andromeda78
Nuovo forumer
Ben ritrovato
e mi sa che mi devo anche scusare con te per gli "epiteti ingiuriosi" alla Vittorio Sgarbi...
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
e mi sa che mi devo anche scusare con te per gli "epiteti ingiuriosi" alla Vittorio Sgarbi...saverio1973
BOND SUB.
Ma va
Chiuso ot
Chesensoha
Banned
bisognerebbe fare un post in cui si mettonole liste di emittenti che sono rimasti ancora "amici" e quelli che invece non hanno (o ritengono di non aver più) bisogno di esserlo.
es. BBVA, ISP erano due " big maket friendly" che ci hanno tradito senza pietà
es. GEN , UCG sono ancora "amici"
ma c'è di più nell' "EXCHANGE OFFER MEMORANDUM" di ISP che mi riflettere.
Rationale for the Exchange Offers
Such invitation will allow ISP to optimize both the composition of regulatory capital by the increasing of its Core Tier I
Capital, both the cost of funding, taking into account that:
• ISP does not deem appropriate to maintain its call-exercise policy in the existing market conditions in relation
to the subordinated notes referred to in this invitation and in order to counterbalance the potential economic effect on
the relevant Bonds gives the Bondholders the possibility to exchange them into newly-issued senior notes on the basis
of current market value.
• ISP has also resolved to modify the terms of the subordinated notes referred to in this invitation which are not
exchanged into newly issued senior notes, removing the Issuer's call option in order to increase the probability that such
notes might continue to be recognised as Tier II regulatory capital of ISP provided that the applicable legal and
regulatory framework is still under discussion.
la parte in grassetto potrebbe essere sibillina, per tutte le LTII ...
SE hanno scritto :
IN ORDER TO INCREASE THE PROBABILITY
è perkè sanno GIA' come andrà a finire, imho.
ed è probabile che questa corsa a richiamare/ bbare LT2 OLD STYLE, possa finire, imho.
Ultima modifica:
Vet
Forumer storico
saverio1973
BOND SUB.
bosmeld
Forumer storico
tier2, cds e Crd IV
There are several potential concerns regarding loss absorption provisions under CRD4 and capital writedown under the RRD in the context of the ability of holders to hedge with the current CDS contract.
Tier 2 bonds that provide for contractual loss absorption through writedown or conversion to equity could potentially fall foul of the characteristics required for deliverability into CDS contracts upon a default. Contractual loss absorption is a specific provision in the T&Cs, requiring the issuer to writedown or convert the bonds to equity upon the occurrence of certain triggers as compared with a bond containing no provision but which is governed by a statutory regime that provides for the same thing. Bonds with references to statutory loss absorption in the Risk Factors or even references to the potential for such statutory loss absorption in the T&Cs would not appear to contain contractual loss absorption provisions. The distinction between statutory and contractual loss absorption becomes less significant once the RRD comes into force, as all Member States will be required to have statutory regimes implementing capital writedown and eventually senior bail in under the RRD.
The technical difference between bonds containing contractual loss absorption or bonds with no such provisions that would therefore only have statutory loss absorption (although the end result would be the same since the trigger thresholds would be the same as long as there was a statutory regime in place), could lead to an artificial divide in the market with respect to CDS deliverability. Furthermore, it is unclear if any such writedown or conversion would lead to a credit event trigger. If the writedown or conversion were contained within the terms of the bonds, we posit that this is unlikely to be a credit event trigger. If the writedown of Tier 2 were statutory, this is potentially a credit event depending on the exact factual circumstances of the writedown. However, even if the ISDA Determinations Committee were to vote that a credit event had occurred, if the entire Tier 2 layer were to be written down pari passu, this would affect what could be delivered and consequently, the recovery levels.
n addition, although EBA guidance has advised that loss absorbency in the form of writedown pursuant to CRD4 should not be permanent, this remains unclear under the RRD. Subsequently it is thus also unclear how CRD4 will work with RRD, i.e. is any capital writedown under the RRD to be permanent, or will the issuer have the ability to write the bonds back up upon the fulfilment of credit positive criteria and if so how can this be a credit event trigger? It is clear that shoehorning the upcoming legislation into the current CDS contract poses a number of unanswered questions on deliverability and trigger that impact CDS’ efficacy as an efficient hedge.
There are several potential concerns regarding loss absorption provisions under CRD4 and capital writedown under the RRD in the context of the ability of holders to hedge with the current CDS contract.
