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

[gonzalito76]

26 March 2009
RBS FINANCING LIMITED, A SUBSIDIARY OF THE ROYAL BANK OF SCOTLAND GROUP PLC, ANNOUNCES UPPER TIER 2 AND TIER 1 EXCHANGE OFFERS AND TENDER OFFERS
RBS Financing Limited ("RBSF"), a wholly-owned subsidiary of The Royal Bank of Scotland Group plc ("RBSG" and, together with its subsidiaries, the "Group"), has today launched (1) invitations to holders of certain existing sterling Tier 1 and Upper Tier 2 securities of the Group to offer to exchange any or all of such securities for new senior unsecured notes of The Royal Bank of Scotland plc (the "Exchange Offers") and (2) invitations to holders of certain euro and US dollar Tier 1 and Upper Tier 2 securities of the Group to tender any or all of such securities for purchase by RBSF for cash (the "Tender Offers"). The Exchange Offers are being made on the terms and subject to the conditions set out in an Exchange Offer Memorandum dated 26 March 2009 (the "Exchange Offer Memorandum"). The Tender Offers are being made on the terms and subject to the conditions set out in a Tender Offer Memorandum dated 26 March 2009 (the "Tender Offer Memorandum").

 

[negusneg]

inserite, è stato più facile del previsto !

ciao

Ottimo le ho aggiunte alla lista.

 

[negusneg]

RBS to Boost Capital in $13.5 Billion Debt Exchange (Update3)

By John Glover

March 26 (Bloomberg) -- Royal Bank of Scotland Group Plc, the biggest U.K. bank owned by the government, offered to exchange or buy back $13.5 billion of bonds to boost its financial strength.
RBS will tender for 10 different series of subordinated bonds in euros and dollars, offering 35 to 45 percent of face value, the Edinburgh-based bank said in a statement today. It earlier said it would pay 30 to 40 percent of par. It’s also offering to exchange bonds with a face value of 5.75 billion pounds ($8.4 billion) for new five- and 15-year notes with a total value of at least 200 million pounds.
Banks including Lloyds Banking Group Plc, which announced a 7.5 billion-pound debt exchange yesterday, and UBS AG are seeking to buy back junior bonds at a discount because they can use the profit to bolster regulatory capital. Bank subordinated bonds plunged this year after financial firms worldwide racked up more than $1.2 trillion of losses and writedowns.
“After yesterday’s Lloyds announcement, it’s difficult to see this as anything other than action from the government or regulatory authorities,” Gary Jenkins, a credit strategist at Evolution Securities Ltd. in London, said in a note to clients after RBS’s announcement. “It all depends upon price, but if they can restore confidence in the banks then that’s a big step in the right direction.”
Lloyds Exchange
UBS is arranging the transaction with RBS, the statement said. HSBC Holdings Plc is helping manage the exchange and tender.
“The rationale of the tender offer is to create additional core Tier 1 capital in the capital structure of the group and to further strengthen the quality of its capital base,” RBS said in the statement.
Bonds exchanged before an April 8 deadline will receive 40 to 70 percent of face value, RBS said in a statement. After April 8 and before April 22 the exchange will take place at a price of 35 to 65 percent. The new five-year senior bonds will be priced to yield 325 basis points more than the benchmark midswap rate. The 15-year bonds will have a spread of 350 basis points.
The tender offer will be between 40 and 50 percent of face value before April 8, and then falling to 35 to 45 percent until April 22.
Lloyds Offer
Lloyds is offering subordinated debtholders a swap into senior notes at 45 to 80 percent of face value, the London-based lender said yesterday. The exchange of so-called upper Tier 2 bonds may boost the lender’s core Tier 1 capital ratio by 0.72 percentage point if all bondholders take up the offer, BNP Paribas SA analysts wrote in a note today.
Lloyds Tier 1 capital ratio, a measure of financial strength, will rise to 14.5 percent as it puts assets into the U.K. government’s insurance program.
UBS last week proposed buying back 1 billion euros ($1.4 billion) of lower Tier 2 bonds with a face value of 4.6 billion euros, paying a minimum of 62.4 cents on the euro. Lower Tier 2 bonds typically are closest to senior debt in a bank’s capital structure.
The extra yield investors demand to hold financial firms’ subordinated securities rather than similar-maturity government notes increased 16 basis points to an average 24.07 percentage points yesterday, double the level at the start of the year, according to Merrill Lynch & Co.’s Euro Sub-Debt Tier 1 index.
To contact the reporters on this story: John Glover in London at [email protected];
Last Updated: March 26, 2009 13:24 EDT

 

[Topgun1976]

Insomma questi piangono miseria per mesi e poi riacquistano debito,,,mah mi sembra tanto un teatrino.

