Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
amorgos34
CHIAGNI & FOTTI SRL
Continua l'innamoramento di JPM sugli AT1
While the AT1 market has given up a large proportion of the gains since the start of the year, the asset
class still remains an outperformer versus the rest of the capital structure, with both Tier II and Senior European Credit - Financials
spreads having experienced net widening to date since the start of the year. Given that the recent broader Roberto Henriques, CFA AC
market volatility has been driven by the equity market, we think it is interesting to look at the relative (44-20) 7134-1733
performance of the AT1 market versus that of the European bank equity market as a gauge of their roberto.henriques@
relative attractiveness of the asset class. J.P. Morgan Securities plc
AT1 Yields Still Higher Than Dividend Yields Axel Finsterbusch, CFA
The first observation which we would make is that the average AT1 yield of 6.6% for the universe of (44-20) 7134-4711
listed AT1 issuers is still higher than the average 2016 dividend yield for the same set of institutions axel.j.finsterbusch@
(4.9%), which would tend to suggest that investor returns in AT1 remain more attractive. We recommend J.P. Morgan Securities plc
the AT1 bonds where the differential to the dividend yield is the most pronounced. Conversely we
think that the HSBC AT1s are less attractive on the basis that the dividend yield is now higher than the
AT1 yield, on the back of equity underperformance. However, we highlight that HSBC is one of the
European issuers which has the most to do in terms of AT1, which could pose a challenge to secondary
market valuations. We maintain our Overweight recommendation on AT1.
While the AT1 market has given up a large proportion of the gains since the start of the year, the asset
class still remains an outperformer versus the rest of the capital structure, with both Tier II and Senior European Credit - Financials
spreads having experienced net widening to date since the start of the year. Given that the recent broader Roberto Henriques, CFA AC
market volatility has been driven by the equity market, we think it is interesting to look at the relative (44-20) 7134-1733
performance of the AT1 market versus that of the European bank equity market as a gauge of their roberto.henriques@
relative attractiveness of the asset class. J.P. Morgan Securities plc
AT1 Yields Still Higher Than Dividend Yields Axel Finsterbusch, CFA
The first observation which we would make is that the average AT1 yield of 6.6% for the universe of (44-20) 7134-4711
listed AT1 issuers is still higher than the average 2016 dividend yield for the same set of institutions axel.j.finsterbusch@
(4.9%), which would tend to suggest that investor returns in AT1 remain more attractive. We recommend J.P. Morgan Securities plc
the AT1 bonds where the differential to the dividend yield is the most pronounced. Conversely we
think that the HSBC AT1s are less attractive on the basis that the dividend yield is now higher than the
AT1 yield, on the back of equity underperformance. However, we highlight that HSBC is one of the
European issuers which has the most to do in terms of AT1, which could pose a challenge to secondary
market valuations. We maintain our Overweight recommendation on AT1.
Ultima modifica:
marc
Forumer storico
cris71
Forumer storico
Rbi vende Zuno bank
Rbi vende Zuno Bank alla russa Alfa Bank per 35ml di euro.
RBI verkauft Tochter Zuno an russische Alfa Bank - Raiffeisen - derStandard.at ? Wirtschaft
Rbi vende Zuno Bank alla russa Alfa Bank per 35ml di euro.
RBI verkauft Tochter Zuno an russische Alfa Bank - Raiffeisen - derStandard.at ? Wirtschaft
TheLondoner
Forumer storico
Ciao, intendi Groupama, Delta, Vivat?
Altro?
in primis il T2 Groupama 6,375% FR0011896513 (rating sub rimasto invariato a BB+) che ai prezzi correnti poco sopra 102 rende a spanne il 6%, decisamente a buon mercato considerando che l'emittente è pur sempre un assicurativo francese che negli ultimi due anni ha riscattato con buoni risultati la deludente reputazione che aveva.
Poi di sicuro interesse, sui ribassi del prezzo, il delta lloyd 9% XS0821168423.
Tra gli altri il perpetuo delta 4,x, il groupama 6,298 (T1), qualcosa de LaMondiale. In ogni caso va tenuto in cosiderazione che prossimente molti dovranno rafforzare il capitale per l'introduzione di solvency II, qundi se nel breve termine i bond suindicati stanno soffrendo, nel medio termine, potrebbero trarre giovamento da aumenti di capitale eventuali (vedi Delta) o da ulteriore deleverage (vedi Groupama).
Per me sono tutti buy & hold.
