capt.harlock
MENA IL CAMMELLO FAN CLUB
niente piu'su base volontaria..scatta il "forzoso"
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1
- Creatore Discussione negusneg
- 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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fabriziof
Forumer storico
e chi lo dice?
warren baffo
Forumer storico
vogliamo vederci un qualcosa di buono in questa ultima frase?
discipline
Guest
19:13 Michael Noonan said he saw outside banks becoming a third pillar of the Irish banking systems.
He said Bank of Ireland had until June to deliver private investment and make progress with subordinate bond holders, if successful in that they will not be majority owned by the state.
But Mr Noonan said if unsuccessful it would become a State-owned bank like AIB.
He said Bank of Ireland had until June to deliver private investment and make progress with subordinate bond holders, if successful in that they will not be majority owned by the state.
But Mr Noonan said if unsuccessful it would become a State-owned bank like AIB.
Rottweiler
Forumer storico
Basilea 3 e gli aumenti di capitale
Ragionando sui possibili aumenti di capitali richiesti dalla nuova normativa tendiamo, erroneamente, a pensare che i nuovi interventi si calcolino semplicemente aumentando il capitale proprio e sostituendo, con qualche ritocco, i vecchi strumenti ibridi con i nuovi.
Non è così.
I nuovi requisiti vanno a toccare molti altri parametri, prima di tutto quelli che contribuiscono a formare il denominatore dell'indice (core)Tier 1. Un esempio si può ricavare anche dall'articolo che riporto più sotto.
La conclusione è che gli aumenti di capitale, da qui al 2019, saranno molto più corposi di quanto immaginiamo. Chi intende entrare nel capitale azionario dei bancari è avvertito.
March 30, 2011, 9:35 a.m. EDT
ING Sees Bigger Basel Hit
AMSTERDAM—Dutch financial giant ING Groep NV warned Wednesday that stricter capital requirements under Basel III regulations will have a larger negative impact on its banking arm than it had said previously, and criticized some elements of the rules for being too harsh.
ING, the bailed-out bancassurer, said in a presentation on its website that the core Tier 1 capital ratio of its bank, which stood at 9.6% at the end of 2010, would reduce to 8.3% if Basel III were implemented now. The hit is nearly double the amount ING flagged months earlier, when it said the negative impact would be around 0.7 percentage point. The Tier 1 ratio is a measure of a bank's capital relative to its assets.
The bigger negative impact is mainly caused by stricter new guidelines under Basel III and higher interest rates, which led to a drop in revaluation reserves, a spokesman said.
Rabobank analyst Cor Kluis estimated ING would have €1.6 billion ($2.26 billion) less excess capital as a result. Still, Mr. Kluis said ING's solvency position remains solid, even taking into account the repayment of €2 billion in state funds in May.
Under Basel III, which will be implemented from 2013 and comes fully into force in 2019, banks will be forced to hold bigger capital cushions and deeper pools of liquidity to guard against potential losses and crippling bank runs.
Although ING said that Basel III is "manageable," it criticized some new rules for being too harsh, especially those that aim to ensure banks have enough liquid assets to shield themselves in case funding markets dry up.
The "liquidity coverage ratio," which will come into force in 2015, contains a "very restrictive" definition of liquid assets and forces banks to hold more cash and government bonds, ING said in the presentation. "[This] will put pressure on margins," it said.
Meanwhile, "the net stable funding ratio," which aims to ensure banks can stay liquid for up to a year and which will be introduced in 2018, is also too harsh, ING said. The company said that it still falls short of the 100% minimum, despite its large mortgage portfolio and relatively low loan-to-deposit ratio. "This triggers the question on the validity of the calibration of this metric," it said.
ING's shares were down 3% at €9.10 by midafternoon in Europe, giving it a market value of about €35 billion.
Ragionando sui possibili aumenti di capitali richiesti dalla nuova normativa tendiamo, erroneamente, a pensare che i nuovi interventi si calcolino semplicemente aumentando il capitale proprio e sostituendo, con qualche ritocco, i vecchi strumenti ibridi con i nuovi.
Non è così.
I nuovi requisiti vanno a toccare molti altri parametri, prima di tutto quelli che contribuiscono a formare il denominatore dell'indice (core)Tier 1. Un esempio si può ricavare anche dall'articolo che riporto più sotto.
