ginestra
Forumer attivo
certo che se poi non la callano.... euribor + 153 e' una schifezza
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (47 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
- Stato
certo che se poi non la callano.... euribor + 153 e' una schifezza
Zorba
Bos 4 Mod
C'è una tabella sui reuters sugli utili di RZB. Sono un po' ridotti al lumicino...
TABLE-Raiffeisen Bank AG <RIBH.VI> 3rd quarter results | Industries | Financial Services & Real Estate | Reuters
TABLE-Raiffeisen Bank AG <RIBH.VI> 3rd quarter results | Industries | Financial Services & Real Estate | Reuters
Zorba
Bos 4 Mod
Erste says "worst behind us", but keeps state aid
Fri Oct 30, 2009 9:00am EDT
http://ad.doubleclick.net/jump/reut...70x40;articleID=USTRE59T22120091030;ord=9605?By Boris Groendahl and Eva Komarek
VIENNA (Reuters) - Erste Group (ERST.VI) said signs the worst may be over for banks in emerging Europe were not yet strong enough for it to ditch the safety net of state protection by using a 1.65 billion euro ($2.4 billion) cash call to pay back aid.
The bank, eastern Europe's No.3 lender, cheered investors with better than expected third quarter earnings on Friday after it asked them to sign up for a no-discount rights issue earmarked to help it withstand rising bad debts in the region.
In retaining its 1.22 billion euros of aid, it bucked the trend among European peers including Societe Generale (SOGN.PA) and BNP Paribas (BNPP.PA) to reimburse state capital early.
"We would like to gain comfort that non-performing loan formation is really slowing down before we're willing to give up this kind of safety belt," Chief Executive Andreas Treichl told investors in a conference call.
"At this point we think it's a bit early," as risk costs would not fall dramatically next year compared to 2009, he said.
"We do not believe that the crisis is over ... But there are some encouraging signs, such as the slowing growth rate of non-performing loans, that the worst may be behind us."
Treichl's comments echoed the tone of cautious optimism set recently by other leading western banks in the region, such as Baltics-exposed Swedbank (SWEDa.ST), Raiffeisen (RIBH.VI), and regional market leader UniCredit (CRDI.MI).
The International Monetary Fund expects loan defaults to rise as emerging Europe's economies contract by 5 percent this year on average, but earlier this month raised its 2010 forecast for the region's economic growth to 1.8 percent.
Erste shares pared early sharp gains but still traded up 2.6 percent at 28.22 euros at 1234 GMT, boosted by prospects of better profits that will help offset the dilutive effect of the rights issue.
Net profit was 228 million euros in the three months to September -- down 12 percent on the quarter but 21 percent ahead of the average estimate in a Reuters poll.
"We expect consensus EPS (estimates) to increase substantially," said UBS analyst Daniele Brupbacher. "Consensus upgrades could more than compensate the higher share count."
CASH CALL
Treichl late on Thursday asked shareholders to buy up to 60 million new shares in a no-discount rights issue to raise Erste's core Tier 1 capital ratio near the 8 percent level that has become the new standard for banks.
Treichl, who has called for "fewer talented people" in banking to avoid brilliant but toxic assets, said he felt comfortable in the long run with a 7.5 percent core Tier 1 ratio for his 'plain vanilla' retail banking franchise.
BofA Merrill Lynch analyst Cristina Marzea said investors may have hoped for a bigger bite and an earlier payback of Erste's state capital.
"There is risk of future government intervention, but more importantly, risk of overhang via future dilution, especially given higher ratios at peers," she said.
Pricing at market, though not unusual in Austria, also puts Erste in sharp contrast with 30 to 40 percent discounts on cash calls by other banks.
Treichl said he would not launch another rights issue when the time comes to pay back the state funds, and Erste will walk away from plans to raise another 1 billion euro in hybrid debt from the Austrian government.
BAD DEBT GROWTH SLOWS
Erste raised lending revenue 4.4 percent on the quarter, while cutting costs 6.5 percent, both faster than what any analyst polled by Reuters had forecast and together the main drivers for the beat on the bottom line.
