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

[Andre_Sant]

LONDON, Feb 11 (IFR) - Spain's second largest bank BBVA is testing European investor demand for a new Additional Tier 1 euro bond at low to mid 7%, according to a lead manager involved in the deal.
The perpetual non-call five-year issue is expected to be rated BB- by Fitch and will be BBVA's second Additional Tier 1 transaction in less than a year.
Barclays, BBVA, Citi and Morgan Stanley are joint bookrunners for the transaction, which will convert to equity if the bank breaches a 5.125% (bank and group) Common Equity Tier 1 trigger. Pricing is expected later today. (Reporting by Aimee Donnellan, Editing by Helene Durand, Julian Baker)

 

[marc]

Quella é ,di perpetue non ce ne sono altre .do per scontata la call tra un anno e mezzo e non mi preoccupo più di tanto

grazie, anke se nn callata..per me é interessante il post

 

[riccio43]

Hai letto l'altro giorno l'articolo che ho postato secondo la quale c'é il rischio che la credit suisse venga richiamata a 100 in qualunque momento ,motivo per cui é scesa da 107 a 103 ?

no mi e' sfuggito. E' arriva to a 103 speriamo bene

 

[maxolone]

Visto che Amor sembra latitare prendo il suo posto...molto denaro soprattutto sulla 414...titolo rischiosissimo dice sempre Amor

FITCH UPGRADES GROUPAMA'S IFS RATING TO 'BBB'; OUTLOOK POSITIVE

Fitch Ratings-Paris/London-11 February 2014: Fitch Ratings has upgraded Groupama
S.A.'s and its core subsidiaries' Insurer Financial Strength (IFS) ratings to
'BBB' from 'BBB-'. Groupama S.A.'s Issuer Default Rating (IDR) has also been
upgraded to 'BBB-' from 'BB+'. The Outlooks on the IDR and IFS ratings have also
been revised to Positive from Stable.

The subordinated debt instruments issued by Groupama S.A. have been upgraded to
'BB' from 'BB-'.

KEY RATING DRIVERS

The upgrades reflect the group's return to profit in its 1H13 to EUR187m,
compared with a EUR87m loss in 1H12, mostly due to the absence of exceptional
charges. Profit recovery was also due to a stronger contribution from the French
business, while international insurance operations and banking activities
generated stable positive net income.

The ratings also reflect an improvement in Groupama's combined ratio to 100.9%
(103.2% at 1H12) as well as management's conservative decision to strengthen the
life fund for future appropriation by EUR250m.

In addition, Groupama's solvency was solid at 1H13 (Solvency 1 ratio of 170%)
and financial leverage improved to 32% from 34%. Both metrics are strong
compared with Fitch medians for insurance groups rated in the 'BBB' category.

The change in Outlook to Positive reflects Fitch's expectation that the recovery
in profitability is likely to be sustained for FY13 and into 2014.

RATING SENSITIVITIES

Key rating triggers that could result in a rating upgrade include a sustained
improvement in profitability, with annual net income above EUR200m on average
over the cycle, together with no material deterioration in solvency or financial
leverage from current levels.

The ratings actions are as follows:

Groupama S.A.

IFS rating upgraded to 'BBB' from 'BBB-'; Outlook revised to Positive from
Stable

Long-term IDR upgraded to 'BBB-' from 'BB+'; Outlook revised to Positive from
Stable

Dated subordinated debt (ISIN FR0010815464) upgraded to 'BB' from 'BB-'

Undated subordinated debt (ISIN FR0010208751) upgraded to 'BB' from 'BB-'

Undated deeply subordinated debt (ISIN FR0010533414) upgraded to 'BB' from 'BB-'



Groupama GAN Vie

IFS rating upgraded to 'BBB' from 'BBB-'; Outlook revised to Positive from
Stable

GAN Assurances

IFS rating upgraded to 'BBB' from 'BBB-'; Outlook revised to Positive from
Stable

Contact:

Primary Analyst

Marc-Philippe Juilliard

Senior Director

+33 1 44 29 91 37

Fitch France S.A.S.

