Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
apaci2
Ad bestias
Topgun1976
Guest
Bos cosa vedi otc sulla barclays 336?
innocentiproject
Forumer attivo
[Reuters] PUNTO 1-Generali, per bond 30 anni callable, ordini oltre 1 mld
(Aggiorna con livello ordini, commento)
MILANO, 3 luglio (Reuters) - Generali <GASI.MI>, per il bond
lanciato stamane della durata di 30 anni, callable dopo 10 anni,
poco dopo le 11 italiane gli ordini hanno superato un miliardo
di euro, con circa 100 ordini.
Lo dicono a Reuters fonti vicine all'operazione.
In precedenza due lead manager dell'operazione hanno
precisato che per il nuovo bond è stato proposto un rendimento
nell'area di 10,25%, all'interno di un range tra 10,125% e
10,375% e che l'ammontare sarà benchmark, vale a dire di almeno
500 mln di euro, aggiungono.
Il bond verrà utilizzato per rifinanziare il bond emesso da
Generali per 750 milioni con cedola 6,90%, scadenza 2022, con
una call che scade il 20 luglio prossimo, hanno detto a Reuters
fonti vicine all'operazione. [ID:nL6E8I2ECL].
Generali ieri ha sondato il terreno tra gli investitori per
scioglere il dilemma se esercitare la call sul vecchio bond e
quindi rimborsarlo e rifinanziarlo con una nuova emissione,
oppure non esercitare la call del vecchio titolo, cambiando la
cedola.
La decisione di emettere un nuovo bond risulta molto più
costoso in termini economici per l'emittente, ma più solidale
con la 'buona pratica' di mercato.
"L'emittente ha preferito mantenere un buon rapporto con il
mercato ed esercitare la call, anche se economicamente molto
meno vantaggioso" dice a Reuters uno dei lead manager
dell'operazione.
((Redazione Milano, [email protected], +39 02
66129504, Reuters messaging:
[email protected]))
Sul sito Reuters.com altre notizie Reuters in italiano.
Le top news anche su Reuters Italia (@reuters_italia) su Twitter
caligola2005
Forumer attivo
io son già pieno ma a 73.30 si compra la mps 17 con ops a 76..per chi fosse interessato ci sono nel book 250 k sino a 74.5...direi che il rischio è basso
fabriziof
Forumer storico
discipline
Guest
Attenzione a poterle portare in swap, mi pare ieri fosse l'ultimo giorno utile per comprare in ottica scambio, oggi vai in valuta 6/7..
Ultima modifica di un moderatore:
amorgos34
CHIAGNI & FOTTI SRL
certo generali a 10,25%
Questo ti fa pensare a quanto sarebbe dovuto uscire il Coco senese...
Cat XL
Shizuka Minamoto
Finland Firm on Collateral as Spain Aid Terms Discussed
Finland underlined its determination to get collateral in exchange for loans to Spain’s banks as the Nordic country targets similar terms to those won last year on its contribution to Greece’s second bailout.
“We have the requirements of collateral on the loans that are from the temporary vehicle,” Jukka Pekkarinen, director general at the Finnish Finance Ministry in Helsinki, said in an interview in Oslo yesterday. “The details are still open, but the principle standpoint is the same” as in the case of Greece, he said.
Euro-area nations, after agreeing in Brussels last week to ease the terms of Spain’s bank bailout, plan to set up a single European banking supervisor as a first step toward enabling direct recapitalization of the region’s lenders. Finland is fighting its corner to reassure taxpayers they’re no worse off after euro-zone leaders decided Spain’s emergency loan of as much as 100 billion euros ($126 billion) won’t give contributor countries seniority.
“In negotiations everything can happen,” Pekkarinen said. “That is a kind of substitute for the seniority.”
Finland, one of only four AAA rated nations left in the 17- member euro area, threatened to hamper efforts to agree on a second bailout for Greece because of its collateral demands last year. The Nordic country was the only nation to negotiate security in exchange for loans to the temporary fund, or the European Financial Stability Facility, because the vehicle doesn’t give its creditors preferred status.
Finnish Voters
Voters in Finland, which kept its deficit within the European Union’s 3 percent threshold even as its economy contracted 8.4 percent in 2009, rewarded groups critical of Europe’s rescue mechanism in April 2011 elections, when the anti-euro “The Finns” party become the nation’s third-largest.
Inside the euro area, Finland shares its top credit rating with Germany, Luxembourg and the Netherlands. The other countries in the monetary union are Austria, Belgium, Cyprus, Estonia, France, Greece, Ireland, Italy, Malta, Portugal, Slovakia, Slovenia and Spain.
