steff
Forumer storico
sapete cosa fa' la differenza tra questo 3d e gli altri ?
e' che qui si respira cultura a 360°
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
sapete cosa fa' la differenza tra questo 3d e gli altri ?
e' che qui si respira cultura a 360°
bluto
Forumer attivo
next stop: i C/C
maxolone
Forumer storico
Menta era uno molto particolare ma non credo abbia pompato un bel nulla...lui ci credeva...
e infatti ha perso una marea di soldi sul trade...ha commesso un grosso errore di valutazione...
Io stesso ci avevo creduto in parte e ho droppato anche io qualcosa...
e infatti ha perso una marea di soldi sul trade...ha commesso un grosso errore di valutazione...
Io stesso ci avevo creduto in parte e ho droppato anche io qualcosa...
Topgun1976
Guest
Si ma questi sono morti e sepolti da 5 anni..cè una bella differenza con Sns.
Sns riesce anche a fare utili dalla Pf immobiliare oggi..
Cat XL
Shizuka Minamoto
Lloyds expected to offer Cocos swap
A swap would offer a good exit to investors
from FT
Lloyds expected to offer Cocos swap
By Martin Arnold in London and Tracy Alloway in New York
Lloyds Banking Group is expected to waive its right to impose heavy losses on investors in £8.4bn of ‘bail-in bonds’ that it issued to shore up its capital position amid the financial crisis.
The UK-listed bank, which has repaired its balance sheet under chief executiveAntónio Horta-Osório, has a right to buy back the Enhanced Capital Notes (ECNs) at par value, if the regulator deems they no longer count as capital in a stress test. The ECNs currently trade at a premium to par value.
Lloyds’ option to call its ECNs an important test of the nascent and fast-growing market for this class of so-called contingent convertible bonds – or Cocos – which a growing number of banks have used to bolster their capital levels.
Cocos count towards a bank’s capital because they are convertible into shares if its core tier one equity falls below a set “trigger” level. They are designed to protect big banks from ever having to be bailed out by taxpayers again.
Mark Taber, an independent investor activist, said the call option could hit more than 100,000 retail investors who owned the Lloyds ECNs, having received them in exchange for bonds from Halifax and Cheltenham & Gloucester.
Mr Taber – who has led successful campaigns on behalf of retail bondholders in Bank of Ireland, the Co-operative Bank and Lloyds in recent years – said the bank should remember the conditions under which it sold the notes.
To call the bonds at par because the regulator has decided to stress test the bank differently “would fly in the face of that history,” he added.
Andrei Magasiner, Lloyds’ treasurer, caused the value of the ECNs to fall sharply last week when he told bondholders that the bank had a fiduciary duty to shareholders to act if the bonds no longer counted as capital. “I wouldn’t call myself investor friendly, but I would call myself fair,” he said.
Most investors and analysts expect Lloyds to offer to swap the ECNs at close to market price for new Cocos that would count as capital in a stress test. While many of the ECNs pay interest of more than 10 per cent, banks such as Barclays, BBVA andCrédit Agricole SA have recently issued Cocos paying interest of 7 to 8 per cent.
As a result, analysts suggested such a swap would generate savings with a net present value of about £2bn for Lloyds. The bank, which values its ECN call option at £1.2bn in its accounts, declined to comment.
Credit Suisse last week said it would buy back $1.5bn worth of Cocos that could be redeemed early because of changes in the way regulators view the debt. The price of the Swiss bank’s notes dropped from about $107 to $102, before it said it would buy the bonds back for $103 – in a similar concession to that expected by Lloyds.
The Prudential Regulatory Authority is still calculating which instruments will count towards capital in its stress tests. A final decision is expected in the autumn. The Lloyds ECNs convert into equity if the bank’s tier one capital falls below 5 per cent, which is below the 5.5 per cent minimum level for banks to pass the European stress test.
Additional reporting by Tom Braithwaite and Christopher Thompson
A swap would offer a good exit to investors
from FT
Lloyds expected to offer Cocos swap
By Martin Arnold in London and Tracy Alloway in New York
Lloyds Banking Group is expected to waive its right to impose heavy losses on investors in £8.4bn of ‘bail-in bonds’ that it issued to shore up its capital position amid the financial crisis.