 

[Myskin]

Visto che Amor sembra latitare prendo il suo posto...molto denaro soprattutto sulla 414...titolo rischiosissimo dice sempre Amor

FITCH UPGRADES GROUPAMA'S IFS RATING TO 'BBB'; OUTLOOK POSITIVE

Fitch Ratings-Paris/London-11 February 2014: Fitch Ratings has upgraded Groupama
S.A.'s and its core subsidiaries' Insurer Financial Strength (IFS) ratings to
'BBB' from 'BBB-'. Groupama S.A.'s Issuer Default Rating (IDR) has also been
upgraded to 'BBB-' from 'BB+'. The Outlooks on the IDR and IFS ratings have also
been revised to Positive from Stable.

The subordinated debt instruments issued by Groupama S.A. have been upgraded to
'BB' from 'BB-'.

KEY RATING DRIVERS

The upgrades reflect the group's return to profit in its 1H13 to EUR187m,
compared with a EUR87m loss in 1H12, mostly due to the absence of exceptional
charges. Profit recovery was also due to a stronger contribution from the French
business, while international insurance operations and banking activities
generated stable positive net income.

The ratings also reflect an improvement in Groupama's combined ratio to 100.9%
(103.2% at 1H12) as well as management's conservative decision to strengthen the
life fund for future appropriation by EUR250m.

In addition, Groupama's solvency was solid at 1H13 (Solvency 1 ratio of 170%)
and financial leverage improved to 32% from 34%. Both metrics are strong
compared with Fitch medians for insurance groups rated in the 'BBB' category.

The change in Outlook to Positive reflects Fitch's expectation that the recovery
in profitability is likely to be sustained for FY13 and into 2014.

RATING SENSITIVITIES

Key rating triggers that could result in a rating upgrade include a sustained
improvement in profitability, with annual net income above EUR200m on average
over the cycle, together with no material deterioration in solvency or financial
leverage from current levels.

The ratings actions are as follows:

Groupama S.A.

IFS rating upgraded to 'BBB' from 'BBB-'; Outlook revised to Positive from
Stable

Long-term IDR upgraded to 'BBB-' from 'BB+'; Outlook revised to Positive from
Stable

Dated subordinated debt (ISIN FR0010815464) upgraded to 'BB' from 'BB-'

Undated subordinated debt (ISIN FR0010208751) upgraded to 'BB' from 'BB-'

Undated deeply subordinated debt (ISIN FR0010533414) upgraded to 'BB' from 'BB-'



Groupama GAN Vie

IFS rating upgraded to 'BBB' from 'BBB-'; Outlook revised to Positive from
Stable

GAN Assurances

IFS rating upgraded to 'BBB' from 'BBB-'; Outlook revised to Positive from
Stable

Contact:

Primary Analyst

Marc-Philippe Juilliard

Senior Director

+33 1 44 29 91 37

Fitch France S.A.S.

ecco la ragione dei rialzi

 

[amorgos34]

Visto che Amor sembra latitare prendo il suo posto...molto denaro soprattutto sulla 414...titolo rischiosissimo dice sempre Amor

Caro Max,

dicono che sono monotematico.

Specifica per gli eccellenti newcomers che "titolo rischiosissimo" è un refrain.

Dimenticavo : titolo rischiosissimo, sconsiglio in ogni modo l'ingresso, come può salire può scendere; sono sicuro che scenderà.

 

[fabriziof]

Caro Max,

dicono che sono monotematico.

Specifica per gli eccellenti newcomers che "titolo rischiosissimo" è un refrain.

Dimenticavo : titolo rischiosissimo, sconsiglio in ogni modo l'ingresso.

Ma dicono chi?ma se spazi da un ramo all'altro dello scibile umano...

