fabriziof
Forumer storico
io mi chiedo ,ma è possibile che questi debbano ogni volta far capire ai tedeschi che l' euro è stata la loro più grande fortuna!!!!!!!
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (3 lettori)
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
io mi chiedo ,ma è possibile che questi debbano ogni volta far capire ai tedeschi che l' euro è stata la loro più grande fortuna!!!!!!!
solovaloreaggiunto
Forumer storico
Di agencie f develop c è sia un tier1 sia un ut2 . Uno callable nel 2014 e l altro nel 2016. È l agenzia che si occupa degli investimenti etici nei paesi in via di sviluppo . 100% detenuta dal governo francese.. Insomma qui rischio salto della banca non c è
Cat XL
Shizuka Minamoto
Fitch Places SNS REAAL on RWN; Affirms SNS Bank at 'BBB+'
18 Jul 2012 10:56 AM (EDT)
Fitch Ratings-London/Paris-18 July 2012: Fitch Ratings has placed SNS REAAL's Long- and Short-term IDRs, Support Rating and Support Rating Floor on Rating Watch Negative (RWN). The agency has also placed SNS Bank's Viability Rating (VR) of 'bbb-' on RWN and affirmed its Long-term IDR at 'BBB+'. The Outlook on SNS Bank's Long-term IDRs is Stable. A list of rating actions is at the end of this comment.
SNS REAAL announced on 13 July that it is considering various capital strengthening options which Fitch understands include the possible sale of part or all of the insurance business. Fitch placed SNS REAAL's insurance operations on RWE (see 'Fitch places SNS Insurance Activities on Rating Watch Evolving', dated 16 July 2012 available at Fitch Ratings - Dedicated to providing value beyond the rating) as a result of the announcement.
The RWN on SNS REAAL's ratings reflects Fitch's view that if all or the majority of the group's insurance operations are sold, potential future support from the authorities in case of need would likely be provided to SNS Bank directly rather than through the holding company. The disposal of insurance entities could therefore reduce the probability of state support currently factored into SNS REAAL's IDRs, Support Rating and Support Rating Floor, which could lead to them being downgraded.
Fitch expects to resolve the RWN once it obtains further clarity on the likelihood that part or all of the insurance assets will be sold. Fitch notes that the final decision on the various options may take more than six months, the usual time horizon for a Rating Watch. The agency understands that the divestment is one of the various capital strengthening possibilities that the group is exploring to generate enough capital to repay state support (EUR850m at end-2011 including the 50% repayment premium) by end-2013, as committed to the European Commission (EC). While Fitch understands that this may generate additional capital for the bank, it considers the scenario is unlikely in the short term.
Fitch believes the possibility of a partial or full divestment of the insurance operations could increase constraints on the bank's financial flexibility. These are further impacted by the protracted difficult economic conditions and further strains in property markets in the Netherlands and the rest of the eurozone. The cumulative potential negative impact of these factors on the bank's earnings, asset quality and ultimately capital is viewed to have increased and the bank's capital position remains under pressure.
Fitch expects to resolve the RWN on the bank's VR after obtaining further information on the bank's performance, including an analysis of first-half results, scheduled for 16 August 2012. If the risk profile of the property finance book has increased, or the bank's capital position or leverage have deteriorated or its franchise weakened, SNS Bank's VR is likely to be downgraded to below investment grade.
Conversely, SNS Bank's VR is likely to be removed from RWN and affirmed if the bank demonstrates continued deleveraging reducing its risk profile, improved capitalisation and rebalanced funding mix. At this point, Fitch will also take a decision on the potential impact of a possible sale of the insurance operations on the bank.
SNS Bank's Support Rating and SRF continue to reflect the high probability of support from the Dutch state being made available if required. SNS Bank's Long-term IDR is at its SRF, which means it is sensitive to any weakening of the Dutch state's ability or willingness to provide support.
