saverio1973
BOND SUB.
No il mio era un commento solo sul come non contiamo un capzo
Mica riesco a fare valutazioni più elevate....
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
No il mio era un commento solo sul come non contiamo un capzo
Mica riesco a fare valutazioni più elevate....
amorgos34
CHIAGNI & FOTTI SRL
Sarà un Lungo We..ci si rivede Martedi sul Campo come sempre,sperando che stasera esca qlc news decende da Ginevra
Beato te.
Ocio che lunedì gli USA e altra roba sono aperti.
Tocca laurà.
DinoP
life is good
Myskin
Forumer stoico
bpm S&P taglia...ma le T1 salgono e passano da C a D 
On April 12, 2014, the shareholders of Banca Popolare di Milano (BPM)
failed to approve the corporate governance reform proposed by BPM's
recently appointed CEO and management team.
We believe that this poses additional risks to BPM's management stability
and the implementation of its business and financial plans, including a
$500 million capital increase.
We are therefore lowering our long-term ratings on BPM and its core
subsidiary Banca Akros to 'B+' from 'BB-'. We are keeping the long- and
short-term ratings on CreditWatch negative.
At the same time, we are raising the rating on BPM's €160 million 8.393%
Tier 1 instrument to 'CCC' from 'D' after BPM resumed coupon payments on
April 2, 2014.
The CreditWatch reflects that we could lower the ratings on BPM and Banca
Akros if we anticipate that the challenges management faces in executing
its plans could compromise BPM's financial profile, particularly if BPM
is not able to finalize the announced $500 million capital increase.
NEW YORK (Standard & Poor's) April 17, 2014--Standard & Poor's Ratings
Services said today that it has lowered to 'B+' from 'BB-' its long-term
counterparty credit ratings on Italy-based Banca Popolare di Milano (BPM) and
core subsidiary Banca Akros. The long-term ratings and the 'B' short-term
ratings remain on CreditWatch with negative implications, where we placed them
on Nov. 6, 2013.
We also lowered our long-term issue ratings on BPM's senior unsecured debt to
'B+' from 'BB-' and our long-term issue ratings on its nondeferrable
subordinated debt to 'CCC+' from 'B-'. All of these debt ratings also remain
on CreditWatch with negative implications.
At the same time, we raised our issue rating on the €160 million 8.393%
noncumulative perpetual preferred securities issued by BPM Capital Trust I and
guaranteed by BPM to 'CCC' from 'D' (ISIN number: XS0131749623). We also
affirmed the 'D' rating on BPM's €300 million 9% Tier 1 hybrid debt issue
(ISIN: XS0372300227).
The downgrade follows the failure of BPM's recently appointed CEO and
management team to obtain the required two-thirds approval for their proposed
corporate governance reform at the shareholders' ordinary assembly on April
12, 2014. In our view, the lack of majority shareholder support emphasizes the
significant and increasing challenges BPM's management faces to implement its
business and financial plans, which include reforming its corporate governance
as requested by the Italian regulator, and a $500 million rights issue.
In our view, the failure to pass governance reform affects BPM's business
position, as we believe it could decrease management stability and
subsequently weaken the financial profile. We have revised our assessment of
BPM's "weak" business position under our criteria, and now apply a downward
adjustment of three notches, instead of two as we did previously, in
determining BPM's stand-alone credit profile (SACP).
Because governance reform has stalled, we see a risk that the Bank of Italy
(BoI) may decide not to remove the "add-ons" to BPM's regulatory capital
ratios that it imposed after the inspection in 2011. We understand that the
add-ons currently penalize BPM's Core Tier 1 ratio by 169 basis points. BPM's
Core Tier 1 ratio was 7.2% on Dec. 31, 2013. As such, we now consider that the
€500 million rights issue is a key measure to reach the 8% minimum Common
Equity Tier 1 ratio set in the European Central Bank's asset quality review
(AQR).
According to BPM's public statement, the pre-underwriting agreement for the
rights issue, expiring on April 30, 2014, is no longer conditional on
improvement of BPM's corporate governance. However, we believe that the lack
of reform poses additional challenges to BPM's management to implement its
financial plan, including the capital increase.
The upgrade of BPM's €160 million 8.393% noncumulative perpetual preferred
securities follows BPM's resumption of coupon payment on the due date of April
2, 2014.
According to BPM, the bank could not exercise the option to miss a coupon
payment on its €160 million 8.393% noncumulative perpetual preferred
securities as it reported net profits in 2013.
