Peco
Forumer storico
Qualcuno ha capito a quanto sono state richiamate le 3 commerz bank il 5 agosto per il 18 settembre?
https://www.commerzbank.com/en/haup...und_veranstaltungen/ir-nachrichten/index.html
GRAZIE
a 100 più cedola trimestrale
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
a 100 più cedola trimestrale
russiabond
Il mito, la leggenda.
da utente GEKOOOZZZ FOL
BdM 2017 lettera operativa a 49 prezzi IW ...2 lotti
BdM 2017 lettera operativa a 49 prezzi IW ...2 lotti
riccio43
lupo si lupo no
ora Sella mi dice swap 5Y +6.39
Rottweiler
Forumer storico
Non seguo Oevag, ma occorre tener presente che, dopo l'odissea HAA, l'Austria si è aggiunta ai Paesi che contano una legge nazionale sul bail-in....
solovaloreaggiunto
Forumer storico
BAWAG P.S.K reported Q2 14 results with a net profit of €95.1m, (Q1 14: €80.0m), up 19% Quarter-on-Quarter (QoQ), mainly supported by higher Net Interest Income, up 13% QoQ to €172.5m (Q1 14: €153.0m). The disclosed Net Interest Margin was 1.84% (1.73% Q1 14).
Loan Loss Provisions (LLPs) declined 9% QoQ to €17.9m (Q1 14: €19.6m). Operating expenses declined by by 3% QoQ to €123.6m (Q1 14: €127.0m), resulting in cost income ratio of 51.9% (Q1 14: 53.9%). This was partially offset by lower commission revenues, down 6% QoQ to €51.9m (Q1 14: €55.1m).
Regarding asset quality BAWAG disclosed a Non-Performing Loan ratio of 3.4% (3.7% Q1 14).
Gross exposure amounted to €26,664m (426,320m Q1 14), split Austria 75% (77% Q1 14), Western Europe 19% (18% Q1 14), North America 3% (2% Q1 14), CEE 2% (2% Q1 14), Others 1% (1% Q1 14). The corporate loan book amounted to €11,153m (€10,661m Q1 14), of which Real Estate amounted to 28% (25% Q1 14). The retail loan book amounted to €7,571m (€7,461m Q1 14), of which consumer finance accounted for 34% (34% Q1 14) and mortgages to 56% (56% Q1 14). Bawag increased its consumer lending market share to 8.7% (8.5% Q1 14).
Regarding corporate lending, BAWAG stated “The new business volume in our core international corporate business reflected a mix of investment grade securities purchases combined with select leveraged loan investments. International commercial real estate investments increased with continued portfolio diversification.”
BAWAG disclosed a loan to deposits ratio of 101% (98.8% Q1 14). The total investment portfolio amounted to €5.7bn with an average duration of 3.9 years. 100% of the securities are investment grade, of which 71% were rated single A or higher. There is no direct exposure in South-East Europe, Hungary, Ukraine and Russia.
Fully-loaded capital ratios: Common Equity Tier 1 11.2% (10.6% Q1 14), Total capital 15.1% (14.7% Q1 14).
BAWAG stated “In addition to the redemption of the remaining EUR 350 million of participation capital in March 2014, the Bank redeemed the non-sustainable minorities of EUR 400 million in the first half 2014 and the remaining EUR 60 million of non-sustainable Tier 1 instruments on 31 July 2014.”
Looking ahead, Bawag stated “BAWAG P.S.K had a strong first half 2014 and, barring any unforeseen circumstances, is expecting this strength to continue throughout 2014. We see no change in our previously communicated framework.” Key highlights and targets for 2014 are as follows: 1) Double-digit net profit growth
2) Operating expenses below €500m; 3) Return on Equity > 10%; 4) Cost of Risk < 30 basis points 5) Stable deposit base greater > €20bn; 6) Fully loaded CET I capital ratio > 10%.
Our view:
Unlikely to have a significant impact on the relative credit valuations of BAWAG PSK today as the decline in LLPs, the improvement in the NPL and CET1 ratios are in line with expectations.
