stefmas
Forumer storico
Grazie mille.. Cavoli che spread sulla NIBC..
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
Grazie mille.. Cavoli che spread sulla NIBC..
stefmas
Forumer storico
Wallygo
Forumer storico
New York, 16 dic. (TMNews) - L'agenzia di rating Fitch ha declassato sei delle principali banche mondiali, motivando la sua decisione con le "crescenti difficoltà dei mercati finanziari". Gli istituti colpiti sono Bank of America, Goldman Sachs, Barclays, BNP Paribas, Deutsche Bank e Credit Suisse. E' stato invece confermato il rating di Morgan Stanley, Société Générale 
e UBS. (fonte Afp)
Correction: Fitch Downgrades Viability Ratings of Eight Global Trading and Universal Banks
15 Dec 2011 5:13 PM (EST)
Fitch Ratings-New York-15 December 2011: (This is a correction of a release issued earlier today. It amends the long- and short-term IDRs for Deutsche Bank AG.)
Fitch Ratings has today taken rating actions on nine global trading and universal banks (GTUBs). The actions complete its assessment of the GTUBs, carried out in conjunction with a broad review of the ratings for the largest banking institutions in the world. Fitch has downgraded eight issuers' Viability Ratings (VRs) and affirmed one, removing them from Rating Watch Negative where they were placed on Oct. 13, 2011.
For a list of key rating actions refer to the end of this release. Full lists of rating actions affecting each bank are published today in separate comments on the affected banks.
The impact of VR downgrades on the banks' Issuer Default Ratings (IDRs) has depended to some extent on the level of their Support Rating Floors. IDRs are the higher of the VR and Support Rating Floor.
The VR downgrades reflected challenges faced by the sector as a whole, rather than negative developments in idiosyncratic fundamental creditworthiness. However, Fitch differentiates among the peer group, in relation to its business mix, capitalisation, liquidity strength and market position.
The actions were motivated by Fitch's view that the GTUBs' business models are particularly sensitive to the increased challenges the financial markets face. These challenges result from both economic developments as well as a myriad of regulatory changes. Fitch incorporated the significant progress it sees the banks have made in building up capital and liquidity buffers to resist market challenges, which has kept the VR downgrades to one or two notches.
Nonetheless, Fitch continues to be of the opinion that, however well-managed, the structural aspects of their funding, earnings, and leverage, predispose GTUBs to vulnerability to market sentiment and confidence, particularly during periods of exogenous financial stress. Furthermore, the complexity of their business models and exposure to fat tail risk make it more difficult to assess the size of loss that could emerge rapidly from unexpected events.
Over time market conditions are likely to ease, but Fitch expects market volatility to remain above historical averages and economic growth in developed markets to remain subdued for a prolonged period. This makes many business lines in securities operations more difficult, due to lower activity and higher funding costs.
While regulation enhances creditworthiness of banks generally by forcing them to hold higher capital and liquidity and curbing risk-taking in some areas, it also restricts earnings potential and increases costs, which encourages increasing the scale required to remain efficient and will likely reduce the number of market participants.
Reshaping business models to address the challenges they are currently facing will be an ongoing focus for GTUBs over the coming two years. It remains uncertain which of the GTUBs will emerge as the strongest once the new regulations are fully implemented and business appropriately adjusted, although Fitch views leading market positions across various products and geographies as a good indicator, especially if backed by substantial core capital.
Leading commercial banking or wealth management franchises are also an important consideration for Fitch's ratings of universal banks. For many of these banks, higher weighting of securities businesses on earnings and risk profiles is a negative factor in their ratings, and establishment of a more balanced business mix could be a positive ratings driver.
Fitch believes the GTUBs are much better placed to deal with difficult market conditions today than in 2008. Capitalization and liquidity are improved and vulnerabilities reduced. The rating actions taken were based on Fitch's assessment of creditworthiness against the relatively high rating levels that the GTUBs previously had.
The GTUBs have been improving liquidity, which has been a particular area of focus for the group. These banks ensure that they have significant liquid reserves in order to be able to meet obligations even if funding markets were to close for a significant period of several months. Although Fitch views such measures positively, the liquidity position would be less of a defense against any 'bank specific' concerns, should they arise, because a sound liquidity profile is expected of all the GTUBs.
Fitch notes that the exact specification of various metrics, along with any adjustments made, can influence the relative ranking of the various GTUBs. These metrics can also vary significantly over time, can be backward looking and make it more important to take a more balanced, forward view of creditworthiness. Fitch's focus in evaluating the banks has been on those that have the best positions in diversified the product areas that are viewed as having the lowest risk.
