Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (4 lettori)
- Creatore Discussione Joe Silver
- Data di Inizio
samantaao
Forumer storico
...
ed io che credevo fosse una botta di c....a parte gli scherzi, prese a 57 avevo un gain percentuale mai visto e siccome sono diventato un po' dinamico...
il gain sostanziale invece sono le solite briciole, ho scaricato un po' del miniptf azionario
torno al lavoro vah...
Ultima modifica:
U.K.’s Co-Op Bank Sees Subordinated Debt Fall 26% on Ratings
Co-Op Bank’s Subordinated Bonds Drop on Bail-In Speculation
Co-Operative Bank Plc, which traces its roots to Britain’s 19th-century industrial north, saw its subordinated debt plunge after a downgrade to junk triggered speculation junior bondholders may be forced to take losses.
The company’s 275 million pounds ($423 million) of 9.25 percent subordinated notes due April 2021 fell 27 pence to 74.9 pence on the pound, according to Bloomberg prices. The have been quoted above par since July. The lender was cut six steps by Moody’s Investors Service to Ba3, which cited the potential for losses on real estate loans and low levels of provisions for future impairments.
Former Co-Operative Bank Plc CEO Barry Tootell
Holders of junior bank debt in Europe have been on the alert for writedowns since the Dutch government expropriated about 900 million euros ($1.2 billion) of SNS Reaal NV’s junior debt in February when property losses brought the fourth-largest Dutch lender to the brink of collapse. Irish lenders imposed losses of as much as 90 percent on their junior debt investors as the government pledged 64 billion euros to rescue them following that country’s housing collapse.
“People are concerned the problems at the Co-Op are worse than they had thought,” said Roger Francis, a credit analyst at Mizuho International Plc in London. “Subordinated bondholders in today’s world know that they are the first line of stakeholders to suffer, and the example of SNS is fresh in people’s minds.”
The lender’s senior bonds also fell as investors are wary the securities will leave benchmark investment-grade indexes after the downgrade. Co-Op’s 2.375 percent senior unsecured bonds due October 2015 dropped five cents to 93 cents on the euro, data compiled by Bloomberg show.
No Bailout
The Manchester, England-based bank, which is owned by its customers, said in a statement that it doesn’t need a government bailout. “We plan to significantly simplify our business, which will greatly improve our operational effectiveness and also enhance our capital position in the process,” it said.
The lender may need “external support” if real estate losses escalate, according to Moody’s. Chief Executive Officer Barry Tootell quit after the downgrade, leaving less than a month after the bank abandoned its 750 million-pound ($1.1 billion) bid for 632 Lloyds Banking Group Plc branches.
“Loss sharing is very possible but doesn’t have to follow the SNS model,” said Paul Smillie, a Singapore-based banking analyst at Threadneedle Asset Management. “They’ve been in trouble for a long while and their capital position is very weak.”
Co-Op’s core Tier 1 capital ratio under the latest round of Basel rules was 6.7 percent in January, less than the 7 percent target set by U.K. regulators, Moody’s said.
To contact the reporter on this story: Katie Linsell in London at [email protected]
To contact the editor responsible for this story: Shelley Smith at [email protected]
Co-Op Bank’s Subordinated Bonds Drop on Bail-In Speculation
Co-Operative Bank Plc, which traces its roots to Britain’s 19th-century industrial north, saw its subordinated debt plunge after a downgrade to junk triggered speculation junior bondholders may be forced to take losses.
The company’s 275 million pounds ($423 million) of 9.25 percent subordinated notes due April 2021 fell 27 pence to 74.9 pence on the pound, according to Bloomberg prices. The have been quoted above par since July. The lender was cut six steps by Moody’s Investors Service to Ba3, which cited the potential for losses on real estate loans and low levels of provisions for future impairments.
Former Co-Operative Bank Plc CEO Barry Tootell
Holders of junior bank debt in Europe have been on the alert for writedowns since the Dutch government expropriated about 900 million euros ($1.2 billion) of SNS Reaal NV’s junior debt in February when property losses brought the fourth-largest Dutch lender to the brink of collapse. Irish lenders imposed losses of as much as 90 percent on their junior debt investors as the government pledged 64 billion euros to rescue them following that country’s housing collapse.
“People are concerned the problems at the Co-Op are worse than they had thought,” said Roger Francis, a credit analyst at Mizuho International Plc in London. “Subordinated bondholders in today’s world know that they are the first line of stakeholders to suffer, and the example of SNS is fresh in people’s minds.”
The lender’s senior bonds also fell as investors are wary the securities will leave benchmark investment-grade indexes after the downgrade. Co-Op’s 2.375 percent senior unsecured bonds due October 2015 dropped five cents to 93 cents on the euro, data compiled by Bloomberg show.
