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

[maxolone]

Siamo piu' smart dei greci...pronto a scommettere che pd + monti avranno una agevole maggioranza...u will see...

ma cosa ti aspetti?
io penso che tra le panzane di B. e l'insulsaggine di Be, la distanza tra cdx e csx sia nell'ordine di 2-3 punti al max
Be. è riuscito a dilapidare una decina di punti in un mese, ricordiamocelo
chi vince non governa, anche perchè M5S andrà imho sopra il 20%
io credo che non ci si possa aspettare altro
quindi, operativamente, che fare?
io ho preso un po' di gbp ma forse si poteva aspettare un po'

 

[Discepolo]

Dammi un po' di tempo....

A buon mercato non c'è più niente. Quella che costa meno è la Santander T1 (se n'era parlato qualche settimana fà) XS0124569566 7,037% a circa 96. Negli ultimi tempi avevo preso un senior UPM Kymmene 2017 XS0142045474 tasso 6,625% che costa sui 109 ed una LT2 di Bank of Scotland (Lloyd's) 2019 XS0100515336 tasso 6,375% a 106. Come vedi tutti prezzi molto alti : niente speranza di upside, solo buone cedole.

...e la XS0152838586 Abbey National, ora Santander, 6,984%...

 

[porchetto]

partito, non movimento



comunque, al di là del suo risultato elettorale, pensi che Grillo andrà al governo?

rigore è quando arbitro fischia
chi vince dovrebbe essere nominato capo del governo incaricato, se vince grillo le strade sono due ma può scoppiare anche
una guerra civile
ho impressione che berlusconi sia troppo contento, lui i sondaggi li legge e mi sa ci sono sorprese

 

[Joe Silver]

...e la XS0152838586 Abbey National, ora Santander, 6,984%...

Giusto anche se il post-call è un po' striminzito

 

[no perpetual no party]

primo acquisto dopo lo tsunami Sns...

acquisto da nonnetto in poltrona con plaid sulle ginocchia


intesa 020
eseguito a 103

per 3 motivi:
1) ha ritracciato di qualche punto dai massimi;
2) 9,5% di cedola fa mica schifo;
3) se si materializza nei prossimi 3-4 anni un aumento dei tassi, dal 2016 è un irs 5 + 7,57% ... per cui può addirittura darsi che la cedola aumenti negli ultimi 5 anni di vita

 

[Cat XL]

Siamo piu' smart dei greci...pronto a scommettere che pd + monti avranno una agevole maggioranza...u will see...

Ciao Max

Non ne sarei cosi sicuro. Grillo sta salendo molto nei sondaggi.

Se non ci fosse una situazione politica chiara vedo molta pressione su BTP, borsa italiana ed euro.

 

[Tobia]

...e la XS0152838586 Abbey National, ora Santander, 6,984%...

grazie

 

[gionmorg]

Telecom Italia SpA, Italy’s biggest phone company, will review the timing of a planned hybrid bond sale after this weekend’s parliamentary elections, said three people familiar with the matter.
The company began investor meetings on Feb. 12 for a potential sale of hybrid securities subject to market conditions, according to a person with knowledge of the matter. It said it plans to issue as much as 3 billion euros ($4 billion) of the debt within two years to bolster finances.
Telecom Italia is struggling to cut net debt of 28.3 billion euros, according to Moody’s Investors Service. By selling hybrid bonds, it could bolster capital ratios without diluting shareholders. Italians go to the polls on Feb. 24-25 as former premier Silvio Berlusconi narrows the lead of union- backed Democratic Party candidate Pier Luigi Bersani, raising concerns of a hung parliament that would set back reforms.
“I’m surprised they didn’t follow through,” said Matthew Barnes, who manages $169 million of corporate debt at ACPI Investments Ltd. in London. “They must be feeling investors are cautious prior to the Italian elections and that for them to print a deal now is locking in a punitive rate.”
A Telecom Italia spokesman who didn’t want to be identified said the company wasn’t delaying the sale and that the issuance program lasts 24 months.
Moody’s provisionally rated the company’s hybrid securities Ba2, two steps below investment grade. Standard & Poor’s and Fitch Ratings both assigned a provisional BB+ grade, the highest junk ranking.
Hybrid securities combine elements of debt and equity. Like stocks, the debt is subordinated, absorbing losses before senior notes are impaired. Hybrids support an issuer’s credit grade because ratings analysts count 50 percent of the notes as equity, reducing their assessment of the company’s leverage, a measure of indebtedness.
Companies such as France’s Electricite de France SA and Veolia Environnement SA have sold hybrid debt this year. Iberdrola SA, Spain’s largest electricity utility, is also planning to issue hybrid notes, Moody’s said Feb. 15.
To contact the reporter on this story: Hannah Benjamin in London at [email protected]
To contact the editor responsible for this story: Paul Armstrong at [email protected]

