) e poi perche' no, i banchieri lanciano li l'idea di shortare il dollaro o andare lunghi il fiorino del suriname, e il ragioniere che in quanto uomo pensa di essere un esperto di borsa nella stessa misura in cui le donne pensano tutte di essere esperte di moda, non puo' non accettare (a anche qui vi lascio immaginare le conseguenze). Conclusione: e io pago...
Questo in soldoni come funziona. Il comune di Linz e' in buona compagnia, ma l'ignoranza non e' una scusante.
Zorba
Bos 4 Mod
HTML:
Mi piace la tua lista, anche se devo dire che io ho fatto un ptf sui generis (alla Zorba
).La scommessa dell'estate e' Baca (anche se credo la cassettiamo gia' tutti
). Tra poco entriamo in zona cesarini: da fine agosto in avanti potremmo avere news...
Sulle francesi non so che dire, per me si riprenderanno quando la speculazione vs l'euro sara' sedata. Pero' a quel punto vorra' dire che anche PG e Italia saranno salve. Non so, forse a quel punto tanto vale prendere quelle che rendono di piu', indipendentemente dalla bandiera. Forse la Francia offre maggiore protezione in caso di break up dell'euro, pero' non vedo cosi' solidi tutti gli emittenti (SG a pelle non mi convince: due anni fa' ha dato la colpa del buco da 5 bln ad un dipendente, adesso e' di nuovo chiaccierata...).
Tra le scommesse ciofeche inserirei HSH/Resparcs, EuroHypo e la UT2 di Boi.
capt.harlock
MENA IL CAMMELLO FAN CLUB
buon we+ ferragosto
Cat XL
Shizuka Minamoto
Societe Generale Investor Groupama Says It Didn’t Sell a ‘Single’ Share
Societe Generale Investor Groupama Says It Didn?t Sell a ?Single? Share - Bloomberg
By Kevin Crowley - Aug 12, 2011 5:48 PM GMT+0100
Groupama SA, Societe Generale (GLE) SA’s second-biggest investor, didn’t sell “a single share” in the bank in the past six weeks even as the stock plunged and analysts questioned the insurer’s financial strength.
The investments in Societe Generale and Mediobanca SpA (MB) “are strategic holdings” Aneta Lazarevic, a spokeswoman for the French insurer said today in a telephone interview. “We haven’t sold a single share.”
Societe Generale has declined by almost a third this month amid investors’ concern over the bank’s reliance on short-term funding and speculation that Groupama may have been forced to reduce its stake. Analysts at CreditSights and Bank of America Merrill Lynch say Groupama may sell its holdings in the future as market declines reduce its solvency ratio, which trails European rivals, and as European regulations are implemented.
“They are looking for an opportunity to sell” their stock holdings, said Christian Dinesen, head of international credit research at Bank of America Merrill Lynch in London. “Selling equities would be a balance between their need to improve their solvency versus the impact on their profit and loss account.” By selling the stake, the insurer would limit its potential losses, which would boost the solvency ratio.
That measure probably dropped to 117 percent by Aug. 4 from 130 percent at the end of June due to falls in equity markets, Christian Collin, Groupama vice president of finance and risk, said in a conference call this month. That trails Zurich Financial Services’ ratio of 242 percent and Axa SA (CS)’s 186 percent. Assicurazioni Generali SpA, Italy’s biggest insurer, has a solvency ratio of 134 percent.
An insurer’s solvency ratio is a measure of its ability to meet its long-term liabilities. The higher the percentage the more the firm’s net income can cover its future payouts to customers and creditors.
‘Extremely Weak’
Groupama’s solvency ratio is “extremely weak” due to its equity holdings, which comprise 15 percent of its assets, according to Philippe Picagne, lead insurance analyst at CreditSights Ltd. in London. That’s more than three times the proportion of Zurich and Axa, who have 3.5 percent and 4 percent of their assets in stocks.
Collin said in August the firm’s solvency is “stable” and noted that it had marked all its periphery debt to its market price when posting its results. Lazarevic, the Groupama spokeswoman, repeated his comments today.
