Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (6 lettori)
- Creatore Discussione negusneg
- Data di Inizio
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- additional tier 1 bail in basilea 3 coco bonds crd iv genussscheine grandfathering hybrid bond loss absorption lower tier 2 make whole amount matusalem bond obbligazioni irredimibili obbligazioni perpetue obbligazioni subordinate perpetual bond preference shares restricted tier 1 tier 1 upper tier 2
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Vet
Forumer storico
mi sa che non hai tutti i torti penso di fermarmi anche io.
anche perché la liquiditá é molto poca
ciao mitico ..... la strategia di rimanere fermi in questo momento potrebbe rivelarsi vincente.....da parte mia francamente non me sento di lasciar perdere un agricol a 53 o un banco a 55...uni che ha una cedola del 9.37% a 77....stesso discorso per il mercato azionario .lo stesso feci nel 2009......ma ciò non toglie che questi prezzi possano scendere ancora........ma di quanto realmente mi chiedo??....perché ulteriori e importanti discese porterebbero al serio rischio di far saltare tutta l' economia occidentale ....siamo oramai da anni in una economia globalizzata e quindi il botto anche di solo alcune di questi emittenti sistemiche finirebbe col trascinare tutte le altre.....LB....insegna.......quindi penso che tutti noi chi compra e chi no deve solo sperare che tutto si risolva come nel 2009.......altrimenti anche per chi e' rimasto liquido . in una situazione apocalittica. francamente non penso cambi molto........
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Peco
Forumer storico
CREDIT AGRICOLE: UTILE 1* SEMESTRE +58%
(ASCA) - Roma, 25 ago - Credit Agricole ha chiuso il primosemestre con un utile di 1.339 milioni di euro, in crescitadel 57,7% su base annua. Considerando l'intero gruppo, ovveroCredit Agricole a Caisses regional, l'utile si e' attesta a2.408 milioni, in progresso del 30,4%. A fine giugno, ratio di solvibilita' Tier 1 si attestaall'11%, con un aumento di 40 punti base sul semestre, e ilratio core tier 1, all'8,9%, aumenta di 50 punti base, graziealla stabilita' degli impieghi ponderati e alla capacita' digenerazione di utili nel primo semestre. L'impatto totale degli elementi non ricorrenti legati allaGrecia, fa sapere l'istituto, nel secondo trimestre,raggiunge 640 milioni di euro.
Aspettando Banca Pop Milano
(ASCA) - Roma, 25 ago - Credit Agricole ha chiuso il primosemestre con un utile di 1.339 milioni di euro, in crescitadel 57,7% su base annua. Considerando l'intero gruppo, ovveroCredit Agricole a Caisses regional, l'utile si e' attesta a2.408 milioni, in progresso del 30,4%. A fine giugno, ratio di solvibilita' Tier 1 si attestaall'11%, con un aumento di 40 punti base sul semestre, e ilratio core tier 1, all'8,9%, aumenta di 50 punti base, graziealla stabilita' degli impieghi ponderati e alla capacita' digenerazione di utili nel primo semestre. L'impatto totale degli elementi non ricorrenti legati allaGrecia, fa sapere l'istituto, nel secondo trimestre,raggiunge 640 milioni di euro.
Aspettando Banca Pop Milano
Coche
Forumer storico
Peco
Forumer storico
Parigi 25 ago - Il Credit Agricole ha accusato nel secondo trimestre una flessione del 10,6% dell'utile netto di competenza a 339 milioni, in seguito a oneri per 640 milioni legati alla Grecia. La svalutazione di titoli pubblici ha pesato per 202 milioni, mentre la svalutazione della filiale greca Emporiki e' costata 494 milioni. Il margine di intermediazione si e' attestato a 5,53 miliardi (+1,1%) e il risultato operativo lordo a 2,2 miliardi, in crescita del 6,6%. Le due cifre rappresentano un record storico per il gruppo.
fidw99
100% perpetual
i cds sui bancari si stanno preparando a questo ?
Greci e Finlandesi fanno le prove di breakup dell'euro
Greece May Default as Finns Demand Aid Collateral: Euro Credit
2011-08-25 07:06:27.41 GMT
By John Glover
Aug. 25 (Bloomberg) -- Finland’s demands for collateral on loans to Greece may trigger a default on 18 billion euros ($26
billion) of bonds sold by Europe’s most-indebted country.
