Obbligazioni in dollari Keep Calm And Invest Preferred Shares Usa (6 lettori)

[samantaao]

Articles

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www.afponline.org

bel articolo!
dal 30 giugno... stiamo a vedere perchè è proprio lì che sembra ci sarà il picco dei tassi a breve...

 

[samantaao]

una delle mie ad esempio (GS-D) sembra che se non viene identificato un sostituto, si terrà l'ultima rilevazione o sbaglio?

For any dividend period, LIBOR shall be determined by the calculation agent on the second London business day immediately preceding the first day of such dividend period in the following manner:
• LIBOR will be the offered rate per annum for three-month deposits in U.S. dollars, beginning on the first day of such period, as that rate appears on Moneyline Telerate Page 3750 (or any successor or replacement page) as of 11:00 A.M., London time, on the second London business day immediately preceding the first day of such dividend period.

• If the rate described above does not appear on Moneyline Telerate page 3750 (or any successor or replacement page), LIBOR will be determined on the basis of the rates, at approximately 11:00 A.M., London time, on the second London business day immediately preceding the first day of such dividend period, at which deposits of the following kind are offered to prime banks in the London interbank market by four major banks in that market selected by the calculation agent: three-month deposits in U.S. dollars, beginning on the first day of such dividend period, and in a Representative Amount. The calculation agent will request the principal London office of each of these banks to provide a quotation of its rate. If at least two quotations are provided, LIBOR for the second London business day immediately preceding the first day of such dividend period will be the arithmetic mean of the quotations.

• If fewer than two quotations are provided as described above, LIBOR for the second London business day immediately preceding the first day of such dividend period will be the arithmetic mean of the rates for loans of the following kind to leading European banks quoted, at approximately 11:00 A.M. New York City time on the second London business day immediately preceding the first day of such dividend period, by three major banks in New York City selected by the calculation agent: three-month loans of U.S. dollars, beginning on the first day of such dividend period, and in a Representative Amount.

• If fewer than three banks selected by the calculation agent are quoting as described above, LIBOR for the new dividend period will be LIBOR in effect for the prior dividend period.

 

[Peco]

Se interpreto bene il tuo commento ... dato che i dividendi delle preferred non sono fiscalmente deducibili mentre le cedole sul debito sì, avrebbero deciso
di non rimborsare un titolo che paga 8% di interesse e di non farlo su uno che paga il 5,625%......
E' corretta questa lettura ?

Scusa ma al 15.01.2023 il tasso Libor 3m è stato regolarmente pubblicato - ed era ca. 4,8% - e quindi non possono prendere lo 0,31%, che sarebbe invece stato utilizzato qualora non fosse
stato pubblicato alcuna quotazione. Inoltre credo che Allstate, vista la solidità e reputazione, non si lascerebbe andare a piccinerie di questo tipo.

Da una più attenta lettura del prospetto (obbligazioni subordinate US0200023093 serie B) ho trovato che il titolo era stato emesso con una clausola di Replacement Capital Covenant (RCC) cioè un accordo stipulato tra l'emittente e detentori di una certa quantità di debito senior, con cui l'emittente stesso si è impegnato a non richiamare finche quel debito senior scade.

Da pag. 31

https://www.sec.gov/Archives/edgar/data/899051/000104746913000048/a2212216z424b5.htm#dg15501_description_of_the_debentures

 

[Maxwhite]

Da una più attenta lettura del prospetto (obbligazioni subordinate US0200023093 serie B) ho trovato che il titolo era stato emesso con una clausola di Replacement Capital Covenant (RCC) cioè un accordo stipulato tra l'emittente e detentori di una certa quantità di debito senior, con cui l'emittente stesso si è impegnato a non richiamare finche quel debito senior scade.

Da pag. 31

https://www.sec.gov/Archives/edgar/data/899051/000104746913000048/a2212216z424b5.htm#dg15501_description_of_the_debentures

Non ero arrivato fino a pag.32 nella lettura del prospetto.... Hai perfettamente ragione e questo spiega "l'anomala" scelta di rimborsare capitale migliore a tassi più bassi.

 

[fabriziof]

https://www.google.it/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiJz5ax5rX9AhUUxQIHHTMyB3cQFnoECAsQAQ&url=https%3A%2F%2Fseekingalpha.com%2Farticle%2F4581991-b-riley-baby-bonds-huge-mispricing&usg=AOvVaw1mFCrh3kKs3IgcGBI-_UM8

 

[angy2008]

https://www.google.it/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiJz5ax5rX9AhUUxQIHHTMyB3cQFnoECAsQAQ&url=https%3A%2F%2Fseekingalpha.com%2Farticle%2F4581991-b-riley-baby-bonds-huge-mispricing&usg=AOvVaw1mFCrh3kKs3IgcGBI-_UM8

un bel romanzo per consigliarla ma forse il mercato si contenta di vedere le perdite d'esercizio e non aiuta i BB sapere che le azioni staccano comunque dividendi. Titoli da prendere con moderazione

 

[Peco]

un bel romanzo per consigliarla ma forse il mercato si contenta di vedere le perdite d'esercizio e non aiuta i BB sapere che le azioni staccano comunque dividendi. Titoli da prendere con moderazione

Avevo annotato i dati salienti dello stato patrimoniale: Al 31 dicembre 2022, la Società disponeva di $ 268,6 milioni di liquidità e mezzi equivalenti, $ 1,1 miliardi di titoli e altri investimenti in portafoglio e $ 701,7 milioni di prestiti attivi. La liquidità e gli investimenti totali ammontavano a circa 2,15 miliardi di dollari alla fine dell'anno.

