ferdo
Utente Senior
e quali sarebbero gli altri?
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
e quali sarebbero gli altri?
Ilmigliore
Osserva e agisci
ascot
Forumer attivo
capt.harlock
MENA IL CAMMELLO FAN CLUB
e'alla deriva l'olanda
prima sns non si puo' fondere con nib perche'no ad unione 2 banche deboli
poi no a ing rabo ecc.ecc. perche'troppo forti
poi rimborso debito junior un mese fa
adesso hc?
come direbbe bosmeld ... che li possinooo
bid operativo otc 155 39,5
c'e'un 40 ma non risponde
Ultima modifica:
Cat XL
Shizuka Minamoto
belindo
Guest
comunque in questi giorni di piattume totale, SNS ci tiene vigili e con il cervello attivatosara' (comunque vada) divertente vedere il risultato finale delle nostre ipotesi.
A attivato anche il mio che vesto questi prodotti era dormiente
amorgos34
CHIAGNI & FOTTI SRL
appena uscito
By Charles Daly
Jan. 28 (Bloomberg) -- A voluntary liability management
exercise (LME) of subordinated debt rather than coercive action
(a forced bail-in) is the likely first step in any potential
recapitalization of SNS REAAL (Baa3/BBB-/BBB+), says MUFJ credit
analyst Eva Olsson in an interview.
• LME route means bank could buy back tier 1 debt at a discount to par, in turn generating core tier 1 capital
• T1 debt issues paying coupons of 11.25% and 6.258% currently quoted at prices of 53.318 and 39.929 respectively, according to Bloomberg data
• Estimates if bank offered to take out these two bonds at 10% over current market price could generate ~EU200m of CT1 capital
• Alternative to LME is coercive action, so decision on next steps is binary and “high risk:” MUFJ
• Any bail-in could force bondholders to take a much worse haircut, depends largely on political decisions: MUFJ
• NOTE: SNS junior bonds stem decline on speculation it will sell stake
• NOTE: Earlier, Dutch Finance Minister said bank debt should be fully subject to bail-in
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Charles Daly in Stockholm at +46-8-610-0717 or
[email protected]
To contact the editor responsible for this story:
Deborah L Hyde at +44-20-3216-4829 or
[email protected]
By Charles Daly
Jan. 28 (Bloomberg) -- A voluntary liability management
exercise (LME) of subordinated debt rather than coercive action
(a forced bail-in) is the likely first step in any potential
recapitalization of SNS REAAL (Baa3/BBB-/BBB+), says MUFJ credit
analyst Eva Olsson in an interview.
• LME route means bank could buy back tier 1 debt at a discount to par, in turn generating core tier 1 capital
• T1 debt issues paying coupons of 11.25% and 6.258% currently quoted at prices of 53.318 and 39.929 respectively, according to Bloomberg data
• Estimates if bank offered to take out these two bonds at 10% over current market price could generate ~EU200m of CT1 capital
• Alternative to LME is coercive action, so decision on next steps is binary and “high risk:” MUFJ
• Any bail-in could force bondholders to take a much worse haircut, depends largely on political decisions: MUFJ
• NOTE: SNS junior bonds stem decline on speculation it will sell stake
• NOTE: Earlier, Dutch Finance Minister said bank debt should be fully subject to bail-in
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Charles Daly in Stockholm at +46-8-610-0717 or
[email protected]
To contact the editor responsible for this story:
Deborah L Hyde at +44-20-3216-4829 or
[email protected]
solovaloreaggiunto
Forumer storico
SNS Junior Bonds Stem Decline on Speculation It Will Sell S
take
SNS Junior Bonds Stem Decline on Speculation It Will Sell Stake
2013-01-28 11:27:36.466 GMT
By John Glover
Jan. 28 (Bloomberg) -- SNS Reaal NV’s subordinated bonds
rallied, stemming a decline of as much as 29 percent since Jan.
10, amid speculation the Dutch bank and insurer will be able to
sell a stake and avoid taking a bailout.
