Ilmigliore
Osserva e agisci
ma i soci in opposizione al management mica partecipano agli aumenti di capitale... che gli importa se ne fanno un altro?
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
ma i soci in opposizione al management mica partecipano agli aumenti di capitale... che gli importa se ne fanno un altro?
TheLondoner
Forumer storico
Ilmigliore
Osserva e agisci
si ridurrebbe il loro peso nella banca...
La loro quota è già praticamente a zero.
Però fin quando c'è il voto capitario... comanda il sindacato, e comanda anche sul CDA.
Assunzioni non ne fanno, quindi di nuove teste "nemiche degli amici" per ora non ce ne sono.
Eurobank Ergasias Increases Capital, a Credit Positive
Last Tuesday, Eurobank Ergasias S.A. (Eurobank, Caa2 positive, E/caa3 stable6
) announced that it had
raised €2.9 billion of new capital from private investors. This capital increase satisfies the bank’s capital
needs that the Bank of Greece mandated, and increases its loss absorption cushion. The capital increase also
reduces the state-owned Hellenic Financial Stability Fund’s (HFSF) stake in the bank to less than 50%,
which removes any constraints on the bank’s strategic decisions. Nevertheless, we expect Eurobank and all
Greek banks to continue facing the formidable challenges of increasing nonperforming loans (NPLs) this
year and next.
The successful capital raise was achieved by offering new ordinary shares mainly to international investors,
who subscribed to 90% of the new shares, and also to local investors, who subscribed to the rest. The
additional capital is also approximately the same €2.9 billion amount that the bank needs to satisfy the
Bank of Greece’s mandate for additional capital on the basis of its stress test results for Eurobank,
announced last March.
The capital raised strengthens Eurobank’s pro forma Basel II core Tier 1 ratio by 771 basis points to around
19% from 11.3% reported in December 2013. It provides a capital buffer of around €4.1 billion relative to
the 8% minimum core Tier 1 ratio under the baseline scenario the European Banking Authority will use in
its 2014 European Union-wide stress test exercise in September. The bank is now better prepared to adopt
the fully loaded Basel III framework, with a core Tier 1 ratio7
of around 10.6% (see exhibit), including the
€950 million preference shares that the government subscribed to in 2009.
The new equity will enhance the bank’s loss-absorption cushion, as elevated NPLs of 29.4% of gross loans
in December 2013, which we expect to continue to increase in 2014, and the resulting high loan-loss
provisions (€1.9 billion in 2013 against pre-provision income of €516 million) suggest that the bank will
remain loss-making this year. Nevertheless, we expect the bank’s improving pre-provision income through
increased revenues, synergies and cost-cutting initiatives, combined with the reducing trend of new NPLs,
will contain losses in 2014 compared to the €1.2 billion reported in 2013.
In addition, we expect the capital raise to reduce the HFSF’s stake in Eurobank to around 35% from 95%,
significantly increasing the free float and expediting the transition to full private ownership. The reduction
of the HFSF’s ownership will also convert its full voting rights at the bank’s board level into restricted
voting rights, removing any constraints on the bank’s strategic decisions.
The bank’s capital raise is also credit positive for Greece’s banking system because the HFSF’s available
funds of around €11.4 billion as of December 2013 for supporting the four largest Greek banks will remain
intact. These funds would be accessible if any of the banks were unable to raise needed capital from private
sources.
Last Tuesday, Eurobank Ergasias S.A. (Eurobank, Caa2 positive, E/caa3 stable6
) announced that it had
raised €2.9 billion of new capital from private investors. This capital increase satisfies the bank’s capital
needs that the Bank of Greece mandated, and increases its loss absorption cushion. The capital increase also
reduces the state-owned Hellenic Financial Stability Fund’s (HFSF) stake in the bank to less than 50%,
which removes any constraints on the bank’s strategic decisions. Nevertheless, we expect Eurobank and all
Greek banks to continue facing the formidable challenges of increasing nonperforming loans (NPLs) this
year and next.
The successful capital raise was achieved by offering new ordinary shares mainly to international investors,
who subscribed to 90% of the new shares, and also to local investors, who subscribed to the rest. The
additional capital is also approximately the same €2.9 billion amount that the bank needs to satisfy the
Bank of Greece’s mandate for additional capital on the basis of its stress test results for Eurobank,
announced last March.
The capital raised strengthens Eurobank’s pro forma Basel II core Tier 1 ratio by 771 basis points to around
19% from 11.3% reported in December 2013. It provides a capital buffer of around €4.1 billion relative to
the 8% minimum core Tier 1 ratio under the baseline scenario the European Banking Authority will use in
its 2014 European Union-wide stress test exercise in September. The bank is now better prepared to adopt
the fully loaded Basel III framework, with a core Tier 1 ratio7
of around 10.6% (see exhibit), including the
€950 million preference shares that the government subscribed to in 2009.
The new equity will enhance the bank’s loss-absorption cushion, as elevated NPLs of 29.4% of gross loans
in December 2013, which we expect to continue to increase in 2014, and the resulting high loan-loss
provisions (€1.9 billion in 2013 against pre-provision income of €516 million) suggest that the bank will
remain loss-making this year. Nevertheless, we expect the bank’s improving pre-provision income through
increased revenues, synergies and cost-cutting initiatives, combined with the reducing trend of new NPLs,
will contain losses in 2014 compared to the €1.2 billion reported in 2013.
In addition, we expect the capital raise to reduce the HFSF’s stake in Eurobank to around 35% from 95%,
significantly increasing the free float and expediting the transition to full private ownership. The reduction
of the HFSF’s ownership will also convert its full voting rights at the bank’s board level into restricted
voting rights, removing any constraints on the bank’s strategic decisions.
The bank’s capital raise is also credit positive for Greece’s banking system because the HFSF’s available
funds of around €11.4 billion as of December 2013 for supporting the four largest Greek banks will remain
intact. These funds would be accessible if any of the banks were unable to raise needed capital from private
sources.
russiabond
Il mito, la leggenda.
NAFTOGAZ lettera 89,60 OTC BIM non sò se operativa
BdMarche 2017 bid 76,25 - ask 77,50
corretto l'errore ...77,50 ask
BdMarche 2017 bid 76,25 - ask 77,50
corretto l'errore ...77,50 ask
Ultima modifica:
Non registrato
Guest
Rottweiler
Forumer storico
Deutsche Bank
Due allegati che riguardano DB: la presentazione del road show per il lancio del bond AT1 e il richiamo, oggi, di una T2:
Due allegati che riguardano DB: la presentazione del road show per il lancio del bond AT1 e il richiamo, oggi, di una T2:
darkog
In Hoc Signo Vince..
Oggi tutti in vacanza?!
Giornata stanca e con pochi spunti. Gaz si mantiene allineata e vicina ai minimi; mi sembra piuttosto ben intonata BPM 9%. Non so i prezzi OTC, ma su lux la lettera si è alzata di un paio di punti..
Ben intonate anche le bei in valute emergenti..
Giornata stanca e con pochi spunti. Gaz si mantiene allineata e vicina ai minimi; mi sembra piuttosto ben intonata BPM 9%. Non so i prezzi OTC, ma su lux la lettera si è alzata di un paio di punti..
Ben intonate anche le bei in valute emergenti..