Proposal to Reduce and Delay Austrian Banks’ Systemic Risk Buffer Is Credit Negative
On 7 September, the Austrian Financial Market Stability Board (FMSB)5 made a recommendation to the
Financial Market Authority (FMA) to reduce requirements for systematically important banks in Austria. The
proposal would reduce the additional capital requirements to 2% of risk-weighted assets (RWA) from an
earlier proposed 3% and materially extend the phase-in period to January 2019 from June 2017. The lower
RWA requirement and longer phase-in period are credit negative for these banks because it will take longer
for them to build up the required capital needed to buffer potential shocks.
The four largest Austrian banks -- Erste Group Bank AG (Erste, Baa2/Baa2 positive, ba16
), Raiffeisen
Zentralbank Oesterreich AG (RZB, Baa2 negative), Raiffeisen Bank International AG (RBI, Baa2/Baa2
negative, ba3) and UniCredit Bank Austria AG (UBA, Baa2/Baa2 stable, ba2) -- would have been required to
hold a systemic risk buffer of 3% from June 2017 onwards and 2% from July 2016 to June 2017 under the
initial FMSB proposal in June 2015. Since the FMSB’s announcement in June, the ECB Supervisory Board has
preliminarily agreed on Supervisory Review and Evaluation Process (SREP) ratios, and according to the
FMSB, these ratios are now higher than FMSB originally anticipated. The FMSB argues that the ECB’s higher
ratio requirements will reduce systemic risks and the proposal to reduce its systemic risk buffer is a response
to these higher ratios.
The new FMSB recommendation extends the phase-in period by 18 months to January 2019, giving banks
significantly more time to comply with the capital requirements. Austria’s big four banks need to build up a
systemic risk buffer of 2%, whereas the other identified institutions need to reach 1% of RWA in the same
time period but at different stages, as shown in Exhibit 1 below. We note that the four Austrian
Landeshypothekenbanks (Niederoesterreichische Landesbank−Hypothekenbank (Hypo NOE, unrated),
Vorarlberger Landes- und Hypothekenbank AG (VLH, Baa1/Baa1 negative, baa3), Hypo Tirol Bank AG (Hypo
Tirol, Ba1/Ba1 negative, ba3) and Landesbank Oberoesterreich (LB OOE, unrated)) are required to
implement the new systemic buffer requirement of 1% by 1 January 2016, earlier than previously
announced, providing them with additional loss-absorption capacity, which is credit positive for them.
The proposed SREPs are not public, so we do not know how they compare to the reduction in additional
capital requirement proposed by the FMSB. However, the reduction and the FMSB’s proposed longer phasein
period are credit negative for Austrian banks because they soften capital requirements. Austrian banks’
capital already lags that of other European banking systems, and improvement since 2010 is less
pronounced. At year-end 2014, the average Tier 1 capital ratio of rated Austrian banks declined to 11.0%
from 11.9% in 2013 as a result of large losses at Erste and RBI (see Exhibit 2 below). Given the banks’
exposure to volatile Central and Eastern European countries, such capitalisation levels provide limited lossabsorption
capacity. Also, weak profitability at domestically focused Austrian banks hampers their ability to
generate capital internally
On 7 September, the Austrian Financial Market Stability Board (FMSB)5 made a recommendation to the
Financial Market Authority (FMA) to reduce requirements for systematically important banks in Austria. The
proposal would reduce the additional capital requirements to 2% of risk-weighted assets (RWA) from an
earlier proposed 3% and materially extend the phase-in period to January 2019 from June 2017. The lower
RWA requirement and longer phase-in period are credit negative for these banks because it will take longer
for them to build up the required capital needed to buffer potential shocks.
The four largest Austrian banks -- Erste Group Bank AG (Erste, Baa2/Baa2 positive, ba16
), Raiffeisen
Zentralbank Oesterreich AG (RZB, Baa2 negative), Raiffeisen Bank International AG (RBI, Baa2/Baa2
negative, ba3) and UniCredit Bank Austria AG (UBA, Baa2/Baa2 stable, ba2) -- would have been required to
hold a systemic risk buffer of 3% from June 2017 onwards and 2% from July 2016 to June 2017 under the
initial FMSB proposal in June 2015. Since the FMSB’s announcement in June, the ECB Supervisory Board has
preliminarily agreed on Supervisory Review and Evaluation Process (SREP) ratios, and according to the
FMSB, these ratios are now higher than FMSB originally anticipated. The FMSB argues that the ECB’s higher
ratio requirements will reduce systemic risks and the proposal to reduce its systemic risk buffer is a response
to these higher ratios.
