Onoff
Forumer attivo
Su Binck non c'è denaro....
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Su Binck non c'è denaro....
solovaloreaggiunto
Forumer storico
Floater in volo.. tutti i bid: nordea 68, bfcm 58,25, ing 62,5 , pure nibc 52 bid con +6 pts oggi, cnp 52, santan 53,25
vbrm
Forumer attivo
FT: European bond investors should keep the faith – JPMorgan
European bond investors: hold your nerve.
That’s the message from JPMorgan, which is staying bullish on bonds despite concerns that a surge in European inflation is just around the corner.
Noting the autumn sell-off in eurozone government bonds amid fears the European Central Bank could be turning less dovish, coupled with rising inflation expectations, the US investment bank thinks the bond scare is all a bit over-done.
“None of these three factors give us much cause for concern looking forward, although they may lead to continued volatility over the very near-term”, says Matthew Bailey at JPM.
The relatively sanguine forecast is based on inflationary pressures staying subdued in the eurozone for a while yet. JP Morgan’s estimate of the output gap – a measure of spare capacity in the economy – forecasts that inflation is likely to run cold “until the end of 2021, even under the optimistic assumption that the economy does not enter recession over that period”, says Mr Bailey.
This should push the ECB towards extending its landmark asset purchase measures into late 2017, adds Mr Bailey: "We do not recommend cutting risk positions. In our view, the global ‘search-for-yield’ will remain in place for a long time to come, providing a continued support to credit".
European bond investors: hold your nerve.
That’s the message from JPMorgan, which is staying bullish on bonds despite concerns that a surge in European inflation is just around the corner.
Noting the autumn sell-off in eurozone government bonds amid fears the European Central Bank could be turning less dovish, coupled with rising inflation expectations, the US investment bank thinks the bond scare is all a bit over-done.
“None of these three factors give us much cause for concern looking forward, although they may lead to continued volatility over the very near-term”, says Matthew Bailey at JPM.
The relatively sanguine forecast is based on inflationary pressures staying subdued in the eurozone for a while yet. JP Morgan’s estimate of the output gap – a measure of spare capacity in the economy – forecasts that inflation is likely to run cold “until the end of 2021, even under the optimistic assumption that the economy does not enter recession over that period”, says Mr Bailey.
This should push the ECB towards extending its landmark asset purchase measures into late 2017, adds Mr Bailey: "We do not recommend cutting risk positions. In our view, the global ‘search-for-yield’ will remain in place for a long time to come, providing a continued support to credit".
bia06
Listen other's viewpoint avoid conflicts & wars.
Qualcuno conosce questa banca?
Pareri su questa emissione odierna?
Grazie
BANCO MACRO IPT: 7.000% AREA
ISSUER: Banco Macro S.A. [“BMAAR”]
EXPECTED RATINGS: Caa1 / B- (Moody’s / Fitch)
FORMAT: 144a / Reg S
SECURITY DESCRIPTION: Subordinated Resettable Notes
STRUCTURE: Tier II with loss absorption subject to pre-defined regulatory events at point of non-viability (see Red)
SIZE: TBD
MATURITY: 10NC5 Fixed-to-Fixed (November, 2026)
RESET DATE: November, 2021
IPTs: 7.000% area
CALL: Call at Par on November, 2021, subject to prior regulatory consent
COUPON RESET: At predetermined spread over 5 year UST in year 5 (Reset Date)
MINIMUM DENOMS: $150,000 x $1,000
USE OF PROCEEDS: (i) to refinance certain outstanding debt, (ii) to make loans in accordance with Central Bank guidelines and (iii) for general working capital in Argentina (see Red)
LISTING: Luxembourg
SETTLEMENT: T+3
BOOKRUNNERS: UBS / GS(B&D)
LOCAL PLACEMENT AGENT: Macro Securities
TIMING: Pricing tomorrow
Pareri su questa emissione odierna?
Grazie
BANCO MACRO IPT: 7.000% AREA
ISSUER: Banco Macro S.A. [“BMAAR”]
EXPECTED RATINGS: Caa1 / B- (Moody’s / Fitch)
FORMAT: 144a / Reg S
SECURITY DESCRIPTION: Subordinated Resettable Notes
STRUCTURE: Tier II with loss absorption subject to pre-defined regulatory events at point of non-viability (see Red)
SIZE: TBD
MATURITY: 10NC5 Fixed-to-Fixed (November, 2026)
RESET DATE: November, 2021
IPTs: 7.000% area
CALL: Call at Par on November, 2021, subject to prior regulatory consent
COUPON RESET: At predetermined spread over 5 year UST in year 5 (Reset Date)
MINIMUM DENOMS: $150,000 x $1,000
USE OF PROCEEDS: (i) to refinance certain outstanding debt, (ii) to make loans in accordance with Central Bank guidelines and (iii) for general working capital in Argentina (see Red)
LISTING: Luxembourg
SETTLEMENT: T+3
BOOKRUNNERS: UBS / GS(B&D)
LOCAL PLACEMENT AGENT: Macro Securities
TIMING: Pricing tomorrow
solovaloreaggiunto
Forumer storico
Vendute le ultime Rzb a 89,25. Spero che le richiamino a 100. Ma sono soddisfatto gia cosi
NoWay
It's time to play the game
GENERALI - Studia una nuova emissione di bond subordinati per 1 miliardo di euro
FATTO
Generali starebbe studiando una nuova emissione obbligazionaria di subordinati per 1 miliardo di euro per rifinanziare gli attuali bond che presentano un costo più elevato rispetto agli attuali tassi di interesse.