 

[fidw99]

Insomma questi piangono miseria per mesi e poi riacquistano debito,,,mah mi sembra tanto un teatrino.

concordo pienamente, bisogna solo capire se uno non aderisce a cosa può andare incontro....modifiche unilaterali dello statuto da parte dell'emittente ?

 

[Topgun1976]

concordo pienamente, bisogna solo capire se uno non aderisce a cosa può andare incontro....modifiche unilaterali dello statuto da parte dell'emittente ?

Credo nulla,anche perchè offrono il 50% se va bene,mi viene da pensare che il crollo da 100 a 30 di tutto il mercato sia stato pilotato ad arte....fioccano come la neve queste proposte di scambio...Rbs,Ubs,Bpm......A pensar male a volte...ci si azzecca.

 

[DinoP]

mi sembra un bel sistema per ridurre le esposizioni:
vendi a 100 ricomperi a 50!

 

[kuka]

RBS to Boost Capital in $13.5 Billion Debt Exchange (Update3)

By John Glover

March 26 (Bloomberg) -- Royal Bank of Scotland Group Plc, the biggest U.K. bank owned by the government, offered to exchange or buy back $13.5 billion of bonds to boost its financial strength.
RBS will tender for 10 different series of subordinated bonds in euros and dollars, offering 35 to 45 percent of face value, the Edinburgh-based bank said in a statement today. It earlier said it would pay 30 to 40 percent of par. It’s also offering to exchange bonds with a face value of 5.75 billion pounds ($8.4 billion) for new five- and 15-year notes with a total value of at least 200 million pounds.
Banks including Lloyds Banking Group Plc, which announced a 7.5 billion-pound debt exchange yesterday, and UBS AG are seeking to buy back junior bonds at a discount because they can use the profit to bolster regulatory capital. Bank subordinated bonds plunged this year after financial firms worldwide racked up more than $1.2 trillion of losses and writedowns.
“After yesterday’s Lloyds announcement, it’s difficult to see this as anything other than action from the government or regulatory authorities,” Gary Jenkins, a credit strategist at Evolution Securities Ltd. in London, said in a note to clients after RBS’s announcement. “It all depends upon price, but if they can restore confidence in the banks then that’s a big step in the right direction.”
Lloyds Exchange
UBS is arranging the transaction with RBS, the statement said. HSBC Holdings Plc is helping manage the exchange and tender.
“The rationale of the tender offer is to create additional core Tier 1 capital in the capital structure of the group and to further strengthen the quality of its capital base,” RBS said in the statement.
Bonds exchanged before an April 8 deadline will receive 40 to 70 percent of face value, RBS said in a statement. After April 8 and before April 22 the exchange will take place at a price of 35 to 65 percent. The new five-year senior bonds will be priced to yield 325 basis points more than the benchmark midswap rate. The 15-year bonds will have a spread of 350 basis points.
The tender offer will be between 40 and 50 percent of face value before April 8, and then falling to 35 to 45 percent until April 22.
Lloyds Offer
Lloyds is offering subordinated debtholders a swap into senior notes at 45 to 80 percent of face value, the London-based lender said yesterday. The exchange of so-called upper Tier 2 bonds may boost the lender’s core Tier 1 capital ratio by 0.72 percentage point if all bondholders take up the offer, BNP Paribas SA analysts wrote in a note today.
Lloyds Tier 1 capital ratio, a measure of financial strength, will rise to 14.5 percent as it puts assets into the U.K. government’s insurance program.
UBS last week proposed buying back 1 billion euros ($1.4 billion) of lower Tier 2 bonds with a face value of 4.6 billion euros, paying a minimum of 62.4 cents on the euro. Lower Tier 2 bonds typically are closest to senior debt in a bank’s capital structure.
The extra yield investors demand to hold financial firms’ subordinated securities rather than similar-maturity government notes increased 16 basis points to an average 24.07 percentage points yesterday, double the level at the start of the year, according to Merrill Lynch & Co.’s Euro Sub-Debt Tier 1 index.
To contact the reporters on this story: John Glover in London at [email protected];
Last Updated: March 26, 2009 13:24 EDT

Hola Negus, buon giorno

scusa ma per i poviri "ignoranti in materia" come me, csa vuol dire questo articolo?

que RBS vuole richiamare e pagare a forfait alcune obbligazioni?

