Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (7 lettori)

[ginestra]

le indicizzate sono tornate interessanti ?

Buongiorno
ho notato un calo dei titoli a tasso variabile \ indicizzati a 10aa
in particolare le axa 454
variabel AXA 03/unbefristet auf 10J EUR Swap - Anleihe - WKN 825943, ISIN XS0181369454 - ARIVA.DE
che quotano attualamente su 70
bel discesone han fatto ,presuppongo per il venir meno delle aspettative di un aumento dei tassi (o ci sono altri motivi )
ancora troppo care ?
per diversificare ?
altri emittenti assicurativi ?

 

[negusneg]

Deutsche Bank's Riskiest Bonds Sink to Record Low on Coupon Risk

by Tom Beardsworth



October 8, 2015 — 2:31 PM CEST

Deutsche Bank AG’s additional Tier 1 notes, the riskiest form of bank debt, fell to record lows as a potential dividend cut stoked concerns about coupon payments and capital levels.
Prices dropped as much as three percentage points after the lender reported a preliminary 6.2 billion-euro ($7 billion) loss for the third quarter and said it may skip a dividend for the first time since at least 1957. Capital shortages could also eventually lead to the bank missing coupon payments on additional Tier 1 notes, said Bill Blain, a strategist at Mint Partners.

“There has always been a concern at the back of investors’ minds that a bank may use AT1s as emergency capital,” he said. “Bearing in mind Deutsche’s history, it’s a possibility for them more than for others.”

The Frankfurt-based lender probably has the lowest coupon cover among all additional Tier 1 issuers, according to CreditSights Ltd. It paid out more than 1 billion euros in dividends in the first half of 2015, while so-called available distributable items were just 2.87 billion euros in December, the research company said. The distributable-items measure limits how much German banks can give shareholders and bondholders.

Still, Deutsche Bank’s attitude toward coupon payments on additional Tier 1 notes is probably “very different” from that regarding dividends due to the lender’s need to sell more of the securities to raise capital, CreditSights analyst Simon Adamson wrote in a note to clients on Thursday. Skipping an AT1 coupon payment “would be disastrous” to future sales, he wrote.

Payments on additional Tier 1 notes aren’t guaranteed. The securities can also be written down or converted into equity if a bank’s capital falls below a specified level.

Writedowns, Provisions

Deutsche Bank posted the preliminary loss after writing down its two largest units and increasing reserves for legal costs. It expects to report a Common Equity Tier 1 ratio of about 11 percent, Co-Chief Executive Officer John Cryan said in a staff memo published on the bank’s website. The Additional Tier 1 bonds will be automatically bailed in if the ratio falls below 5.125 percent.




The lender’s 650 million pounds ($995 million) of 7.125 percent additional Tier 1 notes were quoted as low as 91 pence on Thursday, according to data compiled by Bloomberg. They rebounded to 93 pence as of 1:21 p.m. in London. The bank’s shares were little changed at 25.565 euros in Frankfurt, erasing an earlier decline of as much as 3.6 percent.

 

[TheLondoner]

bella progressione per l'ibrido CNP 4,25% mentre il Groupama 6,375%, molto simile, prova a risalire la china.
Questa prima settimana di ottobre sembra un buon punto di ripartenza.

 

[negusneg]

per non smentire la loro fama abbiamo le banche francesi sempre im prima linea.

Glencore Oil Deals Could Bite Banks - WSJ

non capisco l^interesse per le banche A , delle acque torbide in mano alla politica

BNP e SoGen sono da sempre leader nel "trade commodity finance". Tutto gestito da Ginevra dove Glencore, Trafigura, Gunvor, Mercuria e Vitol gestiscono business con volumi spaventosi, su tutto petrolio.

Ho postato due reports nel 3D High Yield

http://www.investireoggi.it/forum/h...-inesplorate-vt64287-3124.html#post1044739967

 

[cris71]

Cs

​

Credit Suisse set to launch 'substantial' capital raising: FT | Reuters

 

[solovaloreaggiunto]

Italy’s bank-sponsored deposit guarantee
fund will lead the rescue of Banca delle Marche SpA, the Italian
regional lender that’s under central bank administration, by
backing a planned capital increase and becoming the controlling
shareholder.
The rescue will take place after the country’s new bail-in
rules come into effect, the fund said in an e-mailed statement
on Thursday. The transaction is subject to the approval of
Italian and European regulators, including the European Central
Bank.
“The key thing would be that the recapitalization will take
place after the country’s new bail-in rules come into effect,”
said John Raymond, credit analyst for southern European banks at
CreditSights in London. “It gives them the possibility of
bailing in the subordinated and senior debt. It may become
something of a race between Italy and Greece for the first
example of a senior bail-in.”

