Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (28 lettori)

Stato
Chiusa ad ulteriori risposte.
Cat XL

Cat XL

Shizuka Minamoto
Qualche pesce piccolo e' riuscito a concambiare le MPS?

Italy-Based Banca Monte dei Paschi di Siena Issue Ratings On Tier 1 And Upper Tier 2 Debt Lowered To 'C'

Publication date: 03-Jul-2012 20:59:08 GMT
View Analyst Contact Information

  • Italy-based Banca Monte dei Paschi di Siena SpA (MPS) announced on June 27, 2012, a tender offer to exchange securities from holders of its Tier 1 and Upper and Lower Tier 2 debt instruments with senior unsecured debt maturing in three years.
  • We consider the offer for Tier 1 and Upper Tier 2 debt to be a "distressed" exchange under our criteria, reflecting our view that, in the absence of the offer, MPS would likely defer coupons on these instruments following its request of state aid.
  • We are therefore lowering our issue ratings on MPS' Tier 1 hybrid securities to 'C' from 'B' and Upper Tier 2 securities to 'C' from 'B+'.
  • Today's actions don't affect the counterparty credit ratings on MPS or any other issue ratings on MPS' debt, which remain on CreditWatch negative.
LONDON (Standard & Poor's) July 3, 2012--Standard & Poor's Ratings Services today said it has lowered its issue ratings to 'C' from 'B' on Tier 1 hybrid securities and to 'C' from 'B+' on Upper Tier 2 securities (non-deferrable subordinated debt) issued by Italy-based Banca Monte dei Paschi di Siena SpA (MPS; BBB/Watch Neg/A-2). We also removed these ratings from CreditWatch, where we placed them with negative implications on June 18, 2012. The downgrades follow MPS' announcement of the launch of a tender offer on its outstanding Tier 1 and Upper Tier 2 securities on June 27, 2012. As of today, the total amounts of securities subject to the offer are:
  • A nominal value of €650 million for Tier 1 securities, and
  • A nominal value of €750 million and £200 million for the Upper Tier 2 securities
For Tier 1 rated instruments, the amount affected is €350 million, along with about €750 million and £200 million of securities in the Upper Tier 2 category. The downgrades reflect our view that the tender offer for the Tier 1 and Upper Tier 2 securities is a "distressed exchange" under our criteria. In other words, if the exchange offer doesn't take place, we see an increased risk that MPS would defer the coupon payments on its Tier 1 and Upper Tier 2 securities in the future. We think it's likely that the European Commission and the Bank of Italy would seek to preserve capital after MPS' request for government support announced on June 27, 2012 to comply with the European Banking Authority's (EBA) 9% recommended core tier 1 ratio by June 30, 2012. As part of the aid package to MPS, we think European authorities and the Italian regulator might impose restrictions, where possible according to contractual terms of the instruments. This could result in dividend and coupon deferrals for MPS' Tier 1 and Upper Tier 2 instruments. We note that the terms and conditions for the Tier 1 instruments only allow for dividend deferral after 12 months have elapsed since the last dividend distribution or other discretionary distribution. Today's rating actions do not currently affect our counterparty credit ratings on MPS or any other issue ratings on MPS' debt, all of which remain on CreditWatch with negative implications, where they were originally placed on June 18, 2012 (see "Banca Monte dei Paschi di Siena 'BBB/A-2' Ratings Placed On CreditWatch Negative; Pressure Rises On Financial Profile"). On completion of the tender offer, we will review the ratings on any of MPS' untendered Tier 1 and Upper Tier 2 securities. RELATED CRITERIA AND RESEARCH
RATINGS LIST Downgraded; CreditWatch Action To From Banca Monte dei Paschi di Siena SpA Junior Subordinated C B+/Watch Neg MPS Capital Trust I Preferred Stock* C B/Watch Neg MPS Preferred Capital I LLC Preferred Stock* C B/Watch Neg *Guaranteed by Banca Monte dei Paschi di Siena SpA Complete 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.



 
Ultima modifica:
claudioborghi

claudioborghi

Twitter: @borghi_claudio
Rottweiler ha scritto:
Il tuo furore antimontiano ti porta a travisare drasticamente i fatti.
Il problema non è quello che lo statuto del fondo ESM dice, bensì quello che i Paesi dell'euro gli consentono di fare. Lo statuto ESM permette tali acquisti? Alleluia!

Siamo d'accordo che ESFS/ESM non è sinora intervenuto ad acquistare tds?
Siamo d'accordo che Monti ha strappato la promessa che questi interventi possano avvenire in futuro, a certe condizioni?
La differenza, se la si vuol vedere, mi sembra lampante.
Clicca per allargare...

No, fammi capire, tu vorresti che io dica che aver ottenuto che uno strumento, pagato da noi, che aveva già delle regole, funzioni (forse) proprio seguendo quelle regole sia una conquista colombiana?

Eh no, da me pretendi troppo. :-o

Notare, nessun "furore antimontiano", sai che cosa me ne viene in tasca :ciapet:
Se facevano qualcosa che mi sembrava buono tipo pensioni mica mi sono fatto problemi a dirlo

Privilegi previdenziali, la sacrosanta Caporetto - Interni - ilGiornale.it

Nel governo c'è il mio rettore, altri che conosco bene e ho le prove che leggono (e seguono) i miei articoli molto di più del precedente cui attribuisco inoltre la colpa assoluta e vergognosa di aver messo la tassa sui risparmi contro la quale ho scritto litri inutili di inchiostro e nemmeno Visco ebbe il coraggio di mettere.

Una quazzata è tale chiunque la faccia e il fumo neglio occhi è tale chiunque lo emetta. E il fatto che dica le stesse cose indipendentemente dal governo è una prova dirimente. Scripta manent.
 
Stato
Chiusa ad ulteriori risposte.

Users who are viewing this thread

Total: 29 (members: 0, guests: 29)
Alto