The insurer holds 4.25 percent of Societe Generale, making it the bank’s second-biggest shareholder behind employees of the company, according to a regulatory filing in March. Groupama is the fourth-biggest shareholder in Mediobanca, Italy’s biggest publicly-traded investment bank, with a 3.1 percent stake, according to data compiled by Bloomberg.
Equity Holdings
Collin said the insurer plans to reduce its equity holdings to 5 percent from 15 percent before Solvency II, new European regulations for insurers to be implemented in 2013. The firm would consider selling when the CAC 40 is around 4,100 points, he said. The index was up 4 percent at 3,213.88 points in Paris today.
Groupama also owns 4.5 billion euros ($6.4 billion) of Greek government bonds, 17 percent of which belong to shareholders and the rest to policyholders, according to the company’s half-year earnings published this month. Standard & Poor’s and Fitch Ratings Ltd. downgraded the insurers’ credit score in the last three months because of its investments in Greece.
Selling Equities
“It’s clear the eurozone crisis makes some pressure on our solvency but I want to underline that we don’t want to join the collective panic,” Collin said Aug. 4. “We don’t see any default of Spain and Italy.”
Selling equities, even at a loss, may be a way of stabilizing its assets, Picagne said. “Selling equities would be a means to protect from a further decline in the market,” he said.
Societe Generale has declined 33 percent in the past month on concerns about its perceived reliance on short-term funding, according to analysts at Royal Bank of Scotland Group Plc. The stock rose 5.7 percent to 24.30 euros today in Paris trading. Mediobanca is down 2.5 percent this month and today climbed 9.9 percent to 6.12 euros a share.
Fresh Capital
Groupama needs about 2 billion euros of fresh capital to pass Solvency II, Europe’s new insurance regulations due to be implemented next year, CreditSights’ Picagne wrote in a note dated Aug. 7. Should it fail to raise the funds, Groupama will be forced to sell some of its insurance divisions, he said.
The CAC 40 has dropped 3.2 percent since Aug. 4 and the STOXX Europe 600 Index is down 2.3 percent. “This does bring them closer to a potential S&P downgrade,” Dinesen said.
Groupama’s 750 million euros of senior subordinated notes due in 2039 yield 709 basis points more than government debt, according to Bloomberg Bond Trader prices. That’s 133 basis points more than at the start of the month. The company has the option to repay, or call, the notes in 2019.
The insurer was cut by Standard and Poor’s and Fitch Ratings in the last three months due to its holdings of periphery euro-zone government bonds. S&P lowered its credit rating to BBB+ from A- in May citing “material exposure to Greek government bonds.” Fitch reduced its rating to A- from A this month.
To contact the reporter on this story: Kevin Crowley in London at [email protected]
To contact the editor responsible for this story: Edward Evans at [email protected]
Societe Generale Investor Groupama Says It Didn?t Sell a ?Single? Share - Bloomberg
By Kevin Crowley - Aug 12, 2011 5:48 PM GMT+0100
Groupama SA, Societe Generale (GLE) SA’s second-biggest investor, didn’t sell “a single share” in the bank in the past six weeks even as the stock plunged and analysts questioned the insurer’s financial strength.
The investments in Societe Generale and Mediobanca SpA (MB) “are strategic holdings” Aneta Lazarevic, a spokeswoman for the French insurer said today in a telephone interview. “We haven’t sold a single share.”
Societe Generale has declined by almost a third this month amid investors’ concern over the bank’s reliance on short-term funding and speculation that Groupama may have been forced to reduce its stake. Analysts at CreditSights and Bank of America Merrill Lynch say Groupama may sell its holdings in the future as market declines reduce its solvency ratio, which trails European rivals, and as European regulations are implemented.
“They are looking for an opportunity to sell” their stock holdings, said Christian Dinesen, head of international credit research at Bank of America Merrill Lynch in London. “Selling equities would be a balance between their need to improve their solvency versus the impact on their profit and loss account.” By selling the stake, the insurer would limit its potential losses, which would boost the solvency ratio.