Take Pain

The European Union’s Bank Recovery and Resolution
Directive, which comes into force in January, aims to ensure
stakeholders rather than taxpayers take the pain of resolving a
failing bank. This includes holders of senior bonds, a class of
security that was largely unscathed during the financial crisis,
whose claims can be impaired while the bank is recapitalized or
wound up.
The way that Italy transposed the directive into its legal
framework makes depositors senior to bondholders if losses have
to be inflicted in a resolution. Under existing legislation,
depositors and bondholders have the same rank and losses would
be shared.
Banca Marche has 736 million euros ($830 million) of junior
and senior unsecured bonds outstanding, 121 million euros of
which mature before January 1, according to data compiled by
Bloomberg.
Banca Marche, run by administrators appointed by the Bank
of Italy since a capital shortfall emerged in 2013, was seeking
new investors and a partner to bolster capital while selling
assets. Commissioners at the bank, based in Jesi, central Italy,
have until the end of October when their mandate expires, to
finalize the plan, people with knowledge of the discussions have
said.
Since it was created in 1987, the deposit guarantee fund
has helped rescue 12 banks. Last year it injected 265 million
euros into Banca Tercas to cover its capital deficit, and gave
guarantees for some bank’s fiscal and credit risks.

 

[Ilmigliore]

Per favore, le notizie su banca marche postatele prevalentemente nel thread banca marche.
Io oggi non riesco a starvi dietro con il copia e incolla, e in più la vicenda mi interessa di persona.
Grazie

 

[solovaloreaggiunto]

Ok sorry

 

[no perpetual no party]

mi son dimenticato di postarlo...
sett scorsa, visti i cali del mercato, ho incrementato (cippino) antonveneta 236
prz 78,50

(non so i prz odierni)

 

[Vet]

Deutsche Bank's Riskiest Bonds Sink to Record Low on Coupon Risk

by Tom Beardsworth



October 8, 2015 — 2:31 PM CEST

Deutsche Bank AG’s additional Tier 1 notes, the riskiest form of bank debt, fell to record lows as a potential dividend cut stoked concerns about coupon payments and capital levels.
Prices dropped as much as three percentage points after the lender reported a preliminary 6.2 billion-euro ($7 billion) loss for the third quarter and said it may skip a dividend for the first time since at least 1957. Capital shortages could also eventually lead to the bank missing coupon payments on additional Tier 1 notes, said Bill Blain, a strategist at Mint Partners.

“There has always been a concern at the back of investors’ minds that a bank may use AT1s as emergency capital,” he said. “Bearing in mind Deutsche’s history, it’s a possibility for them more than for others.”

The Frankfurt-based lender probably has the lowest coupon cover among all additional Tier 1 issuers, according to CreditSights Ltd. It paid out more than 1 billion euros in dividends in the first half of 2015, while so-called available distributable items were just 2.87 billion euros in December, the research company said. The distributable-items measure limits how much German banks can give shareholders and bondholders.

Still, Deutsche Bank’s attitude toward coupon payments on additional Tier 1 notes is probably “very different” from that regarding dividends due to the lender’s need to sell more of the securities to raise capital, CreditSights analyst Simon Adamson wrote in a note to clients on Thursday. Skipping an AT1 coupon payment “would be disastrous” to future sales, he wrote.

Payments on additional Tier 1 notes aren’t guaranteed. The securities can also be written down or converted into equity if a bank’s capital falls below a specified level.

Writedowns, Provisions

Deutsche Bank posted the preliminary loss after writing down its two largest units and increasing reserves for legal costs. It expects to report a Common Equity Tier 1 ratio of about 11 percent, Co-Chief Executive Officer John Cryan said in a staff memo published on the bank’s website. The Additional Tier 1 bonds will be automatically bailed in if the ratio falls below 5.125 percent.




The lender’s 650 million pounds ($995 million) of 7.125 percent additional Tier 1 notes were quoted as low as 91 pence on Thursday, according to data compiled by Bloomberg. They rebounded to 93 pence as of 1:21 p.m. in London. The bank’s shares were little changed at 25.565 euros in Frankfurt, erasing an earlier decline of as much as 3.6 percent.

Oramai il made in Germany...è andato a farsi fottere............francamente era ora