Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (4 lettori)

[negusneg]

Per il Negus e il suo file excel: credo che la Banco Pastor XS0225590362 abbia saltato la call a luglio...

Grazie Rott , l'avevo già segnalato in rosso nell'ultimo aggiornamento

 

[riccio43]

secondo Financial Times sarebbe in via di definizione un piano di ristrutturazione delle attività per evitare di dovere lanciare un aumento di capitale.

per questo la AT1 884 8% sta solo circa a 100

 

[Rottweiler]

secondo Financial Times sarebbe in via di definizione un piano di ristrutturazione delle attività per evitare di dovere lanciare un aumento di capitale.

L'articolo del FT merita di essere letto, soprattutto da parte di chi ha investito in subs Unicredit:



August 2, 2015 6:07 pm
UniCredit chief explores options as he seeks to avoid cash call
Rachel Sanderson in Milan and Martin Arnold in London

Federico Ghizzoni became UniCredit chief executive five years ago after the board ousted his predecessor
UniCredit chief Federico Ghizzoni is exploring a strategic shake-up of the bank to boost profitability and address investor concerns while he seeks to avoid a cash call, insiders say.
The move by Mr Ghizzoni — who became chief executive five years ago after his predecessor, Alessandro Profumo, was ousted by the board — comes as Italian banks brace for the results of a health check by European regulators.
UniCredit, Italy’s only globally systemically important financial institution, reported a common equity tier one ratio of 10.1 per cent in the first quarter of the year. This measure of the bank’s financial strength was at the low end among its European peers and has raised concerns that regulators may push the bank to boost its capital base.
Mr Ghizzoni’s move follows growing restlessness about the company’s weak share performance among UniCredit’s non-Italian investors, which include its biggest shareholder Abu Dhabi-based Aabar Investments, according to insiders.
The bank’s shares are up 2 per cent over the past 12 months compared with a 50 per cent rise for its Milan-based rival Intesa Sanpaolo. UniCredit trades at 0.8 times the value of its tangible assets while Intesa is at 1.4 times that measure. That compares with an average for European banking stocks of 1.3 times, according to Bloomberg data.
UniCredit has declined to give guidance for net profit this year as it struggles to boost earnings squeezed by cheap funding, volatility in key markets of Ukraine and Russia, and weak growth in Italy.
Measures being considered before an updated strategic plan which is to be presented in the autumn include an aggressive restructuring of UniCredit’s German and Austrian operations, where the cost to income ratio stands at about 80 per cent. According to some market estimates the bank could save €500m a year as it seeks to avoid a rights issue.
“They are definitely under pressure to do a rights issue, especially since Commerzbank did one earlier this year,” said Filippo Alloatti, senior analyst at Hermes Credit, which invests in the debt of UniCredit.

“But that would be the fourth time in seven years they have raised capital from shareholders so there would be pressure for management change.”
Two people close to Mr Ghizzoni, who met the chief executive in the past month to discuss strategic options, said if he came under pressure from regulators over the bank’s capital position he could consider a domestic purchase to justify a rights issue, with the most likely target being Banca Popolare di Milano. One of them said Monte dei Paschi di Siena could also be a target.
UniCredit management had tried to improve profits and capital through cost cuts and the sale of non-core assets. But Mr Ghizzoni admitted in June that a year-old business plan was already under review as low interest rates called that strategy into question.
The opening salvo of UniCredit’s shake-up will come this week when the Milan-based lender will unveil a reorganisation of senior management to coincide with its second-quarter earnings announcement.
Marina Natale, chief financial officer, will be given more management powers in a move that will also see the sidelining of the bank’s chief risk officer and head of Italy, according to insiders.

 

[darkog]

L'articolo del FT merita di essere letto, soprattutto da parte di chi ha investito in subs Unicredit:



August 2, 2015 6:07 pm
UniCredit chief explores options as he seeks to avoid cash call
Rachel Sanderson in Milan and Martin Arnold in London