 

[Cat XL]

Visto che Amor sembra latitare prendo il suo posto...molto denaro soprattutto sulla 414...titolo rischiosissimo dice sempre Amor

FITCH UPGRADES GROUPAMA'S IFS RATING TO 'BBB'; OUTLOOK POSITIVE

Fitch Ratings-Paris/London-11 February 2014: Fitch Ratings has upgraded Groupama
S.A.'s and its core subsidiaries' Insurer Financial Strength (IFS) ratings to
'BBB' from 'BBB-'. Groupama S.A.'s Issuer Default Rating (IDR) has also been
upgraded to 'BBB-' from 'BB+'. The Outlooks on the IDR and IFS ratings have also
been revised to Positive from Stable.

The subordinated debt instruments issued by Groupama S.A. have been upgraded to
'BB' from 'BB-'.

KEY RATING DRIVERS

The upgrades reflect the group's return to profit in its 1H13 to EUR187m,
compared with a EUR87m loss in 1H12, mostly due to the absence of exceptional
charges. Profit recovery was also due to a stronger contribution from the French
business, while international insurance operations and banking activities
generated stable positive net income.

The ratings also reflect an improvement in Groupama's combined ratio to 100.9%
(103.2% at 1H12) as well as management's conservative decision to strengthen the
life fund for future appropriation by EUR250m.

In addition, Groupama's solvency was solid at 1H13 (Solvency 1 ratio of 170%)
and financial leverage improved to 32% from 34%. Both metrics are strong
compared with Fitch medians for insurance groups rated in the 'BBB' category.

The change in Outlook to Positive reflects Fitch's expectation that the recovery
in profitability is likely to be sustained for FY13 and into 2014.

RATING SENSITIVITIES

Key rating triggers that could result in a rating upgrade include a sustained
improvement in profitability, with annual net income above EUR200m on average
over the cycle, together with no material deterioration in solvency or financial
leverage from current levels.

The ratings actions are as follows:

Groupama S.A.

IFS rating upgraded to 'BBB' from 'BBB-'; Outlook revised to Positive from
Stable

Long-term IDR upgraded to 'BBB-' from 'BB+'; Outlook revised to Positive from
Stable

Dated subordinated debt (ISIN FR0010815464) upgraded to 'BB' from 'BB-'

Undated subordinated debt (ISIN FR0010208751) upgraded to 'BB' from 'BB-'

Undated deeply subordinated debt (ISIN FR0010533414) upgraded to 'BB' from 'BB-'



Groupama GAN Vie

IFS rating upgraded to 'BBB' from 'BBB-'; Outlook revised to Positive from
Stable

GAN Assurances

IFS rating upgraded to 'BBB' from 'BBB-'; Outlook revised to Positive from
Stable

Contact:

Primary Analyst

Marc-Philippe Juilliard

Senior Director

+33 1 44 29 91 37

Fitch France S.A.S.

Trovo sorprendente che non ci sia un notching differential tra i 3 titoli, specialmente tra il T1 e i due T2. Capisco in una situazione di distress dove tutti defaultano (anche se con diversi recovery ratio) ma non in una situazione che va normalizzandosi. Dopo tutto Fitch non ha grande peso nei rating assicurativi....

 

[amorgos34]

Ma dicono chi?ma se spazi da un ramo all'altro dello scibile umano...

Fabrì,
ma ti devo ancora rispondere come Bracardi / Marcellini ?

In effetti la mia view sulla subordinaglia è unchanged.

 

[amorgos34]

Trovo sorprendente che non ci sia un notching differential tra i 3 titoli, specialmente tra il T1 e i due T2. Capisco in una situazione di distress dove tutti defaultano (anche se con diversi recovery ratio) ma non in una situazione che va normalizzandosi. Dopo tutto Fitch non ha grande peso nei rating assicurativi....

Il notching differential (come dici tu ) tra T1 e UT2 l'aveva praticato l'anno scorso, poi col ritorno alla cedola, scorso ottobre, aveva upgradato (come promesso a Marzo 2013) solo la T1.

Fitch Upgrades Groupama's Undated Deeply Subordinated Debt to 'BB-' | Reuters

Se non ti va bene, non sei più mio amico.

Un caro saluto a Roetger.

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