The following highlights Fitch's ratings actions:
Bank of America Corporation
--Long-term IDR downgraded to 'A' from 'A+';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'bbb+' from 'a-'.
Barclays plc
--Long-term IDR downgraded to 'A' from 'AA-';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'a' from 'aa-'.
BNP Paribas
--Long-term IDR downgraded to 'A+' from 'AA-';
--Short-term IDR affirmed at 'F1+';
--Viability Rating downgraded to 'a+' from 'aa-'.
Credit Suisse AG
--Long-term IDR downgraded to 'A' from 'AA-';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'a' from 'aa-'.
Deutsche Bank AG
--Long-term IDR downgraded to 'A+' from 'AA-';
--Short-term IDR affirmed at 'F1+';
--Viability Rating downgraded to 'a' from 'aa-'.
The Goldman Sachs Group, Inc.
--Long-term IDR downgraded to 'A' from 'A+';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'a' from 'a+'.
Morgan Stanley
--Long-term IDR affirmed at 'A';
--Short-term IDR affirmed at 'F1';
--Viability Rating downgraded to 'a-' from 'a'.
Societe Generale
--Long-term IDR affirmed at 'A+';
--Short-term IDR affirmed at 'F1+';
--Viability Rating downgraded to 'a-' from 'a+'.
UBS AG
--Long-term IDR affirmed at 'A';
--Short-term IDR affirmed at 'F1';
--Viability Rating affirmed at 'a-'.
On Oct. 13, 2011 UBS AG's IDR was downgraded to 'A' from 'A+' due to a downgrade of its Support Rating Floor and its Viability Rating remained on Rating Watch Negative. Bank of America's VR was placed on Rating Watch Negative on Oct. 13, 2011. The report 'Global Trading and Universal Bank Review: Resilience Increased but Challenges Remain' and the individual company rating action commentaries referenced above are available on 'www.fitchratings.com' and provide more specific details regarding each individual bank affected by today's actions.
e UBS. (fonte Afp)Correction: Fitch Downgrades Viability Ratings of Eight Global Trading and Universal Banks
15 Dec 2011 5:13 PM (EST)
Fitch Ratings-New York-15 December 2011: (This is a correction of a release issued earlier today. It amends the long- and short-term IDRs for Deutsche Bank AG.)
Fitch Ratings has today taken rating actions on nine global trading and universal banks (GTUBs). The actions complete its assessment of the GTUBs, carried out in conjunction with a broad review of the ratings for the largest banking institutions in the world. Fitch has downgraded eight issuers' Viability Ratings (VRs) and affirmed one, removing them from Rating Watch Negative where they were placed on Oct. 13, 2011.
For a list of key rating actions refer to the end of this release. Full lists of rating actions affecting each bank are published today in separate comments on the affected banks.
The impact of VR downgrades on the banks' Issuer Default Ratings (IDRs) has depended to some extent on the level of their Support Rating Floors. IDRs are the higher of the VR and Support Rating Floor.
The VR downgrades reflected challenges faced by the sector as a whole, rather than negative developments in idiosyncratic fundamental creditworthiness. However, Fitch differentiates among the peer group, in relation to its business mix, capitalisation, liquidity strength and market position.
The actions were motivated by Fitch's view that the GTUBs' business models are particularly sensitive to the increased challenges the financial markets face. These challenges result from both economic developments as well as a myriad of regulatory changes. Fitch incorporated the significant progress it sees the banks have made in building up capital and liquidity buffers to resist market challenges, which has kept the VR downgrades to one or two notches.
Nonetheless, Fitch continues to be of the opinion that, however well-managed, the structural aspects of their funding, earnings, and leverage, predispose GTUBs to vulnerability to market sentiment and confidence, particularly during periods of exogenous financial stress. Furthermore, the complexity of their business models and exposure to fat tail risk make it more difficult to assess the size of loss that could emerge rapidly from unexpected events.
Over time market conditions are likely to ease, but Fitch expects market volatility to remain above historical averages and economic growth in developed markets to remain subdued for a prolonged period. This makes many business lines in securities operations more difficult, due to lower activity and higher funding costs.
While regulation enhances creditworthiness of banks generally by forcing them to hold higher capital and liquidity and curbing risk-taking in some areas, it also restricts earnings potential and increases costs, which encourages increasing the scale required to remain efficient and will likely reduce the number of market participants.
