solovaloreaggiunto
Forumer storico
rbs 5.25 entrano a 94. road to 100 call si call no
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (6 lettori)
- Creatore Discussione Joe Silver
- Data di Inizio
Sottolapalma
Nuovo forumer
█ Santander torna sul fronte perpetual CoCo con un’emissione al 6,375%
Lo spagnolo Banco Santander continua la sua offerta di perpetual “convertible contingent” e questa volta sceglie il dollaro come valuta di espressione. Eccone le caratteristiche: valuta dollaro Usa, tasso fisso 6,375%, scadenza perpetual, lotto minimo 200.000 USD, ammontare di 1,5 miliardi di dollari e Isin XS1066553329. Si tratta di un subordinato Tier 1, quotato in Irlanda, che prevede una “call” dopo cinque anni. Valutazione: il momento è assai favorevole per l’emissione di debito bancario subordinato, visto che il relativo indice è sceso ai livelli più bassi degli ultimi due anni in termini di “spread”. Ciò è andato a favore di questo bond. Ora sul secondario quota poco sopra la pari, con “yield” al 6,36%. Il rating di Moody’s è Ba2 e il Common Tier 1 della banca era a fine marzo del 10,6%. C’è una clausola di conversione: da qui appunto la sigla “CoCo”, in base alla quale l’obbligazione verrebbe convertita in azioni della banca se il Tier 1 scendesse sotto il 5,125%
Lo spagnolo Banco Santander continua la sua offerta di perpetual “convertible contingent” e questa volta sceglie il dollaro come valuta di espressione. Eccone le caratteristiche: valuta dollaro Usa, tasso fisso 6,375%, scadenza perpetual, lotto minimo 200.000 USD, ammontare di 1,5 miliardi di dollari e Isin XS1066553329. Si tratta di un subordinato Tier 1, quotato in Irlanda, che prevede una “call” dopo cinque anni. Valutazione: il momento è assai favorevole per l’emissione di debito bancario subordinato, visto che il relativo indice è sceso ai livelli più bassi degli ultimi due anni in termini di “spread”. Ciò è andato a favore di questo bond. Ora sul secondario quota poco sopra la pari, con “yield” al 6,36%. Il rating di Moody’s è Ba2 e il Common Tier 1 della banca era a fine marzo del 10,6%. C’è una clausola di conversione: da qui appunto la sigla “CoCo”, in base alla quale l’obbligazione verrebbe convertita in azioni della banca se il Tier 1 scendesse sotto il 5,125%
Dandst
Forumer storico
Per me no
caligola2005
Forumer attivo
C' un piccolo errore nel tuo calcolo non da poco ed è anche il motivo per cui mi sono sbagliato: a 116.8 quota più o meno la xs0470937243. Quella invece su cui tu fai i calcoli quota oltre 119 ( mla sim mi dice 118.80-120.40) e quindi aumenta l'investimento e diminuisce la redditività, andando ai livelli indicati da Negus.Io, comunque, poi guardo il netto perchè è quello che mi metto in tasca.
P.s io i calcoli cerco sempre di fali a mano, magari sbaglio ma mi fido di più
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locco68
violaforever
laplaz
Forumer attivo
Per gli amanti delle RBS, che vedo prolificano in questo topic grazie al buon Topgun 
, segnalo questa NL0000122505
LT2, paga CMS 10, ma FLOOR 4,7% annuale al 10/06
Alla attuale lettera di 105.20 risulta un TIRX lordo pari a 3,56%
Con CDS pari a 140 e IRS 0,94 mi risulta un FV pari a 111.17
, segnalo questa NL0000122505LT2, paga CMS 10, ma FLOOR 4,7% annuale al 10/06
Alla attuale lettera di 105.20 risulta un TIRX lordo pari a 3,56%
Con CDS pari a 140 e IRS 0,94 mi risulta un FV pari a 111.17
Dandst
Forumer storico
che roba e' ? Isin, please.....
scusa l'impaginazione
ti metto 2 isin
quello con cedola 5.5 lo preferisco
Royal Bank of Scotland XS0205935470 5,5000%
Royal Bank of Scotland DE000A0E6C37 5,2500%
Fabrib
Forumer storico
de000a0e6c37che roba e' ? Isin, please.....