That measure probably dropped to 117 percent by Aug. 4 from 130 percent at the end of June due to falls in equity markets, Christian Collin, Groupama vice president of finance and risk, said in a conference call this month. That trails Zurich Financial Services’ ratio of 242 percent and Axa SA (CS)’s 186 percent. Assicurazioni Generali SpA, Italy’s biggest insurer, has a solvency ratio of 134 percent.
An insurer’s solvency ratio is a measure of its ability to meet its long-term liabilities. The higher the percentage the more the firm’s net income can cover its future payouts to customers and creditors.
‘Extremely Weak’
Groupama’s solvency ratio is “extremely weak” due to its equity holdings, which comprise 15 percent of its assets, according to Philippe Picagne, lead insurance analyst at CreditSights Ltd. in London. That’s more than three times the proportion of Zurich and Axa, who have 3.5 percent and 4 percent of their assets in stocks.
Collin said in August the firm’s solvency is “stable” and noted that it had marked all its periphery debt to its market price when posting its results. Lazarevic, the Groupama spokeswoman, repeated his comments today.
The insurer holds 4.25 percent of Societe Generale, making it the bank’s second-biggest shareholder behind employees of the company, according to a regulatory filing in March. Groupama is the fourth-biggest shareholder in Mediobanca, Italy’s biggest publicly-traded investment bank, with a 3.1 percent stake, according to data compiled by Bloomberg.
Equity Holdings
Collin said the insurer plans to reduce its equity holdings to 5 percent from 15 percent before Solvency II, new European regulations for insurers to be implemented in 2013. The firm would consider selling when the CAC 40 is around 4,100 points, he said. The index was up 4 percent at 3,213.88 points in Paris today.
Groupama also owns 4.5 billion euros ($6.4 billion) of Greek government bonds, 17 percent of which belong to shareholders and the rest to policyholders, according to the company’s half-year earnings published this month. Standard & Poor’s and Fitch Ratings Ltd. downgraded the insurers’ credit score in the last three months because of its investments in Greece.
Selling Equities
“It’s clear the eurozone crisis makes some pressure on our solvency but I want to underline that we don’t want to join the collective panic,” Collin said Aug. 4. “We don’t see any default of Spain and Italy.”
Selling equities, even at a loss, may be a way of stabilizing its assets, Picagne said. “Selling equities would be a means to protect from a further decline in the market,” he said.
Societe Generale has declined 33 percent in the past month on concerns about its perceived reliance on short-term funding, according to analysts at Royal Bank of Scotland Group Plc. The stock rose 5.7 percent to 24.30 euros today in Paris trading. Mediobanca is down 2.5 percent this month and today climbed 9.9 percent to 6.12 euros a share.
Fresh Capital
Groupama needs about 2 billion euros of fresh capital to pass Solvency II, Europe’s new insurance regulations due to be implemented next year, CreditSights’ Picagne wrote in a note dated Aug. 7. Should it fail to raise the funds, Groupama will be forced to sell some of its insurance divisions, he said.
The CAC 40 has dropped 3.2 percent since Aug. 4 and the STOXX Europe 600 Index is down 2.3 percent. “This does bring them closer to a potential S&P downgrade,” Dinesen said.
Groupama’s 750 million euros of senior subordinated notes due in 2039 yield 709 basis points more than government debt, according to Bloomberg Bond Trader prices. That’s 133 basis points more than at the start of the month. The company has the option to repay, or call, the notes in 2019.
The insurer was cut by Standard and Poor’s and Fitch Ratings in the last three months due to its holdings of periphery euro-zone government bonds. S&P lowered its credit rating to BBB+ from A- in May citing “material exposure to Greek government bonds.” Fitch reduced its rating to A- from A this month.
To contact the reporter on this story: Kevin Crowley in London at [email protected]
To contact the editor responsible for this story: Edward Evans at [email protected]
amorgos34
CHIAGNI & FOTTI SRL
La scommessa dell'estate e' Baca (anche se credo la cassettiamo gia' tutti
Non ho venduto le BA-CA solo perchè l'hai detto tu (così per metterti un po' di pressione...