Tier 2 bonds that provide for contractual loss absorption through writedown or conversion to equity could potentially fall foul of the characteristics required for deliverability into CDS contracts upon a default. Contractual loss absorption is a specific provision in the T&Cs, requiring the issuer to writedown or convert the bonds to equity upon the occurrence of certain triggers as compared with a bond containing no provision but which is governed by a statutory regime that provides for the same thing. Bonds with references to statutory loss absorption in the Risk Factors or even references to the potential for such statutory loss absorption in the T&Cs would not appear to contain contractual loss absorption provisions. The distinction between statutory and contractual loss absorption becomes less significant once the RRD comes into force, as all Member States will be required to have statutory regimes implementing capital writedown and eventually senior bail in under the RRD.
The technical difference between bonds containing contractual loss absorption or bonds with no such provisions that would therefore only have statutory loss absorption (although the end result would be the same since the trigger thresholds would be the same as long as there was a statutory regime in place), could lead to an artificial divide in the market with respect to CDS deliverability. Furthermore, it is unclear if any such writedown or conversion would lead to a credit event trigger. If the writedown or conversion were contained within the terms of the bonds, we posit that this is unlikely to be a credit event trigger. If the writedown of Tier 2 were statutory, this is potentially a credit event depending on the exact factual circumstances of the writedown. However, even if the ISDA Determinations Committee were to vote that a credit event had occurred, if the entire Tier 2 layer were to be written down pari passu, this would affect what could be delivered and consequently, the recovery levels.
n addition, although EBA guidance has advised that loss absorbency in the form of writedown pursuant to CRD4 should not be permanent, this remains unclear under the RRD. Subsequently it is thus also unclear how CRD4 will work with RRD, i.e. is any capital writedown under the RRD to be permanent, or will the issuer have the ability to write the bonds back up upon the fulfilment of credit positive criteria and if so how can this be a credit event trigger? It is clear that shoehorning the upcoming legislation into the current CDS contract poses a number of unanswered questions on deliverability and trigger that impact CDS’ efficacy as an efficient hedge.
bosmeld
Forumer storico
Danske bank XS0831342679 (è possibile metterlo nella lista per futura memoria?)
danske bank ha emesso un tier2 bond qualche giorno fa.
lo segnalo perchè è uno dei nuovi tier2 bonds, con loss absorbtion e cedola cumulativa.
mi sa che sempre più spesso vedremo questo tipo di emissioni.
sotto una descrizione del titolo
Danske issued a Tier 2 bond in the amount of $1bn. The coupon rate was set at 7.125% with a reset every five years. The coupons are optionally deferrable on a cumulative and compounding basis. The bond had a maturity of 25 years (with semi-annual calls after a five year non-call period) is included in S&P’s equity capital measure (TAC) and improves Danske’s Risk Adjusted Capital (RAC) ratio with the agency. On the interest payment date five years from the issue date and on every subsequent interest payment date (semi-annual), the bank has the option of prepaying the bond loan at par. This bond has been ranked by Danske pari passu with the issuer’s Tier 2 capital (including the existing subordinated capital).
The issuer may redeem the bond at par in the case of: 1) a tax event; 2) a capital event (full exclusion from Tier 2); or 3) after five years in the case of a Rating Methodology Event (materially reduced equity credit following a change in methodology). The latter was new language that we have not seen so far in bank capital.
The new bond includes a writedown loss absorption clause (in respect of principal and arrears of interest) as required under the current Danish capital adequacy rules. Such a writedown may only occur following a writedown of Tier 1 capital1. The new bonds are also subject to any future regulatory framework for resolution and recovery in Denmark. The bond’s prospectus warns that although the current framework does not contain provisions for a writedown or conversion to ordinary shares, a future framework may provide such powers to the regulators as proposed by RRD.
danske bank ha emesso un tier2 bond qualche giorno fa.
lo segnalo perchè è uno dei nuovi tier2 bonds, con loss absorbtion e cedola cumulativa.
mi sa che sempre più spesso vedremo questo tipo di emissioni.
sotto una descrizione del titolo
Danske issued a Tier 2 bond in the amount of $1bn. The coupon rate was set at 7.125% with a reset every five years. The coupons are optionally deferrable on a cumulative and compounding basis. The bond had a maturity of 25 years (with semi-annual calls after a five year non-call period) is included in S&P’s equity capital measure (TAC) and improves Danske’s Risk Adjusted Capital (RAC) ratio with the agency. On the interest payment date five years from the issue date and on every subsequent interest payment date (semi-annual), the bank has the option of prepaying the bond loan at par. This bond has been ranked by Danske pari passu with the issuer’s Tier 2 capital (including the existing subordinated capital).
