Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (8 lettori)

[Joe Silver]

Latam

io brasile e argentina

forse e' il gioco delle 3 carte una vince e 2 perdono

Il gioco delle tre carte - YouTube

PS: Per completezza di informazione (come dicono quelli fichi...) devo dire che ho tenuto dei microcip-ricordo di JBS, General Shopping e Petrobras.

 

[gionmorg]

BPM’s Main Shareholder Sells Its Stake, Destabilizing Its Capital Raise
On 25 January, Investindustrial (unrated) informed Banca Popolare di Milano S.C.a.r.l. (BPM, B1
negative, E+/b2 negative9
) and Consob, the Italian financial authority, that it had sold its entire 8.6% stake
in BPM.
The exit of BPM’s largest institutional investor is credit negative because it risks undermining the bank’s
ability to raise capital at a time when many Italian institutions are competing to raise fresh equity because of
the upcoming Comprehensive Assessment (CA) to be conducted by the European Central Bank (ECB).10
The CA is the ECB’s assessment of bank’s balance sheet vulnerabilities ahead of its assumption of the
regulatory responsibility for European banks.
As we have noted previously,11 many weak Italian banks will be challenged to close the capital shortfall
needed to reach the ECB’s required 8% Common Equity Tier 1 minimum capital buffer. BPM had a core
Tier 1 ratio of 7.25% at the end of third-quarter 2013 and is planning a €500 million rights issue to be
completed by July 2014.
Investindustrial, which operates as an active investor and is usually involved in the management of the
companies in which it invests, bought its stake in BPM in November 2011. Since its entry, it had a
significant influence on the bank’s management and had a deep knowledge of the bank and its business
because Investindustrial’s founder was BPM’s previous president of the board management.
Investindustrial’s exit at this time risks being understood as a vote of no confidence, and its sale may give a
negative signal to existing and prospective equity investors.
BPM’s previous pre-underwriting agreement (which expires by the end of April) was conditioned on reform
of the bank’s corporate governance,12 which also is a key discussion topic between BPM and Italy’s banking
regulator, the Bank of Italy. The Investindustrial’s exit while BPM has been engaged in a dispute with the
Italian regulator on its corporate governance structure also suggests its reduced confidence in the successful
outcome of the dispute, further raising the obstacles to a successful rights issue.

 

[gionmorg]

Banco Popolare Increases Capital Following a Net Loss, a Credit Positive
On 24 January, Banco Popolare Società Cooperativa (Ba3 positive, E+/b3 positive13) approved a share issue
up to €1.5 billion and announced a preliminary net loss of about €600 million in 2013. The net loss was
largely attributable to an increase of loan loss provisions following an inspection by the Bank of Italy.
The share issuance and the recognition of credit losses in advance of the ECB’s comprehensive assessment
are credit positive for the bank’s bondholders. Banco Popolare will be in a stronger position because its
share issue, which will be underwritten by UBS and Mediobanca and is to be completed in the first half of
this year, will strengthen its pro-forma fully loaded Basel III CET1 ratio to about 10%, and its asset quality
has been closely reviewed following the regulatory inspection. Banco Popolare’s high problem loans relative
to equity and loan loss reserves (98% in September 2013) made the bank vulnerable to even a small
parameter adjustment by the ECB.
The net loss, well above our expectations, was primarily generated by an increase of net loan loss provisions
to €1.7 billion (compared to €1.3 billion in 2012) and, to a lesser extent, by non-operating costs. The
provisions increase largely follows an inspection by the Bank of Italy, which has now concluded. The
regulator recommended provisions for nonperforming forborne exposures -- a new class of problem loans
introduced by the European Banking Authority in October 2013 and not previously provisioned -- in
addition to a stricter recognition of problem loans and higher reserve coverage.
By having the share issue fully underwritten, Banco Popolare has moved in advance of capital increases
expected by other banks such as Banca Monte dei Paschi di Siena S.p.A. (B2 negative, E/caa3), Banca
Popolare di Milano S.C.a.r.l. (B1 negative, E+/b2 stable) and Banca Carige S.p.A. (B3 negative, E/caa2
negative), which have instead delayed their required capital strengthening.

 

[apaci2]

Mi sa che mi sono perso qualcosa

Titolo: Finanza: la bad bank non sara' di sistema (MF)
Ora: 04/02/2014 08:09
Testo:
MILANO (MF-DJ)--Stando ai sondaggi effettuati nei mesi scorsi da alcune
societa' di consulenza e da alcune banche d'affari (tra cui Mediobanca)
tra i responsabili dei principali gruppi bancari italiani, sembra esclusa
la possibilita' di procedere alla costituzione di una bad bank di sistema,
sul modello di quanto fatto negli anni scorsi in Irlanda e in Spagna.

Tuttavia, scrive MF, se Intesa Sanpaolo, come anticipato ieri da FT,
decidesse realmente di procedere su questa strada, il dibattito sulla bad
bank potrebbe riaprirsi anche in Italia. Difficile, pero', anche alla luce
del quadro di finanza pubblica dello Stato che, seppure si trovasse la
convergenza per costituire una bad bank di sistema, questa possa essere
finanziata dallamano pubblica.Uno scenario, quest'ultimo, che anche il
Fondo monetario internazionale ha gia' allontanato per l'Italia,
affermando che non servirebbe. Nonostante la mancanza di dettagli,
l'ipotesi che Intesa Sanpaolo abbia realmente in cantiere una bad bank e'
stata bene accolta dagli analisti che seguono il titolo della Ca' de Sass.
Secondo gli esperti di Mediobanca Securities, che lo scorso anno avevano
indicato in una bad bank di sistema una delle soluzioni capaci di mettere
ordine nei bilanci della banche.
​

 

[Myskin]

incrementato bfcm 712 @71.75

 

[riccio43]

chi conosce il rating della Lodi? grazie
ho provato a chiedere a loro ma danno informazioni solo ai clienti!!!!!

 

[azetaelle]

chi conosce il rating della Lodi? grazie
ho provato a chiedere a loro ma danno informazioni solo ai clienti!!!!!

Analisi ed aggiornamenti delle società di rating | Banco Popolare

 

[solovaloreaggiunto]

cosa ne pensate della Investec 7,075% callable 24/06/2015 ? si compra a 100.... post call 3m eur +562 ... taglio 1000.. ha doppio listing su UK e Sud africa , essendo 70 % profit da Sud Africa. il T1 comunque e' emesso dalla societa' UK...

 

[fabriziof]

cosa ne pensate della Investec 7,075% callable 24/06/2015 ? si compra a 100.... post call 3m eur +562 ... taglio 1000.. ha doppio listing su UK e Sud africa , essendo 70 % profit da Sud Africa. il T1 comunque e' emesso dalla societa' UK...

Presa un anno e mezzo fa a 80 come bene rifugio durante la crisi euro,oggi la venderei se la call fosse lontana ,invece penso che aspetterò pigramente che venga richiamata.

 

[solovaloreaggiunto]

infatti , visto il post call e le nuove normative mi dicono che la probabilita' e' molto elevata..quindo un rendimento cosi a 1 anno non e' affatto male..