Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (9 lettori)

fidw99

100% perpetual
è legata nel senso che se paga il dividendo paga la cedola, su bloomberg vedo ancora il collegamento all'euribor

poi a volte anche bloomberg sbaglia...
 

gionmorg

low cost high value
Membro dello Staff
Italy’s new class of non-preferred senior debt is credit positive for senior creditors
Last Monday, the Italian government enacted the creation of a new senior debt instrument that sits between existing senior debt instruments and subordinated debt, in compliance with a European Directive published in December. This new instrument will make it easier for Italian banks to meet the requirements of the European Union’s (EU) bank resolution framework and the Financial Stability Board’s total loss absorption capacity (TLAC) rules. The new class of non-preferred senior debt is credit positive for holders of more senior instruments because it will absorb losses ahead of deposits and other senior debt in a resolution scenario or insolvency. The Italian budget law (Law 205/2017) modifies the hierarchy of claims in an insolvency by introducing a new type of senior debt, ranking junior to other senior debt instruments (see exhibit). To fall into the nonpreferred, or “junior senior” debt class, the securities must have an original maturity of one year or more, cannot have derivative features, and the related issuance documents must incorporate a contractual subordination clause. This provides protection for senior bondholders and depositors in case of resolution. With a minimum size of €250,000, the securities can be placed only with wholesale investors, aiming to protect retail investors. Italy’ amended priority of claims in case of insolvency Small and midsize enterprise and household deposits Senior debt, corporate deposits* and other senior unsecured obligations Non-Preferred senior debt (junior senior) Subordinated debt that is not Additional Tier 1 or Tier 2 Tier 2 Additional Tier 1 Common Equity Tier 1 * Italy will introduce corporate depositor preference over senior debt effective 1 January 2019. Source: Moody’s Investors Service The new instrument follows the European Commission’s (EC) directive on the ranking of unsecured debt instruments in insolvency hierarchy, published on 27 December 2017, which seeks to drive convergence in achieving subordination by creating the new non-preferred senior class. As well as leading to increased protection for existing senior debt, the directive brings benefits by harmonizing liability structures across the EU and improving market confidence. Member states now have until year-end 2018 to incorporate this directive into national law. Italy follows other EU countries such as France, Belgium and Spain, which created this new liability class in 2017. The approved reform allows for the standardization of the terms of these instruments that will facilitate the issuance of junior senior securities. To date, banks such as BNP Paribas (Aa3/Aa3 stable, baa16 ) and Societe Generale (A2/A2 stable, baa2) have issued junior senior instruments, which we have rated one notch below their respective BCAs, reflecting a likely high loss given failure.
 

negusneg

New Member
;)
Ciao Negus,

come avrai visto sopra, ti ho segnalato alcune call da inserire nel tuo prezioso file.

Ti chiedo: oltre a tenere aggiornato il "monte-titoli" esistente, te la senti di continuare a inserire i perpetuals di nuova emissione? Se mi dici di sì (e lo spero proprio) sarò ben lieto di contribuire a segnalare le emissioni mancanti, insieme con le future...:)

Grazie Rott.

Aggiungo che se c'e' bisogno di un manovale.....per update del file excel, sono disponibile.

Ho aggiornato il file con le ultime call, purtroppo ho sempre poco tempo da dedicare al forum, e quindi ogni aiuto, a partire dalle segnalazioni, mi è prezioso. :bow:

Per agevolare eventuali contributi ho aggiunto una scheda al file excel con il template ( = modello) da utilizzare per nuove emissioni, compilando quante più voci possibili senza modificare la formattazione. Così a me toccherebbe un semplice copia/incolla... ;)
 
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