Bank of scotland- HBOS

[frododit]

Ciao a tutti, è molto che nn scrivo sul forum ma mi servirebbe sapere se qualcuno ha notizie aggiornate sulla Banca di Scozia e sulla sua solidità come emittente di obbligazioni dopo il fallimento dell'aumento di capitale di oggi.

Grazie.

[negusneg]

Originalmente inviato da frododit

Ciao a tutti, è molto che nn scrivo sul forum ma mi servirebbe sapere se qualcuno ha notizie aggiornate sulla Banca di Scozia e sulla sua solidità come emittente di obbligazioni dopo il fallimento dell'aumento di capitale di oggi.

Grazie.

L'aumento non è fallito, è solo che due terzi delle azioni sono rimaste alle banche collocatrici.

Però HBOS ha avuto i 4 mld £ che le servivano, rafforzando il core tier 1, che quest'anno dovrebbe essere del 6-7%.

Certo il clima in GB non è dei migliori, ma nel complesso mi sembra sufficientemente capitalizzata e solida. Ce ne sono di messe peggio.

HBOS Bankers Left With 2.5 Billion Pounds of Stock (Update2)

By Jon Menon and Elisa Martinuzzi

July 21 (Bloomberg) -- Morgan Stanley and Dresdner Kleinwort Ltd. lead underwriters left with about 2.5 billion pounds ($5 billion) of HBOS Plc stock after the biggest shareholder rejection of a European rights offer this decade.

The two brokers, along with other sub-underwriters, will buy 62 percent of the stock on sale in the 4 billion-pound rights offer at 275 pence apiece, Edinburgh-based HBOS said today in a statement. HBOS shareholders initially bought 124 million shares, or 8 percent of what the U.K.'s biggest mortgage lender offered in the rights offering. The banks today found buyers for the remaining 30 percent.

``The company has got its money, but the underwriters have been left with a whole truckload of stock,'' said James Hamilton, a London-based analyst at Numis Securities Ltd. who has a ``buy'' rating on the bank.

HBOS is the third U.K. bank to struggle with a share sale as the country faces declines in home prices and mortgage lending and higher defaults. Barclays Plc, the U.K.'s third- largest bank, sold less than a fifth of the stock it offered in a 4.5 billion-pound fundraising last week. The flops may deter investment banks from underwriting share sales for banks, which may need more money to replenish capital.

``The message is loud and clear. People still don't really want to buy banking stocks,'' said Julian Chillingworth, chief investment officer at London-based Rathbone Brothers, in an interview today. He helps manage $21 billion including HBOS stock.

HBOS Declines

HBOS fell 6.2 percent to 264.5 pence in London today.

Underwriters try not to hold shares of companies they work for, which ties up their capital. The banks reduced the amount of HBOS shares they could be left with by finding other investors, or sub-underwriters, to guarantee the sale.

In the weeks before the rights offer was completed, Morgan Stanley and Dresdner paid investors to sub-underwrite about half of the stock on sale, two people familiar with the situation said July 18. HBOS directors bought their allocated shares in the offer.

``A substantial proportion of the rights offering was sub- underwritten,'' a Morgan Stanley spokesman said in an phone interview today. He wouldn't disclose what proportion.

The New York-based bank also took a short position on HBOS's shares after the rights offering closed, limiting losses. The bank had a 2.3 percent short position as of July 18, the bank said in a statement today.

Deteriorating Economy

A Dresdner Kleinwort spokesman said in an e-mail ``while we will manage any stock as we consider appropriate, we see value in the shares and are not under pressure to sell.''

HBOS is paying underwriters about 90 million pounds, the offer document shows. The bank needed the 4 billion-pound sale after writing down a similar amount on credit-related investments. HBOS, which provides mortgages for about a fifth of borrowers in Britain, is trying to weather a deteriorating economy and housing market in the U.K.

HBOS ``achieved what they set out to do,'' said Chillingworth. ``They have shored up their balance sheet and improved overall capital ratios.''

The bank estimated last month that U.K. house prices will decline about 9 percent this year and mortgage lending will drop by about a half, forcing more borrowers to default on mortgages as the economy edges closer to recession.

``The bottom line for HBOS is that we've raised 4 billion- pounds of capital,'' said spokesman Shane O'Riordain. ``Banks need more capital in tougher times, and we've got that capital.'' HBOS will be one of the strongest capitalized banks in Europe, with a core Tier 1 ratio, a measure of financial strength, of between 6 percent and 7 percent this year, O'Riordain said.

Bradford & Bingley

Banks and securities firms have raised about $332 billion in the past year after record writedowns and credit losses of $448 billion from the credit crunch. Banks are curtailing loans amid a seizure in credit markets and higher funding costs following a collapse in the U.S. subprime mortgage market.

Bradford & Bingley Plc concludes its 400 million-pound rights offering next month. The mortgage lender's shares rose 1.25 pence to close at 53.25 pence in London today, still less than its 55 pence offer price.

About 95 percent of Royal Bank of Scotland Group Plc's investors bought shares in its 12 billion-pound rights offering at 200 pence apiece last month. RBS, the U.K.'s second-biggest bank, rose 2.7 percent to 203 pence in London today.

To contact the reporter on this story: Jon Menon in London at jmenon1@bloomberg.net; Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net.

Last Updated: July 21, 2008 14:08 EDT

[frododit]

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