Il debito totale era di circa $ 2,45 miliardi al 31 dicembre 2022, inclusi $ 1,7 miliardi di obbligazioni senior dovute a varie date che vanno dal 31 maggio 2024 al 31 agosto 2028 con tassi di interesse compresi tra il 5,00% e il 6,75%; e circa $ 700 milioni per prestiti su linee di credito. La Società rispetta tutti i suoi covenants sul debito.

Nel 2022 perdite su investimenti di $ 403,7 milioni, principalmente perdite mark-to-market nel portafoglio azionario della Società.

I ricavi totali per l’anno 2022 sono stati di $ 915,5 milioni

 

[Peco]

Articles

Read articles on a range of trending topics in finance and treasury like fraud control, blockchain and zero-based budgeting. Keep the conversation going.

www.afponline.org

On February 27, 2023 -- Citi issued a press release to provide notice that, after the Cessation Date, the relevant USD LIBOR rate in each Legacy LIBOR Instrument is planned to be replaced with the CME Term SOFR Reference Rate published for the one-, three- or six-month tenor corresponding to the relevant USD LIBOR rate as administered by CME Group Benchmark Administration, Ltd. (or any successor administrator thereof) (“Term SOFR”) plus a tenor spread adjustment. The replacement of USD LIBOR with Term SOFR plus a tenor spread adjustment will be effective for determinations under the terms of the Legacy LIBOR Instruments that are made after the Cessation Date, but will not affect any determinations made on or prior to the Cessation Date. The 3 Month Tenor spread adjustment is listed as 0.26161%.

Quindi per il calcolo del dividendo per le azioni privilegiate di Citi a tasso variabile si farà riferimento al tasso SOFR 3 m. più spread di 0,26161

ultimo tasso disponibile oggi (che vedo) Libor 3 m è 4,95343%

se utilizziamo il tasso SOFR 3m + adeguamento spread ( 0,26161%) otteniamo 4,81161%

questa è una perdita di rendimento di 0,14182 %,

Se prendiamo la preferred di Citi CJ CUSIP: 172967358 a partire dal 30/09/2023 le distribuzioni saranno pagate trimestralmente a un tasso annuo pari al tasso SOFR 3 m più 0,26161% (spread adeguamento) più 4,04% (spread T.V.) corrispondente a un tasso annuo del 8,151%

Citi LIBOR Transition Update

On March 5, 2021, the UK Financial Conduct Authority (the “FCA”) announced that all USD LIBOR settings will either cease publication or no longer be r

www.businesswire.com

 

[Fabrib]

Silvergate Capital shares plummeted 28% late on Wednesday after the cryptocurrency-focused bank warned it was delaying its annual report and said it was evaluating its ability to operate as a going concern.

 

[Peco]

PMorgan Chase Announces CME Term SOFR as Replacement Reference Rate for Outstanding U.S. Dollar LIBOR-Linked Securities and Other Instruments NEW YORK--(BUSINESS WIRE)--Mar. 1, 2023-- JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan Chase” or the “Firm”) announced today that, after June 30, 2023, CME Term SOFR will be the replacement reference rate for certain outstanding floating rate and fixed-to-floating rate debt securities, preferred stock and certificates of deposit issued by JPMorgan Chase & Co., JPMorgan Chase Financial Company LLC and JPMorgan Chase Bank, N.A. (the “Issuers”) that use U.S. dollar LIBOR as the reference rate and that are governed by New York or Delaware law.

In accordance with the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) and the regulation issued by the Board of Governors of the Federal Reserve System on December 16, 2022 implementing the LIBOR Act (the “LIBOR Rule”), the applicable tenor of CME Term SOFR will be the reference rate for calculations of the amount of interest or dividends payable with respect to interest or dividend periods with reference rate determination dates occurring after June 30, 2023 on the following types of securities and other instruments that remain outstanding and that currently use one-month or three-month U.S. dollar LIBOR as the reference rate or will use three-month U.S. dollar LIBOR as the reference rate during a floating rate period:

• floating rate or fixed-to-floating rate debt securities issued by JPMorgan Chase & Co., JPMorgan Chase Financial Company LLC or JPMorgan Chase Bank, N.A.
• fixed-to-floating rate preferred stock (represented by depositary shares) issued by JPMorgan Chase & Co.
• floating rate or fixed-to-floating rate FDIC-insured certificates of deposit issued by JPMorgan Chase Bank, N.A.

In the case of any of the above securities or instruments that require the applicable Issuer or its calculation agent to select a successor reference rate following the cessation of the publication of one-month or three-month U.S. dollar LIBOR on a representative basis, one-month and three-month CME Term SOFR, respectively, have been selected as the applicable successor rates.

The replacement rate, and therefore calculation of the amount of interest or dividends payable on the above securities or instruments for interest or dividend periods with reference rate determination dates that occur after June 30, 2023, will also include the applicable tenor spread adjustment of 0.26161% per annum or 0.11448% per annum (in the case of securities or instruments that reference three-month LIBOR or one-month LIBOR, respectively), as specified in the LIBOR Act.

This announcement does not apply to any U.S. dollar LIBOR-linked securities or other instruments issued by the Issuers that are not governed by New York or Delaware law.