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

[Zorba]

Nomura Cuts Four Greek Banks’ TP

Greek bank valuations continue to be driven by the risks facing Greek public finances and uncertainties over Greece’s ability to finance its deficit in the private Markets, Nomura says in a report dated February 25th.

It lowers its earnings estimates to account for the impacts of the current situation and greater fiscal consolidation, leading to a deeper recession in 2010.

“However, despite the recession in Greece, we believe NBG can still generate above-average profit, given exposure to Turkey, and we maintain our Buy rating.”

More specifically, the firm maintains its ‘Buy’ rating for NBG and Eurobank and cuts its target prices to 21 euro from 30 euro and 8.5 euro from 14 euro. For Alpha Bank, target price is set at 8.3 euro (from a previous 10.2 euro) with a ‘neutral’ rating and for Piraeus it lowers the TP to 6 euro from a previous 10 euro on a ‘reduce’ rating.

“In our view, the Greek banking system itself is not facing any underlying weaknesses. The banks are relatively well capitalized with low loan-to-deposit ratios. From an asset-quality perspective, although the banks will be exposed to greater losses as GDP contracts again in 2010, there has not been an asset bubble in domestic asset prices in the same way that there has been in Spain, Ireland, the UK or the US,” Nomura analysts argue.

http://english.capital.gr/news.asp?id=915510

 

[Zorba]

State aid: Commission approves Irish impaired asset relief scheme


The European Commission has approved, under EU state aid rules, the establishment of the National Asset Management Agency (NAMA), an impaired asset relief scheme for financial institutions in Ireland. The Commission is satisfied that the scheme is in line with its guidelines on impaired asset relief for banks (see IP/09/322 ) that allow state aid to remedy a serious disturbance in a Member State's economy. The scheme will help address the issue of asset quality in the Irish banking system and promote the return to a normally functioning financial market.


Competition Commissioner Joaquín Almunia said: " Ireland's financial sector has been one of the most affected by the global financial crisis in Europe and the burst of the Irish real estate bubble has only compounded the problems. This impaired asset measure, which is specifically targeted at real estate assets, is therefore key to cleaning up Irish banks' balance sheets. This is an important step towards the overall restructuring of the sector and its return to a normal and responsible functioning of the market."
The purpose of NAMA is to restore stability to the Irish banking system by allowing participating financial institutions to sell to the agency assets whose declining and uncertain value is preventing the long-term shoring-up of the financial institutions' capital and, therefore, the return to a normally functioning financial market.
The scheme was open to all systemically-important credit institutions established in Ireland, including subsidiaries of foreign banks, with a 60-day application window that expired on 19 February. Five institutions will participate: Anglo Irish Bank, Allied Irish Bank, Bank of Ireland, Irish Nationwide Building Society and Educational Building Society.
The assets targeted by the measure are all loans issued for the purchase, exploitation or development of land and associated loans. Following the bursting of the Irish real estate bubble, these constitute the riskiest parts of the participating institutions' asset portfolios. The Irish authorities anticipate that NAMA will purchase land and development loans as well as associated commercial loans with a nominal value of approximately €80 billion for an estimated purchase price of € 54 billion.
NAMA's main objective is to manage the assets expeditiously with a view to maximising their value and recovery prospects in the interest of the State.
The Commission has found that the establishment of NAMA constitutes state aid to the participating institutions pursuant to Article 107(1) of the TFEU, but that this aid is compatible by virtue of Article 107(3)(b).
The scheme and intended operations of NAMA are in compliance with the guidelines set out in the Commission's Communication on the treatment of impaired assets (see IP/09/322 ) as regards disclosure and ex ante transparency, eligibility of institutions and assets and the alignment of banks' incentives with public policy objectives. In particular, the Commission has found that the scheme includes an adequate burden sharing mechanism through the payment of a transfer price which is no greater than the assets' long-term economic value, and the inclusion of an adequate remuneration for the state in the rate used to discount the assets' long term economic cash flows.
Today's approval concerns only the NAMA scheme. The Commission will assess the compatibility (and, in particular, the actual transfer price) of the transferred assets when they are separately notified by the Irish authorities. These individual reviews will include a claw back mechanism in case of excess payments.
Finally, the Commission relies on a number of commitments from the Irish authorities to ensure that NAMA, whilst it performs its goal of maximising the recovery value of the purchased assets, does not lead to distortions of competition through the use of some of the specific powers, rights and exemptions granted in the NAMA Act. The Commission will also review individual restructuring plans to ensure that the participation of the financial institutions in this measure is followed up with appropriate restructuring measures to promote the return of those institutions to long term viability.
This is the second asset-relief scheme approved by the Commission after that submitted by Germany in May 2009 and cleared end July.
The non-confidential version of the decision will be made available under the case number N725/2009 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 Irish impaired asset relief scheme

 

[Zorba]

Trai case ancora under assesment da parte della Commissione UE ci sono ancora queste. Per cui occhi sempre aperti... potrebbe ancora arrivare il padulo da Bruxelles.

