Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (9 lettori)
- Creatore Discussione caligola2005
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yellow
Forumer attivo
Anche buone notizie e...
preannunci per prossimi acquisti?
By Josie Cox LONDON, Oct 14 (IFR) -
At least three corporates are eyeing possible hybrid bonds as soon as conditions permit, as they seek to make the most of low interest rates and safeguard their credit ratings while taking advantage of healthy investor appetite, bankers said.
"Hybrids are in fashion again.
There is a good dialogue and reverse inquiry," said Antoine Loudenot,
head of capital structuring at Societe Generale, adding that the only thing preventing issuance was the ongoing volatility in the markets.
In addition to German utility EnBW, which mandated five banks at the end of August, there are thought to be at least two more companies with an interest in launching deals once conditions stabilise.
"Expectations for (the hybrids) to come this side of the month are not great -- because sovereign risk and bank risk is too high and is having an impact on the rest of the market -- but it would not be totally uncanny to see something in the next few weeks."
Dominic Kerr, of European corporate origination at HSBC added that "there might be more than one major UK blue chip taking another serious look at hybrids right now."
Utilities, Loudenot said, were prime issuance candidates and could prove particularly popular.
They are predictable credits and therefore liked by investors. EnBW, having already completed a roadshow with Barclays Capital, Deutsche Bank, Goldman Sachs, Morgan Stanley and Societe Generale, is eyeing a deal as a way of protecting its credit rating.
"Out of all the German utilities EnBW is probably most at risk of being hurt severely by the new nuclear policies in Germany," a London-based credit analyst said, adding that a hybrid issue was a sensible defensive move which could protect its current rating.
The equity-like characteristics of hybrids can help preserve credit quality, an objective considered paramount by many in today's economic climate [ID:nL5E7L60UD].
According to Barclays Capital, the spread differential between Double B and Triple B issuers has increased to approximately 350bp from around 125bp in March, when spreads touched their tightest levels in two years.
A deal for EnBW has yet to materialize but the leads remain confident the plans will eventually come to fruition.
"Volatility levels were too high at the time and the unpredictability implied too much risk. It is by no means off the cards though, and we are thinking about a timeline for the issue," Loudenot said.
EnBW spokesman Ulrich Schroeder said the company was "not under any time pressure" but would "go to the market when the conditions are right."
A SWEET DEAL Corporate hybrid bonds, a popular M&A funding tool in 2006, saw their values plummet significantly during the 2008 crisis.
But corporates' current relative safe-haven status, coupled with the low interest rate environment, means there is nothing stopping hybrids from regaining a foothold in the market.
Depending on their structure, hybrids enable cheaper and speedier capital raising than rights issues, whilst not upsetting shareholders by diluting their holdings. Coupons on hybrid bonds are also tax deductible.
One repeat issuer said hybrids certainly did offer a very sweet deal at the moment.
"If we had funding needs then a hybrid bond would certainly be the tool that we would consider very carefully," a source at the company said. INVESTOR INTEREST With plenty of liquidity to play with, investors are also cherishing hybrids as a relatively attractive option.
"On the investor side there are a number of players who think that a hybrid from a major blue chip would be a great investment, once the market normalises," Kerr said. "From the right candidates they offer a very significant premium to senior, very low chance of default,
preannunci per prossimi acquisti?By Josie Cox LONDON, Oct 14 (IFR) -
At least three corporates are eyeing possible hybrid bonds as soon as conditions permit, as they seek to make the most of low interest rates and safeguard their credit ratings while taking advantage of healthy investor appetite, bankers said.
"Hybrids are in fashion again.
There is a good dialogue and reverse inquiry," said Antoine Loudenot,
head of capital structuring at Societe Generale, adding that the only thing preventing issuance was the ongoing volatility in the markets.
In addition to German utility EnBW, which mandated five banks at the end of August, there are thought to be at least two more companies with an interest in launching deals once conditions stabilise.
"Expectations for (the hybrids) to come this side of the month are not great -- because sovereign risk and bank risk is too high and is having an impact on the rest of the market -- but it would not be totally uncanny to see something in the next few weeks."
Dominic Kerr, of European corporate origination at HSBC added that "there might be more than one major UK blue chip taking another serious look at hybrids right now."
Utilities, Loudenot said, were prime issuance candidates and could prove particularly popular.
