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

[fabriziof]

Non mi riferisco a questo report, ma in generale ricordo che se andiamo indietro di 3 o 4 anni spesso per guadagnare molto bastava fare il contrario di quanto segnalato nei report di jyske. Quindi molta attenzione, ragionare e se possibile acquisire ulteriori conoscenze.

Certo,c'è da dire però che recentemente nel caso dong,jyske aveva avuto ragione a metterci in guardia e noi non l'abbiamo seguita

 

[bulogna]

Certo,c'è da dire però che recentemente nel caso dong,jyske aveva avuto ragione a metterci in guardia e noi non l'abbiamo seguita

Giustissimo

 

[gionmorg]

per chi segue le bes di cui avete parlato recentemente.
un'eventuale ristrutturazione del debito sovrano portoghese come potrebbe incidere sulla solvibilità di BES e quindi sulla quotazione delle sue emissioni ?

Considerando che tra tutte e due le bes, ci sono soltanto 31mln, io non vedo problemi anche in caso di default, cosa che secondo me non avverrà, del Portogallo.

 

[gionmorg]

a proposito di ht1 commerz, ci sarebbe da aggiornare il rating nell'elenco, non so se era stato segnalato, ma a fine aprile, fitch così commentava:

KEY RATING DRIVERS AND RATING SENSITIVITIES - SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
CBK
Fitch has upgraded certain legacy Tier 1 and upper Tier 2 securities after CBK reported positive results under German GAAP for 2012. We expect write-ups of previous principal write downs and cumulative coupon payments in 2013 for UT2 Funding plc and write up and coupon payments on HT1 Funding Capital. We also expect Commerzbank Capital Funding Trust I and II to resume coupon payments.

UT2 Funding plc securities are upper Tier 2 instruments and notching for loss severity (one notch) is lower than for the bank's Tier 1 securities (two notches). However, they have higher non-performance risk (three notches) compared with Tier 1 debt (two notches) because coupon payments are dependent on profits in the profit and loss account.

The Tier 1 securities, including HT1 Funding Capital, that have a distributable profit trigger or a regulatory capital ratio trigger are rated four notches below CBK's VRs, two notches each for high loss severity and high non-performance risks.

HT1 Funding GmbH Tier 1 Securities (DE000A0KAAA7): upgraded to 'B+' from 'CCC'

 

[gionmorg]

Fitch Ratings-London-16 July 2013: Fitch Ratings has downgraded NIBC Bank NV's (NIBC) Long-term Issuer Default Rating (IDR) to 'BBB-' from 'BBB'. The Short-term IDR has been affirmed at 'F3'. The Outlook on the Long-term IDR is Stable.
The downgrade reflects the prolonged profitability challenges faced by the bank's niche business model in the current operating environment. Recurring income (net interest income and net fees and commissions) has been under pressure from the low interest rates and weak new business volumes. Although NIBC has established expertise in niche sectors, its franchise is small and acts as a constraint in its pricing power and new businesses generation.

KEY RATING DRIVERS - IDRS, VR AND SENIOR DEBT
NIBC's Long-term IDR and senior debt ratings are driven by the bank's intrinsic creditworthiness and are equalised to its Viability Rating (VR). The Short-term IDR maps across from its Long-term IDR.

Fitch views the continued profitability challenges faced by NIBC as a reflection of the vulnerability of its niche banking business model and limited franchise to downward economic cycles. This business profile renders its capital at risk of having to absorb greater than anticipated loan impairment charges during times of stress. The risk is heightened by the bank's asset exposure to relatively large, transaction-based, loans in cyclical and higher risk industries (commercial real estate, shipping and leveraged finance).

In its assessment of NIBC's VR, Fitch also takes into account the bank's strong capital position (15.6% Fitch Core Capital ratio at end-2012) as well as its cautious liquidity management. The large liquidity position maintained by the bank is expected to reduce, however, after the repayment of the significant debt securities coming due in 2014, and does not reflect a structurally liquid balance sheet.

A gradual improvement in NIBC's operating income is expected for 2013 and 2014 (based on an improved net interest margin) and loan impairment charges should remain at manageable levels but income generated by recurring and client-driven transactions is expected to remain modest in the short- to medium-term.

RATING SENSITIVITIES - IDRS, VR AND SENIOR DEBT
The Stable Outlook on the Long-term IDR incorporates an expected widening of the bank's net interest margin in 2013 and 2014, essentially owing to the downward repricing of the rates paid on customer deposits. It also reflects, however, the expected prolonged pressure on asset quality in the bank's corporate loan book due to the current economic conditions. Nonetheless, Fitch expects NIBC to continue to adequately manage the deterioration in asset quality and contain the impact on its financials and credit metrics, notably owing to its consistent and pro-active risk management, which has resulted in the successful restructuring and/or divestment of problem loans.

