fabriziof
Forumer storico
Brutti ricordi
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (6 lettori)
- Creatore Discussione Joe Silver
- Data di Inizio
woolloomooloo
Forumer storico
Deltina si adegua alla nuova dimeNNsione
ha superato quota 100. io mantengo fino alla cedola di Giugno, poi vedrò il da farsi.
Maxwhite
Bondonly
Mi associo ovviamente ai ringraziamenti.
Maxwhite
Bondonly
Ti preciso che io non ce l'ho e sono d'accordo con te che il rendimento è molto misero e che non vale la pena.....
Anche con quelle in SEK sarei prudente. Ti esponi al rischio cambio anche se la corona è abbastanza stabile ma con i rendimenti
così bassi ci vuol poco a perderci.....
Basel Committee Guidelines on Prudential Treatment of Problem Assets Are Credit Positive for Banks
Last Tuesday, the Basel Committee on Banking Supervision (BCBS) published Guidelines on the prudential treatment of problem assets (definition of nonperforming exposures and forbearance). The guidelines address the current absence of a common and internationally applicable definition of nonperforming exposures and forbearance and will help harmonize the definition and treatment of banks’ problem loans, a credit positive for banks. Uniformity across jurisdictions and banks will reduce discrepancies in the recognition and treatment of problem assets. Uniformity will also make international comparisons of banks’ nonperforming exposures, loss recognition and provisioning less challenging. The BCBS definition of nonperforming exposures is not a substitute for the regulatory classification of defaulting assets and the accounting definition of impaired assets, but supplements these other designations. The BCBS definition extends the nonperforming categorization to all exposures (excluding trading book and derivatives) that are more than 90 days past due or where there is evidence that a full repayment is unlikely. The scope is wider than under regulatory standards, where default is recognized only after 180 days past due for exposures secured by real estate and exposures to the public sector. It also goes beyond the accounting concept of credit-impaired exposures defined in International Financial Reporting Standard No. 9.5 In addition, nonperforming exposures can be re-categorized as performing only after standards on debt repayment and a debtor’s creditworthiness are met. The re-categorization rule will increase the stock of nonperforming exposures for some banks under this measure. As shown in the exhibit below, forbearance is defined as a concession granted on exposures where counterparties have financial difficulties, and which the bank would not otherwise have considered. Concessions can take various forms, including extension of term, rescheduling and interest rate reduction. Forbearance is a newly identified concept that can apply to performing or nonperforming exposures. A forborne exposure can return to normal status only if all payments have been made during a probation period of one year and the debtor has resolved its financial difficulty.
In the European Union (EU), similar standards became effective in September 2014. The implementation of these new standards was a critical step in the recognition and treatment of problem assets by EU banks. At the implementation date, the ratio of nonperforming exposures on gross loans published by EU banks was 7%, one percentage point higher than the ratio of impaired and past-due loans, and subsequently decreased to 5.1% in December 2016. The ratio of forborne exposures was 3.2% as of the same date. An international standard for nonperforming and forborne exposures will require cross-border banks to implement a common definition of problem assets, forcing them to address rising risks in timely manner. It will translate into some disclosure requirements whereby banks will have to publish amounts of nonperforming and forborne exposures, allowing market participants to compare banks’ problem assets, risk provisioning and credit loss recognition. This guideline is key for a harmonized framework to assess asset risk, but it does not address other sources of discrepancies, such as the definition of default, which makes the comparison of banks’ risk-weighting calculation challenging
Last Tuesday, the Basel Committee on Banking Supervision (BCBS) published Guidelines on the prudential treatment of problem assets (definition of nonperforming exposures and forbearance). The guidelines address the current absence of a common and internationally applicable definition of nonperforming exposures and forbearance and will help harmonize the definition and treatment of banks’ problem loans, a credit positive for banks. Uniformity across jurisdictions and banks will reduce discrepancies in the recognition and treatment of problem assets. Uniformity will also make international comparisons of banks’ nonperforming exposures, loss recognition and provisioning less challenging. The BCBS definition of nonperforming exposures is not a substitute for the regulatory classification of defaulting assets and the accounting definition of impaired assets, but supplements