Ontvang nu dagelijks onze kooptips!
En toen draaiden de Zwitsers ons risicoprofiel 180 graden om?
maandag 20 maart 2023 Views: 10.587
Precies Arend, dan is het weer "whatever it takes" ....
ik heb nu alleen 2 puts SVB staan december 2023 150 staan.
Weet niet wanneer dat schip binnenloopt Wat de Zwitserse Centrale bank gedaan heeft lijkt op een normale bankredding zoals bij de ABN en SNS. Ze hebben de obligatiehouders alleen 16 miljard afgepakt en geven een garantie van 9 miljard aan UBS. UBS betaalt 0,76 SF per aandeel CS dat rond de 1,80 SF stond. Er zijn 2 winnaars en de CS obligatiehouders zijn de pineut. Maar ook de aandeelhouders zijn tenmiste 1 SF per aandeel kwijt. ofwel geknipt en geschoren. Zou mij niet verbazen als de obligatiehouders naar de rechter stappen. kan me niet voorstellen dat de beleggers in deze risicopapieren een prospectus niet lezen..
Credit Suisse Bond-Wipeout Threatens $250 Billion Market Deal would write down more than $17 billion of the bank’s riskiest bonds Queue Credit Suisse Group AG’s CS -6.94% emergency merger with UBS Group AG UBS -5.50% will wipe out the bank’s riskiest bonds, rattling investors in the quarter-trillion-dollar market for similar European bank debt. About 16 billion Swiss francs, or about $17.3 billion, of the so-called additional tier 1 bonds will be completely written down, Switzerland’s financial regulator, Finma, said in a Sunday statement. Credit Suisse also referenced the decision in a statement, saying it was informed by Finma that the bonds would be “written off to zero.” AT1 bonds—also known as contingent convertible bonds, or CoCos—were introduced after the financial crisis as a way to transfer banking risk away from taxpayers and onto bondholders. They also became a popular investment product that money managers and banks, including Credit Suisse, marketed to clients as a relatively safe way to boost yield on bond portfolios. “What’s shocking is that it looks like equity holders will recover better than tier 1 bondholders,” said Justin D’Ercole, co-founder of ISO-mts Capital Management LP, a fund focused on bank securities. The resulting losses will likely prompt individual and institutional investors to sell similar securities of other European banks, he said. Cracks spread in the AT1 market last week. Deutsche Bank AG’s $1.25 billion 6% AT1 bond fell 10% last week to about 79 cents on the dollar, according to Advantage Data Inc. UBS’s $2.5 billion 7% bond dropped about 5% to 95.50 cents on the dollar, according to MarketAxess. There are about $254 billion AT1 bonds outstanding and the securities are often banks’ most actively traded bonds because of their large size, according to data from Lazard Frères Gestion. The AT1 bonds also pay higher interest rates than traditional debt because they can be converted to stock or written down if trouble at an institution emerges, paring down its liabilities in times of crisis. Higher yields attracted buyers for much of the past decade when benchmark interest rates were low, dragging down the yield of most bonds. “The CoCo market offers a yield of around 3.62%,” portfolio managers in Credit Suisse’s investment unit wrote in a January 2021 report. “Even European high-yield bonds come in at around 2.88%, so we definitely still see value in subordinated financial bonds.” Demand was hot enough in August 2020 that when Credit Suisse launched a $1.5 billion AT1 deal with a 5.625% interest rate in August 2020, it received more orders than it had bonds and bargained the rate down to 5.25%, according to CreditSights. “The average European bank would need to lose almost two-thirds of its capital to breach contractual triggers,” the Credit Suisse fund managers said in their 2021 marketing report. “In our view, this is a relatively remote scenario.” Holders of CoCo bonds in Spain’s Banco Popular Español SA got wiped out in 2017 when the bank got bailed out through a merger with Banco Santander SA. Popular’s shareholders also took losses, but the restructuring was seen as an isolated event. The bulk of the bonds are held by insurers and pensions or are sold to individual investors outside of Europe through investment funds, according to a 2017 report by De Nederlandsche Bank. European investors may also buy them indirectly through international funds, according to the report. Invesco Ltd. launched an exchange-traded fund focused on AT1 bonds in 2018 that has grown to about $1.2 billion, according to data from Morningstar Inc. At the end of January, AT1 bonds issued by Deutsche and UBS were the two largest investments in a $4.5 billion Nuveen Asset Management mutual fund specializing in preferred securities, according to Morningstar. The complete write-off by Credit Suisse, one of the largest issuers in the AT1 market, will likely hurt investor appetite for the bonds, fund managers said. It will also squeeze lending by banks, they said. Ultimately, AT1 bonds will become more expensive for banks to issue, reducing their ability to make new loans, Mr. D’Ercole said. “That means banks will likely have to run smaller balance sheets,” he said.
positief trouwens dat Euronext Allfunds niet heeft mogen overnemen.
Euronext dolblij, Allfunds in zak en as!
Hoe zit het nu toch met die blootstelling op credit suisse bij de Nederlandse banken en verzekeraars?
Deze zegt ook wel iets. de Zwitsers gaan bijna all-in
Met dat "alles veranderen" valt het ook wel wat mee. Het gaat hier niet om echte obligaties, maar om coco's. Die zijn bedoeld om waardeloos te worden als de bank kapot gaat. De Rabobank certificaten zijn hetzelfde soort ding. Ook daar geen enkele garantie als de bank in de problemen komt.
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