Cat:
come fai a sapere che "DB vuole assolutamente pagare"? Il curriculum della banca non è molto incoraggiante....
P.S. l'osservazione del Negus, in risposta a Ferdo, non ignorava di sicuro i vincoli (MDA/ADI) imposti dalla nuova direttiva, ma si limitava a ricordare l'assenza di "triggers positivi"..
Posso assicurarti che in questo momento c'e' una pressione incredibile su DB affinche' paghi. Basta vedere la miriade di articoli che circolano su internet. Il curriculum che citi si riferisce a personaggi che non sono piu' in circolazione, per fortuna di DB. Cryan e' appena arrivato. In breve loro vogliono assolutamente pagare ma potrebbero non poterlo fare.
Fast FT
MARKETSDeutsche “CoCo” bond prices fall to record low
The prices of Deutsche Bank’s riskiest bonds have fallen to their lowest ever levels as investors hone in on the complications surrounding new markets for bank debt.
So called contingent convertible, or coco bonds, are written down or converted to equity when a bank’s capital falls to a certain level, reports Thomas Hale in London.
These bonds, which were introduced to transfer banking risk to investors and away from the state, pay a hefty coupon.
The high yields on the overall asset class made it one of the best performing over last year. But investors’ appetite for these bonds has proved more muted this year.
A €1.75bn Deutsche coco with a 6 per cent coupon is now trading at just over 80 cents on the euro, its lowest ever level. Another bond with a 7.5 per cent coupon is at 87.1 cents on the dollar. The bonds have lost 13 and 10 per cent of their value respectively since the start of January.
The problem is not limited to Deutsche. A Santander coco bond is also trading at its lowest ever level, below 90 cents on the euro.
The low prices reflect in part complex risks that have emerged across Europe’s €95bn market for additional tier 1 bonds (AT1), the main type of coco.
One problem is that the high coupon on the bonds can be cancelled when the bank runs into trouble and its capital falls. Exactly when this cancellation arises is the subject of some debate. Regulators have recently suggested payments might be stopped earlier than suggested for European banks, because of the way capital is calculated.
Deutsche’s chief executive, John Cryan, said in October the bank will prioritise coco coupon payments. And on January 28, Marcus Schenck, CFO said: “We believe we have sufficient general reserves available to cover any shortfall.”
Another problem is that the bonds are perpetual but come with a call date, when the bank can redeem the bond and re-issue.
If bonds trading below par are called, the investor receives the upside on the cash price, as well as a high coupon in between. But if they not called, they are less valuable to investors because that profit is not realised. For this reason, market expectations around whether a call will happen can drive prices up and down.
And then there are regulatory issues. Regulators have power over whether bonds are called, and also have influence over when coupons are halted. For bonds trading below par, it does not directly make economic sense for banks to call them only to re-issue with a higher coupon.
Concerns extend beyond technical market issues. Deutsche has recently grappled with problems in its investment banking business and the impact of low interest rates on its already low-returning retail bank. Globally, financial stocks have endured a tough start to the year, with the FTSE All-Share Banks index is down 15.7 per cent so far this year.
titanic
ma la banca me lo compra lo stesso 
(price 100,26)
, io fino al 2017 (data della call) lo tengo volentieri MA vedo che, in caso di mancata call, DOPO avrebbe un % pari a EUR3m + 3,25% ... e questo non mi piace mica tanto ....(p.es. adesso eur3 vale -0.16 !!!! 
