Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
Tobia
Forumer storico
Febbraio di quest'anno...
Ha anche rinnovabili...E' un colosso dell'energia spagnole con forte presenza in Gran Bretagna e US.
invece avevo iniziato a dargli un'occhiata...scarabocchiato tipo net debtx4 ebitda e via così...vedo anche che è ai minimi della sua breve storia
approfondirò
Tobia
Forumer storico
io mi riferivo a questo XS0214965963 preso proprio ieri a 81
con telecom ho già dato
Barclays PLC : Barclays Plans CoCo Bond Sale
03/27/2013| 07:19am US/Eastern
By Art Patnaude
U.K. lender Barclays PLC (BCS) is planning to sell contingent capital bonds, known as CoCos, as part of its plans to meet capital requirements imposed by regulators.
CoCos are aimed at helping eliminate taxpayer-led bailouts in the banking sector by providing financial companies with an extra funding cushion. This type of debt can completely lose its value if the bank breaches a predetermined level of capital, making it riskier for investors than more typical bonds.
The new CoCo bond will have a maturity of 10 years, and will be callable after five years, a banker working on the deal said.
Barclays issued a $3 billion coco bond in November, and the structure of the new deal will be similar. The November deal had a maturity of 10 years, and priced with a yield of 7.625%.
Barclays, Bank of America Merrill Lynch, BNP Paribas, Morgan Stanley and Wells Fargo Securities were hired to manage the deal.
At the bank's next annual general meeting, shareholders will be asked to approve the issuance of CoCos that convert into equity, as opposed to being completed wiped out.
03/27/2013| 07:19am US/Eastern
By Art Patnaude
U.K. lender Barclays PLC (BCS) is planning to sell contingent capital bonds, known as CoCos, as part of its plans to meet capital requirements imposed by regulators.
CoCos are aimed at helping eliminate taxpayer-led bailouts in the banking sector by providing financial companies with an extra funding cushion. This type of debt can completely lose its value if the bank breaches a predetermined level of capital, making it riskier for investors than more typical bonds.
The new CoCo bond will have a maturity of 10 years, and will be callable after five years, a banker working on the deal said.
Barclays issued a $3 billion coco bond in November, and the structure of the new deal will be similar. The November deal had a maturity of 10 years, and priced with a yield of 7.625%.
Barclays, Bank of America Merrill Lynch, BNP Paribas, Morgan Stanley and Wells Fargo Securities were hired to manage the deal.
At the bank's next annual general meeting, shareholders will be asked to approve the issuance of CoCos that convert into equity, as opposed to being completed wiped out.
Cat XL
Shizuka Minamoto
E' vicino ai minimi.
Royal Bank of Scotland Group plc : RBS says capital position is strong
03/27/2013| 08:54am US/Eastern
Part-nationalised Royal Bank of Scotland said on Wednesday its capital position was strong, after the Bank of England ordered Britain's banks to plug a 25 billion pound capital shortfall.
"RBS has a strong capital position...we will continue to work with our regulators to ensure RBS remains at the forefront of international capital standards," the bank said.
(Editing by William Schomberg)
03/27/2013| 08:54am US/Eastern
Part-nationalised Royal Bank of Scotland said on Wednesday its capital position was strong, after the Bank of England ordered Britain's banks to plug a 25 billion pound capital shortfall.
"RBS has a strong capital position...we will continue to work with our regulators to ensure RBS remains at the forefront of international capital standards," the bank said.
(Editing by William Schomberg)
Italy's Monte Paschi headed for 2.5 billion euro 2012 loss
03/27/2013| 09:57am US/Eastern
Italy's Banca Monte dei Paschi di Siena (>> Banca Monte dei Paschi di Siena SpA) is set to post a 2.5 billion euro (£2.12 billion) loss as it books higher bad debt provisions and losses on derivatives trades targeted by a fraud investigation, a Reuters poll forecast.
Italy's Banca Monte dei Paschi di Siena (>> Banca Monte dei Paschi di Siena SpA) is set to post a 2.5 billion euro (£2.12 billion) loss as it books higher bad debt provisions and losses on derivatives trades targeted by a fraud investigation, a Reuters poll forecast.
According to the average estimate in the poll of eight analysts, the bank will report a second year of big losses when it releases results for 2012 on Thursday, following a 4.7 billion euro loss in 2011.
Monte dei Paschi, which last month received a 4 billion euro state bailout to boost its weak capital base, has said losses from three derivative trades carried out under its former management wiped 730 million euros from its net assets.
Several analysts included that figure as a net loss in their full-year estimates and said the bank was also likely to increase provisions for bad debts by around 650 million euros in the fourth quarter, in line with other Italian lenders.
"I think they'll take the full hit on the derivatives in the fourth quarter to try and put that problem behind them," an analyst who asked not to be named said.
Monte dei Paschi was hit hard by the euro zone debt crisis because of its large holdings of Italian government bonds and was the only Italian bank that failed to meet tougher capital requirements set by European regulators last year.
Its problems deepened when losses from past derivatives trades began to emerge in January, prompting prosecutors who were already investigating it over the costly acquisition of a smaller rival in 2007 to widen their probe to those deals.