The securities, which represent less than 7 percent of Greece’s 286 billion euros of bonds, are governed by English, not Greek, law, and include conditions that insist on equal treatment for all investors. Giving collateral to Finland as a condition for aid may breach the requirement that fresh debt doesn’t win repayment priority over existing notes.
“I am pretty sure the Greek government didn’t even know this, their incompetence is legendary,” said Andreas Koutras, an analyst at InTouch Capital Markets Ltd., a London-based fixed-income adviser. “One should be very careful when giving securities or other collateral, like the Greek government is with the Finns.”
Finland said this week it’s open to renegotiating its Aug.
16 agreement to take collateral in exchange for contributing to Greece’s second bailout, after a backlash prompted similar demands from countries including Austria and the Netherlands.
Greece’s 10-year yield climbed to a euro-era record of 18.47 percent today and driving the yield gap to German bunds to 16.22 percentage points, also a record.
Floating Terms
Tim Haywood, a London-based fund manager who helps oversee about $68 billion at GAM Holding AG’s asset management arm, owns the Greek bonds issued under English law. According to terms of the floating-rate notes due May 2012, he’s ranked equally with Finland and other creditors that are claiming priority.
“It is my fervent hope we will be fully repaid,” Haywood said. “If not, I expect no one else to be.”
Greece received a three-year, 110 billion-euro rescue in 2010 from the European Union and International Monetary Fund.
The nation sought another bailout this year as its economic woes stymied plans to return to the capital markets in 2012 and private investors were asked to participate.
The plan, drawn up by the Institute of International Finance, the bankers’ lobby group, offers bondholders four options to exchange their sovereign debt at a discount for fully or partially collateralized notes.
Providing collateral to lenders seeking agreement on terms for 159 billion euros of additional aid risks making the new loans senior to the existing international bonds.
Repayment Priorities
The Finnish government said earlier this month it reached an accord on collateral to ensure its contribution to the bailout is repaid. German Chancellor Angela Merkel rejected calls from lawmakers for Greece to provide collateral.
By giving in to demands for collateral, Greece risks triggering the so-called negative pledges in the documentation of the international bonds, said InTouch’s Koutras. The notes were issued in dollars, Swiss francs, Japanese yen, as well as in euros.
“So long as any note remains outstanding, the Republic shall not create or permit to subsist any mortgage, pledge, lien or charge upon any of its present or future revenues, properties or assets to secure any external indebtedness,” according to the prospectus for Greece’s 2012 bond.
The wording is repeated in the documentation of other international bonds, including 5.6 billion euros of floating rate notes due 2016. The securities trade at about 52 cents on the euro, according to Bloomberg Bond Trader prices.
Event of Default
Failure to respect “any covenant, condition or provision set out in the notes” is an event of default, according to the prospectuses.
A default would allow bondholders to demand immediate repayment of principal and accrued interest, and trigger cross- default clauses on other international borrowings. It also may trigger credit default swaps protecting Greek sovereign bonds, an event that’s anathema to European leaders working on the bailout, Koutras said.
The Greek and European authorities and their advisers are “fully aware of the issue,” Thomas Gerassimos, director of finance issues at the European Commission in Brussels, said in an email. “Any follow-up will make sure that negative pledges will not be affected.”
Gerassimos referred enquiries to Petros Christodoulou, director general of the Greek debt management office in Athens, who didn’t return two calls seeking comment.
Debt Rescue
The documentation may provide leeway to avoid default by putting the same collateral on both current debt and the rescue loans, according to Tom Jenkins, an analyst at Jefferies International Ltd. in London.
Securing other loans is forbidden “unless the notes shall also be secured by such mortgage, pledge, lien or charge,” on an equal basis, according to the documents.
Some of the bonds, such as the 5.6 billion euros of floating-rate notes due 2016, have collective action clauses allowing a set majority of bondholders to force all investors to accept any offer penalizing them, Bloomberg data show.
Greek banks hold large amounts of the securities and will do as the government tells them, said Bill Blain, a strategist at Newedge Group, a London-based brokerage. Demands for collateral by Finland and others may have more to do with domestic politics than any real hopes of getting it, he said.