Although Fitch does not expect rating changes in the short- to medium-term, as defined by the Stable Outlook, the bank's VR, IDRs and senior debt rating are sensitive to a change in Fitch's assumptions around the prudent approach to risk taken by the bank, its solid capital position and prudent liquidity management. Severe asset quality stresses beyond the bank's ability to manage them, resulting in material depletion of its capital position would cause strong downward pressure.

Fitch currently sees limited upward potential for the bank's VR; this could occur if NIBC succeeds in reporting a track record of improved recurring earnings, while maintaining its strong capital position and cautious approach to liquidity management.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR
Given the bank's ownership structure, business mix and small franchise in the Dutch market, Fitch does not factor any potential support from the Dutch state in the bank's Support Rating and Support Rating Floor ('5' and 'No Floor' respectively).

Similarly, while there is a possibility that its owner, a shareholders consortium led by the private equity firm JC Flowers & Co, may support NIBC in case of need, its ability to do so cannot be measured by Fitch and hence potential support from its ultimate shareholders is also not factored into NIBC's Support Rating and Support Rating Floor.

RATING SENSITVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR
Fitch currently does not envisage any upward pressure on NIBC's Support Rating and Support which are the lowest level of the rating scale with the current shareholder structure of the bank.

KEY RATING DRIVERS - SUBORDINATED DEBT AND HYBRID SECURITIES
NIBC's subordinated debt and hybrid securities are notched from the bank's VR, in accordance with Fitch's methodology. Their downgrade is a reflection of the downgrade of the bank's VR.

Subordinated debt securities issued by NIBC are rated one notch below the bank's VR to reflect below average loss severity of this debt when compared to average recoveries. The bank's hybrid Tier 1 securities are rated four notches below its VR to reflect higher loss severity risk of these securities when compared to average recoveries (two notches from the VR) as well as high risk of non-performance (an additional two notches).

RATING SENSITIVITIES - SUBORDINATED DEBT AND HYBRID SECURITIES
The ratings of the subordinated debt and hybrid Tier1 securities are broadly sensitive to the same considerations that might affect NIBC's VR.

KEY RATING DRIVER AND SENSITIVITIES - STATE GUARANTEED DEBT
NIBC state guaranteed securities are rated 'AAA', reflecting the Dutch sovereign guarantee and so are sensitive to any change in the Netherlands' rating ('AAA/Negative').

The rating actions are as follows:

Long-term IDR: Downgraded to 'BBB-' from 'BBB'; Outlook Stable
Short-term IDR: affirmed at 'F3'
Viability Rating: downgraded to 'bbb-' from 'bbb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'NF'
State guaranteed debt: affirmed at 'AAA'/'F1+'
Senior unsecured debt: downgraded to 'BBB-' from 'BBB'
Subordinated debt: downgraded to 'BB+' from 'BBB-'
Hybrid Tier 1 securities: downgraded to 'B+' from 'BB-'

 

[bia06]

Quotazioni aggiornate

Ciao Fidw99,
riesci mica domani a dare un´occhiata alle quotaz delle sub NIBC?
Vorrei capire come si stanno muovendo a seguito questa news.
Grazie

Fitch Ratings-London-16 July 2013: Fitch Ratings has downgraded NIBC Bank NV's (NIBC) Long-term Issuer Default Rating (IDR) to 'BBB-' from 'BBB'. The Short-term IDR has been affirmed at 'F3'. The Outlook on the Long-term IDR is Stable.
The downgrade reflects the prolonged profitability challenges faced by the bank's niche business model in the current operating environment. Recurring income (net interest income and net fees and commissions) has been under pressure from the low interest rates and weak new business volumes. Although NIBC has established expertise in niche sectors, its franchise is small and acts as a constraint in its pricing power and new businesses generation.

KEY RATING DRIVERS - IDRS, VR AND SENIOR DEBT
NIBC's Long-term IDR and senior debt ratings are driven by the bank's intrinsic creditworthiness and are equalised to its Viability Rating (VR). The Short-term IDR maps across from its Long-term IDR.

Fitch views the continued profitability challenges faced by NIBC as a reflection of the vulnerability of its niche banking business model and limited franchise to downward economic cycles. This business profile renders its capital at risk of having to absorb greater than anticipated loan impairment charges during times of stress. The risk is heightened by the bank's asset exposure to relatively large, transaction-based, loans in cyclical and higher risk industries (commercial real estate, shipping and leveraged finance).

