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Qualcuno sa il grado di subordinazione della Veneto Banca xs0337685324 ?
http://www.investireoggi.it/forum/a...tc-perpetuals-c-veneto-banca-xs0337685324.pdf
Qualcuno sa il grado di subordinazione della Veneto Banca xs0337685324 ?
Non è Tier-1?Qualcuno sa il grado di subordinazione della Veneto Banca xs0337685324 ?
Negus : vendi prima possibile e mettiti short !
JPM sull'azionario italiano (anche se, a dire il vero, è un amore che dura da un pochetto)
Italy is the best-performing European market ytd. Is this becoming a problem? Recall, last year Italian equities also rallied 20%+ in 1H, beating the other indices, only to give back all of their gains in the second half and end the year in negative territory.
We do not think the rollover seen in 2H ’14 should be repeated in 2H ’15 for the following reasons:
1) Italy is the big beneficiary of the turn in the credit cycle. Italian credit growth is outright positive now, and the indicators of credit demand are moving higher for all the subcategories of debt. Italian Banks’ ROE remains closely correlated to loan growth, as per the bottom chart.
2) Economic activity is improving. Italian money supply readings suggest that Italian composite PMI will move above 55 in the 2nd half of the year. Consumer sentiment is getting better.
3) EPS momentum is picking up. Italian earnings closely follow macro-economic activity. JPM growth projections are consistent with near-20% EPS growth in Italy this and next year.
4) Valuations remain attractive. Italy is still the cheapest large DM country on a cycle-adjusted P/E metric, offering near 100% upside to the long-term median. Clearly, one needs to haircut what the “norm” is these days, but the upside remains significant, in our view. It is also the cheapest country on P/B metric, offering 56% upside to the long-term median.
5) Reforms are progressing. We are in the latter stages of the electoral reform. There is progress on labour front, and on the legal front. The concern is the politics, where MS5 is gaining in polls recently. We believe the near term political risk in Italy remains low, though. Elections are not expected to be called early, and MS5 is unlikely to be a deciding factor when they do.
6) Despite a strong ytd run, Italian equities are still trading at depressed price relatives in the historical context. It is not too late to join the trade, in our view. Furthermore, in contrast to last summer, when Italy was sitting on significant inflows which subsequently suffered a big reversal, not much money has flowed into the region this year. Positioning is not as crowded as it was last summer, as per the middle chart.
Italy remains our top country pick in Europe. What to own? Our key sector pick stays Banks, which comprise almost 30% of MIB. We note that in the latest results, most Italian Banks have surprised positively on capital. In addition, we put together lists of non-Bank stocks that: 1) our analysts rate favourably and 2) that have a very depressed earnings base. Among others, we highlight Generali, Buzzi Unicem, Enel, Snam and Telecom Italia.
Negus : vendi prima possibile e mettiti short !
JPM sull'azionario italiano (anche se, a dire il vero, è un amore che dura da un pochetto)
(...)
Italy remains our top country pick in Europe. What to own? Our key sector pick stays Banks, which comprise almost 30% of MIB. We note that in the latest results, most Italian Banks have surprised positively on capital. In addition, we put together lists of non-Bank stocks that: 1) our analysts rate favourably and 2) that have a very depressed earnings base. Among others, we highlight Generali, Buzzi Unicem, Enel, Snam and Telecom Italia.[/I]
Non è Tier-1?
Qualcuno sa il grado di subordinazione della Veneto Banca xs0337685324 ?
cpn=6,411% to 12/17 ann,them 30 euribor+275bp qtlyt1 6.411 fino a 21.12.17 per sella non e' negoziabile perche' illiquida e non hanno il prospetto prezzo molto indicativo 85 non mi sanno indicare il post call
certo che sembra interessante ma vedo che e' nota a molti