The Hybrid Tier 1 securities are notched off SNS Bank's VR in line with Fitch's rating criteria for such securities. As such, their ratings are sensitive to any changes in the banks' VRs and the RWN placed on their rating reflects the RWN placed on SNS Bank's VR.
The rating actions are as follows:
SNS REAAL:
Long-term IDR: 'BBB+'; placed on RWN
Short-term IDR: 'F2'; placed on RWN
Support Rating: '2' ; placed on RWN
Support Rating Floor: 'BBB+' ; placed on RWN
SNS Bank:
Long-term IDR: affirmed at 'BBB+'; Outlook Stable
Short-term IDR: affirmed at 'F2'
Viability Rating: 'bbb-'; placed on RWN
Senior debt: affirmed at 'BBB+'
Market linked notes: affirmed at 'BBB+(emr)'
Hybrid Tier 1 securities: 'B+'; placed on RWN
Commercial paper: affirmed at 'F2'
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB+'
Dutch government guaranteed securities: affirmed at 'AAA'
18 Jul 2012 10:56 AM (EDT)
Fitch Ratings-London/Paris-18 July 2012: Fitch Ratings has placed SNS REAAL's Long- and Short-term IDRs, Support Rating and Support Rating Floor on Rating Watch Negative (RWN). The agency has also placed SNS Bank's Viability Rating (VR) of 'bbb-' on RWN and affirmed its Long-term IDR at 'BBB+'. The Outlook on SNS Bank's Long-term IDRs is Stable. A list of rating actions is at the end of this comment.
SNS REAAL announced on 13 July that it is considering various capital strengthening options which Fitch understands include the possible sale of part or all of the insurance business. Fitch placed SNS REAAL's insurance operations on RWE (see 'Fitch places SNS Insurance Activities on Rating Watch Evolving', dated 16 July 2012 available at Fitch Ratings - Dedicated to providing value beyond the rating) as a result of the announcement.
The RWN on SNS REAAL's ratings reflects Fitch's view that if all or the majority of the group's insurance operations are sold, potential future support from the authorities in case of need would likely be provided to SNS Bank directly rather than through the holding company. The disposal of insurance entities could therefore reduce the probability of state support currently factored into SNS REAAL's IDRs, Support Rating and Support Rating Floor, which could lead to them being downgraded.
Fitch expects to resolve the RWN once it obtains further clarity on the likelihood that part or all of the insurance assets will be sold. Fitch notes that the final decision on the various options may take more than six months, the usual time horizon for a Rating Watch. The agency understands that the divestment is one of the various capital strengthening possibilities that the group is exploring to generate enough capital to repay state support (EUR850m at end-2011 including the 50% repayment premium) by end-2013, as committed to the European Commission (EC). While Fitch understands that this may generate additional capital for the bank, it considers the scenario is unlikely in the short term.
Fitch believes the possibility of a partial or full divestment of the insurance operations could increase constraints on the bank's financial flexibility. These are further impacted by the protracted difficult economic conditions and further strains in property markets in the Netherlands and the rest of the eurozone. The cumulative potential negative impact of these factors on the bank's earnings, asset quality and ultimately capital is viewed to have increased and the bank's capital position remains under pressure.
Fitch expects to resolve the RWN on the bank's VR after obtaining further information on the bank's performance, including an analysis of first-half results, scheduled for 16 August 2012. If the risk profile of the property finance book has increased, or the bank's capital position or leverage have deteriorated or its franchise weakened, SNS Bank's VR is likely to be downgraded to below investment grade.
Conversely, SNS Bank's VR is likely to be removed from RWN and affirmed if the bank demonstrates continued deleveraging reducing its risk profile, improved capitalisation and rebalanced funding mix. At this point, Fitch will also take a decision on the potential impact of a possible sale of the insurance operations on the bank.