We currently have a 'D' rating on another Tier 1 hybrid instrument issued by
BPM: the €300 million 9% perpetual subordinated fixed/floating rate notes
(ISIN: XS0372300227), on which BPM missed annual coupon payment on June 25,
2013 and has not resumed payments since. The next coupon payment for this
issue is due on June 25, 2014. According to its terms and conditions, if BPM
intended not to pay the coupon on this instrument on the next annual coupon
payment date and was allowed not to pay the coupon in accordance with the
terms and conditions of the notes, BPM would have to give noteholders between
15 and 25 days' notice. If it does not provide this notice, and if we receive
confirmation that the regulator has not opposed BPM's intention to pay on the
next annual coupon date, we could raise our ratings on these instruments to
reflect the likelihood they would resume payment.
The CreditWatch reflects the possibility that we could lower the rating on BPM
and its core subsidiary Banca Akros if:
We anticipate a further decline of BPM's financial profile owing to the
challenges management faces. Specifically, this could be the case if we
believe that BPM is unlikely to complete its capital-strengthening plan
to restore its solvency at the level required by European Central Bank
for the AQR; or
BPM's asset quality deteriorates in 2014 by far more than our current
forecast, negatively affecting our view of its risk position.
We could affirm our ratings on BPM and Banca Akros if, all else being equal,
we considered that pressure was easing on BPM's financial profile. This would
likely involve the successful execution of the capital increase, and a
reduction in the challenges we see for BPM's management in carrying out their
business and financial plans.
Fitch invece mantiene il rating
On April 12, 2014, the shareholders of Banca Popolare di Milano (BPM)
failed to approve the corporate governance reform proposed by BPM's
recently appointed CEO and management team.
We believe that this poses additional risks to BPM's management stability
and the implementation of its business and financial plans, including a
$500 million capital increase.
We are therefore lowering our long-term ratings on BPM and its core
subsidiary Banca Akros to 'B+' from 'BB-'. We are keeping the long- and
short-term ratings on CreditWatch negative.
At the same time, we are raising the rating on BPM's €160 million 8.393%
Tier 1 instrument to 'CCC' from 'D' after BPM resumed coupon payments on
April 2, 2014.
The CreditWatch reflects that we could lower the ratings on BPM and Banca
Akros if we anticipate that the challenges management faces in executing
its plans could compromise BPM's financial profile, particularly if BPM
is not able to finalize the announced $500 million capital increase.
NEW YORK (Standard & Poor's) April 17, 2014--Standard & Poor's Ratings
Services said today that it has lowered to 'B+' from 'BB-' its long-term
counterparty credit ratings on Italy-based Banca Popolare di Milano (BPM) and
core subsidiary Banca Akros. The long-term ratings and the 'B' short-term
ratings remain on CreditWatch with negative implications, where we placed them
on Nov. 6, 2013.
We also lowered our long-term issue ratings on BPM's senior unsecured debt to
'B+' from 'BB-' and our long-term issue ratings on its nondeferrable
subordinated debt to 'CCC+' from 'B-'. All of these debt ratings also remain
on CreditWatch with negative implications.
At the same time, we raised our issue rating on the €160 million 8.393%
noncumulative perpetual preferred securities issued by BPM Capital Trust I and
guaranteed by BPM to 'CCC' from 'D' (ISIN number: XS0131749623). We also
affirmed the 'D' rating on BPM's €300 million 9% Tier 1 hybrid debt issue
(ISIN: XS0372300227).
The downgrade follows the failure of BPM's recently appointed CEO and
management team to obtain the required two-thirds approval for their proposed
corporate governance reform at the shareholders' ordinary assembly on April
12, 2014. In our view, the lack of majority shareholder support emphasizes the
significant and increasing challenges BPM's management faces to implement its
business and financial plans, which include reforming its corporate governance
as requested by the Italian regulator, and a $500 million rights issue.
In our view, the failure to pass governance reform affects BPM's business
position, as we believe it could decrease management stability and
subsequently weaken the financial profile. We have revised our assessment of
BPM's "weak" business position under our criteria, and now apply a downward
adjustment of three notches, instead of two as we did previously, in
determining BPM's stand-alone credit profile (SACP).
