Cat XL
Shizuka Minamoto
Io ho la 416. Per una completa overview vi allego lo studio di MS
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Io ho la 416. Per una completa overview vi allego lo studio di MS
capt.harlock
MENA IL CAMMELLO FAN CLUB
thanks
amorgos34
CHIAGNI & FOTTI SRL
Grazie per il link.
Un estratto :
Federico Ravera, head of strategic portfolio at UniCredit, has already said his bank would look at doing a trade next year, market permitting. “We like the simple structure, with a temporary writedown as it gives investors upside potential
Federico Ravera si porta avanti...
stordits
Forumer attivo
Perpetual floater assicurativo piu' cheap
Vi ricordate ageas?
ho trovato un tier1 convertibile di ageas (ex fortis) ed ora la piu grande assicurazione belga con solvency oltre 200%
XS0147484074 paga euribor + 1,35% e le ho comprate adesso a 57,75
UNICO PROBLEMA LOTTO MINIMO 250K NOM
parlato con ir che mi ha spiegato un po di il funzionamento ed il fatto che la conversione e' automatica solo se il prezzo del titolo e' superiore allo strike price del bond
MAGARI PERCHE IL PERP VARREBBE 100
A couple of remarks, that should make things clearer:
It was no typo: conversion level after the reversed stock split stands at EUR 315,00, so the conversion level is out out the money ...
There is no forced conversion other than when the EUR 472,50 is reached. However, if we do not declare a dividend or if we declare a dividend that matches a yield below 0,5%, we mandatorily stop paying the coupon in cash and move to ACSM settlement. Obviously, one can raise some questions on the ability on the long run to serve a coupon via ACSM if there are reasons to cancel the dividend payment.
Before we issued the FRESH instrument in 2002, we started with issuing shares, so these shares alreay exist and are already issued, explaining the beneficial regulatory treatment.
Immediately after issuing the shares, we issued the EUR 1,25 billion FRESH instrument, which is a convertible at a shareprice of EUR 31,50 before the reversed stock split; after the reversed stock split the conversion price is EUR 315,-
To hedge the potential conversion of the FRESH, we bought back a sufficient number of already issued shares, that thus became treasury shares, to be able to deliver these when bondholders would opt for conversion. Taking into account the reversed stock split of the Ageas share, we now hold 3.968.254 shares for the potential conversion, which are pledged in favor of the FRESH bondholders.
The FRESH is a mandatory convertible, but in stead of including an often observed fixed conversion period of 3 years in the T&C, we included a condition that the bond mandatorily converts when the share reaches 150% of the conversion price, so at a level of EUR 472,50
Contrary to the believes in 2002, we nowadays know what happened to Fortis, and the mandatory conversion is very far out of the money, so effectively the instruments trades like a treu perpetual, although from a pure legal point of view the instrument is undated (as it depends on the moment the trigger moment is reached)
The equity credit for this instrument is received at the level of Ageas Insurance International, belonging to what we call the General Account, so it boosts the consolidated solvency level, but not the solvency of one of our operating companies
Co-obligors were the Luxembourg issuing vehicle Fortfinlux, together with the former dual listed Topco's of Fortis: Fortis SA/NV and Fortis N.V. ; we rebranded Fortis into Ageas, so the issuing entity is now called Ageasfinlux, while we also moved from a dual listing to a single listing via a merger of the two Topco's, so the left over co-obligor is Ageas SA/NV.
Hope this clarifies the structure.
Vi ricordate ageas?
ho trovato un tier1 convertibile di ageas (ex fortis) ed ora la piu grande assicurazione belga con solvency oltre 200%
XS0147484074 paga euribor + 1,35% e le ho comprate adesso a 57,75
UNICO PROBLEMA LOTTO MINIMO 250K NOM
parlato con ir che mi ha spiegato un po di il funzionamento ed il fatto che la conversione e' automatica solo se il prezzo del titolo e' superiore allo strike price del bond
MAGARI PERCHE IL PERP VARREBBE 100
A couple of remarks, that should make things clearer:
It was no typo: conversion level after the reversed stock split stands at EUR 315,00, so the conversion level is out out the money ...
There is no forced conversion other than when the EUR 472,50 is reached. However, if we do not declare a dividend or if we declare a dividend that matches a yield below 0,5%, we mandatorily stop paying the coupon in cash and move to ACSM settlement. Obviously, one can raise some questions on the ability on the long run to serve a coupon via ACSM if there are reasons to cancel the dividend payment.
Before we issued the FRESH instrument in 2002, we started with issuing shares, so these shares alreay exist and are already issued, explaining the beneficial regulatory treatment.