Federico Ghizzoni became UniCredit chief executive five years ago after the board ousted his predecessor
UniCredit chief Federico Ghizzoni is exploring a strategic shake-up of the bank to boost profitability and address investor concerns while he seeks to avoid a cash call, insiders say.
The move by Mr Ghizzoni — who became chief executive five years ago after his predecessor, Alessandro Profumo, was ousted by the board — comes as Italian banks brace for the results of a health check by European regulators.
UniCredit, Italy’s only globally systemically important financial institution, reported a common equity tier one ratio of 10.1 per cent in the first quarter of the year. This measure of the bank’s financial strength was at the low end among its European peers and has raised concerns that regulators may push the bank to boost its capital base.
Mr Ghizzoni’s move follows growing restlessness about the company’s weak share performance among UniCredit’s non-Italian investors, which include its biggest shareholder Abu Dhabi-based Aabar Investments, according to insiders.
The bank’s shares are up 2 per cent over the past 12 months compared with a 50 per cent rise for its Milan-based rival Intesa Sanpaolo. UniCredit trades at 0.8 times the value of its tangible assets while Intesa is at 1.4 times that measure. That compares with an average for European banking stocks of 1.3 times, according to Bloomberg data.
UniCredit has declined to give guidance for net profit this year as it struggles to boost earnings squeezed by cheap funding, volatility in key markets of Ukraine and Russia, and weak growth in Italy.
Measures being considered before an updated strategic plan which is to be presented in the autumn include an aggressive restructuring of UniCredit’s German and Austrian operations, where the cost to income ratio stands at about 80 per cent. According to some market estimates the bank could save €500m a year as it seeks to avoid a rights issue.
“They are definitely under pressure to do a rights issue, especially since Commerzbank did one earlier this year,” said Filippo Alloatti, senior analyst at Hermes Credit, which invests in the debt of UniCredit.

“But that would be the fourth time in seven years they have raised capital from shareholders so there would be pressure for management change.”
Two people close to Mr Ghizzoni, who met the chief executive in the past month to discuss strategic options, said if he came under pressure from regulators over the bank’s capital position he could consider a domestic purchase to justify a rights issue, with the most likely target being Banca Popolare di Milano. One of them said Monte dei Paschi di Siena could also be a target.
UniCredit management had tried to improve profits and capital through cost cuts and the sale of non-core assets. But Mr Ghizzoni admitted in June that a year-old business plan was already under review as low interest rates called that strategy into question.
The opening salvo of UniCredit’s shake-up will come this week when the Milan-based lender will unveil a reorganisation of senior management to coincide with its second-quarter earnings announcement.
Marina Natale, chief financial officer, will be given more management powers in a move that will also see the sidelining of the bank’s chief risk officer and head of Italy, according to insiders.

Mi sembrava che avessero smentito le indiscezioni stamattina.
Con questi requisiti patrimoniali, vedo difficili LME o call per Unicredit. Vedo anche complicato un ulteriore ADC.

Tu che idea ti sei fatto Rott?

 

[NoWay]

Vers un rendemernent de 5,40% pour la nouvelle Lufthansa hybride par 1.000 euros | OBLIS

 

[fidw99]

L'articolo del FT merita di essere letto, soprattutto da parte di chi ha investito in subs Unicredit:



August 2, 2015 6:07 pm
UniCredit chief explores options as he seeks to avoid cash call
Rachel Sanderson in Milan and Martin Arnold in London

Federico Ghizzoni became UniCredit chief executive five years ago after the board ousted his predecessor
UniCredit chief Federico Ghizzoni is exploring a strategic shake-up of the bank to boost profitability and address investor concerns while he seeks to avoid a cash call, insiders say.
The move by Mr Ghizzoni — who became chief executive five years ago after his predecessor, Alessandro Profumo, was ousted by the board — comes as Italian banks brace for the results of a health check by European regulators.
UniCredit, Italy’s only globally systemically important financial institution, reported a common equity tier one ratio of 10.1 per cent in the first quarter of the year. This measure of the bank’s financial strength was at the low end among its European peers and has raised concerns that regulators may push the bank to boost its capital base.
Mr Ghizzoni’s move follows growing restlessness about the company’s weak share performance among UniCredit’s non-Italian investors, which include its biggest shareholder Abu Dhabi-based Aabar Investments, according to insiders.
The bank’s shares are up 2 per cent over the past 12 months compared with a 50 per cent rise for its Milan-based rival Intesa Sanpaolo. UniCredit trades at 0.8 times the value of its tangible assets while Intesa is at 1.4 times that measure. That compares with an average for European banking stocks of 1.3 times, according to Bloomberg data.
UniCredit has declined to give guidance for net profit this year as it struggles to boost earnings squeezed by cheap funding, volatility in key markets of Ukraine and Russia, and weak growth in Italy.
Measures being considered before an updated strategic plan which is to be presented in the autumn include an aggressive restructuring of UniCredit’s German and Austrian operations, where the cost to income ratio stands at about 80 per cent. According to some market estimates the bank could save €500m a year as it seeks to avoid a rights issue.
“They are definitely under pressure to do a rights issue, especially since Commerzbank did one earlier this year,” said Filippo Alloatti, senior analyst at Hermes Credit, which invests in the debt of UniCredit.