these other designations. The BCBS definition extends the nonperforming categorization to all exposures (excluding trading book and derivatives) that are more than 90 days past due or where there is evidence that a full repayment is unlikely. The scope is wider than under regulatory standards, where default is recognized only after 180 days past due for exposures secured by real estate and exposures to the public sector. It also goes beyond the accounting concept of credit-impaired exposures defined in International Financial Reporting Standard No. 9.5 In addition, nonperforming exposures can be re-categorized as performing only after standards on debt repayment and a debtor’s creditworthiness are met. The re-categorization rule will increase the stock of nonperforming exposures for some banks under this measure. As shown in the exhibit below, forbearance is defined as a concession granted on exposures where counterparties have financial difficulties, and which the bank would not otherwise have considered. Concessions can take various forms, including extension of term, rescheduling and interest rate reduction. Forbearance is a newly identified concept that can apply to performing or nonperforming exposures. A forborne exposure can return to normal status only if all payments have been made during a probation period of one year and the debtor has resolved its financial difficulty.
In the European Union (EU), similar standards became effective in September 2014. The implementation of these new standards was a critical step in the recognition and treatment of problem assets by EU banks. At the implementation date, the ratio of nonperforming exposures on gross loans published by EU banks was 7%, one percentage point higher than the ratio of impaired and past-due loans, and subsequently decreased to 5.1% in December 2016. The ratio of forborne exposures was 3.2% as of the same date. An international standard for nonperforming and forborne exposures will require cross-border banks to implement a common definition of problem assets, forcing them to address rising risks in timely manner. It will translate into some disclosure requirements whereby banks will have to publish amounts of nonperforming and forborne exposures, allowing market participants to compare banks’ problem assets, risk provisioning and credit loss recognition. This guideline is key for a harmonized framework to assess asset risk, but it does not address other sources of discrepancies, such as the definition of default, which makes the comparison of banks’ risk-weighting calculation challenging
Banco Popular Announces Credit-Negative Adjustments to 2016 Financial Statements
Last Monday, Banco Popular Español S.A. (Ba1/Ba2 negative, b16 ) announced that an internal review had identified needed adjustments that we estimate will negatively affect the bank’s capital ratios by approximately €600 million. Consequently, the bank estimates it will report a total capital ratio of 11.70%- 11.85% at 31 March 2017, well below the 13.1% reported at year-end 2016 and only 40 basis points above its regulatory capital requirement, a credit negative for Popular, its creditors and particularly for the holders of its Additional Tier 1 (AT1) instruments. These adjustments highlight control weaknesses that triggered a shortfall in certain provisions and could affect 2016 results by up to €428 million. In addition, the review also identified €205 million of loans that could have been used to acquire Popular’s shares, which, if verified, would need to be deducted from the bank’s regulatory capital. Popular’s board of directors and auditors have determined that these adjustments are not significant enough to merit a restatement of 2016 annual accounts and will instead be included retroactively in first-quarter 2017 financial statements. Popular’s estimated total capital ratio of 11.70%-11.85% at 31 March 2017 is now closer to its 2017 Pillar II supervisory review and evaluation process (SREP) total capital requirement of 11.375%. The bank now has a buffer of around 40 basis points against this regulatory capital ratio, equal to approximately €300 million, a credit negative for the bank. Popular is now closer to having restrictions imposed on the payment of its AT1 coupons. The bank’s ability to make AT1 payments is determined by the bank meeting regulatory capital requirements and its holdings of available distributable items,7 which were €3.8 billion at year-end 2016, well above the €120 million combined annual payment on the AT1 bonds. Under the European Union’s Capital Requirements Directive (CRD IV), distributions from earnings or reserves of banks that fall short of their SREP requirements are subject to a ceiling. Popular’s current total capital gives it headroom of just around 40 basis points before the imposition of coupon restrictions, a credit negative for AT1 instrument holders. Popular’s capital ratios were negatively affected in 2016 by a €3.5 billion loss triggered by significant provisioning, which exceeded the €2.5 billion of capital the bank raised in the market last June (see exhibit).
