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

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Adesso siamo alle comiche sulla Grecia. I ruoli sono invertiti. I greci non hanno (più) voglia di fare sacrifici e vogliono defaultare, mentre la Germania incomincia ad essere spaventata dal default Grecia.:wall::titanic:
*.*.*


WS in rally nel finale su questo rumor.


Europe to Form Special Purpose Vehicle, Saving Europe, US Stocks: Report
European officials are working on a scheme to build a special purpose vehicle that would lever up existing EFSF money 8 to 1 to buy up European sovereign debt and then issue bonds, CNBC is reporting.
Naturally, stocks are through the roof on this. Because what could possibly go wrong with an SPV? Or a CDO-squared, as Zero Hedge called it?
The Dow is up 14o points, though it has come off the boil a bit since the anonymously sourced report on CNBC a few minutes ago. the S&P is up 8 points. The Nasdaq is down 12.
The VIX is still above 41 points. Not everybody is convinced all is well, apparently.
 
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Mais78 ha scritto:
Volevo dire che molti andranno a farsi i calcoletti per capire se un T1 e' step up o meno e arriveranno alla conclusione che, es., "e' step up perche' lo spread post call aumenta di 7 bps". Siccome una tale eventualita' non esiste, deve essere sbagliato il calcolo, quindi versosimilmente l'IRS preso a riferimento.
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ahh...ok grazie :up:
 
Zorba ha scritto:
Adesso siamo alle comiche sulla Grecia. I ruoli sono invertiti. I greci non hanno (più) voglia di fare sacrifici e vogliono defaultare, mentre la Germania incomincia ad essere spaventata dal default Grecia.:wall::titanic:
*.*.*


WS in rally nel finale su questo rumor.


Europe to Form Special Purpose Vehicle, Saving Europe, US Stocks: Report
European officials are working on a scheme to build a special purpose vehicle that would lever up existing EFSF money 8 to 1 to buy up European sovereign debt and then issue bonds, CNBC is reporting.
...
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Schauble giusto oggi dietro insistenza FDP che altrimenti non vota per EFSM ha detto che non c'è bisogno di potenziarne i mezzi
 
Ecco, vedere che sulla BBC hanno intervistato questo tipo, tale ALESSIO RASTANI :wall:

[ame=http://www.youtube.com/watch?v=aC19fEqR5bA]Trader on the BBC says Eurozone Market will crash - YouTube[/ame]

Mi fa capire che mi pentirò di non aver fatto il double up con il mutuo sulla casa...
 
parity obligations

questa e' la spiegazione dal prospetto Intesa XS0545782020 :

“Parity Obligations” means (i) all unsecured obligations or instruments of the Issuer ranking (or expressed to rank) pari passu with the Notes, and (ii) all guarantees or similar instruments of the Issuer granted for the benefit of preferred securities or preferred or preference shares issued by a
Subsidiary of the Issuer, if any, in each case including for the avoidance of doubt the guarantees given
in respect of the following outstanding Tier 1 securities:
ISIN Code Issue Date Issuer Early Redemption Date
XS0120282610 10/11/00 SPIMI Capital Company LLCI 10/11/10
XS0131944323 12/07/01 IntesaBci LLCIII 12/07/11
XS0371711663 20/06/08 Intesa Sanpaolo S.p.A. 20/06/18
XS0388841669 24/09/08 Intesa Sanpaolo S.p.A. 24/09/18
XS0456541506 14/10/09 Intesa Sanpaolo S.p.A. 14/10/19

nel caso di una socgen a caso (XS0336598064) :
Parity Securities means any preferred securities or preferred or preference shares issued by any
subsidiary of the Issuer, the proceeds of which are eligible as consolidated fonds propres de base for
the Issuer, to the extent that such subsidiary benefits from any Support Agreement.

BNP FR0010239319 con lista delle parity securities:

“Parity Securities” means (x) any deeply subordinated
obligations (titres subordonnés de dernier rang) or other
instruments issued by the Issuer which (i) rank, or are
expressed to rank, pari passu among themselves and with the
Notes and behind the prêts participatifs granted to the Issuer,
the titres participatifs issued by the Issuer, the Ordinarily
Subordinated Obligations and Unsubordinated Obligations and
(ii) meet the requirements to be eligible as Tier 1 Capital (as
defined below) of the Issuer, or (y) any claim against the Issuer
by any subsidiary of the Issuer under a support agreement,
guarantee or other agreement or instrument issued by the Issuer
in favor of any subsidiary of the Issuer that has issued or will
issue preferred securities or preferred or preference shares, the
proceeds of which issuance qualify as Tier 1 Capital of the
Issuer (for the avoidance of doubt, “Parity Securities” include,
without limitation, BNP Paribas’s Undated Deeply
Subordinated Non-Cumulative Notes issued on June 29, 2005
and any claims under the support agreements relating to (i)
BNP U.S. Funding L.L.C.’s 7.738% Noncumulative Preferred
Securities, Series A, (ii) BNP Paribas Capital Preferred
L.L.C.’s 9.003% Noncumulative Company Preferred
Securities, (iii) BNP Paribas Capital Preferred II L.L.C.’s
7.00% Noncumulative Company Preferred Securities, (iv) BNP
Paribas Capital Preferred III L.L.C.’s 6.625% Noncumulative
Company Preferred Securities, (v) BNP Paribas Capital
Preferred IV L.L.C.’s 6.342% Noncumulative Company
Preferred Securities, (vi) BNP Paribas Capital Preferred V
L.L.C.’s 7.20% Noncumulative Company Preferred Securities
and (vii) BNP Paribas Capital Preferred VI L.L.C.’s 5.868%
Noncumulative Company Preferred Securities).

invece Lloyds Banking Group ha dovuto stoppare le cedole su alcune preference shares e leggendo un paio di prospetti sembra che le gerarchie siano piu' complesse
http://www.lloydsbankinggroup.com/investors/debt_investors/preference_shares.asp
 
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claudioborghi ha scritto:
Ecco, vedere che sulla BBC hanno intervistato questo tipo, tale ALESSIO RASTANI :wall:

Trader on the BBC says Eurozone Market will crash - YouTube

Mi fa capire che mi pentirò di non aver fatto il double up con il mutuo sulla casa...
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Dubito che avrà tante altre occasioni per apparire in video, a giudicare dalle espressioni sbigottite e dai commenti finali dei 2 della BBC. Se avesse avuto un accento meno marcatamente americano avrei sospettato qualcuno tra i nostri posters dalla city.. :)
 
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