Massimum
Forumer storico
Quindi era sospesa prima quando c'erano sia bid che ask a 79,3 e non scambiava?
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (13 lettori)
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
Quindi era sospesa prima quando c'erano sia bid che ask a 79,3 e non scambiava?
steff
Forumer storico
Se parliamo di Bawag 290 senior e' in continua.
Infatti stamane primo scambio 9:09 e ultimo 11:47.
wartburg_12
forumer storico
Thanks Tobia per averci fornito il punto di vista di BNP (da non dimenticare che è solo il LORO pt. di vista ...
)Ora, a parte l'introduzione, mi sono saltato i possibili scenari presi in considerazione da BNP (fà spesso rif. alla loro nota dell'8 febbraio
) però ho letto con attenzione l'appendice :Appendix - Cost of debt and stopping coupons
Ultimately, the EC will dictate whether a coupon on a
subordinated bond should be deferred or lost and the
company will not have a say on this decision.
However, we strongly believe that stopping coupon
payments on subordinated debt is counterproductive
as the issuer needs to maintain, as much as
possible, an open door to the capital markets. It is no
good saying on the one hand that the State should
not support its institutions while, on the other, taking
actions that prevent the institution from returning to
the debt capital markets and reducing its
dependence on the State.
In the case of SNS the cost of the coupons that can
be cancelled (from the undated bonds from SNS
Bank, SRLev and SNS Reaal) amount to less than
€60mn. If the Group needs an extra €1bn to €1.8bn
in capital, these coupons would only replace that in a
period of seventeen to thirty years. This makes no
financial sense.
Ecco, di questo chiedo a Voi : mi pare di capire che dica che è controproducente per la banca non pagare i coupons (e vorrei vedere
)Ma a parte questo, alla fine dice che non ha senso finanziariamente non pagare coupons per un importo di 60 milioni di € quando il gruppo ha bisogno di un foraggiamento che va da 1 MILIARDO a 1.8 MILIARDI di € ....
Cioè, in soldoni
sono bricioline !Ho capito bene ?
E se è così, Voi che 'siete del giro'
ritenete VERO dire che 60 MILIONI sono bricioline ?
Ultima modifica:
fenox
Forumer storico
BREAKINGVIEWS-Dutch headed for good old, 2008-style bank bailoutExpand Story >>
<< Reduce Story
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)
By George Hay
LONDON, Jan 24 (Reuters Breakingviews) - SNS Reaal's <SR.AS> difficulties show that bank rescues are still stuck in 2008. The Dutch bancassurer is running out of options to address big losses on its commercial property exposures. The government has a chance to test a new law that gives it wide intervention powers . But even with these, the Dutch taxpayer may have to contribute - again.
SNS's biggest problem is that its owns around 4 billion euros of non-core commercial property loans, 41 percent of which are non-performing. Further losses will make it harder to bolster the bank's relatively puny 8.8 percent Basel II capital ratio. Meanwhile, SNS has to pay back 750 million euros of previous bailout cash by December, or face European Commission penalties. A rights issue is out of the question, since the shares are trading below 0.1 times book value.
Under the old Dutch regulatory system, the supervisor's hands were tied. Even though SNS's reliance on wholesale funding leaves it vulnerable to a run - its bank's loans represent 146 percent of deposits - regulators couldn't proactively chop the bank up without triggering shareholder lawsuits. The Intervention Act, voted by parliament last June, makes this easier.
What this means for SNS remains unclear. The government could try to interest private buyers in SNS assets. But the European Commission has banned domestic lenders like ABN Amro and ING <ING.AS> - which were bailed out themselves - from making any acquisitions. The government could also nationalize the company, place the offending property exposure in a bad bank - which could be structured like Spain's so that it is majority owned by private investors - and then sell off the healthy parts.
But what it probably won't do in any case is spare taxpayers. If assets are transferred to a bad bank, they will be at big discounts, which will open capital holes in the size of billions of euros. The best way to fill these would be by haircutting senior creditors: SNS's bank has 22.5 billion euros of that type of funding, some of which is likely to be unsecured.
But don't hold your breath: the Dutch government is unlikely to contemplate burning senior creditors. Denmark tried that in 2011, and senior unsecured financing then dried up for its other banks. And that's the reason why SNS recap money will probably end up coming from taxpayers - as usual.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
<< Reduce Story
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)
By George Hay
LONDON, Jan 24 (Reuters Breakingviews) - SNS Reaal's <SR.AS> difficulties show that bank rescues are still stuck in 2008. The Dutch bancassurer is running out of options to address big losses on its commercial property exposures. The government has a chance to test a new law that gives it wide intervention powers . But even with these, the Dutch taxpayer may have to contribute - again.
SNS's biggest problem is that its owns around 4 billion euros of non-core commercial property loans, 41 percent of which are non-performing. Further losses will make it harder to bolster the bank's relatively puny 8.8 percent Basel II capital ratio. Meanwhile, SNS has to pay back 750 million euros of previous bailout cash by December, or face European Commission penalties. A rights issue is out of the question, since the shares are trading below 0.1 times book value.
Under the old Dutch regulatory system, the supervisor's hands were tied. Even though SNS's reliance on wholesale funding leaves it vulnerable to a run - its bank's loans represent 146 percent of deposits - regulators couldn't proactively chop the bank up without triggering shareholder lawsuits. The Intervention Act, voted by parliament last June, makes this easier.
What this means for SNS remains unclear. The government could try to interest private buyers in SNS assets. But the European Commission has banned domestic lenders like ABN Amro and ING <ING.AS> - which were bailed out themselves - from making any acquisitions. The government could also nationalize the company, place the offending property exposure in a bad bank - which could be structured like Spain's so that it is majority owned by private investors - and then sell off the healthy parts.
But what it probably won't do in any case is spare taxpayers. If assets are transferred to a bad bank, they will be at big discounts, which will open capital holes in the size of billions of euros. The best way to fill these would be by haircutting senior creditors: SNS's bank has 22.5 billion euros of that type of funding, some of which is likely to be unsecured.
But don't hold your breath: the Dutch government is unlikely to contemplate burning senior creditors. Denmark tried that in 2011, and senior unsecured financing then dried up for its other banks. And that's the reason why SNS recap money will probably end up coming from taxpayers - as usual.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
capt.harlock
MENA IL CAMMELLO FAN CLUB
E se è così, Voi che 'siete del giro'
mio nonno diceva che un milione senza 100lire non e'piu'un milione..
nik.sala
Money Never Sleeps
intanto la 482 passa di mano @ 59.50
capt.harlock
MENA IL CAMMELLO FAN CLUB
sono uscito a prendere un caffe' ma sulle 482 adesso c'e'stato un passaggio a?
Last59,50 50.00011:57:37
Last59,50 50.00011:57:37
darkog
In Hoc Signo Vince..
Qui ormai è follia pura..
Ed SNS nn fa alcuna comunicazione..
Più ci penso e più mi sembra tutto un piano studiato a tavolino..
A pensar male non si sbaglia mai.
Tobia
Forumer storico
mi pare chiaro vi siano trattative per un ingresso di privati
intanto anche sulla senior vi sono forti scarichi
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drbs315
Forumer storico
Sei stato tu a venderle poi a 59,5?
Se è così 80% circa in un paio d'ore ti va assegnato già oggi il premio gain dell'anno
- Stato