070162
Bond..... solo BOND
....amorgos ! .... azzarola non ti avevo riconosciuto...
a momenti mi prendeva un colpo.....
ma ti vuoi cambiare l'avatar...
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
....amorgos ! .... azzarola non ti avevo riconosciuto...
a momenti mi prendeva un colpo.....
ma ti vuoi cambiare l'avatar...
capt.harlock
MENA IL CAMMELLO FAN CLUB
azzarola non ti avevo riconosciuto...
a momenti mi prendeva un colpo.....
ma ti vuoi cambiare l'avatar...
e' uno dei piu' belli che abbia mai visto
Vet
Forumer storico
Nulla di nuovo ...anche il precedente e' stato usato dalle banche solo per poco più di 1/3
steff
Forumer storico
vorrei portare alla vostra attenzione e analizzare il sub lt2 di Mps 5,6% 2020 XS0540544912
che in un mese e' sceso di 4 figure e adesso si appresta a toccare la parita'.
credete sia meglio attendere gli stress test o entrare gia' adesso, visto il rendimento gia' interessante a questa quota ?
che in un mese e' sceso di 4 figure e adesso si appresta a toccare la parita'.
credete sia meglio attendere gli stress test o entrare gia' adesso, visto il rendimento gia' interessante a questa quota ?
steff
Forumer storico
MILANO (MF-DJ)--L'economia dell'Eurozona sta attraversando un periodo nero e gli investitori ormai si stanno chiedendo non se la Bce lancerà il QE, ma quando, sottolinea Cyril Regnat, strategist di Natixis. Gli operatori vogliono inoltre sapere fino a che livello può scendere il rendimento del Bund che ha recentemente aggiornato i minimi storici allo 0,72% e che tratta ora allo 0,843%. L'esperto ritiene che il costo di finanziamento scenderà ancora e pertanto taglia la stima del rendimento del decennale tedesco a fine anno dallo 0,8 allo 0,6%.
amorgos34
CHIAGNI & FOTTI SRL
ECB considering corporate bond purchases
A story on Reuters (see link below) reports ECB sources as stating that purchases of non-financial corporate bonds are being considered and could be decided on as soon as December, with purchases beginning in early 2015. This story does not come as much of a surprise to us. In Greg Fuzesi’s email on Friday we argued that the ECB was likely to take steps to encourage larger take up of the TLTROs at its meeting in early November. He wrote that “[t]hrough these changes the ECB can try to signal more determination about expanding its balance sheet. For this reason, we also see a rising likelihood that the ECB will expand its asset purchases into nonfinancial corporate bonds, which would allow it to get even closer to the €3 trillion balance sheet size that Draghi hinted at in the September meeting.”
According to our credit colleagues, ECB purchases would most likely be of fixed rate euro denominated bonds of at least €500 million outstanding that are included in the iBoxx Corporates index, due to price transparency and liquidity requirements. Within this, it is unlikely that the ECB would buy subordinated bonds as these are not even eligible as collateral in its refinancing operations. That leaves €750 billion of nonfinancial corporate bonds that the ECB may consider buying, around €500bn of which is issued by European corporates. Market turnover may currently be around 2.5% of outstanding (after correcting for double-counting in the turnover data) and the ECB may be able to purchase 10-20% of this turnover. In addition, the ECB could also go into the primary market, buying 10% of new deals (from a total gross issuance of almost €20 billion per month recently). Such considerations suggest that, as a rough guide, they could purchase around €50 billion over a one year period under current market conditions, and perhaps as high as €100 billion if purchases improve market conditions, raising turnover.
We are already expecting the ECB to announce in November that the 10bp spread on the TLTROs will be eliminated, that all the maturities in TLTROS will be raised to four years, and that the multiples on allocations for the operations after December will be raised from 3X to 6X. Another possibility to throw into the mix is that the initial allowance for the Sep-Dec TLTROs could be raised (it was initially set at 7% of the end April 2014 stock of non-financial private sector loans ex-mortgages). There are reports that this allocation is not enough to allow some peripheral banks to roll their borrowings from the old 3 year LTROs into the TLTRO, which may force them to make more usage of shorter dated ECB facilities on a rolling basis. Raising the allocation, say to 10%, may be one means of both boosting overall take up and ensuring peripheral banks have security of funding.
A story on Reuters (see link below) reports ECB sources as stating that purchases of non-financial corporate bonds are being considered and could be decided on as soon as December, with purchases beginning in early 2015. This story does not come as much of a surprise to us. In Greg Fuzesi’s email on Friday we argued that the ECB was likely to take steps to encourage larger take up of the TLTROs at its meeting in early November. He wrote that “[t]hrough these changes the ECB can try to signal more determination about expanding its balance sheet. For this reason, we also see a rising likelihood that the ECB will expand its asset purchases into nonfinancial corporate bonds, which would allow it to get even closer to the €3 trillion balance sheet size that Draghi hinted at in the September meeting.”
According to our credit colleagues, ECB purchases would most likely be of fixed rate euro denominated bonds of at least €500 million outstanding that are included in the iBoxx Corporates index, due to price transparency and liquidity requirements. Within this, it is unlikely that the ECB would buy subordinated bonds as these are not even eligible as collateral in its refinancing operations. That leaves €750 billion of nonfinancial corporate bonds that the ECB may consider buying, around €500bn of which is issued by European corporates. Market turnover may currently be around 2.5% of outstanding (after correcting for double-counting in the turnover data) and the ECB may be able to purchase 10-20% of this turnover. In addition, the ECB could also go into the primary market, buying 10% of new deals (from a total gross issuance of almost €20 billion per month recently). Such considerations suggest that, as a rough guide, they could purchase around €50 billion over a one year period under current market conditions, and perhaps as high as €100 billion if purchases improve market conditions, raising turnover.
We are already expecting the ECB to announce in November that the 10bp spread on the TLTROs will be eliminated, that all the maturities in TLTROS will be raised to four years, and that the multiples on allocations for the operations after December will be raised from 3X to 6X. Another possibility to throw into the mix is that the initial allowance for the Sep-Dec TLTROs could be raised (it was initially set at 7% of the end April 2014 stock of non-financial private sector loans ex-mortgages). There are reports that this allocation is not enough to allow some peripheral banks to roll their borrowings from the old 3 year LTROs into the TLTRO, which may force them to make more usage of shorter dated ECB facilities on a rolling basis. Raising the allocation, say to 10%, may be one means of both boosting overall take up and ensuring peripheral banks have security of funding.
amorgos34
CHIAGNI & FOTTI SRL
ECB SAID NOT TO HAVE PUT CORPORATE BOND BUYING ON AGENDA:
Smentita "parziale"(esistono smentite più assertive)
Mia previsione : no QE, sì, forse, questa.
Ultima modifica:
bosmeld
Forumer storico
Onoff
Forumer attivo
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