EUROPA - Press Releases - State aid: Overview of national measures adopted as a response to the financial/economic crisis

·C9/2009 - Restructuring of Dexia
·C15/2009 - Aid package for Hypo Real Estate (restructuring)
·C16/2009 - Aid package for Bayern LB and its Austrian subsidiary Hypo Group Alpe AdriaExtension
·C29/2009 - Aid package for HSH Nordbank AG
·C43/2009 – WestLB: in-depth investigation into bad bank
·C11/B/2008 - State measures in favour of Fortis Bank Nederland (FBN) and the activities of ABN Amro

 

[fabios61]

Basilea 3 e perpetue

A pag. 23 di plus 24 ( inserto del sole 24 ore) di oggi , un gestore di fondi corporate parla di obblig. T1. Dichiara che sta riposizionando i T1 in portaf.Chiedo a voi piu' esperti quale tipo di T1 sta previlegiando? (Tasso fisso, o tasso variabile? Grazie un saluto a tutti

 

[gionmorg]

Salve a tutti i partecipanti al forum

Eccovi il foglio per il calcolo del flusso cedolare mensile per portafogli con più valute.
Mi sembra uno strumento adatto a cassettisti con tanti titoli
È stato pensato per utilizzatori inesperti quindi non è il massimo di “bellezza”, ma mi sembra abbastanza potente e funzionale.
Ho utilizzato le formule più semplici possibile in modo che anche utilizzatori di Open office dovrebbero poterlo utilizzare.
In alto c’è una griglia (verde) riassuntiva del flusso cedolare in valuta e corrispettivo complessivo in €.
Visto che io non ho accesso ai siti che utilizzano molti di voi per il trading i cambi andranno inseriti a mano.

Inizialmente avevo nascosto le celle di calcolo, ma se qualcuno avesse cancellato male qualcosa il foglio si sarebbe scombinato senza che se ne accorgesse.
Quindi ho lasciato le celle di calcolo non nascoste: sono quelle alla estrema destra in viola, E’ ASSOLUTAMENTE VIETATO ciacciare dentro queste celle, si scombinerebbero i calcolo (sono stati abbastanza un casino)

Alcune avvertenze per l’utilizzo:
- dovete solamente riempire le celle ISIN, EMITTENTE, VALUTA (da scegliere dal menù a discesa), VALORE NOMINALE, SCADENZA, COUPON (inserire 6 per indicare 6%), COUPON PER ANNO.
- la colonna cedole nette riporta l’importo netto annuale (tassato al 12,5%)
- per inserire delle righe nuove fra quelle già compilate, basta selezionare una già compilata e incollarla dove si vuole, solamente in questo modo i calcoli si rigenerano in automatico nella griglia in alto

Ha richiesto un bel po’ di lavoro, ma l’ho fatto molto volentieri per quanto mi avete insegnato in questi mesi.
Spero che riusiate a riempire tutte le righe.

Qualche praticone sa come è possibile far si che il cambio si aggiorni automaticamente, magari non dici ogni secondo ma a fine giornata..?

 

[Coche]

Grazie anche da parte mia ,Omero.

 

[Topgun1976]

State aid: Commission approves Irish impaired asset relief scheme


The European Commission has approved, under EU state aid rules, the establishment of the National Asset Management Agency (NAMA), an impaired asset relief scheme for financial institutions in Ireland. The Commission is satisfied that the scheme is in line with its guidelines on impaired asset relief for banks (see IP/09/322 ) that allow state aid to remedy a serious disturbance in a Member State's economy. The scheme will help address the issue of asset quality in the Irish banking system and promote the return to a normally functioning financial market.


