Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (8 lettori)
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- 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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AAAA47
Forumer storico
UPDATE 1-Deutsche Bank sees pretax of 10 bln eur by 2011
* Aims to increase corporate & investment bank profitability
* Aim for leadership in Germany for private asset management
* Sees Asia as key driver of revenue growth
* Shares close up 3.4 pct
(Adds detail, background)
FRANKFURT, Dec 14 (Reuters) - Deutsche Bank <DBKGn.DE> set
its sights on achieving record pretax profit of approximately 10
billion euros ($14.7 billion) from its operating businesses in
2011, as it unveiled a new phase of a growth strategy on Monday.
The "fourth phase" of Deutsche Bank's management agenda
foresees increasing the profitability of the corporate and
investment bank, building out the private clients and asset
management businesses for market leadership in Germany and a
focus on Asia for growth.
In the first phase of the transformation that began in 2002,
Deutsche Bank shifted from being mainly a corporate lender to
growing the investment bank - this phase ended in 2003.
Phase two was aimed at achieving growth and raising
profitability to a pretax return on average active equity of 25
percent, a goal that was attained in 2005.
When Ackermann took the helm at Deutsche Bank in 2002, the
bank's pretax return on equity - a key measure of profitability
- was about 1.1 percent.
Phase three, unveiled in October 2006, set itself a target
of achieving a pretax profit of 8.4 billion euros for 2008 while
maintaining a pretax return on equity of 25 percent and
double-digit growth in earnings per share.
Thanks to the ripples from the credit crisis, Deutsche Bank
was unable to reach all of the bank's objectives in phase three.
Deutsche Bank took a hit on losses in certain sales and
trading businesses, as well as from write-downs on leveraged
loans and loan commitments.
It also saw lower revenues from declining fee and commission
income in Deutsche Bank's investment management activities
leading it to record a net loss of 3.9 billion euros and a
pretax loss of 5.7 billion in 2008.
Deutsche Bank responded to these developments by
strengthening its capital ratios and bolstering its funding base
via capital market issuance and several other measures. In the
third quarter 2009 it rebounded by posting a pretax profit of
1.3 billion euros and net income of 1.4 billion euros.
The Frankfurt-based bank's pretax return on average
active equity was 15 percent in the third quarter 2009
* Aims to increase corporate & investment bank profitability
* Aim for leadership in Germany for private asset management
* Sees Asia as key driver of revenue growth
* Shares close up 3.4 pct
(Adds detail, background)
FRANKFURT, Dec 14 (Reuters) - Deutsche Bank <DBKGn.DE> set
its sights on achieving record pretax profit of approximately 10
billion euros ($14.7 billion) from its operating businesses in
2011, as it unveiled a new phase of a growth strategy on Monday.
The "fourth phase" of Deutsche Bank's management agenda
foresees increasing the profitability of the corporate and
investment bank, building out the private clients and asset
management businesses for market leadership in Germany and a
focus on Asia for growth.
In the first phase of the transformation that began in 2002,
Deutsche Bank shifted from being mainly a corporate lender to
growing the investment bank - this phase ended in 2003.
Phase two was aimed at achieving growth and raising
profitability to a pretax return on average active equity of 25
percent, a goal that was attained in 2005.
When Ackermann took the helm at Deutsche Bank in 2002, the
bank's pretax return on equity - a key measure of profitability
- was about 1.1 percent.
Phase three, unveiled in October 2006, set itself a target
of achieving a pretax profit of 8.4 billion euros for 2008 while
maintaining a pretax return on equity of 25 percent and
double-digit growth in earnings per share.
Thanks to the ripples from the credit crisis, Deutsche Bank
was unable to reach all of the bank's objectives in phase three.
Deutsche Bank took a hit on losses in certain sales and
trading businesses, as well as from write-downs on leveraged
loans and loan commitments.
It also saw lower revenues from declining fee and commission
income in Deutsche Bank's investment management activities
leading it to record a net loss of 3.9 billion euros and a
pretax loss of 5.7 billion in 2008.
Deutsche Bank responded to these developments by
strengthening its capital ratios and bolstering its funding base
via capital market issuance and several other measures. In the
third quarter 2009 it rebounded by posting a pretax profit of
1.3 billion euros and net income of 1.4 billion euros.
The Frankfurt-based bank's pretax return on average
active equity was 15 percent in the third quarter 2009
Zorba
Bos 4 Mod
Mi sembra che le banche siano ottimiste per il 2011. DB prevede di fare utili pretasse di 10bln. UCG un utile netto di 5 bln. Speriamo che sia così. I nostri P non potranno che beneficiarne.
samantaao
Forumer storico
Zorba
Bos 4 Mod
e grazie Reef x gli aggiornamenti sul foglio google!
