Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
fabriziof
Forumer storico
No ,il t1 mi basta e avanza
no perpetual no party
Forumer storico
ciao Fabrizio
mi dai l'isin del T1 brazil?
cedola, valuta, scadenza e ha clausole particolari?
grazieee
PS anche lotto minimo.. perche a volte esagerano
mi dai l'isin del T1 brazil?
cedola, valuta, scadenza e ha clausole particolari?
grazieee
PS anche lotto minimo.. perche a volte esagerano
Ultima modifica:
fabriziof
Forumer storico
ciao Fabrizio
mi dai l'isin del T1 brazil?
cedola, valuta, scadenza e ha clausole particolari?
grazieee
PS anche lotto minimo.. perche a volte esagerano
8,5 fino al 2020 poi tv usd 100k ISIN USP3772WAA01
https://www.bourse.lu/Bourse/applic...A5qDEz8TjOK1lNi1KT2xQ7WX+0cDOw==&so_timeout=0
Ultima modifica:
Coche
Forumer storico
Ragazzi, occorre fare qualche puntualizzazione:
a) fiammata post intervento intervento BCe leggermente rientrata, fino a quando il provvedimento non sarà operativo, la liquidità ventilata non si scaricherà sul mercato
b) il mercato è al top ormai da qualche giorno. Nessuno vuole iniziare a tirare i remi in barca e spunti nuovi non compaiono all'orizzonte. D'altro canto sono salite a prezzi da urlo tutte le ciofeche e spunti interessanti possono venire solo da bad news. Guarda Banca delle Marche, dove l'arrivo del terzo commissario ha mosso in negativo le acque.
c) smettiamola di intonare il requiem aeternam per il forum. Abbiamo avuto già momenti di veleggio tranquillo e non per questo ci siamo preoccupati. Ora solo perchè qualcun altro ha aperto una propria pagina di discussione tutti a strapparsi le vesti in vista di chissa quale lenta agonia.
Mancherà un pò di adrenalina ma non credo che la situazione attuale abbia nulla di negativo. Lasciamo correre il corso dei titoli cercando di trovare soluzioni alternative alle ns perpetual sia per rendimenti diventati infimi per il rischio che ci accolliamo sia perchè lentamente ce le sfileranno da sotto il naso....
negusneg
New Member
Andre_Sant
Forumer storico
[Reuters] Fitch Rates Barclays' AT1 Issue 'BB+' <BARC.L>
[BARC.L]
(The following statement was released by the rating agency)
LONDON, June 18 (Fitch) Fitch Ratings has assigned Barclays Plc's (A/Stable/F1/
a) issue of perpetual subordinated contingent convertible securities (CCS) a
final rating of 'BB+'. The final rating is in line with the expected rating
assigned on 16 May 2014.
As part of the bank's exchange offer for certain legacy hybrid Tier 1
instruments, Barclays has issued notes denominated in British pounds, euros and
US dollars announced on 15 May 2014 that closed on 17June 2014. The amounts
issued were GBP698m (7% fixed rate), EUR1,077m (6.5% fixed rate) and USD1,211m
(6.625% fixed rate).
KEY RATING DRIVERS
The CCS are additional Tier 1 (AT1) instruments with fully discretionary
interest payments and are subject to conversion into Barclays plc ordinary
shares on breach of a consolidated 7% CRD IV common equity Tier 1 (CET1) ratio,
which is calculated on a 'fully loaded' basis.
The rating of the securities, under Fitch's 'Assessing and Rating Bank
Subordinated and Hybrid Securities' criteria, is five notches below Barclays
plc's 'a' Viability Rating (VR), in line with Fitch's criteria for assigning
ratings to hybrid instruments. The securities are notched twice for loss
severity to reflect the conversion into common shares on a breach of the 7%
fully loaded CET1 ratio trigger, and three times for non-performance risk.
