Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2

[akis63]

I am hopeful... to read it in next days.

Since RZB offer 58 for 040 i estimate that BFCM 712 should offer at least the same price.

 

[samantaao]

Non dovrebbe contare la qualifica del momento dell'acquisto più che l'attuale?
Forse sarebbe però difficile da verificare, se ho scritto (probabile) una strunzxxata cancellate pure....

sicuri che qualificato sia uguale ad istituzionale?
qualcuno che lavora in ambito finanziario dovrebbe saperlo

 

[samantaao]

credo che, fino a quando non si avrà un taglio netto alle spese, le italiane potranno ballare ancora, qui tassano ma si sta arrivando all'osso, se non rendono l'italia un paese efficiente ed in cui conviene investire la situzione non potrà migliorare
magari i numeri per un po' torneranno grazie ai risparmi degli italiani... ma quanto può durare?
sta situazione non mi convince

io sto alleggerendo piano piano, i liquidi non mi fanno schifo a differenza di molti che vedo ansiosi di switch
da una parte la grecia che non si capisce se la useranno per uno storno, dall'altra second roun free cash che dovebbe pompare
se comprerò qualcosa non credo che sarà italiano
IMHO

 

[fidw99]

le inglesi ne hanno fatte poche di offerte

e ne faranno ancora meno dopo questa iniziativa

Government closes bank bond buyback tax loophole | Reuters

 

[AAAA47]

da stamattina non c'e' piu' il divieto di short in italia sui titoli bancari, era in vigore mi pare da agosto
vediamo che succede

 

[nik.sala]

qualcuno qui terrà le bawag?

sono moolto indeciso

io ho solo le 897. o le smobilizzo e le lascio liquide su c/ (non ci sono valide alternative per struttura/emittente) oppure me le tengo.
Propendo per la 2a ipotesi, qualcuno mi smentisca...

qualcuno ha prezzi recenti della lt2 nib XS0210781828?

molto interessante, dovrebbe essere sui 55/56 fabri

Qualcuno dei Forumisti ha letto il prospetto di questa NATIXIS 9% in dollari con call 16 aprile 2013 che si dovrebbe comprare intorno a 85 (FR0010607747)?

decisamente buona, ma visto il rischio €/$ che non voglio accollarmi e il fatto che probabilmente è poco liquida visto l'outstanding (174.5 mln di $) passerei...da cassettare cmq, IMHO

Oggi comprato XS0099124793 KBC eur3m+300bp a 55 (mm Morgan Stanley)

eh no porca miseria obos !!! Oggi non ho neanche provato dando per scontato illiquidità
hai fatto otc vero ??? IW ha Morgan Stanley come market maker ???

mi fate incazz.....:
com'è che in due banche diverse non riesco a prenderle da 2 settimane ?
anche oggi mi hanno dato l'ineseguito per 50k a 56 !!!

già, ma porco

 

[nik.sala]

Banco Popolare Societa Cooperativa Hybrid Tier 1 Securities Downgraded To 'B-' On Risk Of Coupon Payment Deferral

Publication date: 27-Feb-2012 17:45:21 GMT


View Analyst Contact Information

• On Feb. 15, 2012, Italy-based Banco Popolare Societa Cooperativa SCRL (Banco Popolare) completed its buyback offers to holders of Tier 1 and Tier 2 instruments.
• We consider these offers to be "opportunistic," as defined by our criteria.
• We also believe the risk the bank might defer its coupon payment on Tier 1 hybrid debt in the future has increased.
• As a result, we are lowering the rating on the hybrid Tier 1 debt to 'B-' from 'B'. We are removing the rating on the hybrids from CreditWatch with negative implications.

