lambda
Forumer attivo
Sono anch'io felice possessore, mi spiegheresti meglio perché le hai vendute?
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Fabrib
Forumer storico
AXA SA (CS.FR) said Wednesday that revenue for the first nine months rose thanks to growth across all regions, although its solvency II ratio fell.
The French insurer reported revenue of 79.69 billion euros ($88.48 billion) during the period, compared with EUR75.82 billion the year prior. On a comparable basis, revenue rose 5%, it said.
Annual premium equivalent, known as APE, edged up 1% in the period. APE measures new business growth by combining the value of payments on new regular premium policies, and 10% of the value of payments made on one-time, single-premium products.
AXA's solvency II ratio--a key measure of financial strength for insurance companies--was 187%, down 3 points compared with June 30.
"In the third quarter of 2019 and early into the fourth quarter, a series of severe natural catastrophe events occurred, resulting in above average claims charges for AXA XL, mostly in Reinsurance," the company said.
AXA's management estimates that it may incur claims charges of EUR400 million in excess of the normalized level for natural catastrophe at AXA's global insurance and reinsurance subsidiary AXA XL for the second half of 2019.
In a conference call, AXA's Chief Financial Officer Gerald Harlin said the company is on track to meet the objectives of its 2020 strategic plan.
The French insurer reported revenue of 79.69 billion euros ($88.48 billion) during the period, compared with EUR75.82 billion the year prior. On a comparable basis, revenue rose 5%, it said.
Annual premium equivalent, known as APE, edged up 1% in the period. APE measures new business growth by combining the value of payments on new regular premium policies, and 10% of the value of payments made on one-time, single-premium products.
AXA's solvency II ratio--a key measure of financial strength for insurance companies--was 187%, down 3 points compared with June 30.
"In the third quarter of 2019 and early into the fourth quarter, a series of severe natural catastrophe events occurred, resulting in above average claims charges for AXA XL, mostly in Reinsurance," the company said.
AXA's management estimates that it may incur claims charges of EUR400 million in excess of the normalized level for natural catastrophe at AXA's global insurance and reinsurance subsidiary AXA XL for the second half of 2019.
In a conference call, AXA's Chief Financial Officer Gerald Harlin said the company is on track to meet the objectives of its 2020 strategic plan.
Ventodivino
מגן ולא יראה
Fabrib
Forumer storico
Assicurazioni Generali SpA (G.MI) said Thursday that its net profit for the first nine months of the year rose roughly 17%, boosted by the sale of some businesses and stronger operating results.
Net profit for the period was 2.16 billion euros ($2.39 billion), the Italian insurance giant said. This compares with a profit of EUR1.86 billion a year earlier.
Adjusted net profit, which excludes one-offs, rose 6.2%.
Gross written premiums increased 3.2% to EUR51.38 billion.
Operating results grew 9.1% to EUR3.93 billion, supported by improving performance at the company's main business lines. The property and casualty segment grew 3.1%, while the life division was up 5% and the asset-management business was up 17%.
The group solvency ratio fell to 204% from 217% in September last year, hit in part by low interest rates.
The company is in the first year of its new strategic plan, under which it wants to cut its debt and is targeting growth in earnings per share at an annual rate between 6% and 8% through 2021.
Net profit for the period was 2.16 billion euros ($2.39 billion), the Italian insurance giant said. This compares with a profit of EUR1.86 billion a year earlier.
Adjusted net profit, which excludes one-offs, rose 6.2%.
Gross written premiums increased 3.2% to EUR51.38 billion.
Operating results grew 9.1% to EUR3.93 billion, supported by improving performance at the company's main business lines. The property and casualty segment grew 3.1%, while the life division was up 5% and the asset-management business was up 17%.
The group solvency ratio fell to 204% from 217% in September last year, hit in part by low interest rates.
The company is in the first year of its new strategic plan, under which it wants to cut its debt and is targeting growth in earnings per share at an annual rate between 6% and 8% through 2021.
waltermasoni
Caribbean Trader
Rating Action:
Moody's assigns Baa3 rating to Bayer's new hybrid notes; negative outlook
07 Nov 2019
Frankfurt am Main, November 07, 2019 -- Moody's Investors Service ("Moody's") has today assigned a Baa3 long-term rating to the new hybrid securities (the "Hybrids") to be issued by Bayer AG ("Bayer"). The rating outlook is negative.