Erste set aside 557 million euros in reserves for bad debt, up 7 percent on the quarter, in particular boosted by Romania, Slovakia and Hungary. Non-performing loans grew more slowly than in the first half of the year, to 6.3 percent of the book.
Erste's rights issue will be lead managed by Erste itself, JP Morgan and Goldman Sachs. Citi, Credit Suisse and UBS will be co-lead managers. The issue is not underwritten.
Erste says worst behind us, but keeps state aid | Markets | Hot Stocks | Reuters
Fri Oct 30, 2009 9:00am EDT
http://ad.doubleclick.net/jump/reut...70x40;articleID=USTRE59T22120091030;ord=9605?By Boris Groendahl and Eva Komarek
VIENNA (Reuters) - Erste Group (ERST.VI) said signs the worst may be over for banks in emerging Europe were not yet strong enough for it to ditch the safety net of state protection by using a 1.65 billion euro ($2.4 billion) cash call to pay back aid.
The bank, eastern Europe's No.3 lender, cheered investors with better than expected third quarter earnings on Friday after it asked them to sign up for a no-discount rights issue earmarked to help it withstand rising bad debts in the region.
In retaining its 1.22 billion euros of aid, it bucked the trend among European peers including Societe Generale (SOGN.PA) and BNP Paribas (BNPP.PA) to reimburse state capital early.
"We would like to gain comfort that non-performing loan formation is really slowing down before we're willing to give up this kind of safety belt," Chief Executive Andreas Treichl told investors in a conference call.
"At this point we think it's a bit early," as risk costs would not fall dramatically next year compared to 2009, he said.
"We do not believe that the crisis is over ... But there are some encouraging signs, such as the slowing growth rate of non-performing loans, that the worst may be behind us."
Treichl's comments echoed the tone of cautious optimism set recently by other leading western banks in the region, such as Baltics-exposed Swedbank (SWEDa.ST), Raiffeisen (RIBH.VI), and regional market leader UniCredit (CRDI.MI).
The International Monetary Fund expects loan defaults to rise as emerging Europe's economies contract by 5 percent this year on average, but earlier this month raised its 2010 forecast for the region's economic growth to 1.8 percent.
Erste shares pared early sharp gains but still traded up 2.6 percent at 28.22 euros at 1234 GMT, boosted by prospects of better profits that will help offset the dilutive effect of the rights issue.
Net profit was 228 million euros in the three months to September -- down 12 percent on the quarter but 21 percent ahead of the average estimate in a Reuters poll.
"We expect consensus EPS (estimates) to increase substantially," said UBS analyst Daniele Brupbacher. "Consensus upgrades could more than compensate the higher share count."
CASH CALL
Treichl late on Thursday asked shareholders to buy up to 60 million new shares in a no-discount rights issue to raise Erste's core Tier 1 capital ratio near the 8 percent level that has become the new standard for banks.
Treichl, who has called for "fewer talented people" in banking to avoid brilliant but toxic assets, said he felt comfortable in the long run with a 7.5 percent core Tier 1 ratio for his 'plain vanilla' retail banking franchise.
BofA Merrill Lynch analyst Cristina Marzea said investors may have hoped for a bigger bite and an earlier payback of Erste's state capital.
"There is risk of future government intervention, but more importantly, risk of overhang via future dilution, especially given higher ratios at peers," she said.
Pricing at market, though not unusual in Austria, also puts Erste in sharp contrast with 30 to 40 percent discounts on cash calls by other banks.
Treichl said he would not launch another rights issue when the time comes to pay back the state funds, and Erste will walk away from plans to raise another 1 billion euro in hybrid debt from the Austrian government.
BAD DEBT GROWTH SLOWS
Erste raised lending revenue 4.4 percent on the quarter, while cutting costs 6.5 percent, both faster than what any analyst polled by Reuters had forecast and together the main drivers for the beat on the bottom line.
Erste set aside 557 million euros in reserves for bad debt, up 7 percent on the quarter, in particular boosted by Romania, Slovakia and Hungary. Non-performing loans grew more slowly than in the first half of the year, to 6.3 percent of the book.
Erste's rights issue will be lead managed by Erste itself, JP Morgan and Goldman Sachs. Citi, Credit Suisse and UBS will be co-lead managers. The issue is not underwritten.
