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

Omv

Per chi segue le perpetue industriali, la OMV XS0212694920 si compra a 110,88. Sempre un bel brezzo ma 2 punti buoni sotto i massimi per un titolo generalmente stabile.
Ho acquistato dopo aver venduto un po' di EnBW a 114,125 che avevo preso in emissione: il mio socio silente (lo Stato) ringrazia per il cospicuo capital gain:D
 
Joe Silver ha scritto:
Per chi segue le perpetue industriali, la OMV XS0212694920 si compra a 110,88. Sempre un bel brezzo ma 2 punti buoni sotto i massimi per un titolo generalmente stabile.
Ho acquistato dopo aver venduto un po' di EnBW a 114,125 che avevo preso in emissione: il mio socio silente (lo Stato) ringrazia per il cospicuo capital gain:D
Clicca per allargare...

In effetti non ho mai conosciuto un socio meno invadente nelle scelte operative! :lol:
 
CNP 7,50 in dollari, martedì scorso a 111.125 ora si compra a 105.55

Ritracciano anche i lunghi di Mapfre, la generalona sotto 123.
 
Ultima modifica:
amorgos34 ha scritto:
CNP 7,50 in dollari, martedì scorso a 111.125 ora si compra a 105.55

Ritracciano anche i lunghi di Mapfre, la generalona sotto 123.
Clicca per allargare...

Ecco perche'

> Carry Traders Fall Victim to Bernanke Tapering Wager: Currencies
> 2013-06-04 11:08:15.913 GMT
>
>
> (For a Currencies column daily alert: SALT FXCOL.)
>
> By Ari Altstedter
> June 4 (Bloomberg) -- Carry trades are losing the most
> money in a year on speculation the Federal Reserve will pare
> stimulus measures and make it harder to profit from borrowing in
> low-interest-rate currencies to buy higher-yielding assets.
> Deutsche Bank AG’s G10 FX Carry Basket index fell 3.3
> percent last month, the biggest decline since May 2012, reducing
> its gain this year to 1.6 percent. Traders who made 2.2 percent
> in March by selling U.S. dollars and investing in assets
> denominated in the Australian currency in May lost 7.5 percent.
> While Fed Chairman Ben S. Bernanke made the dollar ideal
> for funding the carry trade by keeping interest rates at a
> record low and buying bonds, his signal last month that
> extraordinary stimulus could be pared if there’s a sustained
> economic improvement pushed up borrowing costs and volatility.
> “Carry works as long as things don’t change, and what
> really changed in our mind a few weeks ago was the messaging
> from the Fed,” Rajiv Setia, the head of U.S. rates research at
> Barclays Plc in New York, said in a May 30 phone interview.
> “Once you start worrying about hikes, all these trades start to
> fail massively.”
> The carry trade seemed like a sure bet for much of 2012 as
> weak economic data in regions including the U.S., Japan and the
> euro region led to speculation among investors that central
> banks would keep rates low and money pouring in to boost growth.
> With those expectations waning, volatility is increasing, which
> is bad for the carry trade because it depends on predictable
> interest rates across jurisdictions.
>
> Yields Rise
>
> JPMorgan Chase & Co.’s G7 Volatility Index jumped 17
> percent in May, after reaching a more than five-year low in
> December. Deutsche Bank’s measure of carry-trade profits rose
> for three-straight quarters since the middle of last year before
> peaking at a 4 1/2-year high on April 11, and lost 3 percent
> since before Bernanke’s May 22 comments on stimulus.
> Potential gains from carry trades have fallen as borrowing
> costs in the U.S. jumped, strengthening the dollar and squeezing
> the potential profits versus other currencies.
> The U.S. Dollar Index, which Intercontinental Exchange Inc.
> uses to track the greenback against currencies of six trading
> partners, rose 2 percent last month, erasing a 1.5 percent
> decline in April. The gauge climbed 0.1 percent today to 82.724
> as of 12:05 p.m. in London.
>
> ‘Funding Advantage’
>
> The yield on the benchmark 10-year Treasury note climbed to
> 2.23 percent on May 29, the highest since April 2012. A day
> earlier, the Conference Board said that U.S. consumer confidence
> rose to a five-year high, adding to optimism the economic
> recovery is strengthening and reducing investor appetite for