Popular’s 2016 annual report noted a set of capital-enhancing measures, which, according to the bank and its auditors, will allow compliance with regulatory capital ratios this year. These measures include the sale of treasury shares and the reduction of fixed-income capital losses (which the bank estimated will benefit its capital by 105 basis points) and the divestment of non-strategic businesses (a 100-basis-point benefit). However, we believe it will be challenging for the bank to comply with its SREP total capital requirement without raising additional capital. On 15 March, we changed Popular’s Ba1 and Ba2 ratings outlooks to negative from positive because of the bank’s slow progress in meeting its strategic targets.
Last Monday, Banco Popular Español S.A. (Ba1/Ba2 negative, b16 ) announced that an internal review had identified needed adjustments that we estimate will negatively affect the bank’s capital ratios by approximately €600 million. Consequently, the bank estimates it will report a total capital ratio of 11.70%- 11.85% at 31 March 2017, well below the 13.1% reported at year-end 2016 and only 40 basis points above its regulatory capital requirement, a credit negative for Popular, its creditors and particularly for the holders of its Additional Tier 1 (AT1) instruments. These adjustments highlight control weaknesses that triggered a shortfall in certain provisions and could affect 2016 results by up to €428 million. In addition, the review also identified €205 million of loans that could have been used to acquire Popular’s shares, which, if verified, would need to be deducted from the bank’s regulatory capital. Popular’s board of directors and auditors have determined that these adjustments are not significant enough to merit a restatement of 2016 annual accounts and will instead be included retroactively in first-quarter 2017 financial statements. Popular’s estimated total capital ratio of 11.70%-11.85% at 31 March 2017 is now closer to its 2017 Pillar II supervisory review and evaluation process (SREP) total capital requirement of 11.375%. The bank now has a buffer of around 40 basis points against this regulatory capital ratio, equal to approximately €300 million, a credit negative for the bank. Popular is now closer to having restrictions imposed on the payment of its AT1 coupons. The bank’s ability to make AT1 payments is determined by the bank meeting regulatory capital requirements and its holdings of available distributable items,7 which were €3.8 billion at year-end 2016, well above the €120 million combined annual payment on the AT1 bonds. Under the European Union’s Capital Requirements Directive (CRD IV), distributions from earnings or reserves of banks that fall short of their SREP requirements are subject to a ceiling. Popular’s current total capital gives it headroom of just around 40 basis points before the imposition of coupon restrictions, a credit negative for AT1 instrument holders. Popular’s capital ratios were negatively affected in 2016 by a €3.5 billion loss triggered by significant provisioning, which exceeded the €2.5 billion of capital the bank raised in the market last June (see exhibit).
Popular’s 2016 annual report noted a set of capital-enhancing measures, which, according to the bank and its auditors, will allow compliance with regulatory capital ratios this year. These measures include the sale of treasury shares and the reduction of fixed-income capital losses (which the bank estimated will benefit its capital by 105 basis points) and the divestment of non-strategic businesses (a 100-basis-point benefit). However, we believe it will be challenging for the bank to comply with its SREP total capital requirement without raising additional capital. On 15 March, we changed Popular’s Ba1 and Ba2 ratings outlooks to negative from positive because of the bank’s slow progress in meeting its strategic targets.
A chi piace l'esotico...
BankMuscat’s Additional Tier 1 Issuance Is Credit Positive Last Monday, Oman’s BankMuscat S.A.O.G. (Baa1/Baa1 stable, baa210) announced that it had successfully completed a OMR130 million ($338 million) Additional Tier 1 (AT1) issuance, increasing its regulatory capital by around 140 basis points.