Erste says worst behind us, but keeps state aid | Markets | Hot Stocks | Reuters
Zorba
Bos 4 Mod
UPDATE 2-Alpha Bank joins cashcall move to repay state
Mon Oct 19, 2009 5:45am EDT
* To raise 986 mln euros via 3-for-10 rights issue
* Issue priced at 8.0 eur, 33 pct discount
* Will buy back preferred shares issued to the state
* To resume dividend payments
(Adds analyst comment, share reaction, background)
By George Georgiopoulos
ATHENS, Oct 19 (Reuters) - Alpha Bank (ACBr.AT), Greece's third largest lender, will issue new shares and repay almost 1 billion euros ($1.49 billion) of state support in a move to cut ties with government and resume paying dividends.
A 3-for-10 rights issue will raise 986 million euros to redeem 940 million euros of preferred shares the bank sold the government earlier this year. The deal is expected to be completed before May 2010.
Alpha joins a raft of other lenders raising cash to repay state aid taken on at the height of the financial crisis.
(...)
Alpha's cash call will enable it to resume its consistent dividend policy and exit the provisioning cycle earlier than its peers, it said.
For the first time since 1948, the bank did not pay a dividend in 2009 due to restrictions on payouts for banks accepting government support.
The rights issue will be underwritten by a syndicate of investment banks with JP Morgan the global coordinator and joint bookrunner, joined by BofA Merrill Lynch, Morgan Stanley, Deutsche Bank, Citi, Nomura and UBS.
Alpha said it expects the issue to boost its core Tier 1 ratio, which stood at 9.1 percent at end-June, by 200 basis points. (Editing by David Cowell)
UPDATE 2-Alpha Bank joins cashcall move to repay state | Industries | Financial Services & Real Estate | Reuters
FORSE E' PER QUESTO CHE IL P DI ALPHA QUOTA COSÌ BASSO. CEDOLA 2010 A RISCHIO??
Mon Oct 19, 2009 5:45am EDT
* To raise 986 mln euros via 3-for-10 rights issue
* Issue priced at 8.0 eur, 33 pct discount
* Will buy back preferred shares issued to the state
* To resume dividend payments
(Adds analyst comment, share reaction, background)
By George Georgiopoulos
ATHENS, Oct 19 (Reuters) - Alpha Bank (ACBr.AT), Greece's third largest lender, will issue new shares and repay almost 1 billion euros ($1.49 billion) of state support in a move to cut ties with government and resume paying dividends.
A 3-for-10 rights issue will raise 986 million euros to redeem 940 million euros of preferred shares the bank sold the government earlier this year. The deal is expected to be completed before May 2010.
Alpha joins a raft of other lenders raising cash to repay state aid taken on at the height of the financial crisis.
(...)
Alpha's cash call will enable it to resume its consistent dividend policy and exit the provisioning cycle earlier than its peers, it said.
For the first time since 1948, the bank did not pay a dividend in 2009 due to restrictions on payouts for banks accepting government support.
The rights issue will be underwritten by a syndicate of investment banks with JP Morgan the global coordinator and joint bookrunner, joined by BofA Merrill Lynch, Morgan Stanley, Deutsche Bank, Citi, Nomura and UBS.
Alpha said it expects the issue to boost its core Tier 1 ratio, which stood at 9.1 percent at end-June, by 200 basis points. (Editing by David Cowell)
UPDATE 2-Alpha Bank joins cashcall move to repay state | Industries | Financial Services & Real Estate | Reuters
FORSE E' PER QUESTO CHE IL P DI ALPHA QUOTA COSÌ BASSO. CEDOLA 2010 A RISCHIO??
ferdo
Utente Senior
scusa ma hai lo stesso nick ... non è che sei di parte ?!?!
E sperando di sì, quando fanno la call della Jersey III XS0193631040 ?!?!
Metriko
Forumer attivo
Mi pare che rowing avesse chiesto per la societa generali non per AXA
raiffeisen Kasse
Nuovo forumer
scusa ma hai lo stesso nick ... non è che sei di parte ?!?!
E sperando di sì, quando fanno la call della Jersey III XS0193631040 ?!?!