LONDON (Standard & Poor's) Feb. 27, 2012--Standard & Poor's Ratings Services today said that it has lowered its issue rating on the Hybrid Tier 1 debt issued by Italy-based Banco Popolare Societa Cooperativa SCRL (Banco Popolare; BBB-/Negative/A-3) to 'B-' from 'B'. At the same time, we removed the rating from CreditWatch with negative implications, where we placed it on Dec. 7, 2011.The downgrade of the hybrid instruments is based on our view of the increased risk that Banco Popolare could defer its hybrid coupon payments in the future. This reflects our assessment of the bank's modest earning capacity, owing to the current weak economic environment, and the increased pressure on its capital after the European Banking Authority (EBA) determined a potential €2.8 billion capital shortfall in its stress test for Banco Popolare, published on Dec. 8, 2011. On Feb. 15, 2012, Banco Popolare completed its buyback offers to holders of Tier 1 and Tier 2 instruments. This offer is part of the capital strengthening actions the bank is carrying out to meet the EBA requirement of a 9% core Tier 1 ratio by June 2012. Following our review of the terms and conditions of the offer and the recent amounts bought back by Banco Popolare, we consider this offer to be "opportunistic," under our hybrid criteria (see "Rating Implications Of Exchange Offers And Similar Restructurings, Update," published May 12, 2009, on RatingsDirect on the Global Credit Portal). According to our criteria, we consider an offer to be "opportunistic" when a issuer offers to exchange bonds for below par where changes in market interest rates, other technicalities, or market developments have caused its bonds to trade at a discount. We believe such an offer has no credit implications for the issuer. In our view, the impact of the offer on the bank's core Tier 1 ratio will be limited.

per me pagheranno

 

[discipline]

Settimana scorsa si parlava di Oevag, qualche informazione in più a margine dell'annuncio di oggi. Aumento di capitale dopo un taglio fino al 70% di equity e participation capital (ovvero il 1B pubblico e quindi i 500M della 643; nell'ultimo grassetto si allude cmq al rimborso del p.capital pubblico dopo il taglio):

Owners of Österreichische Volkbanken-AG (VBAG) and Republic of Austria conclude agreement in order to stabilize VBAG, key points are:

Merger of VBAG and Investkredit Bank AG (IK)
• VBAG/IK will become “Verbundbank“ according to new § 30a, Austrian Banking Act
• Capital reduction of shares and participation capital
• Capital increase by VBAG’s majority owners (regional Volksbanks) and by the Republic of Austria
• Republic of Austria provides guarantees for assets
• Majority and minority owners of VBAG committed to various measures to strengthen VBAG’s capitalization
• Sale of Volksbank Romania and Volksbank Leasing International remains a target

Österreichische Volksbanken-AG (VBAG), Deutsche Zentral-Genossenschaft (DZ Bank), Ergo Versicherung AG (Ergo Group), Raiffeisen Zentralbank AG (RZB), Österreichische Volksbanken Holding eGen, the regional Austrian Volksbanks and the Republic of Austria concluded a joint agreement. Purpose and aim of this agreement is the stabilization and modification of VBAG into a sustainable “Verbundbank” according to the new § 30a BWG (Austrian Banking Act).

Key points of the agreement between owners of VBAG and the Republic of Austria are:
Merger of VBAG and IK and modification of VBAG into a “Verbundbank” according to the new § 30a BWG (Austrian Banking Act) VBAG and IK will be merged retroactively as of 31 December 2011. The new institute will focus exclusively on its function as the central institution of the Austrian Volksbank sector and will be the central organization of the sector in compliance with the new § 30a BWG (associations of credit institutions). A segregation of assets that do not constitute core business into a separate entity is not planned.

Capital reduction
DZ Bank, Ergo Group, RZB, Österreichischer Genossenschaftsverband and Volksbanken Holding (regional Austrian Volksbanks) will agree on a reduction of capital as of 31 December 2011. The reduction of capital of up to 70% affects shares and participation capital.

Capital increase
At the same time, a capital increase in a total volume of approximately EUR 480 million will be implemented. The Republic of Austria will acquire shares in an amount of EUR 250 million and VBAG’s majority owners will subscribe for shares in an amount of at least EUR 230 million. The regional Volksbanks will remain VBAG’s majority shareholders after the capital increase.

Republic of Austria will assume asset guarantee
The republic assumes a guarantee for assets in an amount of EUR 100 million. The guarantee fee will be 10%. The asset guarantee will be valid after the legally binding resolution by the Volksbanks to modify VBAG/IK into a “Verbundbank” according to § 30a BWG until 31 December 2017 at the latest.