Reshaping business models to address the challenges they are currently facing will be an ongoing focus for GTUBs over the coming two years. It remains uncertain which of the GTUBs will emerge as the strongest once the new regulations are fully implemented and business appropriately adjusted, although Fitch views leading market positions across various products and geographies as a good indicator, especially if backed by substantial core capital.
Leading commercial banking or wealth management franchises are also an important consideration for Fitch's ratings of universal banks. For many of these banks, higher weighting of securities businesses on earnings and risk profiles is a negative factor in their ratings, and establishment of a more balanced business mix could be a positive ratings driver.
Fitch believes the GTUBs are much better placed to deal with difficult market conditions today than in 2008. Capitalization and liquidity are improved and vulnerabilities reduced. The rating actions taken were based on Fitch's assessment of creditworthiness against the relatively high rating levels that the GTUBs previously had.
The GTUBs have been improving liquidity, which has been a particular area of focus for the group. These banks ensure that they have significant liquid reserves in order to be able to meet obligations even if funding markets were to close for a significant period of several months. Although Fitch views such measures positively, the liquidity position would be less of a defense against any 'bank specific' concerns, should they arise, because a sound liquidity profile is expected of all the GTUBs.
Fitch notes that the exact specification of various metrics, along with any adjustments made, can influence the relative ranking of the various GTUBs. These metrics can also vary significantly over time, can be backward looking and make it more important to take a more balanced, forward view of creditworthiness. Fitch's focus in evaluating the banks has been on those that have the best positions in diversified the product areas that are viewed as having the lowest risk.
The following highlights Fitch's ratings actions:
Bank of America Corporation
--Long-term IDR downgraded to 'A' from 'A+';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'bbb+' from 'a-'.
Barclays plc
--Long-term IDR downgraded to 'A' from 'AA-';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'a' from 'aa-'.
BNP Paribas
--Long-term IDR downgraded to 'A+' from 'AA-';
--Short-term IDR affirmed at 'F1+';
--Viability Rating downgraded to 'a+' from 'aa-'.
Credit Suisse AG
--Long-term IDR downgraded to 'A' from 'AA-';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'a' from 'aa-'.
Deutsche Bank AG
--Long-term IDR downgraded to 'A+' from 'AA-';
--Short-term IDR affirmed at 'F1+';
--Viability Rating downgraded to 'a' from 'aa-'.
The Goldman Sachs Group, Inc.
--Long-term IDR downgraded to 'A' from 'A+';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'a' from 'a+'.
Morgan Stanley
--Long-term IDR affirmed at 'A';
--Short-term IDR affirmed at 'F1';
--Viability Rating downgraded to 'a-' from 'a'.
Societe Generale
--Long-term IDR affirmed at 'A+';
--Short-term IDR affirmed at 'F1+';
--Viability Rating downgraded to 'a-' from 'a+'.
UBS AG
--Long-term IDR affirmed at 'A';
--Short-term IDR affirmed at 'F1';
--Viability Rating affirmed at 'a-'.
On Oct. 13, 2011 UBS AG's IDR was downgraded to 'A' from 'A+' due to a downgrade of its Support Rating Floor and its Viability Rating remained on Rating Watch Negative. Bank of America's VR was placed on Rating Watch Negative on Oct. 13, 2011. The report 'Global Trading and Universal Bank Review: Resilience Increased but Challenges Remain' and the individual company rating action commentaries referenced above are available on 'www.fitchratings.com' and provide more specific details regarding each individual bank affected by today's actions.
Ultima modifica:
steff
Forumer storico
Puoi postare il Bid/Ask di questa Uni XS0231436238 ?
La voglio seguire anche perche' Step-up.
Hai visto mai che nel 2012 vada in opa anche questa.
Rottweiler
Forumer storico
Alla fine l'eurozona, per bocca francese, comincia a rispondere alla continua campagna anti-euro del Regno Unito: occhio per occhio...
Francia dichiara guerra mediatica al Regno Unito
Scritto da Wall Street Italia | Wall Street Italia – 1 ora 0 minuti fa
Roma - Si puo' dichiarare aperta la guerra mediatica tra i due fronti del Canale della Manica. Parigi sempre piu' sotto pressione dal rischio downgrade, passa ad attaccare pubblicamente il rating AAA di Londra, paragonando lo stato di salute dell'economia a quello della Grecia. Crescono le tensioni dopo il no di Cameron a nuovi trattati europei.
Rispetto alla Francia, il Regno Unito corre un rischio maggiore di assistere a un aumento del debito, rialzo dell'inflazione e rallentamento della crescita economica. Cosi' Christian Noyer, governatore della Banca di Francia, aveva replicato alla minaccia di S&P di procedere al downgrade dei paesi dell'eurozona, tra cui Francia e Germania.
