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Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (12 lettori)
- Creatore Discussione Joe Silver
- Data di Inizio
darkog
In Hoc Signo Vince..
Baca k8 è in post call dal 28.10.2011
Come tutte le perpetua in post call può essere poi richiamata ad ogni stacco cedola
UniCredit’s €13 Billion Capital Increase Restores Its Creditworthiness
On Monday, UniCredit S.p.A. (Baa1 stable, ba11 ) announced that it had completed its €13 billion capital increase, which was fully subscribed. The credit-positive capital increase will allow UniCredit to restore its capital levels, which were adversely affected by large losses booked at year-end 2016, and maintain coupon payments, especially the Additional Tier 1 (AT1) coupon payment due on 10 March. UniCredit’s capital increase will offset the negative effect on solvency of the €13.1 billion of large one-off charges booked in 2016. These charges included €8.1 billion of additional loan-loss provisions, which increased provisioning coverage of the bank’s problem loans but resulted in a net loss of €11.8 billion at year-end 2016. Following the loss, UniCredit reported a phased-in common equity Tier 1 (CET1) ratio of 8.15% at year-end 2016; this level compares with a capital requirement set by the European Central Bank (ECB) of 8.75%2 that UniCredit needs to maintain in 2017 to avoid limitations on its payments of coupons and dividends. The completion of the capital increase, which we expected but which was not a certainty, will lift UniCredit’s CET1 ratio to above 11% and give the bank more headroom to continue to make AT1 coupon payments. The €13 billion capital increase is an important milestone of UniCredit’s 2017-19 strategic plan, which includes a large reduction in the stock of nonperforming loans. UniCredit is currently in the process of selling a sizable portion of its bad loans to Fortress Investment Group LLC and Pimco. UniCredit expects the sale to be completed in the second half of 2017 and will reduce the bank’s problem loan ratio (i.e., problem loans/gross loans) to less than 12%, versus 15.3%3 reported at year-end 2015. Despite this significant improvement, we expect UniCredit’s asset risk indicators to remain weak compared with most European peers, with its problem loan ratio still well above the 5.4% European Union average. Unlike more troubled Italian banks, UniCredit was able to raise a large amount of capital from private sources without resorting to any kind of government support, and the completion of its capital increase signals a validation of its strategy by existing and new shareholders. Additionally, its improved credit quality should help ease pressures on Italy’s banking system, given UniCredit’s large size in the Italian market. As part of its strategic plan, UniCredit also targets a €4.7 billion net profit for 2019 (equivalent to a 9% return on tangible equity versus a 4% return in 2015) and, underpinned by slightly higher revenues, cost cutting and a significant decline in the cost of credit. The targets will be challenging to achieve given the persistently weak operating conditions for Italian banks, with UniCredit’s domestic commercial banking and non-core activities still accounting for more than 30% of the group’s consolidated risk weighted assets.
On Monday, UniCredit S.p.A. (Baa1 stable, ba11 ) announced that it had completed its €13 billion capital increase, which was fully subscribed. The credit-positive capital increase will allow UniCredit to restore its capital levels, which were adversely affected by large losses booked at year-end 2016, and maintain coupon payments, especially the Additional Tier 1 (AT1) coupon payment due on 10 March. UniCredit’s capital increase will offset the negative effect on solvency of the €13.1 billion of large one-off charges booked in 2016. These charges included €8.1 billion of additional loan-loss provisions, which increased provisioning coverage of the bank’s problem loans but resulted in a net loss of €11.8 billion at year-end 2016. Following the loss, UniCredit reported a phased-in common equity Tier 1 (CET1) ratio of 8.15% at year-end 2016; this level compares with a capital requirement set by the European Central Bank (ECB) of 8.75%2 that UniCredit needs to maintain in 2017 to avoid limitations on its payments of coupons and dividends. The completion of the capital increase, which we expected but which was not a certainty, will lift UniCredit’s CET1 ratio to above 11% and give the bank more headroom to continue to make AT1 coupon payments. The €13 billion capital increase is an important milestone of UniCredit’s 2017-19 strategic plan, which includes a large reduction in the stock of nonperforming loans. UniCredit is currently in the process of selling a sizable portion of its bad loans to Fortress Investment Group LLC and Pimco. UniCredit expects the sale to be completed in the second half of 2017 and will reduce the bank’s problem loan ratio (i.e., problem loans/gross loans) to less than 12%, versus 15.3%3 reported at year-end 2015. Despite this significant improvement, we expect UniCredit’s asset risk indicators to remain weak compared with most European peers, with its problem loan ratio still well above the 5.4% European Union average. Unlike more troubled Italian banks, UniCredit was able to raise a large amount of capital from private sources without resorting to any kind of government support, and the completion of its capital increase signals a validation of its strategy by existing and new shareholders. Additionally, its improved credit quality should help ease pressures on Italy’s banking system, given UniCredit’s large size in the Italian market. As part of its strategic plan, UniCredit also targets a €4.7 billion net profit for 2019 (equivalent to a 9% return on tangible equity versus a 4% return in 2015) and, underpinned by slightly higher revenues, cost cutting and a significant decline in the cost of credit. The targets will be challenging to achieve given the persistently weak operating conditions for Italian banks, with UniCredit’s domestic commercial banking and non-core activities still accounting for more than 30% of the group’s consolidated risk weighted assets.