"Even if they manage to draw a line under the derivatives, there is still too much uncertainty hanging over the bank," Roberto Lotici, a fund manager at Banca Ifigest in Milan, said.
"It's difficult to see how they can generate enough profits to pay back the state aid. They have a high level of bad loans, and we still don't know what the impact of the derivatives scandal has been on their deposits," he added.
Two sources with direct knowledge of the matter told Reuters last month that there had been a big fall in deposits in the last week of January because of the scandal but that the situation had returned to normal by mid-February.
On Wednesday Italian tax police searched the Milan offices of Japanese bank Nomura (>> Nomura Holdings, Inc.), which carried out one of the derivatives trades being scrutinised. Nomura declined to comment.
03/27/2013| 09:57am US/Eastern
Italy's Banca Monte dei Paschi di Siena (>> Banca Monte dei Paschi di Siena SpA) is set to post a 2.5 billion euro (£2.12 billion) loss as it books higher bad debt provisions and losses on derivatives trades targeted by a fraud investigation, a Reuters poll forecast.
Italy's Banca Monte dei Paschi di Siena (>> Banca Monte dei Paschi di Siena SpA) is set to post a 2.5 billion euro (£2.12 billion) loss as it books higher bad debt provisions and losses on derivatives trades targeted by a fraud investigation, a Reuters poll forecast.
According to the average estimate in the poll of eight analysts, the bank will report a second year of big losses when it releases results for 2012 on Thursday, following a 4.7 billion euro loss in 2011.
Monte dei Paschi, which last month received a 4 billion euro state bailout to boost its weak capital base, has said losses from three derivative trades carried out under its former management wiped 730 million euros from its net assets.
Several analysts included that figure as a net loss in their full-year estimates and said the bank was also likely to increase provisions for bad debts by around 650 million euros in the fourth quarter, in line with other Italian lenders.
"I think they'll take the full hit on the derivatives in the fourth quarter to try and put that problem behind them," an analyst who asked not to be named said.
Monte dei Paschi was hit hard by the euro zone debt crisis because of its large holdings of Italian government bonds and was the only Italian bank that failed to meet tougher capital requirements set by European regulators last year.
Its problems deepened when losses from past derivatives trades began to emerge in January, prompting prosecutors who were already investigating it over the costly acquisition of a smaller rival in 2007 to widen their probe to those deals.
"Even if they manage to draw a line under the derivatives, there is still too much uncertainty hanging over the bank," Roberto Lotici, a fund manager at Banca Ifigest in Milan, said.
"It's difficult to see how they can generate enough profits to pay back the state aid. They have a high level of bad loans, and we still don't know what the impact of the derivatives scandal has been on their deposits," he added.
Two sources with direct knowledge of the matter told Reuters last month that there had been a big fall in deposits in the last week of January because of the scandal but that the situation had returned to normal by mid-February.
On Wednesday Italian tax police searched the Milan offices of Japanese bank Nomura (>> Nomura Holdings, Inc.), which carried out one of the derivatives trades being scrutinised. Nomura declined to comment.
Cat XL
Shizuka Minamoto
Si dovrebbe prendere a circa 97 secondo BBG
UK banks told to plug £25 billion capital hole
03/27/2013| 12:18pm US/Eastern
Britain's banks must raise 25 billion pounds of extra capital by the end of the year to absorb any future losses on loans, the central bank said, less than investors had expected.
Replenishing banks' capital buffers, decimated by the financial crisis and heavy fines for misconduct, is a crucial step for returning part state-owned lenders RBS and Lloyds to full private ownership by the 2015 general election.
Bank of England Governor Mervyn King said the move announced on Wednesday to strengthen banks should also allow them to lend more and support economic growth.
He said plugging the capital shortfall was "manageable" and the banks won't need taxpayers' money.
But UK business minister Vince Cable said forcing banks to raise capital will prolong the time it takes for the economy to recover by further depressing already weak lending to small businesses.
The central bank said major lenders should achieve a core tier 1 capital ratio - a bank's main benchmark of health - of at least 7 percent of their risk-weighted assets.
RBS and Lloyds and two other banks, HSBC and Barclays, dominate the market with 74 percent of deposits.
Banks have already announced some plans to bolster capital which, along with their expected earnings this year, should cover half of the required 25 billion pounds.
The amount they have to raise is less than investors had expected. The central bank said last year the figure could be as high as 60 billion pounds.
Shares in RBS were down 2.6 percent while Lloyds jumped 2.8 percent, with Barclays up 0.6 percent and HSBC flat. The UK stock market was down 0.1 percent.
"You can pretty much guess HSBC is going to be in surplus and that Barclays, RBS and Lloyds have probably got a shortfall and I would guess the shortfall is probably biggest at RBS," Shore Capital analyst Gary Cooper said.
The central bank did not give a breakdown of how much each bank needed to raise.
DIVIDEND CURBS
Banks are expected to say how they will raise the money in the next few weeks. Analysts expect them to continue with measures such as curbing dividends and bonuses and selling assets, although some new capital may be needed.