A queste parole si erano poi aggiunte quelle di Fran�ois Baroin, ministro delle Finanze, secondo cui ormai l'Inghilterra e' "emarginata" e rischia di attraversare una situazione economica veramente difficile a causa delle scelte effettuate. In un discorso al Parlamento francese ha rimarcato come il piano di creare una maggiore unione fiscale tra i paesi membri dell'eurozona, sia stato approvato da tutti, "con unica eccezione il Regno Unito, che la storia ricordera' come emarginato".
Baroin ha aggiunto che: "Il Regno Unito si trova in una situazione veramente complessa, con deficit simile a quello greco, debito simile al nostro, ma stime sull'inflazione ben piu' alte e crescita attesa inferiore a quella della media europea. Il governo londinese ha fatto una scelta audace".
Tensioni aumentate di recente dopo il rifiuto del Premier britannico David Cameron di sostenere i nuovi trattati proposti da Francia e Germania. Ma tensioni che risalgono gia' alle settimane precedenti.
Di recente George Osborne, Cancelliere dello Scacchiere, aveva gia' provocato l'ira della Francia suggerendo che il paese potesse essere la prossima economia dell'eurozona ad essere colpita dalla crisi del debito.
Francia dichiara guerra mediatica al Regno Unito
Scritto da Wall Street Italia | Wall Street Italia – 1 ora 0 minuti fa
Roma - Si puo' dichiarare aperta la guerra mediatica tra i due fronti del Canale della Manica. Parigi sempre piu' sotto pressione dal rischio downgrade, passa ad attaccare pubblicamente il rating AAA di Londra, paragonando lo stato di salute dell'economia a quello della Grecia. Crescono le tensioni dopo il no di Cameron a nuovi trattati europei.
Rispetto alla Francia, il Regno Unito corre un rischio maggiore di assistere a un aumento del debito, rialzo dell'inflazione e rallentamento della crescita economica. Cosi' Christian Noyer, governatore della Banca di Francia, aveva replicato alla minaccia di S&P di procedere al downgrade dei paesi dell'eurozona, tra cui Francia e Germania.
A queste parole si erano poi aggiunte quelle di Fran�ois Baroin, ministro delle Finanze, secondo cui ormai l'Inghilterra e' "emarginata" e rischia di attraversare una situazione economica veramente difficile a causa delle scelte effettuate. In un discorso al Parlamento francese ha rimarcato come il piano di creare una maggiore unione fiscale tra i paesi membri dell'eurozona, sia stato approvato da tutti, "con unica eccezione il Regno Unito, che la storia ricordera' come emarginato".
Baroin ha aggiunto che: "Il Regno Unito si trova in una situazione veramente complessa, con deficit simile a quello greco, debito simile al nostro, ma stime sull'inflazione ben piu' alte e crescita attesa inferiore a quella della media europea. Il governo londinese ha fatto una scelta audace".
Tensioni aumentate di recente dopo il rifiuto del Premier britannico David Cameron di sostenere i nuovi trattati proposti da Francia e Germania. Ma tensioni che risalgono gia' alle settimane precedenti.
Di recente George Osborne, Cancelliere dello Scacchiere, aveva gia' provocato l'ira della Francia suggerendo che il paese potesse essere la prossima economia dell'eurozona ad essere colpita dalla crisi del debito.
Topgun1976
Guest
Hanno detto la verità,ma cè un'enorme punto ha favore della Gb...La Banca Centrale
con Stamperia a Manettastordits
Forumer attivo
su nibc in usd
vedo jpm che offre a 34
ho parlato con investor relator di nibc ed aegon
tenendo presente che non si sbottonano troppo le mie sensazioni sono state
1) nibc, ci stanno pensando a fare qualcosa, perche' quando gli ho parlato delle varie operazioni, le conoscevo forse meglio di me
2) aegon, di liability management, secondo me (spero di sbagliare perche' ne ho un vagone) non ne stanno parlando almeno a livello di investor relator. Non era al corrente dell'operazioni di ing.
Mi ha confermato che aegon tornera' ad un sizeable dividend nel 2012. e su questo punto l'ho fermato e bastonato!!!! gli ho detto con i perp a 50 tu non puoi pagare dividendo!!! devi fare buy back perp e pagare dividendo per un ammontare pari al capital gain fatto con il buy back. Lui ha risposto che e' una grande idea (se lo fanno gli mando una fattura di consulenza.......)
ultima cosa importante mi ha confermato che i tier in fiorini olandesi non saranno piu' eligible per essere conteggiare nel solvency margin quando entrera' in vigore solvency 2.
