financeligth
mezzanine user
link LLoyds interessanti
Ciao a tutti,
vi posto i link di cui al precedente post
TMF: Lloyds 13s 2029 / Banking Sector
TMF: LLoyds 13 2018...is it a QCB? / Banking Sector
TMF: Lloyds Prefs dividends / Banking Sector
Per riassumere un po', la citazione seguente riporta la sintesi di un forumer sul tema:
So perhaps I can summarise?
- Lloyds own IR dept plus a bit of maths around the figure 170m suggests 26p accrued is coming via ACSM
- Barclays think there is 13p accrued (presumably ACSM) in the price
- Morgan Stanley think there is no ACSM accrued coming
- Some of us here think any any equity issue for ACSM would be an obvious breach of the LLPX prospectus
- Others of us think an equity issue would obviously not be such a breach
It's nice to have got that cleared up isn't it?
Nel seguito, invece, c'è la citazione tratta da una nota di Morgan che si riferisce ad un'operazione di emissioni di azioni in febbraio.
Back on the subject of Lloyds rather cryptic announcement concerning its hybrid capital securities last Friday Morgan Stanley have published a note giving their take on it which is of no comfort whatsever to those of us speculating that it relates to the ACSMs to fund the deferred interest. Their view is very firmly along the lines that the funds are being raised to fund future coupons and probably due to regulatory concerns. It also speculates that RBS may have to take similar steps if it wants to resume discretionary coupons. I have circulated a copy to those on my information exchange email list.
Hybrid capital securities coupon payments
Since 31 January 2010, the Group has been prohibited, under the terms of an agreement with the European Commission, from paying discretionary coupons and dividends on certain of its hybrid capital securities. This prohibition ended on 31 January 2012. We recommenced payments on certain hybrid capital securities from 31 January 2012. Future coupons and dividends on these hybrid capital securities will only be paid subject to, and in accordance with, the terms of the relevant securities.
The payments on those of the hybrid capital securities that are not cash-cumulative and which are expected, subject to their terms and conditions, to be paid in 2012 are estimated to amount to approximately £170 million. In the context of recent macro prudential policy discussions, the Board of Lloyds Banking Group has decided to issue new Lloyds Banking Group ordinary shares to raise this amount. The Group has today entered into an agreement with a third-party financial institution in connection with the issue of these new ordinary shares. Such ordinary shares are expected to be issued, subject to market conditions, by the end of April 2012 at a price determined by reference to the volume weighted average price of our ordinary shares in a period prior to their date of issue.
Dalle discussioni ho estratto questo dialogo che riporta le risposte dell'IR
a domande di investitori in merito all'emissione di azioni e ai T1 in oggetto.
Hi OBR,
Many thanks. If Lloyds IR have specifically told you and others that the £170 million does refer to the ACSMs on the 13's and 4.385% issue, then that seems pretty conclusive!
Hi Avidya -What I understood is that the £170 million being raised from issuing ordinary shares does relate to the T1 instruments with an ACSM (ie the 13's and the 4.375% Euros) but not that the deferred would necessarily be settled out of it. They always refer to the deferred as something which they are only obliged to settle on redemption. To be honest I have long since given up relying on anything Lloyds IR say or write - all of the LLPX prefs would have continued paying if what a former Director of Investor Relations wrote to me had been correct !
Si termina con la considerazione che avere effettuato il funding con l'emissione di azioni non si significa necessariamente che il pagamento debba avvenire.
Ciao a tutti,
vi posto i link di cui al precedente post
TMF: Lloyds 13s 2029 / Banking Sector
TMF: LLoyds 13 2018...is it a QCB? / Banking Sector
TMF: Lloyds Prefs dividends / Banking Sector
Per riassumere un po', la citazione seguente riporta la sintesi di un forumer sul tema:
So perhaps I can summarise?
- Lloyds own IR dept plus a bit of maths around the figure 170m suggests 26p accrued is coming via ACSM
- Barclays think there is 13p accrued (presumably ACSM) in the price
- Morgan Stanley think there is no ACSM accrued coming
- Some of us here think any any equity issue for ACSM would be an obvious breach of the LLPX prospectus
- Others of us think an equity issue would obviously not be such a breach
It's nice to have got that cleared up isn't it?
Nel seguito, invece, c'è la citazione tratta da una nota di Morgan che si riferisce ad un'operazione di emissioni di azioni in febbraio.
Back on the subject of Lloyds rather cryptic announcement concerning its hybrid capital securities last Friday Morgan Stanley have published a note giving their take on it which is of no comfort whatsever to those of us speculating that it relates to the ACSMs to fund the deferred interest. Their view is very firmly along the lines that the funds are being raised to fund future coupons and probably due to regulatory concerns. It also speculates that RBS may have to take similar steps if it wants to resume discretionary coupons. I have circulated a copy to those on my information exchange email list.
Hybrid capital securities coupon payments
Since 31 January 2010, the Group has been prohibited, under the terms of an agreement with the European Commission, from paying discretionary coupons and dividends on certain of its hybrid capital securities. This prohibition ended on 31 January 2012. We recommenced payments on certain hybrid capital securities from 31 January 2012. Future coupons and dividends on these hybrid capital securities will only be paid subject to, and in accordance with, the terms of the relevant securities.
The payments on those of the hybrid capital securities that are not cash-cumulative and which are expected, subject to their terms and conditions, to be paid in 2012 are estimated to amount to approximately £170 million. In the context of recent macro prudential policy discussions, the Board of Lloyds Banking Group has decided to issue new Lloyds Banking Group ordinary shares to raise this amount. The Group has today entered into an agreement with a third-party financial institution in connection with the issue of these new ordinary shares. Such ordinary shares are expected to be issued, subject to market conditions, by the end of April 2012 at a price determined by reference to the volume weighted average price of our ordinary shares in a period prior to their date of issue.
Dalle discussioni ho estratto questo dialogo che riporta le risposte dell'IR
a domande di investitori in merito all'emissione di azioni e ai T1 in oggetto.
Hi OBR,
Many thanks. If Lloyds IR have specifically told you and others that the £170 million does refer to the ACSMs on the 13's and 4.385% issue, then that seems pretty conclusive!
Hi Avidya -What I understood is that the £170 million being raised from issuing ordinary shares does relate to the T1 instruments with an ACSM (ie the 13's and the 4.375% Euros) but not that the deferred would necessarily be settled out of it. They always refer to the deferred as something which they are only obliged to settle on redemption. To be honest I have long since given up relying on anything Lloyds IR say or write - all of the LLPX prefs would have continued paying if what a former Director of Investor Relations wrote to me had been correct !
Si termina con la considerazione che avere effettuato il funding con l'emissione di azioni non si significa necessariamente che il pagamento debba avvenire.
Ultima modifica:
: ho visto adesso che BPCE non ha richiamato, lo scorso 27 gennaio, un perpetual in USD a tasso fisso.
sono abbastanza confuso in questo periodo... Questa opa di alpha giunge del tutto inaspettata (a livello di prezzo). Il che è una buona notizia, che però non capisco. Nello stesso tempo vedo titoli che ritenevo buoni, a prezzi, a mio giudizio, molto interessanti. Senza alcuna analisi, penso a ca, bpce, generali... inoltre sono molto pessimista sulla situazione economica e questo mi induce a stare più liquido del solito. Vedremo... magari la domenica porta consiglio, ho già sbagliato, a posteriori, a stare liquido a fine 2011 quando c'erano delle belle occasioni sul mercato. 