SNS Bank's Support Rating and SRF continue to reflect the high probability of support from the Dutch state being made available if required. SNS Bank's Long-term IDR is at its SRF, which means it is sensitive to any weakening of the Dutch state's ability or willingness to provide support.
The Hybrid Tier 1 securities are notched off SNS Bank's VR in line with Fitch's rating criteria for such securities. As such, their ratings are sensitive to any changes in the banks' VRs and the RWN placed on their rating reflects the RWN placed on SNS Bank's VR.
The rating actions are as follows:
SNS REAAL:
Long-term IDR: 'BBB+'; placed on RWN
Short-term IDR: 'F2'; placed on RWN
Support Rating: '2' ; placed on RWN
Support Rating Floor: 'BBB+' ; placed on RWN
SNS Bank:
Long-term IDR: affirmed at 'BBB+'; Outlook Stable
Short-term IDR: affirmed at 'F2'
Viability Rating: 'bbb-'; placed on RWN
Senior debt: affirmed at 'BBB+'
Market linked notes: affirmed at 'BBB+(emr)'
Hybrid Tier 1 securities: 'B+'; placed on RWN
Commercial paper: affirmed at 'F2'
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB+'
Dutch government guaranteed securities: affirmed at 'AAA'
Topgun1976
Guest
Io segnalo i forti scostamenti,che ci sono sui book che controllo,anche su Bacak8 c'erano solo 7k
ferdo
Utente Senior
0451850
Forumer attivo
Ciao mi sa che non mi son espresso bene...
Grazie della segnalazione
oggi presa anche sns 523 60,85
Ultima modifica:
zeta59
Forumer storico
Scusate oggi ero assente , in merito al buy back Intesa , non ho capito se il "contingentamento" è su un'importo totale da ripartirsi tra tutte le emissioni , o se ognuna ha un plafon ben preciso.
Letto un poco di post : 1Bl x sub e 500 x senior , ho capito bene ?
Letto un poco di post : 1Bl x sub e 500 x senior , ho capito bene ?
Ultima modifica:
Rottweiler
Forumer storico
Per gli amanti del non-financial, sono incappato casualmente in questo perpetual: logistica tedesca della quale non so assolutamente nulla:
https://www.boerse-stuttgart.de/rd/en/anleihen/factsheet?sSymbol=DE000A0JQYS7.FSE
https://www.boerse-stuttgart.de/rd/en/anleihen/factsheet?sSymbol=DE000A0JQYS7.FSE
fabriziof
Forumer storico
p { font-size: 12px; } Fitch Places SNS Reaal Insurance on Rating Watch Evolving Ratings Endorsement Policy
16 Jul 2012 2:43 PM (EDT) Fitch Ratings-Paris/London-16 July 2012: Fitch Ratings has placed SRLEV and REAAL Schadeverzekeringen's 'A-' Insurer Financial Strength (IFS) ratings on Rating Watch Evolving (RWE).The RWE reflect SNS Reaal's announcement that it has appointed advisors to analyse various capital strengthening options. In this context, Fitch believes the sale of the insurance operations, either partly or in total, is a possibility. This raises uncertainties concerning the future business position and ownership of the group's insurance activities.
SNS Reaal, the group holding company, currently has two main subsidiaries: SNS Bank, which operates most of the group's banking businesses, and Reaal, which runs most of the insurance activities.
In 2008 the Dutch state injected EUR750m of capital in SNS Reaal. At end-2011, a nominal amount of EUR565m remained outstanding, of which EUR400m had been allocated to the insurance operations. Although the state capital injection is perpetual, SNS REAAL has given an undertaking to the European Commission to repay these securities by end-2013 at 1.5x par value. In Fitch's opinion, the group's insurance operations are the most likely internal source of such a repayment within that timeframe.