In its assessment of NIBC's VR, Fitch also takes into account the bank's strong capital position (15.6% Fitch Core Capital ratio at end-2012) as well as its cautious liquidity management. The large liquidity position maintained by the bank is expected to reduce, however, after the repayment of the significant debt securities coming due in 2014, and does not reflect a structurally liquid balance sheet.

A gradual improvement in NIBC's operating income is expected for 2013 and 2014 (based on an improved net interest margin) and loan impairment charges should remain at manageable levels but income generated by recurring and client-driven transactions is expected to remain modest in the short- to medium-term.

RATING SENSITIVITIES - IDRS, VR AND SENIOR DEBT
The Stable Outlook on the Long-term IDR incorporates an expected widening of the bank's net interest margin in 2013 and 2014, essentially owing to the downward repricing of the rates paid on customer deposits. It also reflects, however, the expected prolonged pressure on asset quality in the bank's corporate loan book due to the current economic conditions. Nonetheless, Fitch expects NIBC to continue to adequately manage the deterioration in asset quality and contain the impact on its financials and credit metrics, notably owing to its consistent and pro-active risk management, which has resulted in the successful restructuring and/or divestment of problem loans.

Although Fitch does not expect rating changes in the short- to medium-term, as defined by the Stable Outlook, the bank's VR, IDRs and senior debt rating are sensitive to a change in Fitch's assumptions around the prudent approach to risk taken by the bank, its solid capital position and prudent liquidity management. Severe asset quality stresses beyond the bank's ability to manage them, resulting in material depletion of its capital position would cause strong downward pressure.

Fitch currently sees limited upward potential for the bank's VR; this could occur if NIBC succeeds in reporting a track record of improved recurring earnings, while maintaining its strong capital position and cautious approach to liquidity management.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR
Given the bank's ownership structure, business mix and small franchise in the Dutch market, Fitch does not factor any potential support from the Dutch state in the bank's Support Rating and Support Rating Floor ('5' and 'No Floor' respectively).

Similarly, while there is a possibility that its owner, a shareholders consortium led by the private equity firm JC Flowers & Co, may support NIBC in case of need, its ability to do so cannot be measured by Fitch and hence potential support from its ultimate shareholders is also not factored into NIBC's Support Rating and Support Rating Floor.

RATING SENSITVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR
Fitch currently does not envisage any upward pressure on NIBC's Support Rating and Support which are the lowest level of the rating scale with the current shareholder structure of the bank.

KEY RATING DRIVERS - SUBORDINATED DEBT AND HYBRID SECURITIES
NIBC's subordinated debt and hybrid securities are notched from the bank's VR, in accordance with Fitch's methodology. Their downgrade is a reflection of the downgrade of the bank's VR.

Subordinated debt securities issued by NIBC are rated one notch below the bank's VR to reflect below average loss severity of this debt when compared to average recoveries. The bank's hybrid Tier 1 securities are rated four notches below its VR to reflect higher loss severity risk of these securities when compared to average recoveries (two notches from the VR) as well as high risk of non-performance (an additional two notches).

RATING SENSITIVITIES - SUBORDINATED DEBT AND HYBRID SECURITIES
The ratings of the subordinated debt and hybrid Tier1 securities are broadly sensitive to the same considerations that might affect NIBC's VR.

KEY RATING DRIVER AND SENSITIVITIES - STATE GUARANTEED DEBT
NIBC state guaranteed securities are rated 'AAA', reflecting the Dutch sovereign guarantee and so are sensitive to any change in the Netherlands' rating ('AAA/Negative').

The rating actions are as follows:

Long-term IDR: Downgraded to 'BBB-' from 'BBB'; Outlook Stable
Short-term IDR: affirmed at 'F3'
Viability Rating: downgraded to 'bbb-' from 'bbb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'NF'
State guaranteed debt: affirmed at 'AAA'/'F1+'
Senior unsecured debt: downgraded to 'BBB-' from 'BBB'
Subordinated debt: downgraded to 'BB+' from 'BBB-'
Hybrid Tier 1 securities: downgraded to 'B+' from 'BB-'

 

[gionmorg]

UniCredit SpA
Downgrade
16 Jul ‘12 15 Jul ‘13
Standalone Financial Strength/
Baseline Credit Assessment
C-/baa2 D+/baa3
Subordinated Debt Baa3 Ba1
We also affirmed UniCredit SpA’s Baa2 long-term debt and deposit ratings and its Prime-2 short term
ratings. The downgrade of the bank financial strength rating and baseline credit assessment reflects
weakening profitability because of very high loan-loss provisions in Italy and low efficiency levels, and weak
and deteriorating asset quality. We believethat problem loans, particularly non-performing loans, will
continue to deteriorate until at least 2014, considering the recessionary operating environment in key
Italian market, the still high inflows to problem loans, and the long work-out times in Italy.
UniCredit Bank Austria AG
Downgrade
6 Jun ‘12 15 Jul ‘13
Long-Term Debt & Deposit Ratings A3 Baa1
The downgrade follows that of parent UniCredit’s financial strength rating. The weaker credit strength of
UniCredit, as captured in the downgrade, has led us to lower our parental support assumptions.

