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

[solovaloreaggiunto]

german finmin says proposes setting aside in a special fund
sovereign debt of over 60 pct of gdp
german finmin says special national funds should be supported
by own revenues and dismantled within the next 20 years
german finmin says the goal of special funds is to build
confidence in markets
german finmin says will make these proposals at eu summit
rtrs

 

[Rottweiler]

Questi son pazzi, vogliono davvero mandare a put.tane il mercato...

EU Writedown Plan Puts Banks’ Long-Term Debt in Firing Line

By Jim Brunsden and Ben Moshinsky - Nov 30, 2011
Owners of long-term unsecured debt in a collapsing bank would be first in line to take losses under draft plans from the European Union to protect taxpayers’ money from future bailouts.
Short-term debt, with a less than one-year maturity, and derivatives should only be written down by regulators as a last resort if losses from longer-term debt aren’t “sufficient to restore the capital of the institution and enable it to operate as a going concern,” according to a draft European Commission proposal obtained by Bloomberg News.
“They are terrified of inadvertently killing off the interbank market,” Simon Gleeson, a financial services lawyer at Clifford Chance LLP in London, said in a telephone conversation. “This is a desperate attempt” to preserve it.
EU Financial Services Commissioner Michel Barnier had delayed proposing the law, which was originally scheduled to be released in September, because of market turbulence. TheBloomberg Europe Banks and Financial Services Index (BEBANKS) has fallen 34.7 percent in the past year on concerns lenders have been weakened by the European sovereign debt crisis.
The commission may further delay publication of the measures until the start of next year to avoid them being unveiled at a time when they could add to volatility on financial markets, an EU official said earlier this month.
“The commission has to be very careful indeed at this critical phase of the economic cycle about adding further burdens on the ability of financial institutions to fund their operations,” said Richard Reid, research director for the International Centre for Financial Regulation.
Liquidity Supply

The EU plan would help “maintain the supply of liquidity and minimize the negative externalities on the interbank marketand derivatives market” in the event of the failure of a bank, according to the draft proposals.
Under the proposals, unsecured senior bondholders of banks would take losses only after a lender’s capital and then the rest of its subordinated debt had already been wiped out.
By imposing losses on long-term senior unsecured debt ahead of short-term debt and derivatives, the proposals go against the normal principle in insolvency law that creditors in the same class should be treated equally, according to the EU draft.
Banks would have to pay into national funds to help cover the costs of bank failure, under the measures. These funds should have financing equivalent to the higher of 1.5 percent of deposits that are guaranteed by law or 0.3 percent of banks’liabilities other than the “own funds of the institutions.”
‘Going Concern’

The euro area’s bail-out fund, the European Financial Stability Facility, could be used to top up these funds in exceptional circumstances, the draft says.
Banks that continue as a “going concern” after losses are imposed on their creditors should be forced to replace their management and restructure, according to the draft rules.
Banks will have to hold minimum amounts of longer-term funding to prevent them from exploiting the commission’s plan to shield short-term debt from writedowns.
Lenders should be forced at all times to hold funding “with an original maturity of at least one year” equivalent to a minimum of 10 percent of their liabilities, according to the document.
The U.K.’s Independent Commission on Banking, led by John Vickers, had similar ideas for financial stability, Bob Penn, a lawyer at Allen & Overy LLP, said in a telephone interview in London.
Vickers Report

“This is going in the same direction as Vickers,” Penn said. “Ten percent sounds like a similar measure to the primary loss-absorbing capacity in Vickers.”
The draft proposal exempts secured liabilities, as well as so-called repos and other liabilities secured by collateral, from the debt-writedown measures.
Bonuses aren’t protected under the plan and may be clawed back to shore up bank capital, according to the draft.
“That idea is new,” Gleeson said. “What it may do is accelerate the shift in bankers’ pay from bonus to salary.”
The proposals also include requirements for banks to draw up so-called living wills showing how they could be wound down if they fail.
Living Wills

