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- 多空两军调解人多空两军调解人
  ·02-09
  $恒生科技指数(HSTECH)$
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- 多空两军调解人多空两军调解人
  ·02-07
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- 多空两军调解人多空两军调解人
  ·02-02
  $NQ100指数主连 2403(NQmain)$
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- 多空两军调解人多空两军调解人
  ·02-02
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- 多空两军调解人多空两军调解人
  ·01-24
  $恒生科技指数(HSTECH)$ The United States and Hong Kong China concept stock counterattack begins, everyone congratulations！
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- 多空两军调解人多空两军调解人
  ·2023-12-22
  https://tigr.link/5BY5ER
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- 多空两军调解人多空两军调解人
  ·2023-03-29
  $NQ100指数主连 2306(NQmain)$
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- 多空两军调解人多空两军调解人
  ·2023-03-21
  Contingent Convertible Bond
  170亿债券一夜清零，这个2750亿美元规模的市场吓坏了
  整个CoCo市场现在需要重新定价，AT1新债券发行恐将陷入深度冻结，银行融资成本将会大幅上升。瑞信AT1债券减记重创市场信心，整个CoCo债市场恐掀起巨浪。周一，在“世纪大合并”瑞银同意收购瑞信之后，
  170亿债券一夜清零，这个2750亿美元规模的市场吓坏了
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- 多空两军调解人多空两军调解人
  ·2023-03-17
  $恒生科技指数(HSTECH)$
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- 多空两军调解人多空两军调解人
  ·2023-03-17
  $NQ100指数主连 2306(NQmain)$
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href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2306(NQmain)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2306(NQmain)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$NQ100指数主连 2306(NQmain)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/659276426","isVote":1,"tweetType":1,"viewCount":156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":650500021,"gmtCreate":1679342905965,"gmtModify":1679342905965,"author":{"id":"3498680662745699","authorId":"3498680662745699","name":"多空两军调解人","avatar":"https://static.tigerbbs.com/ccbee84d06c97c8ea354bff2e5c20b6d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3498680662745699","idStr":"3498680662745699"},"themes":[],"htmlText":"Contingent Convertible Bond","listText":"Contingent Convertible Bond","text":"Contingent Convertible