Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (4 lettori)
- Creatore Discussione Joe Silver
- Data di Inizio
calmau
Forumer attivo
....carige ha sempre pagato le cedole sui suoi Bond ....a gennaio non ha rimborsato in cash una manciata di milioni di una convertibile su indicazione della BDI.......lo farà il prossimo gennaio a 116 ...e forse anche con qualche caramella in omaggio....per farsi perdonare
per orapiu che caramelle sono supposte nonnews
apaci2
Ad bestias
Vi ricordate cosa dicevano gli analisti AT di Citi all'inizio del tapering in merito ai tassi dei Treasuries - per loro sarebbero scesi-. Bene per ora il mercato gli dà ragione
Citi: "Time For Yields To Correct Lower" | Zero Hedge
Citi: "Time For Yields To Correct Lower" | Zero Hedge
solovaloreaggiunto
Forumer storico
GE 5.25% callable 15/06/2023 isin US369622ST38 , taglio 100k usd +100k, si compra a 94.75 , ytc del 6% rating del perp AA- ...di chiu' nun saccio..
manul
Banned
grazie non lo conoscevo
Basel Committee Eases Its Liquidity Guidance, a Credit Negative
On 12 January, the Basel Committee on Banking Supervision (BCBS) published several documents on the
Basel III framework, which is still a work in progress. It published a consultative document on the net stable
funding ratio (NSFR) together with three guidance documents on liquidity coverage ratio disclosure
standards, guidance for supervisors on market-based indicators of liquidity and leverage ratio framework
and disclosure requirements. Although the committee’s guidance and proposals indicate progress toward the
full completion of the Basel III framework, they ease many proposals, which is credit negative for banks.
The BCBS clearly expressed concerns about a trade-off between the goal of achieving financial stability and
encouraging bank intermediation. The banking industry has repeatedly argued that imposing too stringent
a regulatory framework would deprive ailing economies of much-needed lending, thereby delaying
economic recovery. In recognition of this risk, the BCBS watered down earlier proposals to ease the
constraints imposed on banks.
As a reminder, in January 2013, the BCBS relaxed the liquidity coverage ratio (LCR) minimum
requirement and its implementation schedule. The revised guidance confirms that the LCR will be phased
in between 2015 and 2019, with a minimum threshold set at 60% (instead of 100% as per previous
guidance) on January 2015, rising in equal 10-percentage-point steps per year to 100% in 2019.
Under the new guidance on LCR disclosures, the BCBS has defined a template for public reporting that
will ensure some consistency across banks and jurisdictions, a boon to bank credit analysis. However, the
BCBS also indicated that the disclosure of liquidity positions under certain circumstances, such as a stressed
environment, might be challenging. Consequently, banks will be required to merely publish the overall
amount of high quality liquid assets (HQLA) they hold without disclosing the breakdown of those assets.
The pool of HQLA comprises Level 1 assets (highest quality) and Level 2-A and Level 2-B assets, which are
lower quality. Moreover, local supervisors have the flexibility to include assets not listed by the BCBS in
Level 2-B category, with a cap set at a 15% maximum of total HQLA. The aim of transparency,
comparability and consistency would be compromised if limited information is published on the
composition of HQLA. The BCBS stipulates, however, that banks could provide more granular
information where relevant, including on the composition of HQLA.
The BCBS also indicates that countries that receive financial support may choose a different
implementation schedule, less immediate than the 2015-19 schedule, and choose less comprehensive
disclosure requirements for their banking systems.
The BCBS also defines the “available amount of stable resources” numerator of the net stable funding ratio,
which is to be implemented in 2018, less stringently. In the original 2010 proposal, a 10% haircut was
applied to stable deposits, versus 5% in the revised proposal. Items of “required stable funding” in the
denominator of the ratio have also been relaxed. For example, some retail loans that required 85% stable
funding under the 2010’s proposal will now require 50%.
On 12 January, the Basel Committee on Banking Supervision (BCBS) published several documents on the
Basel III framework, which is still a work in progress. It published a consultative document on the net stable
funding ratio (NSFR) together with three guidance documents on liquidity coverage ratio disclosure
standards, guidance for supervisors on market-based indicators of liquidity and leverage ratio framework
and disclosure requirements. Although the committee’s guidance and proposals indicate progress toward the
full completion of the Basel III framework, they ease many proposals, which is credit negative for banks.
The BCBS clearly expressed concerns about a trade-off between the goal of achieving financial stability and
encouraging bank intermediation. The banking industry has repeatedly argued that imposing too stringent
a regulatory framework would deprive ailing economies of much-needed lending, thereby delaying
economic recovery. In recognition of this risk, the BCBS watered down earlier proposals to ease the
constraints imposed on banks.
As a reminder, in January 2013, the BCBS relaxed the liquidity coverage ratio (LCR) minimum
requirement and its implementation schedule. The revised guidance confirms that the LCR will be phased
in between 2015 and 2019, with a minimum threshold set at 60% (instead of 100% as per previous
guidance) on January 2015, rising in equal 10-percentage-point steps per year to 100% in 2019.
Under the new guidance on LCR disclosures, the BCBS has defined a template for public reporting that
will ensure some consistency across banks and jurisdictions, a boon to bank credit analysis. However, the
BCBS also indicated that the disclosure of liquidity positions under certain circumstances, such as a stressed
environment, might be challenging. Consequently, banks will be required to merely publish the overall
amount of high quality liquid assets (HQLA) they hold without disclosing the breakdown of those assets.
The pool of HQLA comprises Level 1 assets (highest quality) and Level 2-A and Level 2-B assets, which are
lower quality. Moreover, local supervisors have the flexibility to include assets not listed by the BCBS in
Level 2-B category, with a cap set at a 15% maximum of total HQLA. The aim of transparency,
comparability and consistency would be compromised if limited information is published on the
composition of HQLA. The BCBS stipulates, however, that banks could provide more granular
information where relevant, including on the composition of HQLA.
The BCBS also indicates that countries that receive financial support may choose a different
implementation schedule, less immediate than the 2015-19 schedule, and choose less comprehensive
disclosure requirements for their banking systems.
The BCBS also defines the “available amount of stable resources” numerator of the net stable funding ratio,
which is to be implemented in 2018, less stringently. In the original 2010 proposal, a 10% haircut was
applied to stable deposits, versus 5% in the revised proposal. Items of “required stable funding” in the
denominator of the ratio have also been relaxed. For example, some retail loans that required 85% stable
funding under the 2010’s proposal will now require 50%.
azetaelle
investitore(s)qualificato
GE 5.25% callable 15/06/2023 isin US369622ST38 , taglio 100k usd +100k, si compra a 94.75 , ytc del 6% rating del perp AA- ...di chiu' nun saccio..
è una preferred, la trovi nel file excel a pag.1 del thread dedicato
Vet
Forumer storico
Possessore della convertibile ?......e se si a quanto se non sono indiscreto....se ti può interessare la LT2 2020 di Carige al 7,321% adesso viaggia in lettera a 104,23........continuo a preferire la 2016...a 83.- 85..la convertibile non l'avevo neanche presa in considerazione..
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