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

[amorgos34]

le hsh lt2 quasi a 90...

JPM overweight


The agreement in principle announced today by the EC on HSH
Nordbank goes a long way to meeting the objectives which the
institution has been pursuing and looks to be in line with what we
outlined in our recent Getting Closer To The Finish Line, published
October 1, 2015. As such HSH Nordbank will see the risk shelter
reinstated back to €10bn which was the initial objective of the EC
investigation. As part of the agreement in principle, HSH will be split
into an OpCo and a HoldCo, with the purpose that the OpCo can then be
privatized within a 24-month time horizon from the binding decision
from the EC, which is expected to be in the first half of 2016. This
implies effectively that the sale process of the OpCo has to happen up
until the first half of 2018, which would be effectively beyond the
maturity of the Tier II instruments. We reiterate our Overweight
recommendation on the Tier II instruments.

 

[cpandrea]

sell una parte di 025 a 80.75

complimenti chris
io ho venduto 50k a soli 79,49
ero in sell a francoforte dalla mattina, ero via nel tardo pomeriggio
e qualcuno le ha spazzolate alle 17.04
salita impetuosa, vedimao domani cosa succede

 

[Rottweiler]

complimenti chris
io ho venduto 50k a soli 79,49
ero in sell a francoforte dalla mattina, ero via nel tardo pomeriggio
e qualcuno le ha spazzolate alle 17.04
salita impetuosa, vedimao domani cosa succede

Qualcosa mi dice che sei stato "usato" da un qualche attento arbitraggista....

 

[amorgos34]

Implacabili avvoltoi del forum non sono interessati dopo il "salvataggio" ai T1 di HSH ?

Qualcuno ha approfondito ?

 

[fidw99]

agenzie di stampa riportano stamattina una possibile operazione di cessione/fusione di bank austria con bawag

 

[cris71]

Rbi

Laut Bloomberg-Datenbank erhöhen die Analysten von JPMorgan das Kursziel für Aktien von Raiffeisen von 18 auf 21 Euro. Es bleibt bei Overweight.

Jpm overweight Tp da 18 a 21

 

[cris71]

agenzie di stampa riportano stamattina una possibile operazione di cessione/fusione di bank austria con bawag

Bank Austria prüft Verkauf des Kundengeschäfts an Bawag - UniCredit - derStandard.at ? Wirtschaft

 

[marc]

Ciao. Nuova T2 Generali in emissione

 

[amorgos34]

Svelato il motivo per cui JPM da giorni era sempre (di alcune spanne) il miglio denaro su Raiffeisen.

Prosegue l'innamoramento (tp alzato da 18 a 21)



Raiffeisen Bank International Overweight

Organic capital rebuild in progress, increase PT to €21
(€18), ~50% upside, some patience required ▲
Price: €14.00
Price Target: €21.00
Previous: €18.00

Price Target (€) 21.00
Price Target End Date 31-Dec-16
52-week Range (€) 18.50-8.81
Market Cap (€ bn) 4.10
Shares O/S (mn) 293
See page 24 for analyst certification and important disclosures, including non-US analyst disclosures.



Price Performance
We believe RBI’s shares remain undervalued, based on our forecasts, at 17E
0.5x P/NAV, 5.0x P/E, 1.9x P/PPP and offer further ~50% potential upside at
our Dec-16 PT of €21, or >100% under a blue sky scenario over a 2-year
horizon, assuming successful execution of the credible restructuring plan.
 PT upgraded to €21 (€18), ~50% upside: Following the Analyst Dinner
with the CEO and CFO, we remain constructive (see our upgrade note) and
increase 2015-17E EPS forecasts by 32%/16%/8%, while introducing 18E
EPS of €3.60. Restructuring, including disposal of less profitable non-core
businesses (e.g., Poland, Slovenia), and on-going business simplification is
likely to drive RoNAV increase to 12.3% by 18E and PT to our blue sky
scenario of €31, offering >100% potential upside through Dec-17.
 Despite the 24% share price increase in the last 4 weeks, valuation still
appears attractive at 17-18E P/NAV of 0.50x-0.45x, P/E of 5.0x-3.9x. At
our new PT of €21, RBI’s shares would trade at a still undemanding 0.76x-
0.68x P/NAV, 7.5x-5.8x P/E; while at our blue sky scenario PT of €31, the
valuation would be ~1.0x P/NAV in 18E.

 

[marc]

New generali Call 2027 area 12y + 450