EFFETTO
La notizia sarebbe positiva per il titolo ma non avrebbe un impatto significativo. Generali nel 2016 ha già condotto emissioni di subordinati per rifinanziare il debito esistente e se confermati questi rumours indicherebbero un ulteriore sforzo alla razionalizzazione della struttura finanziaria. Il debito di Generali al momento presenta un costo medio di circa il 5,2%.
FATTO
Generali starebbe studiando una nuova emissione obbligazionaria di subordinati per 1 miliardo di euro per rifinanziare gli attuali bond che presentano un costo più elevato rispetto agli attuali tassi di interesse.
EFFETTO
La notizia sarebbe positiva per il titolo ma non avrebbe un impatto significativo. Generali nel 2016 ha già condotto emissioni di subordinati per rifinanziare il debito esistente e se confermati questi rumours indicherebbero un ulteriore sforzo alla razionalizzazione della struttura finanziaria. Il debito di Generali al momento presenta un costo medio di circa il 5,2%.
Banca Carige’s ECB-Imposed Reduction of Problem Loans Could Require Additional Capital Last Thursday, Banca Carige S.p.A. (B3 developing, caa31 ) announced that the European Central Bank (ECB) had notified the bank that it must reduce its stock of problem loans by certain thresholds over the next three years (see exhibit). The ECB request is in draft form, and Carige by January 2017 must present a plan to address the request, including the effect on capital. A large reduction in problem loans may require additional capital, which would be challenging to raise in the current volatile market, or may impose losses on subordinated creditors. However, a successful implementation of the ECB’s request without a material effect on capital would be credit positive for Carige because it would accelerate the reduction of problem loans, while maintaining relatively stable coverage of problem loans.
The bank’s goal of a 21% reduction in problem loans for 2017 appears achievable, considering that the inflow of new problem loans should be more limited than in the past owing to our expectation that Italy’s GDP will grow by around 1% and current coverage is consistent with the ECB’s requests. Absent a deeper restructuring plan, the targets for 2018 and 2019 will be more challenging. Carige’s currently limited headroom above its minimum capital requirement restricts its ability to dispose of its problem loans quickly. In June 2016, Carige reported a common equity Tier 1 (CET1) ratio of 12.3%, 105 basis points above the bank’s 11.25% prudential requirement as defined by the ECB as part of its Supervisory Review and Evaluation Process (SREP).2 The low market price for problem loans would likely lead to a loss, which, in turn, would reduce capitalisation. This may be mitigated by a lowering of SREP requirements following the improvement in asset quality, potentially leaving some additional buffer. Carige has said that it has already initiated an analysis aimed at accelerating the reduction of its stock of problem loans, but has not yet indicated timing, size or the potential effect on capital. Carige is the second major Italian bank the ECB required to accelerate its plans to reduce the stock of problem loans. In July, an ECB request triggered a new restructuring plan at Banca Monte dei Paschi di Siena S.p.A. (B2/B3 review direction uncertain, ca review direction uncertain) that includes a €5 billion capital increase. Because the ECB has required that Italian banks reduce their problem loans, we expect other Italian banks to receive similar requests from the ECB. Banks most at risk are those with a large stock of problem loans, including Banca Popolare di Vicenza (unrated), and Veneto Banca (unrated).
The bank’s goal of a 21% reduction in problem loans for 2017 appears achievable, considering that the inflow of new problem loans should be more limited than in the past owing to our expectation that Italy’s GDP will grow by around 1% and current coverage is consistent with the ECB’s requests. Absent a deeper restructuring plan, the targets for 2018 and 2019 will be more challenging. Carige’s currently limited headroom above its minimum capital requirement restricts its ability to dispose of its problem loans quickly. In June 2016, Carige reported a common equity Tier 1 (CET1) ratio of 12.3%, 105 basis points above the bank’s 11.25% prudential requirement as defined by the ECB as part of its Supervisory Review and Evaluation Process (SREP).2 The low market price for problem loans would likely lead to a loss, which, in turn, would reduce capitalisation. This may be mitigated by a lowering of SREP requirements following the improvement in asset quality, potentially leaving some additional buffer. Carige has said that it has already initiated an analysis aimed at accelerating the reduction of its stock of problem loans, but has not yet indicated timing, size or the potential effect on capital. Carige is the second major Italian bank the ECB required to accelerate its plans to reduce the stock of problem loans. In July, an ECB request triggered a new restructuring plan at Banca Monte dei Paschi di Siena S.p.A. (B2/B3 review direction uncertain, ca review direction uncertain) that includes a €5 billion capital increase. Because the ECB has required that Italian banks reduce their problem loans, we expect other Italian banks to receive similar requests from the ECB. Banks most at risk are those with a large stock of problem loans, including Banca Popolare di Vicenza (unrated), and Veneto Banca (unrated).
azetaelle
investitore(s)qualificato
al momento però le LT2 Generali sono un po' in sofferenza, non so se per la tendenza generale del mercato o se per l'impatto negativo sull'assicurativo ita del nuovo terremoto
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