“The Greek banks are going to do exactly what they’re told to,” Blain said. “When Greece defaults, holders of these things will see their goose cooked in exactly the same way as everyone else.”
While Haywood’s bonds have investor-friendly negative pledge and cross-default conditions, they don’t have a collective action clause, Bloomberg data show.
“A negative pledge is very useful for bondholders, especially where the bonds involved are a small amount relative to the total,” he said. “That makes the cost to the issuer of fighting a legal action very high, because foreign law is involved. We expect equal treatment with official creditors.”
Greci e Finlandesi fanno le prove di breakup dell'euro
Greece May Default as Finns Demand Aid Collateral: Euro Credit
2011-08-25 07:06:27.41 GMT
By John Glover
Aug. 25 (Bloomberg) -- Finland’s demands for collateral on loans to Greece may trigger a default on 18 billion euros ($26
billion) of bonds sold by Europe’s most-indebted country.
The securities, which represent less than 7 percent of Greece’s 286 billion euros of bonds, are governed by English, not Greek, law, and include conditions that insist on equal treatment for all investors. Giving collateral to Finland as a condition for aid may breach the requirement that fresh debt doesn’t win repayment priority over existing notes.
“I am pretty sure the Greek government didn’t even know this, their incompetence is legendary,” said Andreas Koutras, an analyst at InTouch Capital Markets Ltd., a London-based fixed-income adviser. “One should be very careful when giving securities or other collateral, like the Greek government is with the Finns.”
Finland said this week it’s open to renegotiating its Aug.
16 agreement to take collateral in exchange for contributing to Greece’s second bailout, after a backlash prompted similar demands from countries including Austria and the Netherlands.
Greece’s 10-year yield climbed to a euro-era record of 18.47 percent today and driving the yield gap to German bunds to 16.22 percentage points, also a record.
Floating Terms
Tim Haywood, a London-based fund manager who helps oversee about $68 billion at GAM Holding AG’s asset management arm, owns the Greek bonds issued under English law. According to terms of the floating-rate notes due May 2012, he’s ranked equally with Finland and other creditors that are claiming priority.
“It is my fervent hope we will be fully repaid,” Haywood said. “If not, I expect no one else to be.”
Greece received a three-year, 110 billion-euro rescue in 2010 from the European Union and International Monetary Fund.
The nation sought another bailout this year as its economic woes stymied plans to return to the capital markets in 2012 and private investors were asked to participate.
The plan, drawn up by the Institute of International Finance, the bankers’ lobby group, offers bondholders four options to exchange their sovereign debt at a discount for fully or partially collateralized notes.
Providing collateral to lenders seeking agreement on terms for 159 billion euros of additional aid risks making the new loans senior to the existing international bonds.
Repayment Priorities
The Finnish government said earlier this month it reached an accord on collateral to ensure its contribution to the bailout is repaid. German Chancellor Angela Merkel rejected calls from lawmakers for Greece to provide collateral.
By giving in to demands for collateral, Greece risks triggering the so-called negative pledges in the documentation of the international bonds, said InTouch’s Koutras. The notes were issued in dollars, Swiss francs, Japanese yen, as well as in euros.
“So long as any note remains outstanding, the Republic shall not create or permit to subsist any mortgage, pledge, lien or charge upon any of its present or future revenues, properties or assets to secure any external indebtedness,” according to the prospectus for Greece’s 2012 bond.
The wording is repeated in the documentation of other international bonds, including 5.6 billion euros of floating rate notes due 2016. The securities trade at about 52 cents on the euro, according to Bloomberg Bond Trader prices.
Event of Default
Failure to respect “any covenant, condition or provision set out in the notes” is an event of default, according to the prospectuses.
A default would allow bondholders to demand immediate repayment of principal and accrued interest, and trigger cross- default clauses on other international borrowings. It also may trigger credit default swaps protecting Greek sovereign bonds, an event that’s anathema to European leaders working on the bailout, Koutras said.
The Greek and European authorities and their advisers are “fully aware of the issue,” Thomas Gerassimos, director of finance issues at the European Commission in Brussels, said in an email. “Any follow-up will make sure that negative pledges will not be affected.”
Gerassimos referred enquiries to Petros Christodoulou, director general of the Greek debt management office in Athens, who didn’t return two calls seeking comment.
