Rottweiler
Forumer storico
Inviata mail ad entrambi gli IR.
Ho ricamato un po' sul tema (con qualche forzatura
...), anche per cercare di evitare la risposta standard.
Vediamo. Forse non servirà a nulla, anche se aspetto di sapere quali altre idee sta covando Zorba. In nessun caso penso possa nuocere. E visto che non costa nulla...
Comunque è assolutamente vero che d'ora in avanti non possiamo più guardare a Unicredit con gli stessi occhi.
Ecco il testo della mia mail:
Dear Investor Relations Manager,
I am an owner of several perpetual bonds, namely of two bonds issued by Bank Austria/Unicredit: DE000A0DD4K8 and DE000A0DYW70.
As you know the former of these two bond had its first recall date possibility expired yesterday. Many owners of this bond, like myself, have been deeply disappointed by this "miss".
I am perfectly aware that it is not Unicredit's economic interest to call the bond at this point. However, I am also aware that Unicredit has chosen, in the past and in similar situations, to call all its Tier 1 bonds just for reputational reasons. In fact, the bond in question is, if I am not mistaken, the first Tier 1 bond not called by Unicredit on its first possible call date.
Hence the following questions.
Is this decision the signal that Unicredit has changed its general redemption strategy on Tier 1 bonds?
More specifically: would this mean Unicredit, from now on, will call its Tier 1 bonds on a purely economic basis?
Should one interpret this decision on bond DE000A0DD4K8 as the intention of Unicredit not to call, in a few months time, also bond DE000A0DYW70?
Does Unicredit consider tender offers for this asset class a possibility? I am asking this question since yesterday Van Lanschot Bank tender offered a similar bond (with a similar market quotation) at 75, which I am sure was much appreciated by a number of investors.
Please note that I am not asking you to indicate what specific decisions Unicredit will take on these two bonds. I am just asking Unicredit to explain, if it wishes and as other major banks are normally doing, its general philosophy on one aspect characterizing this asset class.
The reason for these questions is very simple. So far I have put substantial amounts of money on Unicredit subordinated bonds. I have done this in coordination with several other Italian colleagues with which I am joining efforts. Until yesterday Unicredit has been one of our privileged subordinated bonds issuer because of its approach. Understanding Unicredit's strategy is of paramount importance to us in order to decide if we want to continue and invest in it.
Sincerely,
Ho ricamato un po' sul tema (con qualche forzatura
...), anche per cercare di evitare la risposta standard.Vediamo. Forse non servirà a nulla, anche se aspetto di sapere quali altre idee sta covando Zorba. In nessun caso penso possa nuocere. E visto che non costa nulla...
Comunque è assolutamente vero che d'ora in avanti non possiamo più guardare a Unicredit con gli stessi occhi.
Ecco il testo della mia mail:
Dear Investor Relations Manager,
I am an owner of several perpetual bonds, namely of two bonds issued by Bank Austria/Unicredit: DE000A0DD4K8 and DE000A0DYW70.
As you know the former of these two bond had its first recall date possibility expired yesterday. Many owners of this bond, like myself, have been deeply disappointed by this "miss".
I am perfectly aware that it is not Unicredit's economic interest to call the bond at this point. However, I am also aware that Unicredit has chosen, in the past and in similar situations, to call all its Tier 1 bonds just for reputational reasons. In fact, the bond in question is, if I am not mistaken, the first Tier 1 bond not called by Unicredit on its first possible call date.
Hence the following questions.
Is this decision the signal that Unicredit has changed its general redemption strategy on Tier 1 bonds?
More specifically: would this mean Unicredit, from now on, will call its Tier 1 bonds on a purely economic basis?
Should one interpret this decision on bond DE000A0DD4K8 as the intention of Unicredit not to call, in a few months time, also bond DE000A0DYW70?
Does Unicredit consider tender offers for this asset class a possibility? I am asking this question since yesterday Van Lanschot Bank tender offered a similar bond (with a similar market quotation) at 75, which I am sure was much appreciated by a number of investors.
Please note that I am not asking you to indicate what specific decisions Unicredit will take on these two bonds. I am just asking Unicredit to explain, if it wishes and as other major banks are normally doing, its general philosophy on one aspect characterizing this asset class.
The reason for these questions is very simple. So far I have put substantial amounts of money on Unicredit subordinated bonds. I have done this in coordination with several other Italian colleagues with which I am joining efforts. Until yesterday Unicredit has been one of our privileged subordinated bonds issuer because of its approach. Understanding Unicredit's strategy is of paramount importance to us in order to decide if we want to continue and invest in it.
Sincerely,
Questa è la migliore di tutte!
