solovaloreaggiunto
Forumer storico
Il cnp di stordits e' il lt2 , ha postato sempre correttamente. Tratta a 63 perche è callable nel 2020 quindi ha duration molto piu lunga rispetto ad altre lt2 di diversi emittenti
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
solovaloreaggiunto
Forumer storico
Il cnp di stordits e' il lt2 , ha postato sempre correttamente. Tratta a 63 perche è callable nel 2020 quindi ha duration molto piu lunga rispetto ad altre lt2 di diversi emittenti
angy2008
Forumer storico
da quello che ho capito io il WBaffo supponeva che qualcuno abbia acquistato i diritti solo per far salire il titolo per effetto contagio, contemporaneamente avrebbe acquistato le azioni a mercato per rivenderle appena risalivano beneficiando della news di ADC compiuto. Ragionamento un poco fantasioso ma in effetti calza su quanto è avvenuto.
Rottweiler
Forumer storico
Il "ragionamento" di S&P dietro il downgrade odierno di Groupama:
S&P Downgrades Groupama S.A. To 'BBB-'; Watch Negative
Reuters - 15/12/2011 15:56:06
-- We believe that France-based insurer Groupama S.A.'s capital adequacy and regulatory solvency are at weak levels amid continuing highly adverse capital markets and in spite of the company's announced key strategic actions.
-- We aretherefore lowering our long-term ratings on Groupama S.A. and its guaranteed subsidiaries to 'BBB-' from 'BBB'.
-- We are lowering our issue ratings on Groupama's hybrid capital issues to 'BB' from 'BB+'.
-- We are also lowering long-termratings on Groupama GAN Vie to 'BB+' from 'BBB'.
-- We are maintaining all of these ratings on CreditWatch with negative implications due to our view of the remaining execution risks associated with management's plan to restore regulatorysolvency.
PARIS (Standard & Poor's) Dec. 15, 2011--Standard & Poor's Ratings Services lowered its long-term counterparty credit and financial strength ratings on France-based composite insurer Groupama S.A. and its guaranteed subsidiaries to 'BBB-'from 'BBB'.
At the same time, Standard & Poor's lowered its long-term ratings on Groupama GAN Vie to 'BB+' from 'BBB'. In addition, we lowered our issue ratings on Groupama's hybrid capital issues to 'BB' from 'BB+'.
We maintained all of our ratings on companies in the Groupama group on CreditWatch with negative implications.
The ratings on Groupama Banque (BBB-/Watch Neg/A-3) are unaffected by the above rating actions.
The downgrade reflects our view that Groupama's capital adequacy and regulatory solvency are at weak levels amid highly adverse financial markets, in spite of key strategic actions that the company has announced. These levels are in our view no longer commensurate with our 'BBB' ratings.
We acknowledge that newmanagement in place at Groupama is implementing comprehensive strategic actions to restore regulatory solvency and capital adequacy to levels that would be consistent with 'BBB' category ratings. In addition to those actions that we already referred to in our previous research update on Groupama ("French Insurer Groupama S.A. Ratings Downgraded To 'BBB' From 'BBB+'; Outlook Negative," published Sept. 23, 2011), management is also considering additional measures that could significantly restore thegroup's regulatory solvency. In particular, the company announced on Dec. 13, 2011, the planned combination of Icade, a subsidiary of Caisse des Depots et Consignations (CDC; AAA/Watch Neg/A-1+) specialized in real estate development activities andservices, and Societe Immobiliere de Location pour l'Industrie et le Commerce (SILIC), as well as CDC's planned entrance into subsidiary GAN Eurocourtage's capital via a minority stake. We assume this transaction will be completed in full in accordance with the memorandum of understanding signed by Groupama and CDC group on Dec. 13, 2011. However, even when taking into account this assumption, Groupama's regulatory solvency and capital adequacy remains in our view weak and further exposed to adverse events, in particular if capital markets were to deteriorate further.
The ratings on Groupama GAN Vie reflect our redesignation of the subsidiary as "strategically important" rather than "core" previously. We now cap the rating at one notch belowthe rating on the parent. The redesignation results from the application of our group rating methodology when a company has a relatively weaker level of capital adequacy than the group as a whole.
The ratings on Groupama Banque reflect its continued"strategically important" status. The rating is now based on the bank's stand-alone credit profile and is capped by the rating on its parent.
The ratings on Groupama's hybrids reflect the standard two-notch gapping for an investment-grade issuer under our methodology. We continue to believe that Groupama has both the will and the liquidity to maintain full servicing of both the interest and principal of its rated debt obligations.
