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
fabrifede
Forumer storico
61 otc oppure ti riferisci all'mtf?
ferdo
Utente Senior
Iw otc
Cat XL
Shizuka Minamoto
Decisione sorprendente
Da notare anche che Catalana Occidente ha visto il suo rating cambiato da stabile a negativo.
Reitero il mio consiglio di evitare T1 ma stare sulle altre due. Io ho la LT2.
Research Update: French Insurer Groupama Downgraded To 'BB' On Insufficient Capital Adequacy; Outlook Negative
Publication date: 25-Jun-2012 11:28:33 GMT
Overview
On June 25, 2012, Standard & Poor's Ratings Services lowered its long-term counterparty credit and financial strength ratings on France-based insurer Groupama S.A. and its guaranteed subsidiaries to 'BB' from 'BBB-', and on strategically important subsidiary Groupama Gan Vie to 'BB-' from 'BB+'. We also lowered the long- and short-term counterparty ratings on banking subsidiary Groupama Banque to 'BB/B' from 'BBB-/A-3'. We removed these ratings from CreditWatch with negative implications, where we placed them on Dec. 9, 2011. The outlooks are negative. At the same time, we lowered our issue ratings on Groupama's hybrid instruments to 'B' from 'BB', and removed them from CreditWatch negative, where we placed them on the same date. Rationale
The downgrade follows our reassessment of Groupama's business and financial profiles in light of management's actions to improve capital adequacy. These actions mainly consist of reducing the insurer's exposure to equity and property risks, as well as the sale of several group entities. This includes the sale of Groupama Seguros and of GAN Eurocourtage's brokerage business, which the group announced on June 19, 2012, and June 8, 2012, respectively. We understand that Groupama is also planning to sell Groupama Insurance U.K. Ltd. We consider that these actions, though positive, are unlikely to restore Groupama's capital adequacy to levels supportive of an investment-grade rating over the coming year, according to our risk-based capital adequacy criteria.In addition, we believe there is a risk that adverse capital market conditions, which have deteriorated since our previous CreditWatch update on March 20, 2012, may constrain execution of management actions and dampen their impact. Groupama still retains a significant exposure to equities and Southern European sovereign bonds.We view Groupama's financial flexibility as "marginal," according to our criteria. We believe its main sources for financial flexibility are proceeds from the asset sales. In 2011, the group's financial flexibility benefited from two transactions entered into with Caisse des Depôts et Consignations (for more information, see "S&P Downgrades France-Based Groupama S.A. To 'BBB-' On Weak Capital Adequacy And Solvency Levels; Watch Negative," published Dec. 15, 2011). We believe that Groupama's ability to raise new debt is limited, given the low market value of its existing issues. In our view, Groupama's good competitive position, adequate operating earnings, and strong liquidity continue to support the ratings. We rate Groupama's hybrid instruments 'B', a standard three notches below our long-term ratings on Groupama, according to our criteria for rating speculative-grade issuers' hybrid capital. Our issue ratings reflect our expectation that Groupama will be willing to continue paying coupons on all of its hybrid instruments, and our view that its ability to pay isn't constrained by any external or liquidity factors.
Outlook
The outlook is negative, reflecting our view that the adverse economic and capital market conditions may further constrain Groupama's capital adequacy and transformational initiatives.We could lower the ratings if Groupama's capital adequacy or regulatory solvency margin don't improve as a result of management actions over the coming year, or if its competitive positions in French non-life and life deteriorate. We could revise the outlook to stable if management fully implements its planned actions, resulting in a stabilization of Groupama's financial profile. Related Criteria And Research
Downgraded; CreditWatch/Outlook Action To FromGroupama S.A. Counterparty Credit Rating BB/Negative/-- BBB-/Watch Neg/--Groupama S.A.Groupama Insurance Co. Ltd.GAN EurocourtageGAN Assurances Financial Strength Rating BB/Negative/-- BBB-/Watch Neg/--Groupama Banque Counterparty Credit Rating BB/Negative/B BBB-/Watch Neg/A-3 Certificate Of Deposit Foreign Currency BB/B BBB-/Watch Neg/A-3 Local Currency BB/B BBB-/Watch Neg/A-3Groupama GAN Vie Counterparty Credit Rating BB-/Negative/-- BB+/Watch Neg/-- Financial Strength Rating BB-/Negative/-- BB+/Watch Neg/--Groupama S.A. Junior Subordinated B BB/Watch NegGroupama Banque Certificate Of Deposit B A-3/Watch NegComplete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow 7 (495) 783-4009.
Primary Credit Analyst
irginie Crepy, Paris (33) 1-4420-7330;
[email protected]Secondary Contact:Lotfi Elbarhdadi, Paris (33) 1-4420-6730;
[email protected]Additional Contact:Insurance Ratings Europe;
[email protected]No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P. The Content shall not be used for any unlawful or unauthorized purposes. S&P, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content even if advised of the possibility of such damages.