> assets viewed as havens, such as the nation’s government debt.
> “The funding advantage of the carry trade is dissipating
> somewhat as the market anticipates the Fed to contemplate
> tapering their monetary policy,” Carl Forcheski, a director on
> the corporate currency sales desk at Societe Generale SA in New
> York, said in a phone interview on May 30. “So U.S. rates have
> gone up.”
> The Fed has been purchasing $85 billion of bonds a month
> since January in an attempt to keep borrowing costs low and
> stimulate the economy.
> If speculation about the Fed tapering stimulus begins to
> subside, so too will volatility, and the carry trade could stage
> a comeback, according to Nick Bennenbroek, the head currency
> strategist at Wells Fargo & Co. in New York.
>
> Fed Action
>
> “If the market talk isn’t followed by Federal Reserve
> action, then one suspects that some of the dynamics of what we
> see in the market will at least partly reverse,” Bennenbroek
> said in a phone interview on May 31. “That’s why I say later in
> the year you might see this carry trade resurface a little.”
> While intended to sustain growth, the policy that has
> become known as quantitative easing risks a debasement of the
> dollar. The Fed has also kept its target rate for overnight
> loans between banks at zero to 0.25 percent since December 2008.
> That compares with 2.75 percent in Australia after an
> unexpected quarter percentage-point cut on May 7 that reduced
> that currency’s attraction for carry traders. The Reserve Bank
> of Australia kept the rate unchanged today, as predicted by 24
> of the 26 economists surveyed by Bloomberg News.
> Other countries with higher interest rates have also taken
> action to keep their currencies from strengthening to make
> exports more competitive, further reducing carry-trade profits.
>
> Kiwi Losses
>
> New Zealand central-bank Governor Graeme Wheeler said May
> 30 that he sold his nation’s dollar and is prepared to do more
> to combat a “significantly overvalued currency.” The kiwi
> weakened 7.2 percent against the U.S. dollar last month.
> Traders who borrowed in U.S. dollars and invested in
> Mexican pesos gained 3.9 percent in March and lost 5 percent in
> May, while the same trade into New Zealand dollars swung to a 7
> percent loss from a 1.7 percent profit, according to data
> compiled by Bloomberg.
> The difference in yields on 10-year New Zealand government
> securities and benchmark U.S. Treasury notes narrowed to 132
> basis points, or 1.32 percentage point, on May 28 from as much
> as 199 basis points on Feb. 25.
> “The carry-trade is done for the year,” Shahab Jalinoos,
> a senior currency strategist at UBS AG in Stamford, Connecticut,
> said in a May 29 telephone interview. “It won’t come back for a
> while, in our view. We think the dollar is going to continue
> rallying for the rest of the year.”
>
> Fundamentals Shift
>
> Even after the European Central Bank and the Bank of Japan
> signaled that they’ll maintain stimulus measures until their
> economies pick up, carry trades funded in those currencies
> posted losses in May as U.S. borrowing costs rose.
> The Frankfurt-based ECB will leave its main refinancing
> rate unchanged at 0.5 percent at its policy meeting June 6,
> according to the median economist estimate in a Bloomberg
> survey.
> Fed Bank of San Francisco President John Williams said
> yesterday that U.S. policy makers may start reducing bond
> purchases in the next three months and stop the program by the
> end of the year, stoking speculation that helped send the Dollar
> Index to 84.498 on May 23, its highest level since July 2010.
> The gauge measures the greenback against the euro, yen, British
> pound, Swiss franc, Canadian dollar and Swedish krona.
> “One of the biggest short-sides of that trade is the U.S.
> dollar, and as yields shift in the U.S. that really changes the
> dynamics of that trade,” Camilla Sutton, the head of currency
> strategy at Bank of Nova Scotia, said by phone from Toronto on
> May 30. “The other side is that yields are shifting the other
> way in the high yielders.”
 