SNS Bank continues to experience significant strains on earnings and capital from its large and weak property finance exposures that are in run-off.. Additional information on SNS Bank is available in 'Fitch Affirms SNS REAAL & SNS Bank at 'BBB+'; Insurance Activities IFS at 'A-'' dated 8 March 2012 at Fitch Ratings - Dedicated to providing value beyond the rating.
Although no final decision has been made yet, Fitch expects capital raising initiatives to be taken in order to strengthen the group solvency. The agency views the sale of the group's insurance operations, either partly or in total, as a possibility.
The RWE will be resolved on the completion of a transaction to sell the insurance operations, or if SNS Reaal decides to pursue an alternative option to strengthen capital.
If the insurance operations are acquired by a financially stronger group, the ratings of SRLEV and REAAL Schadeverzekeringen could be upgraded. However, if the insurance operations are sold to a financially weaker group, the ratings of these insurers could be downgraded. Alternatively, if SNS Reaal were to pursue a different option to the sale of the insurance operations, the ratings of these insurers may be affirmed.
SNS REAAL is a large financial services group focused on retail banking, individual insurance and pension activities in the Netherlands. SNS REAAL's insurance activities (including REAAL Verzekeringen and Zwitserleven) represent the second-largest life insurer in the Netherlands with about 16% market share and around EUR35bn of assets under management. SNS Bank is the fourth-largest bank in the Netherlands with a 10% market share of savings deposits.
16 Jul 2012 2:43 PM (EDT) Fitch Ratings-Paris/London-16 July 2012: Fitch Ratings has placed SRLEV and REAAL Schadeverzekeringen's 'A-' Insurer Financial Strength (IFS) ratings on Rating Watch Evolving (RWE).The RWE reflect SNS Reaal's announcement that it has appointed advisors to analyse various capital strengthening options. In this context, Fitch believes the sale of the insurance operations, either partly or in total, is a possibility. This raises uncertainties concerning the future business position and ownership of the group's insurance activities.
SNS Reaal, the group holding company, currently has two main subsidiaries: SNS Bank, which operates most of the group's banking businesses, and Reaal, which runs most of the insurance activities.
In 2008 the Dutch state injected EUR750m of capital in SNS Reaal. At end-2011, a nominal amount of EUR565m remained outstanding, of which EUR400m had been allocated to the insurance operations. Although the state capital injection is perpetual, SNS REAAL has given an undertaking to the European Commission to repay these securities by end-2013 at 1.5x par value. In Fitch's opinion, the group's insurance operations are the most likely internal source of such a repayment within that timeframe.
SNS Bank continues to experience significant strains on earnings and capital from its large and weak property finance exposures that are in run-off.. Additional information on SNS Bank is available in 'Fitch Affirms SNS REAAL & SNS Bank at 'BBB+'; Insurance Activities IFS at 'A-'' dated 8 March 2012 at Fitch Ratings - Dedicated to providing value beyond the rating.
Although no final decision has been made yet, Fitch expects capital raising initiatives to be taken in order to strengthen the group solvency. The agency views the sale of the group's insurance operations, either partly or in total, as a possibility.
The RWE will be resolved on the completion of a transaction to sell the insurance operations, or if SNS Reaal decides to pursue an alternative option to strengthen capital.
If the insurance operations are acquired by a financially stronger group, the ratings of SRLEV and REAAL Schadeverzekeringen could be upgraded. However, if the insurance operations are sold to a financially weaker group, the ratings of these insurers could be downgraded. Alternatively, if SNS Reaal were to pursue a different option to the sale of the insurance operations, the ratings of these insurers may be affirmed.
SNS REAAL is a large financial services group focused on retail banking, individual insurance and pension activities in the Netherlands. SNS REAAL's insurance activities (including REAAL Verzekeringen and Zwitserleven) represent the second-largest life insurer in the Netherlands with about 16% market share and around EUR35bn of assets under management. SNS Bank is the fourth-largest bank in the Netherlands with a 10% market share of savings deposits.
cris71
Forumer storico
grazie Marco
- Stato