Camajan
Forumer storico
son andato a vedere sul vocabolario il significato di disticoora so
cerka pure "elegiako"
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (4 lettori)
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
cerka pure "elegiako"
BNP Paribas, SocGen Said to Start Repaying ECB Loans in Weeks
BNP Paribas SA (BNP) and Societe Generale SA (GLE) may begin repaying three-year loans from the European Central Bank within weeks after access to funding markets improved, two people with knowledge of the matter said.
The banks, France’s largest by market value, are considering starting to reimburse the funds gradually as early as Jan. 30, when the Frankfurt-based ECB begins accepting repayments for its long-term refinancing operation, said the people, who requested anonymity because the matter is private.
European banks borrowed about 1 trillion euros ($1.33 trillion) during two three-year loan allotments in December 2011 and February 2012 as the ECB sought to prevent the euro area’s sovereign-debt crisis from spawning a credit crunch. Funding conditions have since improved, reducing the extra yield investors demand to hold European financial company bonds compared with German government debt to the lowest since February 2008, Bank of America Merrill Lynch’s Euro Financials Index shows.
“Whilst many banks have been reticent to disclose their plans, if any, regarding the repayment of ECB funding, we believe that the lion’s share will be confined to national champions from the northern euro zone and the U.K.,” Morgan Stanley analysts led by Huw van Steenis in London said in a Jan. 15 report.
A spokesman at BNP Paribas and a spokeswoman at Societe Generale declined to comment.
Funding Costs
Banks’ net borrowing in the LTRO amounted to about 510 billion euros, with French lenders accounting for about 45 billion euros, or 9 percent of the total, the Morgan Stanley analysts estimated. Europe’s banks may reimburse as much as 200 billion euros this year of the net amount, with French banks repaying at least 25 billion euros, the analysts wrote.
With French sovereign yields near record lows and investors’ concern over the euro-area debt crisis receding, France’s largest banks have been able to sell bonds at yields competitive with the cost of the ECB’s loans.
On Jan. 3, Societe Generale sold 2 billion euros of two- year notes yielding 48 basis points more than three-month Euribor. BNP Paribas today added 1 billion euros to its floating-rate notes due December 2014 at 33 basis points more than three-month Euribor, according to data compiled by Bloomberg. A basis point is equivalent to a hundredth of a percentage point.
Italy, Spain
LTRO borrowers must pay interest equivalent to the average rate of the ECB’s main refinancing operations over the life of the loan. The central bank’s benchmark rate currently stands at 0.75 percent, down from 1 percent when the loans were made.
Not all banks will rush to repay the funds. Spanish and Italian banks will remain “heavily reliant on ECB money,” the Morgan Stanley analysts wrote. The 12 billion euros borrowed by BNP Paribas’s Italian unit is likely “to remain untouched,” the analysts said.
Italian banks may hold onto ECB funds as other financing is still more expensive.
“We are not planning to repay the LTRO in the short term,” said Victor Massiah, the chief executive officer of Unione di Banche Italiane SCPA, which borrowed 12 billion euros in the LTRO. “Given the current costs of funding, it’s more profitable for Italian banks to do arbitrage using ECB facilities,” he told reporters in Milan today.
Italian lenders are using low-cost funds borrowed from the ECB to invest in the nation’s short-term government bonds. Italian sovereign debt held by banks in the country increased 64 percent to 344 billion euros in first 11 months of 2012. That helped income from trading more than double at UniCredit SpA (UCG) and Intesa Sanpaolo SpA, Italy’s biggest banks, in the first nine months of last year, according to company reports.
Intesa General Manager Carlo Messina said in November that “it is absolutely our convenience to maintain the LTRO,” while UniCredit CEO Federico Ghizzoni said today he will wait until the last minute to decide on reimbursing the funds.
BNP Paribas SA (BNP) and Societe Generale SA (GLE) may begin repaying three-year loans from the European Central Bank within weeks after access to funding markets improved, two people with knowledge of the matter said.
The banks, France’s largest by market value, are considering starting to reimburse the funds gradually as early as Jan. 30, when the Frankfurt-based ECB begins accepting repayments for its long-term refinancing operation, said the people, who requested anonymity because the matter is private.
European banks borrowed about 1 trillion euros ($1.33 trillion) during two three-year loan allotments in December 2011 and February 2012 as the ECB sought to prevent the euro area’s sovereign-debt crisis from spawning a credit crunch. Funding conditions have since improved, reducing the extra yield investors demand to hold European financial company bonds compared with German government debt to the lowest since February 2008, Bank of America Merrill Lynch’s Euro Financials Index shows.
“Whilst many banks have been reticent to disclose their plans, if any, regarding the repayment of ECB funding, we believe that the lion’s share will be confined to national champions from the northern euro zone and the U.K.,” Morgan Stanley analysts led by Huw van Steenis in London said in a Jan. 15 report.
A spokesman at BNP Paribas and a spokeswoman at Societe Generale declined to comment.
Funding Costs
Banks’ net borrowing in the LTRO amounted to about 510 billion euros, with French lenders accounting for about 45 billion euros, or 9 percent of the total, the Morgan Stanley analysts estimated. Europe’s banks may reimburse as much as 200 billion euros this year of the net amount, with French banks repaying at least 25 billion euros, the analysts wrote.
With French sovereign yields near record lows and investors’ concern over the euro-area debt crisis receding, France’s largest banks have been able to sell bonds at yields competitive with the cost of the ECB’s loans.
