fedro10
è la somma che fa il totale...
Electricité de France S.A. (E.D.F.) Anleihe: 5,000% FR0011697028 cosa ne pensate di questa ? grazie
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
diritto
Forumer attivo
Sempre in sofferenza la T2 di Groupama. Quel che mi appare incomprensibile è che ci siano ben 400k in vendita tra 100,57 e 100,82
Non capisco le ragioni dei venditori, quelle dei compratori sìSe non ne fossi già fornito, ne approfitterei.
Dove le vedi le quotazioni?
Joe Silver
Forumer storico
Dove vuoi che le veda? Su Euronext, of course...
TheLondoner
Forumer storico
Groupama S.A. EO-Notes 2017(27) | A19B7K | FR0013232444 | Übersicht | boerse-stuttgart.de
GRPAMA6.0%23JAN27 | Euronext
Purtroppo (per chi cassetta il bond) c'è l'ask che spinge molto in questi giorni, ma prezzi interessanti per chi deve comprare.
La discesa è Lepenista
perchè scendono anche altre subordinate francesi.
NoWay
It's time to play the game
Old Mutual’s Redemption of Perpetual Preferred Securities Is Credit Positive
On 1 February, Anglo-South African insurer Old Mutual Plc (Baa3 negative) announced that it will purchase or redeem all £273 million of its £350 million perpetual preferred callable securities at 6.38% that are still outstanding. These securities were cancelled upon settlement on 3 February. The securities’ redemption is credit positive because it will reduce Old Mutual’s debt leverage, while affirming management’s stated intention to materially reduce holding company debt before returning excess capital to shareholders. The redemption will absorb excess holding company cash built up from divestments. Between December 2016 and January 2017, Old Mutual raised approximately £480 million of gross proceeds through a partial sale of its stake in OM Asset Management plc (OMAM, Baa2 stable) and the disposal of Old Mutual Wealth Life Assurance Limited’s (OMW, insurance financial strength A2 negative) Italian operation. These disposals are in line with the company’s plan to separate its four key underlying businesses by the end of 2018. Based on Old Mutual’s first-half 2016 results, we estimate that total leverage (total debt divided by total capital) will decrease by approximately one percentage point to 10.6% from 11.6% owing to the redemption of the preferred securities. The securities are treated as Tier 1 capital for Solvency II purposes, and their redemption will lead to some deterioration in Old Mutual’s Solvency II ratio. However, the decline will be partly offset by a reduction in required capital as a result of the sale of OMW’s Italian operation. Additionally, we expect that the capitalisation of Old Mutual’s underlying operating entities is more meaningful from a credit perspective. This is unaffected by the redemption of Tier 1 preferred securities at the group level. After the redemption, Old Mutual will have £950 million of subordinated debt remaining at the holding company. Redemption of the subordinated debt, which is considered Tier 2 capital for Solvency II purposes, would have been incrementally more credit positive because we consider Tier 2 capital to be of lower quality capital than Tier 1 preferred securities. Even so, Old Mutual’s decision to use excess liquidity to fund the redemption of the preferred securities underlines its intention to materially reduce holding company debt ahead of capital returns to shareholders. Although management has previously stated that it would prioritise debt repayment over capital returns to shareholders, we expected it to face investor pressure to put more emphasis on investor returns.
On 1 February, Anglo-South African insurer Old Mutual Plc (Baa3 negative) announced that it will purchase or redeem all £273 million of its £350 million perpetual preferred callable securities at 6.38% that are still outstanding. These securities were cancelled upon settlement on 3 February. The securities’ redemption is credit positive because it will reduce Old Mutual’s debt leverage, while affirming management’s stated intention to materially reduce holding company debt before returning excess capital to shareholders. The redemption will absorb excess holding company cash built up from divestments. Between December 2016 and January 2017, Old Mutual raised approximately £480 million of gross proceeds through a partial sale of its stake in OM Asset Management plc (OMAM, Baa2 stable) and the disposal of Old Mutual Wealth Life Assurance Limited’s (OMW, insurance financial strength A2 negative) Italian operation. These disposals are in line with the company’s plan to separate its four key underlying businesses by the end of 2018. Based on Old Mutual’s first-half 2016 results, we estimate that total leverage (total debt divided by total capital) will decrease by approximately one percentage point to 10.6% from 11.6% owing to the redemption of the preferred securities. The securities are treated as Tier 1 capital for Solvency II purposes, and their redemption will lead to some deterioration in Old Mutual’s Solvency II ratio. However, the decline will be partly offset by a reduction in required capital as a result of the sale of OMW’s Italian operation. Additionally, we expect that the capitalisation of Old Mutual’s underlying operating entities is more meaningful from a credit perspective. This is unaffected by the redemption of Tier 1 preferred securities at the group level. After the redemption, Old Mutual will have £950 million of subordinated debt remaining at the holding company. Redemption of the subordinated debt, which is considered Tier 2 capital for Solvency II purposes, would have been incrementally more credit positive because we consider Tier 2 capital to be of lower quality capital than Tier 1 preferred securities. Even so, Old Mutual’s decision to use excess liquidity to fund the redemption of the preferred securities underlines its intention to materially reduce holding company debt ahead of capital returns to shareholders. Although management has previously stated that it would prioritise debt repayment over capital returns to shareholders, we expected it to face investor pressure to put more emphasis on investor returns.
montebar
Forumer storico
anch'io anche se l'ho già proprio a 92
ma tra un po' mi sparo con tutto il cash che mi si é formato
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