They are predictable credits and therefore liked by investors. EnBW, having already completed a roadshow with Barclays Capital, Deutsche Bank, Goldman Sachs, Morgan Stanley and Societe Generale, is eyeing a deal as a way of protecting its credit rating.
"Out of all the German utilities EnBW is probably most at risk of being hurt severely by the new nuclear policies in Germany," a London-based credit analyst said, adding that a hybrid issue was a sensible defensive move which could protect its current rating.
The equity-like characteristics of hybrids can help preserve credit quality, an objective considered paramount by many in today's economic climate [ID:nL5E7L60UD].
According to Barclays Capital, the spread differential between Double B and Triple B issuers has increased to approximately 350bp from around 125bp in March, when spreads touched their tightest levels in two years.
A deal for EnBW has yet to materialize but the leads remain confident the plans will eventually come to fruition.
"Volatility levels were too high at the time and the unpredictability implied too much risk. It is by no means off the cards though, and we are thinking about a timeline for the issue," Loudenot said.
EnBW spokesman Ulrich Schroeder said the company was "not under any time pressure" but would "go to the market when the conditions are right."
A SWEET DEAL Corporate hybrid bonds, a popular M&A funding tool in 2006, saw their values plummet significantly during the 2008 crisis.
But corporates' current relative safe-haven status, coupled with the low interest rate environment, means there is nothing stopping hybrids from regaining a foothold in the market.
Depending on their structure, hybrids enable cheaper and speedier capital raising than rights issues, whilst not upsetting shareholders by diluting their holdings. Coupons on hybrid bonds are also tax deductible.
One repeat issuer said hybrids certainly did offer a very sweet deal at the moment.
"If we had funding needs then a hybrid bond would certainly be the tool that we would consider very carefully," a source at the company said. INVESTOR INTEREST With plenty of liquidity to play with, investors are also cherishing hybrids as a relatively attractive option.
"On the investor side there are a number of players who think that a hybrid from a major blue chip would be a great investment, once the market normalises," Kerr said. "From the right candidates they offer a very significant premium to senior, very low chance of default,
giapo27
Forumer attivo
siiiii, cacchio, non guardo più tutti i gg il mio cc e il CT e non avevo visto ...
(p.s. io però leggo un 7.324,25 .... com'è che mamma CaRiGe mi dà di meno ?
controllato e confermo l'importo su 100000 (prezzo medio 89
)
Rottweiler
Forumer storico
Diverse recenti mosse di Groupama fanno capire che la società sta cercando di migliorare il proprio (attualmente modesto) livello di efficienza. I detentori di titoli non possono che augurarsi un'accelerazione del processo:
Groupama annonce la fusion de 2 caisses régionales
Selon le quotidien Les Echos, le groupe mutualiste agricole a lancé le processus de rapprochement de ses 2 Caisses régionales Groupama Sud et Groupama Alpes-Méditerranée. Cette fusion constitue la dernière phase d’un programme initié par le groupe en 2001 et dont l’objectif était de ramener de 18 à 9 le nombre de ses Caisses régionales.
Après la création au 1er janvier 2011 de Groupama Grand Est réunissant les caisses d’Alsace et du Grand Est, 2 autres caisses régionales - Groupama Sud et Groupama Alpes-Méditerranée - "planchent sur leur rapprochement", rapporte le quotidien économique Les Echos. Le projet de fusion sera soumis aux assemblées générales extraordinaires des 2 Caisses le 13 octobre prochain et, en cas de feu vert, la fusion deviendra effective le 31 décembre 2011.
Outre "la nécessité d’apporter une réponse" à Solvabilité II, ce rapprochement répond également "au besoin de créer une entreprise plus grande, plus forte et plus efficace", indiquent les états-majors des 2 Caisses dans une lettre adressée à leurs salariés.
Avec ce rapprochement, Groupama achèvera le mouvement de regroupement initié en 2001 quand le groupe mutualiste comptait 18 Caisses régionales. Son objectif était de s’appuyer sur 9 entités de taille homogène afin "d’optimiser son modèle et de gagner en efficacité".
La nouvelle entité sera baptisée Groupama Méditerranée et couvrira 14 départements, allant des Pyrénées-Orientales aux Alpes Maritimes, en passant par la Corse et l’Ardèche. Elle comptera 1.750 collaborateurs, 305 agences et 459.000 sociétaires pour un chiffre d’affaires de 735 M d’euros. La fusion se fera à effectif constant, et tous les sites seront conservés, à l’exception de l’unité de Draguignan, dont la fermeture, au plus tard en 2015, avait déjà été programmée.
