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

[drbs315]

Venduto anch'io un lotticino di Gazprom sui 118 e uno di tds russo 28 sui 167,5. Venduta tutta Telecom usd 36 a 108,5 otc, i 2/3 di Petrobras Q42 2040 a 106,75 e tutta Vale H68 2036 a 110,75 (per Vale ho deciso di puntare maggiormente sulla pref sh, che ho a pmc uguale alle quotazioni attuali e quindi holdo, ma incrementerò in caso di prevedibili e frequenti corpopse discese).
Incremento invece la Rbs range accr 2020 mentre nei giorni scorsi ho venduto anche la sorella 2035 e la Merril L 6,5% su Binck.
Venduta infine oggi metà Elecar poco sopra 78, contando di incrementare + in basso (se non mi riesce pazienza) e venduta anche l'Ung 7,625% 2041 a 124,5.

Spero, non me ne vogliano altri , in uno storno un pò + deciso, per trovare qualche buona occasione...

 

[drbs315]

per BACA e RZB hai invertito i numeri?

Sì, ovviamente 77, adesso correggo anche sopra

 

[Gallo Cedrone]

dai su chi aveva le barclays 4.75% ..un po di allegria...

certo fa piacere...

ma mi stanno scardinando il cassetto!

 

[Gallo Cedrone]

Sì, ovviamente 77, adesso correggo anche sopra

bene.. allora non vado più a controllare!

 

[saverio1973]

No nel 2008-09 ero uno spettatore, sono praticamente figlio dello spread...

. Oggi l'irrazionalità l'ha fatta da padroni.
Cmq vedo sull'azionario la perdita di supporti, parlando di singole azioni e sul BTP quella di oggi potrebbe essere benissimo una candela direzionale.

Come inserire in questo le prossime mosse BCE non lo so proprio.

L'unica cosa è quella di assecondare il mercato, ed io stamattina ho hedgiato il ptf.

Io stamattina ho guardato solo il portafoglio ed ho visto il colore che emanava

 

[drbs315]

Brao,nel 2008-09 seguivi i T1?Io li si mi sono ........nelle mutande,la crisi dello spread molto molto meno..

Quella del dopo Lb è stata assurda,credo e spero non ci sarà più,ogni giorno c'era un colosso bancario che falliva..gs ms vendute al meglio...Aig che stava fallendo,non parliamo poi di Dexia &C ,se ci ripenso e come ne siamo usciti..si griderebbeal miracolo

Io esattamente al contrario, preso benissimo il post LB (tra l'altro avevo appena iniziato a fare investimenti) molto peggio il luglio-novembre 2011 (ovvero ho indovinato da dilettante del trading, poi con il tempo sono peggiorato )

 

[Gallo Cedrone]

Eccome Però non eri sui T1.. Li c'era mattanza..che tempi(se penso a Uc243 a 54..

Brao,nel 2008-09 seguivi i T1?Io li si mi sono ........nelle mutande,la crisi dello spread molto molto meno..

Quella del dopo Lb è stata assurda,credo e spero non ci sarà più,ogni giorno c'era un colosso bancario che falliva..gs ms vendute al meglio...Aig che stava fallendo,non parliamo poi di Dexia &C ,se ci ripenso e come ne siamo usciti..si griderebbeal miracolo

mi sembra di ricordare qualcosina...

 

[DinoP]

Strapieno. E poi non ditemi che non lo avevo detto...

e questa XS0205937336 4,875 niente scambio??

 

[Cat XL]

e questa XS0205937336 4,875 niente scambio??

Se non viene scambiata a questo punto verra' callata contro le mie previsioni.

 

[negusneg]

Strapieno anche io (PMC da 54 a 95, passando per 60-70-80...).

Curioso che abbiano scambiato solo questa e non la 4,875%

Ora bisogna vedere con cosa sostituirle. IRS sicuramente, ma non solo.

Comunque tengo tutto, ormai ce le faremo strappare di mano una ad una...