 

[GRISU63]

22/07/2013 08:56
Ubs: utile netto in rialzo del 62,5% a 558 milioni di euro

Accordo con Autorita' Usa su Mortgage backed securities (Il Sole 24 Ore Radiocor) - Roma, 22 lug - Il gruppo finanziario svizzero Ubs ha chiuso il secondo trimestre del 2013 con un utile netto in rialzo del 62,5% a 690 milioni di franchi (558 milioni di euro). Ubs ha inoltre annunciato di aver raggiunto un accordo preliminare con le autorita' statunitensi sui Mortgage Backed Securities, i titoli garantiti da mutui ipotecari nel settore immobiliare residenziale, risalenti al periodo 2004-2007. In particolare, l'accordo, che deve ancora ricevere l'approvazione finale delle parti, includera' la procedura in corso portata avanti dall'Autorita' federale per conto di Fannie Mae e Freddy Mac, secondo quanto ha precisato Ubs in un comunicato.
Fil (RADIOCOR) 22-07-13 08:55:03 (0090) 3 NNNN

 

[Rottweiler]

loi de séparation et de régulation des activités bancaires

Con l'approvazione da parte di Assemblea e Senato, anche la Francia legifera in materia di sorveglianza e resolution bancaria.

Credo che il testo sia questo:


http://www.senat.fr/petite-loi-ameli/2012-2013/751.html



Va studiato per capire se e in che misura sia collegato alla legge in discussione a livello europeo.

 

[negusneg]

a proposito di ht1 commerz, ci sarebbe da aggiornare il rating nell'elenco, non so se era stato segnalato, ma a fine aprile, fitch così commentava:

KEY RATING DRIVERS AND RATING SENSITIVITIES - SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
CBK
Fitch has upgraded certain legacy Tier 1 and upper Tier 2 securities after CBK reported positive results under German GAAP for 2012. We expect write-ups of previous principal write downs and cumulative coupon payments in 2013 for UT2 Funding plc and write up and coupon payments on HT1 Funding Capital. We also expect Commerzbank Capital Funding Trust I and II to resume coupon payments.

UT2 Funding plc securities are upper Tier 2 instruments and notching for loss severity (one notch) is lower than for the bank's Tier 1 securities (two notches). However, they have higher non-performance risk (three notches) compared with Tier 1 debt (two notches) because coupon payments are dependent on profits in the profit and loss account.

The Tier 1 securities, including HT1 Funding Capital, that have a distributable profit trigger or a regulatory capital ratio trigger are rated four notches below CBK's VRs, two notches each for high loss severity and high non-performance risks.

HT1 Funding GmbH Tier 1 Securities (DE000A0KAAA7): upgraded to 'B+' from 'CCC'

UniCredit SpA
Downgrade
16 Jul ‘12 15 Jul ‘13
Standalone Financial Strength/
Baseline Credit Assessment
C-/baa2 D+/baa3
Subordinated Debt Baa3 Ba1
We also affirmed UniCredit SpA’s Baa2 long-term debt and deposit ratings and its Prime-2 short term
ratings. The downgrade of the bank financial strength rating and baseline credit assessment reflects
weakening profitability because of very high loan-loss provisions in Italy and low efficiency levels, and weak
and deteriorating asset quality. We believethat problem loans, particularly non-performing loans, will
continue to deteriorate until at least 2014, considering the recessionary operating environment in key
Italian market, the still high inflows to problem loans, and the long work-out times in Italy.
UniCredit Bank Austria AG
Downgrade
6 Jun ‘12 15 Jul ‘13
Long-Term Debt & Deposit Ratings A3 Baa1
The downgrade follows that of parent UniCredit’s financial strength rating. The weaker credit strength of
UniCredit, as captured in the downgrade, has led us to lower our parental support assumptions.

Ciao gion, nella tabella aggiorno solo i rating di S&P's e di Moody's, non quelli di Fitch.

Ho comunque aggiornato sia le Unicredit che tutte le Commerzbank che erano un po' vecchiotte.