Cat XL
Shizuka Minamoto
la CA 868 6% chissà se esercita la call
Improbabilissimo. Tasso fisso. Se ne riparla nel 2021
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Improbabilissimo. Tasso fisso. Se ne riparla nel 2021
amorgos34
CHIAGNI & FOTTI SRL
Ciao,
premesso che non sono ancora uscito dal guado, nulla di quanto esaminato appare in contraddizione con l'anticipazione di febbraio.
Il bilancio completo fa capire come si sono formati certi numeri (solo per fare degli esempi: perdita contabile, riserve, composizione degli assets), anche se tutto questo era già intuibile a febbraio.
L'investitore che ha già analizzato i bilanci dei due anni passati può vedere con una certa chiarezza il percorso attraversato dalla società in questi tre anni, e impegnarsi in una previsione "educata" di quanto potrà avvenire per il resto della gestione Martel-Collin, a scadenza nel 2014.
Ciao,
mi sembra che il mercato abbia assorbito il bilancio , il titolo sta continuando (per ora, poi sicuramente scenderà) una crescita che appare costante senza strappi.
Quotazioni ( me le sono fatte dire via telefono, sto ponteggiando):
Groupama 414 : 72-72,25
BP _ 56-57.5
UT2 MPS in GBP : 70.5-73.45 (spread larghissimo)
ono
Nuovo forumer
Bbva - coco
BBVA - COCO
expected issue size around USD 1bn
Non-step-up non-cumulative contingent convertible perpetual preferred Tier 1 securities (Participaciones Preferentes)
Coupon rate: fixed for first 5 years; reset every 5 years to 5 year mid-swap rate + initial spread
Conversion events: 1) CET1 ratio of the bank or the bank group falling below 5.125%
2) For so long as the bank group is required to meet an EBA CT1 ratio, EBA CT1 ratio of the bank group falling below 7.000%
3) For so long as the bank group is required to meet a capital principal ratio, capital principal and/or EBA CT1 ratios (if necessary) of the bank group falling below 7.000%
4) Tier 1 ratio falling below 6.000% and the bank or the bank group reporting losses in respect of the last four quarters that have caused capital and reserves of the bank, or the bank group, to be reduced by one third
BBVA - COCO
expected issue size around USD 1bn
Non-step-up non-cumulative contingent convertible perpetual preferred Tier 1 securities (Participaciones Preferentes)
Coupon rate: fixed for first 5 years; reset every 5 years to 5 year mid-swap rate + initial spread
Conversion events: 1) CET1 ratio of the bank or the bank group falling below 5.125%
2) For so long as the bank group is required to meet an EBA CT1 ratio, EBA CT1 ratio of the bank group falling below 7.000%
3) For so long as the bank group is required to meet a capital principal ratio, capital principal and/or EBA CT1 ratios (if necessary) of the bank group falling below 7.000%
4) Tier 1 ratio falling below 6.000% and the bank or the bank group reporting losses in respect of the last four quarters that have caused capital and reserves of the bank, or the bank group, to be reduced by one third
Rottweiler
Forumer storico
Anch'io me lo sono sciroppato tutto...
Sarà interessante vedere se/come si esprimeranno gli analisti che coprono i sub (tutti si erano riservati di ritornare sui risultati dopo la pubblicazione del bilancio completo)....
bluto
Forumer attivo
BBVA is poised to be the first European bank to sell Additional Tier 1 bond securities that comply with the region's new Capital Requirements Regulation (CRR), possibly kick-starting a slew of deals heard to be in the pipeline to bolster bank capital ratios.
The Spanish bank, which also reported a 72.6% rise in first-quarter net profit on Friday, mandated BBVA, Bank of America Merrill Lynch, Goldman Sachs and UBS as joint bookrunners for the AT1 security, which could price as early as next week.
Marketing for the perpetual Reg S deal will begin on Monday and will include investor meetings in Asia, the UK and Switzerland.