Ed allora gli ho chiesto: Perche' non gli fai un tender offer?? E non mi ha risposto
insomma la pulce nell'orecchio al capo degli investor relator l'ho messa. Pero' dubito che in pochi giorni dalle parole passino ai fatti
vedo jpm che offre a 34
ho parlato con investor relator di nibc ed aegon
tenendo presente che non si sbottonano troppo le mie sensazioni sono state
1) nibc, ci stanno pensando a fare qualcosa, perche' quando gli ho parlato delle varie operazioni, le conoscevo forse meglio di me
2) aegon, di liability management, secondo me (spero di sbagliare perche' ne ho un vagone) non ne stanno parlando almeno a livello di investor relator. Non era al corrente dell'operazioni di ing.
Mi ha confermato che aegon tornera' ad un sizeable dividend nel 2012. e su questo punto l'ho fermato e bastonato!!!! gli ho detto con i perp a 50 tu non puoi pagare dividendo!!! devi fare buy back perp e pagare dividendo per un ammontare pari al capital gain fatto con il buy back. Lui ha risposto che e' una grande idea (se lo fanno gli mando una fattura di consulenza.......)
ultima cosa importante mi ha confermato che i tier in fiorini olandesi non saranno piu' eligible per essere conteggiare nel solvency margin quando entrera' in vigore solvency 2.
Ed allora gli ho chiesto: Perche' non gli fai un tender offer?? E non mi ha risposto
insomma la pulce nell'orecchio al capo degli investor relator l'ho messa. Pero' dubito che in pochi giorni dalle parole passino ai fatti
bosmeld
Forumer storico
grazie info
cmq gli assicurativi in generale sono molto meno interessati ad eventuali tender offer.
bosmeld
Forumer storico
[Reuters] Bce, due p/t overnight a rubinetto prima di aste 3 anni
FRANCOFORTE, 16 dicembre (Reuters) - Si terranno in data 20 dicembre e 28 febbraio due operazioni pronti contro termine overnight a rubinetto, mirate a traghettare le banche della zona euro verso le nuove aste Bce della durata di 36 mesi. Lo annuncia l'istituto centrale di Francoforte che ha in agenda i nuovi collocamenti a tre anni per il 21 dicembre e il 29 febbraio.
ricordo quest'operazione che per me é molto importante.
sono curioso di vedere quanti soldini chiederanno le banche.
FRANCOFORTE, 16 dicembre (Reuters) - Si terranno in data 20 dicembre e 28 febbraio due operazioni pronti contro termine overnight a rubinetto, mirate a traghettare le banche della zona euro verso le nuove aste Bce della durata di 36 mesi. Lo annuncia l'istituto centrale di Francoforte che ha in agenda i nuovi collocamenti a tre anni per il 21 dicembre e il 29 febbraio.
ricordo quest'operazione che per me é molto importante.
sono curioso di vedere quanti soldini chiederanno le banche.
Wallygo
Forumer storico
vedo jpm che offre a 34
ho parlato con investor relator di nibc ed aegon
tenendo presente che non si sbottonano troppo le mie sensazioni sono state
1) nibc, ci stanno pensando a fare qualcosa, perche' quando gli ho parlato delle varie operazioni, le conoscevo forse meglio di me
2) aegon, di liability management, secondo me (spero di sbagliare perche' ne ho un vagone) non ne stanno parlando almeno a livello di investor relator. Non era al corrente dell'operazioni di ing.
Mi ha confermato che aegon tornera' ad un sizeable dividend nel 2012. e su questo punto l'ho fermato e bastonato!!!! gli ho detto con i perp a 50 tu non puoi pagare dividendo!!! devi fare buy back perp e pagare dividendo per un ammontare pari al capital gain fatto con il buy back. Lui ha risposto che e' una grande idea (se lo fanno gli mando una fattura di consulenza.......)
ultima cosa importante mi ha confermato che i tier in fiorini olandesi non saranno piu' eligible per essere conteggiare nel solvency margin quando entrera' in vigore solvency 2.
Ed allora gli ho chiesto: Perche' non gli fai un tender offer??)
insomma la pulce nell'orecchio al capo degli investor relator l'ho messa. Pero' dubito che in pochi giorni dalle parole passino ai fatti
OTTIMO STORDITS!!!
- Stato