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

[Andre_Sant]

Stamattina la Corte di Giustizia Europea si è pronunciata positivamente sull'OMT (Outright Monetary Transactions),
respingendo il ricorso presentato dai giudici della Corte Costituzionale della Germania sulla legittimità del piano di acquisto di titoli di Stato dei Paesi in difficoltà finanziaria da parte della banca centrale.

Si tratta di un sostanziale via libera alla terapia d'urto che Mario Draghi potrebbe annunciare il 22 gennaio.

Lo stesso presidente della Bce ha detto in un'intervista al giornale Die Zeit in edicola domani che una politica monetaria accomodante è necessaria per adempiere al compito della Banca centrale europea di preservare la stabilità dei prezzi nella zona euro e il consiglio direttivo è determinato a portarlo a termine.

Per raggiungere l'obiettivo di medio termine di un'inflazione inferiore ma vicina al 2%, la Bce "deve mantenere tassi d'interesse bassi e lavorare per una politica monetaria espansiva che accompagni la crescita", ha chiarito Draghi.

Homepage Websim

 

[Onoff]

Mi sto facendo la stessa domanda.
Anch'io solo 040 a pmc circa 0,69...stessa barca...

Anche io , più o meno, l'ho in carico ai prezzi dell'affrancamento.

 

[fabrifede]

Comprate un po di xs1002121454 a 108,8

 

[amorgos34]

Abstract: The opinion of the European Court of Justice’s (ECJ) Advocate General on OMT is 73 pages long, but a first reading of key sections and of the press release is that it is favourable to sovereign QE.

In particular, it seems that QE would be compatible with the Treaty even if the ECB is pari passu to private bondholders and if the risk is shared across national central banks (NCBs). As we speculated yesterday, the Advocate General argued along the lines that (a) the aim of any bond purchases must be to maintain price stability, that (b) the chosen instrument must be an accepted tool of monetary policy (as broad-based purchases of governments bonds would be) and that (c) some side-effects of a policy action are tolerable as long as they are not unreasonable. On the last point, Advocate General effectively gives the ECB a lot of discretion in deciding what kind of action is appropriate. This is very clear in the swipe he makes at the German Federal Constitutional Court (GFCC), when he says that the ECB must have broad discretion when framing and implementing monetary policy and that courts must exercise considerable caution when reviewing ECB actions as they lack the expertise and experience in doing so. In fairness to the GFCC, its views were influenced by the Bundesbank, but the Advocate General is clearly siding more with the ECB.

Regarding seniority, the Advocate General effectively says that the ECB can take risks, as long as these are proportionate. Just because the “hypothetical” risk of a debt restructuring might materialize in future (i.e., ex post) does not violate the prohibition of monetary financing. The ECB must only actively contribute to a restructuring and that it must buy bonds with the intention of being repaid in full. In his view, a pari passu status would distort market prices, but that this is “tolerable” and the seniority status would also distort prices. Purchasing even lower rated bonds may not be a problem per se. The Advocate General also rejects the idea that the ECB must set an ex ante quantitative limit on its purchases as such a limit would “seriously” undermine its effectiveness. There does not appear to be an explicit statement about risk sharing, but the implication of the overall tone and content is that risk sharing under QE would be allowed.

 

[fidw99]

molto interessante

 

[Rottweiler]

Ultimi passi Oevag...

Come ho già scritto recentemente, non ho seguito Oevag nella sua fase "terminale", ma mi sembra di capire, dal comunicato che allego, che anche per il T2 non sia prevedibile alcun recupero.

Ormai questo tipo di situazioni non dovrebbe sorprendere nessuno dei nostri forumers...

 

[Rottweiler]

Invece Depfa...

Anche questa è una banca che non ho seguito, e quindi non sono in grado di commentare:

 

[fabriziof]

Come ho già scritto recentemente, non ho seguito Oevag nella sua fase "terminale", ma mi sembra di capire, dal comunicato che allego, che anche per il T2 (XS0201306288) non sia prevedibile alcun recupero.

Ormai questo tipo di situazioni non dovrebbe sorprendere nessuno dei nostri forumers...

la lt2 xs0275528627 ritengo sia perlomeno da seguire invece

 

[gionmorg]

European Court Deems ECB’s Outright Monetary Transactions Lawful, a Boon for
Future Monetary Policy
On Wednesday, the Advocate General to the European Court of Justice (ECJ) opined that the European
Central Bank’s (ECB) Outright Monetary Transactions (OMT) programme is lawful, increasing the likelihood
that the ECJ will also rule that the OMT is lawful. This opinion, and its affirmation of ECB independence with
respect to monetary policy, is credit positive for euro area sovereigns and their economies because it
enhances the ECB’s ability to implement unconventional measures.
Implementing the OMT at a time when a government’s borrowing costs are at risk of increasing to
unsustainable levels would help lower those costs. Other unconventional monetary policy measures,
particularly quantitative easing, would also reduce the risk that deflation becomes entrenched in the euro
area. Without a lawful ruling from the ECJ, the likelihood was low that the ECB would engage in a
quantitative easing programme, even if a majority of the ECB’s governing council members thought it
necessary.
The ECJ ruling stresses ECB independence on monetary policy. By observing that “the framing and
implementation of monetary policy are the exclusive competence of the ECB,” the ECJ is stressing the
central bank’s independence on monetary policy matters, which will make future monetary policy decisionmaking
easier.
In particular, the ECJ’s statement on the independence of the ECB is general and not specifically tied to the
OMT, a bond purchase programme announced in 2012 when a sharp rise in sovereign bond yields raised
doubts about the viability of the monetary union. The statement comes just one week before the ECB’s next
monetary policy meeting, when members will discuss the suitability of a quantitative easing programme in
the euro area.
The ECJ said that the OMT is a monetary policy measure, not a measure of economic policy. This puts it
within the remit of the ECB, which was one of the questions raised by the German Constitutional Court
about the lawfulness of the OMT. The ruling means that the ECB can credibly defend itself against other
potential court cases by arguing that its actions are in the sphere of monetary policy.
OMT becomes a genuinely actionable programme. The ECJ’s opinion paves the way for the ECB to
implement the OMT if the central bank deems it appropriate to do so. The OMT announcement in 2012
was instrumental in restoring more normal financing conditions for euro area sovereigns amid a period of
heightened market tensions (see exhibit). However, without a positive opinion from the ECJ, the programme
would have lost all its stabilising powers.
The only conditions that the ECJ said must be in place before the ECB activates the OMT are that the
central bank must explain clearly why the bond purchases are necessary and that the ECB refrain from
engaging in a financial assistance programme for the government in question. These conditions aim to
address the second challenge to the OMT by the German court, namely that the OMT may amount to
monetary financing of euro area governments, which would be illegal.
Knowledge that the ECB will be able to intervene by purchasing sovereign bonds under the OMT
programme implies that bond yields are less apt to spike, making a situation similar to the one that
developed in the first half of 2012 less likely

 

[NoWay]

I sub di Banca Popolare Etruria e Lazio come sono messi?