solovaloreaggiunto
Forumer storico
Rzb 72 bid/ 75 ogfer
I prezzi dell'energia prodotta da centrali convenzionali (nucleare, carbone) sono ai minimi da almeno dieci anni e sia RWE che E.On, maggiori produttori e distributori tedeschi, ne risentono pesantemente.
In tutto questo si inserisce un'inchiesta dello Spiegel, definita poi irrealistica da ambienti governativi, secondo cui il costo di smantellamento e stoccaggio delle centrali nucleari sarebbe sottostimato di 30 mld di euro rispetto a quelli già accantonati.
A questo si aggiungono dissapori tra gli azionisti ed il management riguardo al prossimo CEO e il fatto che il titolo, a causa del crollo in borsa, è uscito dall'EuroStoxx 50.
La perpetual 4,625% è stata rimborsata perché nel post call avrebbe perso quel 50% di equity che le agenzie di rating riconoscono a questi titoli, grazie anche al fatto che nel 2015 erano stati emessi altri 1,25 mld € e 500 mln $ di titoli ibridi.
Personalmente sto seguendo con attenzione la faccenda, negli ultimi giorni c'è stato un timido recupero, credo che saranno importanti sia le prossime trimestrali che eventuali decisioni politiche del governo.
BFCM: Did not call its €4.471% Tier 1 (XS0218324050) at their first call date (Oct 28th), with the next possible call date now Jan 28th 2016 (the bond has quarterly calls). This came as a surprise to us given these are step up Tier 1s so will lose all capital value post the first call, and BFCM can issue fully compliant Tier 2s at very similar to the step (E +185bp). BFCM issued a statement saying ‘Any redemption of the Notes at the option of the Issuer is subject to the prior written approval of the competent authority. Banque Fédérative du Crédit Mutuel today announces that the process to obtain a supervisory permission is ongoing’ (dated Sept 29th). We understand BFCM did apply for a redemption but the process was delayed linked to the fact the regulator is now no longer the ACPR but the ECB. BFCM was not able to comment any further (due to regulatory constraints). We find the delay slightly odd given other French banks had optional redemptions coming up this year and have been able to call. Pending more clarity and given BFCM requested the right to call, we do not expect the bonds to reprice to perpetuity but equally, low step up Tier 1s (and likely more markedly French peers) will likely underperform on the back of this.
BFCM: Did not call its €4.471% Tier 1 (XS0218324050) at their first call date (Oct 28th), with the next possible call date now Jan 28th 2016 (the bond has quarterly calls). This came as a surprise to us given these are step up Tier 1s so will lose all capital value post the first call, and BFCM can issue fully compliant Tier 2s at very similar to the step (E +185bp). BFCM issued a statement saying ‘Any redemption of the Notes at the option of the Issuer is subject to the prior written approval of the competent authority. Banque Fédérative du Crédit Mutuel today announces that the process to obtain a supervisory permission is ongoing’ (dated Sept 29th). We understand BFCM did apply for a redemption but the process was delayed linked to the fact the regulator is now no longer the ACPR but the ECB. BFCM was not able to comment any further (due to regulatory constraints). We find the delay slightly odd given other French banks had optional redemptions coming up this year and have been able to call. Pending more clarity and given BFCM requested the right to call, we do not expect the bonds to reprice to perpetuity but equally, low step up Tier 1s (and likely more markedly French peers) will likely underperform on the back of this.
BFCM e' tra le grandi 5 grandi forse quella piu' conservativa. Che si debba riprezzare le T1 francesi? Spero di no...
Qualcuno mi saprebbe dire se le Francesi hanno mai skippato la prima call delle step-up? Penso di no.
Botte da orbi su Deutsche Bank.
Annunciata mega svalutazione miliardaria, il nuovo ad fa pulizia
Deutsche Bank Drops as Cryan Moves to Scrap Dividend After Loss - Bloomberg Business