Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (2 lettori)

[fabriziof]

Chinese regulator approves acquisition Vivat by Anbang
Thursday, July 23, 2015 11:22

AMSTERDAM (Dow Jones) - The regulator of the insurance industry in China has given approval for the acquisition of Vivat Insurance (formerly Reaal) by Anbang Insurance Group. This was announced Thursday.
Earlier this month it was announced that the Dutch State has sold the shares of Vivat EUR1,00.
"The sale price for the shares Reaal and tax assets is set at EUR85 million It was agreed that SNS Reaal transfers the tax asset Reaal over the years 2013 and 2014 euros Anbang,. This claim by SNS Reaal on Reaal is at best conservative estimate approximately EUR85 million. Net, net of tax assets, the sales amount to approximately EUR 1, "wrote Finance Minister Jeroen Dijsselbloem on July 10 to the House. Earlier, the selling price was still estimated at EUR150 million, excluding the settlement of tax claims.
The sales contract between SNS Reaal and Anbang was signed on June 30 and De Nederlandsche Bank (DNB) on July 3 gave the green light.

 

[Fabrib]

chinese regulator approves acquisition vivat by anbang
thursday, july 23, 2015 11:22

amsterdam (dow jones) - the regulator of the insurance industry in china has given approval for the acquisition of vivat insurance (formerly reaal) by anbang insurance group. This was announced thursday.
Earlier this month it was announced that the dutch state has sold the shares of vivat eur1,00.
"the sale price for the shares reaal and tax assets is set at eur85 million it was agreed that sns reaal transfers the tax asset reaal over the years 2013 and 2014 euros anbang,. This claim by sns reaal on reaal is at best conservative estimate approximately eur85 million. Net, net of tax assets, the sales amount to approximately eur 1, "wrote finance minister jeroen dijsselbloem on july 10 to the house. Earlier, the selling price was still estimated at eur150 million, excluding the settlement of tax claims.
The sales contract between sns reaal and anbang was signed on june 30 and de nederlandsche bank (dnb) on july 3 gave the green light.

Bingo!!!

 

[cris71]

Chinese regulator approves acquisition Vivat by Anbang
Thursday, July 23, 2015 11:22

AMSTERDAM (Dow Jones) - The regulator of the insurance industry in China has given approval for the acquisition of Vivat Insurance (formerly Reaal) by Anbang Insurance Group. This was announced Thursday.
Earlier this month it was announced that the Dutch State has sold the shares of Vivat EUR1,00.
"The sale price for the shares Reaal and tax assets is set at EUR85 million It was agreed that SNS Reaal transfers the tax asset Reaal over the years 2013 and 2014 euros Anbang,. This claim by SNS Reaal on Reaal is at best conservative estimate approximately EUR85 million. Net, net of tax assets, the sales amount to approximately EUR 1, "wrote Finance Minister Jeroen Dijsselbloem on July 10 to the House. Earlier, the selling price was still estimated at EUR150 million, excluding the settlement of tax claims.
The sales contract between SNS Reaal and Anbang was signed on June 30 and De Nederlandsche Bank (DNB) on July 3 gave the green light.

Ora attendiamo con calma che ci vengano corrisposte tutte le cedole arretrate il prossimo anno

 

[cris71]

Rbi

posto quest'articolo perchè in merito alla cessione della controllata Rbi Polbank prende in considerazione l'ipotesi di un prossimo aumento di capitale
RBI-Polbank: Verkaufen oder nicht verkaufen

In particolare tra parentesi :
Falls der Deal scheitert, würde dann doch vielleicht die nächste Kapitalerhöhung im Raum stehen?

In merito alla questione Polbank aggiungo anche questo
http://www.wienerzeitung.at/nachric..._Verkauf-polnischer-RBI-Tochter-gestoppt.html

 

[poliutre]

La mitica e popolarissima BP 290 da qualche giorno sta strappando verso l'alto.
Ora su LUX Euronext 103,00/106,84.
Notizie??

 

[Fabrib]

La mitica e popolarissima BP 290 da qualche giorno sta strappando verso l'alto.
Ora su LUX Euronext 103,00/106,84.
Notizie??

Non penso possa succedere nulla prima del 2017; comunque bene così.

 

[darkog]

La mitica e popolarissima BP 290 da qualche giorno sta strappando verso l'alto.
Ora su LUX Euronext 103,00/106,84.
Notizie??

Questa a differenza della 373 è step up, quindi, prezzando la call nel 2017, è un prezzo che può reggere.