Bond","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/650500021","repostId":"1107087720","repostType":2,"repost":{"id":"1107087720","kind":"news","pubTimestamp":1679297221,"share":"https://ttm.financial/m/news/1107087720?lang=&edition=fundamental","pubTime":"2023-03-20 15:27","market":"fut","language":"zh","title":"170亿债券一夜清零，这个2750亿美元规模的市场吓坏了","url":"https://stock-news.laohu8.com/highlight/detail?id=1107087720","media":"华尔街见闻","summary":"整个CoCo市场现在需要重新定价，AT1新债券发行恐将陷入深度冻结，银行融资成本将会大幅上升。瑞信AT1债券减记重创市场信心，整个CoCo债市场恐掀起巨浪。周一，在“世纪大合并”瑞银同意收购瑞信之后，","content":"<html><head></head><body><blockquote><b>整个CoCo市场现在需要重新定价，AT1新债券发行恐将陷入深度冻结，银行融资成本将会大幅上升。</b></blockquote><p>瑞信AT1债券减记重创市场信心，整个CoCo债市场恐掀起巨浪。</p><p>周一，在“世纪大合并”瑞银同意收购瑞信之后，瑞信170亿美元的额外一级资本(AT1)债券将被全额减记（AT1债券是一种CoCo债），这意味着规模2750亿美元的CoCo债券市场现在可能需要重新定价。</p><p><b>市场已经率先作出剧烈反应，亚洲部分银行的AT1债券已经创下纪录最大跌幅。</b>而过去两周随着金融环境持续动荡，AT1债券平均价格已大幅跳水，交易价格较面值低近20%。</p><p><img src=\"https://static.tigerbbs.com/9015c897de7d53673a2dc80975363349\" tg-width=\"640\" tg-height=\"915\" referrerpolicy=\"no-referrer\"/></p><p>此外，投资者对银行业的信心受到打击，汇丰领跌香港银行股，欧元区斯托克50期货抹去多数涨幅，稍早一度涨约1.4%。美国国债收益率周一则全线走高，美元兑G10货币大多下跌。</p><p>接下来，将从问答的形式解读瑞信债券减记带来的影响。</p><p>什么是CoCo债券？</p><p>CoCo债券（Contingent Convertible Bond）也被称为应急可转债，是指当银行面临问题，达到触发条件（一般是资本充足率下降至某一水平），停止付息，自动转成银行的普通股，来增加银行的资本储备并提振资本充足率，从而使银行能够继续经营。</p><p>2008年金融危机后，为阻断次贷危机蔓延，又不能用纳税人的钱来为金融机构的危机买单，CoCo债券在应运而生，金融机构通过建立这一应急资本机制来自救。</p><p>然而，CoCo债券一旦被转换成普通股，将导致银行股权被稀释、股价进一步下跌，债券大幅贬值，CoCo债券的投资者将蒙受严重损失。</p><p><b>因此，CoCo债券就像罂粟，既能缓冲金融风险，又易形成“死亡螺旋”，为金融危机埋下隐患。</b></p><p><b>CoCo债券由于风险级别较高，面临减记的风险，收益率也相应地更高。从历史经验来看，CoCo债券的回报率要高于欧洲银行股票。</b></p><p><b>瑞信发行了多少CoCo债？以及为什么被减记？</b></p><p><b>根据媒体汇编的数据，瑞信总计有13种流通在外的CoCo债，总价值约173亿美元，大约占其债务比重的20%，</b>以瑞士法郎、美元和新加坡元这三类货币发行。</p><p>瑞信CoCo债券之所以被减记，是因为首先要保证高级债券和二级债券的权益，其次资本充足率已经低于最低要求水平，达到转换触发点。瑞银在政府斡旋下完成历史性收购瑞士信贷，为了遏制信心危机扩散，<b>瑞士政府不得不选择减记债券来增加瑞信资本储备解决其流动性问题。</b></p><p>然而，这些债券持有人面临巨额损失，而股东权益仍旧可以保留接近50%，让债券持有人颇感愤怒。他们认为，在AT1债券面临损失之前，股东应该是第一个受到打击的人，而作出这样的规定，将导致债券先于股票归零。</p><p>历史上发生过哪些减记？</p><p><b>值得一提的是，</b>此次减记将是欧洲总规模达2750亿美元的AT1市场最大价值的一次减记，远远超过2017年西班牙银行Banco Popular SA债券的减记。</p><p>2017年，该银行被桑坦德银行收购，为了避免Banco Popular SA崩溃，当时该行的初级债券持有人遭受了13.5亿欧元的损失，同时股权也被注销了。</p><p>其实，所谓的减记在脆弱的欧洲银行中相对常见，包括2013年塞浦路斯银行进行存款减记，存款人累计损失约80亿欧元；2015年，奥地利裕宝减记。</p><p>对整个CoCo市场有何影响？</p><p>大规模的减记给CoCo市场造成严重打击，意味着整个市场现在可能需要重新定价。