Cat XL
Shizuka Minamoto
Rott
La mia domanda e' la seguente. equitatizzazione del sub rimasto e senior?
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Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Rott
La mia domanda e' la seguente. equitatizzazione del sub rimasto e senior?
Rottweiler
Forumer storico
Ottimo articolo al link!
Ripeto: nessuno sprovvisto di sfera di cristallo può sapere dove si andrà a parare. In un mare di incertezze il mercato prima di tutto si difende.
Ma sul nostro forum qualcuno la sfera di cristallo ce l'ha...
Rottweiler
Forumer storico
Anche se sappiamo quanto le autorità siano restie a toccare i senior, mi chiedi veramente troppo...
Premesso che per provare a darti una risposta "selvaggia" avrei bisogno di conoscere i bilanci di Carige, la risoluzione è un'operazione di enorme complessità. Non basta studiare lo stato patrimoniale, ma bisogna azzeccare le modalità con cui la risoluzione viene attuata. Insomma: un terno al lotto...
Cat XL
Shizuka Minamoto
C'e' quache taglio sotto i USD 200k in Turchia? Sovereign o bancario.
warren baffo
Forumer storico
US900123AT75
min 2k$
capt.harlock
MENA IL CAMMELLO FAN CLUB
negusneg
New Member
E' un po' vecchiotta, ma non ricordo di averla vista…
Announcement:
Moody's: Issuance of Tier 1 debt by European insurance companies to rise, a credit positive
10 Apr 2018
Paris, April 10, 2018 -- Issuance of Tier 1 debt by insurance companies is likely to increase due to the limits that the European Solvency II capital regime places on the issuance of Tier 2 debt and thanks to favourable financing conditions, says Moody's Investors Service in a report published today. The increase in Tier 1 debt will improve insurers' quality of capital, a credit positive.
Based on year-end 2016 capital structures, Moody's estimates that the European insurers that it rates would need to issue around €13 billion of new Tier 1 debt by the end of 2026 in order to maintain their current solvency levels. Favorable financial market conditions will also support Tier 1 debt issuance.
Most of the debt currently accounted as Tier 1 under Solvency II was issued before the advent of the new regulatory regime and has been "grandfathered" until 2026, despite having no loss absorbing features. According to Moody's, insurers will generally choose to replace their existing grandfathered debt with Tier 2 instruments, which are cheaper than new Tier 1 debt. However, since Tier 2 issuance capacity is limited under Solvency II, some insurers will also have to issue new Tier 1 debt.
"While issuance of new Tier 1 debt has so far been modest, we expect it to increase over the next two years," said Benjamin Serra, a Senior Vice President at Moody's. "This is partly because European insurers' Tier 2 issuance capacity has reduced just as a further five billion euros of grandfathered debt becomes callable in 2018 and 2019."
Insurers will also take advantage of the current low interest rates environment by issuing new Tier 1 instruments at a relatively low cost, in order to replace grandfathered debt or existing Tier 2 debt. This approach will preserve some of their Tier 2 issuance capacity and provide insurers greater financial flexibility in a stress scenario. In a stressed environment, it would be easier to issue Tier 2 debt than Tier 1, which would likely become more expensive.
According to Moody's, an increase in the proportion of loss-absorbing Tier 1 debt is credit positive as it will improve European insurers' quality of capital. Tier 1 securities under Solvency II have loss absorbing features, with the principal subject to partial write-down or conversion if the solvency ratio falls below a certain threshold.
The report, "Insurance -- Europe: Solvency II constraints and favourable refinancing conditions boost Tier 1 issuance," is now available on www.moodys.com. Moody's subscribers can access this report via the link at the end of this press release. The research is an update to the markets and does not constitute a rating action.
Subscribers can access the report at http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1093662
************************************************************************
Announcement:
Moody's: Issuance of Tier 1 debt by European insurance companies to rise, a credit positive
10 Apr 2018
Paris, April 10, 2018 -- Issuance of Tier 1 debt by insurance companies is likely to increase due to the limits that the European Solvency II capital regime places on the issuance of Tier 2 debt and thanks to favourable financing conditions, says Moody's Investors Service in a report published today. The increase in Tier 1 debt will improve insurers' quality of capital, a credit positive.
