TheLondoner
Forumer storico
questa mi ricorda lothar sul fol (quando ancora scriveva...)
mio grande amico dei "bei tempi"
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
mio grande amico dei "bei tempi"
Fabrib
Forumer storico
Dal WSJ:
ECB May Buy Sovereign Bonds Early 2015, Says Constancio
European Central Bank Vice President Vitor Constancio sent the strongest signal to date that the ECB is prepared to buy government bonds early next year if it decides that more aggressive stimulus measures are needed
ECB May Buy Sovereign Bonds Early 2015, Says Constancio
European Central Bank Vice President Vitor Constancio sent the strongest signal to date that the ECB is prepared to buy government bonds early next year if it decides that more aggressive stimulus measures are needed
fabriziof
Forumer storico
Credit suisse italia non fa acquistare più coco bonds
Il 1° Ottobre 2014 è entrata in vigore una norma dell’autorità inglese (FCA) sui Contingent Convertible Instruments (CoCos). In forza di tale norma, agli intermediari del Regno Unito è vietato vendere CoCos a clienti retail all’interno dello Spazio Economico Europeo (area che include i Paesi UE, Islanda, Lichtenstein e Norvegia). Il CS, avvalendosi di intermediari inglesi è impossibilitato ad acquistare tali titoli per i propri clienti retail.
Il 1° Ottobre 2014 è entrata in vigore una norma dell’autorità inglese (FCA) sui Contingent Convertible Instruments (CoCos). In forza di tale norma, agli intermediari del Regno Unito è vietato vendere CoCos a clienti retail all’interno dello Spazio Economico Europeo (area che include i Paesi UE, Islanda, Lichtenstein e Norvegia). Il CS, avvalendosi di intermediari inglesi è impossibilitato ad acquistare tali titoli per i propri clienti retail.
negusneg
New Member
Joe Silver
Forumer storico
Cocos & T1
Anche con IW non è più possibile acquistare cocos.
Intanto ho acquistato un T1 industriale, razza in via di estinzione: Rexam Plc a 103,75. Post-call bassino nel 2017, ma è un emittente che mi dà fiducia.
Anche con IW non è più possibile acquistare cocos.
Intanto ho acquistato un T1 industriale, razza in via di estinzione: Rexam Plc a 103,75. Post-call bassino nel 2017, ma è un emittente che mi dà fiducia.
fabriziof
Forumer storico
grazie ora me li studio ,l'unica credo sia diventare cliente professionale,ho chiesto al private di inventarsi qualcosa
fabriziof
Forumer storico
anche con iw ? anche i clienti professionali?
amorgos34
CHIAGNI & FOTTI SRL
Nota di JPM sulla dichiarazione
Povero Fuzesi.
Abstract: -- Constancio pushes case for sovereign QE, but suggests a bit less urgency than Draghi
-- Constancio suggests that ECB may skip smaller policy options and go straight to sovereign QE, if needed
-- QE is a very close call and there is even more pressure on macro data (PMI, etc.) to improve fast
Following Draghi's speech on Friday, ECB vice president Constancio pushes the case for QE in a speech today. And while Draghi did not actually mention sovereign QE explicitly in his speech, Constancio is much more explict about this. In contrast to Draghi, he suggests a bit less urgency however.
In particular, Constancio says that the ECB expects the existing measures (TLTROs, ABSPP, CBPP3) to move its balance sheet, over the duration of these programmes, "to the size it had in early 2012". But, he adds that "we have, of course, to closely monitor if the pace of this evolution is in line with that expectation." And he adds that "in the first quarter of next year we will be able to gauge better if that is the case. If not, we will have to consider buying other assets, including sovereign bonds in the secondary market, the bulkier and more liquid market of securities available." He continues to give a bit more detail. In his view, this "would be a pure monetary policy decision, buying accordingly to our capital key, within our mandate and our legal competence." He finishes by saying that pointing to already low bond yields is not a good argument for doubting the effectiveness of sovereign QE due to other channels (signalling, raising inflation expectations, portfolio balance). He also says clearly that the argument that sovereign QE would take pressure off governments to do structural reforms is even less valid, as it is not the task of the central bank to exert more or less pressure on governments.
In contrast to Draghi however, he signals a bit less urgency. In particular, it seems that next week's meeting will focus on debating asset purchases in general, but that any QE decision can wait until 1Q15. If the ECB wants to properly assess the balance sheet impact of the existing measures, it may want to wait until March when the first of the additional TLTROs will take place. By that time, it will also be a bit clearer what kind of supply/issuance response the ECB is achieving with its ABS and covered bond purchases, and it will have more clarity about how the ECJ views sovereign bond purchases. Given the new six-weekly meeting schedule, that may point to the policy meeting on April 15th. Of course, if the growth/inflation data deteriorate from here, then the timescale could be accelerated.