Because governance reform has stalled, we see a risk that the Bank of Italy
(BoI) may decide not to remove the "add-ons" to BPM's regulatory capital
ratios that it imposed after the inspection in 2011. We understand that the
add-ons currently penalize BPM's Core Tier 1 ratio by 169 basis points. BPM's
Core Tier 1 ratio was 7.2% on Dec. 31, 2013. As such, we now consider that the
€500 million rights issue is a key measure to reach the 8% minimum Common
Equity Tier 1 ratio set in the European Central Bank's asset quality review
(AQR).
According to BPM's public statement, the pre-underwriting agreement for the
rights issue, expiring on April 30, 2014, is no longer conditional on
improvement of BPM's corporate governance. However, we believe that the lack
of reform poses additional challenges to BPM's management to implement its
financial plan, including the capital increase.
The upgrade of BPM's €160 million 8.393% noncumulative perpetual preferred
securities follows BPM's resumption of coupon payment on the due date of April
2, 2014.
According to BPM, the bank could not exercise the option to miss a coupon
payment on its €160 million 8.393% noncumulative perpetual preferred
securities as it reported net profits in 2013.
We currently have a 'D' rating on another Tier 1 hybrid instrument issued by
BPM: the €300 million 9% perpetual subordinated fixed/floating rate notes
(ISIN: XS0372300227), on which BPM missed annual coupon payment on June 25,
2013 and has not resumed payments since. The next coupon payment for this
issue is due on June 25, 2014. According to its terms and conditions, if BPM
intended not to pay the coupon on this instrument on the next annual coupon
payment date and was allowed not to pay the coupon in accordance with the
terms and conditions of the notes, BPM would have to give noteholders between
15 and 25 days' notice. If it does not provide this notice, and if we receive
confirmation that the regulator has not opposed BPM's intention to pay on the
next annual coupon date, we could raise our ratings on these instruments to
reflect the likelihood they would resume payment.
The CreditWatch reflects the possibility that we could lower the rating on BPM
and its core subsidiary Banca Akros if:
We anticipate a further decline of BPM's financial profile owing to the
challenges management faces. Specifically, this could be the case if we
believe that BPM is unlikely to complete its capital-strengthening plan
to restore its solvency at the level required by European Central Bank
for the AQR; or
BPM's asset quality deteriorates in 2014 by far more than our current
forecast, negatively affecting our view of its risk position.
We could affirm our ratings on BPM and Banca Akros if, all else being equal,
we considered that pressure was easing on BPM's financial profile. This would
likely involve the successful execution of the capital increase, and a
reduction in the challenges we see for BPM's management in carrying out their
business and financial plans.
Fitch invece mantiene il rating
Ultima modifica:
cris71
Forumer storico
ho partecipato allo scambio che unipol aveva proposto, ho raggiunto l'obiettivo che mi ero promesso ed sono passato ad una variabile ma dello stesso emittente. Con prospettiva futura di una risalita dei tassi mi sembra un operazione sensata
Ultima modifica di un moderatore:
Rottweiler
Forumer storico
Ciao Fabrizio,
purtroppo affermare perentoriamente non aggiunge uno iota al suo contenuto di verità.
Sarebbe meglio spiegare.
Se la cedola è quella dell'altra T1, allora il coupon pusher non mi sembra proprio vi sia, visto che può essere provocato solo da una "Junior security", che per BPM sono le azioni. Oltre che da un "Repurchase", e quello non c'è stato di sicuro. Ma forse sbaglio, e allora ti chiedo di illuminarmi.
Se invece BPM ha pagato un dividendo, allora prenderò nota della notizia, che mi era sfuggita.
amorgos34
CHIAGNI & FOTTI SRL
Con chi ti accompagnavi?
Se Putin si è fermato a salutarla, doveva essere una bella figliola...
Ero a Roma per un colloquio di lavoro andato male (rimandato) e vagavo in Via del Corso attendendo il trenino per un mesto ritorno.
Compensai la delusione acquistando un T 28 (non il carrarmato )
Preciso che Putin non si fermò volontariamente.
Basta fare una googlata per vedere le bestie nere che utilizzano, erano in coda alla svolta a dx (venivano dal lato opposto di Palazzo Venezia) che da Via del Corso porta a Piazza Montecitorio, vista la difficoltà (larghezza) per entrare nel cortile d'onore di Palazzo Chigi.
Ultima modifica:
fabriziof
Forumer storico
Avrai notato dal tono che in quel momento ero fuori di me (per motivi forse intuibili) quindi non ero in possesso delle mie facoltà mentali .devi evidentemente aver ragione tu .ciao e scusa
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