Based on year-end 2016 capital structures, Moody's estimates that the European insurers that it rates would need to issue around €13 billion of new Tier 1 debt by the end of 2026 in order to maintain their current solvency levels. Favorable financial market conditions will also support Tier 1 debt issuance.
Most of the debt currently accounted as Tier 1 under Solvency II was issued before the advent of the new regulatory regime and has been "grandfathered" until 2026, despite having no loss absorbing features. According to Moody's, insurers will generally choose to replace their existing grandfathered debt with Tier 2 instruments, which are cheaper than new Tier 1 debt. However, since Tier 2 issuance capacity is limited under Solvency II, some insurers will also have to issue new Tier 1 debt.
"While issuance of new Tier 1 debt has so far been modest, we expect it to increase over the next two years," said Benjamin Serra, a Senior Vice President at Moody's. "This is partly because European insurers' Tier 2 issuance capacity has reduced just as a further five billion euros of grandfathered debt becomes callable in 2018 and 2019."
Insurers will also take advantage of the current low interest rates environment by issuing new Tier 1 instruments at a relatively low cost, in order to replace grandfathered debt or existing Tier 2 debt. This approach will preserve some of their Tier 2 issuance capacity and provide insurers greater financial flexibility in a stress scenario. In a stressed environment, it would be easier to issue Tier 2 debt than Tier 1, which would likely become more expensive.
According to Moody's, an increase in the proportion of loss-absorbing Tier 1 debt is credit positive as it will improve European insurers' quality of capital. Tier 1 securities under Solvency II have loss absorbing features, with the principal subject to partial write-down or conversion if the solvency ratio falls below a certain threshold.
The report, "Insurance -- Europe: Solvency II constraints and favourable refinancing conditions boost Tier 1 issuance," is now available on www.moodys.com. Moody's subscribers can access this report via the link at the end of this press release. The research is an update to the markets and does not constitute a rating action.
Subscribers can access the report at http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1093662
************************************************************************
Rottweiler
Forumer storico
Per chi non avesse letto oggi Giavazzi e Alesina sul Corriere:
Editoriale | L’ambiguità pericolosa sui conti pubblici
Editoriale | L’ambiguità pericolosa sui conti pubblici
bia06
Listen other's viewpoint avoid conflicts & wars.
Ciao Capt, questa sembra salire ultimamente......?.....avrei detto il contrario....che succede?
Fabrib
Forumer storico
Roma, 8 ago. (askanews) - Banca Carige annuncia che Lucia Venuti, consigliere di amministrazione e membro del Comitato nomine, ha rassegnato le proprie dimissioni dalla carica con effetto immediato, motivandole, si legge in una nota, "alla luce delle vicende che si sono susseguite nell'ultimo periodo, con particolare riferimento alle dimissioni di amministratori, tra cui il presidente, e alle richieste di revoca del Consiglio pervenute da due azionisti, che l'hanno posta nella condizione di non poter lavorare con l'adeguata serenità".
SALVAGENTI LA BANCA SONDA POTENZIALI COMPRATORI PER IL SUO 4% DEL CAPITALE DI VIA NAZIONALE
Carige tratta la quota Bankitalia
Il valore del pacchetto è di circa 302 milioni, con un rendimento del 4%, ed è quello di maggiore
liquidabilità dell’istituto genovese. Fiorentino ha la delega a trattare, anche come alternativa al bond
(Gualtieri a pagina 2) MF
SALVAGENTI LA BANCA SONDA POTENZIALI COMPRATORI PER IL SUO 4% DEL CAPITALE DI VIA NAZIONALE
Carige tratta la quota Bankitalia
Il valore del pacchetto è di circa 302 milioni, con un rendimento del 4%, ed è quello di maggiore
liquidabilità dell’istituto genovese. Fiorentino ha la delega a trattare, anche come alternativa al bond
(Gualtieri a pagina 2) MF
Ultima modifica: