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

aggiungo....

Stordits, Solenoide, Zorba/Varoon a memoria.....ma almeno ci leggete ancora...magari da lurkers?
Buongiorno, sono d'accordissimo... Ricordate i tempi di Mais78.. tanti utenti e tanta qualità negli interventi..personalmente devo molto al forum
 
commento sul intesa at1

> While Intesa Sanpaolo was rather discrete on the AT1 issuance matter, and the market was shut since the RBS and BNP deals (mid-August), the bank unexpectedly announced via a press release that it was planning to soon launch its inaugural Additional Tier 1 (USD1bn est., 10Y, write-down, low trigger, Ba3/B+/BB-). Furthermore, by end-2017, the bank is also planning to issue EUR4bn AT1 notes in total (ie, 1.4% of Q215 RWA).

> It is worth noting, and not really a surprise to us, that banks we recently spotted as potential newcomers on the segment have all announced or made a deal recently (ie, BNP Paribas, RBS, ABN Amro and Intesa Sanpaolo). At the time of writing, in our European coverage, only Commerzbank, Monte Paschi and BPCE (but the latter issues cooperative shares) haven’t issued any AT1 yet. This also goes for all smaller peripheral banks, except BPE and BOI.

> In line with other banks, the rationale of the deal for Intesa Sanpaolo is: (1) the optimisation of the capital structure, (2) a step towards filling the AT1 regulatory bucket, (3) the strengthening of the buffer for senior bondholders and depositors, while (4) this is a non-dilutive and tax-deductible instrument under the Italian tax framework.

> Intesa Sanpaolo boasts one of the strongest CET1 ratios in Europe today. We remind that Intesa Sanpaolo published a 13.3% CET1 ratio in Q215, up 40bp YoY and up 10bp QoQ, while the leverage ratio was at a very high 6.8%. The deal (if USD1bn as estimated) should add 40bp to the T1 ratio published in Q215. These numbers translate into a very comfortable EUR23bn buffer to trigger (or 8.3% CET1), well above Unicredit (EUR23bn too, but ‘only’ 5.7% CET1), due to its higher CET1.

> The MDA restriction rules that will apply to coupon payments (including AT1s) should kick-off in theory in 2016 on transitional ratios. The table below summarising those impacts for all European banks is calculated on today’s fully loaded ratio. We remind that Intesa Sanpaolo is not a G-SIFI bank (unlike Unicredit, which must hold an additional 1% capital buffer) and that Italy has not put in place any supplementary domestic risk buffer. Anyway, on today’s fully-loaded ratio and fully-loaded buffer requirements, Intesa Sanpaolo would boast a EUR23bn MDA cushion.
 
Stordits, Solenoide, Zorba/Varoon a memoria.....ma almeno ci leggete ancora...magari da lurkers?
Io ci sono e seguo tutto ma è un periodo di estrema volatilità su tutte le asset class e di grosse opportunità non ne vedo.... Cms non vanno da nessuna parte al momento . Cocos che non tocco se non con certificato active di exane stacco cedola 5%, e i classici groupama call 2017 o bpim call 2017 si portano a call... Ragazzi al momento è così... Non c è trippa... Comunque ci sono sempre!
 
Il downgrade del Brasile a junk ha influenzato le quotazioni di tutti i corporates... Petrobras ora è BBB-, ma è probabile che perda prossimamente l 'IG con tutte le conseguenze del caso...
 
> While Intesa Sanpaolo was rather discrete on the AT1 issuance matter, and the market was shut since the RBS and BNP deals (mid-August), the bank unexpectedly announced via a press release that it was planning to soon launch its inaugural Additional Tier 1 (USD1bn est., 10Y, write-down, low trigger, Ba3/B+/BB-). Furthermore, by end-2017, the bank is also planning to issue EUR4bn AT1 notes in total (ie, 1.4% of Q215 RWA).

> It is worth noting, and not really a surprise to us, that banks we recently spotted as potential newcomers on the segment have all announced or made a deal recently (ie, BNP Paribas, RBS, ABN Amro and Intesa Sanpaolo). At the time of writing, in our European coverage, only Commerzbank, Monte Paschi and BPCE (but the latter issues cooperative shares) haven’t issued any AT1 yet. This also goes for all smaller peripheral banks, except BPE and BOI.

> In line with other banks, the rationale of the deal for Intesa Sanpaolo is: (1) the optimisation of the capital structure, (2) a step towards filling the AT1 regulatory bucket, (3) the strengthening of the buffer for senior bondholders and depositors, while (4) this is a non-dilutive and tax-deductible instrument under the Italian tax framework.

> Intesa Sanpaolo boasts one of the strongest CET1 ratios in Europe today. We remind that Intesa Sanpaolo published a 13.3% CET1 ratio in Q215, up 40bp YoY and up 10bp QoQ, while the leverage ratio was at a very high 6.8%. The deal (if USD1bn as estimated) should add 40bp to the T1 ratio published in Q215. These numbers translate into a very comfortable EUR23bn buffer to trigger (or 8.3% CET1), well above Unicredit (EUR23bn too, but ‘only’ 5.7% CET1), due to its higher CET1.

> The MDA restriction rules that will apply to coupon payments (including AT1s) should kick-off in theory in 2016 on transitional ratios. The table below summarising those impacts for all European banks is calculated on today’s fully loaded ratio. We remind that Intesa Sanpaolo is not a G-SIFI bank (unlike Unicredit, which must hold an additional 1% capital buffer) and that Italy has not put in place any supplementary domestic risk buffer. Anyway, on today’s fully-loaded ratio and fully-loaded buffer requirements, Intesa Sanpaolo would boast a EUR23bn MDA cushion.

Mi hanno detto che e' solo 144A (niente REGS). Vero?
 
Ciao :up:
Sempre su bes/novo et veneto ?!
Su bes da CS:

Novo Banco SA: Recent weakness offers opportunity

In our view, the recent weakness in Novo Banco SA is not justified. Although the sale process of the bank is progressing slower than anticipated, we deem it unlikely that the bank will not be successfully sold by the 3rd of August next year (assuming this deadline is not extended), which is the (EC) deadline that has credit relevance. Concerns around shortfalls to stress tests have also weighed on the valuations of the senior bonds which is entirely unjustified in our view. Given the bank’s sound capitalization (CET1 of 9.4% at H1 15) and provisioning level (of 67.9% at H1 15), any stress test capital shortfall will be fairly small in the context of the capital of the bank in our view and not remotely offer the grounds for a resolution process which is required for any negative consequences for senior bondholders. On that basis, we think the senior bonds in Novo Banco offer attractive relative value, particularly in the long spread duration bonds with the best relative value in the capital structure in our view in the NOVBNC EUR 3.5% 2043’s, trading at a cash price of 70/71. For increased risk efficiency, it might be combined with short duration senior bonds (with 2018’s trading at 92/93).
 

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