Forumer attivo
9 Ottobre 2012
Forse un po' OT, ma oggi ho comprato un lotto di XS0928218899
è un Credit Linked Certificate, con sottostante il crossover serie 20
In assenza di default paga il 6.5%, l'offer è a 51'500 (103/100) e quota dirty.
Pagamento cedole in ottobre
Per ogni (eventuale) default, il nozionale viene decurtato del 2%

Attualmente i valori del credito/tasso sottostante sono indicativamente:
IRS 5Y: 100bps
XOver S20: 300 bps
Sogn 5y sr CDS: 100 bps

N.B. I cds e il Xover hanno recovery, il certificato no


Forumer storico
26 Gennaio 2010
Ci sono novità su EFH Hellas?

La XS0234821345 fa +13% con un acquisto di 100k.
L'ultima che ho trovato e' di Moody's Global Credit Research - 06 Dec 2013

Eurobank Ergasias SA, EFG Hellas plc, EFG Hellas (Cayman Islands) Limited, and EFG Hellas Funding Limited:

- Standalone BFSR affirmed at E (stable outlook), equivalent to a BCA of caa3
- Long-term deposit ratings and senior unsecured debt ratings affirmed at Caa2
- Backed (government-guaranteed) senior unsecured MTN affirmed at Caa2
- Subordinated debt ratings affirmed at Ca
- Preferred stock (Hybrid Tier 1) affirmed at Ca (hyb) with stable outlook
- Short-term ratings affirmed at Not-Prime

All the above-mentioned long term ratings, except the BFSR and the Hybrid Tier 1, have a positive outlook.


Forumer storico
23 Gennaio 2010
Magari Amor gia l ha postata...

Groupama Sees 2015 Revenue Rising to EU14.5b: Les Echos 91) ☆
By Steve Rhinds

Feb. 7 (Bloomberg) -- The insurer is also forecasting
operating profit of EU200m for 2014 and EU300m for 2015, daily
newspaper Les Echos reports, citing an internal company
• Groupama sees 2014 rev. rising to EU14b and rev. of EU14.5b for 2015: Les Echos
• Groupama will announce a return to profit for 2013 when it publishes annual
results on Feb. 20: Les Echos


low cost high value
Membro dello Staff
11 Febbraio 2010
Bora Bora
An Investec Sale of Kensington Would Be Credit Positive
On Thursday, Investec PLC (Ba1 negative) announced that it was considering selling certain UK assets of
Kensington, its intermediary mortgage business in the UK and Ireland, after receiving expressions of
interest. If a sale were to occur, it would be credit positive for Investec’s bondholders because the sale would
improve Investec’s risk profile and capital ratios and signal that Investec has a more cautious risk appetite.
Kensington is Investec’s originator and distributor of higher-risk prime self-certified and buy-to-let
mortgages and has been a source of significant loan impairments for the group since Investec acquired
Kensingon in 2007. As of 30 September 2013, Investec’s consolidated assets in Kensington were almost
£2.9 billion, £2.3 billion of which were UK-based. The quality of the Kensington assets is significantly
worse than that of Investec’s core loan book, with 35% of the book being more than 90 days in arrears or in
repossession and a weighted average loan-to-value ratio of 91%.
At £814 million as of 30 September 2013, Investec’s net exposure to the assets originated, warehoused and
securitised by Kensington was much lower than Kensington’s total consolidated assets because Investec’s
credit exposure is limited to certain assets. Nonetheless, the exposure was still nearly 65% of the bank’s
common equity Tier 1 capital (CET1). As of 30 September 2013, Investec’s CET1 was 9.1%, up from
8.8% as of 30 March 2013.
The partial elimination of this risk would allow Investec to deploy the proceeds into expanding other
segments, including Investec’s lower-risk wealth and investment management business. Over the past few
years, Investec has made a series of investments in its wealth and investment management business to
facilitate a shift toward less capital-intensive business activities.
The sale of some of the assets in Kensington would support the change in the strategy outlined by the bank
in November, with greater focus on running off some legacy assets originated before 2008 (see exhibit). The
rationale is two-fold: as with the recent strategic review of the group’s underperforming Australian
businesses, we consider the sale of Kensington to be a partial response to shareholder pressure to boost
Investec’s profitability, which is currently below its UK peers. A sale of Kensington would also allow
Investec to take advantage of the improving valuation of these legacy assets amid an improving UK
It is noteworthy to highlight that so far, the interest of third parties is only on certain UK assets of
Kensington, and that Investec is still in the early stage of the negotiations.
Investec PLC is rated one notch below its group banking subsidiary, Investec Bank Plc (Baa3 negative,
D+/baa3 stable5
). This notching reflects the structural subordination of Investec PLC, the balance of the
risk profile of the legacy Kensington wholesale mortgage portfolio and the stability of income and potential
capital generation of Investec Asset Management, another subsidiary in the group.

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