Zorba
Bos 4 Mod
RBS è nei pensieri della Commissione UE
State aid: Commission approves impaired asset relief measure and restructuring plan of Royal Bank of Scotland
The European Commission has approved under EU state aid rules the impaired asset relief measure and the restructuring plan of Royal Bank of Scotland (RBS). The Commission is satisfied that the measures are in line with its guidelines on impaired asset relief and on restructuring aid for banks (see IP/09/322 and IP/09/1180 ). As such, the state support for RBS is compatible with Article 107(3)(b) of the Treaty on the Functioning of the European Union (TFEU), which allows state aid to remedy a serious disturbance in a Member State's economy. In particular, the measures ensure a sustainable future for RBS without continued state support, foresee an appropriate participation of the bank in the costs of restructuring, and include safeguards to limit distortions of competition, notably by reducing the size of the bank .
Competition Commissioner Neelie Kroes said: "This case has been one of the most complex the Commission has had to deal with during the financial crisis. I am very pleased with the result. The Royal Bank of Scotland will take a number of significant steps to return to long term viability. RBS will itself pay a sufficient share of the restructuring costs and distortions of competition will be limited by substantial divestments. I wish a better and more sustainable future to this bank. But be aware that in case RBS does not deliver on its balance sheet reduction targets by 2013, the Commission will be able to intervene again and more divestments will be required".
Royal Bank of Scotland ("RBS") is one of Europe's largest financial services group. The global crisis in the financial markets and the unprecedented levels of illiquidity experienced in late 2008 brought RBS to the verge of collapse and caused very important impairments and write-offs in its assets. RBS' weakness was the result of a strategy of aggressive expansion, including the acquisition of the wholesale operations of ABN Amro in late 2007, and risky lending financed mainly through wholesale funding.
Under a package of financial support measures approved by the Commission on 13 October 2008 (see IP/08/1496 ), RBS received a state recapitalisation of £20 billion (€22 billion), giving the state a 70% stake in RBS. The approval of this recapitalisation was conditional upon the submission of a restructuring plan. This plan was submitted to the Commission on 2 June 2009 and contained additional state measures.
On 26 February 2009, the UK authorities and RBS announced that the bank would take part in the UK's Asset Protection Scheme (APS). The detailed terms of the APS and of the accompanying aid package for RBS were announced in November 2009: the state would cover 90% of the losses to arise from a £281 billion (€309.1 billion) portfolio of assets. RBS would retain the first £60 billion (€66 billion) of losses and the residual 10% of all further losses. The state would provide a second recapitalisation of £25.5 billion (€28.05 billion) and make a commitment to provide up to £8 billion (€8.8 billion) of additional capital if the bank's core tier one ratio were to fall below 5% in the coming five years.
Long term viability
The Commission considers that the proposed measures will ensure RBS' return to long term viability. The commitment to exit all non-core and riskier business lines will contribute to reinforcing its capital and liquidity position. The bank's participation in the APS will cap the impact of a further impairment of the riskier assets on the bank's capital position and help to restore market confidence in the bank.
Adequate own contribution
The Commission also found that the level of first losses borne by RBS under the APS and the remuneration charged by the state for its different interventions would ensure, together with the restructuring plan, a fair burden-sharing of past losses and an adequate contribution of the bank and its capital providers to the financing of the restructuring costs.
Divestments
The restructuring plan provides for a number of business divestments including RBS' insurance, transaction management and commodity trading operations. These sales are important to generate resources which will limit the need for further aid to finance the return to viability, but also to limit moral hazard (i.e. the danger that a company may take excessive risks if it considers that it will not have to pay for the consequences itself) and distortions of competition brought about by the aid.
In addition, the plan contains a divestment package in the UK SME and mid-corporate banking sector, which is a concentrated market where RBS is the leading bank. The divested entity will have a 5% market share in the SME and mid-corporate banking market gained through more than 300 branches and 40 business and commercial centres. This will facilitate the entry of a new competitor or the reinforcement of a smaller existing competitor on the market and will therefore stimulate competition.
The non-confidential version of the decision will be made available under the case numbers N422/2009 and N621/2009 in the State Aid Register on the DG Competition website once any confidentiality issues are resolved. New publications of state aid decisions on the internet and in the Official Journal are listed in the State Aid Weekly e-News .
EUROPA - Press Releases - State aid: Commission approves impaired asset relief measure and restructuring plan of Royal Bank of Scotland
State aid: Commission approves impaired asset relief measure and restructuring plan of Royal Bank of Scotland
The European Commission has approved under EU state aid rules the impaired asset relief measure and the restructuring plan of Royal Bank of Scotland (RBS). The Commission is satisfied that the measures are in line with its guidelines on impaired asset relief and on restructuring aid for banks (see IP/09/322 and IP/09/1180 ). As such, the state support for RBS is compatible with Article 107(3)(b) of the Treaty on the Functioning of the European Union (TFEU), which allows state aid to remedy a serious disturbance in a Member State's economy. In particular, the measures ensure a sustainable future for RBS without continued state support, foresee an appropriate participation of the bank in the costs of restructuring, and include safeguards to limit distortions of competition, notably by reducing the size of the bank .
Competition Commissioner Neelie Kroes said: "This case has been one of the most complex the Commission has had to deal with during the financial crisis. I am very pleased with the result. The Royal Bank of Scotland will take a number of significant steps to return to long term viability. RBS will itself pay a sufficient share of the restructuring costs and distortions of competition will be limited by substantial divestments. I wish a better and more sustainable future to this bank. But be aware that in case RBS does not deliver on its balance sheet reduction targets by 2013, the Commission will be able to intervene again and more divestments will be required".