Infatti oggi sui mercati tedeschi e in salita
http://isht.comdirect.de/html/detai...tandard&sTab=overview&sWkn=A0BC9Z&sWpType=UKN
ferdo
Utente Senior
Ultima modifica:
Imark
Forumer storico
Vado a memoria, ma rammento un illuminante intervento del Negus da qualche parte (sul FOL, mi pare) dopo disamina del prospetto circa il fatto che a quel 2,8% di spread sull'Euribor 3M si aggiungano ulteriori 100 pb per ogni anno di mancato esercizio della call...
Così ho segnato sui miei appunti, semmai poi mi vado a riguardare il prospetto...
Zorba
Bos 4 Mod
12/11/2009 WestLB Posts Pre-Tax Profit of € 262 Million after Nine Months
Dietrich Voigtländer, Chairman of the Managing Board, said: “Our earnings development is satisfactory. Operationally we are on track, and the stronger focus on the customer business is bearing fruit. Moreover, it is becoming clear that the measures which we have systematically introduced to cut our costs are beginning to have a sustainable impact.” Administrative expenses have fallen by 17% year-on-year.
Net Interest Income Rises by 50%
Net interest income rose by € 450 million to € 1,347 million (9M 2008: € 897 million) in the period under review. By increasing the impairment charge for credit losses to € 582 million (9M 2008: € 345 million), the Bank made adequate provisions for the substantially higher risks incurred as a result of the global recession. Net fee and commission income fell from € 289 million to € 204 million. The decrease was attributable to the securities and custody business, which remained weak because of market conditions. The net trading result was heavily influenced by measurement effects and amounted to € 137 million. There were positive effects from government bonds and similar assets in our portfolio, i.e. top-rated securities, which gained € 147 million in value. We recorded negative effects of € 122 million from market-induced credit spread changes with own liabilities and of € 78 million from measurement mismatches related to the application of IAS 39. The net trading result of € 631 million in the first nine months of the previous year had been largely shaped by the ring-fence gain from the Phoenix risk shield in an amount of € 763 million. The result from financial investments in the first nine months of 2009 stood at € 52 million. This matches the previous year´s level, which had likewise been driven by the transfer of portfolios to Phoenix and generated income of € 111 million.
The cost-cutting measures which have been introduced are having a sustainable impact. Administrative expenses have been reduced by € 177 million, or 17%, from the year-earlier period to € 863 million. Personnel expenses fell 18% to € 429 million. The number of full-time employees totalled 5,153 at September 30, 2009, 725 fewer than at the end of the third quarter of 2008. Other administrative expenses decreased by € 88 million, or 19%, to € 380 million. The cost/income ratio for the first nine months of 2009 stood at 51%.
Segment Results: Customer-Driven Business Expanded
In the Corporates & Structured Finance segment, profit before taxes rose to € 158 million (9M 2008: € 63 million) in the first nine months of 2009. WestLB once again demonstrated its expertise in promissory note transactions, project finance and corporate bonds and confirmed its strong market position by obtaining a number of attractive mandates. The result in the Verbund & Real Estate segment of € 5 million (9M 2008: € -6 million) was largely influenced by the deconsolidation of Weberbank. Without this effect, the result exceeded that of the previous year by € 68 million. The segment result in Capital Markets rose particularly sharply to € 489 million (9M 2008: € 26 million). Key earnings contributions were provided here by the business in structured and non-structured interest rate and money market products. In Transaction Banking the pre-tax result of € -17 million (9M 2008: € -7 million) was adversely impacted by low money market interest rates. The volume of new business at readybank, which operates in the consumer credit field, increased by 93% compared with the previous year. The Portfolio Exit Group segment, which pools all of the results from portfolios which the Bank has identified as non-strategic and plans to wind down or ring-fence off the balance sheet, was influenced by positive valuation effects on European government bonds and the proceeds from the sale of a non-strategic investment, and contributed € 32 million (9M 2008: € -414 million) to the result before tax.