Selon Les Echos, la direction générale de la nouvelle entité reviendrait à Alain Kahn, l’actuel directeur général de Groupama Sud. En attendant, ce dernier devrait également prendre, à partir du 1er juin, la direction de la Caisse Alpes-Méditerranée, en remplacement d’Yves Eveno, appelé à diriger Groupama Antilles et Guyane et Gan Outre-mer. Amaury Cornut-Chauvinc, actuel président de Groupama Sud, serait par ailleurs pressenti pour prendre la présidence de la future entité. M.F.I.
Groupama annonce la fusion de 2 caisses régionales
Selon le quotidien Les Echos, le groupe mutualiste agricole a lancé le processus de rapprochement de ses 2 Caisses régionales Groupama Sud et Groupama Alpes-Méditerranée. Cette fusion constitue la dernière phase d’un programme initié par le groupe en 2001 et dont l’objectif était de ramener de 18 à 9 le nombre de ses Caisses régionales.
Après la création au 1er janvier 2011 de Groupama Grand Est réunissant les caisses d’Alsace et du Grand Est, 2 autres caisses régionales - Groupama Sud et Groupama Alpes-Méditerranée - "planchent sur leur rapprochement", rapporte le quotidien économique Les Echos. Le projet de fusion sera soumis aux assemblées générales extraordinaires des 2 Caisses le 13 octobre prochain et, en cas de feu vert, la fusion deviendra effective le 31 décembre 2011.
Outre "la nécessité d’apporter une réponse" à Solvabilité II, ce rapprochement répond également "au besoin de créer une entreprise plus grande, plus forte et plus efficace", indiquent les états-majors des 2 Caisses dans une lettre adressée à leurs salariés.
Avec ce rapprochement, Groupama achèvera le mouvement de regroupement initié en 2001 quand le groupe mutualiste comptait 18 Caisses régionales. Son objectif était de s’appuyer sur 9 entités de taille homogène afin "d’optimiser son modèle et de gagner en efficacité".
La nouvelle entité sera baptisée Groupama Méditerranée et couvrira 14 départements, allant des Pyrénées-Orientales aux Alpes Maritimes, en passant par la Corse et l’Ardèche. Elle comptera 1.750 collaborateurs, 305 agences et 459.000 sociétaires pour un chiffre d’affaires de 735 M d’euros. La fusion se fera à effectif constant, et tous les sites seront conservés, à l’exception de l’unité de Draguignan, dont la fermeture, au plus tard en 2015, avait déjà été programmée.
Selon Les Echos, la direction générale de la nouvelle entité reviendrait à Alain Kahn, l’actuel directeur général de Groupama Sud. En attendant, ce dernier devrait également prendre, à partir du 1er juin, la direction de la Caisse Alpes-Méditerranée, en remplacement d’Yves Eveno, appelé à diriger Groupama Antilles et Guyane et Gan Outre-mer. Amaury Cornut-Chauvinc, actuel président de Groupama Sud, serait par ailleurs pressenti pour prendre la présidence de la future entité. M.F.I.
giapo27
Forumer attivo
te la devi far togliere le spese di incasso cedola. é una commisione anacronistica. non sono i 3 euri ma il principio.
giapo27
Forumer attivo
angy2008
Forumer storico
un reclamo serve a poco, non essendo operazione autorizzata a pubblicizzare in Italia la banca non è obbligata a tenerti informato, gli utenti del forum che hanno aderito alla Ops non sono stati informati dalla loro banca ma hanno reperito le info qui o altrove e poi hanno chiesto alla banca di aderire e anche così hanno dovuto faticare a convincere l'impiegato, ma ne è valsa la pena credo
caligola2005
Forumer attivo
Grazie, più o meno è quello che mi ha detto il dipendente di MPS, ma a Fineco mi han detto che loro danno qualsiasi avviso, non so se me l'ha detto per convincermi ad operare con loro, sarebbe interessante sapere se ci sono utenti del Forum con conto Fineco e come si è comportata la banca
Dupondius
Forumer storico
è piuttosto complicato trovare report realizzati da anime candide
aspettiamo classifiche che tengano conto di leva, liquidità, attivi a rischio
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