claudioborghi
Twitter: @borghi_claudio
Si, se non erro non è cumulativa ma ha un discreto coupon pusher
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
Si, se non erro non è cumulativa ma ha un discreto coupon pusher
negusneg
New Member
Benvenuto a bordo financelight
Una breve nota metodologica: di solito inserisco le info nel foglio excel dopo averle verificate nei prospetti (offering circular, prospetti di base, final terms, etc.) o, se questo non è possibile, ricavandole da altre fonti considerate affidabili (comunicati ufficiali, report di agenzie di rating o investitori istituzionali, siti internet, altri utenti di questo forum, etc.).
Non sempre però queste fonti sono così accurate (almeno quanto lo siamo noi
) per cui il controllo e l'eventuale segnalazione di inesattezze da parte di tutti è oltremodo gradito 
.In questo caso però la classificazione di queste obbligazioni come non cumulative è corretta, nonostante la nota di Moody's (che fa riferimento al deferral mechanism tipico delle tier 1 cumulative) possa fare ritenere il contrario.
Infatti nel supplemento dell'11/11/2009 (che puoi scaricare dal sito della Borsa del Lussemburgo https://www.bourse.lu/application?_...c=09009601876123a7&docCdSite=BDL&typeDoc=D130) si legge:
[FONT=Arial,Bold][FONT=Arial,Bold]4 DEFERRALS[/FONT][/FONT]
The Issuer must make each Coupon Payment on the relevant Coupon Payment Date subject to
and in accordance with these Terms and Conditions. Without prejudice to the generality of
Condition 2, the Issuer must or may defer a Coupon Payment and any other Payment in the
following circumstances:
(a) Required Deferral of Payment
(i) If the Required Deferral Condition is met on the 20th Business Day prior to
the date on which any Payment (such term does not include principal) would be
otherwise due and payable, the Issuer must defer such Payment or such part
thereof, as the case may be, by giving a notice to the Holders, the Agent and the
Calculation Agent not less than 16 Business Days prior to such date.
(ii) If any Payment is deferred pursuant to Condition 4(a)(i), such Payment shall not
accumulate or be payable at any time thereafter, and the Holders shall have no
right thereto whether in a Winding-Up of the Issuer, or otherwise.
The Issuer must make each Coupon Payment on the relevant Coupon Payment Date subject to
and in accordance with these Terms and Conditions. Without prejudice to the generality of
Condition 2, the Issuer must or may defer a Coupon Payment and any other Payment in the
following circumstances:
(a) Required Deferral of Payment
(i) If the Required Deferral Condition is met on the 20th Business Day prior to
the date on which any Payment (such term does not include principal) would be
otherwise due and payable, the Issuer must defer such Payment or such part
thereof, as the case may be, by giving a notice to the Holders, the Agent and the
Calculation Agent not less than 16 Business Days prior to such date.
(ii) If any Payment is deferred pursuant to Condition 4(a)(i), such Payment shall not
accumulate or be payable at any time thereafter, and the Holders shall have no
right thereto whether in a Winding-Up of the Issuer, or otherwise.
(b) Optional Deferral of Payments
(i) Subject to Condition 4(c), the Issuer may in respect of any Payment
which would, in the absence of deferral in accordance with this
Condition 4, be due and payable, defer all or part of such Payment by
which would, in the absence of deferral in accordance with this
Condition 4, be due and payable, defer all or part of such Payment by
giving a notice (also a "
[FONT=Arial,Bold][FONT=Arial,Bold]Deferral Notice[/FONT][/FONT]") to the Agent, the Calculation
Agent and the Holders not less than 16 Business Days prior to the
relevant due date.
(ii) If any Payment is deferred pursuant to this Condition 4(b) such Payment
shall not accumulate or be payable at any time thereafter, and the
Holders shall have no right thereto whether in a Winding-Up of the
Issuer, or otherwise.
(iii) Subject to Condition 4(b)(iv), the Issuer may give a Deferral Notice
under this Condition 4(b) in its sole discretion and for any reason, except
that a Deferral Notice as to a Payment required to be paid pursuant to (i)
(ii) If any Payment is deferred pursuant to this Condition 4(b) such Payment
shall not accumulate or be payable at any time thereafter, and the
Holders shall have no right thereto whether in a Winding-Up of the
Issuer, or otherwise.
(iii) Subject to Condition 4(b)(iv), the Issuer may give a Deferral Notice
under this Condition 4(b) in its sole discretion and for any reason, except
that a Deferral Notice as to a Payment required to be paid pursuant to (i)
or (ii) under (c) below shall have no force or effect.
