Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (11 lettori)
- Creatore Discussione negusneg
- Data di Inizio
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- Tags
- 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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sinequanon
Nuovo forumer
S & P pesante con GROUPAMA
TEXT-S&P places Groupama S.A. 'BBB+' ratings on creditwatch negative
Reuters - 13/09/2011 15:09:22
(The following statement was released by the rating agency)
Sept 13- In our view, adverse and volatile capital markets may be weakening
Groupama's financial profile, in particular the group's capital adequacy.
-- We are placing our 'BBB+' long-term ratings on CreditWatch with
negative implications.
-- We are also placing our 'BBB-' hybrid ratings on CreditWatch with
negative implications.
Standard & Poor's Ratings Services said today that it has placed its 'BBB+' long-term counterparty credit and insurer financial strength ratings on France-based composite insurer Groupama S.A. on CreditWatch with negative implications. At the same time, we placed the 'BBB-' ratings on the group's hybrid notes on CreditWatch with negative implications.
We also placed the long- and short-term 'BBB/A-2' counterparty credit ratings
on Groupama's wholly owned banking arm, Groupama Banque, on CreditWatch with
negative implications.
The rating action reflects our perception that adverse capital market
conditions may be weakening Groupama's financial profile.
In our view, the recent negative capital market developments might have
further undermined Groupama's already weak and volatile capital adequacy. Furthermore, we believe management has not so far taken action to
significantly reduce this volatility. In particular, we understand that
Groupama has not yet started its planned derisking of its equity exposure,
which stood at 16% of total investments at year-end 2010. In addition, we
believe that Groupama's credit risk has increased because of the group's
sizable exposure to sovereign bonds, in particular those of Greece
(CC/Negative/C) and Portugal (BBB-/Negative/A-3), which represented 7.8% and
3.3% of the group's shareholder's funds on June 30, 2011, after taxes and
profit sharing.
Furthermore, we note that Groupama's financial flexibility is limited by its
capacity for issuing additional hybrid capital and by the likely cost of
raising such capital.
Standard & Poor's expects to resolve the CreditWatch placement next week, once
we have reassessed the elements supporting Groupama's ratings. In particular,
we are reassessing the impact of the capital markets downturn on Groupama's
capital adequacy. If we determine that the downturn has significantly reduced
capital adequacy, we could lower the ratings on Groupama by up to two notches,
based on our current view.
TEXT-S&P places Groupama S.A. 'BBB+' ratings on creditwatch negative
Reuters - 13/09/2011 15:09:22
(The following statement was released by the rating agency)
Sept 13- In our view, adverse and volatile capital markets may be weakening
Groupama's financial profile, in particular the group's capital adequacy.
-- We are placing our 'BBB+' long-term ratings on CreditWatch with
negative implications.
-- We are also placing our 'BBB-' hybrid ratings on CreditWatch with
negative implications.
Standard & Poor's Ratings Services said today that it has placed its 'BBB+' long-term counterparty credit and insurer financial strength ratings on France-based composite insurer Groupama S.A. on CreditWatch with negative implications. At the same time, we placed the 'BBB-' ratings on the group's hybrid notes on CreditWatch with negative implications.
We also placed the long- and short-term 'BBB/A-2' counterparty credit ratings
on Groupama's wholly owned banking arm, Groupama Banque, on CreditWatch with
negative implications.
The rating action reflects our perception that adverse capital market
conditions may be weakening Groupama's financial profile.
In our view, the recent negative capital market developments might have
further undermined Groupama's already weak and volatile capital adequacy. Furthermore, we believe management has not so far taken action to
significantly reduce this volatility. In particular, we understand that
Groupama has not yet started its planned derisking of its equity exposure,
which stood at 16% of total investments at year-end 2010. In addition, we
believe that Groupama's credit risk has increased because of the group's
sizable exposure to sovereign bonds, in particular those of Greece
(CC/Negative/C) and Portugal (BBB-/Negative/A-3), which represented 7.8% and
3.3% of the group's shareholder's funds on June 30, 2011, after taxes and
profit sharing.
Furthermore, we note that Groupama's financial flexibility is limited by its
capacity for issuing additional hybrid capital and by the likely cost of
raising such capital.
Standard & Poor's expects to resolve the CreditWatch placement next week, once
we have reassessed the elements supporting Groupama's ratings. In particular,
we are reassessing the impact of the capital markets downturn on Groupama's
capital adequacy. If we determine that the downturn has significantly reduced
capital adequacy, we could lower the ratings on Groupama by up to two notches,
based on our current view.
bosmeld
Forumer storico
qui serve un aumento di capitale...
hanno un book troppo esposto su azionario.
probabilmente la patrimonializzazione del gruppo scenderá parecchio il prossimo trimestre purtroppo.
se vanno sotto 100% il regolatore gli imporrá un adc...
la fortuna é che essendo una mutua assicurazione, a una marea di soci in francia. dovrebbero riuscire a tirar su 500 milioni.
mal che va, i soldi li metterebbe la bnp di turno.
p.s diversi titoli hanno girato, alcuni tornati flat, sui nomi piú forti come DB ci sono addirittura verdi.
Ultima modifica:
Topgun1976
Guest
Mi spiegate perchè un'assicurazione deve avere azioni e tds in pancia?Perchè non fanno il loro lavoro e punto?
bosmeld
Forumer storico
Mi spiegate perchè un'assicurazione deve avere azioni e tds in pancia?Perchè non fanno il loro lavoro e punto?
un assicurazione deve per forza avere tds in pancia. é proprio il loro business.
nella raccolta vita danno un rendimento del 2% e incasso per esempio il 3% sul btp sottostante.
nella raccolta danni visto che il flusso di cassa é gigante comprano tds brevi per avere un minimo di rendimento.
discorso diverso sull'azionario. li effettivamente groupama é molto sovrappesata rispetto alle altre. ha un 15% in equity, con axa che dovrebbe stare tra il 7-8%
peraltra é uno dei principali azionisti di sogen. il titolo sogen a preso botte colossali, e gli andrá sicuramente a impattare i ratio.
ovviamente quando risalirá (se risalirá) i ratio torneranno su
Massimum
Forumer storico
Mi spiegate perchè un'assicurazione deve avere azioni e tds in pancia?Perchè non fanno il loro lavoro e punto?
Beh investono le riserve matematiche. E' così che funziona il business assicurativo
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