nik.sala
Money Never Sleeps
la cosa paradossale è che se si insinua un dubbio su un qualsiasi emittente che magari non versa in condizioni comatose, questo dubbio lo ammazza definitivamente.
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (3 lettori)
- Creatore Discussione Joe Silver
- Data di Inizio
Sniper76
Forumer attivo
One junior bond issued by a Credit Suisse entity a decade ago seems to have escaped a wipeout of the lender’s riskiest notes as part of UBS Group AG’s takeover.
The $2.5 billion note due later this year is a rare Tier 2 contingent convertible bond, with some features similar to the 16 billion Swiss francs ($17.2 billion) of risky bonds that the lender is writing down. However, due to quirks when Swiss banks adopted post-financial crisis capital instruments, the note is counted as Tier 2 capital instead — a higher-ranking type of debt that typically only takes a hit if a lender is no longer viable.
The Tier 2 bond will not be written down, according to credit research firm CreditSights, who cited both Swiss lenders. “It will presumably remain an obligation of the enlarged UBS, alongside CS’s senior bonds,” Simon Adamson, CreditSights’ head of global financials research, wrote in a note. The bond has “an unusual structure,” and characteristics in common with both plain vanilla Tier 2 and with AT1 bonds, he said.
si tratta di questo isin XS0957135212......effettivamente quota 70/75-80/86 (spread larghissimo)
The $2.5 billion note due later this year is a rare Tier 2 contingent convertible bond, with some features similar to the 16 billion Swiss francs ($17.2 billion) of risky bonds that the lender is writing down. However, due to quirks when Swiss banks adopted post-financial crisis capital instruments, the note is counted as Tier 2 capital instead — a higher-ranking type of debt that typically only takes a hit if a lender is no longer viable.
The Tier 2 bond will not be written down, according to credit research firm CreditSights, who cited both Swiss lenders. “It will presumably remain an obligation of the enlarged UBS, alongside CS’s senior bonds,” Simon Adamson, CreditSights’ head of global financials research, wrote in a note. The bond has “an unusual structure,” and characteristics in common with both plain vanilla Tier 2 and with AT1 bonds, he said.
si tratta di questo isin XS0957135212......effettivamente quota 70/75-80/86 (spread larghissimo)
jjletho
Forumer attivo
Certo, ma ripeto
Avesse avuto un bilancio sano (cioé senza buchi nascosti e liquido), c'erano almeno 30 bln di equity e 16 di coco per 530 bln di assets. Dando fuori tutto in repo, con 10% di haircut in garanzia, avrebbero potuto rimborsare 450 bln di cash in una settimana col supporto della banca centrale. Non ci sarebbe stato bisogno di metterli all'angolo.
E invece...
Invece hanno preferito confiscare questi 30 + 16 bln contro pagamento di 3 bln, suggerendo che altrimenti CS sarebbe stato bankrupt, il che implica a mio giudizio che ci sono veri o presunti buchi colossali in quel bilancio. [e la domanda nasce spontanea, solo CS aveva buchi tali da giustificarne la vendita forzosa a -13 bln (prendendo in conto la cancellazione degli AT1)?]
A meno di una manovra politica spregiudicata.
fabriziof
Forumer storico
Boh...
montebar
Forumer storico
fortissimo attrito tra le autorità europee, bce in testa, nei confronti delle autorità elvetiche per non aver rispettato l'ordine prestabilito in tutti gli atti europei che prevedono che i primi a pagare un collasso bancario siano gli azionisti e poi solo dopo gli AT1. evidentemente le autorità elvetiche hanno privilegiato l'Arabia Saudita e il Qatar a scapito dei bondholders.
state alla larga da investimenti in svizzera aggiungo io e lasciate pure perdere il franco che di bene rifugio non ha proprio niente
state alla larga da investimenti in svizzera aggiungo io e lasciate pure perdere il franco che di bene rifugio non ha proprio niente
Fabrib
Forumer storico
JPMorgan Chase, Morgan Stanley, and BNP Paribas are among dealers that were willing to buy risky Credit Suisse debt, called additional tier 1 bonds, for about 2 cents on the dollar and sell them at about 5 cents as of early Monday afternoon, Bloomberg reported, citing people familiar with the matter.
Those securities are set to be written down to zero by regulators as a condition of UBS's rescue of Credit Suisse (CS).
Other banks, including Jefferies Financial and BTIG, are also reportedly engaging in such trades. Goldman Sachs (NYSE:GS) traders were also expecting to take bids on claims against the bonds, other people told Bloomberg reporters.
While the AT1 securities are slated to be written down, they are still bonds, because UBS's (UBS) acquisition of Credit Suisse (CS) hasn't yet closed.
