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

[Andre_Sant]

qualcuno ha capito a che tasso sarà ergato il tltro?
e quando fisicamente arriverà questo denaro alle banche?

grazie
ciao

 

[steff]

qualcuno ha capito a che tasso sarà ergato il tltro?
e quando fisicamente arriverà questo denaro alle banche?

grazie
ciao

qui trovi qualche info:

Piano di salvataggio per le banche: TLTRO - Rischio Calcolato

 

[maxinblack]

Buy RBS Tier 1s While You Can
We follow our analyses of Credit Agricole and BNP with a look at RBS’ legacy Tier 1s. Grandfathering’s considered, but in our view, the more important driver is the sheer excess of Tier 1 – particularly with still-shrinking RWAs.
Next year should bring a bumper LME, in our view, but for now we like best the €7.0916%, €5.5%, €5.25% and $7.64%.

RBS has too much non-core Tier 1 with £9.4bn, 2.4% of RWAs – when 1.5% is most efficient. In our view, this excess capital is of little use unless it’ll fill a GLAC bucket and, even then, it’s still more expensive than new holdco senior and even Tier 2. The latter should certainly be GLAC, in our view – although November’s G20 meeting should bring more clarity.

Up to £6bn in Tier 1 could be redeemed by the end of 2015, in the scenario of RBS optimising non-core Tier 1 at 1.5% of RWAs and after its announced £2bn of AT1 issuance. We believe RBS could announce a generous exchange (it has no stick) in order to get rid of its most expensive old Tier 1, into the new £2bn AT1s, with others being called, where it makes sense.

We are buyers of RBS’s non-step € 7.0916% 17c and $ 7.64% 17c. Waiting for a generous LME – which may well only come in 2015 – isn’t exciting, but these bonds offer decent returns in their own right. They are also the best candidates for an LME (and it may well happen earlier) due to their high adjusted coupon costs and call dates relatively far off in 2017. We also like non-steps €5.5% and €5.25% as these look good value at ‘z-to-tender’ but also z-to-perp (and z to 2021).

Fears about Scotland’s vote caused the €5.5 for example to drop ~4 points last Monday, when the ‘Yes’ vote inched ahead in the polls; now we’re about 2.5 points off the June highs. We took down our heavy Overweight on RBS and Lloyds in our July 14 note, The Risk of an Independent Scotland, adding a select few back in Reloading RBS and Lloyds, September 11, 2014, which had cheapened up. While our base case is still a No, we explained in the latter note why even a Yes ought to be a non-event for bonds, and certainly a big opportunity to buy on weakness.

Qualcuno ha gentilmente gli ISIN di queste RBS?

 

[nik.sala]

qualcuno ha gentilmente gli isin di queste rbs?

de000a0e6c37 5.2500%
xs0205935470 5.5000%
xs0323734961 7.0916%

 

[Brizione]

Citic ltd

comprato Citic Pacific 8,625% XS0933855354 a 98,374 OTC

a seguito dell'ingresso fino al 60% del governo Cinese nel capitale di Citic Pacific LTD la società è stata riorganizzata ed ha cambiato nome in Citic LTD.
Moody's e S&P assegnano rating A3

l'obbligazione in oggetto mantiene la call @100 nel 2019

 

[NoWay]

Cosa ne pensate della trimestrale di IKB?

 

[angy2008]

a seguito dell'ingresso fino al 60% del governo Cinese nel capitale di Citic Pacific LTD la società è stata riorganizzata ed ha cambiato nome in Citic LTD.
Moody's e S&P assegnano rating A3

l'obbligazione in oggetto mantiene la call @100 nel 2019

ciao Brizio, ma se mi quoti un post vecchio poi qualcuno pensa che si possano prendere a prezzi scontati.
Tra l'altro le ho anche rivendute forse troppo presto.
Però vedo che son tornate al prezzo che le ho vendute.
Sei sicuro che callable 2019, io avevo segnato 22/11/18, cambia poco comunque.

 

[TheLondoner]

Udite Udite....news da ASR

a.s.r. plans capital optimisation exercise
16-9-2014
​[Persbericht alleen in de Engelse taal beschikbaar]
Today, ASR Nederland N.V. (‘a.s.r.’) has announced its intention, subject to market conditions, to issue in the near future a Euro denominated fixed-to-fixed rate perpetual non-call 10 year Tier 2 bond, following an investor roadshow commencing on the 18th of September.

​The new issue has been announced in conjunction with an invitation to holders of the € 386,305,500 10.0 per cent. Step-Up Fixed-Floating Perpetual Capital Securities (ISIN: NL0009213545) and € 37,665,500 7.25 per cent. Non Step-Up Fixed Perpetual Capital Securities (ISIN: NL0009213552) to tender any and all of their Securities for purchase by a.s.r. for cash, subject to completion of the new issue.

Separately, a.s.r. announces its intention to redeem its outstanding Comparable Tier 1 securities (€ 84,926,000 Floating Rate Perpetual Capital Securities (ISIN: NL0009213529) and € 12,334,500 Fixed Rate Perpetual Capital Securities (ISIN: NL0009213537) at the next available opportunity, in accordance with the respective terms and conditions and subject to completion of the new issue.

Chris Figee, CFO: ‘a.s.r. has decided to launch the transaction as part of its proactive approach to capital management in order to optimise and enhance the capital position of the a.s.r. group, particularly in light of the future implementation of Solvency II

Per la questione SRLEV potrebbe essere interessante capire quanto cash
resterà nelle casse di ASR dopo il buyback.

 

[fabriziof]

Udite Udite....news da ASR

a.s.r. plans capital optimisation exercise
16-9-2014
​[Persbericht alleen in de Engelse taal beschikbaar]
Today, ASR Nederland N.V. (‘a.s.r.’) has announced its intention, subject to market conditions, to issue in the near future a Euro denominated fixed-to-fixed rate perpetual non-call 10 year Tier 2 bond, following an investor roadshow commencing on the 18th of September.

​The new issue has been announced in conjunction with an invitation to holders of the € 386,305,500 10.0 per cent. Step-Up Fixed-Floating Perpetual Capital Securities (ISIN: NL0009213545) and € 37,665,500 7.25 per cent. Non Step-Up Fixed Perpetual Capital Securities (ISIN: NL0009213552) to tender any and all of their Securities for purchase by a.s.r. for cash, subject to completion of the new issue.

Separately, a.s.r. announces its intention to redeem its outstanding Comparable Tier 1 securities (€ 84,926,000 Floating Rate Perpetual Capital Securities (ISIN: NL0009213529) and € 12,334,500 Fixed Rate Perpetual Capital Securities (ISIN: NL0009213537) at the next available opportunity, in accordance with the respective terms and conditions and subject to completion of the new issue.

Chris Figee, CFO: ‘a.s.r. has decided to launch the transaction as part of its proactive approach to capital management in order to optimise and enhance the capital position of the a.s.r. group, particularly in light of the future implementation of Solvency II

Per la questione SRLEV potrebbe essere interessante capire quanto cash
resterà nelle casse di ASR dopo il buyback.

La nl0009213545 sui 132 su euronext

 

[TheLondoner]

La nl0009213545 sui 132 su euronext

entrambe si sono fatte 2,x punti Fabrizio, il 18 settembre sapremo la size del nuovo ibrido ASR ... visto che l'emittente ha un solvency già elevato e solido viene da dedurre che tra i vari aspetti dell'opportunità di emettere e buybackare in questo momento ci possa essere anche l'intenzione di dar corso ad un'acquisizione.