Immediately after issuing the shares, we issued the EUR 1,25 billion FRESH instrument, which is a convertible at a shareprice of EUR 31,50 before the reversed stock split; after the reversed stock split the conversion price is EUR 315,-
To hedge the potential conversion of the FRESH, we bought back a sufficient number of already issued shares, that thus became treasury shares, to be able to deliver these when bondholders would opt for conversion. Taking into account the reversed stock split of the Ageas share, we now hold 3.968.254 shares for the potential conversion, which are pledged in favor of the FRESH bondholders.
The FRESH is a mandatory convertible, but in stead of including an often observed fixed conversion period of 3 years in the T&C, we included a condition that the bond mandatorily converts when the share reaches 150% of the conversion price, so at a level of EUR 472,50
Contrary to the believes in 2002, we nowadays know what happened to Fortis, and the mandatory conversion is very far out of the money, so effectively the instruments trades like a treu perpetual, although from a pure legal point of view the instrument is undated (as it depends on the moment the trigger moment is reached)
The equity credit for this instrument is received at the level of Ageas Insurance International, belonging to what we call the General Account, so it boosts the consolidated solvency level, but not the solvency of one of our operating companies
Co-obligors were the Luxembourg issuing vehicle Fortfinlux, together with the former dual listed Topco's of Fortis: Fortis SA/NV and Fortis N.V. ; we rebranded Fortis into Ageas, so the issuing entity is now called Ageasfinlux, while we also moved from a dual listing to a single listing via a merger of the two Topco's, so the left over co-obligor is Ageas SA/NV.
Hope this clarifies the structure.
russiabond
Il mito, la leggenda.
Ultimo acquisto ieri new entry ARCHMAX 1 lotto a 47,112 ...
Acquisti di BM Lt 2 2017 aggiornato al 19.12.2013 :
Fratelli BancaMarchisti LT 2 2017 in ordine di Size :
Russiabond : 28 lotti prezzo 49,50 ;
SENIORTRADER :4 lotti prezzo m.c. 61,53919;
CARD MARCINCUS : 3 lotti prezzo ? ;
SOLID. SNAKE : 3 lotti p.m.c. 46,30 ;
SESE : 2 lotti prezzo 44 ;
CALIGOLA 2005 : 2 lotti prezzo 42,60 ;
BOSMELD : 1 lotto prezzo 48,00 ;
FRMAORO : 1 lotto prezzo 42 ;
ANGY2007 : 1 lotto prezzo 42,50 ;
ALBERTOCOC : 1 lotto prezzo 60 ;
L'ESEGESI : 1 lotto prezzo 44,50 ;
JSCREEN : 1 lotto prezzo 45,50 ;
FABRIZIOF : 1 lotto prezzo 72 ;
ARCHMAX : 1 lotto prezzo 47,112 .-
anche oggi bid a 45 sul Lussemburgo completamente ignorato ...
buon segno ?
sperem ...
aumentano gli esuberi ...
Banca Marche, gli esuberi salgono verso quota 480 - Il Messaggero
link con articolo agli intrecci tra TERCAS BdM Pop.Spoleto
Quel buco rosso in zona Teramo - IBTimes Blogs
Acquisti di BM Lt 2 2017 aggiornato al 19.12.2013 :
Fratelli BancaMarchisti LT 2 2017 in ordine di Size :
Russiabond : 28 lotti prezzo 49,50 ;
SENIORTRADER :4 lotti prezzo m.c. 61,53919;
CARD MARCINCUS : 3 lotti prezzo ? ;
SOLID. SNAKE : 3 lotti p.m.c. 46,30 ;
SESE : 2 lotti prezzo 44 ;
CALIGOLA 2005 : 2 lotti prezzo 42,60 ;
BOSMELD : 1 lotto prezzo 48,00 ;
FRMAORO : 1 lotto prezzo 42 ;
ANGY2007 : 1 lotto prezzo 42,50 ;
ALBERTOCOC : 1 lotto prezzo 60 ;
L'ESEGESI : 1 lotto prezzo 44,50 ;
JSCREEN : 1 lotto prezzo 45,50 ;
FABRIZIOF : 1 lotto prezzo 72 ;
ARCHMAX : 1 lotto prezzo 47,112 .-
anche oggi bid a 45 sul Lussemburgo completamente ignorato ...
buon segno ?
sperem ...
aumentano gli esuberi ...
Banca Marche, gli esuberi salgono verso quota 480 - Il Messaggero
link con articolo agli intrecci tra TERCAS BdM Pop.Spoleto
Quel buco rosso in zona Teramo - IBTimes Blogs
Allegati
Ultima modifica:
solovaloreaggiunto
Forumer storico
banesto 91 denaro..
antos
Nuovo forumer
Ma la richiamano il 23 dicembre?
fabriziof
Forumer storico
A quanto?
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