Debt Rescue
The documentation may provide leeway to avoid default by putting the same collateral on both current debt and the rescue loans, according to Tom Jenkins, an analyst at Jefferies International Ltd. in London.
Securing other loans is forbidden “unless the notes shall also be secured by such mortgage, pledge, lien or charge,” on an equal basis, according to the documents.
Some of the bonds, such as the 5.6 billion euros of floating-rate notes due 2016, have collective action clauses allowing a set majority of bondholders to force all investors to accept any offer penalizing them, Bloomberg data show.
Greek banks hold large amounts of the securities and will do as the government tells them, said Bill Blain, a strategist at Newedge Group, a London-based brokerage. Demands for collateral by Finland and others may have more to do with domestic politics than any real hopes of getting it, he said.
“The Greek banks are going to do exactly what they’re told to,” Blain said. “When Greece defaults, holders of these things will see their goose cooked in exactly the same way as everyone else.”
While Haywood’s bonds have investor-friendly negative pledge and cross-default conditions, they don’t have a collective action clause, Bloomberg data show.
“A negative pledge is very useful for bondholders, especially where the bonds involved are a small amount relative to the total,” he said. “That makes the cost to the issuer of fighting a legal action very high, because foreign law is involved. We expect equal treatment with official creditors.”
capt.harlock
MENA IL CAMMELLO FAN CLUB
ing127 50 51,5
eseguito in acquisto a 50,75
eseguito in acquisto a 50,75
stefmas
Forumer storico
Azz, ottima presa sotto 51.. Domani chiamo e vediamo se riesco a fare altrettanto... Alternativa CA più o meno allo stesso prezzo..
stordits
Forumer attivo
Volksbanken Won’t Pay State Dividend, May Face Nationalization
2011-08-25 08:35:42.179 GMT
By Boris Groendahl
Aug. 25 (Bloomberg) -- Oesterreichische Volksbanken AG, the
Austrian lender that failed last month’s European stress test,
may face nationalization after missing a dividend payment on
state capital for the third time in as many years.
“Due to the difficult economic situation and the
implementation of the company strategy for 2015, a payment of
dividends” for non-equity participation shares can’t be met,
Austria’s fourth-biggest lender said in a statement today.
Volksbanken, which got 1 billion euros ($1.4 billion) of
government aid in 2009, isn’t allowed to pay dividends on the
state capital if it has a loss in terms of Austrian Accounting
Principles, according to the terms of the capital. It hasn’t
paid dividends since it received the bailout.
Austria has the right to get equity in Volksbanken if the
bank fails to pay dividends this year, said Harald Waiglein, a
spokesman for the Finance Ministry. “We will evaluate the
situation and choose the option that is best for the taxpayer,”
Waiglein said.
The Alpine republic has nationalized two banks since the
collapse of Lehman Brothers Holdings. It was forced to take over
Kommunalkredit Austria AG from Volksbanken and Dexia SA in
November 2008 and Hypo Alpe-Adria Bank International AG in
December 2009. It has since split Kommunalkredit into a “good”
and a “bad” bank, with one aimed for sale and the other
serving as a wind-down structure for its own assets.
Avert Collapse
Austria took over Hypo Alpe to avert the bank’s collapse
after bad debts increased and former owners, including
Bayerische Landesbank, withdrew their support. Austria, which
booked a 700-million euro writedown on the bank last year, also
plans to sell off Hypo Alpe in parts.
Volksbanken, which had been targeting net income of “more
than 100 million euros” this year, had a loss of 31 million
euros in the three months ended June 30 after a profit of 7
million euros a year earlier because of write downs on financial
investments, predominantly on Greek bonds, according to its
first-half report.
Austrian supervisors are “closely monitoring” Volksbanken
after it was one of eight companies to fail this year’s European
Union stress test. The lender’s core Tier 1 capital ratio, a
measure of financial strength, was 4.5 percent in the test’s
adverse scenario, missing the 5 percent minimum required by the
European Banking Authority.
Sale to Sberbank
The bank agreed July 14 on the “major terms” of a sale of
its eastern European business VBI to OAO Sberbank and reiterated
today that the deal should be closed in the second half. It is
also seeking to sell its 5 percent stake in Raiffeisen
Zentralbank Oesterreich AG before the end of the year to boost
its capital ratio.
