bosmeld
Forumer storico
tra sns a 53 e questa Credit agricole a 75. per me molto meglio la seconda.
anche se agricole come banca è la francese che mi piace meno.
io cmq penso di non comprare nulla per adesso.
Ultima modifica:
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (10 lettori)
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
tra sns a 53 e questa Credit agricole a 75. per me molto meglio la seconda.
anche se agricole come banca è la francese che mi piace meno.
io cmq penso di non comprare nulla per adesso.
Tobia
Forumer storico
esattamente, comunque dopo che ho visto le tenders delle fetecchie greche t1 non mi preoccupo certo di sns o di altro
capt.harlock
MENA IL CAMMELLO FAN CLUB
sei in buona compagnia a giudicare da cosa dice il mercato di ca nell'ultimo mese
mi sa che wally oggi non aiuta..vediamo che succede
bosmeld
Forumer storico
Reuters] Aviva sub plans on track despite wider CDS
[AV.L] By Jean-Marc Poilpre LONDON, April 23 (IFR) - The UK's largest insurance company Aviva is still planning to sell a deeply subordinated bond deal despite the recent widening in the company's CDS and concerns over the group's deleveraging plans. The borrower met with investors in Hong Kong and Singapore last week with a view to launching a new hybrid Tier 1 issue. Barclays, Citigroup, Goldman Sachs, HSBC and JP Morgan are handling the trade. "We are monitoring market conditions, especially in Asia where distribution is targeted," a banker close to the deal said, adding that the transaction was never intended to be completed last week. While the widening of Aviva's senior CDS has been in line with the market, its subordinated CDS has underperformed. According to Markit, the insurer's subordinated five-year cost of protection was quoted at 296.5bp on Monday morning, up from 227bp at the beginning of the month. A banker close to the deal downplayed the significance of the widening, however, pointing to the low liquidity of CDS on insurance companies. A report in the Sunday Times yesterday said the sale by Aviva of its American life assurance business would only fetch around GBP1bn, half of what Aviva paid for it six years ago. Bankers said potential European buyers could be put off bidding because of the new Solvency II rules. SG credit analyst Rotger Franz said in a note on Friday that increased uncertainty from the eurozone crisis has prompted the strong widening of Aviva euro paper, and that he is concerned over what he calls "Aviva's increased flexibility to reach its deleveraging target." He argued that a potential new Tier 1 issue could "revive investor concern about Aviva's leverage", noting that Aviva has said it could extend the timeframe for its target considering the growing uncertainty from the eurozone crisis over the past few weeks. "In our view, a new issue would jeopardize the issuer's target to reduce leverage by GBP700m between 2011 and 2013," he argued. The announcement of plans to deleverage had initially sparked a significant rally on Aviva paper a year ago, Franz recalled, which could now at least partially reverse. He changed his outright recommendations for Aviva perps in euros from "Buy" to "Hold" and for the Aviva 6.875% 38-18 Lower Tier 2 from "Hold" to "Sell". He also recommended selling Aviva sub debt in sterling for valuation reasons. Aviva is eyeing an old-style insurance Tier 1 trade, similar to Prudential's perpetual non-call 5.5-year issue sold by Prudential in January last year. The Aviva bonds can convert into preference shares at any time. If converted, the terms would essentially be the same, except that the preference shares are non-cumulative. There is also a mandatory conversion at year 99, to help ensure that the deal remains tax-deductible.
[AV.L] By Jean-Marc Poilpre LONDON, April 23 (IFR) - The UK's largest insurance company Aviva is still planning to sell a deeply subordinated bond deal despite the recent widening in the company's CDS and concerns over the group's deleveraging plans. The borrower met with investors in Hong Kong and Singapore last week with a view to launching a new hybrid Tier 1 issue. Barclays, Citigroup, Goldman Sachs, HSBC and JP Morgan are handling the trade. "We are monitoring market conditions, especially in Asia where distribution is targeted," a banker close to the deal said, adding that the transaction was never intended to be completed last week. While the widening of Aviva's senior CDS has been in line with the market, its subordinated CDS has underperformed. According to Markit, the insurer's subordinated five-year cost of protection was quoted at 296.5bp on Monday morning, up from 227bp at the beginning of the month. A banker close to the deal downplayed the significance of the widening, however, pointing to the low liquidity of CDS on insurance companies. A report in the Sunday Times yesterday said the sale by Aviva of its American life assurance business would only fetch around GBP1bn, half of what Aviva paid for it six years ago. Bankers said potential European buyers could be put off bidding because of the new Solvency II rules. SG credit analyst Rotger Franz said in a note on Friday that increased uncertainty from the eurozone crisis has prompted the strong widening of Aviva euro paper, and that he is concerned over what he calls "Aviva's increased flexibility to reach its deleveraging target." He argued that a potential new Tier 1 issue could "revive investor concern about Aviva's leverage", noting that Aviva has said it could extend the timeframe for its target considering the growing uncertainty from the eurozone crisis over the past few weeks. "In our view, a new issue would jeopardize the issuer's target to reduce leverage by GBP700m between 2011 and 2013," he argued. The announcement of plans to deleverage had initially sparked a significant rally on Aviva paper a year ago, Franz recalled, which could now at least partially reverse. He changed his outright recommendations for Aviva perps in euros from "Buy" to "Hold" and for the Aviva 6.875% 38-18 Lower Tier 2 from "Hold" to "Sell". He also recommended selling Aviva sub debt in sterling for valuation reasons. Aviva is eyeing an old-style insurance Tier 1 trade, similar to Prudential's perpetual non-call 5.5-year issue sold by Prudential in January last year. The Aviva bonds can convert into preference shares at any time. If converted, the terms would essentially be the same, except that the preference shares are non-cumulative. There is also a mandatory conversion at year 99, to help ensure that the deal remains tax-deductible.
bosmeld
Forumer storico
sto pensando di fare la stessa cosa. (tranne qualche trade mordi e fuggi ogni tanto)
apaci2
Ad bestias
Effettivamente sto facendo la stessa cosa... inutile rischiare entrando adesso quando il budget annuale l'ho già fatto nei primi mesi di quest'anno... io aspetto che il trend si inverta (prima o poi accadrà) e lascio prendere i minimi a qualcun altro...
Se puoi invece spiegarci perché proprio luglio...
samantaao
Forumer storico
si però tieni conto che queste obbligazioni non mi paiono propriamente in linea con basilea III ragion per cui penso che prima o poi SE perderanno lo status (anche al 10% annuo) come T1 l emittente DOVRA' sostituirli con dei CO.CO. BONDS anche se questi costeranno molto di più
quindi l incertezza è la tempistica della call non la call
infatti ! se mi esercitano la call nel 2015 va bene sennò va benone allo stesso
pienamente d'accordo, però la prima call non è scontata solo perchè la cedola è "alta"
- Stato