Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (3 lettori)

[mavalà]

groupama t1 a 40 dane'

ciumbia !!

 

[capt.harlock]

groupama t1 a 40 dane'

e la lettera?

 

[Tobia]

alla fine incrementato sns 155 @ 60.25

 

[solovaloreaggiunto]

42 sembrerebbe

 

[bosmeld]

groupama in buona salita anche oggi.


se i policyholder partecipano alla perdita del portafoglio azionario con almeno il 65%/70% è una salita meritata e può andare ancora.


altrimenti è tutto da vedere.

io purtroppo non lo so, quanta perdità si prenderanno i policyholder.

 

[mavalà]

Di seguito abbiamo preparato la lettera per SNS da inviare ( per chi vuole unirsi a noi CB,M,R,Z ) a tutte tre le segueni persone:

[email protected]
[email protected]
[email protected]

Reef ha preparato il link per il censimento che é giá operativo:

https://docs.google.com/spreadsheet/formResponse?formkey=dEZBTWFZZ0FWMDFTUmhCM1l1MURmTnc6MA&ifq

********************************************************
Subject: SNS and liability management operations
********************************************************

To the attention of Mr Bosscha, Mr Zijlema, Mrs van Wilgenburg-Kruisweg

We are a group of investors in both the following hybrid capital securities issued by SNS. We are currently holding several millions Euro for each one of these:

XS0468954523 Sns Bank 11.25%
XS0310904155 Sns Reeal Groep 6.258%


We are writing to you regarding the many liabilities management operations ( ie buy back of hybrid Tier 1 securities, perpetual bonds ) that are happening on the market: almost all the banks are making great profits and increasing their Core Tier 1 ratio in this very " inexpensive " way. Most of the European banks have done it and most recently Bawag, Erste Bank, EFG, Unicredit, Credit Agricole, Banco Popolare and Banca Intesa.
We are following closely SNS and we do not understand the reason why SNS has not performed yet such liability management exercise.
We are aware of the tender offer that you have made on LT2 securities back in November 2011 and the exchange offer made on the above XS0310904155 Sns Reeal Groep on the 12/11/2009. This is the reason why we are even more surprised by the fact SNS has not yet committed to such an important transaction more recently.

The more time goes by the more the prices of these securities move higher and the more SNS should pay in an hypothetical tender offer. At the beginning of the year the security XS0468954523 was trading as low as 58% of face value and it is now trading at around 82%. This represents out of the total Eur 320 mio issue, in case of a future tender offer, a missed profit of Euro 76,800,000. The potential missed profit on the other security totals Euro 50,000,000. To us it is unconceivable that SNS has refrained from doing such an operation intentionally without any good and specific reason. This is why we are asking you now if there is a specific cause to it.

We have reason to believe that there is still time to make a profitable and very well accepted tender offer on both securities.


Always hoping the best for SNS,


kind regards,



*********************************************************



Grazie a tutti.

bè dai, fatto 30 facciam0 31: mandala anche a nibc (magari cambiando il several millions con un più modesto few millions ... che se no chi ci crede ?)

se può servire, gli avevo scritto qualche tempo fa:

Dear ,

As you already indicate yourself, it is impossible for me to say anything about potential tender offer considerations by our bank.

Kind regards,
Toine Teulings




Toine Teulings
Associate Director
NIBC Treasury
Funding & Debt Investor Relations
+31-70-342 9836 phone
[email protected]



-----Original Message---
Sent: 31 January 2012 13:50
To: Toine Teulings
Subject: Re: prospectus

Thanks Mr. Teulings.
May I ask you if you are going to proceed shortly with some kind of tender offer on your t1 and t2 subordinated bonds, as in theese days done by Credit Agricole, Unicredit/Bank Austria/BNP over Fortis, etc. just to improve your Core Tier 1?
(I know usually this kind of questions cannot be satisfied by the banks’
IRs but, maybe, you could set your response in a certain way ) Many thanks for your kindness in anycase.

 

[reef]

XS0205497778 - BANCAJA EMISIONES 51.00 – 54.00
XS0119643897 - BAWAG PERP TV 68.00 – 70.50??
FR0010871269 – Bpce Perp 9% 86.00 – 87.00

Per curiosità, se qualcuno riesce a comprare Bancaja per favore lo comunichi.
Ho provato diverse volte anche a 3-4 figure sopra la lettera ma nulla.
Ora ho desistito, troppo sottile...

 

[Marco1974]

Era così anche stamattina con IW, e del resto anche le UBI nel giorno dell'OPA si compravano sopra il livello opa.

Una domanda: ma Bancaja ha già opato? Qualche banca spagnola che l'ha fatto? Volendo diversificare un po' dalle austriache...

La 778 non dovrebbe essere stata opata.
Tra le spagnole m iricordo che Santander l'ha fatta.

 

[cris71]

nibc 512

incrementato a 40,60

 

[drbs315]

Leggero incremento sulla Cnp328 a 45