wartburg_12
forumer storico
Groupama 464
Arrivato il cedolozzo di Groupama 464 : 3.441,44 €
Arrivato il cedolozzo di Groupama 464 : 3.441,44 €
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (9 lettori)
- Creatore Discussione caligola2005
- Data di Inizio
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fabrifede
Forumer storico
Saró noioso ma a me piace molto e infatti ce l'ho, è la nibc tf xs0269908074 già in postcall (appena 10gg)
drbs315
Forumer storico
Interessante sarà valutare gli esiti dell'emissione...
BBVA teste la demande sur le marché de la dette non garantie
Data:28/10/2011 @ 13:50Fonte
ourse Web Dow Jones (French)
Banco Bilbao Vizcaya Argentaria SA (BBVA.MC) a annoncé vendredi qu'elle comptait vendre une obligation senior non garantie, la première depuis juillet pour une banque basée dans un pays de la périphérie de la zone euro.
Cette émission obligataire permettra de tester la demande sur le marché du financement à long terme des banques.
Les grandes banques européennes ont elles aussi vu le coût de ce type de dette augmenter fortement ces derniers mois en raison de la crise de la dette souveraine. Ce type d'opérations était auparavant une solution essentielle pour le refinancement des banques à long terme.
Depuis juillet, date à laquelle la banque italienne UniCredit SpA (UCG.MI) a vendu une obligation non garantie, les opérations en euros réalisées par des banques européennes ont atteint 9 milliards d'euros, contre 116,8 milliards d'euros sur les six premiers mois de l'année, d'après les chiffres de la Société Générale SA.
La majeure partie des banques ayant émis des obligations non garanties sont basées dans les pays européens les moins endettés, comme l'Allemagne, les Pays-Bas ou la Suède, les investisseurs estimant que les risques y sont moins élevés qu'en Italie ou en Espagne.
La nouvelle obligation de BBVA aura une maturité courte de 1,5 an, ce qui est typique d'une opération de test après une période de turbulences.
Cependant, les coûts de l'opération ont augmenté par rapport à la précédente émission de la banque espagnole, il y a sept mois, compte tenu de l'intensification de la crise et du déclassement d'un cran de la note de crédit du groupe par les trois principales agences de notation. BBVA est notée Aa3 par Moody's Investors Service Inc., AA- par Standard & Poor's Corp. et A+ par Fitch Ratings.
-Art Patnaude, Dow Jones Newswires
(Serena Ruffoni à Londres a contribué à cet article)
(Version française Aurélie Henri)
BBVA teste la demande sur le marché de la dette non garantie
Data:28/10/2011 @ 13:50Fonte
ourse Web Dow Jones (French) Banco Bilbao Vizcaya Argentaria SA (BBVA.MC) a annoncé vendredi qu'elle comptait vendre une obligation senior non garantie, la première depuis juillet pour une banque basée dans un pays de la périphérie de la zone euro.
Cette émission obligataire permettra de tester la demande sur le marché du financement à long terme des banques.
Les grandes banques européennes ont elles aussi vu le coût de ce type de dette augmenter fortement ces derniers mois en raison de la crise de la dette souveraine. Ce type d'opérations était auparavant une solution essentielle pour le refinancement des banques à long terme.
Depuis juillet, date à laquelle la banque italienne UniCredit SpA (UCG.MI) a vendu une obligation non garantie, les opérations en euros réalisées par des banques européennes ont atteint 9 milliards d'euros, contre 116,8 milliards d'euros sur les six premiers mois de l'année, d'après les chiffres de la Société Générale SA.
La majeure partie des banques ayant émis des obligations non garanties sont basées dans les pays européens les moins endettés, comme l'Allemagne, les Pays-Bas ou la Suède, les investisseurs estimant que les risques y sont moins élevés qu'en Italie ou en Espagne.
La nouvelle obligation de BBVA aura une maturité courte de 1,5 an, ce qui est typique d'une opération de test après une période de turbulences.
Cependant, les coûts de l'opération ont augmenté par rapport à la précédente émission de la banque espagnole, il y a sept mois, compte tenu de l'intensification de la crise et du déclassement d'un cran de la note de crédit du groupe par les trois principales agences de notation. BBVA est notée Aa3 par Moody's Investors Service Inc., AA- par Standard & Poor's Corp. et A+ par Fitch Ratings.
-Art Patnaude, Dow Jones Newswires
(Serena Ruffoni à Londres a contribué à cet article)
(Version française Aurélie Henri)
discipline
Forumer storico
Non vorrei rompere l'idillio di questi ultimi due giorni, ma... quando si comincia a parlare di un argomento, quello pian piano rischia di farsi strada..
European Bank Bondholders May Look to Ireland for Hints of Fate
European lenders looking to raise 106 billion euros ($148 billion) might turn to Ireland, the home of the region’s worst banking crisis, for a blueprint.
Goldman Sachs Group Inc. said today “liability management exercises” are one avenue for recapitalizing Europe’s banks under rules laid out by regulators late yesterday in response to the euro area’s sovereign debt crisis. That’s code for sharing losses with junior bank bondholders, a strategy pioneered by the Irish to cut the cost of saving their financial system.