BankMuscat’s Additional Tier 1 Issuance Is Credit Positive Last Monday, Oman’s BankMuscat S.A.O.G. (Baa1/Baa1 stable, baa210) announced that it had successfully completed a OMR130 million ($338 million) Additional Tier 1 (AT1) issuance, increasing its regulatory capital by around 140 basis points.
fabriziof
Forumer storico
appena sbarcato sul tlx il tds del sultanato,taglio 200k XS1575968026
bia06
Listen other's viewpoint avoid conflicts & wars.
Nuova emissione
IPTs €600mn PerpNC7 3.25% area
.
Ccy/Size: EUR 600m 'no grow'
Tenor: EUR PerpNC7 (April 2024)
IPTs: 3.25% area
Timing: Books open, today's business
********************************************************************************
Issuer: Suez (Ticker: SEV FP; Country: FR)
Offering: Undated Deeply Subordinated Fixed Rate Resettable Notes (the “Notes”)
Ranking: Direct, unconditional, unsecured and lowest ranking subordinated obligations, subordinated to the prêts participatifs granted to the Issuer, Ordinary Subordinated Notes and Unsubordinated Notes of the Issuer, pari passu with outstanding hybrids issued in 2014 and 2015
Issuer Rating: A3 (Stable) (Moody’s)
Exp Issue Rating: Baa2 (hyb)(Moody’s)
Anticipated Equity Credit: Moody’s Basket C (50% Equity Credit)
Maturity: Undated
Size: EUR 600,000,000 “no-grow”
Settlement Date: 19 April 2017 (T+5)
First Int. Payment Date: 19 April 2018
First Call Date: 19 April 2024
********************************************************************************
Interest Rate: Fixed interest rate until First Call Date, payable annually in arrears. Resets on the First Call Date, the Second Call Date and every 5 years thereafter
at a fixed rate equivalent to the relevant 5-yr swap rate + initial credit spread to m/s + step-up (when applicable, see below)
Step-up (+100bps) Date: 19 April 2029 (the “Second Call Date”)
Change of Control Step-up: 500bps
Call schedule: At any time during the 3-month time period ending on the First Call Date, the Second Call Date and any Interest Payment Date thereafter at par,
together with any accrued interest and Arrears of Interest (including any Additional Interest Amounts thereon)
IPTs €600mn PerpNC7 3.25% area
.
Ccy/Size: EUR 600m 'no grow'
Tenor: EUR PerpNC7 (April 2024)
IPTs: 3.25% area
Timing: Books open, today's business
********************************************************************************
Issuer: Suez (Ticker: SEV FP; Country: FR)
Offering: Undated Deeply Subordinated Fixed Rate Resettable Notes (the “Notes”)
Ranking: Direct, unconditional, unsecured and lowest ranking subordinated obligations, subordinated to the prêts participatifs granted to the Issuer, Ordinary Subordinated Notes and Unsubordinated Notes of the Issuer, pari passu with outstanding hybrids issued in 2014 and 2015
Issuer Rating: A3 (Stable) (Moody’s)
Exp Issue Rating: Baa2 (hyb)(Moody’s)
Anticipated Equity Credit: Moody’s Basket C (50% Equity Credit)
Maturity: Undated
Size: EUR 600,000,000 “no-grow”
Settlement Date: 19 April 2017 (T+5)
First Int. Payment Date: 19 April 2018
First Call Date: 19 April 2024
********************************************************************************
Interest Rate: Fixed interest rate until First Call Date, payable annually in arrears. Resets on the First Call Date, the Second Call Date and every 5 years thereafter
at a fixed rate equivalent to the relevant 5-yr swap rate + initial credit spread to m/s + step-up (when applicable, see below)
Step-up (+100bps) Date: 19 April 2029 (the “Second Call Date”)
Change of Control Step-up: 500bps
Call schedule: At any time during the 3-month time period ending on the First Call Date, the Second Call Date and any Interest Payment Date thereafter at par,
together with any accrued interest and Arrears of Interest (including any Additional Interest Amounts thereon)