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BOND BUYERS GO CUCKOO FOR COCOS IN GLOBAL STAMPEDE FOR YIELD
Posted on March 2, 2017
More than 500 investors stampeded to get hold of some of the riskiest bank bonds for sale this year, in the latest example of how desperate money managers are for securities offering decent income.
Investors put in orders for 16 times the $750 million of bonds that Australia’s Macquarie Group was selling. That enthusiasm allowed the Australian bank to cut the borrowing costs on the high-yielding notes known as additional Tier 1 securities, according to people with knowledge of the matter. Such bonds are part of a group of securities known as contingent convertibles, or CoCos, that have surged 3.8 percent this year — outstripping the advance for debt sold by junk-rated corporates.
It’s another sign of how fund managers are leaping for anything that pays any sort of yield. The Macquarie bonds, like others in the CoCos group, can suffer losses if a bank runs into trouble, making them risky for investors. It’s a volte-face for bonds that were vilified in the first part of last year over fears that European lenders including Deutsche Bank AG and Italy’s UniCredit SpA might miss coupon payments.
“It’s a massive change from a year ago,” said Tom Kinmonth, a credit strategist at ABN Amro Group NV in Amsterdam. “There’s more risk appetite and regulators are being kinder.”
Yield Allure
Macquarie was willing to pay about 7 percent annual interest on the notes, a figure that fell to 6.125 percent amid strong demand. A spokeswoman for the Australian bank pointed to a statement on the transaction and declined further comment.
Barclays Plc sold 1.25 billion pounds ($1.53 billion) of similar debt this week while notes sold privately by UniCredit in December are quoted at 108 cents on the euro.
The bulk of the demand for Macquarie Group Ltd.’s securities was concentrated among Asian investors, with the order book for the deal already more than 10 times oversubscribed by the time U.S. investors got in on Wednesday, the people said, asking not to be identified as the information isn’t public. From that point, demand ballooned to as much as $12 billion.
“The Macquarie Bank deal did well given its attractiveness in terms of yield in a generally tight spread and low-yield environment,” said Raymond Lee, a money manager at Kapstream Capital in Sydney.
Citigroup Inc., JPMorgan Chase & Co., HSBC Holdings Plc and Bank of America Corp. jointly led the sale. The banks had been contacting investors during the past week and pushed up the timeline for the bond sale as it became clear demand for the debt outstripped the amount of money Macquarie was looking to raise, the people said.
Click here for a QuickTake on the risks of contingent convertibles
CoCo bonds sold in the U.S. last year by Australia & New Zealand Banking Group Ltd. were trading at around 108 cents on the dollar on Wednesday to yield 6.2 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
Demand for risk assets rose globally on Wednesday, helped by a speech by President Donald Trump to U.S. legislators late Tuesday. Data showed that U.S. manufacturing expanded last month in the fastest pace in three years, adding to demand in credit markets.