On Jan. 3, Societe Generale sold 2 billion euros of two- year notes yielding 48 basis points more than three-month Euribor. BNP Paribas today added 1 billion euros to its floating-rate notes due December 2014 at 33 basis points more than three-month Euribor, according to data compiled by Bloomberg. A basis point is equivalent to a hundredth of a percentage point.
Italy, Spain
LTRO borrowers must pay interest equivalent to the average rate of the ECB’s main refinancing operations over the life of the loan. The central bank’s benchmark rate currently stands at 0.75 percent, down from 1 percent when the loans were made.
Not all banks will rush to repay the funds. Spanish and Italian banks will remain “heavily reliant on ECB money,” the Morgan Stanley analysts wrote. The 12 billion euros borrowed by BNP Paribas’s Italian unit is likely “to remain untouched,” the analysts said.
Italian banks may hold onto ECB funds as other financing is still more expensive.
“We are not planning to repay the LTRO in the short term,” said Victor Massiah, the chief executive officer of Unione di Banche Italiane SCPA, which borrowed 12 billion euros in the LTRO. “Given the current costs of funding, it’s more profitable for Italian banks to do arbitrage using ECB facilities,” he told reporters in Milan today.
Italian lenders are using low-cost funds borrowed from the ECB to invest in the nation’s short-term government bonds. Italian sovereign debt held by banks in the country increased 64 percent to 344 billion euros in first 11 months of 2012. That helped income from trading more than double at UniCredit SpA (UCG) and Intesa Sanpaolo SpA, Italy’s biggest banks, in the first nine months of last year, according to company reports.
Intesa General Manager Carlo Messina said in November that “it is absolutely our convenience to maintain the LTRO,” while UniCredit CEO Federico Ghizzoni said today he will wait until the last minute to decide on reimbursing the funds.
amorgos34
CHIAGNI & FOTTI SRL
cerka pure "elegiako"
Ma mamma lo sa che dopo aver speso tanti soldi per farti studiare fino ad arrivare a pigliare la Laura in Ingegneria vai in giro a parlare in questo modo ?
Ultima modifica:
nochicco
Forumer attivo
grazie
lo stessoa trovare quotazione della intesa XS0371711663qualcuno mi aiuta ringrazio
argotone
il diversificatore
dovrebbe quotare intorno 102
nochicco
Forumer attivo
romanitrading
Forumer attivo
Ho la AXA 174 in carico a 62, oggi vedevo su bloomberg che si vendeva a circa 77 su euronext.
Io la tengo in portafoglio, sono un amante dei titoli con un buon rendimento immediato che quindi mi offrono buoni stacchi cedola. Il suo attuale rendimento immediato è ancora discreto circa un 5,8% lordo per cui la mantengo.
Questo titolo ha una call molto vicina, ai primi di aprile di quest'anno. Per la sua quotazione (77) sembra che il mercato non sconti l'esercizio della call, voi cosa ne dite?
L'emissione è piccola, 125 milioni, quindi facilmente rimborsabile per le dimensioni di Axa. Non mi sembra abbia molta convenienza nel non callarlo in quanto la cedola attuale è un 4,5% ed ha un tasso minimo del 4%. Il tasso SWAP a 10 anni è circa un 1,80%, se emettesse un titolo senior con 200punti sul tasso mid-swap si troverebbe a pagare un 3,80% e farebbe una gran bella figura con gli obbligazionisti.
Andrea
Io la tengo in portafoglio, sono un amante dei titoli con un buon rendimento immediato che quindi mi offrono buoni stacchi cedola. Il suo attuale rendimento immediato è ancora discreto circa un 5,8% lordo per cui la mantengo.
Questo titolo ha una call molto vicina, ai primi di aprile di quest'anno. Per la sua quotazione (77) sembra che il mercato non sconti l'esercizio della call, voi cosa ne dite?
L'emissione è piccola, 125 milioni, quindi facilmente rimborsabile per le dimensioni di Axa. Non mi sembra abbia molta convenienza nel non callarlo in quanto la cedola attuale è un 4,5% ed ha un tasso minimo del 4%. Il tasso SWAP a 10 anni è circa un 1,80%, se emettesse un titolo senior con 200punti sul tasso mid-swap si troverebbe a pagare un 3,80% e farebbe una gran bella figura con gli obbligazionisti.
Andrea
darkog
In Hoc Signo Vince..
Scusa, Ma dove vedi la call ad aprile quest'anno?
Sul foglio in prima pagina vedo che quota già post call essendo la data call aprile 2009?
romanitrading
Forumer attivo
Scusa, Ma dove vedi la call ad aprile quest'anno?
Sul foglio in prima pagina vedo che quota già post call essendo la data call aprile 2009?
Su bloomberg.
Direi che c'è la call ad ogni stacco cedola e ad Aprile stacca.
maxinblack
Forumer storico
Visto che ieri l'ho comprata, switchando dalla 155, mi spieghi perchè preferisci venderla?
Lo so che sono duro e non devo guardare il prezzo di carico, ma mi spieghi questa operazione? la stavo meditando pure io, ma vendendo ora la 155 mi prendo 15 punti di loss.
Ma se ci compro la 048 forse li recupero con piu' probabilita' se le cose si mettono male per SNS essendo LT2, in piu' non perdo le cedole, sempre che le cose vadano al peggio...giusto?
- Stato