We think BAWAG PSK trades attractive relative to the sector in Lower Tier 2. The BAWAG € 8.125% 2023 LT2 (XS0987169637) trades at Z+454bps compared with the median of the constituents of our EUR BCI Lower Tier 2 index of Z+176bps, which offers attractive relative value in our opinion.
Loan Loss Provisions (LLPs) declined 9% QoQ to €17.9m (Q1 14: €19.6m). Operating expenses declined by by 3% QoQ to €123.6m (Q1 14: €127.0m), resulting in cost income ratio of 51.9% (Q1 14: 53.9%). This was partially offset by lower commission revenues, down 6% QoQ to €51.9m (Q1 14: €55.1m).
Regarding asset quality BAWAG disclosed a Non-Performing Loan ratio of 3.4% (3.7% Q1 14).
Gross exposure amounted to €26,664m (426,320m Q1 14), split Austria 75% (77% Q1 14), Western Europe 19% (18% Q1 14), North America 3% (2% Q1 14), CEE 2% (2% Q1 14), Others 1% (1% Q1 14). The corporate loan book amounted to €11,153m (€10,661m Q1 14), of which Real Estate amounted to 28% (25% Q1 14). The retail loan book amounted to €7,571m (€7,461m Q1 14), of which consumer finance accounted for 34% (34% Q1 14) and mortgages to 56% (56% Q1 14). Bawag increased its consumer lending market share to 8.7% (8.5% Q1 14).
Regarding corporate lending, BAWAG stated “The new business volume in our core international corporate business reflected a mix of investment grade securities purchases combined with select leveraged loan investments. International commercial real estate investments increased with continued portfolio diversification.”
BAWAG disclosed a loan to deposits ratio of 101% (98.8% Q1 14). The total investment portfolio amounted to €5.7bn with an average duration of 3.9 years. 100% of the securities are investment grade, of which 71% were rated single A or higher. There is no direct exposure in South-East Europe, Hungary, Ukraine and Russia.
Fully-loaded capital ratios: Common Equity Tier 1 11.2% (10.6% Q1 14), Total capital 15.1% (14.7% Q1 14).
BAWAG stated “In addition to the redemption of the remaining EUR 350 million of participation capital in March 2014, the Bank redeemed the non-sustainable minorities of EUR 400 million in the first half 2014 and the remaining EUR 60 million of non-sustainable Tier 1 instruments on 31 July 2014.”
Looking ahead, Bawag stated “BAWAG P.S.K had a strong first half 2014 and, barring any unforeseen circumstances, is expecting this strength to continue throughout 2014. We see no change in our previously communicated framework.” Key highlights and targets for 2014 are as follows: 1) Double-digit net profit growth
2) Operating expenses below €500m; 3) Return on Equity > 10%; 4) Cost of Risk < 30 basis points 5) Stable deposit base greater > €20bn; 6) Fully loaded CET I capital ratio > 10%.
Our view:
Unlikely to have a significant impact on the relative credit valuations of BAWAG PSK today as the decline in LLPs, the improvement in the NPL and CET1 ratios are in line with expectations.
We think BAWAG PSK trades attractive relative to the sector in Lower Tier 2. The BAWAG € 8.125% 2023 LT2 (XS0987169637) trades at Z+454bps compared with the median of the constituents of our EUR BCI Lower Tier 2 index of Z+176bps, which offers attractive relative value in our opinion.
solovaloreaggiunto
Forumer storico
lt2 di bawag da 114 di venerdi scorso a 120 bid di oggi, post results...sontuoso!
steff
Forumer storico
a confronto credo che la Bawag senior XS0211247290 sia un po' sottovalutata, visto che a 102 con in pancia quasi 3 punti di cedola e' come se quotasse 99.
solovaloreaggiunto
Forumer storico
verissimo la bawag sta li perche' e' callabile ogni anno..ma non verra' richiamata per me. a 102 e' sempre BUY... tratta dirty, non si paga rateo
russiabond
Il mito, la leggenda.
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