Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (22 lettori)

waltermasoni

waltermasoni

Caribbean Trader

ASR Nederland N.V. Restricted Tier 1 Notes Rated 'BB+'
  • 16-Sep-2019 09:09 EDT
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  • ASR Nederland N.V., the holding company of ASR Group, is issuing notes that will be eligible as restricted Tier 1 (RT1) capital under Solvency II.
  • We are assigning our 'BB+' issue rating to the RT1 notes.
  • We expect to classify the notes as having intermediate equity content.

FRANKFURT (S&P Global Ratings) Sept. 16, 2019--S&P Global Ratings today assigned its 'BB+' long-term issue rating to the RT1 notes to be issued by ASR Nederland N.V., holding company of ASR Group. The issue rating is subject to our receipt and review of the notes' final terms and conditions.

The rating on the RT1 notes is three notches below the long-term issuer credit rating (ICR) on ASR Nederland N.V. (BBB+/Stable/--). We notch down from the ICR:

  • One notch to reflect the notes' subordination to the company's senior obligations;
  • One notch to reflect the risk of a potential temporary write-down of principal; and
  • One notch to reflect the payment risk created by the mandatory and optional coupon-cancellation features.
The notching to derive the rating on the RT1 notes is wider than that which we apply for ASR Group's other subordinated instruments because noteholders face a potential loss of principal if the mandatory conversion to equity trigger is breached.

Regarding payment risk, this is in line with other hybrid instruments, because the group's solvency capital requirement (SCR) coverage has been strong and we expect it to remain so, with limited sensitivity or volatility. SCR coverage stood at 197% on Dec. 31, 2018. Consequently, we consider the possibility of mandatory interest deferral to be remote.
 
waltermasoni

waltermasoni

Caribbean Trader

Telefonica Europe's Proposed Hybrid Securities Rated 'BB+' And Assessed As Having Intermediate Equity Content
  • 17-Sep-2019 08:57 EDT
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  • Spain-based telecoms operator Telefonica S.A. intends to issue subordinated hybrid securities through its Dutch finance subsidiary, Telefonica Europe B.V.
  • We assess the proposed securities as having intermediate equity content.
  • We are assigning our 'BB+' issue rating to the proposed securities, reflecting their subordination and optional deferability.

FRANKFURT (S&P Global Ratings) Sept. 17, 2019--S&P Global Ratings today assigned its 'BB+' long-term issue rating to the proposed hybrid securities to be issued by Telefonica Europe B.V., the Dutch finance subsidiary of Spain-based telecommunications group Telefonica S.A., which will guarantee the proposed securities.

We understand the group may use the securities' proceeds to manage its layer of hybrid capital or for general corporate purposes. We think Telefonica's preference is not to permanently increase its stock of hybrids by way of this transaction, although we understand that, at this point, the group could retain the flexibility to do so. Our ratio of outstanding hybrids to S&P Global Ratings-adjusted capitalization is about 13% for 2019-2020, including the proposed issuance. This is well below the 15% limit on hybrid capitalization that, if exceeded, would lead us to subject the group's financial policies to further scrutiny.

At this time, the transaction does not lead us to reassess any of the existing hybrids as having minimal equity content. We would determine whether to reduce equity content on other hybrids only after Telefonica has taken a definitive decision on the use of proceeds.

We classify the proposed hybrids as having intermediate equity content until the first reset date because they meet our criteria in terms of their subordination, permanence, and optional deferability during this period. Consequently, when we calculate Telefonica S.A.'s adjusted credit ratios, we will treat 50% of the principal outstanding and accrued interest under the proposed hybrids as equity rather than debt, and 50% of the related payments on these securities as equivalent to a common dividend.

The two-notch difference between our 'BB+' issue rating on the proposed hybrid securities and our 'BBB' issuer credit rating (ICR) on Telefonica S.A. signifies that we have made the following downward adjustments from the ICR:

  • One notch for the proposed securities' subordination, because our long-term ICR on Telefonica S.A. is investment grade; and
  • An additional notch for payment flexibility due to the optional deferability of interest.
The notching of the proposed securities points to our view that there is a relatively low likelihood that Telefonica Europe will defer interest payments. Should our view change, we may significantly increase the number of downward notches that we apply to the issue rating. We may lower the issue rating before we lower the ICR.

KEY FACTORS IN OUR ASSESSMENT OF THE SECURITIES' PERMANENCE
 
negusneg

negusneg

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Bce valuta indagine su Deutsche Bank per acquisto bond non autorizzato - fonti

FRANCOFORTE, 18 settembre (Reuters) - La Banca centrale europea sta valutando se aprire un'indagine formale su Deutsche Bank per il presunto acquisto di alcuni dei suoi titoli senza autorizzazione, hanno fatto sapere due persone vicine alla questione.

La notizia della presunta violazione, che potrebbe comportare una multa nel caso in cui Deutsche avesse effettivamente infranto le regole, arriva nel momento in cui la principale banca tedesca sta cercando di migliorare la propria reputazione con gli investitori e le relazioni con le autorità di controllo dopo anni di malversazioni.

Deutsche Bank e la Bce hanno preferito di commentare. La Sueddeutsche Zeitung è stata la prima testata a riportare la notizia.

I titoli in questione sono noti come bond AT1 e AT2.

Questi tipi di bond, lanciati dopo la crisi finanziaria, sono pensati per proteggere i contribuenti dai potenziali costi di salvataggio lasciando il rischio nelle mani dei detentori dei bond qualora una banca si trovi in difficoltà.

Questo proposito, tuttavia, sarebbe vanificato se la banca detenesse i bond, motivo per cui la Bce richiede gli istituti di credito di chiedere la sua autorizzazione per acquistarli.

Deutsche Bank ha chiesto l'autorizzazione per l'acquisto dei bond nel 2014, ma questo è stato negato, hanno affermato le due fonti. L'istituto tedesco, però, ha continuato ad acquistarli comunque, nel tentativo di creare un mercato liquido, secondo una delle due fonti.

Infine, nel 2017 la Bce ha autorizzato Deutsche Bank ad acquistare i bond, ma la decisione non era retroattiva.

La Bce è ora in una fase di accertamento dei fatti per decidere se aprire un'indagine formale, secondo le fonti.

Deutsche Bank sta attuando un'ampia ristrutturazione, che comporta tagli di posti di lavoro e l'uscita da alcune aree di business nel tentativo di tornare redditizia.

Il suo amministratore delegato, Christian Sewing, ha recentemente criticato la Bce in merito alla sua politica sui tassi di interesse.
 
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