Royal Bank of Scotland ("RBS") is one of Europe's largest financial services group. The global crisis in the financial markets and the unprecedented levels of illiquidity experienced in late 2008 brought RBS to the verge of collapse and caused very important impairments and write-offs in its assets. RBS' weakness was the result of a strategy of aggressive expansion, including the acquisition of the wholesale operations of ABN Amro in late 2007, and risky lending financed mainly through wholesale funding.
Under a package of financial support measures approved by the Commission on 13 October 2008 (see IP/08/1496 ), RBS received a state recapitalisation of £20 billion (€22 billion), giving the state a 70% stake in RBS. The approval of this recapitalisation was conditional upon the submission of a restructuring plan. This plan was submitted to the Commission on 2 June 2009 and contained additional state measures.
On 26 February 2009, the UK authorities and RBS announced that the bank would take part in the UK's Asset Protection Scheme (APS). The detailed terms of the APS and of the accompanying aid package for RBS were announced in November 2009: the state would cover 90% of the losses to arise from a £281 billion (€309.1 billion) portfolio of assets. RBS would retain the first £60 billion (€66 billion) of losses and the residual 10% of all further losses. The state would provide a second recapitalisation of £25.5 billion (€28.05 billion) and make a commitment to provide up to £8 billion (€8.8 billion) of additional capital if the bank's core tier one ratio were to fall below 5% in the coming five years.
Long term viability
The Commission considers that the proposed measures will ensure RBS' return to long term viability. The commitment to exit all non-core and riskier business lines will contribute to reinforcing its capital and liquidity position. The bank's participation in the APS will cap the impact of a further impairment of the riskier assets on the bank's capital position and help to restore market confidence in the bank.
Adequate own contribution
The Commission also found that the level of first losses borne by RBS under the APS and the remuneration charged by the state for its different interventions would ensure, together with the restructuring plan, a fair burden-sharing of past losses and an adequate contribution of the bank and its capital providers to the financing of the restructuring costs.
Divestments
The restructuring plan provides for a number of business divestments including RBS' insurance, transaction management and commodity trading operations. These sales are important to generate resources which will limit the need for further aid to finance the return to viability, but also to limit moral hazard (i.e. the danger that a company may take excessive risks if it considers that it will not have to pay for the consequences itself) and distortions of competition brought about by the aid.
In addition, the plan contains a divestment package in the UK SME and mid-corporate banking sector, which is a concentrated market where RBS is the leading bank. The divested entity will have a 5% market share in the SME and mid-corporate banking market gained through more than 300 branches and 40 business and commercial centres. This will facilitate the entry of a new competitor or the reinforcement of a smaller existing competitor on the market and will therefore stimulate competition.
The non-confidential version of the decision will be made available under the case numbers N422/2009 and N621/2009 in the State Aid Register on the DG Competition website once any confidentiality issues are resolved. New publications of state aid decisions on the internet and in the Official Journal are listed in the State Aid Weekly e-News .
EUROPA - Press Releases - State aid: Commission approves impaired asset relief measure and restructuring plan of Royal Bank of Scotland
diritto
Forumer attivo
Nel calcolo della cedola post call della Swisse Re isin 136 mi pare che ci sia un piccolo errore.
Nel calcolo della cedola post call dovrebe essere stato utilizzato il parametro euribor 3 mesi anzichè euribor 6 mesi come invece indicato nel prospetto.
Buona mattinata e buona giornata a tutti.
Nel calcolo della cedola post call dovrebe essere stato utilizzato il parametro euribor 3 mesi anzichè euribor 6 mesi come invece indicato nel prospetto.
Buona mattinata e buona giornata a tutti.
Gallo Cedrone
Forumer storico
Ciao AAAA47,
BA e ING sono tra le mie preferite. BA è la mia n.1: macina 1 bln di utili, auk da 2 bln, gruppo UCG. E poi è una emissione piccolina: 250 mln. Nel 2011 UCG macinerà un utile di 5 bln, callare i 0,25 bln di BA (il 5% degli utili 2011) non sposterebbe nulla in termini di T1 di UCG. Farebbero bella figura con poco. E poi UCG ragiona come gruppo: cosa fà? calla i T1 di UC, ma non quelli di BA e HVB? Mah... Staremo a vedere. Io intanto mi tengo strette le mie BA e le chiudo nel cassetto fino al 2011.
Consensus and analysts - UniCredit Group
Ciao Varoon
Di BA ho fatto il pieno a luglio e con PMC molto basso!
E' la mia scommessa più importante chiusa a doppia mandata nel cassetto!
Vedremo nel 2011....
reef
...
Per semplificare tutto il foglio, dovendo inserire tutti i dati a mano, ho usato solamente euribor3m (per tutti gli euribor) e irs10a (per tutti i parametri a 10 anni, compreso il TdS olandese). Mi pare accettabile per avere un'idea "di massima" dei rendimenti.
Ciao
- Stato