(iv) Notwithstanding the foregoing, if the Final Terms indicate that a Capital
Disqualification Event is applicable to the Tier 1 Notes, then on any
Coupon Payment Date with respect to which (A) a Capital
Disqualification Event has occurred and is continuing and (B) the Issuer
is in compliance with the applicable Capital Adequacy Regulations, the
Issuer shall be obliged to make the Coupon Payment on such Coupon
Payment Date and may not exercise its discretion to defer a Coupon
Coupon Payment Date with respect to which (A) a Capital
Disqualification Event has occurred and is continuing and (B) the Issuer
is in compliance with the applicable Capital Adequacy Regulations, the
Issuer shall be obliged to make the Coupon Payment on such Coupon
Payment Date and may not exercise its discretion to defer a Coupon
Payment.
Ultima modifica:
Omero
Forumer storico
inserito il mio mini contributo.
Non riesco a seguire molto utlimamente un enorme GRAZIE a tutti voi
negusneg
New Member
Vet
Forumer storico
UniCredit Said to Propose 7.5 Billion-Euro Rights Offering
Nov. 13 (Bloomberg) -- UniCredit SpA’s board will consider approving a share sale of 7.5 billion euros ($10.3 billion) to strengthen capital, two people familiar with the situation said today.
The strategic committee of Italy’s biggest bank met in Milan today and recommended the stock sale, which is expected to be approved tomorrow by directors, said the people, who asked not be named because the discussions are not public. The board also is scheduled to approve quarterly earnings and the bank’s new business plan.
Chief Executive Officer Federico Ghizzoni is preparing the biggest Italian stock sale in more than two years, as well as seeking to cut costs and shed jobs to comply with a regulatory deadline to bolster capital by June.
UniCredit has the biggest capital shortfall among Italy’s lenders, the EBA said last month. The Milan-based bank must reach a core capital target of 9 percent by June 30 after writing down sovereign debt holdings, and it has until Dec. 25 to submit its money-raising plans to national supervisors.
UniCredit, which has a capital shortfall of 7.4 billion euros according to the European Banking Authority, has received the green light from the Bank of Italy to count as much as 2.4 billion euros of convertible and subordinated hybrid equity- linked securities, known as CASHES, as core capital, a person familiar with the matter said Nov. 9.
Investors
A share sale is likely to be backed by the bank’s non- profit foundations, which hold more than 11 percent of its capital. The largest foundation is Fondazione Cariverona, which owns 4.2 percent.
UniCredit has raised 7 billion euros in the last three years through two capital increases, including a rights offer and a convertible-bond sale. At that time the foundations bought new shares and bonds to finance the lender after credit markets froze following the bankruptcy of Lehman Brothers Holdings Inc. in 2008, while renouncing the right to dividends.
Complicating the planned stock sale is the 7.6 percent stake in the bank owned by Libya’s central bank and sovereign wealth fund, which is frozen by the European Union, U.K. and U.S. as part of their effort to cut off former Libyan leader Muammar Qaddafi’s access to funding.
UniCredit has lost about half of its value this year, compared with a 32 percent decline of the 46 firms tracked by the Bloomberg Banks and Financial Services Index. The bank has a market value of about 15.9 billion euros.
Cutting Costs
The board will also review a cost-cutting program, which may include the exit from research, sales and trading for western European equities, two people said Nov. 11. The board will weigh an agreement to transfer equity units that employ about 150 people to a competitor.
UniCredit may incur a cost as part of such an arrangement, and the Italian bank, which initially won’t have a stake in the merged business, will retain its central and eastern European brokerage, said one of the two people.
UniCredit has “a lot of room to deliver on cutting costs,” said Pedro Fonseca, an analyst at Berenberg Bank in a Bloomberg TV interview on Nov.11. Intesa Sanpaoplo SpA, Italy’s No. 2 bank, “did surprise the market on a positive, announcing a further headcount reduction than we expected. Hopefully, UniCredit will do the same.”
The bank is preparing to announce job reductions tomorrow as part of its business plan, Gabriele Piccini, country manager for Italy, told reporters today. The cuts will be agreed with labor unions, he said.
UniCredit last month reorganized its securities sales to combine regional activities within equities and credit after hiring Jakob Groot and Michael Baptista. Cash equity sales are headed by Baptista in London, the bank said on Oct. 25.
The firm’s equity research unit covers about 400 companies from Munich, Vienna, Milan and London. The firm’s equity-sales business isn’t among the top three in Italy and Germany as ranked by Thomson Extel in its 2010 survey.
To contact the reporter on this story: Sonia Sirletti in Milan at [email protected]
To contact the editor responsible for this story: Frank Connelly at [email protected]
Nov. 13 (Bloomberg) -- UniCredit SpA’s board will consider approving a share sale of 7.5 billion euros ($10.3 billion) to strengthen capital, two people familiar with the situation said today.
