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GIAVO

Autore Messaggio
giavo
gio lug 09 2009, 01:30 Anteprima di stampa
Utenti Registrati #682
Registrato il: mer giu 17 2009, 01:17
messaggi: 1
SALTATA UNA CEDOLA DI UN OBBLIGAZIONE SUBORDINATA BRADFORD & BINGLEY.......sapete niente?
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Antonio Lengua
lun lug 13 2009, 08:21

Registrato il: dom dic 02 2007, 10:09
messaggi: 64
ho trovato questo sul financial times

Credit event’ triggers B&B pay-out
By Ed Hammond

Published: July 9 2009 18:53 | Last updated: July 9 2009 18:53

Traders who insured investors against a default by Bradford & Bingley, the UK mortgage lender, will have to pay out after the government’s refusal to meet the interest of the nationalised bank’s debt triggered a “credit event”.

The International Swaps and Derivatives Association on Thursday ruled that a credit default had occurred after B&B said it would not pay coupons on £325m ($534m) of tier two bonds, due last month.

EDITOR’S CHOICE
Bradford & Bingley pays ex-chief £105,000 - Mar-30B&B staff in line for up to £3m in bonuses - Feb-24New B&B chief to get £139,000 bonus - Nov-18Bradford & Bingley loan book concerns - Nov-05In depth: Bradford and Bingley - Sep-29Building societies angry at B&B liabilities - Oct-01B&B was taken into public ownership last September after Lehman Brothers collapsed and retail savers withdrew tens of millions of pounds because of growing uncertainty over B&B’s financial stability.

B&B said at the end of May that it did not intend to make coupon payments on some of its perpetual subordinated bonds and subordinated notes, due on June 16, June 30 and July 20.

Last week traders said a grace period had expired on the first payment.

One trader said: “It is an important day for the CDS [credit default swaps] market.

“Something like this reaffirms the value of CDS by showing that there is a value to holding protection against different areas of the capital structure.

“However, it doesn’t necessarily set a precedent for all other distressed organisations, especially those which are more important to the global market.”

The ruling, requested by Morgan Stanley, means credit default swap contracts, which provide protection against bond defaults, covering B&B’s debt will have to be settled.

According to figures published by the Depository Trust & Clearing Corporation, there is a net exposure of more than $413m, much of which will already be covered by collateral.

The Morgan Stanley move follows a similar request from Legal & General Investment Management, which last month asked for a ruling on whether a bankruptcy event had occurred.

An auction will take place during the next few weeks to determine how much the issuers of CDS on B&B will have to pay out.

The main European CDS indices did not react to the news. Both the investment-grade and high-yield corporate indices tightened.

“For the market, this doesn’t come as any great surprise,” said Willem Sels, head of credit strategy at Dresdner Kleinwort.

“People are already underweight on subordinated financial debt, which suggests that they were prepared for this news.”

The decision may lead to similar determinations for other nationalised lenders
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lifengqin
mer gen 04 2012, 08:56
Utenti Registrati #1681
Registrato il: mer gen 04 2012, 08:45
messaggi: 29
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