The notching for non-performance risk reflects the instruments' fully
discretionary coupon payment, which Fitch considers as the most easily activated
form of loss absorption. Under the terms of the securities, the issuer will be
subject to restrictions on interest payments if it has insufficient
distributable items, if it is insolvent or if it fails to meet the combined
buffer capital requirements that will be gradually introduced from 2016. At
end-March 2014, Barclays reported a 9.6% fully loaded CET1 ratio and the bank is
targeting a ratio above 11% by 2016.
Fitch has assigned 100% equity credit to the CCS, which reflects their full
coupon flexibility, their ability to be converted into common equity well before
the bank would become non-viable, their permanent nature and their subordination
to all senior creditors.
RATING SENSITIVITIES
As the securities are notched down from Barclays plc's VR, their rating is
primarily sensitive to any change to the VR, which itself is currently in line
with Barclays Bank plc's VR, as per our 'Rating FI Subsidiaries and Holding
Companies' criteria. Double leverage at the holding company could result in its
VR being rated below Barclays Bank's VR, and hence a downgrade of the
securities.
The securities' rating is also sensitive to changes in their notching, which
could arise if Fitch changes its assessment of the probability of their
non-performance relative to the risk captured in Barclays plc's VR. This may
reflect a change in capital management in the group or an unexpected shift in
regulatory buffer requirements, for example.
Contact:
Primary Analyst
[BARC.L]
(The following statement was released by the rating agency)
LONDON, June 18 (Fitch) Fitch Ratings has assigned Barclays Plc's (A/Stable/F1/
a) issue of perpetual subordinated contingent convertible securities (CCS) a
final rating of 'BB+'. The final rating is in line with the expected rating
assigned on 16 May 2014.
As part of the bank's exchange offer for certain legacy hybrid Tier 1
instruments, Barclays has issued notes denominated in British pounds, euros and
US dollars announced on 15 May 2014 that closed on 17June 2014. The amounts
issued were GBP698m (7% fixed rate), EUR1,077m (6.5% fixed rate) and USD1,211m
(6.625% fixed rate).
KEY RATING DRIVERS
The CCS are additional Tier 1 (AT1) instruments with fully discretionary
interest payments and are subject to conversion into Barclays plc ordinary
shares on breach of a consolidated 7% CRD IV common equity Tier 1 (CET1) ratio,
which is calculated on a 'fully loaded' basis.
The rating of the securities, under Fitch's 'Assessing and Rating Bank
Subordinated and Hybrid Securities' criteria, is five notches below Barclays
plc's 'a' Viability Rating (VR), in line with Fitch's criteria for assigning
ratings to hybrid instruments. The securities are notched twice for loss
severity to reflect the conversion into common shares on a breach of the 7%
fully loaded CET1 ratio trigger, and three times for non-performance risk.
The notching for non-performance risk reflects the instruments' fully
discretionary coupon payment, which Fitch considers as the most easily activated
form of loss absorption. Under the terms of the securities, the issuer will be
subject to restrictions on interest payments if it has insufficient
distributable items, if it is insolvent or if it fails to meet the combined
buffer capital requirements that will be gradually introduced from 2016. At
end-March 2014, Barclays reported a 9.6% fully loaded CET1 ratio and the bank is
targeting a ratio above 11% by 2016.
Fitch has assigned 100% equity credit to the CCS, which reflects their full
coupon flexibility, their ability to be converted into common equity well before
the bank would become non-viable, their permanent nature and their subordination
to all senior creditors.
RATING SENSITIVITIES
As the securities are notched down from Barclays plc's VR, their rating is
primarily sensitive to any change to the VR, which itself is currently in line
with Barclays Bank plc's VR, as per our 'Rating FI Subsidiaries and Holding
Companies' criteria. Double leverage at the holding company could result in its
VR being rated below Barclays Bank's VR, and hence a downgrade of the
securities.
The securities' rating is also sensitive to changes in their notching, which
could arise if Fitch changes its assessment of the probability of their
non-performance relative to the risk captured in Barclays plc's VR. This may
reflect a change in capital management in the group or an unexpected shift in
regulatory buffer requirements, for example.
Contact:
Primary Analyst