bia06
Listen other's viewpoint avoid conflicts & wars.
Ciao
A memoria le BPCE hanno la clausola make whole. Se non erro Negusneg aveva postato.
A memoria le BPCE hanno la clausola make whole. Se non erro Negusneg aveva postato.
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Vet
Forumer storico
Vedo poche alternative più appetibili di questa.
L'attività mi sembra tutto fuorché indice di una banca con problemi quindi checcifa a 53,5?
FE Investegate |NIBC Bank N.V. Announcements | NIBC Bank N.V.: NIBC successfully launches EUR 500 million AAA rat
Il problema e' il prezzo che il mercato attribuisce a questa emittente ...sempre meno Di 10.-15 punti rispetto a omologhe irs...e non da adesso ...probabilmente è ad uso e consumo di pochi collezionisti......forse in gran parte. di questo forum.....
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fabriziof
Forumer storico
sì dalla nib non si può pretendere troppo.ricordo tempo fa sul tlx c'era una nib senior ,si prendeva a 98 2 mesi prima della scadenza,il mm non si fidava proprio(peggio della senior banca marche in scadenza questi giorni
)
drbs315
Forumer storico
In effetti penso proprio la causa sia nel fatto che sono completamente fuori dai radar istituzionali - sia i titoli in sè, tipicamente retail che la banchetta, tutt'altro che sistemica pure in Olanda.
Cmq, per me almeno, meglio così, almeno senza esagerare si può raccattare qcs a prezzi accettabili; il gap rispetto alle altre non lo recupererà mai completamente, se non alla call
Royal Bank of Scotland’s Forced Sale of Branches Is Credit Negative for Bondholders
Last Friday, Royal Bank of Scotland Group plc(RBS, Baa1 review for downgrade) announced it will sell
314 branches serving retail and small and midsize enterprise (SME) customers in the UK through an initial
public offering (IPO) of its Williams & Glyn’s (WG) entity.
The sale of these branches is credit negative for RBS bondholders because it will reduce the group’s UK
market share and result in the loss of a portion of stable and predictable earnings. In addition, given the
high degree of integration within the RBS retail and commercial banking operations, the segregation of
these branches will increase the risk of operational disruption and generate additional costs.
RBS will issue a £600 million bond, to which a consortium of investors led by private equity firms Corsair
(unrated) and Centerbridge (unrated) will subscribe. The RBS markets division will partly finance the
consortium’s purchase. Upon completion of the IPO, the bond will be exchanged for a significant minority
equity stake in WG.
The European Commission (EC) required RBS to sell part of its UK branch network as a condition to its
approval of the UK government’s £45 billion capital injection into the bank at the height of the financial
crisis. However, the IPO will only be executed when the branches are operationally separated from the rest
of the RBS, a process we expect will take some time.
The size of the investor group’s minority participation in WG from the exchange of the bond into equity
will depend on the tangible book value of WG before the IPO. The investor group will also have the
opportunity to acquire an additional 10% stake in WG at the IPO price, but its investment in WG will not
exceed 49%.
Disposing of the WG branches will reduce the RBS share of the UK SME market to 31% from 36% and its
15.0% current share of the UK deposit market to 13.6%. As a result, RBS will no longer benefit from the
corresponding portion of income generated by the WG branches. RBS has indicated that the branches that
will be transferred to WG generated an operating pre-tax profit of £168 million in the first half of this year,
or 12% of the group’s operating income.
RBS originally agreed with the EC to complete the sale of some of its UK branches by November, but later
said it would apply for an extension. RBS entered into a sale agreement on these branches with Santander
UK PLC(A2 negative, C-/baa1 stable),1
but the deal was cancelled at the end of last year when Santander
informed RBS that it did not believe the agreed upon conditions would be satisfied by a deadline that
Santander would not to extend. Missing that deadline points to the complexity and associated costs
involved in segregating a relatively small portion of a business that is well integrated into the RBS
operations.