se si...ci sono anche le mie perpetue

xs0159056208 in USD
de000a0e6c37 in EUR ??

grazie e scusa se è una domanda stupida....

un abraccio
e buona giornata

 

[negusneg]

Hola Negus, buon giorno

scusa ma per i poviri "ignoranti in materia" come me, csa vuol dire questo articolo?

que RBS vuole richiamare e pagare a forfait alcune obbligazioni?

se si...ci sono anche le mie perpetue

xs0159056208 in USD
de000a0e6c37 in EUR ??

grazie e scusa se è una domanda stupida....

un abraccio
e buona giornata

Ciao kuka,

purtroppo l'offerta non riguarda i residenti in Italia.

Neither the Exchange Offers nor the Tender Offers are being made in the United States or Italy or to any U.S. person or to any person located or resident in Italy and are also restricted in other jurisdictions, as more fully described below and in the Exchange Offer Memorandum and Tender Offer Memorandum.

Ho scaricato i documenti sul sito di RBS, appena ho un po' di tempo ci do' un'occhiata. Se volete scaricarli anche voi dovete dichiarare che siete residenti in UK

 

[troppidebiti]

RBS to Boost Capital in $13.5 Billion Debt Exchange (Update3)

By John Glover

March 26 (Bloomberg) -- Royal Bank of Scotland Group Plc, the biggest U.K. bank owned by the government, offered to exchange or buy back $13.5 billion of bonds to boost its financial strength.
RBS will tender for 10 different series of subordinated bonds in euros and dollars, offering 35 to 45 percent of face value, the Edinburgh-based bank said in a statement today. It earlier said it would pay 30 to 40 percent of par. It’s also offering to exchange bonds with a face value of 5.75 billion pounds ($8.4 billion) for new five- and 15-year notes with a total value of at least 200 million pounds.
Banks including Lloyds Banking Group Plc, which announced a 7.5 billion-pound debt exchange yesterday, and UBS AG are seeking to buy back junior bonds at a discount because they can use the profit to bolster regulatory capital. Bank subordinated bonds plunged this year after financial firms worldwide racked up more than $1.2 trillion of losses and writedowns.
“After yesterday’s Lloyds announcement, it’s difficult to see this as anything other than action from the government or regulatory authorities,” Gary Jenkins, a credit strategist at Evolution Securities Ltd. in London, said in a note to clients after RBS’s announcement. “It all depends upon price, but if they can restore confidence in the banks then that’s a big step in the right direction.”
Lloyds Exchange
UBS is arranging the transaction with RBS, the statement said. HSBC Holdings Plc is helping manage the exchange and tender.
“The rationale of the tender offer is to create additional core Tier 1 capital in the capital structure of the group and to further strengthen the quality of its capital base,” RBS said in the statement.
Bonds exchanged before an April 8 deadline will receive 40 to 70 percent of face value, RBS said in a statement. After April 8 and before April 22 the exchange will take place at a price of 35 to 65 percent. The new five-year senior bonds will be priced to yield 325 basis points more than the benchmark midswap rate. The 15-year bonds will have a spread of 350 basis points.
The tender offer will be between 40 and 50 percent of face value before April 8, and then falling to 35 to 45 percent until April 22.
Lloyds Offer
Lloyds is offering subordinated debtholders a swap into senior notes at 45 to 80 percent of face value, the London-based lender said yesterday. The exchange of so-called upper Tier 2 bonds may boost the lender’s core Tier 1 capital ratio by 0.72 percentage point if all bondholders take up the offer, BNP Paribas SA analysts wrote in a note today.
Lloyds Tier 1 capital ratio, a measure of financial strength, will rise to 14.5 percent as it puts assets into the U.K. government’s insurance program.
UBS last week proposed buying back 1 billion euros ($1.4 billion) of lower Tier 2 bonds with a face value of 4.6 billion euros, paying a minimum of 62.4 cents on the euro. Lower Tier 2 bonds typically are closest to senior debt in a bank’s capital structure.
The extra yield investors demand to hold financial firms’ subordinated securities rather than similar-maturity government notes increased 16 basis points to an average 24.07 percentage points yesterday, double the level at the start of the year, according to Merrill Lynch & Co.’s Euro Sub-Debt Tier 1 index.
To contact the reporters on this story: John Glover in London at [email protected];
Last Updated: March 26, 2009 13:24 EDT

Sarà interessante monitorare la situazione e controllare le "series" in oggetto...inoltre per chi non aderisce alla "proposta" credo che i bond dovrebbero continuare a quotare