The company’s 250 million euros ($336 million) of 6.26
percent undated junior subordinated notes gained 5.08 percent to
38.88 cents on the euro, after falling to as little as 36.34
cents last week. The Utrecht-based bank said today it’s seeking
“a comprehensive solution” to its capital shortfall, involving
a share issue and transactions in outstanding subordinated
bonds.
“The small rally was on the back of press reports that SNS
was talking to potential investors in the private sector,” said
Simon Adamson, an analyst at CreditSights Inc. in London, who
said there is too much uncertainty for the junior bonds to be
attractive. “I can’t think why a private investor would get
involved at this stage. Some form of state capital and/or
guarantee seems inevitable to me.”
Losses on real estate loans have hindered SNS’s efforts to
repay a government bailout received during the 2008 financial
crisis and may prevent a successful outcome to its talks with
private investors as the parties struggle to assess their scale
of the shortfalls, according to the company statement. The real-
estate unit, bought from ABN Amro in 2006, may be spun off.
SNS spokesman Roland Kroes declined to comment.
While authorities have no power to write down debt under
current legislation, according to Adamson, they are able to
intervene by selling or transferring assets, deposits and other
liabilities out of a failing entity.
“Bondholders could be affected indirectly by a sale or
transfer of liabilities that leaves them in an entity in which
repayment is less probable,” he said. The distressed level of
the junior bonds “is not surprising given the likely need for
external support and for a group restructuring that could have
negative implications for bondholders.”
take
SNS Junior Bonds Stem Decline on Speculation It Will Sell Stake
2013-01-28 11:27:36.466 GMT
By John Glover
Jan. 28 (Bloomberg) -- SNS Reaal NV’s subordinated bonds
rallied, stemming a decline of as much as 29 percent since Jan.
10, amid speculation the Dutch bank and insurer will be able to
sell a stake and avoid taking a bailout.
The company’s 250 million euros ($336 million) of 6.26
percent undated junior subordinated notes gained 5.08 percent to
38.88 cents on the euro, after falling to as little as 36.34
cents last week. The Utrecht-based bank said today it’s seeking
“a comprehensive solution” to its capital shortfall, involving
a share issue and transactions in outstanding subordinated
bonds.
“The small rally was on the back of press reports that SNS
was talking to potential investors in the private sector,” said
Simon Adamson, an analyst at CreditSights Inc. in London, who
said there is too much uncertainty for the junior bonds to be
attractive. “I can’t think why a private investor would get
involved at this stage. Some form of state capital and/or
guarantee seems inevitable to me.”
Losses on real estate loans have hindered SNS’s efforts to
repay a government bailout received during the 2008 financial
crisis and may prevent a successful outcome to its talks with
private investors as the parties struggle to assess their scale
of the shortfalls, according to the company statement. The real-
estate unit, bought from ABN Amro in 2006, may be spun off.
SNS spokesman Roland Kroes declined to comment.
While authorities have no power to write down debt under
current legislation, according to Adamson, they are able to
intervene by selling or transferring assets, deposits and other
liabilities out of a failing entity.
“Bondholders could be affected indirectly by a sale or
transfer of liabilities that leaves them in an entity in which
repayment is less probable,” he said. The distressed level of
the junior bonds “is not surprising given the likely need for
external support and for a group restructuring that could have
negative implications for bondholders.”
Joe Silver
Forumer storico
SNS Bank
In tutto questo bailamme, a sorpresa i CDS restano abbastanza stabili : sui 380 per il senior 5y. Boh
Intanto ho provato ad acquistare la ASR 7,25% con IW. Impresa disperata
Una sola controparte che espone lettera a 102 e che poi rilancia a 106,5. Naturalmente l'ho mandata a spigolare.
In tutto questo bailamme, a sorpresa i CDS restano abbastanza stabili : sui 380 per il senior 5y. Boh
Intanto ho provato ad acquistare la ASR 7,25% con IW. Impresa disperata
Una sola controparte che espone lettera a 102 e che poi rilancia a 106,5. Naturalmente l'ho mandata a spigolare.- Stato