Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (11 lettori)

[edonistaG]

consiglio ubs

salve a tutti e complimenti per il forum..
vorrei un consiglio s e possibile
cosa ne pensate di UBS ? é ancora affidabile ?
C'è per esempio un obbligazione ibrida 2018 XSO268105821 (4,125 fino al 2012 e poi 0,70 + euribor) che quota 70-75 ..che tipo di obbligazione è ? (mi riferisco al tier ?..

grazie per un eventuale consiglio e auguri a tutti !!

 

[solenoide]

Xs0268105821

salve a tutti e complimenti per il forum..
vorrei un consiglio s e possibile
cosa ne pensate di UBS ? é ancora affidabile ?
C'è per esempio un obbligazione ibrida 2018 XS0268105821 (4,125 fino al 2012 e poi 0,70 + euribor) che quota 70-75 ..che tipo di obbligazione è ? (mi riferisco al tier ?..

grazie per un eventuale consiglio e auguri a tutti !!

Ciao,
sicuramente non e' un perpetual Tier 1 , per sapere con esattezza la subordinazione dovresti scaricare il prospetto dal sito http://www.bourse.lu
Vista la struttura potrebbe essere una LT2 , la call e' nel 2013.
E' oggetto di riacquisto da parte di UBS che a fine marzo era disposta a pagarla ben 65 !! anche se dai grafici non sembra essere mai scesa sotto 70 .
http://www.goyax.de/chartanalyse/ub...UB0BQC-isin-XS0268105821-frankfurt-13584.html

http://www.ubs.com/1/e/investors/debt.html


UBS AG, ACTING THROUGH ITS JERSEY BRANCH ANNOUNCES THAT, AS A
RESULT OF AN INVITATION FOR OFFERS TO SELL, IT WILL PURCHASE FOR
AN APPROXIMATE CONSIDERATION OF €355 MILLION AN APPROXIMATE
AGGREGATE PRINCIPAL AMOUNT OF NOTES EQUAL TO €557 MILLION
NOT FOR DISTRIBUTION TO ANY UNITED STATES OR ITALIAN PERSON OR TO
ANY PERSON RESIDENT AND/OR LOCATED IN THE UNITED STATES OR ITALY
Luxembourg - 26 March 2009
On 19 March 2009, UBS AG, acting through its Jersey Branch ("UBS") invited holders of the
€1,250,000,000 Floating Rate Dated Subordinated Callable Step Up Notes due 2015 (the
"2015 Notes"), the U.S.$2,000,000,000 Floating Rate Dated Subordinated Callable Step Up
Notes due 2016 (the "2016 Notes"), the €750,000,000 Fixed to Floating Rate Dated
Subordinated Callable Notes due 2018 (the "2018 Notes") and the €1,000,000,000 Fixed to
Floating Rate Dated Subordinated Callable Notes due 2019 (the "2019 Notes" and, together
with the 2015 Notes, 2016 Notes and the 2018 Notes, the "Notes") to tender their Notes for
cash (the "Invitation").
The Invitation by UBS to holders of Notes constituted a separate Invitation with respect to each
Series of Notes. The Invitation was made on the terms and subject to the conditions contained
in the invitation for offers dated 19 March 2009 (the "Invitation for Offers"). Capitalised
terms used in this announcement have the meanings ascribed to them in the Invitation for
Offers. The Invitation expired at 4:00 p.m. London Time on Wednesday, 25 March 2009.
UBS is pleased to announce that it has accepted for purchase an aggregate principal amount of
Notes equal to: €98,849,000 of the 2015 Notes; U.S.$242,462,000 of the 2016 Notes;
€171,750,000 of the 2018 Notes; and €106,946,000 of the 2019 Notes. The Purchase Price
for the 2015 Notes has been set at €625 per €1,000 in principal amount of Notes. The
Purchase Price for the 2016 Notes has been set at U.S.$625 per U.S.$1,000 in principal
amount of Notes. The Purchase Price for the 2018 Notes has been set at €650 per €1,000 in
principal amount of Notes. The Purchase Price for the 2019 Notes has been set at €650 per
€1,000 in principal amount of Notes. All Notes tendered at or below the applicable Purchase
Price have been accepted in full and will be cancelled.

Fixed to
Floating Rate Dated
Subordinated Callable
Notes due 2018
€750,000,000
4.125%
XS0268105821
/0268105821
Interest payment date
falling in or nearest to
September 2013
€650 per €1,000
principal amount

 

[Gianni.Mello]

Sempre riguardo le Pop.Lodi XS0223454512 non e' che qualcuno del forum andra' alla assemblea della Banca Popolare il prox 25 aprile? Potrebbe chiedere se hanno intenzione di pagare la prox cedola o no.

 

[edonistaG]

meglio merrill

uhm grazie per le notizie sul bond ubs ma forse dalle subordinate è meglio stare distante...
e una merrill linch 2013 step up callable XSO286930283 ? ch e quota anch'essa 75 ? tanto ormai non dovrebbe più fallire...

 

[Topgun1976]

Sempre riguardo le Pop.Lodi XS0223454512 non e' che qualcuno del forum andra' alla assemblea della Banca Popolare il prox 25 aprile? Potrebbe chiedere se hanno intenzione di pagare la prox cedola o no.

Non per essere sgradevole o scortese ma basterebbe tenersi letto il 3d anche nelle pagine dietro,si troverebbero risposte a tante domande compresa la tua.

 

[samantaao]

qualcuno ha per caso un filettino di xls o simile con un elenco organizzato?

 

[Gianni.Mello]

Una piccola proposta a Negus: potresti spostare il file delle perpetual a pagina 1 da excell a Google document aggiungendo qualche colonna come data prezzo acq/vend cosi' che quelli di noi che movimentano un titolo possano inserire i prezzi aggiornati.