CreditWatch The maintenance of the CreditWatch placement reflectsthe uncertainty around the execution of management's strategic actions to restore regulatory solvency. In particular and in the short term, we will continue to assess the regulatory solvency benefits of the planned combination of Icade and SILIC as well as CDC's entrance into GAN Eurocourtage's capital. Should the benefits not be fully reflected in the company's regulatory solvency margin by year-end 2011, and all things being equal, we may downgrade the ratings on Groupama by one notch.
Evenif the benefits of the above transaction are fully reflected in Groupama's regulatory solvency by year-end 2011, we would likely still maintain Groupama's ratings on CreditWatch with negative implications. This would reflect our view of the executionrisks attached to remaining strategic actions that management may take to restore regulatory solvency.
We aim to resolve the CreditWatch action within 90 days and to provide updates during that time as the company continues to implement its strategicaction plan. We may lower or affirm the ratings depending on whether the company successfully executes the actions. We may also lower the ratings if capital markets deteriorate further with adverse implications for Groupama's solvency or if thecompany's underlying operating performance or competitive position were to deteriorate.
If we were to lower the ratings on Groupama to the speculative-grade category (that is 'BB+' or below), we would also widen the notching on Groupama's hybridsecurities to a minimum of three notches below its ratings from two notches currently. We may decide to further increase the number of notches if we perceive that interest payment deferral risk has heightened.
S&P Downgrades Groupama S.A. To 'BBB-'; Watch Negative
Reuters - 15/12/2011 15:56:06
-- We believe that France-based insurer Groupama S.A.'s capital adequacy and regulatory solvency are at weak levels amid continuing highly adverse capital markets and in spite of the company's announced key strategic actions.
-- We aretherefore lowering our long-term ratings on Groupama S.A. and its guaranteed subsidiaries to 'BBB-' from 'BBB'.
-- We are lowering our issue ratings on Groupama's hybrid capital issues to 'BB' from 'BB+'.
-- We are also lowering long-termratings on Groupama GAN Vie to 'BB+' from 'BBB'.
-- We are maintaining all of these ratings on CreditWatch with negative implications due to our view of the remaining execution risks associated with management's plan to restore regulatorysolvency.
PARIS (Standard & Poor's) Dec. 15, 2011--Standard & Poor's Ratings Services lowered its long-term counterparty credit and financial strength ratings on France-based composite insurer Groupama S.A. and its guaranteed subsidiaries to 'BBB-'from 'BBB'.
At the same time, Standard & Poor's lowered its long-term ratings on Groupama GAN Vie to 'BB+' from 'BBB'. In addition, we lowered our issue ratings on Groupama's hybrid capital issues to 'BB' from 'BB+'.
We maintained all of our ratings on companies in the Groupama group on CreditWatch with negative implications.
The ratings on Groupama Banque (BBB-/Watch Neg/A-3) are unaffected by the above rating actions.
The downgrade reflects our view that Groupama's capital adequacy and regulatory solvency are at weak levels amid highly adverse financial markets, in spite of key strategic actions that the company has announced. These levels are in our view no longer commensurate with our 'BBB' ratings.
We acknowledge that newmanagement in place at Groupama is implementing comprehensive strategic actions to restore regulatory solvency and capital adequacy to levels that would be consistent with 'BBB' category ratings. In addition to those actions that we already referred to in our previous research update on Groupama ("French Insurer Groupama S.A. Ratings Downgraded To 'BBB' From 'BBB+'; Outlook Negative," published Sept. 23, 2011), management is also considering additional measures that could significantly restore thegroup's regulatory solvency. In particular, the company announced on Dec. 13, 2011, the planned combination of Icade, a subsidiary of Caisse des Depots et Consignations (CDC; AAA/Watch Neg/A-1+) specialized in real estate development activities andservices, and Societe Immobiliere de Location pour l'Industrie et le Commerce (SILIC), as well as CDC's planned entrance into subsidiary GAN Eurocourtage's capital via a minority stake. We assume this transaction will be completed in full in accordance with the memorandum of understanding signed by Groupama and CDC group on Dec. 13, 2011. However, even when taking into account this assumption, Groupama's regulatory solvency and capital adequacy remains in our view weak and further exposed to adverse events, in particular if capital markets were to deteriorate further.
The ratings on Groupama GAN Vie reflect our redesignation of the subsidiary as "strategically important" rather than "core" previously. We now cap the rating at one notch belowthe rating on the parent. The redesignation results from the application of our group rating methodology when a company has a relatively weaker level of capital adequacy than the group as a whole.
The ratings on Groupama Banque reflect its continued"strategically important" status. The rating is now based on the bank's stand-alone credit profile and is capped by the rating on its parent.
