Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
vbrm
Forumer attivo
Sembra che anche l'AdC del Santander sia legato a richieste della ECB:
Two people familiar with Santander’s share issue said the switch of regulatory responsibility for Spain’s biggest lender from the Bank of Spain to the ECB’s Single Supervisory Mechanism played an important role in the capital raising. The eurozone’s biggest bank by market capitalisation has denied that its share sale was influenced by the ECB.
Investment bankers are hoping that Santander’s capital raising last Thursday will open the flood gates for more cash calls. Lenders believed to have relatively weak equity levels that may need to follow Santander’s lead include Italy’s UniCredit and Austria’s Raiffeisen. Also on the hit list are France’s BNP Paribas and Société Générale and Germany’s Deutsche Bank and Commerzbank.
Eurozone banks face many risks, including fears of a potential Greek exit from the single currency as the country faces a snap election this month, sluggish economic growth, growing tensions in Russia and a falling oil price. “Growing euroscepticism remains the key tail risk in a year of multiple elections . . . and will likely make for a volatile ride,” Citigroup said in a recent research note on banks.
http://www.ft.com/intl/cms/s/0/c27ebe62-99a5-11e4-93c1-00144feabdc0.html?siteedition=intl
Two people familiar with Santander’s share issue said the switch of regulatory responsibility for Spain’s biggest lender from the Bank of Spain to the ECB’s Single Supervisory Mechanism played an important role in the capital raising. The eurozone’s biggest bank by market capitalisation has denied that its share sale was influenced by the ECB.
Investment bankers are hoping that Santander’s capital raising last Thursday will open the flood gates for more cash calls. Lenders believed to have relatively weak equity levels that may need to follow Santander’s lead include Italy’s UniCredit and Austria’s Raiffeisen. Also on the hit list are France’s BNP Paribas and Société Générale and Germany’s Deutsche Bank and Commerzbank.
Eurozone banks face many risks, including fears of a potential Greek exit from the single currency as the country faces a snap election this month, sluggish economic growth, growing tensions in Russia and a falling oil price. “Growing euroscepticism remains the key tail risk in a year of multiple elections . . . and will likely make for a volatile ride,” Citigroup said in a recent research note on banks.
http://www.ft.com/intl/cms/s/0/c27ebe62-99a5-11e4-93c1-00144feabdc0.html?siteedition=intl
NoWay
It's time to play the game
Non capivo come mai avessi scritto proprio ora questo post, poi ho fatto un giretto dall'altra parte del fiume...
Santander’s €7.5 Billion Capital Increase Is Credit Positive
Last Thursday, Banco Santander S.A.’s (Baa1 stable, C-/baa1 stable4
) board of directors announced that it
had approved a €7.5 billion capital increase via a rights issue. The move is positive for Santander’s creditors
because it will increase the buffer available to deal with Santander’s stock of problematic assets and bring
the bank’s fully loaded capital ratios more in line with its European peers.
The rights issue will be executed through an accelerated book-building offering to qualified investors with a
waiving of pre-emption rights. The capital increase, which constitutes 9.9% of Santander’s current share
capital, was fully underwritten by two investment banks and was launched on the same day that the board
approved the plan.
Santander has good risk-absorbing capacity and proven ability to generate capital in times of stress. Indeed,
between 2007 and September 2014, Santander doubled its core capital to €64 billion. The European Central
Bank has further confirmed Santander’s ability to withstand stress, concluding during its recent stress test
that the bank had exceeded both the baseline and the adverse scenarios. Santander’s transitional common
equity Tier 1 ratio (CET1) was 11.05% in the European Banking Authority’s (EBA) base-case scenario, versus
the EBA’s 8% minimum, and 8.95% in the adverse scenario, versus the EBA’s 5.5% minimum. The bank’s
adjusted leverage ratio was 4.47% (resulting from the asset quality review), which is above the 4% average
reported by its European peers. This ratio will now increase to 5% following the capital increase.
However, on a fully loaded basis Santander’s CET1 compares poorly with its European peers. Santander does
not disclose its fully loaded CET1 ratio, but did announce that it expected a ratio of 8.3% at year-end 2014
and targeted a ratio of 9% by 2016. Both the current and targeted levels were below the average of its
European peers, which was around 11% at the end of September 2014 (see exhibit below). This capital
increase closes the gap with Santander’s peers by increasing its fully loaded CET1 by 140 basis points to
9.7%. The bank has now set its target at 10%-11% by 2016.