Banks will have to hold a set amount of capital so they are not tempted to cancel loans to bump up their capital ratios.
Those holding large amounts of risky commercial property or are exposed to struggling euro zone countries such as Greece or Spain will have to hold even more capital above the 7 percent target.
RBS said its capital position was strong and that it was working with regulators, while Barclays said it was "profitable, strong and well-capitalised".
Santander UK said it would continue to maintain its capital ratios above the industry average.
HSBC and Lloyds declined to comment.
Wednesday's announcement outlined two phases: the December deadline for the minimum capital level, five years earlier than the globally agreed timetable under the Basel III accord, and regular stress testing of banks beyond 2014 that will lead to further capital increases.
The big banks are expected to have capital ratios of 10 percent by the end of 2018.
Andrew Bailey, chief executive of the Prudential Regulation Authority, the UK's new banking supervisor from April 1 when the Financial Services Authority is scrapped, will meet banks individually after Easter to vet their plans.
From April, the central bank's Financial Policy Committee, tasked with spotting broader risks in the financial system, has the power to direct regulators to force banks to comply with requests to bolster capital.
Bailey began his checks on how banks calculate risk on their books to determine overall capital requirements last November and has expressed concern about inadequate provisions for losses on loans.
All four of Britain's biggest banks have been hit with fines totalling more than 14 billion pounds so far for mis-selling loan insurance, putting further strain on capital.
UK MPs are also putting pressure on regulators to increase competition in a sector.
(Additional reporting by William Schomberg; Editing by Erica Billingham)
By Huw Jones and Matt Scuffham
03/27/2013| 12:18pm US/Eastern
Britain's banks must raise 25 billion pounds of extra capital by the end of the year to absorb any future losses on loans, the central bank said, less than investors had expected.
Replenishing banks' capital buffers, decimated by the financial crisis and heavy fines for misconduct, is a crucial step for returning part state-owned lenders RBS and Lloyds to full private ownership by the 2015 general election.
Bank of England Governor Mervyn King said the move announced on Wednesday to strengthen banks should also allow them to lend more and support economic growth.
He said plugging the capital shortfall was "manageable" and the banks won't need taxpayers' money.
But UK business minister Vince Cable said forcing banks to raise capital will prolong the time it takes for the economy to recover by further depressing already weak lending to small businesses.
The central bank said major lenders should achieve a core tier 1 capital ratio - a bank's main benchmark of health - of at least 7 percent of their risk-weighted assets.
RBS and Lloyds and two other banks, HSBC and Barclays, dominate the market with 74 percent of deposits.
Banks have already announced some plans to bolster capital which, along with their expected earnings this year, should cover half of the required 25 billion pounds.
The amount they have to raise is less than investors had expected. The central bank said last year the figure could be as high as 60 billion pounds.
Shares in RBS were down 2.6 percent while Lloyds jumped 2.8 percent, with Barclays up 0.6 percent and HSBC flat. The UK stock market was down 0.1 percent.
"You can pretty much guess HSBC is going to be in surplus and that Barclays, RBS and Lloyds have probably got a shortfall and I would guess the shortfall is probably biggest at RBS," Shore Capital analyst Gary Cooper said.
The central bank did not give a breakdown of how much each bank needed to raise.
DIVIDEND CURBS
Banks are expected to say how they will raise the money in the next few weeks. Analysts expect them to continue with measures such as curbing dividends and bonuses and selling assets, although some new capital may be needed.
Banks will have to hold a set amount of capital so they are not tempted to cancel loans to bump up their capital ratios.
Those holding large amounts of risky commercial property or are exposed to struggling euro zone countries such as Greece or Spain will have to hold even more capital above the 7 percent target.
RBS said its capital position was strong and that it was working with regulators, while Barclays said it was "profitable, strong and well-capitalised".
Santander UK said it would continue to maintain its capital ratios above the industry average.
HSBC and Lloyds declined to comment.
Wednesday's announcement outlined two phases: the December deadline for the minimum capital level, five years earlier than the globally agreed timetable under the Basel III accord, and regular stress testing of banks beyond 2014 that will lead to further capital increases.
The big banks are expected to have capital ratios of 10 percent by the end of 2018.
Andrew Bailey, chief executive of the Prudential Regulation Authority, the UK's new banking supervisor from April 1 when the Financial Services Authority is scrapped, will meet banks individually after Easter to vet their plans.
From April, the central bank's Financial Policy Committee, tasked with spotting broader risks in the financial system, has the power to direct regulators to force banks to comply with requests to bolster capital.
Bailey began his checks on how banks calculate risk on their books to determine overall capital requirements last November and has expressed concern about inadequate provisions for losses on loans.
All four of Britain's biggest banks have been hit with fines totalling more than 14 billion pounds so far for mis-selling loan insurance, putting further strain on capital.
UK MPs are also putting pressure on regulators to increase competition in a sector.
(Additional reporting by William Schomberg; Editing by Erica Billingham)
By Huw Jones and Matt Scuffham
Doc82
...e lo swap "volontario"
ti confermo che mi è appena arrivata su iw. Chissà se sarà l'ultima
- Stato