RATINGS RATIONALE
The rating of Baa3 is two notches below Bayer's Baa1 senior unsecured rating. This reflects the deeply subordinated ranking of the new hybrid securities in relation to the existing senior unsecured obligations of Bayer or those issued by its subsidiaries and guaranteed by Bayer. The new hybrid securities will be senior to common shares.
The proposed Hybrids will have a maturity of 60 years, has no events of default and Bayer may opt to defer coupon payments on a cumulative basis. The Hybrids are deeply subordinated obligation and will qualify for the "basket C" and a 50% equity treatment of the borrowing for the calculation of the credit ratios by Moody's (please refer to Moody's Cross-Sector Rating Methodology 'Hybrid Equity Credit' published in September 2018 for further details).
The Baa3 rating assigned to the new hybrid notes is in line with the Baa3 rating assigned to Bayer's existing hybrid notes due 2074/2075 that were issued in June 2014 and April 2015 (and also benefit from "basket C" and a 50% equity treatment). Bayer at the same time is publicly tendering its 2075 hybrids that have a first call date in July 2020.
WHAT COULD CHANGE THE RATINGS UP/DOWN
As the Hybrid rating is positioned relative to another rating of Bayer, either (i) a change in the senior unsecured rating of Bayer, or (ii) a re-evaluation of its relative notching, could impact the Hybrid rating.
Although unlikely at this juncture, Bayer's ratings could be upgraded following the successful integration of Monsanto and some significant balance sheet deleveraging, which would allow adjusted total debt to EBITDA and RCF to net debt to be positioned below 2.5x and above 25% on a sustained basis.
Downward pressure on Bayer's ratings may occur should Bayer suffer a material setback in integrating Monsanto within its Crop Science business and fail to generate sufficient FCF to reposition its Moody's-adjusted financial metrics in line with the ratings by mid-2020, with total debt to EBITDA trending down towards 3.0x and RCF to net debt rising close to 20%. Large litigation damages could also lead to a downgrade.
Moody's assigns Baa3 rating to Bayer's new hybrid notes; negative outlook
07 Nov 2019
Frankfurt am Main, November 07, 2019 -- Moody's Investors Service ("Moody's") has today assigned a Baa3 long-term rating to the new hybrid securities (the "Hybrids") to be issued by Bayer AG ("Bayer"). The rating outlook is negative.
RATINGS RATIONALE
The rating of Baa3 is two notches below Bayer's Baa1 senior unsecured rating. This reflects the deeply subordinated ranking of the new hybrid securities in relation to the existing senior unsecured obligations of Bayer or those issued by its subsidiaries and guaranteed by Bayer. The new hybrid securities will be senior to common shares.
The proposed Hybrids will have a maturity of 60 years, has no events of default and Bayer may opt to defer coupon payments on a cumulative basis. The Hybrids are deeply subordinated obligation and will qualify for the "basket C" and a 50% equity treatment of the borrowing for the calculation of the credit ratios by Moody's (please refer to Moody's Cross-Sector Rating Methodology 'Hybrid Equity Credit' published in September 2018 for further details).
The Baa3 rating assigned to the new hybrid notes is in line with the Baa3 rating assigned to Bayer's existing hybrid notes due 2074/2075 that were issued in June 2014 and April 2015 (and also benefit from "basket C" and a 50% equity treatment). Bayer at the same time is publicly tendering its 2075 hybrids that have a first call date in July 2020.
WHAT COULD CHANGE THE RATINGS UP/DOWN
As the Hybrid rating is positioned relative to another rating of Bayer, either (i) a change in the senior unsecured rating of Bayer, or (ii) a re-evaluation of its relative notching, could impact the Hybrid rating.
Although unlikely at this juncture, Bayer's ratings could be upgraded following the successful integration of Monsanto and some significant balance sheet deleveraging, which would allow adjusted total debt to EBITDA and RCF to net debt to be positioned below 2.5x and above 25% on a sustained basis.