In addition, the capital increase enlarges the buffer available to deal with the burden of problematic assets
in Santander’s balance sheet. We define problematic assets as the sum of nonperforming loans, real estate
assets that have been repossessed or acquired during the crisis and performing refinanced loans. Santander’s
problematic exposures were 75% of shareholder equity and loan-loss and real estate reserves at the end of
2013. The capital increase will reduce this ratio to around 70%.
Last Thursday, Banco Santander S.A.’s (Baa1 stable, C-/baa1 stable4
) board of directors announced that it
had approved a €7.5 billion capital increase via a rights issue. The move is positive for Santander’s creditors
because it will increase the buffer available to deal with Santander’s stock of problematic assets and bring
the bank’s fully loaded capital ratios more in line with its European peers.
The rights issue will be executed through an accelerated book-building offering to qualified investors with a
waiving of pre-emption rights. The capital increase, which constitutes 9.9% of Santander’s current share
capital, was fully underwritten by two investment banks and was launched on the same day that the board
approved the plan.
Santander has good risk-absorbing capacity and proven ability to generate capital in times of stress. Indeed,
between 2007 and September 2014, Santander doubled its core capital to €64 billion. The European Central
Bank has further confirmed Santander’s ability to withstand stress, concluding during its recent stress test
that the bank had exceeded both the baseline and the adverse scenarios. Santander’s transitional common
equity Tier 1 ratio (CET1) was 11.05% in the European Banking Authority’s (EBA) base-case scenario, versus
the EBA’s 8% minimum, and 8.95% in the adverse scenario, versus the EBA’s 5.5% minimum. The bank’s
adjusted leverage ratio was 4.47% (resulting from the asset quality review), which is above the 4% average
reported by its European peers. This ratio will now increase to 5% following the capital increase.
However, on a fully loaded basis Santander’s CET1 compares poorly with its European peers. Santander does
not disclose its fully loaded CET1 ratio, but did announce that it expected a ratio of 8.3% at year-end 2014
and targeted a ratio of 9% by 2016. Both the current and targeted levels were below the average of its
European peers, which was around 11% at the end of September 2014 (see exhibit below). This capital
increase closes the gap with Santander’s peers by increasing its fully loaded CET1 by 140 basis points to
9.7%. The bank has now set its target at 10%-11% by 2016.
In addition, the capital increase enlarges the buffer available to deal with the burden of problematic assets
in Santander’s balance sheet. We define problematic assets as the sum of nonperforming loans, real estate
assets that have been repossessed or acquired during the crisis and performing refinanced loans. Santander’s
problematic exposures were 75% of shareholder equity and loan-loss and real estate reserves at the end of
2013. The capital increase will reduce this ratio to around 70%.
Checelamandibona
Forumer storico
Non capivo come mai avessi scritto proprio ora questo post, poi ho fatto un giretto dall'altra parte del fiume...
Shhhhh....Non si fanno nomi e cognomi
Vet
Forumer storico
Analisi lucida e concreta.....ma......
Myskin
Forumer stoico
oramai certi utenti e "trucchetti" li conosciamo
ti dirò comunque che certi squallidi personaggi non meritano nemmeno le righe che gli dedichi
rockytamtam
Forumer storico
....
Ultima modifica:
maxolone
Forumer storico
Mi sembra che sia stato smentito...
"Il vicedirettore generale della Banca d'Italia e membro del supervisory board Bce, Fabio Panetta, ha dichiarato che la Banca centrale europea non ha richiesto livelli di capitale più elevati alle banche italiane. Buffer aggiuntivi sarebbero stati chiesti solo nel caso in cui le banche italiane (ed europee) non avessero provveduto a contabilizzare gli accantonamenti richiesti dall'Asset Quality Review."
"Il vicedirettore generale della Banca d'Italia e membro del supervisory board Bce, Fabio Panetta, ha dichiarato che la Banca centrale europea non ha richiesto livelli di capitale più elevati alle banche italiane. Buffer aggiuntivi sarebbero stati chiesti solo nel caso in cui le banche italiane (ed europee) non avessero provveduto a contabilizzare gli accantonamenti richiesti dall'Asset Quality Review."
capt.harlock
MENA IL CAMMELLO FAN CLUB
oramai certi utenti e "trucchetti" li conosciamo
ti dirò comunque che certi squallidi personaggi non meritano nemmeno le righe che gli dedichi
e' vero noi li conosciamo ma mettere paletti antitroll e' necessario
ricordo a tutti che determinate "pratiche" non sono solamente scorrette ma sono veri e propri REATI
Similar threads
- Bloccata
Obbligazioni perpetue e subordinate
Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Bloccata
Obbligazioni perpetue e subordinate
Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1