Last Friday, Royal Bank of Scotland Group plc(RBS, Baa1 review for downgrade) announced it will sell
314 branches serving retail and small and midsize enterprise (SME) customers in the UK through an initial
public offering (IPO) of its Williams & Glyn’s (WG) entity.
The sale of these branches is credit negative for RBS bondholders because it will reduce the group’s UK
market share and result in the loss of a portion of stable and predictable earnings. In addition, given the
high degree of integration within the RBS retail and commercial banking operations, the segregation of
these branches will increase the risk of operational disruption and generate additional costs.
RBS will issue a £600 million bond, to which a consortium of investors led by private equity firms Corsair
(unrated) and Centerbridge (unrated) will subscribe. The RBS markets division will partly finance the
consortium’s purchase. Upon completion of the IPO, the bond will be exchanged for a significant minority
equity stake in WG.
The European Commission (EC) required RBS to sell part of its UK branch network as a condition to its
approval of the UK government’s £45 billion capital injection into the bank at the height of the financial
crisis. However, the IPO will only be executed when the branches are operationally separated from the rest
of the RBS, a process we expect will take some time.
The size of the investor group’s minority participation in WG from the exchange of the bond into equity
will depend on the tangible book value of WG before the IPO. The investor group will also have the
opportunity to acquire an additional 10% stake in WG at the IPO price, but its investment in WG will not
exceed 49%.
Disposing of the WG branches will reduce the RBS share of the UK SME market to 31% from 36% and its
15.0% current share of the UK deposit market to 13.6%. As a result, RBS will no longer benefit from the
corresponding portion of income generated by the WG branches. RBS has indicated that the branches that
will be transferred to WG generated an operating pre-tax profit of £168 million in the first half of this year,
or 12% of the group’s operating income.
RBS originally agreed with the EC to complete the sale of some of its UK branches by November, but later
said it would apply for an extension. RBS entered into a sale agreement on these branches with Santander
UK PLC(A2 negative, C-/baa1 stable),1
but the deal was cancelled at the end of last year when Santander
informed RBS that it did not believe the agreed upon conditions would be satisfied by a deadline that
Santander would not to extend. Missing that deadline points to the complexity and associated costs
involved in segregating a relatively small portion of a business that is well integrated into the RBS
operations.
claudioborghi
Twitter: @borghi_claudio
Ovvio che se uno pensa al trading il gap potrebbe rimanere a lungo, ma per il cassetto rispetto a un altro emittente sono 10+ punti regalati e non è poco
Rottweiler
Forumer storico
Beh, dai è oggettivo...
Questo è lo spread
Valore Spread BTP-BUND 10 Y - 720 giorni
riesci a distinguere queste giornate "sconvolgenti e decisive" dagli altri giorni in cui la notizia principale era il calciomercato o qualche statistica della cgia di mestre?
NB ricordiamo che le ultime due sparate (serie, non i tredini mini mini di questi giorni) verso l'alto che si vedono nel grafico sono avvenute con monti
La tua "oggettività"
lol:) è ben rappresentata anche da questo tuo post, nel quale riesci a sottintendere che sia stato Monti ad inquietare i mercati.Se in un condominio arrivasse un piromane, e io segnalassi un (potenziale) pericolo, tu risponderesti: no problem, ci sono i pompieri....
Bravo!
Così se, ragionando grazie al cielo in astratto, un Caimano si apprestasse a governare l'Italia, magari mettendo il mitico professor Bagnai, della mitica università di Chieti-Pescara, al Bilancio, tu risponderesti di non preoccuparci: è come se arrivasse Visco (Ignazio...). Tanto c'è Draghi....
Confermo: dialogare con la tua "oggettività" è impresa veramente ardua...
Rottweiler
Forumer storico
Nel caso della BPCE 12.5% (che era il tema della domanda) la tua memoria non ti rende un buon servizio...
In ogni caso, anche le 9%, 9.25% e 13% hanno la Par Call.
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