On a call with analysts this morning, the issuer said it is likely to be a benchmark size.
The transaction will have an equity conversion structure with a 7% trigger.
That takes into account an additional charge imposed by the European Banking Authority for sovereign exposure following stress tests in 2011 that required all European banks to meet a 9% Core Tier 1 (CT1) ratio.
For the purpose of meeting this ratio, the EBA counts AT1 CoCos if they have a 7% CT1 trigger.
"They produced a term sheet that had a 7% CT1 trigger for as long as the sovereign charge applied, and when it ceases, the trigger becomes a 5.125% CET1 trigger," said a London-based hybrid capital banker.
"The idea was that once the sovereign crisis in Europe receded, the additional charge would fall away."
BBVA has a CT1 capital ratio of 11.2%, according to analysts at Mizuho, which gives investors a 420bp buffer over the 7% conversion trigger.
DEALS UNLEASHED?
Although the EBA is yet to disclose the final details of its technical standards, BBVA is likely to have got the go-ahead from the Spanish regulator, one market source said.
"It will be interesting to see what loss-absorption mechanics this deal will include," said the banker.
"Investors are going to be looking to old-style Tier 1 bonds and then will charge the bank for the inclusion of a trigger and coupon deferrals."
Some capital structuring bankers have predicted strong AT1 deal flow in the second quarter. Barclays, for example, is a contender to issue the securities, after winning approval from shareholders on Thursday.
The BBVA deal also coincides with a strong bid for peripheral debt, and in particular for national champions, which was reflected in UniCredit's USD750m 10NC5 Tier 2 bond on Wednesday. The deal - the first subordinated issue from the Italian bank in six months - attracted an order book of more than USD3bn.
The Spanish bank, which also reported a 72.6% rise in first-quarter net profit on Friday, mandated BBVA, Bank of America Merrill Lynch, Goldman Sachs and UBS as joint bookrunners for the AT1 security, which could price as early as next week.
Marketing for the perpetual Reg S deal will begin on Monday and will include investor meetings in Asia, the UK and Switzerland.
On a call with analysts this morning, the issuer said it is likely to be a benchmark size.
The transaction will have an equity conversion structure with a 7% trigger.
That takes into account an additional charge imposed by the European Banking Authority for sovereign exposure following stress tests in 2011 that required all European banks to meet a 9% Core Tier 1 (CT1) ratio.
For the purpose of meeting this ratio, the EBA counts AT1 CoCos if they have a 7% CT1 trigger.
"They produced a term sheet that had a 7% CT1 trigger for as long as the sovereign charge applied, and when it ceases, the trigger becomes a 5.125% CET1 trigger," said a London-based hybrid capital banker.
"The idea was that once the sovereign crisis in Europe receded, the additional charge would fall away."
BBVA has a CT1 capital ratio of 11.2%, according to analysts at Mizuho, which gives investors a 420bp buffer over the 7% conversion trigger.
DEALS UNLEASHED?
Although the EBA is yet to disclose the final details of its technical standards, BBVA is likely to have got the go-ahead from the Spanish regulator, one market source said.
"It will be interesting to see what loss-absorption mechanics this deal will include," said the banker.
"Investors are going to be looking to old-style Tier 1 bonds and then will charge the bank for the inclusion of a trigger and coupon deferrals."
Some capital structuring bankers have predicted strong AT1 deal flow in the second quarter. Barclays, for example, is a contender to issue the securities, after winning approval from shareholders on Thursday.
The BBVA deal also coincides with a strong bid for peripheral debt, and in particular for national champions, which was reflected in UniCredit's USD750m 10NC5 Tier 2 bond on Wednesday. The deal - the first subordinated issue from the Italian bank in six months - attracted an order book of more than USD3bn.
Cat XL
Shizuka Minamoto
Milano Ass.: Cimbri, su prospettive grossa incognita e' voto soci risparmio
darkog
In Hoc Signo Vince..
Hai anche la 290?
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