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

titolo molto seguito dal forum, vendute oggi a 95,75 le Cheung Kong XS0876766766 una delle perpetue che mi erano rimaste.
Anche sui $ si trova ormai poco da acquistare ma aspetto occasioni visto il clima internazionale
 
B.P.E.Romagna si posiziona tra i peggiori titoli del Ftse Mib con un -2,89% a 6,39 euro. Un analista contattato da MF-Dowjones cita un articolo di stampa secondo cui il cavaliere bianco per Banca Marche potrebbe essere una Popolare del triangolo Vicenza-Modena-Milano. Secondo l'esperto quest'articolo potrebbe dunque far pensare a B.P.E.Romagna. "Per il gruppo sarebbe un impegno gravoso comprare una banca" che necessita di un 'salvagente' da almeno 700 mln euro, spiega l'analista.
 
MILANO (MF-DJ)--Banco Bilbao Vizcaya Argentaria ha vinto l'asta condotta dal Frob, il fondo governativo per la ristrutturazione del settore bancario iberico, per riprivatizzare Catalunya Banc.

L'acquisizione di Catalunya Banc rappresenta per Bbva un importante segnale di impegno verso il proprio mercato di riferimento con un impatto positivo sui risultati consolidati gia' nel 2016. In particolare la banca catalana consente all'istituto basco di raddoppiare la quota di mercato in Catalogna e di diventare il principale operatore bancario iberico superando gli eterni rivali del Santander.

"Questa operazione dimostra che siamo estremamente fiduciosi sulla ripresa economica", ha commentato il presidente e amministratore delegato di Bbva Francisco Gonzalez. "Questa acquisizione e' un bene per Bbva e per Catalunya Banc, e aiuta a rafforzare il sistema finanziario spagnolo".

La banca basca, che prevede di chiudere la transazione nel primo trimestre dell'anno prossimo, paghera' al Frob 1,187 miliardi di euro per acquisire l'istituto catalano senza avere la necessita' di ricorrere ad alcun aumento di capitale sia perche' il fondo ha effettuato negli ultimi mesi un profondo processo di pulizia dei conti di Catalunya Banc sia perche' il Bbva si trova in una situazione di solida patrimonializzazione con un capital ratio al 10,8% alla fine di marzo che calera' di solo 55 punti base in seguito alla transazione. Peraltro il prezzo potrebbe essere ridotto di 267 milioni nel caso, prima del perfezionamento, il Frob e Catalunya Banc non ottengano dall'erario l'applicazione di un regime di agevolazioni fiscali per alcune perdite registrate dalla banca nel 2013 a causa del trasferimento di asset al Sareb, la societa' istituita dalle autorita' madrilene per la gestione delle attivita' provenienti dalla riorganizzazione dell'intero settore bancario.

Catalunya Banc consente a Bbva di acquisire non solo una presenza rilevante nella regione piu' dinamica dal punto di vista economico della Spagna - la Catalogna rappresenta il 19% del Pil, il 16% della popolazione e il 25% delle esportazioni - ma anche di rilevare 1,5 milioni di clienti, 63 miliardi di attivi di bilancio e un patrimonio netto di 2,5 miliardi. Oltre ad un impatto positivo sui conti, sono attese sinergie per oltre 1,2 miliardi di euro.

Inoltre, con l'operazione, il portafoglio prestiti di Bbva in Spagna crescera' del 14,%, i depositii del 23% e la base clienti del 18%. Attualmente Catalunya Banc conta su 25 miliardi di depositi retail, 28 miliardi di prestiti lordi e 773 filiali.

Catalunya Banc e' la seconda acquisizione effettuata da Bbva nel quadro del processo di ristrutturazione del settore orchestrato dal Frob dopo l'accordo del marzo del 2012 per rilevare Unnim Banc.

red/[email protected] (fine)

MF-DJ NEWS 22 lug 2014 09:17
 
Ultima modifica:
La notizia in inglese, con maggiori dettagli. Interessante notare come in questo caso il cavaliere bianco abbia aspettato che prima fosse imposto un haircut ai subordinati (convertiti in azioni l'anno scorso), poi che ricevesse aiuti statali per ricapitalizzarsi, infine che si alleggerisse di un portafoglio di 6 mld di mutui problematici, ceduti a Blackstone grazie ad un ulteriore contributo del FROB.