</p><p><b>交易员表示，鉴于监管决定让一些债权人措手不及，新的AT1债券市场可能会陷入深度冻结，银行融资成本可能会大幅上升。</b></p><p>一位英国银行首席执行官说得更直白：</p><blockquote>瑞士政府堵死了了贷款机构融资的一条关键的路。</blockquote><p>他的言论突显了在瑞银收购瑞信之后，全球金融市场高度紧张。</p><p>持有少量AT1债券的abrdn Plc投资总监Luke Hickmore表示：</p><blockquote>AT1市场现在将暂停发行新债券，我们将分析AT1市场中哪些证券达到与瑞信类似的触发点，哪些没有。</blockquote><p>CoCo债券的前景引发质疑，Banor Capital固定收益主管Francesco Castelli表示：</p><blockquote><b>政策制定者的最新举措表明，CoCo债券结构设计糟糕，可能会被逐步淘汰。</b></blockquote><p>全球金融市场高度警惕</p><p>在收购瑞士信贷之前，美国多家地区性银行的倒闭引发了系统性的担忧，全球金融市场高度警惕。</p><p>瑞士财政部长Karin Keller-Sutter在周日的新闻发布会上表示，瑞信的倒闭将对瑞士金融业造成巨大的损害，并给瑞银和其他银行带来传染风险，一家全球系统性重要银行的破产将在瑞士和全世界造成无法弥补的经济动荡。</p><p>交易员们对这笔交易持怀疑态度，据媒体援引消息人士称，瑞银的信贷违约掉期(CDS)升至215个基点的中间价，上涨幅度至少扩大了40个基点。</p><p>此外，美联储等六家全球主要央行周日也宣布采取协调行动，以增强常设美元互换安排的流动性供应；澳大利亚国民银行称，这一行动表明金融稳定问题比想象中更大。</p></body></html>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>170亿债券一夜清零，这个2750亿美元规模的市场吓坏了</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n170亿债券一夜清零，这个2750亿美元规模的市场吓坏了\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-20 15:27 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3684420><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>整个CoCo市场现在需要重新定价，AT1新债券发行恐将陷入深度冻结，银行融资成本将会大幅上升。瑞信AT1债券减记重创市场信心，整个CoCo债市场恐掀起巨浪。周一，在“世纪大合并”瑞银同意收购瑞信之后，瑞信170亿美元的额外一级资本(AT1)债券将被全额减记（AT1债券是一种CoCo债），这意味着规模2750亿美元的CoCo债券市场现在可能需要重新定价。市场已经率先作出剧烈反应，亚洲部分银行的AT1...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3684420\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9fa7c522340c9f1e78e78f0c1543440e","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3684420","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107087720","content_text":"整个CoCo市场现在需要重新定价，AT1新债券发行恐将陷入深度冻结，银行融资成本将会大幅上升。瑞信AT1债券减记重创市场信心，整个CoCo债市场恐掀起巨浪。周一，在“世纪大合并”瑞银同意收购瑞信之后，瑞信170亿美元的额外一级资本(AT1)债券将被全额减记（AT1债券是一种CoCo债），这意味着规模2750亿美元的CoCo债券市场现在可能需要重新定价。市场已经率先作出剧烈反应，亚洲部分银行的AT1债券已经创下纪录最大跌幅。而过去两周随着金融环境持续动荡，AT1债券平均价格已大幅跳水，交易价格较面值低近20%。此外，投资者对银行业的信心受到打击，汇丰领跌香港银行股，欧元区斯托克50期货抹去多数涨幅，稍早一度涨约1.4%。美国国债收益率周一则全线走高，美元兑G10货币大多下跌。接下来，将从问答的形式解读瑞信债券减记带来的影响。什么是CoCo债券？CoCo债券（Contingent Convertible Bond）也被称为应急可转债，是指当银行面临问题，达到触发条件（一般是资本充足率下降至某一水平），停止付息，自动转成银行的普通股，来增加银行的资本储备并提振资本充足率，从而使银行能够继续经营。2008年金融危机后，为阻断次贷危机蔓延，又不能用纳税人的钱来为金融机构的危机买单，CoCo债券在应运而生，金融机构通过建立这一应急资本机制来自救。