Cat XL
Shizuka Minamoto
Allora tienile
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Allora tienile
frmaoro
il Fankazzista
Cat XL
Shizuka Minamoto
Mi dicono che si comprano 89.
oldmouseit
Forumer storico
grazie
nik.sala
Money Never Sleeps
Non si molla una cippa
marc
Forumer storico
Ieri mattina alle 10 si comprava a 85
Cat XL
Shizuka Minamoto
A me hanno detto 87 in acquisto stamattina ma tutto da verificare.
waltermasoni
Caribbean Trader
Rating Action:
Moody's assigns B2(hyb) rating to UBI Banca's €400 million Additional Tier 1 non-viability securities
15 Jan 2020
Paris, January 15, 2020 -- Moody's Investors Service (Moody's) today assigned a B2(hyb) rating to the €400 million Additional Tier 1 non-viability contingent capital instruments to be issued by Unione di Banche Italiane S.p.A. (UBI Banca, Baa2 Stable/Baa3 Stable, ba2).
The B2(hyb) rating assigned to the notes is based on (1) the standalone creditworthiness of UBI Banca as expressed by the bank's ba2 Baseline Credit Assessment (BCA); (2) the high loss-given-failure under Moody's Advanced Loss Given Failure (LGF) analysis, resulting in one notch downward adjustment from the BCA; and (3) the higher payment risk associated with the non-cumulative coupon skip mechanism, resulting in a further two notches of downward adjustment. The LGF analysis takes into consideration the principal write-down feature, in combination with the Tier 1 notes' deeply subordinated claim in liquidation.
RATINGS RATIONALE
According to Moody's framework for rating banks' non-viability securities, the agency typically positions Additional Tier 1 securities three notches below the bank's Adjusted BCA. One notch reflects the high loss-given-failure that these securities are likely to face in a resolution scenario, due to their deep subordination, small volume and limited protection from any residual equity. Moody's also incorporates two additional negative notches to reflect the higher risk associated with the non-cumulative coupon skip mechanism, which could precede the bank reaching the point of non-viability.
The notes are unsecured, perpetual and subordinated to senior and subordinated unsecured obligations of UBI Banca. The notes have a non-cumulative full-discretionary coupon-suspension mechanism. There is a principal write-down if the bank's or the group's transitional Common Equity Tier 1 capital ratio drops below 5.125%, which Moody's views as close to the point of non-viability. The principal can be written up at the issuer's discretion.
Moody's assigns B2(hyb) rating to UBI Banca's €400 million Additional Tier 1 non-viability securities
15 Jan 2020
Paris, January 15, 2020 -- Moody's Investors Service (Moody's) today assigned a B2(hyb) rating to the €400 million Additional Tier 1 non-viability contingent capital instruments to be issued by Unione di Banche Italiane S.p.A. (UBI Banca, Baa2 Stable/Baa3 Stable, ba2).
The B2(hyb) rating assigned to the notes is based on (1) the standalone creditworthiness of UBI Banca as expressed by the bank's ba2 Baseline Credit Assessment (BCA); (2) the high loss-given-failure under Moody's Advanced Loss Given Failure (LGF) analysis, resulting in one notch downward adjustment from the BCA; and (3) the higher payment risk associated with the non-cumulative coupon skip mechanism, resulting in a further two notches of downward adjustment. The LGF analysis takes into consideration the principal write-down feature, in combination with the Tier 1 notes' deeply subordinated claim in liquidation.
RATINGS RATIONALE
According to Moody's framework for rating banks' non-viability securities, the agency typically positions Additional Tier 1 securities three notches below the bank's Adjusted BCA. One notch reflects the high loss-given-failure that these securities are likely to face in a resolution scenario, due to their deep subordination, small volume and limited protection from any residual equity. Moody's also incorporates two additional negative notches to reflect the higher risk associated with the non-cumulative coupon skip mechanism, which could precede the bank reaching the point of non-viability.
The notes are unsecured, perpetual and subordinated to senior and subordinated unsecured obligations of UBI Banca. The notes have a non-cumulative full-discretionary coupon-suspension mechanism. There is a principal write-down if the bank's or the group's transitional Common Equity Tier 1 capital ratio drops below 5.125%, which Moody's views as close to the point of non-viability. The principal can be written up at the issuer's discretion.
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