Sarebbe un servizio al forum

 

[samantaao]

qualcuno ha per caso un filettino di xls o simile con un elenco organizzato?

che pir.la era nel primo post...

 

[negusneg]

Una piccola proposta a Negus: potresti spostare il file delle perpetual a pagina 1 da excell a Google document aggiungendo qualche colonna come data prezzo acq/vend cosi' che quelli di noi che movimentano un titolo possano inserire i prezzi aggiornati.

Sarebbe un servizio al forum

Ciao Gianni, a suo tempo non inserii i prezzi per non appesantire troppo la lettura della tabella, oltre che per mancanza di tempo nel seguire un vero e proprio monitor.

Fra l'altro non sono iscritto a google e non vorrei essere sommerso di spam...

Forse la cosa più sensata sarebbe ricavare dalla prima una seconda tabella, con esclusivamente nome emittente, ISIN, data, prezzo di acquisto e/o di vendita.

Ancor meglio sarebbe riportare, magari a cadenza settimanale, le quotazioni di quelle che sono quotate sulle borse tedesche.

Se qualcuno si prestasse a fare da volontario per un simile lavoro sarei ben lieto di collaborare. Purtroppo temo di non avere abbastanza tempo per occuparmene direttamente io.

 

[Imark]

Per le banche UK, anche alla luce di quanto consentito dal Banking Act 2009, lo sganciamento del rating dei titoli subordinati ed ibridi da quello dei bond senior diventa sostanzialmente sistemico.

[FONT=verdana,arial,helvetica]Moody's downgrades subordinated and hybrid debt issued by Barclays and HSBC[/FONT]

[FONT=verdana,arial,helvetica]No change in senior debt ratings or the intrinsic strength of the institutions. Rating actions reflect Moody's reassessment of the support environment for junior securities [/FONT]

[FONT=verdana,arial,helvetica]London, 09 April 2009 -- Moody's Investors Service has today downgraded the subordinated and hybrid debt instruments issued by Barclays and HSBC. [/FONT]

[FONT=verdana,arial,helvetica]The subordinated or hybrid instruments of the following banks have been affected by this action: [/FONT]

[FONT=verdana,arial,helvetica]• Barclays Bank: Subordinated debt rating downgraded to Baa1 from A1, and hybrid debt to Baa2 from A2; negative outlook [/FONT]

[FONT=verdana,arial,helvetica]• HSBC Bank: Subordinated debt rating downgraded to A2 from Aa3, and hybrid debt to A3 from A1; negative outlook [/FONT]

[FONT=verdana,arial,helvetica]• HSBC Holdings: Subordinated debt rating downgraded to A1 from Aa3, and hybrid debt to A2 from A1; negative outlook [/FONT]

[FONT=verdana,arial,helvetica]The rating action follows the downgrades of the subordinated and hybrid debt of RBS and Lloyds on 3rd April 2009. These actions have been prompted by the rating agency's concern that systemic support may not be extended to these instruments in the case of financial distress. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]The 2009 Banking Act explicitly provides a broad remit to allow the restructuring of financial institutions with losses to subordinated and hybrid debt holders, and this has increasingly been the practice in the recent restructuring of a number of financial institutions in the UK.[/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Therefore, it is Moody's opinion that the ratings of subordinated and hybrid instruments should be closely aligned to the bank's BFSR, which in the case of Barclays is C (mapping to a baseline credit assessment - BCA - of A3) and in the case of HSBC Bank pls is C+ (BCA - A2), and no longer benefit from the support that is expected for senior creditors and depositors of these two large, systemically important institutions. [/FONT]

[FONT=verdana,arial,helvetica]In its Special Comment entitled "Moody's Assesses Bank Hybrid Securities in the Context of the Current Credit Crisis", dated December 2008, Moody's began a dialogue with market participants regarding a potential change to its bank hybrid notching practices. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]The proposal explored the possibility of removing systemic support from bank hybrid ratings and considered wider notching based on the hybrid's risk characteristics. This process continues for banks generally, but as Moody's noted in its Special Comment, subordinated and hybrid ratings will be adjusted as appropriate should circumstances warrant as is the case for the subordinated and hybrid debt of these two banking groups. [/FONT]

[FONT=verdana,arial,helvetica]Moody's current ratings on banks' subordinated and hybrid securities generally reflect the assumption that if a government extends financial support to a bank in difficulty, that support would also benefit subordinated and hybrid investors. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Moody's has observed that UK systemic support to banks has recently been limited to senior debt and deposits only. In the restructuring of the Dunfermline and Bradford & Bingley none of the subordinated or hybrid debt instruments benefit from government support measures, resulting in possible losses to investors; furthermore, the 2009 Banking Act has specifically provided a legal framework that enables such differentiating measures. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Moody's therefore believes that the risk to such instruments of HSBC and Barclays is more closely aligned to the banks' other unsupported obligations, as indicated by the Bank Financial Strength Rating ("BFSR") which maps into the alphanumerical Baseline Credit Assessment ("BCA"). [/FONT]

[FONT=verdana,arial,helvetica]Until now, Moody's has notched the ratings of these banks' subordinated and hybrid debt from the supported senior debt rating by one and two notches, respectively. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Due to the reduced certainty of further systemic support for these instruments, the anchor for subordinated and hybrid debt ratings issued by these institutions will be the BCA which maps from the intrinsic strength of the bank as indicated by our published BFSR. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Notwithstanding, in its rating of these subordinated and hybrid debt instruments Moody's continues to include the benefit of parental support for HSBC Bank plc. The actual notching for subordinated and hybrid debt relative to the anchor will remain unchanged reflecting the characteristics of the instruments, i.e. their relative subordination vis-a-vis each other in case of bankruptcy[/FONT]