The UK-listed bank, which has repaired its balance sheet under chief executiveAntónio Horta-Osório, has a right to buy back the Enhanced Capital Notes (ECNs) at par value, if the regulator deems they no longer count as capital in a stress test. The ECNs currently trade at a premium to par value.
Lloyds’ option to call its ECNs an important test of the nascent and fast-growing market for this class of so-called contingent convertible bonds – or Cocos – which a growing number of banks have used to bolster their capital levels.
Cocos count towards a bank’s capital because they are convertible into shares if its core tier one equity falls below a set “trigger” level. They are designed to protect big banks from ever having to be bailed out by taxpayers again.
Mark Taber, an independent investor activist, said the call option could hit more than 100,000 retail investors who owned the Lloyds ECNs, having received them in exchange for bonds from Halifax and Cheltenham & Gloucester.
Mr Taber – who has led successful campaigns on behalf of retail bondholders in Bank of Ireland, the Co-operative Bank and Lloyds in recent years – said the bank should remember the conditions under which it sold the notes.
To call the bonds at par because the regulator has decided to stress test the bank differently “would fly in the face of that history,” he added.
Andrei Magasiner, Lloyds’ treasurer, caused the value of the ECNs to fall sharply last week when he told bondholders that the bank had a fiduciary duty to shareholders to act if the bonds no longer counted as capital. “I wouldn’t call myself investor friendly, but I would call myself fair,” he said.
Most investors and analysts expect Lloyds to offer to swap the ECNs at close to market price for new Cocos that would count as capital in a stress test. While many of the ECNs pay interest of more than 10 per cent, banks such as Barclays, BBVA andCrédit Agricole SA have recently issued Cocos paying interest of 7 to 8 per cent.
As a result, analysts suggested such a swap would generate savings with a net present value of about £2bn for Lloyds. The bank, which values its ECN call option at £1.2bn in its accounts, declined to comment.
Credit Suisse last week said it would buy back $1.5bn worth of Cocos that could be redeemed early because of changes in the way regulators view the debt. The price of the Swiss bank’s notes dropped from about $107 to $102, before it said it would buy the bonds back for $103 – in a similar concession to that expected by Lloyds.
The Prudential Regulatory Authority is still calculating which instruments will count towards capital in its stress tests. A final decision is expected in the autumn. The Lloyds ECNs convert into equity if the bank’s tier one capital falls below 5 per cent, which is below the 5.5 per cent minimum level for banks to pass the European stress test.
Additional reporting by Tom Braithwaite and Christopher Thompson
wagenbach
Forumer attivo
Si ma questi sono morti e sepolti da 5 anni..cè una bella differenza con Sns.
Sns riesce anche a fare utili dalla Pf immobiliare oggi..
La situazione é paragonabile, le differenze solo una questione di folclore locale.
Per dire l ùltima: nel Voralberg per la questione Hypo Austria non vogliono piu`mandare le tasse a Vienna. Le tasse naturalmente bisogna sempre pagarle , dopo tutto siamo nell `austro ungarico, però andranno su un fondo bloccato fino a risoluzione della questione HAA. I dettagli del progetto proposto da verdi e socialisti.
Kein Steuergeld für Hypo-Pleite! | Initiative für eine parteiunabhängige Notwehrgemeinschaft
no perpetual no party
Forumer storico
ho dato un'occhiata ai dati macro europeei di oggi...
mah...
cresce solo la germania
francia ferma, gli altri asfittici, noi inclusi
disoccupazione cronica per molti anni
domanda interna ferma
mi sa che i tassi rimarranno bassi per moooooolto tempo...
unica via d'uscita: francia italia spagna fronte comune antitedesco, avanti con spesa pubblica per investimenti e cambio a 1,20
semplice no?
mah...
cresce solo la germania
francia ferma, gli altri asfittici, noi inclusi
disoccupazione cronica per molti anni
domanda interna ferma
mi sa che i tassi rimarranno bassi per moooooolto tempo...
unica via d'uscita: francia italia spagna fronte comune antitedesco, avanti con spesa pubblica per investimenti e cambio a 1,20
semplice no?
Ultima modifica:
nik.sala
Money Never Sleeps
Similar threads
- Bloccata
Obbligazioni perpetue e subordinate
Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Bloccata
Obbligazioni perpetue e subordinate
Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1