“There’s a range of options for the European banks, like asset sales and liability management exercises,” Eamonn Hughes, banking analyst at Goodbody Stockbrokers in Dublin, said today. “They can look for a few hints from Ireland’s experience. Ireland is a test case for capital raising.”
Ireland has raised 15 billion euros, equal to about 10 percent of the country’s economic output, since 2009 from sharing losses with investors after the collapse of the real estate market sank the financial industry. Ireland introduced emergency laws last year allowing the state to impose losses on junior holders of bank bonds.
As part of their package aimed at tackling the debt crisis agreed during the night, European leaders said in a joint statement today that banks in the euro region should raise capital including “through restructuring and conversion of debt to equity instruments.”
Taking Hints
“Policy makers seem determined to use subordinated debt instruments to help recap the banks,” Richard Thomas, London- based analyst at Bank of America Corp.’s Merrill Lynch, said in a note. “Whether banks take the hint is another matter.”
The European Banking Authority estimates Spanish banks require 26.2 billion euros of extra money and Italian banks 14.8 billion euros. It gave them until Dec. 25 to submit money- raising plans to national supervisors.
Banks that fail to raise enough capital in the markets will first tap national governments, falling back on the European Financial Stability Facility rescue fund only as a last resort.
Irish banks don’t need to raise extra capital, the banking authority said. That “reinforces the robust and conservative nature” of a capital review by the country’s authorities in March, Irish Finance Minister Michael Noonan said last night.
In all, Ireland has injected about 62 billion euros into its financial system and the government now controls five of the country’s six biggest lenders. In the March stress tests, banks were ordered to raise 24 billion euros. The state’s contribution was reduced to about 17 billion euros, partly because losses were imposed on junior bondholders.
Learning Lessons
“I’d say they’d be looking very closely at what we’ve done,” said Michael Torpey, a banking official at Ireland’s Finance Ministry, told reporters in Dublin today. “If I was sitting in another country, I’d be saying, ‘Let’s see what lessons we can learn. We don’t have to copy them exactly.’”
Allied Irish Banks Plc (ALBK), now 99 percent state-owned, said in July it would raise about 2 billion euros from buying back subordinated bonds after inflicting losses of as much as 90 percent on investors. Had holders not accepted, the new laws meant they faced losing virtually all their investment.
It may not be that bad for European bank bondholders, because withholding dividends and selling assets may reduce the amount financial companies need to raise.
“We do expect more liability management trades but suspect that the levels of capital needing to be raised aren’t sufficiently challenging to mean very negative outcomes for bondholders in most cases,” said Thomas at Bank of America.
Torpey said the approach in various countries may vary with the depth of their banking problems compared with Ireland. The collapse of country’s financial system forced Ireland to seek an international bailout last year.
“If I was sitting in one of the other countries, one of the questions you’d ask is what is the scale of capital raising,” Torpey said. “If there are countries which have problems that are as deep, then they have to be prepared to look at solutions that are as severe.”
European Bank Bondholders May Look to Ireland for Hints of Fate - Bloomberg
European Bank Bondholders May Look to Ireland for Hints of Fate
European lenders looking to raise 106 billion euros ($148 billion) might turn to Ireland, the home of the region’s worst banking crisis, for a blueprint.
Goldman Sachs Group Inc. said today “liability management exercises” are one avenue for recapitalizing Europe’s banks under rules laid out by regulators late yesterday in response to the euro area’s sovereign debt crisis. That’s code for sharing losses with junior bank bondholders, a strategy pioneered by the Irish to cut the cost of saving their financial system.
“There’s a range of options for the European banks, like asset sales and liability management exercises,” Eamonn Hughes, banking analyst at Goodbody Stockbrokers in Dublin, said today. “They can look for a few hints from Ireland’s experience. Ireland is a test case for capital raising.”
Ireland has raised 15 billion euros, equal to about 10 percent of the country’s economic output, since 2009 from sharing losses with investors after the collapse of the real estate market sank the financial industry. Ireland introduced emergency laws last year allowing the state to impose losses on junior holders of bank bonds.
As part of their package aimed at tackling the debt crisis agreed during the night, European leaders said in a joint statement today that banks in the euro region should raise capital including “through restructuring and conversion of debt to equity instruments.”
Taking Hints
“Policy makers seem determined to use subordinated debt instruments to help recap the banks,” Richard Thomas, London- based analyst at Bank of America Corp.’s Merrill Lynch, said in a note. “Whether banks take the hint is another matter.”
The European Banking Authority estimates Spanish banks require 26.2 billion euros of extra money and Italian banks 14.8 billion euros. It gave them until Dec. 25 to submit money- raising plans to national supervisors.
Banks that fail to raise enough capital in the markets will first tap national governments, falling back on the European Financial Stability Facility rescue fund only as a last resort.
Irish banks don’t need to raise extra capital, the banking authority said. That “reinforces the robust and conservative nature” of a capital review by the country’s authorities in March, Irish Finance Minister Michael Noonan said last night.