Prezzando la call nel 2017 al prezzo di 103 ha un Yield lordo sul 4,2/4,3% (conti al volo).
Certo che vedere la Italease (anche questa step Up) con call nel 2016 con uno Yield di oltre 6 punti percentuali (al prezzo di 95/96) mi fa strano.

Se la 290 sta a 103 in Bid, la Italease dovrebbe stare almeno a 97,5 in bid.

 

[Vet]

Questa a differenza della 373 è step up, quindi, prezzando la call nel 2017, è un prezzo che può reggere.

Prezzando la call nel 2017 al prezzo di 103 ha un Yield lordo sul 4,2/4,3% (conti al volo).
Certo che vedere la Italease (anche questa step Up) con call nel 2016 con uno Yield di oltre 6 punti percentuali (al prezzo di 95/96) mi fa strano.

Se la 290 sta a 103 in Bid, la Italease dovrebbe stare almeno a 97,5 in bid.

in Otc denaro 101.7 -102......me le tengo

 

[Fabrib]

L'intonazione della giornata potrebbe esserne influenzata; stanotte borsa di Shanghai -7%

 

[gionmorg]

Greece’s Bank Resolution Legislation Is Credit Negative for Unsecured Creditors
Last Wednesday, Greece’s parliament voted the European Bank Recovery and Resolution Directive (BRRD)
into national law. The new law is credit negative for bondholders and uninsured depositors (more than
€100,000) because it limits the use of public funds for bank resolutions and, effective 1 January 2016,
includes burden-sharing for all types of unsecured creditors.
Greek banks that may be affected include the country’s largest banks: National Bank of Greece S.A.
(Caa3/Caa3 review for downgrade, ca1
), Piraeus Bank S.A. (Caa3 review for downgrade, ca), Eurobank
Ergasias S.A. (Caa3 review for downgrade, ca), Alpha Bank AE (Caa3 review for downgrade, ca) and Attica
Bank S.A. (Caa3 review for downgrade, ca).
Although the new law establishes a bail-in of unsecured creditors as the policy response to failure from 2016
onward, in our view this timeline could facilitate the carve-out of uninsured deposits if bank
recapitalisations worth up to €25 billion occur before the end of this year, as Greek Finance Minister Euclid
Tsakalotos outlined last Wednesday in parliament. The average common equity Tier 1 capital ratio of Greek
banks was 12.8% as of March 2015, but capital is at risk from the need to provision for nonperforming loans,
which are likely to increase to well over 40% of gross loans in 2015-16 from around 35% at year-end 2014,
and because more than half of bank capital is currently in the form of deferred tax assets with limited ability
to absorb losses.
The Greek government’s passage of the new law is one of the actions necessary to start negotiations for an
€86 billion support package from the European Stability Mechanism (ESM, Aa1 stable). Although Mr.
Tsakalotos told parliament that €25 billion of the ESM support package is earmarked for bank
recapitalisation before year-end and that uninsured deposits will not be bailed-in, we expect that banks’
equity investors will be written down, while the thin cushion of senior unsecured and subordinated
bondholders also remains at risk of incurring significant losses. In an interview with French newspaper Le
Monde on Friday, Christian Noyer, Banque de France governor and European Central Bank governing council
member, also advocated the prompt recapitalisation of Greek banks, which would leave uninsured
deposits intact.
The new framework to resolve failing institutions replaces mechanisms in place since 2011. It allows the
Bank of Greece as the national resolution authority to take action to prevent systemic crises, safeguard
public confidence in the banking system and promote financial stability. As foreseen in the BRRD, there are
four resolution tools that may be applied individually or in combination: sale of the bank, establishment of a
good bank (bridge institution), establishment of a bad bank (asset separation tool), and bail-in. The first
three tools are applicable immediately, while the last becomes effective 1 January 2016.
The Greek law closely mirrors BRRD practices in other European Union (EU) countries, but deviates in the
insolvency ranking it establishes. Whereas elsewhere in the EU state claims rank equally with wholesale
deposits in an insolvency or bail-in, Greek law ranks Greek state deposits together with all state claims as
senior to uninsured deposits, including small and midsize enterprise and retail deposits greater than
€100,000. Therefore, state deposits are subject to bail-in only after any losses are imposed on uninsured
deposits. Once the bail-in tool becomes effective in 2016, the more senior ranking of state claims would
negatively affect recovery rates for Greek wholesale depositors.