mariarosa78
Forumer attivo
grazie
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
ferdo
Utente Senior
l'azione è non lontana dai minimi di sempre, opinioni ?
NoWay
It's time to play the game
L'agenzia Fitch ha rivisto al ribasso l'outlook a 'negativo' da 'stabile'. La decisione riflette i rischi di esecuzione del piano di ristrutturazione della banca e l'idea che un mancato rafforzamento del modello di business potrebbe sfociare in un downgrade. Confermato il rating BBB+.
A inizio giugno l'agenzia Standard and Poor's (S&P) ha abbassato il rating di un livello a BBB +. "Vediamo rischi significativi di esecuzione per la nuova strategia in un contesto di mercato sfavorevole", ha spiegato S&P.
Wallygo
Forumer storico
Banche Usa: tutte superano con successo stress test Fed
22/06/2018 08:12 di Valeria Panigada
New FACEBOOK TWITTER LINKEDIN
Le 35 più grandi banche Usa, tra cui JP Morgan, Citigroup, Bank of America e Goldman Sachs, hanno superato con successo l’esame annuale degli stress test della Federal Reserve, dimostrando di essere sufficientemente solide per sopportare condizioni di recessione estrema. In uno scenario avverso, il più estremo immaginato finora dalla Fed, le banche americane riuscirebbero a mantenere i propri fondi al di sopra dei minimi richiesti. Buoni risultati anche tra le banche straniere che operano negli Stati Uniti, come Deutsche Bank, Credit Suisse e Ubs.
22/06/2018 08:12 di Valeria Panigada
New FACEBOOK TWITTER LINKEDIN
Le 35 più grandi banche Usa, tra cui JP Morgan, Citigroup, Bank of America e Goldman Sachs, hanno superato con successo l’esame annuale degli stress test della Federal Reserve, dimostrando di essere sufficientemente solide per sopportare condizioni di recessione estrema. In uno scenario avverso, il più estremo immaginato finora dalla Fed, le banche americane riuscirebbero a mantenere i propri fondi al di sopra dei minimi richiesti. Buoni risultati anche tra le banche straniere che operano negli Stati Uniti, come Deutsche Bank, Credit Suisse e Ubs.
Fabrib
Forumer storico
FT:
China nationalises troubled conglomerate Anbang
A Chinese state-owned industry fund has taken ownership of Anbang Insurance Group, one of China’s most acquisitive conglomerates before the spectacular downfall of its founder Wu Xiaohui, who was jailed for fraud last month after regulators said the company was insolvent.
China nationalises troubled conglomerate Anbang
A Chinese state-owned industry fund has taken ownership of Anbang Insurance Group, one of China’s most acquisitive conglomerates before the spectacular downfall of its founder Wu Xiaohui, who was jailed for fraud last month after regulators said the company was insolvent.
Joe Silver
Forumer storico
Fabrib
Forumer storico
FT:
Activist pressures UniCredit to convert securities
Hedge fund rallies bank’s investors to scrutinise regulatory status of €3bn instruments
(solo titolo)
... Hedge fund rallies bank's investors to scrutinise regulatory status of €3bn ... bank toconvert €3bn of complex instruments into common equity. ... Pointing out that converting the Cashes would save UniCredit the €125m it pays ...
Activist pressures UniCredit to convert securities
Hedge fund rallies bank’s investors to scrutinise regulatory status of €3bn instruments
(solo titolo)
... Hedge fund rallies bank's investors to scrutinise regulatory status of €3bn ... bank toconvert €3bn of complex instruments into common equity. ... Pointing out that converting the Cashes would save UniCredit the €125m it pays ...
Cat XL
Shizuka Minamoto
CASHES sempre piu' giu'...
