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

negusneg ha scritto:
Ricordo benissimo l'evento, che causò un notevole crollo sul mercato, mi era sfuggita la reazione stizzita dei cinesi.
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Hai anche quella dei Biellesi ora (razza in estinzione purtroppo che non puo' competere numericamente anche se hai fidw99 un altro esemplare) anche se sono ampiamente in gain sul bond.

Deutsche Bank Skips Call Option on EU1 Billion Bond (Update3)

By Shelley Smith and Abigail Moses - December 17, 2008 09:47 EST



data

A branch of Deutsche Bank



Dec. 17 (Bloomberg) -- Deutsche Bank AG, Europe’s biggest investment bank by revenue, passed up an opportunity to redeem 1 billion euros ($1.4 billion) of subordinated bonds, saying it would be more expensive to refinance the debt.
The bank had the option to buy back the 3.875 percent notes on January 16 or pay a so-called step-up coupon of 88 basis points more than Euribor, Frankfurt-based Deutsche Bank said in a statement. The cost of protecting the bank’s debt from default jumped and its shares dropped more than 7 percent.
Deutsche Bank’s decision startled bondholders because borrowers are expected to repay callable notes at the first opportunity and the securities are valued on that basis, according to ING Groep NV analyst Jeroen van den Broek. Investors are concerned Deutsche Bank’s decision to break with convention will encourage other borrowers to skip calls, triggering losses.
“The ice has been broken,” Amsterdam-based van den Broek said in an interview. “It’s always been accepted that financial institutions will call and this will have a significant downside effect on prices.”
Credit-default swaps on the Markit iTraxx Financial index linked to subordinated bonds of 25 European banks and insurers jumped 20 basis points to 226.5, according to JPMorgan Chase & Co. That’s the biggest one-day rise since Sept. 26 and the highest level since Oct. 7.
Trading Losses
Deutsche Bank, shaken last quarter by losses of 1.26 billion euros from trades made for its own account, faces soaring borrowing costs as investors shun all but the safest government debt. By accepting the step-up and not calling the bonds it will pay annual interest of about 4 percent compared with as much as 7 percent if it tried to raise new debt, van den Broek said.
The extra yield investors demand to buy financial company bonds rather than government debt climbed to a record 4.69 percentage points, according to Merrill Lynch & Co.’s European Financial Corporate Index. That compares with 1.28 percentage points at the start of the year and is the most since Merrill started collating the daily data in 1999.
Deutsche Bank “decided not to exercise its early redemption option to call the notes at par because replacement costs would be more expensive,” the statement said. The last bank that failed to call bonds was Sondrio, Italy-based Credito Valtellinese Scrl, which chose not to repay 150 million euros of securities in April.
“Frankly I’m surprised,” said Bill Blain, a broker at KNG Securities in London. “No doubt some doomsters will say Deutsche Bank is skipping a call because it faces further losses.”
Regulatory Reserve
European banks use the market for bonds with call dates rather than fixed maturities to meet regulatory reserve requirements, known as Tier 1 and 2 capital. Subordinated bonds rank after senior notes and loans for repayment. Deutsche Bank has the right to redeem the securities issued in 2004 every quarter after next month’s call date.
Deutsche Bank stock fell 2.06 euros, or 7.38 percent, to 25.935 euros, at 3:20 p.m. in Frankfurt. Credit-default swaps linked to the lender’s subordinated securities jumped 40 basis points to 255, according to CMA Datavision.
The contracts, conceived to protect bondholders against default, pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements. A basis point on a credit-default swap protecting 10 million euros of debt from default for five years is equivalent to 1,000 euros a year.
To contact the reporters on this story: Shelley Smith in London at [email protected]Abigail Moses in London [email protected]
To contact the editor responsible for this story: Paul Armstrong at
 
Ultima modifica:
Personalmente non ho mai avuto dubbi sul salto call di Db.Non è mai stata Market Friendly,ricordo che fù la prima a saltare una call Lt2,in tempi in cui era considerata automatica.
Io non investo mai in ottica di Call,ma attenzione ai post call bassini,anche se step up,dipende dalle emittenti e sappiamo quelle che sono amiche e quelle che non lo sono.

Su Uc,Sg,Bnp,Ca,Generali si può andare tranquilli,sulle altre ci penserei molte volte
 
Topgun1976 ha scritto:
Personalmente non ho mai avuto dubbi sul salto call di Db.Non è mai stata Market Friendly,ricordo che fù la prima a saltare una call Lt2,in tempi in cui era considerata automatica.
Io non investo mai in ottica di Call,ma attenzione ai post call bassini,anche se step up,dipende dalle emittenti e sappiamo quelle che sono amiche e quelle che non lo sono.

Su Uc,Sg,Bnp,Ca,Generali si può andare tranquilli,sulle altre ci penserei molte volte
Clicca per allargare...

Se guardi questa ha un ASW-spread di 5 (leggasi C-I-N-Q-U-E) volte superiore a un DB senior unsecured bullet 2023. Calcoli molto approssimativi. Certo non puo' essere considerata un senior unsecured. Ma per un futuro senior anche se bail-in-able e' molto molto cheap...oppure, per DB, e' molto cara. Mi aspetterei uno swap con qualcosa a questo punto come suggerito dal nostro prezioso ed insostituibile Rott :bow::bow::bow::bow::bow::bow:
 
Ultima modifica:
Cat XL ha scritto:
Se guardi questa ha un ASW-spread di 5 (leggasi C-I-N-Q-U-E) volte superiore a un DB senior unsecured bullet 2023. Calcoli molto approssimativi. Certo non puo' essere considerata un senior unsecured. Ma per un futuro senior anche se bail-in-able e' molto molto cheap...oppure, per DB, e' molto cara. Mi aspetterei uno swap con qualcosa a questo punto come suggerito dal nostro prezioso ed insostituibile Rott :bow::bow::bow::bow::bow::bow:
Clicca per allargare...

Tutto può essere,ma credo che le norme sui T1 siano ancora troppo poco limpide per attribuire seniority o no.
 
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