Cat XL ha scritto:
Ecco perche'

> Carry Traders Fall Victim to Bernanke Tapering Wager: Currencies
> 2013-06-04 11:08:15.913 GMT
>
>
> (For a Currencies column daily alert: SALT FXCOL.)
>
> By Ari Altstedter
> June 4 (Bloomberg) -- Carry trades are losing the most
> money in a year on speculation the Federal Reserve will pare
> stimulus measures and make it harder to profit from borrowing in
> low-interest-rate currencies to buy higher-yielding assets.
> Deutsche Bank AG’s G10 FX Carry Basket index fell 3.3
> percent last month, the biggest decline since May 2012, reducing
> its gain this year to 1.6 percent. Traders who made 2.2 percent
> in March by selling U.S. dollars and investing in assets
> denominated in the Australian currency in May lost 7.5 percent.
> While Fed Chairman Ben S. Bernanke made the dollar ideal
> for funding the carry trade by keeping interest rates at a
> record low and buying bonds, his signal last month that
> extraordinary stimulus could be pared if there’s a sustained
> economic improvement pushed up borrowing costs and volatility.
> “Carry works as long as things don’t change, and what
> really changed in our mind a few weeks ago was the messaging
> from the Fed,” Rajiv Setia, the head of U.S. rates research at
> Barclays Plc in New York, said in a May 30 phone interview.
> “Once you start worrying about hikes, all these trades start to
> fail massively.”
> The carry trade seemed like a sure bet for much of 2012 as
> weak economic data in regions including the U.S., Japan and the
> euro region led to speculation among investors that central
> banks would keep rates low and money pouring in to boost growth.
> With those expectations waning, volatility is increasing, which
> is bad for the carry trade because it depends on predictable
> interest rates across jurisdictions.
>
> Yields Rise
>
> JPMorgan Chase & Co.’s G7 Volatility Index jumped 17
> percent in May, after reaching a more than five-year low in
> December. Deutsche Bank’s measure of carry-trade profits rose
> for three-straight quarters since the middle of last year before
> peaking at a 4 1/2-year high on April 11, and lost 3 percent
> since before Bernanke’s May 22 comments on stimulus.
> Potential gains from carry trades have fallen as borrowing
> costs in the U.S. jumped, strengthening the dollar and squeezing
> the potential profits versus other currencies.
> The U.S. Dollar Index, which Intercontinental Exchange Inc.
> uses to track the greenback against currencies of six trading
> partners, rose 2 percent last month, erasing a 1.5 percent
> decline in April. The gauge climbed 0.1 percent today to 82.724
> as of 12:05 p.m. in London.
>
> ‘Funding Advantage’
>
> The yield on the benchmark 10-year Treasury note climbed to
> 2.23 percent on May 29, the highest since April 2012. A day
> earlier, the Conference Board said that U.S. consumer confidence
> rose to a five-year high, adding to optimism the economic
> recovery is strengthening and reducing investor appetite for
> assets viewed as havens, such as the nation’s government debt.
> “The funding advantage of the carry trade is dissipating
> somewhat as the market anticipates the Fed to contemplate
> tapering their monetary policy,” Carl Forcheski, a director on
> the corporate currency sales desk at Societe Generale SA in New
> York, said in a phone interview on May 30. “So U.S. rates have
> gone up.”
> The Fed has been purchasing $85 billion of bonds a month
> since January in an attempt to keep borrowing costs low and
> stimulate the economy.
> If speculation about the Fed tapering stimulus begins to
> subside, so too will volatility, and the carry trade could stage
> a comeback, according to Nick Bennenbroek, the head currency
> strategist at Wells Fargo & Co. in New York.
>
> Fed Action
>
> “If the market talk isn’t followed by Federal Reserve
> action, then one suspects that some of the dynamics of what we
> see in the market will at least partly reverse,” Bennenbroek
> said in a phone interview on May 31. “That’s why I say later in
> the year you might see this carry trade resurface a little.”
> While intended to sustain growth, the policy that has
> become known as quantitative easing risks a debasement of the
> dollar. The Fed has also kept its target rate for overnight
> loans between banks at zero to 0.25 percent since December 2008.
> That compares with 2.75 percent in Australia after an
> unexpected quarter percentage-point cut on May 7 that reduced
> that currency’s attraction for carry traders. The Reserve Bank
> of Australia kept the rate unchanged today, as predicted by 24
> of the 26 economists surveyed by Bloomberg News.
> Other countries with higher interest rates have also taken
> action to keep their currencies from strengthening to make
> exports more competitive, further reducing carry-trade profits.
>
> Kiwi Losses
>
> New Zealand central-bank Governor Graeme Wheeler said May
> 30 that he sold his nation’s dollar and is prepared to do more
> to combat a “significantly overvalued currency.” The kiwi
> weakened 7.2 percent against the U.S. dollar last month.
> Traders who borrowed in U.S. dollars and invested in
> Mexican pesos gained 3.9 percent in March and lost 5 percent in
> May, while the same trade into New Zealand dollars swung to a 7
> percent loss from a 1.7 percent profit, according to data
> compiled by Bloomberg.
> The difference in yields on 10-year New Zealand government
> securities and benchmark U.S. Treasury notes narrowed to 132
> basis points, or 1.32 percentage point, on May 28 from as much
> as 199 basis points on Feb. 25.
> “The carry-trade is done for the year,” Shahab Jalinoos,
> a senior currency strategist at UBS AG in Stamford, Connecticut,
> said in a May 29 telephone interview. “It won’t come back for a
> while, in our view. We think the dollar is going to continue
> rallying for the rest of the year.”
>
> Fundamentals Shift
>
> Even after the European Central Bank and the Bank of Japan
> signaled that they’ll maintain stimulus measures until their
> economies pick up, carry trades funded in those currencies
> posted losses in May as U.S. borrowing costs rose.
> The Frankfurt-based ECB will leave its main refinancing
> rate unchanged at 0.5 percent at its policy meeting June 6,
> according to the median economist estimate in a Bloomberg
> survey.
> Fed Bank of San Francisco President John Williams said
> yesterday that U.S. policy makers may start reducing bond
> purchases in the next three months and stop the program by the
> end of the year, stoking speculation that helped send the Dollar
> Index to 84.498 on May 23, its highest level since July 2010.
> The gauge measures the greenback against the euro, yen, British
> pound, Swiss franc, Canadian dollar and Swedish krona.
> “One of the biggest short-sides of that trade is the U.S.
> dollar, and as yields shift in the U.S. that really changes the
> dynamics of that trade,” Camilla Sutton, the head of currency
> strategy at Bank of Nova Scotia, said by phone from Toronto on
> May 30. “The other side is that yields are shifting the other
> way in the high yielders.”
Clicca per allargare...

momento delicato...in giro si dice di raccogliere equity ma io mi oppongo fieramente :lol:
semmai sto fermo con una scorta di cash
 
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