然而，CoCo债券一旦被转换成普通股，将导致银行股权被稀释、股价进一步下跌，债券大幅贬值，CoCo债券的投资者将蒙受严重损失。因此，CoCo债券就像罂粟，既能缓冲金融风险，又易形成“死亡螺旋”，为金融危机埋下隐患。CoCo债券由于风险级别较高，面临减记的风险，收益率也相应地更高。从历史经验来看，CoCo债券的回报率要高于欧洲银行股票。瑞信发行了多少CoCo债？以及为什么被减记？根据媒体汇编的数据，瑞信总计有13种流通在外的CoCo债，总价值约173亿美元，大约占其债务比重的20%，以瑞士法郎、美元和新加坡元这三类货币发行。瑞信CoCo债券之所以被减记，是因为首先要保证高级债券和二级债券的权益，其次资本充足率已经低于最低要求水平，达到转换触发点。瑞银在政府斡旋下完成历史性收购瑞士信贷，为了遏制信心危机扩散，瑞士政府不得不选择减记债券来增加瑞信资本储备解决其流动性问题。然而，这些债券持有人面临巨额损失，而股东权益仍旧可以保留接近50%，让债券持有人颇感愤怒。他们认为，在AT1债券面临损失之前，股东应该是第一个受到打击的人，而作出这样的规定，将导致债券先于股票归零。历史上发生过哪些减记？值得一提的是，此次减记将是欧洲总规模达2750亿美元的AT1市场最大价值的一次减记，远远超过2017年西班牙银行Banco Popular SA债券的减记。2017年，该银行被桑坦德银行收购，为了避免Banco Popular SA崩溃，当时该行的初级债券持有人遭受了13.5亿欧元的损失，同时股权也被注销了。其实，所谓的减记在脆弱的欧洲银行中相对常见，包括2013年塞浦路斯银行进行存款减记，存款人累计损失约80亿欧元；2015年，奥地利裕宝减记。对整个CoCo市场有何影响？大规模的减记给CoCo市场造成严重打击，意味着整个市场现在可能需要重新定价。交易员表示，鉴于监管决定让一些债权人措手不及，新的AT1债券市场可能会陷入深度冻结，银行融资成本可能会大幅上升。一位英国银行首席执行官说得更直白：瑞士政府堵死了了贷款机构融资的一条关键的路。他的言论突显了在瑞银收购瑞信之后，全球金融市场高度紧张。持有少量AT1债券的abrdn Plc投资总监Luke Hickmore表示：AT1市场现在将暂停发行新债券，我们将分析AT1市场中哪些证券达到与瑞信类似的触发点，哪些没有。CoCo债券的前景引发质疑，Banor Capital固定收益主管Francesco Castelli表示：政策制定者的最新举措表明，CoCo债券结构设计糟糕，可能会被逐步淘汰。全球金融市场高度警惕在收购瑞士信贷之前，美国多家地区性银行的倒闭引发了系统性的担忧，全球金融市场高度警惕。瑞士财政部长Karin Keller-Sutter在周日的新闻发布会上表示，瑞信的倒闭将对瑞士金融业造成巨大的损害，并给瑞银和其他银行带来传染风险，一家全球系统性重要银行的破产将在瑞士和全世界造成无法弥补的经济动荡。交易员们对这笔交易持怀疑态度，据媒体援引消息人士称，瑞银的信贷违约掉期(CDS)升至215个基点的中间价，上涨幅度至少扩大了40个基点。此外，美联储等六家全球主要央行周日也宣布采取协调行动，以增强常设美元互换安排的流动性供应；澳大利亚国民银行称，这一行动表明金融稳定问题比想象中更大。","news_type":1},"isVote":1,"tweetType":1,"viewCount":10,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":650862963,"gmtCreate":1679045302754,"gmtModify":1679045302754,"author":{"id":"3498680662745699","authorId":"3498680662745699","name":"多空两军调解人","avatar":"https://static.tigerbbs.com/ccbee84d06c97c8ea354bff2e5c20b6d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3498680662745699","idStr":"3498680662745699"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HSTECH\">$恒生科技指数(HSTECH)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://laohu8.com/S/HSTECH\">$恒生科技指数(HSTECH)$&nbsp;</a><v-v 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2306(NQmain)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/650158217","isVote":1,"tweetType":1,"viewCount":127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}