Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3

[nik.sala]

OK per i valori rilevati sulla Borsa del Lussemburgo.

I dati importanti però sono bid-ask OTC....

IW illiquida

 

[oldmouseit]

a questa
https://www.boerse-stuttgart.de/rd/de/anleihen/factsheet?sSymbol=LLQC.STU&lang=de

e' stata ricordata venerdi' da un forumista, non ritrovo piu' il post, me la ero dimenticata perche' avevo mandato a mente che non era una step up

Che caratteristiche ha? Grazie

 

[ferdo]

Certo che sono proprio un babbeo... ero lì che pensavo se prenderle e adesso Ask 85!!!

prendile ora, sono solo a 83

 

[claudioborghi]

Con la fine di giugno sono 5 anni di cedole incassate da quando ho fatto l'all-in sulle perpetue a inizio 2009

Il "lungo periodo" è scaduto e ex post posso dire che (nonostante la mosca nella minestra sns) non avrei potuto fare scelta migliore. Sono stato fortunato e poi ho conosciuto tanti amici

Best asset class evah...

(comunque sul lunghissimo periodo -15 anni - per ora i quadri vincono alla grande )

 

[steff]

Che caratteristiche ha? Grazie

Lloyds XS0156923913 step-up e' gia' in post call dal 25/02/2013 e paga 3m+2,5% - cum

 

[capt.harlock]

Lloyds XS0156923913 step-up e' gia' in post call dal 25/02/2013 e paga 3m+2,5% - cum

steff eri tu che l' hai ricordata venerdi' ?

uno dei modi per valutare una cosa, e' per paragone

se la db adesso costa 93, quanto dovrebbe costare la rzb?

https://www.boerse-stuttgart.de/rd/de/anleihen/factsheet?ID_NOTATION=12459015

 

[steff]

steff eri tu che l' hai ricordata venerdi' ?

uno dei modi per valutare una cosa, e' per paragone

se la db adesso costa 93, quanto dovrebbe costare la rzb?

https://www.boerse-stuttgart.de/rd/de/anleihen/factsheet?ID_NOTATION=12459015

Si. (le ho in ptf)

 

[bosmeld]

Bnp su nuove regole tier1

EBA Q&A tool states that T1 that have stepped up are not Tier 2 T1 steps will not count as Tier 2 (either T2 compliant orgrandfathered T2) if extended after the first call date (withan incentive to redeem) due to the quarterly calls.However, those T1s that had this call prior to end Dec 2011 will be grandfathered as AT1. Non-steps are not discussed in the Q&A explicitly.


** Our view: this Q&A is not legally binding but it is official EBA guidance and as such
would be surprising if regulators did not abide by it. It clearly increases the likelihood of a call, or at least makes it more economical to call. However, some T1s with low resets could still be
left outstanding as perpetual cheap funding. In addition, the characteristics of the instrument don’t change and they remain deeply subordinated. Hence, any T1 or UT2 could still be left outstanding as relatively cheap loss-absorbing capital. Finally, issuers could in theory remove call options similarly to what ISPIM did in October last year, while offering an exchange. Implications are on a
bond-by-bond basis. However, we still see some upside for short call step-up bonds

 

[porchetto]

Dai... non esagerare!
Penso che sia meglio evitare di scherzare su questi argomenti!
Un problema tecnico può capitare... a Binck come a tutti gli altri tol

e quello di abn sull'oro?

 

[Cat XL]

EBA Q&A tool states that T1 that have stepped up are not Tier 2 T1 steps will not count as Tier 2 (either T2 compliant orgrandfathered T2) if extended after the first call date (withan incentive to redeem) due to the quarterly calls.However, those T1s that had this call prior to end Dec 2011 will be grandfathered as AT1. Non-steps are not discussed in the Q&A explicitly.


** Our view: this Q&A is not legally binding but it is official EBA guidance and as such
would be surprising if regulators did not abide by it. It clearly increases the likelihood of a call, or at least makes it more economical to call. However, some T1s with low resets could still be
left outstanding as perpetual cheap funding. In addition, the characteristics of the instrument don’t change and they remain deeply subordinated. Hence, any T1 or UT2 could still be left outstanding as relatively cheap loss-absorbing capital. Finally, issuers could in theory remove call options similarly to what ISPIM did in October last year, while offering an exchange. Implications are on a
bond-by-bond basis. However, we still see some upside for short call step-up bonds

Perfettamente d'accordo con questa view.