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

[darkog]

considera poi che le serie "E" ed "F" in € e $ sono state ritirate a 100 nel 2015.
solo questa (serie "D") è rimasta sul mercato. Che fortuna che ho !!!

Per fare un paragone in terra spagnola, la Santander in € quota 86/89 con rendimento al 2022 del 3,69% lordo

Si si le conosco bene tranquillo..
Le ho avute quasi tutte le Irs.
Ora ho solo Mutuel.

 

[vbrm]

Un articolo da FT Alphaville con una introduzione al concetto di MREL ed una valutazione del caso delle banche italiane

https://ftalphaville.ft.com/2017/07...an-banks-are-disadvantaged-by-new-mrel-rules/

 

[Fabrib]

China Insurance Regulator Urges Industry to Show More 'Self-Discipline'
BEIJING — China's insurance regulator has urged the industry to show greater "self-discipline" and "serve the real economy", in a nod to the central government's focus on fighting financial risk.
In a speech published on the China Insurance Regulatory Commission's (CIRC) website on Saturday, vice-chairman Liang Tao said the insurance industry should "return to its origins" and work to "reduce tremors" in the economy and society.
The comments follow a turbulent few months in the insurance sector and a call last week from President Xi Jinping for the banking, insurance and securities regulators to show more accountability.
In recent years, some insurers have taken sizable stakes in listed companies, often funded by issuing high-yield, short-term universal life insurance and other investment products.

 

[TheLondoner]

Hong Kong stocks lifted by tide of money from China

 

[TheLondoner]

Un articolo da FT Alphaville con una introduzione al concetto di MREL ed una valutazione del caso delle banche italiane

https://ftalphaville.ft.com/2017/07...an-banks-are-disadvantaged-by-new-mrel-rules/

passaggio importante
Italian banks need to add between €79 and €111 bn in subordinated debt financing under these rules. That’s less than other countries such as France (€97-197 bn) and Spain (€98-135 bn), but their banking systems are larger than Italy’s in terms of total assets.

Italy will have to work hard to comply with these new rules. One solution could be the issuance of senior non-preferred notes, i.e. debt securities safer than subordinated bonds but without any collateral or preference and, hence, eligible to take losses in a bail-in. In France, large groups such as Crédit Agricole have already issued senior non-preferred bonds (introduced by a decree of November 2016) and last June 23 also Spain adopted a similar decree.

dopo la pausa estiva prepariamoci a nuove emissioni e ad un nuovo giro di vite sullo smaltimento dei NPLS.

 

[cumulate]

passaggio importante
Italian banks need to add between €79 and €111 bn in subordinated debt financing under these rules. That’s less than other countries such as France (€97-197 bn) and Spain (€98-135 bn), but their banking systems are larger than Italy’s in terms of total assets.

Italy will have to work hard to comply with these new rules. One solution could be the issuance of senior non-preferred notes, i.e. debt securities safer than subordinated bonds but without any collateral or preference and, hence, eligible to take losses in a bail-in. In France, large groups such as Crédit Agricole have already issued senior non-preferred bonds (introduced by a decree of November 2016) and last June 23 also Spain adopted a similar decree.

dopo la pausa estiva prepariamoci a nuove emissioni e ad un nuovo giro di vite sullo smaltimento dei NPLS.

se emettono con cedole pari agli attuali tassi di mercato o poco sopra, non ci sarà ciccia per i prossimi 5 anni almeno

 

[mikim]

BBVA paga regolarmente. La cedola è libor £ 3m + 0,875%
Credo che la bassa quotazione sia figlia di 3 fattori:
1) flottante residuo a 31 mln dai 400 originari, se non sono scesi ulteriormente
2) quotazione in £ dove sul fisso trovi maggiore remunerazione
3) lotto da 50 K

In linea teorica, al prezzo di 60/100 con ritiro a dic 2022, rende ai tassi odierni l'11% lordo, con cedola annuale che rende 1,94% a 60/100 di prezzo.
La cedola nominale è infatti lo 0,288 del libor + lo 0,875 di spread, quindi prendi 1,163 ogni 100 nominali che al prezzo di 60 fa appunto 1,94%

Grazie infinite

 

[bia06]

Per info ed aggiornamento file: queste 2 rwe sono state richiamate
CH0185843049
CH0136594352

 

[Coche]

Per chi fosse interessato sulle Irs c'è 8k in lettera su CIC
FR0000584377 in asta
( Galassia C.Mutuel) @71.
No con Binck.

 

[marc]

conoscete questa Fürstenberg Capital II GmbH
come va? ha molte criticità?
grazie