Regulators would have the right to impose “changes to legal or operational structures” at banks to ensure their living wills could be executed, the draft says.
Lenders that fail to make living wills and agree on their content with national regulators may face fines of as much as 10 percent of their annual revenue, the draft says. Banks may also be punished for failing to alert regulators that they are close to collapse.
Separately, EU nations said last month that they will temporarily guarantee lenders’ bond issuance in order to open up the bank-lending market.
Temporarily protecting creditors from losses “would help banks continue their lending activities in 2012,” the European Banking Authority said on Oct. 26 “Banks may find it difficult to address their funding needs” next year without support, the EBA said.
A spokeswoman for the commission in Brussels declined to comment.
To contact the reporters on this story: Jim Brunsden in Brussels at [email protected]; Ben Moshinsky in London at [email protected].

Questo, se capisco bene, dovrebbe compensare...

EU Bank Writedown to Exclude Pre-?13 Debt - Bloomberg

 

[camaleonte]

E' una mia impressione o, sembra che le quotazioni si stiano riprendendo. Qualcuno può confermare?

 

[Peco]

Ciao a tutti,

qualche prezzo di iw, ore 15:35

BPCE 558 65/66 a 68 MM non ha risposto, succssiva a 68
BP Lodi 512 49,50/50 succ 51 e 52
BARCLAYS 199 45,5/46 MM non ha risposto a 46
AXA 174 49/51 acqu.
B Pop Bergamo 394 57/59
B Pop Comm e Ind.450 59/60

P.S. la visione della sezione FORUM dell'IO è normale

Ora con iw mi ha dato per B. Pop. Bergamo 394 56/57

P.S: anche per mè Forum dell' IO tutto normale anche da " preferiti "

 

[Vet]

Nessun Discussione specificato. Se hai seguito un link valido avvisa l'amministratore

a me da questo errore come sopra fatto copia e incolla

 

[Tobia]

E' una mia impressione o, sembra che le quotazioni si stiano riprendendo. Qualcuno può confermare?

piuttosto a macchia di leopardo pare

 

[mavalà]

Acq un cip di hypoalpe 555 a 17,5 (only the brave..)

 

[maxolone]

Perche' l'hai preferita a Resparc HSH che quota uguale ?

Acq un cip di hypoalpe 555 a 17,5 (only the brave..)

 

[drbs315]

Fitch relève la note de viabilité de Fortis Bank à "bbb+"

Data:01/12/2011 @ 16:36Fonteourse Web Dow Jones (French)
L'agence de notation financière Fitch Ratings a relevé jeudi la note de viabilité de Fortis Bank, une filiale à 75% de BNP Paribas (BNP.FR) de "bbb-" à "bbb+". La note "A+" de défaut émetteur à long terme a été maintenue sous surveillance en vue d'un éventuel déclassement.
Le relèvement de la note de viabilité de la banque reflète l'amélioration de son profil de risque et de ses ratios de fonds propres, ainsi que la solidité de ses financements et de ses liquidités, a expliqué l'agence de notation.
Les notes de défaut émetteur à long et court termes de Fortis Bank reflètent quant à elles un éventuel soutien de BNP Paribas. Fitch estime qu'il y a une très forte probabilité que la banque française vienne au secours de Fortis Bank en cas de besoin, car cette dernière est bien intégrée dans le groupe et revêt une importance stratégique pour sa maison mère.
Si la note de défaut émetteur à long terme a été maintenue sous surveillance en vue d'un éventuel déclassement, c'est pour refléter la mise sous surveillance de la note de défaut émetteur à long terme de BNP Paribas. Si la note de BNP est dégradée, celle de Fortis Bank le sera aussi, a averti Fitch.
-Maylis Jouaret, Dow Jones Newswires

 

[mavalà]

Perche' l'hai preferita a Resparc HSH che quota uguale ?

celo (in $)
e anche westlb $
... così ho il trittico