londonwhale
Forumer storico
Bnp 4.875%
Offer su LUX @ 97.9
Io ho switchato da UCG LT2 ammortizing IT0004780562
Offer su LUX @ 97.9
Io ho switchato da UCG LT2 ammortizing IT0004780562
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
amorgos34
CHIAGNI & FOTTI SRL
Mi sono comprato Groupama FR0010533414 sperando i risultati tra 2 settimane possono dare una bella spinta verso i 100...
Acquistata a 90 tondi tondi
Che ne pensi Rott ?
Cioa Max,
non so la previsione di Rott (che saluto
), questa, non so se ti era sfuggita, era quella di Martel...
maxolone
Forumer storico
Presa proprio a seguito dell'intervista su Figaro...
Cioa Max,
non so la previsione di Rott (che saluto
frmaoro
il Fankazzista
VENEZUELA 27 9.25 Eseguito Acquisto Obbligazioni 5.000 64,43 ETLX 07/02/2014
15:04:50
15:04:50
fabriziof
Forumer storico
Ci sono ben 2 3D sul Venezuela ,quando hai queste belle notizie postalo li,ci metti su di morale
Myskin
Forumer stoico
Ci sono ben 2 3D sul Venezuela ,quando hai queste belle notizie postalo li,ci metti su di morale
no no lascialo qui che là ci sono abbastanza notizie da far rizzare i capelli
TheLondoner
Forumer storico
Buon pomeriggio Amici.... sull'OMT un autorevole parere ....
Bce: Moavero, molto positiva decisione tedesca su Omt
ROMA (MF-DJ)--La decisione della Corte Costituzionale tedesca di rinviare alla Corte europea la decisione sul programma Omt della Bce è "estremamente positiva".
Lo ha detto il ministro per gli Affari europei, Enzo Moavero Milanesi, spiegando che la scelta della Corte tedesca conferma che "spetta alla Corte europea l'interpretazione dei trattati" in modo che "venga garantita l'unicitá del diritto".
Bce: Moavero, molto positiva decisione tedesca su Omt
ROMA (MF-DJ)--La decisione della Corte Costituzionale tedesca di rinviare alla Corte europea la decisione sul programma Omt della Bce è "estremamente positiva".
Lo ha detto il ministro per gli Affari europei, Enzo Moavero Milanesi, spiegando che la scelta della Corte tedesca conferma che "spetta alla Corte europea l'interpretazione dei trattati" in modo che "venga garantita l'unicitá del diritto".
amorgos34
CHIAGNI & FOTTI SRL
L'ottimismo di JPM sull'implementazione dell'OMT
But, there are two important ways in which the final ruling can be in favour of the OMT. The first is that the ECJ is likely to rule much more favourably. The second is that the German Court left the door wide open to a favourable ruling. In particular, it said that OMT could be intra vires (i.e. within the ECB's mandate) if it could be interpreted or limited in a way that did not undermine the conditionality of an ESM programme and would only be supportive of the economic policies of member states (rather than taking the lead). This could be achieved through three conditions. First, that the ECB must exclude the "acceptance of debt cuts". Second, that OMT purchases should not be unlimited. And, third, that "interference with price formation on the markets is to be avoided where possible."
We do not think that such limitations would undermine the OMT. First, that the ECB must have senior status in the case of default would be new. But, the ECB would only hold bonds in the 1-3 year maturity segment, limiting the additional default burden that would be placed on private investors. Second, the ECB has not set a quantitative limit on OMT, but a limit is effectively set by the size of the bond market (in the 1-3 year maturity segment) and because issuance behaviour would be closely monitored. In practice, governments could limit bond issuance as part of the ESM conditionality and the ECB could amend the OMT language, saying something like: "no quantitative limit is set on OMT but we take note of the limits implied by the ESM programme." Finally, the Court's condition about interfering with price formation is vague, but we would note that OMT only targets the convertibility risk premium. Hence, bond yields would still differ by country and exert pressure on governments to put their houses in order.
Overall, it is unclear what the Court's final ruling will be, but it has given itself a clear path toward making a "yes, but" ruling that does not block OMT. This remains our expectation. In the meantime, the ECB can activate OMT given that the Court has not placed an injunction on it.
But, there are two important ways in which the final ruling can be in favour of the OMT. The first is that the ECJ is likely to rule much more favourably. The second is that the German Court left the door wide open to a favourable ruling. In particular, it said that OMT could be intra vires (i.e. within the ECB's mandate) if it could be interpreted or limited in a way that did not undermine the conditionality of an ESM programme and would only be supportive of the economic policies of member states (rather than taking the lead). This could be achieved through three conditions. First, that the ECB must exclude the "acceptance of debt cuts". Second, that OMT purchases should not be unlimited. And, third, that "interference with price formation on the markets is to be avoided where possible."
We do not think that such limitations would undermine the OMT. First, that the ECB must have senior status in the case of default would be new. But, the ECB would only hold bonds in the 1-3 year maturity segment, limiting the additional default burden that would be placed on private investors. Second, the ECB has not set a quantitative limit on OMT, but a limit is effectively set by the size of the bond market (in the 1-3 year maturity segment) and because issuance behaviour would be closely monitored. In practice, governments could limit bond issuance as part of the ESM conditionality and the ECB could amend the OMT language, saying something like: "no quantitative limit is set on OMT but we take note of the limits implied by the ESM programme." Finally, the Court's condition about interfering with price formation is vague, but we would note that OMT only targets the convertibility risk premium. Hence, bond yields would still differ by country and exert pressure on governments to put their houses in order.
Overall, it is unclear what the Court's final ruling will be, but it has given itself a clear path toward making a "yes, but" ruling that does not block OMT. This remains our expectation. In the meantime, the ECB can activate OMT given that the Court has not placed an injunction on it.