JPMorgan Leads U.S. Bonanza in Basel III Compliant Sales

By Caroline Chen - May 15, 2014

Banks are issuing lower-ranked bonds and preferred securities in the U.S. at the fastest pace since the financial crisis, capitalizing on yield-starved investors to satisfy regulatory requirements.
Financial institutions including JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) are meeting demands to raise more capital by selling $31.8 billion of subordinated debt and preferred shares this year, with $22.7 billion in March and April alone, according to data compiled by Bloomberg. The pace of issuance is the fastest since 2008.
Lenders need to sell the notes in part because new regulations designed to make banks safer have rendered a previously popular form -- called trust-preferred securities -- useless for capital purposes, ruling it must be replaced by 2016. Now that banks’ creditworthiness has improved, investors are snapping up the offerings because they can pay more than one percentage point of extra interest over senior bonds that rank higher for repayment in a bankruptcy.
“From an investor perspective, it is incremental yield in a historically low-rate environment,” Pri de Silva, an analyst at New York-based CreditSights Inc., said in a May 6 telephone interview. “The credit profiles of banks are a lot better now than they were in the pre-crisis days.”

Losing Funding

Wells Fargo in April sold $2 billion of 5.9 percent perpetual securities after initially marketing the debt with a higher coupon of as much as 6.125 percent, Bloomberg data show. The notes offered interest payments of more than two percentage points above the 3 percent senior notes due in 2021 that the San Francisco-based bank sold in January.
Subordinated debt and preferred shares are replacing trust-preferred securities, known as TruPS, which were popular before the crisis in part because interest payments were tax-deductible. About $149 billion were outstanding at the end of 2008, according to Federal Reserve Bank of Philadelphia data.
Banks could also count TruPS as Tier 1 capital because they allowed issuers to stop paying interest and were supposed to act as a buffer against potential losses. Lenders proved reluctant to suspend payments during the crisis because those that did risked losing other funding on concerns about their solvency.

New Regulations

U.S. regulators, implementing the international Basel III accord and U.S. Dodd-Frank Act, have ruled that banks with assets of more than $15 billion can’t count TruPS as Tier 1 capital anymore. They have until 2016 to replace the securities, and common equity and preferred shares are the main types that count as Tier 1 capital. Subordinated debt counts as Tier 2 capital, which banks are also required to maintain.
Attention in Europe has focused on additional Tier 1 notes, a similar-level as preferred shares in the U.S., where issuance has soared this year to $25.7 billion, Bloomberg data show. A total of $36.5 billion of the debt is outstanding.
“Under the new rules, there is a space in the capital structure that could be filled with subordinated debt, common equity or preferred equity,” de Silva said. The latter two “are generally more expensive, so in order to meet that capital need cost-effectively, they have been issuing subordinated debt.”

Bank Safety

The issuance comes as confidence in bank creditworthiness improves. The average cost to protect against defaults by the six-largest U.S. banks fell this week to the lowest level since the end of 2007, according to credit-default swaps prices compiled by Bloomberg. The contracts, a gauge of the banks’ risk, are used to hedge against losses or to speculate on the ability of companies to meet their obligations.
“Without question, the banks are more stable,” said Arthur Tetyevsky, a credit strategist at Imperial Capital LLC. “Even under the most extreme economic scenarios, banks should have enough capital to withstand a shock, so investors are more comfortable.”
While subordinated debtholders may not be bailed out in another crisis, “people are not particularly worried about that right now,” said Kathleen Shanley, a New York-based analyst at Gimme Credit LLC.
Emboldened by improving bank creditworthiness, investors are eager to buy their higher-yielding debt after more than five years of near-zero interest rates from the Fed.
JPMorgan is this year’s biggest bank issuer of the securities, selling $3.9 billion, according to Bloomberg data. The New York-based lender sold $1 billion of perpetual securities on March 5 that pay interest of 6.125 percent for a decade and then switch to a floating-rate coupon. The notes were initially marketed with a coupon of as much as 6.25 percent, according to Bloomberg data.
They climbed about 0.1 cent to 101.3 cents on the dollar at 9:18 a.m. in New York, rising for the sixth consecutive day, Bloomberg data show.
“The way the credit markets have been running, almost everything that comes is well oversubscribed,” said Thomas Urano, a money manager at Austin, Texas-based Sage Advisory Services Ltd., which oversees about $10 billion. “The trends have been favorable for banks to be able to place it.”
To contact the reporter on this story: Caroline Chen in New York at [email protected]
To contact the editors responsible for this story: Shannon D. Harrington at [email protected] Caroline Salas Gage