The ratings on Groupama's hybrids reflect the standard two-notch gapping for an investment-grade issuer under our methodology. We continue to believe that Groupama has both the will and the liquidity to maintain full servicing of both the interest and principal of its rated debt obligations.
CreditWatch The maintenance of the CreditWatch placement reflectsthe uncertainty around the execution of management's strategic actions to restore regulatory solvency. In particular and in the short term, we will continue to assess the regulatory solvency benefits of the planned combination of Icade and SILIC as well as CDC's entrance into GAN Eurocourtage's capital. Should the benefits not be fully reflected in the company's regulatory solvency margin by year-end 2011, and all things being equal, we may downgrade the ratings on Groupama by one notch.
Evenif the benefits of the above transaction are fully reflected in Groupama's regulatory solvency by year-end 2011, we would likely still maintain Groupama's ratings on CreditWatch with negative implications. This would reflect our view of the executionrisks attached to remaining strategic actions that management may take to restore regulatory solvency.
We aim to resolve the CreditWatch action within 90 days and to provide updates during that time as the company continues to implement its strategicaction plan. We may lower or affirm the ratings depending on whether the company successfully executes the actions. We may also lower the ratings if capital markets deteriorate further with adverse implications for Groupama's solvency or if thecompany's underlying operating performance or competitive position were to deteriorate.
If we were to lower the ratings on Groupama to the speculative-grade category (that is 'BB+' or below), we would also widen the notching on Groupama's hybridsecurities to a minimum of three notches below its ratings from two notches currently. We may decide to further increase the number of notches if we perceive that interest payment deferral risk has heightened.
angy2008
Forumer storico
tender result x Negus
i comunicati ufficiali di Northern R. e B.F.Credit Mutuel:
http://www.bourse.lu/application;JS...bj=26137&cdTypeObj=AVI&idDoc=0900960188d01527
http://www.bourse.lu/application;JS...bj=26136&cdTypeObj=AVI&idDoc=0900960188d012f0
i comunicati ufficiali di Northern R. e B.F.Credit Mutuel:
http://www.bourse.lu/application;JS...bj=26137&cdTypeObj=AVI&idDoc=0900960188d01527
http://www.bourse.lu/application;JS...bj=26136&cdTypeObj=AVI&idDoc=0900960188d012f0
innocentiproject
Forumer attivo
ciao,
questo è l'isin di cui si parla:FR0010941484
mi fido sia di stordits sia della persona che mi ha detto che appartiene al capitale ibrido.
io non ho BBG e non posso verificare quindi chiedo se qualcuno puo
chiarirmi il dubbbio
piccola nota sulla OPS di ING: grossa delusione da UBS
da IW me lo sarei aspettato ma da UBS è stata una doccia fredda 
Es Vedrà
Nuovo forumer
andata la Ing non mi rimane che Aegon 150....oggi ho notato prezzi in salita inoltre guardando euronext vedo anche volumi un pò alti del solito
effetto Ing o qls bolle in pentola? ricordo che qualche giorno prima dell'annuncio dell'ops di Ing sulla 127 ci furono forti scambi!!!
giustissimo cedola accreditata
io l'ho in ptf...e sebbene sia un pò complesso avere notizie del gruppo Rotschild, diciamo un pò fumoso....la storia del gruppo è di tutto rispetto....però è difficile facile paragoni anche perchè operano in settori molti diversi, diciamo che per diversificare ci potrebbe anche stare....attento che non sempre è liquida, ps avevo anche quella in sterline al 9% taglio 1.000 (molto granitica)
mi ero ripromesso, visti i lanci di opa/ops di seguirvi almeno una volta al giorno....diciamo che quando ho visto le ing 127 a +20% ho capito subito
infatti su questo splendido forum c'erano già tutti i primi dati....grazie ancora a chi partecipa attivamente
detto fatto io ho venduto...al diavolo il piccolo regalo fatto al MM meglio pochi e subito...così ho potuto evitarmi anche le pene che molti di voi stanno passando per aderire...cmq in bocca al lupo a tutti
camaleonte
Forumer storico
ciao,
questo è l'isin di cui si parla:FR0010941484
mi fido sia di stordits sia della persona che mi ha detto che appartiene al capitale ibrido.
io non ho BBG e non posso verificare quindi chiedo se qualcuno puo
chiarirmi il dubbbio
piccola nota sulla OPS di ING: grossa delusione da UBS
Vai a fidarti degli svizzeri...! E pensare che a Lugano sembra che ci sia la fila per portargli pure i soldi...
capt.harlock
MENA IL CAMMELLO FAN CLUB
e'ubs ita
per ubs di la'dalle alpi ti chiamano a casa ed e'sufficiente un si'al telefono..
che dopotutto e'anche quello che si fa per comprare
- Stato
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