Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (13 lettori)

Cat XL

Cat XL

Shizuka Minamoto
Rottweiler ha scritto:
Secondo l'articolista:

UPDATE 2-Deutsche Bank's $4.8 bln CoCo success sets scene for share sale | Reuters

questi signori avrebbero attirato "over 25 bln euros of demand".

Per carità: può essere...:mumble::mmmm::-?

Se così fosse, voglio vedere dove va la quotazione di questi titoli tra qualche settimana: 110? 115?:eeh: ...:D
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Deutsche Bank e' l'esempio di come i tedeschi siano piu' adatti a fare auto di lusso che finanza, tranne che assicurazioni.

DB capitalizza meno di UCG e ISP la meta' di BNP e quasi un terzo di Santander...pur operando nell'economia piu' forte d'Europa ed essendo una forza dominante nel bond sales e nel FX. Questo dovrebbe far riflettere.
 

max3001

Forumer attivo
Myskin ha scritto:
Rating Action: Moody's upgrades Scottish Widows' and Clerical Medical's subordinated debt ratings to Baa1(hyb); outlook stable
Global Credit Research - 06 May 2014
Upgrade follows rating action on Lloyds Bank
London, 06 May 2014 -- Moody's Investors Service has today upgraded Scottish Widows plc (Scottish Widows, SW) and Clerical Medical Finance plc (Clerical Medical)'s subordinated debt ratings to Baa1(hyb) from Baa2(hyb). Moody's affirmed Scottish Widows' and Clerical Medical Investment Group Limited (CM)'s insurance financial strength ratings at A2. The outlook on all these ratings is stable.

RATINGS RATIONALE

The upgrade on Scottish Widows' and Clerical Medical's subordinated debt ratings to Baa1(hyb) follows the rating action on Lloyds Bank Plc's subordinated debt ratings. The upgrade reflects the improvement in Lloyds Bank's credit quality which in Moody's view leads to a reduced risk of further parental ownership constraints from our current expectations. As a result, the notching on the insurance debt ratings has reverted to a standard two notches from the previous three notches in relation to the insurance companies' IFSRs. For more details on the upgrade on Lloyds Bank's ratings, please refer to the banking press release: "Moody's upgrades Lloyds Bank's issuer and deposit ratings to A1; outlook negative"

SW's and CM's A2 IFSRs continue to be above Lloyds Bank's baa1 baseline standalone assessment and reflect the insurance group's strong market position in the UK life market and its diversified business profile. The A2 IFSRs, which remain one notch below the stand-alone ratings of the insurance operations, also include our expectation that the insurance group will continue to pay meaningful dividends to its parent bank above the insurer's target buffer capital, defined as being able to stand a one in ten year stress event. Nevertheless, Scottish Widows' underlying operating performance has been under some pressure in recent years, which we believe is likely to continue in light of the significant regulatory and political headwinds in the UK life market.

STABLE OUTLOOK

The stable outlook on the IFSRs and subordinated debt ratings is aligned with the stable outlook of Lloyds Bank's subordinated debt ratings.

What Could Change the Rating - Up

Positive rating pressure on Scottish Widows and Clerical Medical's ratings could occur from (1) an upgrade of Lloyds Bank's BCA, (2) a MASC ratio consistently above 3.5x with an excellent quality of capital (Moody's metric for UK life insurer solvency), (3) sustained interest coverage of over 8 times, or (4) substantial improvement in underlying profitability with a return on capital above 8%.

What Could Change the Rating -- Down

Conversely, Moody's noted that negative rating pressure in the future at Scottish Widows could arise from (1) a downgrade of Lloyds Bank's BCA, (2) a material deterioration in the capitalisation and/or quality of the capital of the consolidated group with a MASC below 2.0 times, (3) earnings coverage consistently below 6 times, (4) a return on capital consistently below 4.0%, or (5) a material reduction in market share in the UK Life & Pension market.

The following ratings were upgraded with stable outlook:

Scottish Widows plc - Subordinated notes upgraded to Baa1 (hyb) from Baa2(hyb)

Scottish Widows plc -- Junior Subordinated notes upgraded to Baa1 (hyb) from Baa2(hyb)

Clerical Medical Finance plc -- Backed Junior Subordinated notes upgraded to Baa1 (hyb) from Baa2(hyb)

The following ratings were affirmed with a stable outlook:

Scottish Widows plc -- Insurance Financial Strength Rating A2

mi pare che renda pochino a meno che tu non riesca a coprirti con il cambio
per restare in gbp a me piace di più questa
FRIENDS LIFE G.03/UND.FLR | Bond | 817014 | XS0181161380 | Börse Frankfurt (Frankfurt Stock Exchange)
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Grazie!
Max
 
TheLondoner

TheLondoner

Forumer storico
per chi segue le vicende della PopMi ... e del bond BPM9%:

Popolare Milano, aumento capitale sta andando bene - Castagna 20/05/2014 18:08 - RSF

MILANO, 20 maggio (Reuters) - L'aumento di capitale di Popolare Milano (PMI.MI), che si chiuderà questa settimana, sta andando bene.

E' questa l'impresssione riportata dall'AD Giuseppe Castagna, a margine di un convegno a Milano.
"La sensazione è che stia andando bene, il mercato ha risposto bene e il titolo ha tenuto nonostante veniamo da due settimane di borsa difficili. Questo è significativo", ha detto Castagna.
A chi gli chiedeva se si aspetta una partecipazione importante all'aumento da parte dei fondi, Castagna ha risposto: "Spero di sì".
Infine, il banchiere ha ribadito che entro fine mese, subito dopo la fine dell'aumento, verrà avviata la procedura per la richiesta a Bankitalia della rimozione degli add-on.;):up:
 
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