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Da notare anche che Catalana Occidente ha visto il suo rating cambiato da stabile a negativo.
Reitero il mio consiglio di evitare T1 ma stare sulle altre due. Io ho la LT2.
Research Update: French Insurer Groupama Downgraded To 'BB' On Insufficient Capital Adequacy; Outlook Negative
Publication date: 25-Jun-2012 11:28:33 GMT
Overview
- We have reassessed French insurer Groupama S.A.'s (Groupama's) business and financial profiles in light of management's recent actions to improve capital adequacy.
- Though positive, these measures are unlikely to restore Groupama's capital adequacy to levels supportive of an investment-grade rating over the coming year, in our view.
- We are therefore lowering our long-term ratings on Groupama and its guaranteed subsidiaries to 'BB' from 'BBB-' and on Groupama Gan Vie to 'BB-' from 'BB+'.
- We are also lowering our issue ratings on Groupama's hybrid instruments to 'B' from 'BB'.
- We are removing all ratings from CreditWatch negative.
- The negative outlook reflects our view that the adverse economic and capital market conditions may further constrain Groupama's capital adequacy and its transformational initiatives.
On June 25, 2012, Standard & Poor's Ratings Services lowered its long-term counterparty credit and financial strength ratings on France-based insurer Groupama S.A. and its guaranteed subsidiaries to 'BB' from 'BBB-', and on strategically important subsidiary Groupama Gan Vie to 'BB-' from 'BB+'. We also lowered the long- and short-term counterparty ratings on banking subsidiary Groupama Banque to 'BB/B' from 'BBB-/A-3'. We removed these ratings from CreditWatch with negative implications, where we placed them on Dec. 9, 2011. The outlooks are negative. At the same time, we lowered our issue ratings on Groupama's hybrid instruments to 'B' from 'BB', and removed them from CreditWatch negative, where we placed them on the same date. Rationale
The downgrade follows our reassessment of Groupama's business and financial profiles in light of management's actions to improve capital adequacy. These actions mainly consist of reducing the insurer's exposure to equity and property risks, as well as the sale of several group entities. This includes the sale of Groupama Seguros and of GAN Eurocourtage's brokerage business, which the group announced on June 19, 2012, and June 8, 2012, respectively. We understand that Groupama is also planning to sell Groupama Insurance U.K. Ltd. We consider that these actions, though positive, are unlikely to restore Groupama's capital adequacy to levels supportive of an investment-grade rating over the coming year, according to our risk-based capital adequacy criteria.In addition, we believe there is a risk that adverse capital market conditions, which have deteriorated since our previous CreditWatch update on March 20, 2012, may constrain execution of management actions and dampen their impact. Groupama still retains a significant exposure to equities and Southern European sovereign bonds.We view Groupama's financial flexibility as "marginal," according to our criteria. We believe its main sources for financial flexibility are proceeds from the asset sales. In 2011, the group's financial flexibility benefited from two transactions entered into with Caisse des Depôts et Consignations (for more information, see "S&P Downgrades France-Based Groupama S.A. To 'BBB-' On Weak Capital Adequacy And Solvency Levels; Watch Negative," published Dec. 15, 2011). We believe that Groupama's ability to raise new debt is limited, given the low market value of its existing issues. In our view, Groupama's good competitive position, adequate operating earnings, and strong liquidity continue to support the ratings. We rate Groupama's hybrid instruments 'B', a standard three notches below our long-term ratings on Groupama, according to our criteria for rating speculative-grade issuers' hybrid capital. Our issue ratings reflect our expectation that Groupama will be willing to continue paying coupons on all of its hybrid instruments, and our view that its ability to pay isn't constrained by any external or liquidity factors.
Outlook
The outlook is negative, reflecting our view that the adverse economic and capital market conditions may further constrain Groupama's capital adequacy and transformational initiatives.We could lower the ratings if Groupama's capital adequacy or regulatory solvency margin don't improve as a result of management actions over the coming year, or if its competitive positions in French non-life and life deteriorate. We could revise the outlook to stable if management fully implements its planned actions, resulting in a stabilization of Groupama's financial profile. Related Criteria And Research
- Interactive Ratings Methodology, April 22, 2009
- Group Methodology, April 22, 2009
- Hybrid Capital Handbook: September 2008 Edition, Sept. 15, 2008
- Use Of CreditWatch And Outlooks, Sept. 14, 2009
Downgraded; CreditWatch/Outlook Action To FromGroupama S.A. Counterparty Credit Rating BB/Negative/-- BBB-/Watch Neg/--Groupama S.A.Groupama Insurance Co. Ltd.GAN EurocourtageGAN Assurances Financial Strength Rating BB/Negative/-- BBB-/Watch Neg/--Groupama Banque Counterparty Credit Rating BB/Negative/B BBB-/Watch Neg/A-3 Certificate Of Deposit Foreign Currency BB/B BBB-/Watch Neg/A-3 Local Currency BB/B BBB-/Watch Neg/A-3Groupama GAN Vie Counterparty Credit Rating BB-/Negative/-- BB+/Watch Neg/-- Financial Strength Rating BB-/Negative/-- BB+/Watch Neg/--Groupama S.A. Junior Subordinated B BB/Watch NegGroupama Banque Certificate Of Deposit B A-3/Watch NegComplete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow 7 (495) 783-4009.
