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’Origins of the EFSF monoline plan
Or, Allianz talking out of its… ah, never mind.
The German insurer has recently taken to touting a proposal for the EFSF to insure sovereign debt.
Interestingly, the nub of the EFSF bond insurance plan was put forth at least nine months ago by a small European consultancy called Redefine.
There are many ways to impair a Greek bond
Many ways to fudge them too.
Compare and contrast…
1) Marking Greek bond impairments to market:
Examples du jour: RBS and Allianz.
RBS has written down £733m of its £1.4bn holdings of Greek bond holdings.
Snap news
Breaking pre-market news on Friday,
- RBS takes £733m hit on Greek government bonds; Ulster Bank impairment charge £1.25bn — statement.
- Allianz takes €326m hit on Greek debt — statement.
- Hunting to acquire Titan Groupfor £475m;
Snap news
Breaking pre-market news on Thursday,
- Allianz says net profit down 45 per cent following claims from Japan and other natural disaster — statement.
- Dixons Retail maintains profit guidance — statement.
Ireland thwacks the insurers
Late on Wednesday, S&P cut Ireland’s credit rating from AA- to A. On Thursday, they started poking around Ireland-based insurers, placing negative watches on several companies in common with the sovereign’s outlook.
What’s with Hannover and Generali De?
The (very) early price action in most of the financials in the BaFin naked shorts ban:
Related link:
How the Wolf Pack is (already) playing the BaFin ban – FT Alphaville
Snap news
Breaking pre-market news on Wednesday,
- Allianz Q1 net profit €1.6bn – statement.
- Maersk says raises 2010 profit outlook – statement.
- RWE says Q1 operating profit up 14 per cent – statement.
Adventures in sovereign bonds, European insurers edition
FT Alphaville readers will remember that some insurers are actually rather terrible bond investors.
Corporates, hybrids, you name it — insurers were usually invested in it. And sovereigns bonds, many of which are now under pressure,
Thirty financial groups on systemic risk list
Thirty global financial institutions make up a list that regulators are earmarking for cross-border supervision exercises, the Financial Times has learnt. The list, drawn up by regulators under the auspices of the Financial Stability Board,
Allianz reports mixed outlook
Allianz, Europe’s largest insurer, more than doubled quarterly net income from its operations, lifted by the rally in world markets. Q3 operating profit also improved from €1.6bn ($2.4bn) a year ago to €1.9bn.
Snap news
Breaking pre-market news on Monday,
- Sonova announces $489m cash acquisition of Advanced Bionics Corporation – statement.
- Partygaming acquires WPT Enterprises, owner of the World Poker Tour brand,
Snap news
Breaking pre-market news on Friday,
- RBS posts H1 proforma net attributable loss of £1bn, appoints new CFO — statement, statement.
- Allianz posts Q2 net profit of €1.87bn — Reuters.
- OFT refers Sports Direct’s acquisition of 31 JJB stores to the Competition Commission — statement.
Allianz operating profits fall 41%
Allianz, Europe’s biggest insurance group by market cap, revealed a sharp drop in operating profits but reassured investors it would not need them – or the government – to shore up the company with fresh capital.
Allianz, Amex sell $1.9bn ICBC shares
Allianz and American Express on Tuesday sold a combined $1.9bm of shares in ICBC, the world’s largest lender by market cap, as a lockup on half their stakes ended, reports Bloomberg.The sales, to private investors,
Allianz, Amex to cash in ICBC stakes
Two more foreign investors in Chinese banks are expected to cash in lucrative stakes and raise in excess of $2bn this week as lock-in periods end for their holdings in Industrial and Commercial Bank of China.
Goldman’s required (Chinese) reading
Never one to pass up a chance to make money – or to let go of a lucrative project in-hand – Goldman Sachs has shown some uncharacteristic uncertainty over its maybe-maybe-not deliberations about whether to sell down its 4.9 per cent stake in Industrial and Commercial Bank of China – described by Bloomberg on Thursday as “the world’s most profitable bank”
Dresdner sees €3bn Q4 loss
The extent of problems at Dresdner Bank became clear on Thursday as it pulled former parent Allianz into a worse-than-expected loss in 2008, its first in six years. Europe’s biggest insurer sold Dresdner to Commerzbank in a deal last month but not before writedowns linked to the sale dragged Allianz to a €2.4bn ($3.1bn) net loss.
CDS Report: Insurers and Infineon rock the boat
European credit market indices were wider again on Friday morning, rattled by concerns about the insurance sector and news of an insolvency filing by Qimonda, a German memory chip maker. Qimonda said it had failed to obtain rescue financing from the German region of Saxony,
CDS report: Banks suffer as market rallies
European banks were under pressure in generally more positive credit markets on Friday, after the German government’s €10bn capital injection for Commerzbank underlined the difficulties still faced by banks even after widespread bailout packages.
All calm on the Allianz front
The German government’s unexpected capital injection into Commerzbank late on Thursday may have revived some of those 2008 emergency banking bailout jitters, but – all in all – analysts seem fairly unrattled by the move.
Commerzbank statement: German govt to take 25% stake
Statement just out from CBK (emphasis ours):
Commerzbank AG / Corporate Action/Acquisition
08.01.2009
Release of a UK Regulatory Announcement, transmitted by DGAP – a company of EquityStory AG.
Commerzpanic
Who said market runs on banks were a 2008 affair?
Commerzbank was pummelled in Frankfurt on Thursday after this report in our erstwhile sister-publication, Financial Times Deutschland:
Exklusiv Coba braucht frische 10 Milliarden
Basically,
Liquidating the CFO
Unfortunately not the human variety even though given current circumstances, that may well be where blame lies.
Bloomberg reports that an Allianz sponsored $387m CFO – a structured bond – is to liquidate,
Dresdner woes hit Allianz – again
Allianz’s Dresdner Bank unit posted its biggest quarterly loss since the start of the financial crisis, the insurer said Monday, pushing the group to a €2bn ($2.57bn) net loss, reports Reuters. Allianz is selling Dresdner Bank,
Beijing’s caution scuppered Dresdner bid
China Development Bank’s plan to bid for Germany’s Dresdner Bank failed in large part because Chinese leaders refused to agree to the deal in time, in a sign of Beijing’s increasingly cautious attitude to investments in western financial institutions.
Dresdner deal raises concerns
Commerzbank shares fell more than 10% on Monday in a downbeat reaction from investors to its €9.8bn acquisition of Dresdner Bank, its domestic rival, from Allianz. The acquisition combines Germany’s second and third largest banks to create a domestic rival to Deutsche Bank,
Commerzbank: Better to travel than to arrive?
The long-awaited Commerzbank/Dresdner tie-up is here and Commerzbank stock is err, down almost 7 per cent.
Summarising investor concerns, which include everything from operational risks to the possibility of an immediate need for additional capital,
For you Dresdner, ze brand is over
Since yesterday morning even. German blog, Schwabenblog, points out that (German) Wikipedia has had the following entry at least since 8:41 yesterday:
[Dresdner Bank] was bought by Commerzbank on Aug.
Commerzbank and Dresdner in pictures…
This is a really complex deal. Just look at the slide show:
Related links:
Commerzbank agrees €9.8bn deal with Dresdner – FT story
Commerzbank webcast – at 9.30 London time
Commerzbank in €9bn deal for Dresdner
Allianz, Europe’s biggest insurer, has agreed to sell Dresdner Bank to Commerzbank in a deal that will re-shape the German banking industry. Allianz’s supervisory board approved the sale of Dresdner on Sunday,