The issuer may redeem the bond at par in the case of: 1) a tax event; 2) a capital event (full exclusion from Tier 2); or 3) after five years in the case of a Rating Methodology Event (materially reduced equity credit following a change in methodology). The latter was new language that we have not seen so far in bank capital.
The new bond includes a writedown loss absorption clause (in respect of principal and arrears of interest) as required under the current Danish capital adequacy rules. Such a writedown may only occur following a writedown of Tier 1 capital1. The new bonds are also subject to any future regulatory framework for resolution and recovery in Denmark. The bond’s prospectus warns that although the current framework does not contain provisions for a writedown or conversion to ordinary shares, a future framework may provide such powers to the regulators as proposed by RRD.
Ultima modifica:
Topgun1976
Guest
Non ho Bond Isp,e Non ne comprerò di certo in Futuro,a meno di condizioni particolari.
Isp è passata in Una sera da Emittente Market Friendly a Emittente Ostile.Per 2 Cose
1)Non si possono cambiare i regolamenti,oltretutto chiedendo al Trustee,e non facendo un'assemblea degli obbligazionisti.
Non volevano callare,potevano farlo e ci avrebbero fatto una figura migliore.
2)Isp si è dimostrata Ostile verso il Retail(Essendo una Banca retail è pure un peggiorativo)perchè sà benissimo che alcuni Bond oggetto dello scambio sono in mano al retail.E cosa fà?Impone uno scambio che prevede di avere 150k per uscire in pari,rischiando parecchio cmq visto il riparto.Questo farà si,che alcuni piccoli escano in forte perdita,o si vadano a impelagare in cose che non sanno gestire,per uscire in Pari
.Sulle Uc 2017-18 io sono convinto verranno callate ,e andrò fino in fondo.
Detto questo sulla reuters famosa cè scritto chiaramente:
BOND SERVIRA' A RIFINANZIARE DEBITO SUBORDINATO IN SCADENZA
L'emissione di oggi è volta al rifinanziamento di titoli della stessa categoria in scadenza.
bosmeld
Forumer storico
cmq ho ragionato un pochino sulla mossa di Isp, che a mio avviso andrà a impattare tutto il mercato subordinato.
venerdì è partito un repricing sui tier1 con post call bassi
e penso proprio che la tendenza continuerà prossima settimana.
un esempio:
Deutsche Cap Trust IV (WKN 906930, ISIN XS0176823424) - Profil - Aktien, Aktienkurse - ARIVA.DE
da quel che ho capito si comprava sui 76 venerdì
gli emittenti assicurativi dovrebbero essere più resistenti, ma non vedo a questo punto grosse salite da qui a pochi giorni su questi.
AGEAS HYB.FIN. 06/UND.FLR (WKN A0GTLZ, ISIN XS0257650019) - Profil - Aktien, Aktienkurse - ARIVA.DE
peraltro io sono fuori da ageas.
su intesa molto probabilmente potrebbe soffrire questa emissione XS0371711663
si potrebbe allargare il differenziale che c'è con le altre emissione INtesa
venerdì è partito un repricing sui tier1 con post call bassi
e penso proprio che la tendenza continuerà prossima settimana.
un esempio:
Deutsche Cap Trust IV (WKN 906930, ISIN XS0176823424) - Profil - Aktien, Aktienkurse - ARIVA.DE
da quel che ho capito si comprava sui 76 venerdì
gli emittenti assicurativi dovrebbero essere più resistenti, ma non vedo a questo punto grosse salite da qui a pochi giorni su questi.
AGEAS HYB.FIN. 06/UND.FLR (WKN A0GTLZ, ISIN XS0257650019) - Profil - Aktien, Aktienkurse - ARIVA.DE
peraltro io sono fuori da ageas.
su intesa molto probabilmente potrebbe soffrire questa emissione XS0371711663
si potrebbe allargare il differenziale che c'è con le altre emissione INtesa
Notizia ferale... ma ce lo aspettavamo che prima o poi sarebbe successo.
Ripeto: fate attenzione a buttarvi su titoli (anche step up) con post call bassi, pensando di guardare all'YTC. Se quotano 50 ok, ma occhi aperti con quotazioni ben superiori.
Ultima modifica:
- Stato
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