Competition Commissioner Joaquín Almunia said: " Ireland's financial sector has been one of the most affected by the global financial crisis in Europe and the burst of the Irish real estate bubble has only compounded the problems. This impaired asset measure, which is specifically targeted at real estate assets, is therefore key to cleaning up Irish banks' balance sheets. This is an important step towards the overall restructuring of the sector and its return to a normal and responsible functioning of the market."
The purpose of NAMA is to restore stability to the Irish banking system by allowing participating financial institutions to sell to the agency assets whose declining and uncertain value is preventing the long-term shoring-up of the financial institutions' capital and, therefore, the return to a normally functioning financial market.
The scheme was open to all systemically-important credit institutions established in Ireland, including subsidiaries of foreign banks, with a 60-day application window that expired on 19 February. Five institutions will participate: Anglo Irish Bank, Allied Irish Bank, Bank of Ireland, Irish Nationwide Building Society and Educational Building Society.
The assets targeted by the measure are all loans issued for the purchase, exploitation or development of land and associated loans. Following the bursting of the Irish real estate bubble, these constitute the riskiest parts of the participating institutions' asset portfolios. The Irish authorities anticipate that NAMA will purchase land and development loans as well as associated commercial loans with a nominal value of approximately €80 billion for an estimated purchase price of € 54 billion.
NAMA's main objective is to manage the assets expeditiously with a view to maximising their value and recovery prospects in the interest of the State.
The Commission has found that the establishment of NAMA constitutes state aid to the participating institutions pursuant to Article 107(1) of the TFEU, but that this aid is compatible by virtue of Article 107(3)(b).
The scheme and intended operations of NAMA are in compliance with the guidelines set out in the Commission's Communication on the treatment of impaired assets (see IP/09/322 ) as regards disclosure and ex ante transparency, eligibility of institutions and assets and the alignment of banks' incentives with public policy objectives. In particular, the Commission has found that the scheme includes an adequate burden sharing mechanism through the payment of a transfer price which is no greater than the assets' long-term economic value, and the inclusion of an adequate remuneration for the state in the rate used to discount the assets' long term economic cash flows.
Today's approval concerns only the NAMA scheme. The Commission will assess the compatibility (and, in particular, the actual transfer price) of the transferred assets when they are separately notified by the Irish authorities. These individual reviews will include a claw back mechanism in case of excess payments.
Finally, the Commission relies on a number of commitments from the Irish authorities to ensure that NAMA, whilst it performs its goal of maximising the recovery value of the purchased assets, does not lead to distortions of competition through the use of some of the specific powers, rights and exemptions granted in the NAMA Act. The Commission will also review individual restructuring plans to ensure that the participation of the financial institutions in this measure is followed up with appropriate restructuring measures to promote the return of those institutions to long term viability.
This is the second asset-relief scheme approved by the Commission after that submitted by Germany in May 2009 and cleared end July.
The non-confidential version of the decision will be made available under the case number N725/2009 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 Irish impaired asset relief scheme

Grazie Greco ops Varoon
Cè da Dire che Il Governo Irish Stà facendo tutto il Possibile e Oltre per Salvare le Banche.

Per la Mia Boi 7,4 non ci sarà cedola al 7 Marzo ,ma mi piacerebbe sapere(Ho scritto all'ir ma non mi ha risposto)se nel 2011 pagherà la cedola,avrò 2 cedole in Cash(2010-2011) o Solo la 2011 ,metre la 2010 viene cumulata nel prezzo?


Penso 2 in Contanti ma non ne sono sicurissimo

 

[giannantonio3]

Grazie Greco ops Varoon
Cè da Dire che Il Governo Irish Stà facendo tutto il Possibile e Oltre per Salvare le Banche.

Per la Mia Boi 7,4 non ci sarà cedola al 7 Marzo ,ma mi piacerebbe sapere(Ho scritto all'ir ma non mi ha risposto)se nel 2011 pagherà la cedola,avrò 2 cedole in Cash(2010-2011) o Solo la 2011 ,metre la 2010 viene cumulata nel prezzo?


Penso 2 in Contanti ma non ne sono sicurissimo

Senti top. hai in ptf p in $? se si in che %

 

[Topgun1976]

Senti top. hai in ptf p in $? se si in che %

Nessuna...C'era da farci un Pensierino mesi fà a 1,5 sull'euro oggi non mi sembra un Affare

 

[giannantonio3]

Nessuna...C'era da farci un Pensierino mesi fà a 1,5 sull'euro oggi non mi sembra un Affare

Ho letto un articolo strano oggi su liberomercato,secondo il quale un gruppo di finanzieri capitanati da Soros starebbero complottando per portare il$ verso la parità chi vivrà vedrà