Primary Credit Analyst
irginie Crepy, Paris (33) 1-4420-7330;[email protected]Secondary Contact:Lotfi Elbarhdadi, Paris (33) 1-4420-6730;
[email protected]Additional Contact:Insurance Ratings Europe;
[email protected]No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P. The Content shall not be used for any unlawful or unauthorized purposes. S&P, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P’s opinions and analyses do not address the suitability of any security. S&P does not act as a fiduciary or an investment advisor. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.
Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: [email protected].
Ultima modifica:
nik.sala
Money Never Sleeps
npnp, cmq i gg. per comunicare lo skipppp son passati da tempoBco Popolare: acquistate 1,15 mln di azioni tra 18 e 22 giugno - Yahoo! Finanza Italia
Con riferimento all’acquisto di azioni ordinarie finalizzato al piano di attribuzione di azioni rivolto a dipendenti del gruppo nell’ambito del premio aziendale, Banco Popolare informa di aver acquistato dal 18 al 22 giugno 1.150.000 azioni proprie, per un controvalore complessivo di 1.125.598 euro. Dall’11 giugno 2012 sono state acquistate 2,2 milioni di azioni ordinarie per un investimento complessivo di 2.086.536 euro. Ad oggi la banca possiede direttamente 3.942.994 azioni ordinarie proprie, pari allo 0,22% del capitale sociale.
coupon pusher ok
Alla faccia di chi pensava che bp fosse la messa peggio del quintetto isp/ucg/ubi/mps/bpop, alla fine bpop ha opato i propri tier 1, raggiungerà il 9,00% di core tier 1 basel III compliant
e staccherà 
L'ho sempre detto, che il mercato la giudicava peggio di ciò che era in realtà...
nik.sala
Money Never Sleeps
Rott è un grandissimo
Bank of Ireland ha retto botta con hedge fund di mezzo mondo, ma è capitolata due volte di fronte a un tenace, determinato e onesto bondholder che non ha mai mollato la presa.
Oltre ai sentiti ringraziamenti, anche NON in qualità di bondholder direttamente interessato, non posso non affermare che questo 3D sta raggiungendo livelli di eccellenza che non si vedono neanche nelle apposite società finanziarie
Rott nr. 1 per l'impegno profuso e la specificità delle argomentazioni trattate, oltre per come stai imbastendo l'arringa con BPM
Come diceva zorba, l'importante non è il risultato, o quantomeno non è l'unico elemento : se un gruppo di persone mette in piedi una cosa del genere, si crea un precedente tale per cui tutti gli emittenti sono avvisati...anche il piccolo privato non può essere preso x il naso...
Con tutti i dovuti messaggi di "alert" del caso
apaci2
Ad bestias
Continua la sorprendente tenuta delle T1 di emittenti "solidi" tipo SG... probabilmente sconteranno qualcosa domani avendo di solito un andamento leggermente ritardato rispetto alle condizioni di mercato.
Sottolineo comunque che quanto scritto sopra è una novità in quanto, in altri periodi omogenei a quelli odierni (intendo ad esempio fine 2011), le quotazioni ne hanno risentito parecchio...
Sottolineo comunque che quanto scritto sopra è una novità in quanto, in altri periodi omogenei a quelli odierni (intendo ad esempio fine 2011), le quotazioni ne hanno risentito parecchio...
solovaloreaggiunto
Forumer storico
solo per segnalare che sono giorni che alcuni grossi fondi HY, anche su subordinati ,stanno vendendo i cms tier 1 per switchare su quelli con cedolone (i tassi rimarranno bassi per lungooooo periodo, magari stile Japan..) ... infatti se vedete SG 9 3/8 , BPCE 12.50, DB 9.50 , bpce 9 , per citarne alcuni... non fanno una grinza... anzi on the way up...
Wallygo
Forumer storico
tra l altro non capisco la "grossolaneria" di tagliare al medesimo livello di B tutte e 3 le emissioni ... almeno avessero dato alla 414 una B- i rating avrebbero avuto + senso
Ultima modifica:
apaci2
Ad bestias
Grazie per la segnalazione...
conoscere come si muovono i "grandi" è fondamentale!Mi raccomando tienici aggiornati...
P.S. Quelli di MS ci hanno proprio preso! Complimenti! (anche se indirettamente o meno sono dei market mover)
- Stato