The strategic committee of Italy’s biggest bank met in Milan today and recommended the stock sale, which is expected to be approved tomorrow by directors, said the people, who asked not be named because the discussions are not public. The board also is scheduled to approve quarterly earnings and the bank’s new business plan.
Chief Executive Officer Federico Ghizzoni is preparing the biggest Italian stock sale in more than two years, as well as seeking to cut costs and shed jobs to comply with a regulatory deadline to bolster capital by June.
UniCredit has the biggest capital shortfall among Italy’s lenders, the EBA said last month. The Milan-based bank must reach a core capital target of 9 percent by June 30 after writing down sovereign debt holdings, and it has until Dec. 25 to submit its money-raising plans to national supervisors.
UniCredit, which has a capital shortfall of 7.4 billion euros according to the European Banking Authority, has received the green light from the Bank of Italy to count as much as 2.4 billion euros of convertible and subordinated hybrid equity- linked securities, known as CASHES, as core capital, a person familiar with the matter said Nov. 9.
Investors
A share sale is likely to be backed by the bank’s non- profit foundations, which hold more than 11 percent of its capital. The largest foundation is Fondazione Cariverona, which owns 4.2 percent.
UniCredit has raised 7 billion euros in the last three years through two capital increases, including a rights offer and a convertible-bond sale. At that time the foundations bought new shares and bonds to finance the lender after credit markets froze following the bankruptcy of Lehman Brothers Holdings Inc. in 2008, while renouncing the right to dividends.
Complicating the planned stock sale is the 7.6 percent stake in the bank owned by Libya’s central bank and sovereign wealth fund, which is frozen by the European Union, U.K. and U.S. as part of their effort to cut off former Libyan leader Muammar Qaddafi’s access to funding.
UniCredit has lost about half of its value this year, compared with a 32 percent decline of the 46 firms tracked by the Bloomberg Banks and Financial Services Index. The bank has a market value of about 15.9 billion euros.
Cutting Costs
The board will also review a cost-cutting program, which may include the exit from research, sales and trading for western European equities, two people said Nov. 11. The board will weigh an agreement to transfer equity units that employ about 150 people to a competitor.
UniCredit may incur a cost as part of such an arrangement, and the Italian bank, which initially won’t have a stake in the merged business, will retain its central and eastern European brokerage, said one of the two people.
UniCredit has “a lot of room to deliver on cutting costs,” said Pedro Fonseca, an analyst at Berenberg Bank in a Bloomberg TV interview on Nov.11. Intesa Sanpaoplo SpA, Italy’s No. 2 bank, “did surprise the market on a positive, announcing a further headcount reduction than we expected. Hopefully, UniCredit will do the same.”
The bank is preparing to announce job reductions tomorrow as part of its business plan, Gabriele Piccini, country manager for Italy, told reporters today. The cuts will be agreed with labor unions, he said.
UniCredit last month reorganized its securities sales to combine regional activities within equities and credit after hiring Jakob Groot and Michael Baptista. Cash equity sales are headed by Baptista in London, the bank said on Oct. 25.
The firm’s equity research unit covers about 400 companies from Munich, Vienna, Milan and London. The firm’s equity-sales business isn’t among the top three in Italy and Germany as ranked by Thomson Extel in its 2010 survey.
To contact the reporter on this story: Sonia Sirletti in Milan at [email protected]
To contact the editor responsible for this story: Frank Connelly at [email protected]
frankiemachine
Mr. Tentenna
Gaudente
Forumer storico
il valore nominale delle azioni e' 50 centesimi, quindi c'e' spazio per un aumento tradizionale spremendo le quotazioni di mercato . Diciamo 4 azioni nuove ogni 5 vecchie a 0,50 .
Ovviamente le quotazioni rotoleranno verso tale valore.
Allegati
Ultima modifica:
frankiemachine
Mr. Tentenna
Alla luce degli avvenimenti (scontati) delle ultime 48 ore non ho letto opinioni e pareri su come si potrebbero comportare le perpetue, italiane in particolare, oggi.
Secondo voi il rialzo é scontato?
Secondo voi il rialzo é scontato?
angy2008
Forumer storico
il rialzo dovrebbe essere scontato ma singhiozzante in funzione dell'evolversi della situazione politica, inoltre ritardato rispetto alle azioni come sempre. L'unica cosa chiara è che hanno tutti interesse a formare questo governo per arrivare a far maturare il vitalizio ai parlamentari che ancora non l'avevano, quindi governo a tempo limitato ... nell'interesse del popolo ... il popolo della casta.
- Stato
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