)A me sembra impossibile una call (lietissimo di sbagliarmi)
OT: come passatempo(ciascuno ha il suo) io vado a vedermi un sito (realtor.com) di "house for sale" negli USA.
Dalla Florida
rolleyes, a Detroit, ai quartieri malfamati di L.A, Financial District, Carson City...Ebbene, ci sono dei prezzi incredibili (nel vero senso della parola).
Morale: fino a che gli USA non hanno risolto i loro problemini (tutto nacque da lì) la vedo dura.
Ultima modifica:
negusneg
New Member
Buon Ferragosto a TUTTI.
Un po di acqua salata ogni tanto fa bene ...
Vero, se ti riferisci al sudore...
Oggi ho fatto la prima vera gita della stagione: 1.100 metri di dislivello.
Devo perdere peso e magari provare di nuovo a smettere di fumare.
Sono pieno come un uovo di azioni, perpetual e TdS. Alla peggio tengo tutto nel cassetto, ma in realtà mi piacerebbe che il rimbalzo continuasse per poter tornare a settembre e rivedere in profondita' il portafoglio.
Auguro buon Ferragosto a tutti, da parte mia sto cercando di rimettermi in forma, ci aspettano mesi molto interessanti
Discepolo
Negusneg Fan Club
AUGURI A TUTTI DI BUON FERRAGOSTO.
da martedì di nuovo in trincea, anche se iphone sempre con me, sperando ci sia linea.
peccato che lunedì funziona tutto, è festa solo in italia.
ieri notte mi sono sognato le p. (non pensate male
questa la mia idea:
taglio 1k con cedola di ottima qualità: Credit agricole 6% NL0000113868
taglio 1k irs: ing 127, agricole FR0010161026
taglio 50k media qualità: Groupama 414
taglio 50k alta qualità: sogen XS0449487619
taglio 50k rischioso alto rischio: dexia credit local FR0010251421
storie interessanti sulla robba rischiosa: oevag, commerz
si accettano idee, nuovi titoli, considerazioni ecc... ecc...
io ho tutti i titoli sopra elencati tranne la sogen XS0449487619
Veramente difficile metterti i bastoni tra le ruote...
Consiglio, a chi fosse interessato a Ing, di chiedere sempre prezzo lettera per acquisto sia della 127, che della 587, un giorno di questa settimana la banca mi disse che era a 57 una e a 57,50 l'altra (la 587, migliore).
Topgun1976
Guest
Daccordo con tePenso che non e' scritta in inglese
Secondo me e' nulla. .
Mi sembra che i comuni dovrebbero smetterla di giocare coi soldi dei contribuenti
Ottime Idee,io mi sono mosso su Qlc Ing e Ca
Che appena cè un pò di tempesta i cds sub salgono molto velocemente ,da qui le discese dei titoli
bos, devi scaricarti Bloomberg Anywhere sul cell (versione professional (gratis per chi ha il terminale), non quella free), da paura - adesso rovino la vita della tua ragazza
http://m.bloomberg.com/bba/
1. CA868, nella tua lista, in carico a 85.25, entrato con un chip, direi che ora inizio ad accumularne altre
2. CA026, anche questo nella tua lista, entrato un paio di settimane fa a 60, idem, incremento
3. BNP319, entrato a 80, non ne compro altre. Non mi piace mediare, della 1 e della 2 ne compro altre perche' sin dal primo momento avevo deciso, come al solito, di entrare a tranche e ora mi sembra un buon momento per la seconda tranche.
Per il resto, se non ne avessi gia' vagonate in carico a 54, farei man bassa di ING127 (o l'altra 10yr+0.5, se non costa troppo di piu'). In piu' vorrei aggiungere un altra IRS sotto 55, o ritorno su Erste che avevo mollato a 60 oppure DPostbank (ovviamente solo perche' di BACA ne ho gia' tante).
Pienamente daccordo,Le Ing sono le più rapide a salire e a scendere
- Stato