Downward pressure on Bayer's ratings may occur should Bayer suffer a material setback in integrating Monsanto within its Crop Science business and fail to generate sufficient FCF to reposition its Moody's-adjusted financial metrics in line with the ratings by mid-2020, with total debt to EBITDA trending down towards 3.0x and RCF to net debt rising close to 20%. Large litigation damages could also lead to a downgrade.
Rottweiler
Forumer storico
Lo stesso personaggio, un manager parecchio altolocato nel Gruppo, mi ha telefonato da poco. Questo il riassunto della sua posizione:
+al momento non hanno preso in considerazione alcun intervento, nè come redemption nè come LME
+data la natura "perpetual", per loro il titolo è equiparato a "capitale", anche se non riconosciuto dal regolatore
Gli ho ricordato che:
+la natura di quei titoli non è di fornire un generico "capitale" nè di essere considerati "cheap funding", bensì di costituire regulatory capital. Poiché hanno perso quell'attributo, non ha senso che lo tengano sul mercato
+sul mercato le banche che tengono in vita sub ineligible sono solo quelle decotte
+se non lo richiamano il mercato nel medio termine se ne risentirà con Rothschild, perché dimostrerebbero di non essere market friendly e di guardare al solo aspetto economico
+stanno lasciando in vita un piccolo mostro, destinato a creare confusione nel caso di nuove emissioni senior
Ha replicato che:
+loro sono una banca diversa da tutte le altre (sic!), controllata da una famiglia e non hanno bisogno di tenersi buono il mercato
+hanno ratios altissimi anche senza AT1 o T2
+non hanno intenzione di emettere nè sub nè senior
+il mercato li capisce meglio di quanto li capisca io, e non rimprovererà loro nulla.
Dopodiché siamo andati in loop, rimanendo ognuno sulle sue posizioni.
Le mie conclusioni sono che:
+è stato molto gentile a chiamare singolarmente chi ha scritto
+c'è un'evidente attenzione alle reazioni del mercato, ma occorre un vero bombardamento per far loro cambiare posizione: personalmente ho di meglio da fare
+su una materia price sensitive come questa la sua risposta non poteva essere molto diversa. Tuttavia, mi ha colpito la perentorietà con la quale difendeva la sua posizione ("for us this is just capital!")
+l'iniziativa dei forumers li ha portati a dichiarare la loro posizione a livelli ben più elevati di un semplice IR: sarei sorpreso se la cambiassero nel breve
+non ci saranno, tra gli emittenti bancari CMS, comportamenti certi, ma solo comportamenti più probabili. A partire dal 2022 i titoli ineligible saranno quelli con maggiori probabilità di call, ma nemmeno per quelli si potrà mettere la mano nel fuoco.
Ognuno, se già dentro o se mediti un ingresso, faccia il proprio gioco...
Ventodivino
מגן ולא יראה
Ultima modifica:
waltermasoni
Caribbean Trader
La Banque Postale Proposed Low-Trigger Tier 1 Capital Notes Assigned 'BB' Rating
- 07-Nov-2019 12:25 EST
- General Criteria: Hybrid Capital: Methodology And Assumptions," published July 1, 2019), the 'BB' issue rating reflects our analysis of the proposed instrument and our assessment of LBP's stand-alone credit profile (SACP) at 'bbb+'.
To rate hybrids and senior nonpreferred notes issued by an entity we regard as a core member of a group, as is the case for LBP within the La Poste group, we analyze whether the stated group is strong enough and willing to accrue support to these instruments. In LBP's case, even if we see a strong willingness of La Poste to support its subsidiary and its senior liabilities, such support may be less predictable and available for the hybrids and senior nonpreferred notes, in our view. Therefore, we use LBP's SACP as a starting point in rating all hybrids and senior nonpreferred notes issued by LBP.
The issue rating stands four notches below the 'bbb+' SACP, due to the following deductions:
- One notch because the notes are contractually subordinated;
- Two notches reflecting the notes' discretionary coupon payments and regulatory Tier 1 capital status; and
- One notch because the notes contain a contractual write-down clause.
darkog
In Hoc Signo Vince..
Ha chiamato anche me ieri mattina.
Dicendo in sostanza le stesse cose dette a Rott.
Ieri ho venduto un lotto a 80. Oggi ho venduto l'altro a 80.1.
Portato a casa la pagnotta. Al momento me ne sto fuori.
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