The Nordic country yesterday cast doubt on the ability of the permanent rescue fund, known as the European Stability Mechanism, to purchase bonds through the secondary market. Finland, which opposes such purchases, argues the process would require unanimity inside the euro area to be possible. It has yet to be decided whether the permanent ESM or the temporary EFSF will provide Spain’s loan.
No Unanimity
There exists no unanimous agreement on the bond purchases because Finland and the Netherlands reject the model, the Finnish government said in a report dated June 29 and presented yesterday by Prime Minister Jyrki Katainen to the parliament’s Grand Committee in Helsinki.
Still, the rules of the ESM include an emergency voting procedure, which requires a qualified majority of 85 percent of the votes cast if the European Commission and the European Central Bank see a threat to the economic and financial sustainability of the euro area. Finland’s parliament voted on June 21 to approve the bailout fund.
Sovereign bond purchases by the region’s permanent rescue fund could reduce pressure on rising yields, which have threatened to cut off Spain’s access to bond markets. The country’s borrowing costs declined after leaders of the 17 euro countries last week eased repayment rules for emergency loans to banks in the euro area’s fourth-biggest economy.
To contact the reporter on this story: Josiane Kremer in Oslo at [email protected]
To contact the editor responsible for this story: Tasneem Brogger at [email protected]
Finland underlined its determination to get collateral in exchange for loans to Spain’s banks as the Nordic country targets similar terms to those won last year on its contribution to Greece’s second bailout.
“We have the requirements of collateral on the loans that are from the temporary vehicle,” Jukka Pekkarinen, director general at the Finnish Finance Ministry in Helsinki, said in an interview in Oslo yesterday. “The details are still open, but the principle standpoint is the same” as in the case of Greece, he said.
Euro-area nations, after agreeing in Brussels last week to ease the terms of Spain’s bank bailout, plan to set up a single European banking supervisor as a first step toward enabling direct recapitalization of the region’s lenders. Finland is fighting its corner to reassure taxpayers they’re no worse off after euro-zone leaders decided Spain’s emergency loan of as much as 100 billion euros ($126 billion) won’t give contributor countries seniority.
“In negotiations everything can happen,” Pekkarinen said. “That is a kind of substitute for the seniority.”
Finland, one of only four AAA rated nations left in the 17- member euro area, threatened to hamper efforts to agree on a second bailout for Greece because of its collateral demands last year. The Nordic country was the only nation to negotiate security in exchange for loans to the temporary fund, or the European Financial Stability Facility, because the vehicle doesn’t give its creditors preferred status.
Finnish Voters
Voters in Finland, which kept its deficit within the European Union’s 3 percent threshold even as its economy contracted 8.4 percent in 2009, rewarded groups critical of Europe’s rescue mechanism in April 2011 elections, when the anti-euro “The Finns” party become the nation’s third-largest.
Inside the euro area, Finland shares its top credit rating with Germany, Luxembourg and the Netherlands. The other countries in the monetary union are Austria, Belgium, Cyprus, Estonia, France, Greece, Ireland, Italy, Malta, Portugal, Slovakia, Slovenia and Spain.
The Nordic country yesterday cast doubt on the ability of the permanent rescue fund, known as the European Stability Mechanism, to purchase bonds through the secondary market. Finland, which opposes such purchases, argues the process would require unanimity inside the euro area to be possible. It has yet to be decided whether the permanent ESM or the temporary EFSF will provide Spain’s loan.
No Unanimity
There exists no unanimous agreement on the bond purchases because Finland and the Netherlands reject the model, the Finnish government said in a report dated June 29 and presented yesterday by Prime Minister Jyrki Katainen to the parliament’s Grand Committee in Helsinki.
Still, the rules of the ESM include an emergency voting procedure, which requires a qualified majority of 85 percent of the votes cast if the European Commission and the European Central Bank see a threat to the economic and financial sustainability of the euro area. Finland’s parliament voted on June 21 to approve the bailout fund.
Sovereign bond purchases by the region’s permanent rescue fund could reduce pressure on rising yields, which have threatened to cut off Spain’s access to bond markets. The country’s borrowing costs declined after leaders of the 17 euro countries last week eased repayment rules for emergency loans to banks in the euro area’s fourth-biggest economy.
To contact the reporter on this story: Josiane Kremer in Oslo at [email protected]
To contact the editor responsible for this story: Tasneem Brogger at [email protected]
- Stato
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