Joe Silver
Forumer storico
Tacciono...
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Tacciono...
Joe Silver
Forumer storico
Su euronext si prende a tagli da 1k.
darkog
In Hoc Signo Vince..
cris71
Forumer storico
no , non sbagli la data limite è quella. Anche sul forum olandese che seguo c'è molta attesa.
Se posso aggiungere ,comunque in tutta questa vicenda, c'è stata veramente poca trasparenza e chiarezza.
darkog
In Hoc Signo Vince..
Vedo spread molto alti su euronext.
Sono fuori e cmq mi sembra ci sia incertezza..
cris71
Forumer storico
Dutch insurer Vivat expects $1.5 bln injection from Anbang this week | Reuters
Oct 20 Dutch life insurer Vivat expects to receive a planned 1.35 billion euro ($1.5 billion) cash injection from its Chinese parent Anbang this week, it said on Tuesday.
The news came a day after Standard & Poor's said it was considering cutting its credit rating on Vivat to below investment grade, due in part to its concerns about Anbang's creditworthiness.
The latest turbulence around Vivat comes after the Dutch state in June cut the sale price for the nationalised insurer to a nominal 1 euro, and the abrupt resignation of CEO Gerard van Ophen shortly after Anbang closed the acquisition in July.
In a note published Monday evening, S&P said that after discussions with Vivat's management, it believed Anbang was now setting Vivat's strategy and running its operations, and as such it should be treated as a subsidiary of the Chinese firm for rating purposes.
"Our initial analysis suggests that the Anbang group's overall level of creditworthiness may be weaker than that of the Vivat group," the note said, citing Anbang's rapid growth and a lack of transparency.
"As such, based on our criteria, we are likely to consider our assessment of Anbang's creditworthiness as a constraint to our rating on Vivat."
Cat XL
Shizuka Minamoto
Qualcosa devono fare. Possono fare un AdC insieme ad altre azioni di derisking. Sono bassini con il S II ratio.
amorgos34
CHIAGNI & FOTTI SRL
JPM
In our opinion the most recent guidance from the Swiss FINMA
provides a greater degree of clarity on the transitional arrangements for
the legacy Swiss Coco structures and largely reduces the risk of a Reg
Par Call. Firstly, we highlight that the Swiss Tier 2 Cocos are eligible
for ‘going concern’ capital up until 2020, and which corroborates the
recent press release from UBS referred below. As a result, we would
expect that the valuations of the Tier II Cocos which have been under
pressure due to the short-term risk of a Reg Par Call should recover and
we would be buyers of the CS 5.75% €20 at 108.75/109.75 and the CS
6.5% 108.75/109.25 (Prices as at 11:46 on 23/10/2015). Our base is
that the issuers will likely undertake LME on these instruments
during the transitional period up to 2020. Additionally, FINMA has
clarified that the LT AT1 instruments will be grandfathered up until the
first call date, which may reduce the incentive which the issuers had to
undertake LME and it may be perfectly rational to leave these in place up
until first call date. Hence, any LME premium which has been built into
these instruments should most likely be reversed. We think that these
views are supported by market communication from CS and UBS, in
terms of the extent of the grandfathering and the intention to undertake
LME.
In our opinion the most recent guidance from the Swiss FINMA
provides a greater degree of clarity on the transitional arrangements for
the legacy Swiss Coco structures and largely reduces the risk of a Reg
Par Call. Firstly, we highlight that the Swiss Tier 2 Cocos are eligible
for ‘going concern’ capital up until 2020, and which corroborates the
recent press release from UBS referred below. As a result, we would
expect that the valuations of the Tier II Cocos which have been under
pressure due to the short-term risk of a Reg Par Call should recover and
we would be buyers of the CS 5.75% €20 at 108.75/109.75 and the CS
6.5% 108.75/109.25 (Prices as at 11:46 on 23/10/2015). Our base is
that the issuers will likely undertake LME on these instruments
during the transitional period up to 2020. Additionally, FINMA has
clarified that the LT AT1 instruments will be grandfathered up until the
first call date, which may reduce the incentive which the issuers had to
undertake LME and it may be perfectly rational to leave these in place up
until first call date. Hence, any LME premium which has been built into
these instruments should most likely be reversed. We think that these
views are supported by market communication from CS and UBS, in
terms of the extent of the grandfathering and the intention to undertake
LME.
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