maxolone
Forumer storico
Si. Luis Morais. No, quella di oggi è l'ultima non pagata.Grazie per la Info, fantastica.
Solo per curiositá, ti ha informato Luis Morais ?
Sai se hanno pagato la cedola scadente oggi ?
Ancora grazie.
Ultima modifica:
Si. Luis Morais. No, quella di oggi è l'ultima non pagata.Grazie per la Info, fantastica.
Solo per curiositá, ti ha informato Luis Morais ?
Sai se hanno pagato la cedola scadente oggi ?
Ancora grazie.
Entrambe otc.Sono acquistabili? Grazie
Entrambe otc.
La 844 pure su Lux.
Ultimi prezzi fatti mi pare fossero attorno a 75.
Mi pare Bos su Borse tedesche...OTC io mai riuscito a prenderla nemmeno vicino a 80.
Ti ringrazio, passoA Question of Subordination Resolving the MREL Conundrum
As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. www.jpmorganmarkets.com Vastly different funding plans across European banks, particularly those referring to NPS ('non-preferred senior’) debt issuance are not reflected in valuations. As recently flagged in our note titled The Haves And The Have-Nots, some institutions will become very active issuers in the NPS space while others follow a more lenient approach and rely more heavily on senior preferred debt to meet MREL. In our view, the market is not pricing in that the NPS debt tranche of some institutions will be very thin and, consequently, losses under resolution may ultimately be close to those of more subordinated parts of the capital structure. We highlight SocGen’s more ambitious NPS debt issuance plans as particularly positive (almost €20bn over the next three years) and contrast with the €10bn NPS plan from BNP. As such, we recommend the pair trade long SocGen ½ €23 (at 40bp) vs BNP €23 (29bp), where the basis is very large compared with SocGen and BNP 5yr Sub CDS (~100bp and c. 95bp, respectively). We recommend a similar trade for Spanish banks. The situation of Cabksm – which aims for an NPS tranche of c. 6% and €8/9bn of NPS over the next few years – is very different from that of BBVA, where the plan is to issue only €2.5-3.5bn in the context of its MPE strategy. In turn, we recommend the pair trade long Cabksm 1 1/8 €23 (67bp) vs BBVASM ¾ €22 (41bp). This note reassesses NPS debt issuance over the next couple of years to consider varying degrees of MREL subordination and its impact on current funding plans. Banks (G-SIIs and the largest O-SIIs) will receive the binding MREL target from the SRB sometime in Q2’18. However, the crux of the matter when determining NPS debt issuance patterns is the degree of subordination, i.e. the eligibility of senior preferred debt to meet MREL. In turn, this will only be determined when the BRRD2 is approved at the end of the year/early 2019. As it stands, and based on company guidance, we think the NPS debt asset class will eventually reach €170bn (vs previous estimate at €200-250bn). However, the final number could be much higher or lower depending on the eligibility of senior preferred debt to meet MREL. In this note we’ve analyzed the main considerations: i) the inclusion of a 8% TLOF to determine subordination, ii) the inclusion of an market confidence buffer, iii) MREL & MDA, iv) transitional arrangement to full MREL compliance and v) MREL grandfathering arrangements. In turn, these are the crucial consideration to determine the long-term market size of the NPS debt asset class where a conclusive answer will only be available with BRRD2
Mi pare Bos su Borse tedesche...