Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
capt.harlock
MENA IL CAMMELLO FAN CLUB
adc da 2,5 mld entro 2014 (la fondazione andra' sotto il 5%)
e vendita di 6 mld di btp
fabriziof
Forumer storico
che probabilità ci sono secondo voi che mps lanci un'offerta di riacquisto sui sub?
oldmouseit
Forumer storico
0.1%
Visto e considerato che
1) non hanno un euro
2) possono non pagare la cedola dando la colpa a BDI
3) (spero di no) possono tagliare il nominale dicendo che è un'imposizione
Ovvio che spero di strasbagliarmi e che facciano il richiamo a 100
fabriziof
Forumer storico
leggevo questo:
Passi avanti anche sulle obbligazioni subordinate e ibride Mps: ce ne sono circa 5 miliardi in circolazione e l’Ue vorrebbe un riacquisto, ma mesi fa Bankitalia si è detta poco propensa, si tratta ora di aspettare per vedere se si arriverà ad un blocco delle cedole delle obbligazioni subordinate (upper 2) provvedimento che la banca non vorrebbe adottare.
.
capt.harlock
MENA IL CAMMELLO FAN CLUB
vediamo che succede adesso con l'ut2 in pound..siamo in zona cesarini per comunicato skip cedola.
personalmente ho ancora una certa confusione su cosa attualmente puo' o non puo' fare mps
cmq un' offerta in azioni per i t1 mi sembrerebbe ragionevole
OT MA NON TROPPO
Italy’s Financial Transaction Tax Is Credit Negative for Italian Banks
On 2 September, Italy introduced a tax on equity derivatives and high-frequency equity trading (i.e., very
rapid computerised trading using proprietary algorithms). The tax, which took effect upon its introduction
last Monday, is credit negative for Italian banks because it taxes their profits without providing incentives to
reduce risk-taking.
Italy is the first country in the world to introduce this type of tax, although similar taxes in the rest of the
European Union (EU) are planned. Italy’s tax rate is 0.02% of the trade amount for high-frequency trading
and fixed charges for equity derivatives, depending on the type of contract and notional amount. Deals
executed off-exchange will be subject to a higher charge.
The tax will add another layer of cost (e.g., transaction costs and expenses for required monitoring and
process adjustment) to banks’ trading operations and, by reducing volumes on the Italian stock market, will
constrain revenues. In addition, it makes Italian banks less competitive than their foreign rivals because,
although the tax applies regardless of where the transaction is executed or the counterparty’s country of
domicile, Italian authorities will have difficulty imposing the tax on foreign banks outside of Italy. The tax
could also discourage equity risk hedging, which often uses equity derivatives. Additionally, if Italy’s banks
try to avoid or minimise tax payments by using their international networks to move or restructure activities
affected by the new legislation it would paradoxically add risk management challenges, a further credit
negative. The tax follows France and the UK imposing taxes on cash equity trades in March 2013.
We expect the effects of the tax to be small because equity trading (both proprietary and client-driven) is a
small contributor to Italian banks’ revenues; the only significant trading by Italian banks is of government
bonds, which are exempt from the tax. The effect of the tax is also minimised by banks’ ability to pass part
of the cost on to clients and market-makers’ exemption from it.
We estimate the tax’s effect on Banca IMI Spa (Baa2 negative, D+/baa3 negative),7
the corporate and
investment bank of Intesa Sanpaolo Spa (Baa2 negative, D+/baa3 negative), will be less than €10 million,
compared with a €643 million profit in 2012. Banco Popolare Societa Cooperativa (Ba3 negative, E+/b3
negative), through its subsidiary Banca Aletti (unrated) is another Italian bank active in the equity market
that could be marginally affected.
Imposing a tax on financial transactions has been under consideration among EU member states since
2011, but none has implemented a measure like Italy’s before now. When all EU member countries
uniformly apply a tax like Italy’s to a broader range of financial transactions, it would reduce some types of
risky trading that threaten banks’ risk profiles. However, given that only Italy has implemented this tax, it is
unlikely that risky proprietary trading will decline.
Italy’s Financial Transaction Tax Is Credit Negative for Italian Banks
On 2 September, Italy introduced a tax on equity derivatives and high-frequency equity trading (i.e., very
rapid computerised trading using proprietary algorithms). The tax, which took effect upon its introduction
last Monday, is credit negative for Italian banks because it taxes their profits without providing incentives to
reduce risk-taking.
Italy is the first country in the world to introduce this type of tax, although similar taxes in the rest of the
European Union (EU) are planned. Italy’s tax rate is 0.02% of the trade amount for high-frequency trading
and fixed charges for equity derivatives, depending on the type of contract and notional amount. Deals
executed off-exchange will be subject to a higher charge.
The tax will add another layer of cost (e.g., transaction costs and expenses for required monitoring and
process adjustment) to banks’ trading operations and, by reducing volumes on the Italian stock market, will
constrain revenues. In addition, it makes Italian banks less competitive than their foreign rivals because,
although the tax applies regardless of where the transaction is executed or the counterparty’s country of
domicile, Italian authorities will have difficulty imposing the tax on foreign banks outside of Italy. The tax
could also discourage equity risk hedging, which often uses equity derivatives. Additionally, if Italy’s banks
try to avoid or minimise tax payments by using their international networks to move or restructure activities
affected by the new legislation it would paradoxically add risk management challenges, a further credit
negative. The tax follows France and the UK imposing taxes on cash equity trades in March 2013.
We expect the effects of the tax to be small because equity trading (both proprietary and client-driven) is a
small contributor to Italian banks’ revenues; the only significant trading by Italian banks is of government
bonds, which are exempt from the tax. The effect of the tax is also minimised by banks’ ability to pass part
of the cost on to clients and market-makers’ exemption from it.
We estimate the tax’s effect on Banca IMI Spa (Baa2 negative, D+/baa3 negative),7
the corporate and
investment bank of Intesa Sanpaolo Spa (Baa2 negative, D+/baa3 negative), will be less than €10 million,
compared with a €643 million profit in 2012. Banco Popolare Societa Cooperativa (Ba3 negative, E+/b3
negative), through its subsidiary Banca Aletti (unrated) is another Italian bank active in the equity market
that could be marginally affected.
Imposing a tax on financial transactions has been under consideration among EU member states since
2011, but none has implemented a measure like Italy’s before now. When all EU member countries
uniformly apply a tax like Italy’s to a broader range of financial transactions, it would reduce some types of
risky trading that threaten banks’ risk profiles. However, given that only Italy has implemented this tax, it is
unlikely that risky proprietary trading will decline.
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