1987 Ski Doo Safari Opinions

The sentiment of the Credit Default Swap.

I Credit default swap non sono altro che i derivati del credito, ossia dei mezzi di copertura del rischio su credito. L’andamento dei Cds sia riguardanti il settore bancario che quello assicurativo è stato al rialzo costante per tutto l’arco degli ultimi sei mesi. Il rilevamento more important is the fact that the financial Cds are becoming more expensive than prices of industrial stocks, all showing that the credit risk of banking and insurance is rising.

Moreover, the turbulence being experienced by bank stocks, the first in the U.S. and then in Europe, underline the increasing uncertainty on loans held by banks. Here are also linked to the titles of other sectors, even when they are published real data of companies: Fiat see that after a strong reduction in expecting a rise in ratings by rating agencies, which has not arrived as the ' weakening economy world situations that increase the probability of default.

is clear that the difference in default risk in Europe is different from that of overseas, because the credit default swaps on European listed companies will have derivatives but they are not directly linked to subprime mortgages. These CDs are simply tools that allow you to transfer credit risk from a person who intends to acquire coverage (the buyer to cover) to a person who intends to give (the seller) are a kind of insurance policies that serve to protect investors from default risk of bonds.

CDSs linked to European actions are grouped in the family the iTraxx: iTraxx Europe relative to the first steps on the investment grade, the iTraxx Cross Over on actions rather high yield and hi Vol iTraxx CDS represents the 30 investment grade to higher volatility. The performance of the CDS on European banks is a useful tool to understand the health institutes, currently the Sogen is considered more deserving of other institutions such as ING, Royal Bank of Scotland, Dresdner, Commerzbank and others; also CDSs Unicredit Banca MPS and Credit Suisse are more expensive Sogen. In the last month of the CDS Italease collapsed. Just as the CDS on the Fiat is more expensive European car of the other competitors, including justification of why this agencies still take the credit ratings on Fiat.

Andrew Tancredi - independent analyst

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Nerea Bei Teresa Orlowski

derivatives ITALEASE

Finally he ended with an investigation that led to the guilty part of managers and consultants against Italease. The investigation led to prison in Faenza other managers and consultants who have engineered, at least according to prosecutor in Milan, a real conspiracy against Italease.

The damage left from derivatives transactions that led to gain privileged clients only. It was Paul Gualtieri consultant appointed by the new Board of Italease a stilare una perizia sulla faccenda derivati: “la causa delle perdite è scaturita dall’operatività in derivati di Banca Italease, perdita che per oltre il 50% è dovuta a contratti conclusi con 12 clienti”. Sono quasi tutti immobiliaristi di Roma, Italia Re, Whelerent Autonoleggio, Gruppo Rarem, Nabucco Re, Eurologistica, Torre Spaccata, Immobiliare Europea, Parco Dei Medici, Anagnina Property; Bb Parlamento, Cmi International e Radio Dimensione Suono).

La perdita accertata è di 778milioni di euro; l’advisor ha esaminato l’operatività dei 12 clienti che hanno generato importi di marked to market negativi più elevati: si tratta di ammontari enormi rispetto alla modesta dimensione delle Pmi che hanno concluso questi contratti. L’anomalia di questi contratti risiede nelle modalità operative adottate per la conclusione e gestione dei contratti derivati, tese a far guadagnare i clienti ed i procacciatori e spostando il rischio sulla banca. Quindi solo i soci di Italease hanno perso i soldi mentre le 12 Pmi hanno avuto introiti di non poco conto. L’operatività su derivati di Italease sembra essere lo strumento tecnico per distrarre somme dalla Banca piuttosto che una reale attività di gestione del rischio.

Gli interest rate swap venduti alle Pmi sono primi di logiche economiche razionali: lo studio dice che le macchinose formule utilizzate per questi derivati rendono i contratti derivati inutilizzabili for hedging interest rates. In essence, these transactions were used to illegally divert part of the assets of Italease. In practice since 2005 56% commission expenses and socks were collected by De Filippo. It is clear that both the brokers that customers could not be unaware of the risks of these derivatives, and then everything seems to agreements between SMEs and those aimed at distracting the sums Italease.

The contracts were all derivatives contracts on interest rates high risk Italease bought by international banks and sold them to customers all kind of speculation because that is not par start with a negative initial value, all bets almost lost by the subscriber. The initial premium immediato (upfront) che veniva pagato al momento dell’ingresso sulla posizione ha consentito a Italease di incassare all’apertura del contratto (acquisiti da Deutsche Bank, Bnp Paribas e Sogen ed altre) 173 milioni di euro accolandosi i rischi relativi. Questi contratti poi venivano intermediati da Italease ai clienti mentre il rischio restava sul groppo della Banca nel caso il cliente non onorasse il contratto. La perizia ha stabilito che Italease non girava ai clienti gli importi upfront. Questi contratti sono stati creati in modo che nei primi periodi fossero generati flussi positivi e successivamente dovevano generare flussi netti negativi; in pratica i contratti sono sempre stati chiusi anticipatamente (dal cliente vs Italeasi) prima che si generassero losses. It is clear that the Bank was left with open positions on derivatives and the end was to honor the contract.

The most important point is that "customers have closed contracts in advance whenever they were in a position with negative economic value, but they have never paid anything to Italease as a cost of exit from the contract value negative. " While the Bank had to pay to the international banks of € 404.9 million. A budget to cover these losses, the bank acquired once again other derivatives, in turn, increasing the risk of loss.
Conclusions: The 12 clients have earned € 10.9 million and € 16.6 million for brokers commissions. Ilatease ha incassato upfront 173,8 milioni mentre ha pagato costi di chiusura contratti per 404,9 milioni e costi di commissioni per 16,6 milioni ed 1 milione per retrocessioni ai clienti ha perso per i soli 12 clienti 248,7 milioni.

andrew tancredi - analista indipendente

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