Volksbanken, which is based in Vienna, expects the VBI sale
to reduce risk-weighted assets by 7 billion euros, about a
quarter of the total, according to the stress test data. The RZB
stake sale is expected to result in a book gain of 164 million
euros.
The lender last year sold the Europolis real estate unit
and also is seeking buyers for its leasing unit and VBI’s
Romania business.
The bank reiterated that Volksbanken’s main owners, a group
of regional cooperative Austrian banks, plan to buy back this
year a first tranche of the state aid Volksbanken received. That
would replace 300 million euros of the state capital by new
common stock.
Austria “stands ready” to provide more aid if needed and
has 6 billion euros left in its financial stability fund, the
Alpine republic’s finance ministry said last month.
Germany’s DZ Bank, Munich Re and Raiffeisen Zentralbank
Oesterreich AG hold minority stakes in Volksbanken.
2011-08-25 08:35:42.179 GMT
By Boris Groendahl
Aug. 25 (Bloomberg) -- Oesterreichische Volksbanken AG, the
Austrian lender that failed last month’s European stress test,
may face nationalization after missing a dividend payment on
state capital for the third time in as many years.
“Due to the difficult economic situation and the
implementation of the company strategy for 2015, a payment of
dividends” for non-equity participation shares can’t be met,
Austria’s fourth-biggest lender said in a statement today.
Volksbanken, which got 1 billion euros ($1.4 billion) of
government aid in 2009, isn’t allowed to pay dividends on the
state capital if it has a loss in terms of Austrian Accounting
Principles, according to the terms of the capital. It hasn’t
paid dividends since it received the bailout.
Austria has the right to get equity in Volksbanken if the
bank fails to pay dividends this year, said Harald Waiglein, a
spokesman for the Finance Ministry. “We will evaluate the
situation and choose the option that is best for the taxpayer,”
Waiglein said.
The Alpine republic has nationalized two banks since the
collapse of Lehman Brothers Holdings. It was forced to take over
Kommunalkredit Austria AG from Volksbanken and Dexia SA in
November 2008 and Hypo Alpe-Adria Bank International AG in
December 2009. It has since split Kommunalkredit into a “good”
and a “bad” bank, with one aimed for sale and the other
serving as a wind-down structure for its own assets.
Avert Collapse
Austria took over Hypo Alpe to avert the bank’s collapse
after bad debts increased and former owners, including
Bayerische Landesbank, withdrew their support. Austria, which
booked a 700-million euro writedown on the bank last year, also
plans to sell off Hypo Alpe in parts.
Volksbanken, which had been targeting net income of “more
than 100 million euros” this year, had a loss of 31 million
euros in the three months ended June 30 after a profit of 7
million euros a year earlier because of write downs on financial
investments, predominantly on Greek bonds, according to its
first-half report.
Austrian supervisors are “closely monitoring” Volksbanken
after it was one of eight companies to fail this year’s European
Union stress test. The lender’s core Tier 1 capital ratio, a
measure of financial strength, was 4.5 percent in the test’s
adverse scenario, missing the 5 percent minimum required by the
European Banking Authority.
Sale to Sberbank
The bank agreed July 14 on the “major terms” of a sale of
its eastern European business VBI to OAO Sberbank and reiterated
today that the deal should be closed in the second half. It is
also seeking to sell its 5 percent stake in Raiffeisen
Zentralbank Oesterreich AG before the end of the year to boost
its capital ratio.
Volksbanken, which is based in Vienna, expects the VBI sale
to reduce risk-weighted assets by 7 billion euros, about a
quarter of the total, according to the stress test data. The RZB
stake sale is expected to result in a book gain of 164 million
euros.
The lender last year sold the Europolis real estate unit
and also is seeking buyers for its leasing unit and VBI’s
Romania business.
The bank reiterated that Volksbanken’s main owners, a group
of regional cooperative Austrian banks, plan to buy back this
year a first tranche of the state aid Volksbanken received. That
would replace 300 million euros of the state capital by new
common stock.
Austria “stands ready” to provide more aid if needed and
has 6 billion euros left in its financial stability fund, the
Alpine republic’s finance ministry said last month.
Germany’s DZ Bank, Munich Re and Raiffeisen Zentralbank
Oesterreich AG hold minority stakes in Volksbanken.
- Stato