The Macquarie bonds popped to as high as 101.4 cents on the dollar, yielding less than 6 percent in early trading on Thursday, according to pricing data from Trace.
Posted on March 2, 2017
More than 500 investors stampeded to get hold of some of the riskiest bank bonds for sale this year, in the latest example of how desperate money managers are for securities offering decent income.
Investors put in orders for 16 times the $750 million of bonds that Australia’s Macquarie Group was selling. That enthusiasm allowed the Australian bank to cut the borrowing costs on the high-yielding notes known as additional Tier 1 securities, according to people with knowledge of the matter. Such bonds are part of a group of securities known as contingent convertibles, or CoCos, that have surged 3.8 percent this year — outstripping the advance for debt sold by junk-rated corporates.
It’s another sign of how fund managers are leaping for anything that pays any sort of yield. The Macquarie bonds, like others in the CoCos group, can suffer losses if a bank runs into trouble, making them risky for investors. It’s a volte-face for bonds that were vilified in the first part of last year over fears that European lenders including Deutsche Bank AG and Italy’s UniCredit SpA might miss coupon payments.
“It’s a massive change from a year ago,” said Tom Kinmonth, a credit strategist at ABN Amro Group NV in Amsterdam. “There’s more risk appetite and regulators are being kinder.”
Yield Allure
Macquarie was willing to pay about 7 percent annual interest on the notes, a figure that fell to 6.125 percent amid strong demand. A spokeswoman for the Australian bank pointed to a statement on the transaction and declined further comment.
Barclays Plc sold 1.25 billion pounds ($1.53 billion) of similar debt this week while notes sold privately by UniCredit in December are quoted at 108 cents on the euro.
The bulk of the demand for Macquarie Group Ltd.’s securities was concentrated among Asian investors, with the order book for the deal already more than 10 times oversubscribed by the time U.S. investors got in on Wednesday, the people said, asking not to be identified as the information isn’t public. From that point, demand ballooned to as much as $12 billion.
“The Macquarie Bank deal did well given its attractiveness in terms of yield in a generally tight spread and low-yield environment,” said Raymond Lee, a money manager at Kapstream Capital in Sydney.
Citigroup Inc., JPMorgan Chase & Co., HSBC Holdings Plc and Bank of America Corp. jointly led the sale. The banks had been contacting investors during the past week and pushed up the timeline for the bond sale as it became clear demand for the debt outstripped the amount of money Macquarie was looking to raise, the people said.
Click here for a QuickTake on the risks of contingent convertibles
CoCo bonds sold in the U.S. last year by Australia & New Zealand Banking Group Ltd. were trading at around 108 cents on the dollar on Wednesday to yield 6.2 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
Demand for risk assets rose globally on Wednesday, helped by a speech by President Donald Trump to U.S. legislators late Tuesday. Data showed that U.S. manufacturing expanded last month in the fastest pace in three years, adding to demand in credit markets.
The Macquarie bonds popped to as high as 101.4 cents on the dollar, yielding less than 6 percent in early trading on Thursday, according to pricing data from Trace.
darkog
In Hoc Signo Vince..
Groupama ormai è sopra la pari..
Venduto oggi anche intesa 3.928% a me 102.7
Se qlc ha tra le mani qlc di interessante segnali.
Ormai il mercato si è spaccato in due.
Rendimenti assurdi per emittenti in difficoltà.
Rendimenti infimi per emittenti ORA in buone acque e capitalizzati.
Voi che dite? Come vedete il mercato?
Io sto vendendo tutto ciò che sta salendo / è salito e mantengo ciò che è sceso. (Solo venete)
Ormai ho gran parte del pft liquido.. e la cosa mi turba parecchio..
Venduto oggi anche intesa 3.928% a me 102.7
Se qlc ha tra le mani qlc di interessante segnali.
Ormai il mercato si è spaccato in due.
Rendimenti assurdi per emittenti in difficoltà.
Rendimenti infimi per emittenti ORA in buone acque e capitalizzati.
Voi che dite? Come vedete il mercato?
Io sto vendendo tutto ciò che sta salendo / è salito e mantengo ciò che è sceso. (Solo venete)
Ormai ho gran parte del pft liquido.. e la cosa mi turba parecchio..