capt.harlock
MENA IL CAMMELLO FAN CLUB
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Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Creatore Discussione caligola2005
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Rottweiler
Forumer storico
Pur avendo in passato acquistato (in modo opportunistico) i sub di SNS, non ne sono mai stato un fan, per ragioni che ho avuto modo di spiegare più volte.
Leggo che MS, in un report del mese scorso, esprime un'opinione altrettanto cauta sull'emittente.
Ho la possibilità di riportare qui una pagina, che riassume il contenuto del report.
Ovviamente questo non vuol dire che si debba scappare da SNS: basta non illudersi di essere entrati in Rabo e neppure in ING...
SNS: Property Finance
Concerns Remain
We are sellers of SNS bonds on the risk of a material negative surprise, especially within the run-off Dutch Property Finance portfolio. For investors looking to stay involved, the insurer-issued €9% 41NC21 LT2s offer the best relative value, in our view.
SNS credit story still overshadowed by Property Finance performance, though we are more concerned now about a material negative surprise emanating from the Dutch rather than International run-off portfolio. In our view, clear pressures on asset quality here could translate into a significant uptick in provisioning requirements.
A resurgence of Property Finance problems could put at risk compliance with EBA capital requirements, in our view: Not only would this likely delay the state aid repayment calendar further (we are not expecting any movement in 2012), it could even raise the question of whether more might be needed, with obvious negative implications for hybrid calls and optional coupons.
Given nervousness over the credit, we’d be sellers of bonds on the back of the current broad market rally and recently concluded bank liability management.
For those looking to stay involved, go defensive: The insurer €9% 41NC21 LT2s offer the best relative value, in our view (offered at 75, YTC of 14.0%; YTM of 12.2%). Switch into these from group and bank level hybrids. Otherwise, switch from the Tier 1s into the SNS Bank €6.25% 2020 bullet LT2 (offered at 79, YTM of 10.0%).
Switches from SNS will necessitate yield reductions and the paying of higher prices: However, for insurance alternatives look at CNP Assurances’ long-dated € LT2s, in bank LT2s Lloyds € 6.5% 2020s and in Tier 1 issues from the likes of Credit Agricole.
Risk factors to trades include better-than-expected reporting at SNS Property Finance, resulting in group bonds performing stronger than anticipated and versus others recommended as switch ideas.
Leggo che MS, in un report del mese scorso, esprime un'opinione altrettanto cauta sull'emittente.
Ho la possibilità di riportare qui una pagina, che riassume il contenuto del report.
Ovviamente questo non vuol dire che si debba scappare da SNS: basta non illudersi di essere entrati in Rabo e neppure in ING...
SNS: Property Finance
Concerns Remain
We are sellers of SNS bonds on the risk of a material negative surprise, especially within the run-off Dutch Property Finance portfolio. For investors looking to stay involved, the insurer-issued €9% 41NC21 LT2s offer the best relative value, in our view.
SNS credit story still overshadowed by Property Finance performance, though we are more concerned now about a material negative surprise emanating from the Dutch rather than International run-off portfolio. In our view, clear pressures on asset quality here could translate into a significant uptick in provisioning requirements.
A resurgence of Property Finance problems could put at risk compliance with EBA capital requirements, in our view: Not only would this likely delay the state aid repayment calendar further (we are not expecting any movement in 2012), it could even raise the question of whether more might be needed, with obvious negative implications for hybrid calls and optional coupons.
Given nervousness over the credit, we’d be sellers of bonds on the back of the current broad market rally and recently concluded bank liability management.
For those looking to stay involved, go defensive: The insurer €9% 41NC21 LT2s offer the best relative value, in our view (offered at 75, YTC of 14.0%; YTM of 12.2%). Switch into these from group and bank level hybrids. Otherwise, switch from the Tier 1s into the SNS Bank €6.25% 2020 bullet LT2 (offered at 79, YTM of 10.0%).
Switches from SNS will necessitate yield reductions and the paying of higher prices: However, for insurance alternatives look at CNP Assurances’ long-dated € LT2s, in bank LT2s Lloyds € 6.5% 2020s and in Tier 1 issues from the likes of Credit Agricole.
Risk factors to trades include better-than-expected reporting at SNS Property Finance, resulting in group bonds performing stronger than anticipated and versus others recommended as switch ideas.
ferdo
Utente Senior
Pur avendo in passato acquistato (in modo opportunistico) i sub di SNS, non ne sono mai stato un fan, per ragioni che ho avuto modo di spiegare più volte.
Leggo che MS, in un report del mese scorso, esprime un'opinione altrettanto cauta sull'emittente.
Ho la possibilità di riportare qui una pagina, che riassume il contenuto del report.
Ovviamente questo non vuol dire che si debba scappare da SNS: basta non illudersi di essere entrati in Rabo e neppure in ING...
SNS: Property Finance
Concerns Remain
We are sellers of SNS bonds on the risk of a material negative surprise, especially within the run-off Dutch Property Finance portfolio. For investors looking to stay involved, the insurer-issued €9% 41NC21 LT2s offer the best relative value, in our view.
SNS credit story still overshadowed by Property Finance performance, though we are more concerned now about a material negative surprise emanating from the Dutch rather than International run-off portfolio. In our view, clear pressures on asset quality here could translate into a significant uptick in provisioning requirements.
A resurgence of Property Finance problems could put at risk compliance with EBA capital requirements, in our view: Not only would this likely delay the state aid repayment calendar further (we are not expecting any movement in 2012), it could even raise the question of whether more might be needed, with obvious negative implications for hybrid calls and optional coupons.
Given nervousness over the credit, we’d be sellers of bonds on the back of the current broad market rally and recently concluded bank liability management.
For those looking to stay involved, go defensive: The insurer €9% 41NC21 LT2s offer the best relative value, in our view (offered at 75, YTC of 14.0%; YTM of 12.2%). Switch into these from group and bank level hybrids. Otherwise, switch from the Tier 1s into the SNS Bank €6.25% 2020 bullet LT2 (offered at 79, YTM of 10.0%).
Switches from SNS will necessitate yield reductions and the paying of higher prices: However, for insurance alternatives look at CNP Assurances’ long-dated € LT2s, in bank LT2s Lloyds € 6.5% 2020s and in Tier 1 issues from the likes of Credit Agricole.
Risk factors to trades include better-than-expected reporting at SNS Property Finance, resulting in group bonds performing stronger than anticipated and versus others recommended as switch ideas.
sei sicuro che non sia di un mesetto fa questo commento?
lo deduco solo dai prezzi
DinoP
life is good
quasi strike!vedo che
il report è del 7 febbraio
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drbs315
Forumer storico
solovaloreaggiunto
Forumer storico
groupama esce alle 17,30 con i results? grazie
Tobia
Forumer storico
quindi recentissimo...vedo tra l'altro che sns sta mancando il recupero che io e molti altri auspicavamo...
Tobia
Forumer storico
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