Our own expectation for ECB policy is that the ECB will, as a compromise, do a few things (TLTRO enhancements, other non-sovereign asset purchases) before needing to decide on sovereign QE and that the macro data will improve by just enough to prevent the latter step from being taken. On the first, Constancio clearly challenges our view by suggesting that the next step could well be sovereign QE. He does not however mention the macro data at all, possibly assuming that they will not improve by much. We think that they will, but clearly the pressure on the surveys and official activity data to show noticeable improvement (and quickly) has increased even further.
While next week's meeting is unlikely to see any policy announcements, it could be crucial in terms of gauging the debate on the Governing Council. Over the past week, Draghi and Constancio have clearly pushed the case for sovereign QE, while Weidmann and Mersch have reinforced their case against it. Views seem far apart on legality, side-effects, effectiveness and urgency. We note that this does not just relate to sovereign QE, as questions around the ECB's current balance sheet strategy may also not yet be entirely settled. While it may just be a case of inaccurate drafting, Constancio's reference to moving the balance sheet back "to" the level it had in early 2012 is not the same as moving it "towards" that level. Next week's meeting may shed more light on all of this.
Povero Fuzesi.
Abstract: -- Constancio pushes case for sovereign QE, but suggests a bit less urgency than Draghi
-- Constancio suggests that ECB may skip smaller policy options and go straight to sovereign QE, if needed
-- QE is a very close call and there is even more pressure on macro data (PMI, etc.) to improve fast
Following Draghi's speech on Friday, ECB vice president Constancio pushes the case for QE in a speech today. And while Draghi did not actually mention sovereign QE explicitly in his speech, Constancio is much more explict about this. In contrast to Draghi, he suggests a bit less urgency however.
In particular, Constancio says that the ECB expects the existing measures (TLTROs, ABSPP, CBPP3) to move its balance sheet, over the duration of these programmes, "to the size it had in early 2012". But, he adds that "we have, of course, to closely monitor if the pace of this evolution is in line with that expectation." And he adds that "in the first quarter of next year we will be able to gauge better if that is the case. If not, we will have to consider buying other assets, including sovereign bonds in the secondary market, the bulkier and more liquid market of securities available." He continues to give a bit more detail. In his view, this "would be a pure monetary policy decision, buying accordingly to our capital key, within our mandate and our legal competence." He finishes by saying that pointing to already low bond yields is not a good argument for doubting the effectiveness of sovereign QE due to other channels (signalling, raising inflation expectations, portfolio balance). He also says clearly that the argument that sovereign QE would take pressure off governments to do structural reforms is even less valid, as it is not the task of the central bank to exert more or less pressure on governments.
In contrast to Draghi however, he signals a bit less urgency. In particular, it seems that next week's meeting will focus on debating asset purchases in general, but that any QE decision can wait until 1Q15. If the ECB wants to properly assess the balance sheet impact of the existing measures, it may want to wait until March when the first of the additional TLTROs will take place. By that time, it will also be a bit clearer what kind of supply/issuance response the ECB is achieving with its ABS and covered bond purchases, and it will have more clarity about how the ECJ views sovereign bond purchases. Given the new six-weekly meeting schedule, that may point to the policy meeting on April 15th. Of course, if the growth/inflation data deteriorate from here, then the timescale could be accelerated.
Our own expectation for ECB policy is that the ECB will, as a compromise, do a few things (TLTRO enhancements, other non-sovereign asset purchases) before needing to decide on sovereign QE and that the macro data will improve by just enough to prevent the latter step from being taken. On the first, Constancio clearly challenges our view by suggesting that the next step could well be sovereign QE. He does not however mention the macro data at all, possibly assuming that they will not improve by much. We think that they will, but clearly the pressure on the surveys and official activity data to show noticeable improvement (and quickly) has increased even further.
While next week's meeting is unlikely to see any policy announcements, it could be crucial in terms of gauging the debate on the Governing Council. Over the past week, Draghi and Constancio have clearly pushed the case for sovereign QE, while Weidmann and Mersch have reinforced their case against it. Views seem far apart on legality, side-effects, effectiveness and urgency. We note that this does not just relate to sovereign QE, as questions around the ECB's current balance sheet strategy may also not yet be entirely settled. While it may just be a case of inaccurate drafting, Constancio's reference to moving the balance sheet back "to" the level it had in early 2012 is not the same as moving it "towards" that level. Next week's meeting may shed more light on all of this.
Joe Silver
Forumer storico
fabriziof
Forumer storico
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