negusneg
New Member
Stamattina ho scritto all'IR di DPB, chiedendogli se la decisione di non pagare dividendi fino al 2013 avrà conseguenze sul pagamento delle cedole delle preferred securities.
Secondo me no. Il calo ha coinvolto di più le emissioni su cui (per ora) non verrà esercitata la call, per le altre non è andato oltre il fisiologico ritracciamento che ha riguardato un po' tutto il settore.
Il momento, comunque, è abbastanza delicato. Pesa la dichiarazione di Dominique Strauss-Kahn, secondo cui nei bilanci delle banche sarebbero ancora nascoste circa la metà delle perdite dovute alla crisi finanziaria in atto. In particolar modo in Europa.
E' prevedibile che aumenterà la pressione A TUTTI I LIVELLI (da governi, banche centrali, autorità di controllo e Commissione Europea) per consolidare i bilanci, sia con aumenti di capitale (e questo per noi è positivo) sia con la riduzione al minimo indispensabile delle distribuzioni (e questo per noi è negativo).
Va da sè che le banche più compromesse difficilmente potranno lanciare aumenti di capitale e quindi sono potenzialmente le più rischiose...
Bank Debt Risk Rises on Concern Losses to Fuel Capital Demands
By John Glover
Nov. 24 (Bloomberg) -- The cost of protecting subordinated bonds sold by European banks increased on concern they may need to raise more capital to cushion against widening losses.
Credit-default swaps linked to the junior debt of Banco Santander SA, Spain’s biggest lender, rose 9 basis points to 140, according to CMA DataVision. Contracts on HVB AG, a unit of UniCredit SpA, Italy’s biggest bank, increased 6.5 basis points to 126.5.
About half of bank losses from the global financial crisis have yet to be revealed, International Monetary Fund Managing Director Dominique Strauss-Kahn said yesterday. Regulatory capital requirements for banks will “increase materially in the next few years,” according to a Standard & Poor’s report.
“Financials have underperformed recently and the IMF saying yesterday that only half the losses have been taken will have put pressure on spreads,” said Rajeev Shah, a strategist at BNP Paribas SA in London. “S&P’s report was probably a catalyst adding to pressure today.”
Subordinated debt is used to cushion senior notes and depositors from losses in a crisis and its value typically falls as lenders grow more stressed.
The cost of contracts on junior notes of Banco Bilbao Vizcaya Argentaria SA, Spain’s second-biggest bank, increased to 145 basis points from 137, while contracts covering Frankfurt- based Deutsche Bank AG, Germany’s biggest lender, rose to 120 basis points from 114, according to CMA.
The Markit iTraxx Subordinated Financials Index, which tracks the cost of protecting banks’ junior bonds, widened to 145.5 from 140.5, according to JPMorgan Chase & Co. prices at 12:20 p.m. in London
Credit-default swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements. A basis point on a contract protecting 10 million euros ($14.3 million) of debt from default for five years is equivalent to 1,000 euros a year.
To contact the reporter on this story: John Glover in London at [email protected]
Last Updated: November 24, 2009 08:20 EST
Secondo me no. Il calo ha coinvolto di più le emissioni su cui (per ora) non verrà esercitata la call, per le altre non è andato oltre il fisiologico ritracciamento che ha riguardato un po' tutto il settore.
Il momento, comunque, è abbastanza delicato. Pesa la dichiarazione di Dominique Strauss-Kahn, secondo cui nei bilanci delle banche sarebbero ancora nascoste circa la metà delle perdite dovute alla crisi finanziaria in atto. In particolar modo in Europa.
E' prevedibile che aumenterà la pressione A TUTTI I LIVELLI (da governi, banche centrali, autorità di controllo e Commissione Europea) per consolidare i bilanci, sia con aumenti di capitale (e questo per noi è positivo) sia con la riduzione al minimo indispensabile delle distribuzioni (e questo per noi è negativo).
Va da sè che le banche più compromesse difficilmente potranno lanciare aumenti di capitale e quindi sono potenzialmente le più rischiose...
Bank Debt Risk Rises on Concern Losses to Fuel Capital Demands
By John Glover
Nov. 24 (Bloomberg) -- The cost of protecting subordinated bonds sold by European banks increased on concern they may need to raise more capital to cushion against widening losses.
Credit-default swaps linked to the junior debt of Banco Santander SA, Spain’s biggest lender, rose 9 basis points to 140, according to CMA DataVision. Contracts on HVB AG, a unit of UniCredit SpA, Italy’s biggest bank, increased 6.5 basis points to 126.5.
About half of bank losses from the global financial crisis have yet to be revealed, International Monetary Fund Managing Director Dominique Strauss-Kahn said yesterday. Regulatory capital requirements for banks will “increase materially in the next few years,” according to a Standard & Poor’s report.
“Financials have underperformed recently and the IMF saying yesterday that only half the losses have been taken will have put pressure on spreads,” said Rajeev Shah, a strategist at BNP Paribas SA in London. “S&P’s report was probably a catalyst adding to pressure today.”
Subordinated debt is used to cushion senior notes and depositors from losses in a crisis and its value typically falls as lenders grow more stressed.
The cost of contracts on junior notes of Banco Bilbao Vizcaya Argentaria SA, Spain’s second-biggest bank, increased to 145 basis points from 137, while contracts covering Frankfurt- based Deutsche Bank AG, Germany’s biggest lender, rose to 120 basis points from 114, according to CMA.
The Markit iTraxx Subordinated Financials Index, which tracks the cost of protecting banks’ junior bonds, widened to 145.5 from 140.5, according to JPMorgan Chase & Co. prices at 12:20 p.m. in London
Credit-default swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements. A basis point on a contract protecting 10 million euros ($14.3 million) of debt from default for five years is equivalent to 1,000 euros a year.
To contact the reporter on this story: John Glover in London at [email protected]
Last Updated: November 24, 2009 08:20 EST
