Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (1 Viewer)

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MRPINK

Forumer storico
08/08/2012 13.20
Omv: fatturato II trimestre + 25%

Il colosso energetico austriaco Omv chiude il II trimestre con un aumento del 25% del fatturato, a 10 miliardi di euro, rispetto allo stesso periodo 2011, e un incremento del 4% dell'utile netto, a 283 milioni di euro. I benefici sono derivati dai prezzi elevati del petrolio, da un dollaro forte e da una ripresa della produzione in Libia prossima a raggiungere il livello antecedente alla caduta di Gheddafi. Omv ha proseguito nella strategia di ri-orientamento nell'upstream a detrimento delle attivita' di raffinazione di cui prevede cessioni superiori a 1 miliardo. Per il resto dell'anno conta di beneficiare di un prezzo del greggio superiore a 100 dollari. Il gruppo sta guadagnando alla Borsa di Vienna lo 0,75% a 26,45 euro.
 

solovaloreaggiunto

Forumer storico
08/08/2012 13.20
Omv: fatturato II trimestre + 25%

Il colosso energetico austriaco Omv chiude il II trimestre con un aumento del 25% del fatturato, a 10 miliardi di euro, rispetto allo stesso periodo 2011, e un incremento del 4% dell'utile netto, a 283 milioni di euro. I benefici sono derivati dai prezzi elevati del petrolio, da un dollaro forte e da una ripresa della produzione in Libia prossima a raggiungere il livello antecedente alla caduta di Gheddafi. Omv ha proseguito nella strategia di ri-orientamento nell'upstream a detrimento delle attivita' di raffinazione di cui prevede cessioni superiori a 1 miliardo. Per il resto dell'anno conta di beneficiare di un prezzo del greggio superiore a 100 dollari. Il gruppo sta guadagnando alla Borsa di Vienna lo 0,75% a 26,45 euro.

il perp si vende a 109.50 ...fantastico... ma e' giusto cosi
 

bopannibal

Nuovo forumer
Non so se ne hanno gia parlato ma tira brutta aria per Standard Chartered Bank, semmai qualcuno ne avesse in portafoglio.
Da una newsletter...

Standard Chartered
US licence review = the nuclear option. Buy sub protection

Event: The Superintendent of the New York Department of Financial Services has determined that
‚grounds exist for revocation of Standard Chartered Bank’s (SCB’s) license to operate in the State of
New York and that interim measures must be taken to protect the public interest.‛ The bank must
appear before the Superintendent on Monday, 15 August 2012, to ‚demonstrate why SCB’s license to
operate in the State of New York should not be revoked‛ and why its ‚U.S. dollar clearing operations
should not be suspended pending a formal license revocation hearing.‛
Assessment: We view this as the ‘nuclear option’ available to US banking regulators for infractions
relating to Bank Secrecy Act / Anti-Money Laundering (BSA/AML) regulations. The Superintendent
could have chosen other means to redress the situation, such as a cease-and-desist action. However,
the strongly worded order does not paint SCB’s compliance with US banking regulations in a very
positive light. In its public defence, SCB stated that it is surprised by this action and will contest it,
noting that it brought these infractions to the attention of the regulators itself. Nonetheless, having
threatened the action, we see a strong possibility of the Superintendent suspending SCB’s US dollarclearing
operations in the short term and a chance of the bank being forced to exit the US over the
longer term. (SCB reported over $6.8bn in pre-tax profits on revenues of $17.6bn in 2011. It clears
over $200bn of US dollar transactions via its $40bn asset NY branch on a daily basis, according to the
order.) Thus, this is not about the bank’s ability to absorb possible financial penalties, in our view.
Rather, we believe that SCB may be the first foreign bank, and possibly the first bank ever, to face the
US regulators’ nuclear option. A forced US exit could cause major reputational damage to the
institution.
How to trade it: Sell tier 1 debt and buy sub protection. For credit investors, the uncertainty
associated with this turn of events is large relative to the levels at which SCB’s tier 1 bonds trade. We
see the presence of Singapore-based Temasek, a large institutional investor, in SCB’s equity structure
as ultimately supportive of senior unsecured debt and bullet-dated lower tier 2 debt. However, we are
concerned that the size of any possible fine or eventual business revenue loss may impact SCB’s
capability to retire callable sub debt at the first call date. We recommended that investors buy sub
protection in StanLn: Buy CDS Protection on Neighborhood Risk in March 2012 at approximately 195.
After trading at 174 in thin markets, SCB’s sub CDS closed at 250 in more liquidity yesterday. We
believe it may gap materially and compress up to the iTraxx sub CDS index.
 
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