No Bailout
The Manchester, England-based bank, which is owned by its customers, said in a statement that it doesn’t need a government bailout. “We plan to significantly simplify our business, which will greatly improve our operational effectiveness and also enhance our capital position in the process,” it said.
The lender may need “external support” if real estate losses escalate, according to Moody’s. Chief Executive Officer Barry Tootell quit after the downgrade, leaving less than a month after the bank abandoned its 750 million-pound ($1.1 billion) bid for 632 Lloyds Banking Group Plc branches.
“Loss sharing is very possible but doesn’t have to follow the SNS model,” said Paul Smillie, a Singapore-based banking analyst at Threadneedle Asset Management. “They’ve been in trouble for a long while and their capital position is very weak.”
Co-Op’s core Tier 1 capital ratio under the latest round of Basel rules was 6.7 percent in January, less than the 7 percent target set by U.K. regulators, Moody’s said.
To contact the reporter on this story: Katie Linsell in London at [email protected]
To contact the editor responsible for this story: Shelley Smith at [email protected]
Rottweiler
Forumer storico
Rimando qui sotto all'intervento odierno su Bondboard di un forumista tedesco che tempo fa ha contribuito anche al nostro 3D:
Hypo Alpe Adria Group Tier-1 Perpetual: 7,375 % Fixverzinster und Floater mit 3,436 % - Seite 78
Contiene informazioni utili a chi possiede titoli West LB oppure HAA.
Hypo Alpe Adria Group Tier-1 Perpetual: 7,375 % Fixverzinster und Floater mit 3,436 % - Seite 78
Contiene informazioni utili a chi possiede titoli West LB oppure HAA.
Scusa rott sono da mobile e non riesco a tradurre il tedesco, cosa dice in sostanza?
non sono dentro ma un cip sto pensando di mettercelo intorno a 10
dierre
Forumer storico
Al WestLB, gli ibridi sono stati lasciati in pessime Residualbank e quindi effettivamente cancellati.
Handelsblatt oggi è una sorta di "soluzione irlandese". Che lascia Erinnungen spiacevole Anglo Irish venire. Questo non vuole qui. Exit consensi sono è non essere più nella casella degli strumenti. Invece, si tratta del modello di banca male degli irlandesi. Le attività dovrebbero essere esternalizzate in un grande sconto. Le perdite sono di un livello HGAA, ma protegge apparentemente il bilancio dello Stato, perché poi permettere a più investitori per il 51% della bad bank sono tali che le passività della bad bank non appartiene al rapporto tra disavanzo pubblico. Ora altre banche austriache e altri creditori possono essere persuasi ad andare in banca EK bagno. Hypo Group Alpe Adria è quindi nuovo EK i.H.v. Prendi 3 miliardi.
Quando rifletto su di me, quindi non sono sicuro dove gli ibridi dovrebbero invece rimanere. In panchina mineraria (bad bank) ottiene i beni con sufficientemente elevato sconto? O HGAA, il Supremo ha perdite, ma ottiene nuovo EK Stato.
Allo stesso tempo, BayernLB probabilmente essere d'accordo. Questo può effettivamente essere materia perché la Repubblica d'Austria è responsabile per il rimborso del prestito, anche se non la sostituzione del patrimonio netto. Tuttavia, Austria attinge qui le viti ad alette e minaccia lo scenario cipriota (che significherebbe ammortamenti complessivi per gli ibridi). Quindi, a quanto pare non è ancora chiaro se senior unsecured sarà salvato ...
Ecco, allora tutto va in tilt Perk. I politici hanno perso completamente la vista e saltare da un modello all'altro, gli avvocati parlano e non commercianti. Il COM accende testardo e richiede un significativo miglioramento, che è davvero il parallelo con la WestLB.
Questo è ancora un pianto e stridor di denti, i titoli e le sessioni notturne. Nella migliore delle ipotesi, mi aspetto che gli ibridi di dividere (modello Kommunalkredit, dopo SHE). Nel caso peggiore per gli ibridi (per i contribuenti probabilmente il miglior caso) che sperimentiamo dopo IBRC e BOC / Laiki il prossimo caso di tagli di capelli fino alla senior unsecured - zona. Finora avevo escluso un tale scenario in paesi non di programma e non si aspettano di continuare. Conclusione: Se vi è mai un recupero per gli ibridi, possono essere fortunato ...
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fabriziof
Forumer storico
forse era meglio lasciarlo in tedesco
fabriziof
Forumer storico
causa indigestione da cena di pesce
angy2008
Forumer storico
così o pomì per me è uguale, però capisco che Germania e Olanda sono da cancellare dal mio orizzonte investibile.forse era meglio lasciarlo in tedesco