The new FMSB recommendation extends the phase-in period by 18 months to January 2019, giving banks
significantly more time to comply with the capital requirements. Austria’s big four banks need to build up a
systemic risk buffer of 2%, whereas the other identified institutions need to reach 1% of RWA in the same
time period but at different stages, as shown in Exhibit 1 below. We note that the four Austrian
Landeshypothekenbanks (Niederoesterreichische Landesbank−Hypothekenbank (Hypo NOE, unrated),
Vorarlberger Landes- und Hypothekenbank AG (VLH, Baa1/Baa1 negative, baa3), Hypo Tirol Bank AG (Hypo
Tirol, Ba1/Ba1 negative, ba3) and Landesbank Oberoesterreich (LB OOE, unrated)) are required to
implement the new systemic buffer requirement of 1% by 1 January 2016, earlier than previously
announced, providing them with additional loss-absorption capacity, which is credit positive for them.
The proposed SREPs are not public, so we do not know how they compare to the reduction in additional
capital requirement proposed by the FMSB. However, the reduction and the FMSB’s proposed longer phasein
period are credit negative for Austrian banks because they soften capital requirements. Austrian banks’
capital already lags that of other European banking systems, and improvement since 2010 is less
pronounced. At year-end 2014, the average Tier 1 capital ratio of rated Austrian banks declined to 11.0%
from 11.9% in 2013 as a result of large losses at Erste and RBI (see Exhibit 2 below). Given the banks’
exposure to volatile Central and Eastern European countries, such capitalisation levels provide limited lossabsorption
capacity. Also, weak profitability at domestically focused Austrian banks hampers their ability to
generate capital internally
NoWay
It's time to play the game
Da Effemagazine...
Sull’“Otc” Canadian Pacific Railways dà il 6,125% per un secolo!
Un bond per i nipoti dei vostri nipoti. E’ quanto propone la canadese CPR (rating Baa1 di Moodys), con una scadenza secolare che si inserisce in un trend inaugurato da emittenti governativi. Purtroppo tutti i documenti relativi al bond non riportano informazioni sulla tipologia di debito e si fa solo riferimento alla necessità di chiedere informazioni in materia a Morgan Stanley negli Usa. Da quanto reso disponibile si dovrebbe (ma il condizionale è d’obbligo, in assenza di precise informazioni) trattare di un senior: valuta USD, scadenza 15/9/2115, tasso fisso 6,125%, importo 900 milioni di USD, taglio minimo 2.000 USD e Isin US13645RAX26. CPR è la storica Compagnia ferroviaria del Canada e un emittente premiato dal mercato, con quotazioni mediamente molto alte. La nuova obbligazione, prezzata fra l’altro alla Deutsche Boerse, con buoni scambi, è subito salita a ben oltre 103 USD di quotazione, con un “ask” addirittura oltre 105. Nella fase attuale il rendimento si colloca sul 6% lordo.
Sull’“Otc” Canadian Pacific Railways dà il 6,125% per un secolo!
Un bond per i nipoti dei vostri nipoti. E’ quanto propone la canadese CPR (rating Baa1 di Moodys), con una scadenza secolare che si inserisce in un trend inaugurato da emittenti governativi. Purtroppo tutti i documenti relativi al bond non riportano informazioni sulla tipologia di debito e si fa solo riferimento alla necessità di chiedere informazioni in materia a Morgan Stanley negli Usa. Da quanto reso disponibile si dovrebbe (ma il condizionale è d’obbligo, in assenza di precise informazioni) trattare di un senior: valuta USD, scadenza 15/9/2115, tasso fisso 6,125%, importo 900 milioni di USD, taglio minimo 2.000 USD e Isin US13645RAX26. CPR è la storica Compagnia ferroviaria del Canada e un emittente premiato dal mercato, con quotazioni mediamente molto alte. La nuova obbligazione, prezzata fra l’altro alla Deutsche Boerse, con buoni scambi, è subito salita a ben oltre 103 USD di quotazione, con un “ask” addirittura oltre 105. Nella fase attuale il rendimento si colloca sul 6% lordo.
londonwhale
Forumer storico
Oggi legnata sulle popolare di vicenza, l'ammortizing 8.5% 2018 è ora 101 offer 
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