Restructuring and Risk Reduction Making Good Progress
With a view to complying with the conditions laid down by the European Commission, WestLB has further streamlined its domestic and foreign branch network and, following the sale of Weberbank in the second quarter, announced the sale of its Hungarian subsidiary WestLB Hungaria in the third quarter. The representative offices in Johannesburg, Peking and Houston have been closed. The branches in Münster, Bielefeld and Dortmund are to be closed by the end of the year, followed by Cologne by mid-2010.
At the same time the Bank pressed further ahead with the systematic reduction of risks and non-strategic assets which had already been initiated at an early stage. As a result, the total assets of the WestLB Group decreased by € 29.3 billion, or 10%, in the first nine months of 2009 to € 258.8 billion compared with the end of 2008. As a result of lower fair values from derivative financial instruments, there were particularly sharp reductions in the volume of trading assets (€ -17.9 billion) and trading liabilities (€ -14.0 billion).
At the end of September we signed agreements which will lead to the ring-fencing of non-strategic assets with a volume of approximately € 85 billion. All major decisions in this connection are due to have been taken by the end of November. In a first step a sub-portfolio of structured securities with a volume of approximately € 6 billion was already guaranteed by SoFFin pursuant to § 8 of the amendment to the Financial Markets Stabilisation Act as at September 30, 2009. For this WestLB´s owners have provided SoFFin with a pro-rata counter-guarantee amounting to € 4 billion. The ring-fencing of the entire portfolio is expected to be completed by April 30, 2010 with retroactive effect as of January 1, 2010. The Bank´s risk-weighted assets totalled € 84.2 billion at September 30, 2009 (end of 2008: € 88.5 billion). The core capital ratio stood at 6.2% (31.12.2008: 6.4%) and the overall ratio 9.3% (31.12.2008: 10.1%).
Dietrich Voigtländer added: “With the agreements signed in September, we have now passed an important milestone in reducing our risk and streamlining the balance sheet significantly. We are currently engaged in constructive talks regarding a permanent ring-fenced solution, which are due to be concluded by the end of November. The core bank, which will focus on profitable business with customers, is now beginning to take shape. We are thus fulfilling the conditions arising from the decision of the European Commission of May 12, 2009.”
WestLB expects earnings in the fourth quarter of 2009 to be below average compared with the preceding quarters, above all because of higher credit risk provisioning requirements and expenses associated with the ring-fencing of the sub-portfolio as well as the establishment of the core bank.
Enclosures
Group Statement of Income January 1 – September 30, 2009
Group Balance Sheet as at September 30, 2009
- Operating income rises substantially to € 1,707 million (+39%)
- Costs reduced sharply (-17%)
- Impairment charge for credit losses increased to € 582 million (9M 2008: € 345 million)
- Milestone reached in reducing risk and streamlining the balance sheet
Dietrich Voigtländer, Chairman of the Managing Board, said: “Our earnings development is satisfactory. Operationally we are on track, and the stronger focus on the customer business is bearing fruit. Moreover, it is becoming clear that the measures which we have systematically introduced to cut our costs are beginning to have a sustainable impact.” Administrative expenses have fallen by 17% year-on-year.
Net Interest Income Rises by 50%
Net interest income rose by € 450 million to € 1,347 million (9M 2008: € 897 million) in the period under review. By increasing the impairment charge for credit losses to € 582 million (9M 2008: € 345 million), the Bank made adequate provisions for the substantially higher risks incurred as a result of the global recession. Net fee and commission income fell from € 289 million to € 204 million. The decrease was attributable to the securities and custody business, which remained weak because of market conditions. The net trading result was heavily influenced by measurement effects and amounted to € 137 million. There were positive effects from government bonds and similar assets in our portfolio, i.e. top-rated securities, which gained € 147 million in value. We recorded negative effects of € 122 million from market-induced credit spread changes with own liabilities and of € 78 million from measurement mismatches related to the application of IAS 39. The net trading result of € 631 million in the first nine months of the previous year had been largely shaped by the ring-fence gain from the Phoenix risk shield in an amount of € 763 million. The result from financial investments in the first nine months of 2009 stood at € 52 million. This matches the previous year´s level, which had likewise been driven by the transfer of portfolios to Phoenix and generated income of € 111 million.