warren baffo
Forumer storico
Fabrib
Forumer storico
Subscribe to read | Financial Times
Martin Arnold, Banking Editor 11 HOURS AGO Print this page1 The British hedge fund that believes a big chunk of UniCredit’s core capital is invalid has written to its largest investors, calling for them to increase pressure on Italy’s biggest bank to convert €3bn of complex instruments into common equity. Caius Capital, a London-based distressed credit fund launched two years ago, has sent a letter to 11 of the biggest investors in UniCredit’s equity and debt, explaining how they will gain if the Italian bank bows to pressure and converts the instruments. The hedge fund last month called on the European Banking Authority to open an investigation into “incorrect regulatory capital treatment derived by UniCredit” from its 2008 issue of €2.98bn in convertible and subordinated hybrid equity-linked securities (Cashes). In a letter to the biggest investors in UniCredit, seen by the Financial Times, Caius said: “We believe it is in your interests as an investor in UniCredit that the Cashes are exchanged.” It said there was some overlap between holders of the Cashes and groups that used to be among UniCredit’s biggest shareholders. These include some of Italy’s municipal banking foundations, which own about €500m of the Cashes and some 2 per cent of its shares. “It would be troubling indeed if UniCredit were to prioritise the interests of a small number of their own investors who are also Cashes holders over the interests of the vast majority who are not,” Caius said in the letter. Pointing out that converting the Cashes would save UniCredit the €125m it pays for their annual coupon, as well as strengthening the bank’s capital position, Caius said owners of the instruments had significantly outperformed holders of ordinary shares over the past decade. Recommended Analysis Hedge funds Hedge funds take aim at Europe’s debt collectors As of last month, “an initial Cashes investor would have experienced a modest positive return on their investment, whilst an ordinary shareholder investing on equivalent terms has lost over 90 per cent of the value of their original investment”. “Although the historic disparity of returns between ordinary shareholders and holders of the Cashes cannot be retroactively addressed, an exchange of the Cashes today would bring both immediate and longer-term benefits to UniCredit investors,” it said. Caius believes the Cashes should not count towards UniCredit’s common equity tier one (CET1) — a key benchmark of banking strength — because they are not on the EBA’s list of approved instruments, they are being counted both as CET1 and Tier 2 capital and they create a restriction on cancelling dividend payments on the bank’s ordinary shares. The hedge fund says the Cashes have provisions that allow the bank to automatically convert them into ordinary shares if there is “more than an ‘insubstantial risk’ that UniCredit would be subject to a regulatory or capital burden or cost under the transaction”. Such a conversion would leave investors in the Cashes facing big losses. But Caius is likely to profit from such a conversion as it has taken a position betting against the Cashes. The existence of the Cashes “also makes the ordinary shares of UniCredit ineligible as CET1 instruments”, Caius has said — calling into question up to two-thirds of the bank’s €48.9bn of CET1 capital. UniCredit declined to comment on the letter from Caius. The bank has previously said the regulatory treatment of the Cashes had been fully disclosed to the market and reviewed by regulators. It reported a CET1 ratio of 13.7 per cent at the end of 2017, well above its regulatory minimum. The EBA has said it will respond in due course. Copyright The Financial Times Limited 2018. All rights reserved.
Martin Arnold, Banking Editor 11 HOURS AGO Print this page1 The British hedge fund that believes a big chunk of UniCredit’s core capital is invalid has written to its largest investors, calling for them to increase pressure on Italy’s biggest bank to convert €3bn of complex instruments into common equity. Caius Capital, a London-based distressed credit fund launched two years ago, has sent a letter to 11 of the biggest investors in UniCredit’s equity and debt, explaining how they will gain if the Italian bank bows to pressure and converts the instruments. The hedge fund last month called on the European Banking Authority to open an investigation into “incorrect regulatory capital treatment derived by UniCredit” from its 2008 issue of €2.98bn in convertible and subordinated hybrid equity-linked securities (Cashes). In a letter to the biggest investors in UniCredit, seen by the Financial Times, Caius said: “We believe it is in your interests as an investor in UniCredit that the Cashes are exchanged.” It said there was some overlap between holders of the Cashes and groups that used to be among UniCredit’s biggest shareholders. These include some of Italy’s municipal banking foundations, which own about €500m of the Cashes and some 2 per cent of its shares. “It would be troubling indeed if UniCredit were to prioritise the interests of a small number of their own investors who are also Cashes holders over the interests of the vast majority who are not,” Caius said in the letter. Pointing out that converting the Cashes would save UniCredit the €125m it pays for their annual coupon, as well as strengthening the bank’s capital position, Caius said owners of the instruments had significantly outperformed holders of ordinary shares over the past decade. Recommended Analysis Hedge funds Hedge funds take aim at Europe’s debt collectors As of last month, “an initial Cashes investor would have experienced a modest positive return on their investment, whilst an ordinary shareholder investing on equivalent terms has lost over 90 per cent of the value of their original investment”. “Although the historic disparity of returns between ordinary shareholders and holders of the Cashes cannot be retroactively addressed, an exchange of the Cashes today would bring both immediate and longer-term benefits to UniCredit investors,” it said. Caius believes the Cashes should not count towards UniCredit’s common equity tier one (CET1) — a key benchmark of banking strength — because they are not on the EBA’s list of approved instruments, they are being counted both as CET1 and Tier 2 capital and they create a restriction on cancelling dividend payments on the bank’s ordinary shares. The hedge fund says the Cashes have provisions that allow the bank to automatically convert them into ordinary shares if there is “more than an ‘insubstantial risk’ that UniCredit would be subject to a regulatory or capital burden or cost under the transaction”. Such a conversion would leave investors in the Cashes facing big losses. But Caius is likely to profit from such a conversion as it has taken a position betting against the Cashes. The existence of the Cashes “also makes the ordinary shares of UniCredit ineligible as CET1 instruments”, Caius has said — calling into question up to two-thirds of the bank’s €48.9bn of CET1 capital. UniCredit declined to comment on the letter from Caius. The bank has previously said the regulatory treatment of the Cashes had been fully disclosed to the market and reviewed by regulators. It reported a CET1 ratio of 13.7 per cent at the end of 2017, well above its regulatory minimum. The EBA has said it will respond in due course. Copyright The Financial Times Limited 2018. All rights reserved.
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