Allied irish bank 2019 sub TF 12,5% isin XS0435953186

[iguanito]

Qualcuno sa dove si possa trovare il prospetto informativo del seguente bond:
isin xs0435953186 subordinato scadenza 2019 della alliedirish, taglio minimo 50K. Com'è possibile che una banca, ancirchè con un rating A2 (quindi comunque buono) possa emettere un bond al 12,5% in euro?
Peraltro c'è una emissione gemella in sterline.
Grazie a tutti

[cricket72]

a questo link il final terms dell'emissione
http://www.aibgroup.com/servlet/Blob...1=document.pdf

[Eus]

Comunque mi sa che non si può comprare prima che sia trascorso un anno dall'emissione

[xXxALL INxXx]

E' una Lower Tier 2 e quindi nemmeno male come subordinazione ; BBB+ / A- / A1 ; Immagino che sia dovuto al fatto che il sistema bancario generale Irlanda sia sotto stress e che la B&B , banca salvata dallo stato , su una emissione LT2 non ha pagato cedola et anche se e' un caso limite , sembra aver' messo un po di dubbi in giro.....

[cricket72]

da un report di fitch che ho del 2008 risulta che c'è una garanzia statale sulle emissioni bancarie senior e subordinate lower tier II ma solo fino al 28 settembre 2010 , poi a oggi non so se la situazione è cambiata


Fitch Upgrades 3 Irish Banks' Short-term IDRs to 'F1+' on Government Guarantee Ratings

30 Sep 2008 12:55 PM (EDT)

------------------------------------------------------

Fitch Ratings-London-30 September 2008: Fitch Ratings has today upgraded the Short-term Issuer Default ratings (IDRs) of Anglo Irish Bank Corporation to 'F1+' from 'F1', EBS Building Society to 'F1+' from 'F1' and Irish Nationwide Building Society to 'F1+' from 'F2'. The Short-term IDRs of Allied Irish Banks and Bank of Ireland are affirmed at 'F1+'.

The rating action follows the announcement today by the Irish Government that it is providing a guarantee for all deposits, covered bonds, senior debt and dated subordinated debt (lower Tier II) at Allied Irish Banks, Anglo Irish Bank Corporation Bank of Ireland, EBS Building Society, Irish Nationwide Building Society and Irish Life and Permanent. The guarantee covers all new and existing facilities listed above until 28 September 2010.

Fitch considers this general action to be the most proactive taken by any European government to maintain financial stability for the benefit of depositors and investors in the current market uncertainty. Other European initiatives in recent days have been specific in nature, protecting individual institutions and excluding subordinated debt (for example in the case of Bradford & Bingley). The guarantee does not extend to undated subordinated (upper Tier II) or preference shares. The institutions will pay the government a charge for the guarantee.

The action taken by the Irish government is similar to that taken by the Swedish government in the early 1990s when they introduced guarantees for creditors and depositors, and acquired two failing banks. The Swedish government acted quickly and decisively to restore investor confidence - a move which is repeated today by the Irish government. Given the positive effect that this initiative initially appears to have had on investor confidence in the Irish banking system, Fitch believes other European countries could follow suit. Fitch does not believe European state aid will be an issue, given that the alternative to provision of such a guarantee by the Irish government could have much more serious ramifications for the wider economy.

[cricket72]

riporto la situazione aggiornata con due interventi presi dal thread
""BK IRELAND ritraccia""
(Bank Of Ireland Fixed Floater Call Sub 26.02.2019 ISIN XS0186652557 )

Originalmente inviato da figcap

E' questa la notiziaccia ?
DUBLIN, Nov 20 (Reuters) - The European Commission has approved Ireland's revised guarantee scheme for bank liabilities of upto five years in duration, Irish Finance Minister Brian Lenihan said on Friday.

Lenihan said the new scheme would be more targeted than the current scheme introduced in 2008 for lenders including Allied Irish Banks (ALBK.I), Bank of Ireland (BKIR.I) and Irish Life & Permanent (IPM.I), and which runs out in September 2010.

"It will apply to certain liabilities (including deposits) incurred by participating institutions during the period upto 29 September 2010," Lenihan said in a statement. "Dated subordinated debt and asset covered securities will not be guaranteed under the scheme."

Lenihan had already indicated he was mulling a new guarantee which would cover maturities of up to 5 years but only for liabilities incurred in an "issuance window" closing at the end of next September. [ID:nLG303573]

Originalmente inviato da Comandante Gerard

I subordinati vengono esclusi - la garanzia statale è allungata di 5 anni ma solo per bond emessi tra il 1/12/2009 e l' 1/6/2010 - questo è quanto.
Ergo, se ne deduce che la Bk of ireland quotata da noi non è garantita.

Revised Irish guarantee scheme for financial institutions approved by EU Commission

http://ec.europa.eu/ireland/press_of...-scheme_en.htm

20/11/2009

Competition Commissioner Neelie Kroes said: "The new guarantee scheme will give credit institutions in Ireland access to medium-term state-guaranteed financing and provide Ireland with an effective means of restoring confidence in the financial markets, while at the same time limiting distortions of competition ".
Ireland notified a revised guarantee scheme which aims at further stabilising financial markets by ensuring financial institutions' access to financing. It introduces substantial modifications. First, the material scope of the scheme has changed. The new guarantee excludes subordinated debt and extends to instruments with a maturity of up to five years. Previously, liabilities were covered until 29 September 2010 maximum. Secondly, the temporal scope of the scheme has been modified. The instruments guaranteed under the scheme may be issued from 1 December 2009 until 1 June 2010. Finally, the new scheme aligns the guarantee fee to the remuneration structure set out in the Commission Guidance Communication on state aid to overcome the financial crisis.
All other conditions, eligible institutions and behavioural constraints remain as laid down in the original decision.
The Commission concluded that the amendments comply with the conditions laid down in its Guidance Communication on state aid to the financial sector during the crisis. In particular, the Commission found the revised scheme proportionate and equipped with sufficient safeguards to limit distortions of competition and to avoid negative spillovers in other Member States, while minimising the recourse to state funding.
The non-confidential version of the decision will be made available under the case number N 349/2009 in the State Aid Register on the DG Competition website once any confidentiality issues have been resolved. New publications of state aid decisions on the internet and in the Official Journal are listed in the State Aid Weekly e-News.

[xXxALL INxXx]

che si intende per fixed floater ?

Originalmente inviato da cricket72

riporto la situazione aggiornata con due interventi presi dal thread
""BK IRELAND ritraccia""
(Bank Of Ireland Fixed Floater Call Sub 26.02.2019 ISIN XS0186652557 )

[cricket72]

Originalmente inviato da xXxALL INxXx

che si intende per fixed floater ?

su quella emissione ci sono due thread dedicati in sezione

Bank of Ireland 2019 fixed floater isin XS0186652557

BK IRELAND ritraccia

la cedola del titolo è a tasso fisso (fixed) fino al 2014 e poi c'è call e diventa variabile (floater)

[bano]

ora comincia la fase dove i nodi in irlanda stanno venendo al pettine ,chi ne possiede i titoli ,sarebbe razionale che non tentasse di arrampicarsi sugli specchi

[xXxALL INxXx]

e chi fosse tentato dalla cedolona del 12,5 % e relativi prezzi Allied IB e avesse venduto a suo tempo tds Irlanda ?

Originalmente inviato da bano

ora comincia la fase dove i nodi in irlanda stanno venendo al pettine ,chi ne possiede i titoli ,sarebbe razionale che non tentasse di arrampicarsi sugli specchi