The cost-cutting measures which have been introduced are having a sustainable impact. Administrative expenses have been reduced by € 177 million, or 17%, from the year-earlier period to € 863 million. Personnel expenses fell 18% to € 429 million. The number of full-time employees totalled 5,153 at September 30, 2009, 725 fewer than at the end of the third quarter of 2008. Other administrative expenses decreased by € 88 million, or 19%, to € 380 million. The cost/income ratio for the first nine months of 2009 stood at 51%.
Segment Results: Customer-Driven Business Expanded
In the Corporates & Structured Finance segment, profit before taxes rose to € 158 million (9M 2008: € 63 million) in the first nine months of 2009. WestLB once again demonstrated its expertise in promissory note transactions, project finance and corporate bonds and confirmed its strong market position by obtaining a number of attractive mandates. The result in the Verbund & Real Estate segment of € 5 million (9M 2008: € -6 million) was largely influenced by the deconsolidation of Weberbank. Without this effect, the result exceeded that of the previous year by € 68 million. The segment result in Capital Markets rose particularly sharply to € 489 million (9M 2008: € 26 million). Key earnings contributions were provided here by the business in structured and non-structured interest rate and money market products. In Transaction Banking the pre-tax result of € -17 million (9M 2008: € -7 million) was adversely impacted by low money market interest rates. The volume of new business at readybank, which operates in the consumer credit field, increased by 93% compared with the previous year. The Portfolio Exit Group segment, which pools all of the results from portfolios which the Bank has identified as non-strategic and plans to wind down or ring-fence off the balance sheet, was influenced by positive valuation effects on European government bonds and the proceeds from the sale of a non-strategic investment, and contributed € 32 million (9M 2008: € -414 million) to the result before tax.
Restructuring and Risk Reduction Making Good Progress
With a view to complying with the conditions laid down by the European Commission, WestLB has further streamlined its domestic and foreign branch network and, following the sale of Weberbank in the second quarter, announced the sale of its Hungarian subsidiary WestLB Hungaria in the third quarter. The representative offices in Johannesburg, Peking and Houston have been closed. The branches in Münster, Bielefeld and Dortmund are to be closed by the end of the year, followed by Cologne by mid-2010.
At the same time the Bank pressed further ahead with the systematic reduction of risks and non-strategic assets which had already been initiated at an early stage. As a result, the total assets of the WestLB Group decreased by € 29.3 billion, or 10%, in the first nine months of 2009 to € 258.8 billion compared with the end of 2008. As a result of lower fair values from derivative financial instruments, there were particularly sharp reductions in the volume of trading assets (€ -17.9 billion) and trading liabilities (€ -14.0 billion).
At the end of September we signed agreements which will lead to the ring-fencing of non-strategic assets with a volume of approximately € 85 billion. All major decisions in this connection are due to have been taken by the end of November. In a first step a sub-portfolio of structured securities with a volume of approximately € 6 billion was already guaranteed by SoFFin pursuant to § 8 of the amendment to the Financial Markets Stabilisation Act as at September 30, 2009. For this WestLB´s owners have provided SoFFin with a pro-rata counter-guarantee amounting to € 4 billion. The ring-fencing of the entire portfolio is expected to be completed by April 30, 2010 with retroactive effect as of January 1, 2010. The Bank´s risk-weighted assets totalled € 84.2 billion at September 30, 2009 (end of 2008: € 88.5 billion). The core capital ratio stood at 6.2% (31.12.2008: 6.4%) and the overall ratio 9.3% (31.12.2008: 10.1%).
Dietrich Voigtländer added: “With the agreements signed in September, we have now passed an important milestone in reducing our risk and streamlining the balance sheet significantly. We are currently engaged in constructive talks regarding a permanent ring-fenced solution, which are due to be concluded by the end of November. The core bank, which will focus on profitable business with customers, is now beginning to take shape. We are thus fulfilling the conditions arising from the decision of the European Commission of May 12, 2009.”
WestLB expects earnings in the fourth quarter of 2009 to be below average compared with the preceding quarters, above all because of higher credit risk provisioning requirements and expenses associated with the ring-fencing of the sub-portfolio as well as the establishment of the core bank.
Enclosures
Group Statement of Income January 1 – September 30, 2009
Group Balance Sheet as at September 30, 2009
- Stato