La conclusione è che gli aumenti di capitale, da qui al 2019, saranno molto più corposi di quanto immaginiamo. Chi intende entrare nel capitale azionario dei bancari è avvertito.
March 30, 2011, 9:35 a.m. EDT
ING Sees Bigger Basel Hit
AMSTERDAM—Dutch financial giant ING Groep NV warned Wednesday that stricter capital requirements under Basel III regulations will have a larger negative impact on its banking arm than it had said previously, and criticized some elements of the rules for being too harsh.
ING, the bailed-out bancassurer, said in a presentation on its website that the core Tier 1 capital ratio of its bank, which stood at 9.6% at the end of 2010, would reduce to 8.3% if Basel III were implemented now. The hit is nearly double the amount ING flagged months earlier, when it said the negative impact would be around 0.7 percentage point. The Tier 1 ratio is a measure of a bank's capital relative to its assets.
The bigger negative impact is mainly caused by stricter new guidelines under Basel III and higher interest rates, which led to a drop in revaluation reserves, a spokesman said.
Rabobank analyst Cor Kluis estimated ING would have €1.6 billion ($2.26 billion) less excess capital as a result. Still, Mr. Kluis said ING's solvency position remains solid, even taking into account the repayment of €2 billion in state funds in May.
Under Basel III, which will be implemented from 2013 and comes fully into force in 2019, banks will be forced to hold bigger capital cushions and deeper pools of liquidity to guard against potential losses and crippling bank runs.
Although ING said that Basel III is "manageable," it criticized some new rules for being too harsh, especially those that aim to ensure banks have enough liquid assets to shield themselves in case funding markets dry up.
The "liquidity coverage ratio," which will come into force in 2015, contains a "very restrictive" definition of liquid assets and forces banks to hold more cash and government bonds, ING said in the presentation. "[This] will put pressure on margins," it said.
Meanwhile, "the net stable funding ratio," which aims to ensure banks can stay liquid for up to a year and which will be introduced in 2018, is also too harsh, ING said. The company said that it still falls short of the 100% minimum, despite its large mortgage portfolio and relatively low loan-to-deposit ratio. "This triggers the question on the validity of the calibration of this metric," it said.
ING's shares were down 3% at €9.10 by midafternoon in Europe, giving it a market value of about €35 billion.
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capt.harlock
MENA IL CAMMELLO FAN CLUB
discipline
Guest
IMHO per IMHO, dopo gli scambi volontari di fine anno scorso, non mi stupirei di offerte coercitive a questo punto. Al momento la terminologia è quella pudìca delle negoziazioni... più tardi voglio dare un occhiata alle senior piuttosto
Bank of Ireland gets June deadline to raise cash
(Reuters) - Bank of Ireland (BKIR.I) will avoid majority state ownership if they succeed in raising funds privately by June and negotiate with subordinated debt holders, Ireland's finance minister said on Thursday.
"Bank of Ireland think they can access private funds and we are giving them until June to see (if they can) do that, and they have also negotiations with subordinated bondholders," Finance Minister Michael Noonan told a news conference.
"If they are successful at that, they will continue to be publicly quoted and would not be majority owned by the state.
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innocentiproject
Forumer attivo
ecco qua i link diretti su onvista.
OnVista: Anleihenanalyse - SNS BANK N.V. EO-MEDIUM-TERM NTS 2010(20) - Snapshot
OnVista: Anleihenanalyse - SNS REAAL GROEP N.V. EO-FLR MED.-T. NTS 07(17/UND.) - Snapshot
la lt2 è raffrontabile con BP 6 2020 @ 96,x
la t1 è raffrontabile con la BPVN 290 @77-78
mi sembra DECISAMENTE troppo penalizzata la lt2 di SNS, cosi penalizzata che non me la sento di espormi con piu di un lotto (stupida psicologia di prezzo), mentre ho diversi lotto di BP 6 2020.
NON dico che le lt2 di BP e SNS devono prezzare uguali ma che almeno prezzino "simile" alle relative t1.
oppure ho preso un bel granchio?
Zorba
Bos 4 Mod
Non è detto. Il discorso era partito benissimo: non solo lo stato ha messo i soldi, ma anche i vecchi azionisti che hanno perso tutto (60 bln di equity) e 10 bln di subordinati. Messa così, ho penstato "siamo salvi". Invece la frasetta finale lascia presagire altre OPA (spero volontarie).
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