“But that would be the fourth time in seven years they have raised capital from shareholders so there would be pressure for management change.”
Two people close to Mr Ghizzoni, who met the chief executive in the past month to discuss strategic options, said if he came under pressure from regulators over the bank’s capital position he could consider a domestic purchase to justify a rights issue, with the most likely target being Banca Popolare di Milano. One of them said Monte dei Paschi di Siena could also be a target.
UniCredit management had tried to improve profits and capital through cost cuts and the sale of non-core assets. But Mr Ghizzoni admitted in June that a year-old business plan was already under review as low interest rates called that strategy into question.
The opening salvo of UniCredit’s shake-up will come this week when the Milan-based lender will unveil a reorganisation of senior management to coincide with its second-quarter earnings announcement.
Marina Natale, chief financial officer, will be given more management powers in a move that will also see the sidelining of the bank’s chief risk officer and head of Italy, according to insiders.

a me fanno morire questi articoli dove c'è sempre insiders say che parla.... se sai qualcosa e parli ti identifichi, se no' stai muto...

l'informazione finanziaria è una delle questioni più losche che abbiamo nei tempi moderni e passati, in questo modo si può scrivere tutto e il contrario di tutto senza mai esserne responsabili... peccato che ci sono risvolti economici in ballo...

 

[negusneg]

a me fanno morire questi articoli dove c'è sempre insiders say che parla.... se sai qualcosa e parli ti identifichi, se no' stai muto...

l'informazione finanziaria è una delle questioni più losche che abbiamo nei tempi moderni e passati, in questo modo si può scrivere tutto e il contrario di tutto senza mai esserne responsabili... peccato che ci sono risvolti economici in ballo...

Concordo. Però non c'è dubbio che UCG sia più debolina dei peers, ISP soprattutto, e il mercato ne tiene conto. Dubito cmq che arriveranno a fare un nuovo aumento, ma non si sa mai, soprattutto se studiano eventuali acquisizioni.

La view di Equita, dopo cancello:

Unicredit Visione neutrale - M - Target €6.7 - Close €6.04​

Secondo FT review strategica in autunno​

Secondo FT, che cita fonti interne alla banca, il CEO starebbe studiando una review strategica che sarà presentata in autunno con​

l’aggiornamento del business plan.​

Il piano prevedrebbe:​

- ristrutturazione profonda di Germania e Austria. Quest’ultima divisione rappresenta una delle criticità del gruppo visto che, in base​

alle nostre stime, nonostante un costo del rischio di 20bps, non raggiungerà il break even nemmeno al 2018 dato un C/I del 90%;​

- possibili acquisizioni in Italia, uno dei target individuati sarebbe la Banca Popolare di Milano. Con l’occasione UCG lancerebbe un​

aumento di capitale per rafforzare il CET1, che prevediamo stabile QoQ nel 2Q a 10.3% (compreso il beneficio della vendita di​

Pioneer). In base ai nostri calcoli, un aumento da 5bn avrebbe un impatto positivo di 120bps sul CET1 (da 10.5% a 11.7%), diluendo​

del 12% l’Eps 2016 (P/E da 10.9x a 12.2x), il P/TE del 2% (da 0.82x a 0.84x) e il ROTE di 70bps (da 7.6% a 6.9%).​

Continuiamo a ritenere che, in assenza di un miglioramento significativo del CET1, difficilmente ci potrà essere un re-rating dei​

multipli di UCG (P/TE operations domestiche 0.66x vs ISP 1.4x) nonostante i miglioramenti riportati a livello di gestione operativa (ie​

stabilizzazione crediti dubbi, miglioramento volumi prestito, bottoming out NII, controllo di costi) che dovrebbero essere pienamente​

confermati anche nel 2Q.

 

[DinoP]

venduto d.postbank 917 a 104,335
5 anni assieme è stato bello....

 

[Rottweiler]

Mi sembrava che avessero smentito le indiscezioni stamattina.
Con questi requisiti patrimoniali, vedo difficili LME o call per Unicredit. Vedo anche complicato un ulteriore ADC.

Tu che idea ti sei fatto Rott?

Non ho avuto modo di guardare nei numeri in autonomia: non ho un'idea mia.

Rimane il fatto che appare parecchio numeroso il gruppo degli analisti critici nei confronti di Unicredit.
A quelli già citati si aggiunge Morgan Stanley, che in un report teme lo skip dell'AT1, motivandolo così:

"We believe that UniCredit has just 75bp of CET1 headroom to an AT1 coupon switch off from January 1, 2016, significantly smaller than any peer."

 

[Cat XL]

Non ho avuto modo di guardare nei numeri in autonomia: non ho un'idea mia.

Rimane il fatto che appare parecchio numeroso il gruppo degli analisti critici nei confronti di Unicredit.
A quelli già citati si aggiunge Morgan Stanley, che in un report teme lo skip dell'AT1, motivandolo così:

"We believe that UniCredit has just 75bp of CET1 headroom to an AT1 coupon switch off from January 1, 2016, significantly smaller than any peer."

Il report parla dell'MDA di UCG? Grazie