grazieCH0423435046, CH0411111492 e CH0404585082
Articolo non positivo per gli IRS, secondo me. Anche se della decisione di HSBC si sapeva.
FT: Banks are fighting to keep legacy capital instruments as they provide cheap access to funding
HSBC has become the latest big bank to push back against investors in a dispute over legacy capital instruments that have raised questions over whether they should still count towards lenders’ regulatory requirements. The battle underlines how banks are fighting to keep legacy capital instruments that provide them with cheap or convenient access to funding at a time when regulators have promised to clean up lenders’ capital structures to make rescues easier to arrange in a crisis. HSBC, which reports half-year results on Monday, last month wrote a letter to a group of international bondholders rebuffing their complaints about its recent decision to reclassify £2bn of instruments known as discount perpetual securities — or Discos — as tier 2 capital. When HSBC announces its results many investors will be focused on its plans for returning excess capital through share buybacks. Conserving the Discos, which currently pay a Libor-based coupon of between 2.5 and 3.25 per cent, allowed the bank to boost its capital levels and to save money by avoiding having to replace them with more expensive options. Europe’s biggest bank by assets, which earns most of its profits in Asia, announced plans to buy back $2bn of shares in May — a figure that Disco investors have noticed is close to matching the value of the legacy securities that it issued in 1985 and 1986.Investors in the Discos had expected the bank to buy them back at par after they were deemed to be “ineligible” to count towards its capital buffers under the EU’s 2014 capital requirements regulation. But in May, HSBC said the securities would be reclassified as “fully eligible tier 2 instruments” — a type of supplementary capital for banks that can be bailed in during a crisis. The announcement triggered a sharp drop in the value of the securities, which have since lost about 20 per cent in their value. In a letter to Iain Mackay, HSBC’s finance director, the investor group said there “appear to be significant reasons to question” whether the Discos will be valid Tier 2 instruments after the EU capital rules come fully into force in 2021. The group, which holds about a quarter of the Discos, asked HSBC for an explanation of its decision to reclassify the securities. In its letter to Mr Mackay, the group added that because the Discos were issued in low denominations, they “may be held by retail investors”. The investors also argued that because the Discos had been issued out of operating subsidiaries of the bank, rather than its main holding company, they risked falling foul of Bank of England rules by forming a barrier to a smooth resolution of the bank. Mr Mackay wrote back to the group last month to say that the bank had taken extensive legal advice before reclassifying the Discos, its decision was in line with applicable legislation at the time and the bank had fulfilled its legal and regulatory obligations. The group of US and European investors has also written to the BoE, the Financial Conduct Authority and the European Banking Authority about its concerns. All parties declined to comment. The contest over HSBC’s Discos follows a related skirmish between Italian bank UniCredit and UK hedge fund Caius Capital over €3bn of securities known as Cashes. Caius argued that the Cashes should not count toward UniCredit’s capital and complained to the European Banking Authority. But last week the regulator rejected its request to investigate the matter.
Non ho letto un solo report di banca di affari, e nemmeno un solo articolo di finanza, il quale non consideri le scelte settembrine del governo italiano come uno dei maggiori problemi potenziali.
Ad esempio questo:
BofA: ai bond servono un Draghi falco e un'Italia cauta - MilanoFinanza.it
Visto che il nostro vittimismo italico ci porta inevitabilmente a lamentarci degli speculatori anglo-sassoni brutti e cattivi, di una cosa non ci potremo lamentare: di essere stati presi alla sprovvista. La "speculazione" ci salterà addosso nella misura in cui la incoraggeremo....
Sì, ma prima il potenziale problema era Savona, poi cmq l'uscita dall'Euro e la cancellazione del debito, poi un restare dentro battendo i pugni sul tavolo e non rispettando i parametri... tutto puntualmente risolto in una bolla di sapone... eppure ogni giorno ne tirano fuori una nuova...
Scusami, ma non ho intenzione di citarti la valanga di commenti pubblicati da osservatori e analisti finanziari ogni volta che Salvini (quello della Lega, come tu hai piacere espliciti...) afferma che i vincoli di bilancio non devono essere un problema, "per il bene degli italiani".
L'ultima esternazione è di pochi giorni fa.
Se lo facessi, sarei accusato di fare mera propaganda.
Come ho scritto qualche giorno fa, nessuno sa se queste siano schermaglie ad uso del popolino o se, in barba al buon Tria, riflettano intenzioni reali. So che lo scopriremo presto.
Nel frattempo gli investitori stanno schisci, e lo dicono. Così come alcuni forumers.
Tu sei convinto sarà una bolla di sapone? Compera!