Topgun1976
Guest
British Airways parent IAG SA (IAG) narrowed its first-quarter loss as a recovering U.K. economy spurred demand and the carrier pushed through labor deals to cut costs at unprofitable Spanish unit Iberia.
Europe's third-largest airline had an operating loss of 150 million euros ($208 million), excluding one-time items, down from 278 million euros a year earlier, it said in a statement today. Analysts had predicted a 168 million-euro loss at the London-based company, based on the average of six estimates. Iberia almost cut its loss in half, IAG said.
Chief Executive Office Willie Walsh has pushed through 3,000 job cuts and slashed unprofitable routes at Iberia while growing capacity at British Airways as he targets a 1.8 billion-euro operating profit by 2015. The Spanish unit sealed the last of three pay deals in March, locking in the support of pilots after earlier accords with ground-handling staff and cabin crew.
"We're pleased that our quarterly operating loss has reduced significantly," Walsh said in the release, adding that gains do not reflect productivity deals effective in April. "While the restructuring remains work in progress, Iberia is gradually resuming some routes including long-haul services to Santo Domingo and Montevideo."
Narrowing Losses
Shares of IAG, as International Consolidated Airlines Group SA is known in full, rose as much as 9.8 pence, or 2.4 percent, to 414.4 pence in London, and traded at 409.9 pence as of 9:10 a.m. The stock is little changed this year after more than doubling in price in 2013, valuing the company at 8.25 billion pounds ($14 billion).
IAG forecast an operating profit boost of at least 500 million euros for the full year, up from 770 million euros in 2013. Cost reductions will drive improved margins, with unit revenues staying "relatively flat," IAG said.
Air France-KLM (AF) Group and Deutsche Lufthansa (LHA) AG, Europe's biggest carriers by traffic, also narrowed their first-quarter shortfall as turnaround plans took hold. Air France had a loss of 445 million euros and Lufthansa's was 245 million euros.
British Airways pared its three-month operating loss to 5 million euros, from 72 million euros, while Iberia trimmed its deficit to 111 million euros, IAG said. The Barcelona-based discount arm Vueling SA reported an operating loss of 30 million euro, while growing capacity.
(c) 2014 Yerepouni Daily News. All Rights Reserved. Provided by Syndigate.info, an Albawaba.com company
Europe's third-largest airline had an operating loss of 150 million euros ($208 million), excluding one-time items, down from 278 million euros a year earlier, it said in a statement today. Analysts had predicted a 168 million-euro loss at the London-based company, based on the average of six estimates. Iberia almost cut its loss in half, IAG said.
Chief Executive Office Willie Walsh has pushed through 3,000 job cuts and slashed unprofitable routes at Iberia while growing capacity at British Airways as he targets a 1.8 billion-euro operating profit by 2015. The Spanish unit sealed the last of three pay deals in March, locking in the support of pilots after earlier accords with ground-handling staff and cabin crew.
"We're pleased that our quarterly operating loss has reduced significantly," Walsh said in the release, adding that gains do not reflect productivity deals effective in April. "While the restructuring remains work in progress, Iberia is gradually resuming some routes including long-haul services to Santo Domingo and Montevideo."
Narrowing Losses
Shares of IAG, as International Consolidated Airlines Group SA is known in full, rose as much as 9.8 pence, or 2.4 percent, to 414.4 pence in London, and traded at 409.9 pence as of 9:10 a.m. The stock is little changed this year after more than doubling in price in 2013, valuing the company at 8.25 billion pounds ($14 billion).
IAG forecast an operating profit boost of at least 500 million euros for the full year, up from 770 million euros in 2013. Cost reductions will drive improved margins, with unit revenues staying "relatively flat," IAG said.
Air France-KLM (AF) Group and Deutsche Lufthansa (LHA) AG, Europe's biggest carriers by traffic, also narrowed their first-quarter shortfall as turnaround plans took hold. Air France had a loss of 445 million euros and Lufthansa's was 245 million euros.
British Airways pared its three-month operating loss to 5 million euros, from 72 million euros, while Iberia trimmed its deficit to 111 million euros, IAG said. The Barcelona-based discount arm Vueling SA reported an operating loss of 30 million euro, while growing capacity.
(c) 2014 Yerepouni Daily News. All Rights Reserved. Provided by Syndigate.info, an Albawaba.com company
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