In all, Ireland has injected about 62 billion euros into its financial system and the government now controls five of the country’s six biggest lenders. In the March stress tests, banks were ordered to raise 24 billion euros. The state’s contribution was reduced to about 17 billion euros, partly because losses were imposed on junior bondholders.
Learning Lessons
“I’d say they’d be looking very closely at what we’ve done,” said Michael Torpey, a banking official at Ireland’s Finance Ministry, told reporters in Dublin today. “If I was sitting in another country, I’d be saying, ‘Let’s see what lessons we can learn. We don’t have to copy them exactly.’”
Allied Irish Banks Plc (ALBK), now 99 percent state-owned, said in July it would raise about 2 billion euros from buying back subordinated bonds after inflicting losses of as much as 90 percent on investors. Had holders not accepted, the new laws meant they faced losing virtually all their investment.
It may not be that bad for European bank bondholders, because withholding dividends and selling assets may reduce the amount financial companies need to raise.
“We do expect more liability management trades but suspect that the levels of capital needing to be raised aren’t sufficiently challenging to mean very negative outcomes for bondholders in most cases,” said Thomas at Bank of America.
Torpey said the approach in various countries may vary with the depth of their banking problems compared with Ireland. The collapse of country’s financial system forced Ireland to seek an international bailout last year.
“If I was sitting in one of the other countries, one of the questions you’d ask is what is the scale of capital raising,” Torpey said. “If there are countries which have problems that are as deep, then they have to be prepared to look at solutions that are as severe.”
European Bank Bondholders May Look to Ireland for Hints of Fate - Bloomberg
MAAL
Forumer attivo
s
buy kbc 747 @ 66,00
Kbc 747 ora con iwb buy 65.5
bosmeld
Forumer storico
[Reuters] New Issue-Unicredit Bank prices 500 mln euro 2016 bond
[HVMGL.UL CRDI.MI] October 28 (Reuters) -Following are terms and conditions of a bond priced on Friday. Borrower Unicredit Bank Austria AG Issue Amount 500 million euro Maturity Date November 04, 2016 Coupon 2.875 pct Yield 2.952 pct Spread 85 basis points Underlying govt bond Over Mid-swaps, equivalent to 159.7bp Over the 1.25 pct October 2016 OBL 161 Payment Date November 04, 2011 Lead Manager(s) Danske Bank, DZ Bank, Erste Group, NordLB & Unicredit Ratings Aaa (Moody's) Listing Vienna Full fees Undisclosed Denoms (K) 100 ISIN AT000B049119
covered bond austriaco ....
[HVMGL.UL CRDI.MI] October 28 (Reuters) -Following are terms and conditions of a bond priced on Friday. Borrower Unicredit Bank Austria AG Issue Amount 500 million euro Maturity Date November 04, 2016 Coupon 2.875 pct Yield 2.952 pct Spread 85 basis points Underlying govt bond Over Mid-swaps, equivalent to 159.7bp Over the 1.25 pct October 2016 OBL 161 Payment Date November 04, 2011 Lead Manager(s) Danske Bank, DZ Bank, Erste Group, NordLB & Unicredit Ratings Aaa (Moody's) Listing Vienna Full fees Undisclosed Denoms (K) 100 ISIN AT000B049119
covered bond austriaco ....
nik.sala
Money Never Sleeps
27/10/2011 12.21 Borse Internazionali
KBC già nei parametri UE
FTA Online News
KBC conferma che, sulla base delle informazioni fornite dall'Eba, essa incontra già i nuovi requisiti di capitale per le banche Ue annunciati ieri sera. L'Eba ha annunciato che le banche europee devono avere una soglia di capital del 9% in termini di core tier 1 ratio in base ai suoi nuovi termini di misurazione che includono la valutazione del debito sovrano Ue a valori di mercato. Sulla base del comunicato dell'Eba, KBC ritiene già di rientrare in questa soglia e anche degli stress test applicati dalla banca all'intero gruppo KBC rileverebbero un rientro nei parametri indicati. Il prossimo 10 novembre 2011 KBC annuncerà i risultati del terzo trimestre. A oggi KBC può già confermare di aver risposto alle nuove istanze del mercato degli ultimi mesi riducendo ulteriormente in maniera efficiente la propria esposizione ai bond sovrani di Grecia, Irlanda, Italia, Portogallo e Spagna da 9,6 miliardi di euro il 30 giugno 2011 a 6,7 miliardi di euro il 30 settembre 2011. Dal 30 settembre in poi KBC si è preparata a eventuali ulteriori sviluppi del mercato con una riduzione della propria esposizione in termini di valore nominale di circa 1,6 miliardi di euro.
L esposizione ai TDS grecia mi risulta sia di 0,5 mld euro poca roba rispetto al perimetro delle attività qualcuno può confermare?
Buono l acquisto di Nik anche a 66
mah, non penso che siano i 2/3 punti in salita a propendere o meno x l'acquisto...se si considera da dove arriva
certo ho abbassato la qualità dell'emittente, però è un bel cambio, considerato che la sg l'avevo in ptf da 10 gg
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