oldmouseit
Forumer storico
Difatti non le hanno date
se ti interessa sulla 290 su un ordine di 1 milione ne hanno date 50.000 @ 82.5
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
se ti interessa sulla 290 su un ordine di 1 milione ne hanno date 50.000 @ 82.5
nochicco
Forumer attivo
se penso
che le ho comprate a 40 e vendute a 70 quando hanno fatto Pay Back a 70 un po' di tempo fa vederle qui a piu' di 80
che le ho comprate a 40 e vendute a 70 quando hanno fatto Pay Back a 70 un po' di tempo fa vederle qui a piu' di 80
nochicco
Forumer attivo
bia06
Listen other's viewpoint avoid conflicts & wars.
no perpetual no party
Forumer storico
splendida notizia
kbc si rafforza e la perpetua 8% non viene rimborsata sino al 2020!!
sperem.....
angy2008
Forumer storico
Mi sà che invece propenda per cambiarle con le B, ora deve definire le cessioni antitrust e poi cercherà di infilarci una supposta
solovaloreaggiunto
Forumer storico
Go long before February 19th
Our Outperform rating on Banco Popolare over the past 12 months has been largely driven by a non-consensual view that the outstanding EUR1bn 'soft' convertible will be redeemed in cash on maturity on March 24th 2014. The announcement by the company in late November that the merger of subsidiaries' CREBERG and Italease in the parent company will improve BP's CT1 ratio by c50bp further strengthened our conviction. Banco Popolare must formalise its intention vis-à-vis the convertible bond by February 19th at the latest. As in our view the confirmation of a redemption in cash will drive a material outperformance of the shares, we urge investors to be long the stock in anticipation of such announcement.
An additional positive catalyst on the horizon
According to the Italian press Banco Popolare is negotiating the possible disposal of a large portfolio of NPLs (various amounts touted, cEUR1bn is the most realistic in our view). As a large stock of impaired loans (18.6% of loans) and low coverage (27%) are often considered the main downside risks in the bank's investment case, a sale would in our view be regarded positively by market participants. Depending on the terms of the deal a disposal may also lead to a further increase in BP's CT1 ratio (we estimate a B3 FL CT1 ratio of c9% in 2014e).
The likely Q4 clean-up is a sideshow
Our estimates factor in a EUR250m extraordinary provision in Q4 13 in relation to the Bank of Italy's AQR. As a Q4 clean-up will not result in a material decline in BP's B3 FL capital ratios (any increase in accounting provisions would be offset by a corresponding reduction in capital deductions) we expect market participants to view it as a one-off.
A material share price rerating is on the cards in the next month
Banco Popolare trades on 2014e P/TBV of c0.4x and a 2015e P/E of c8.0x which we view as extremely compelling. We reduce our 2014e and 2015e adj. EPS estimates by respectively 11% and 6% (higher tax rate) and reiterate our Outperform rating on the stock
Our Outperform rating on Banco Popolare over the past 12 months has been largely driven by a non-consensual view that the outstanding EUR1bn 'soft' convertible will be redeemed in cash on maturity on March 24th 2014. The announcement by the company in late November that the merger of subsidiaries' CREBERG and Italease in the parent company will improve BP's CT1 ratio by c50bp further strengthened our conviction. Banco Popolare must formalise its intention vis-à-vis the convertible bond by February 19th at the latest. As in our view the confirmation of a redemption in cash will drive a material outperformance of the shares, we urge investors to be long the stock in anticipation of such announcement.
An additional positive catalyst on the horizon
According to the Italian press Banco Popolare is negotiating the possible disposal of a large portfolio of NPLs (various amounts touted, cEUR1bn is the most realistic in our view). As a large stock of impaired loans (18.6% of loans) and low coverage (27%) are often considered the main downside risks in the bank's investment case, a sale would in our view be regarded positively by market participants. Depending on the terms of the deal a disposal may also lead to a further increase in BP's CT1 ratio (we estimate a B3 FL CT1 ratio of c9% in 2014e).
The likely Q4 clean-up is a sideshow
Our estimates factor in a EUR250m extraordinary provision in Q4 13 in relation to the Bank of Italy's AQR. As a Q4 clean-up will not result in a material decline in BP's B3 FL capital ratios (any increase in accounting provisions would be offset by a corresponding reduction in capital deductions) we expect market participants to view it as a one-off.
A material share price rerating is on the cards in the next month
Banco Popolare trades on 2014e P/TBV of c0.4x and a 2015e P/E of c8.0x which we view as extremely compelling. We reduce our 2014e and 2015e adj. EPS estimates by respectively 11% and 6% (higher tax rate) and reiterate our Outperform rating on the stock
oldmouseit
Forumer storico
parlavo della 290, e comunque le controparti che valgono son quelle operative.
Io dovevo comprare, in pagina c'era di tutto e di più, anche 79 lettera.
Poi rispondono che non hanno carta.
capt.harlock
MENA IL CAMMELLO FAN CLUB
le dichiarazioni di cimbri degli ultimi giorni sembra vadano nella direzione accorpamento risp in ordinarie
vedremo, negli ultimi 2gg ho venduto il pacchetto di aegon call 2018 in fiorini e girate a leva su fsar e ordinarie