BBVA to buy Spain's bailed-out Catalunya Banc
4:00am IST
(Corrects to clarify offer price could be cut "by" and not "to" 267 million euros in paragraph 4)

By Jesús Aguado
MADRID, July 21 (Reuters) - Spain will sell Catalunya Banc, one of the last lenders still in state hands after the financial crisis, to the country's second-biggest bank BBVA for just under 1.2 billion euros ($1.6 billion), said bank restructuring fund FROB on Monday.

The government had failed twice to offload the bank in previous auctions, even after granting the Barcelona-based lender 12 billion euros ($16.23 billion) in aid to rebuild its capital and cleansing it of its soured real estate loans.

This time, Catalunya Banc, one of several banks rescued in the aftermath of a 2008 property market collapse, was slimmed down further before the disposal. Last week it sold a bumper 6.4-billion-euro portfolio of mortgages, most of which were problematic, to U.S. private equity firm Blackstone, in a transaction backed by more state aid.

BBVA said late on Monday, however, that it would cut its offer by 267 million euros if by the close of the deal - expected by the first quarter of next year - it did not have clarity on how Catalunya Banc's so-called deferred tax assets will be treated.

Spanish banks have chalked up billions of euros of such tax assets, usually incurred when they make losses, and the government recently allowed for some of these to be turned into state-backed tax credits that can still be counted towards their capital under stricter international rules.

The purchase of the Barcelona-based lender is the latest for BBVA in the northern Spanish region of Catalonia after the real estate market collapse that felled many smaller rivals and savings banks.

The Spanish government was forced to ask Europe for 41.3 billion euros of aid in 2012 to help the weakest, and after Bankia, which is still majority-owned by the state, Catalunya Banc needed the most money.

BBVA had bought Catalonia's Unnim for one euro in 2012. This time it beat rivals Santander and Caixabank, which had also submitted bids last week to buy Catalunya Banc, sources familiar with the process had said.

BBVA said it expected over 1.2 billion euros of synergies from the acquisition, which will contribute positively to its earnings from 2016. It added it did not need to raise capital to fund the deal, which would knock about 0.55 percentage points off its capital ratio. That stood at 10.8 percent in March.

STATE FUNDING

While Catalunya Banc's soured loans had put buyers off in previous auctions - potential bidders had balked at buying it without further state aid - the wealthy region of Catalonia is an attractive market for Spanish banks.

This sale was also seen as one of the last opportunities for healthier lenders to pick up some of the spoils of the crisis at a bargain price, and grow further at a time when many are struggling to ramp up earnings.

Most of BBVA's revenue comes from overseas markets such as Latin America, but like top rival Santander it is also betting on a recovery at home as Spain emerges from a deep recession.

Catalunya Banc, about 60 percent owned by FROB while another 33 percent sits with the country's deposit guarantee fund, has about 63 billion euros of assets and just over 4,500 employees.

Spain still has a majority stake in small Banco Mare Nostrum (BMN), which has said it will start working on a stock market flotation next year. The state also started selling down its Bankia holding earlier this year, turning a small profit by placing a 7.5 percent stake in the market.

Aside from the Bankia sale, the government is unlikely to recover much of the money it plugged into ailing banks.

The FROB, the vehicle that manages the state's holdings in banks, said in a statement that the deal with BBVA did not include any state-funded protection against further losses on assets - a scheme it had offered buyers of some other bailed-out banks.

But it did say it included some guarantees, without disclosing how much these amounted to.

A source at FROB last week said these could cover any penalties for breaking insurance contracts that Catalunya Banc might incur as part of an acquisition. They would also likely cover any compensation Catalunya Banc might have to pay out to customers over the mis-selling of securities.