 

[maxolone]

Puo' salire dove vuole ma alla Camera c'e' il premio di maggioranza alla prima coalizione ed al senato premio di maggioranza regionalmente...avra' tanti parlamentari ma finisce li la cosa...c'e' gente spaventata da Grillo che all'ultimo votera' pd e monti per stabilita'...guarda che e' successo in grecia con gzira estrema sinistra...alla fine ha perso...
Se il ftsemib mi scende un po' alla fine prendo una bella eaposizione sul future...e poi mi piglio un'altra botta in testa tipo SNS

Ciao Max

Non ne sarei cosi sicuro. Grillo sta salendo molto nei sondaggi.

Se non ci fosse una situazione politica chiara vedo molta pressione su BTP, borsa italiana ed euro.

 

[Cat XL]

Non so se c'era qualcuno come me sull'Irish Life Assurance subordinato

Ora vedremo il rating del bond. Mi aspetto che il rating venga equalizzato ai subordinati di GW

Fitch Affirms Great-West Lifeco's Ratings Following Irish Life Acquisition Announcement Ratings Endorsement Policy
19 Feb 2013 9:38 AM (EST)
Fitch Ratings-Chicago-19 February 2013: Fitch Ratings has affirmed the ratings of Great-West Lifeco (TSE:GWO) including the holding company's Issuer Default Rating (IDR) at 'A+' and all outstanding senior debt and hybrid issues, as well as the Insurer Financial Strength (IFS) ratings of all operating subsidiaries at 'AA'. The Rating Outlook is Stable.

Today's action follows the announcement that GWO will be acquiring Irish Life Group Limited (Irish Life) for EUR1.3 billion. The transaction is expected to close in the third quarter of 2013 subject to customary regulatory approvals.
KEY RATING DRIVERS
Fitch's affirmation reflects its belief that GWO's capitalization and leverage will not be materially affected by the acquisition; the integration risk derived from the acquisition will be reasonably well managed; and that Irish Life provides strategic benefits for GWO.
Fitch anticipates that GWO will use CAD1.25 billion of new common equity, euro-denominated senior debt and internal cash resources to finance the proposed acquisition. Fitch believes that GWO's pro forma financial leverage increase of roughly 1.5 points is still within an acceptable level for GWO's current rating category. Fitch expects that the Irish Life acquisition will add to GWO's goodwill, which totaled CAD5.4 billion at year-end 2011.
Fitch believes that GWO's acquisition of Irish Life will provide the company with critical scale in the Irish market as well as operational synergies and expense savings. GWO's subsidiary, Canada Life (Ireland) Limited, has operated in Ireland since 1903 where it currently is the seventh largest life insurer with a 5% market share. The acquisition will move GWO to the top position in Ireland with a market share greater than 30%. The proposed transaction is expected to contribute approximately 10% to GWO's total earnings. Execution risk is mitigated in part by GWO's existing knowledge of the Irish market and by GWO's track record of supplementing growth through acquisitions.
Fitch views Irish Life's business model as low risk. Over 80% of Irish Life's insurance liabilities are unit-linked pensions and savings products, where investment risk is borne by the policyholders. Irish Life is well-capitalized with a local regulatory solvency ratio of 184% at June 30, 2012, in excess of the Central Bank of Ireland's capital requirement of 150%. Fitch expects that GWO will maintain Irish Life's capitalization at or above current levels.
Following the Irish Life acquisition, GWO's Eurozone exposure within its general account investment portfolio increases from CAD3.6 billion to CAD5.2 billion. Fitch believes that over time GWO will reduce Irish Life's holdings of European sovereign bonds and invest the proceeds in high quality corporate securities. Fitch believes GWO has mitigated a portion of the currency risk associated with this transaction. Interest expense on the new Euro-denominated bond will net against the Euro-denominated income stream from Irish life resulting in lower earnings exposure to foreign exchange translation. Additionally GWO will use forward contracts to hedge a portion of foreign exchange risk.