Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Gallo Cedrone
Forumer storico
Cat XL
Shizuka Minamoto
Ti replicherò (perfidamente) portandoti ad esempio il bond perpetuo 7,75% di Prudential
Puoi usare tutta la perfidia ma hai portato un esempio sbagliato. La Prudential che citi mi sembra che sia in post call e per tua informazione il suo prezzo "incorpora" chiaramente la possibilità' (non la probabilità' che ritengo remota nel breve termine al pari della gemella 6.5%) di una call. La duration tuttavia rimane uguale anche se si potrebbero fare delle ragionamenti in proposito ma non e' questa la sede. Se la call fosse distante questo bond quoterebbe molto più' in alto del prezzo attuale dato l'eccellente credit rating di Pru. Tralascio il fatto che questo sia un bond in USD che ovviamente deve rendere di più' di potenzialmente identico in euro.
Ergo il tuo ragionamento fa di nuovo molte pieghe.
Buona serata.
nuvola nera
Forumer storico
Piano piano si stanno posizionando in attesa dell'aumento dei tassi ......Finalmente un po' di gloria per le IRS..
ferdo
Utente Senior
mica tanto piano
bia06
Listen other's viewpoint avoid conflicts & wars.
25/1 - Interessante
Credit Suisse (CS) is looking to issue a new USD AT1 CoCos perpetual with first call date after 5.5 years (Jul 2022). The new AT1 CoCos will have a hard trigger threshold of 7%, compared to 5.125% for its existing CoCos perpetual. Unlike the existing CoCos which have a permanent principal writedown, the new AT1 will convert into equity if contingency event or PoNV occurs. The new perp is rated BB under Fitch, same as the existing CoCos perpetual which S&P’s is rated 1 notch lower at BB-, possibly due to the difference in trigger level. Last month, CS announced that it had reached the settlement with U.S Department of Justice (DoJ) for the RMBS for about USD5.3 billion. Of which, USD2.48 billion is for civil monetary penalty and the remaining will be for providing consumer relief over the course of 5 years post settlement. According to JPM estimate, the settlement will cost about 75bp on CS’s 12% fully loaded CET1. But the settlement should view as positive as the major litigation overhang removed.
At guidance of 7.5% area, it trades approximately 100bp wide to the existing 7.5% perpetual. If adjust the call date to match the new AT1 CoCos, the spread difference is approximately 110bp. Despite we don’t see much difference between high and low trigger given the Basel III minimum standard for bank are high at 7% (4.5% minimum + 2.5% conservation buffer), the equity conversion is usually more preferred than the principal writedown. Therefore, we expect the new note can yield at approximately 7%. The existing ING 6.875 perp (Ba1/BBB-) is yielding approximately 6.7% YTC, with also the same trigger threshold and equity conversion clause. ING 5yr sub CDS is trading about 32bp tighter than CS (146bp vs 114bp as per Bloomberg). Hence, we expect the new CS should trade around 7%. Standard Chartered recent launched 7.75% perp (Ba1/BB-/BB+) is yielding approximately 7.8% YTC. Adjusting the call date to match the new CS perpetual again, SCB perpetual should yield at around 7.6%. SCB 5yr sub CDS is trading about 53bp wide to CS (199bp vs 146bp), so the new CS should also trade at 7%.
Credit Suisse (CS) is looking to issue a new USD AT1 CoCos perpetual with first call date after 5.5 years (Jul 2022). The new AT1 CoCos will have a hard trigger threshold of 7%, compared to 5.125% for its existing CoCos perpetual. Unlike the existing CoCos which have a permanent principal writedown, the new AT1 will convert into equity if contingency event or PoNV occurs. The new perp is rated BB under Fitch, same as the existing CoCos perpetual which S&P’s is rated 1 notch lower at BB-, possibly due to the difference in trigger level. Last month, CS announced that it had reached the settlement with U.S Department of Justice (DoJ) for the RMBS for about USD5.3 billion. Of which, USD2.48 billion is for civil monetary penalty and the remaining will be for providing consumer relief over the course of 5 years post settlement. According to JPM estimate, the settlement will cost about 75bp on CS’s 12% fully loaded CET1. But the settlement should view as positive as the major litigation overhang removed.
At guidance of 7.5% area, it trades approximately 100bp wide to the existing 7.5% perpetual. If adjust the call date to match the new AT1 CoCos, the spread difference is approximately 110bp. Despite we don’t see much difference between high and low trigger given the Basel III minimum standard for bank are high at 7% (4.5% minimum + 2.5% conservation buffer), the equity conversion is usually more preferred than the principal writedown. Therefore, we expect the new note can yield at approximately 7%. The existing ING 6.875 perp (Ba1/BBB-) is yielding approximately 6.7% YTC, with also the same trigger threshold and equity conversion clause. ING 5yr sub CDS is trading about 32bp tighter than CS (146bp vs 114bp as per Bloomberg). Hence, we expect the new CS should trade around 7%. Standard Chartered recent launched 7.75% perp (Ba1/BB-/BB+) is yielding approximately 7.8% YTC. Adjusting the call date to match the new CS perpetual again, SCB perpetual should yield at around 7.6%. SCB 5yr sub CDS is trading about 53bp wide to CS (199bp vs 146bp), so the new CS should also trade at 7%.
nik.sala
Money Never Sleeps
Prezzi migliori i tuoi, cris ?!
oldmouseit
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comprato Bp 373 @ 93.5
Joe Silver
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