($1 = 0.7395 Euros)
(Writing by Sarah White, editing by Julien Toyer, David Evans and Gunna Dickson)
 
Ultima modifica:
La notizia in inglese, con maggiori dettagli. Interessante notare come in questo caso il cavaliere bianco abbia aspettato che prima fosse imposto un haircut ai subordinati (convertiti in azioni l'anno scorso), poi che ricevesse aiuti statali per ricapitalizzarsi, infine che si alleggerisse di un portafoglio di 6 mld di mutui problematici, ceduti a Blackstone grazie ad un ulteriore contributo del FROB.

BBVA to buy Spain's bailed-out Catalunya Banc
4:00am IST
(Corrects to clarify offer price could be cut "by" and not "to" 267 million euros in paragraph 4)

By Jesús Aguado
MADRID, July 21 (Reuters) - Spain will sell Catalunya Banc, one of the last lenders still in state hands after the financial crisis, to the country's second-biggest bank BBVA for just under 1.2 billion euros ($1.6 billion), said bank restructuring fund FROB on Monday.

The government had failed twice to offload the bank in previous auctions, even after granting the Barcelona-based lender 12 billion euros ($16.23 billion) in aid to rebuild its capital and cleansing it of its soured real estate loans.

This time, Catalunya Banc, one of several banks rescued in the aftermath of a 2008 property market collapse, was slimmed down further before the disposal. Last week it sold a bumper 6.4-billion-euro portfolio of mortgages, most of which were problematic, to U.S. private equity firm Blackstone, in a transaction backed by more state aid.

BBVA said late on Monday, however, that it would cut its offer by 267 million euros if by the close of the deal - expected by the first quarter of next year - it did not have clarity on how Catalunya Banc's so-called deferred tax assets will be treated.

Spanish banks have chalked up billions of euros of such tax assets, usually incurred when they make losses, and the government recently allowed for some of these to be turned into state-backed tax credits that can still be counted towards their capital under stricter international rules.

The purchase of the Barcelona-based lender is the latest for BBVA in the northern Spanish region of Catalonia after the real estate market collapse that felled many smaller rivals and savings banks.

The Spanish government was forced to ask Europe for 41.3 billion euros of aid in 2012 to help the weakest, and after Bankia, which is still majority-owned by the state, Catalunya Banc needed the most money.

BBVA had bought Catalonia's Unnim for one euro in 2012. This time it beat rivals Santander and Caixabank, which had also submitted bids last week to buy Catalunya Banc, sources familiar with the process had said.

BBVA said it expected over 1.2 billion euros of synergies from the acquisition, which will contribute positively to its earnings from 2016. It added it did not need to raise capital to fund the deal, which would knock about 0.55 percentage points off its capital ratio. That stood at 10.8 percent in March.

STATE FUNDING

While Catalunya Banc's soured loans had put buyers off in previous auctions - potential bidders had balked at buying it without further state aid - the wealthy region of Catalonia is an attractive market for Spanish banks.

This sale was also seen as one of the last opportunities for healthier lenders to pick up some of the spoils of the crisis at a bargain price, and grow further at a time when many are struggling to ramp up earnings.

Most of BBVA's revenue comes from overseas markets such as Latin America, but like top rival Santander it is also betting on a recovery at home as Spain emerges from a deep recession.

Catalunya Banc, about 60 percent owned by FROB while another 33 percent sits with the country's deposit guarantee fund, has about 63 billion euros of assets and just over 4,500 employees.

Spain still has a majority stake in small Banco Mare Nostrum (BMN), which has said it will start working on a stock market flotation next year. The state also started selling down its Bankia holding earlier this year, turning a small profit by placing a 7.5 percent stake in the market.

Aside from the Bankia sale, the government is unlikely to recover much of the money it plugged into ailing banks.

The FROB, the vehicle that manages the state's holdings in banks, said in a statement that the deal with BBVA did not include any state-funded protection against further losses on assets - a scheme it had offered buyers of some other bailed-out banks.

But it did say it included some guarantees, without disclosing how much these amounted to.

A source at FROB last week said these could cover any penalties for breaking insurance contracts that Catalunya Banc might incur as part of an acquisition. They would also likely cover any compensation Catalunya Banc might have to pay out to customers over the mis-selling of securities.

($1 = 0.7395 Euros)
(Writing by Sarah White, editing by Julien Toyer, David Evans and Gunna Dickson)

Ciò che faranno con SNS.
 

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