Owners of VBAG committed to various measures
The Austrian Volksbanks are committed to the payment of the fee for the asset guarantee by the Republic of Austria. Furthermore, Volksbanks ensure the repayment of the participation capital held by the Republic of Austria after the capital reduction and will participate in the capital increase.

In order to strengthen VBAG’s capital ratios, RZB will ensure best efforts in order to assist VBAG in its disposal of RZB shares held and in any case guarantees to implement adequate measures that will improve capital ratios and liquidity at VBAG.
DZ Bank and ERGO undertake to leave all liquidity held in VBAG Group unchanged until further notice. In particular, this relates to the refinancing of VB Romania and VB Leasing International by DZ Bank. In addition, DZ Bank will assume a portfolio of the Frankfurt branch of Investkredit in the amount of EUR 400 million RWA.

Sale of Volksbank Romania and Volksbank Leasing International
The sale of shares in Volksbank Romania and Volksbank Leasing International remains a target and is to be implemented in the best possible way.

More detailed information will be provided as soon as possible.

 

[mavalà]

Groupama

Groupama: Martel, rinunciamo a progetto quotazione in Borsa Milano, 27 feb - Il gruppo francese di assicurazioni Groupama rinuncia al suo progetto di quotazione in Borsa. Lo ha annunciato il suo direttore generale Thierry Martel in un'intervista al figaro.fr. "Abbiamo deciso di porre fine al progetto di quotazione del gruppo" ha detto Martel, giunto in ottobre a capo della compagnia francese di assicurazioni che aveva annunciato in settembre l'Ipo "verso il 2015". Tmm 27-02-12 20:28:14 (0430)ASS 3

 

[mavalà]

Groupama

27/02 | 20:55 | mis à jour à 21:04 | Laura Berny
Groupama va présenter un résultat net déficitaire en 2011

Thierry Martel, le directeur général de l'assureur, explique ce résultat par « la baisse des marchés actions au second semestre 2011 et la forte exposition à la crise grecque ».

Dans un entretien publié lundi soir sur le site Figaro.fr, Thierry Martel, le directeur général de Groupama arrivé en octobre dernier après la révocation de Jean Azéma, annonce que son groupe va présenter « un résultat net déficitaire » sur l'année écoulée, notamment en raison de « la baisse des marchés actions au second semestre 2011 et de la forte exposition à la crise grecque », qui lui a coûté « un peu plus de 2 milliards d'euros ». « Les fondements économiques du groupe sont très solides. Nous présenterons d'ailleurs de très bons résultats opérationnels en 2011 », affirme-t-il cependant. « Notre niveau de liquidités n'a pas souffert, il est même exceptionnellement haut », assure-t-il.

L'assureur mutualiste Groupama renonce néanmoins à son projet d'introduction en Bourse. En septembre, le directeur général de l'époque, Jean Azéma, avait annoncé que l'introduction en Bourse du groupe était une nouvelle fois reportée et qu'elle était désormais attendue « plutôt vers 2015 ». « Nous avons décidé de mettre un terme au projet de cotation du groupe », indique Thierry Martel.

« L'objectif » de Groupama n'est plus de devenir l'un des dix premiers assureurs européens, souligne son nouveau patron qui veut désormais mettre l'accent sur la « performance » et non plus la taille. « Nos 16 millions de sociétaires et clients ont toujours été au centre de nos priorités. Nos pertes financières ne leur ont pas été répercutées, nous les absorberons grâce à nos fonds propres », assure Thierry Martel.

Il indique qu'il souhaite « peaufiner et accélérer » le plan d'économies annoncé en octobre, « mais globalement nous restons sur le plan annoncé, c'est-à-dire 400 millions d'euros d'économie, d'ici à 2014 ». Concernant la cession de la filiale Gan Eurocourtage ainsi que de ses activités d'assurance et de courtage au Royaume-Uni, il indique que « les deux opérations avancent normalement ». « Plusieurs candidats se sont manifestés et sont actuellement en data room. Comme prévu, le nom du repreneur de Gan Eurocourtage sera annoncé en mars. La cession des activités britanniques interviendra ensuite ».