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Archive for 9. Oktober 2018

Abbauerlös aus alter ÖVAG 13-mal höher als erwartet

Posted by hkarner - 9. Oktober 2018

Jetzt weiss man, wieso die besonders helle Frau Fekter keine Bad Banks wollte! (hfk)

9. Oktober 2018, 05:50 derstandard.at

Die Liquidation der „Bad Bank“ Immigon soll nächstes Jahr eingeleitet werden, sie lagert ihre Personalabteilung an die Heta aus

Wien – Der Abbau der Ex-Krisenbank ÖVAG wird Staat und Volksbankern keine neuen Verluste, sondern einen unerwarteten Geldregen bescheren. Die Altlasten aus Krediten, Wertpapieren und in der ÖVAG-Bad-Bank Immigon zum Verkauf geparkten Firmen wurden weitestgehend abgebaut. Mit den Verwertungen ist zurzeit 13-mal mehr in der Kassa als bei Beginn des Abbaus Mitte 2015 erwartet.

Gut für den Fiskus

Das ist gut für den Staatshaushalt. Die ehemalige Volksbanken AG (ÖVAG) musste 2009 und 2012 mit rund 1,25 Steuermilliarden vom Staat aufgefangen werden. Mitte 2015 wurde sie zerschlagen, der „gute Teil“ ging an die Volksbank Wien. Mit der ÖVAG-Resteverwertung begann die Immigon. „Da kommt schon was zurück“, sagt Immigon-Chef Stephan Koren. Anfangs wurde geschätzt, dass im Abbauvehikel bestenfalls um die 50 Millionen Euro Eigenkapital (de facto als Liquidationserlös) überbleiben werden. Tatsächlich enthält die Bilanz der Immigon Portfolioabbau AG schon Ende 2017 rund 674 Millionen Euro Eigenkapital. Damit stand man beim gut Dreizehnfachen des Angenommenen. Wie viel es am Schluss wird, hänge davon ab, wie die Ergebnisse heuer und 2019 aussehen werden, so Koren, und wie viel die Liquidation abschließend kostet. Jedenfalls seien die Erwartungen deutlich übertroffen worden. “ Den Rest des Beitrags lesen »

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The Price of Financial Advice Is, Finally, Falling

Posted by hkarner - 9. Oktober 2018

Date: 08-10-2018
Source: The Wall Street Journal

As the rest of Wall Street cuts all kinds of fees in a race to zero, financial advisers have been the exception. That is changing.

Financial advisers these days are having to work to justify asset-management fees of 1% or more.

Mutual-fund and index-fund fees keep falling. Trading is free, depending on where you do it. Even hedge funds have started to drop their notoriously high charges.

The only holdouts in the race to rock-bottom fees have been traditional investment advisers. Now that is starting to change.

Technology is reshaping the wealth-management industry, bringing down the cost of delivering advice and putting pressure on traditional fee models. At the same time, the massive, continuing transfer of wealth from baby boomers to their children means heirs are re-evaluating their financial relationships and putting advisers on the defensive. Den Rest des Beitrags lesen »

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Investment in Infrastructure Is Booming

Posted by hkarner - 9. Oktober 2018

Date: 08-10-2018
Source: The Wall Street Journal

Private-equity firms are on course to raise a record amount to invest in pipelines, telecom assets and the like

An Italian train station. In April, private-equity firm GIP purchased Italy’s second-largest high-speed train operator, known as Italo.

Private-equity firms are on track to raise a record amount for infrastructure investing in 2018, as money managers bet on the growing need to upgrade and expand the world’s railroads, natural-gas pipelines and data centers.

The firms collectively raised $68.2 billion in the first three quarters of the year, up 18% over the same period in 2017 and already surpassing the $66.2 billion they amassed in all of 2016, according to data from Preqin.

Leading the charge are KKR & Co., Stonepeak Infrastructure Partners and I Squared Capital, which each raised a roughly $7 billion investment vehicle this year. Den Rest des Beitrags lesen »

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Yields on Italian Bonds Hit 4½ Year High on Budget Concerns

Posted by hkarner - 9. Oktober 2018

Date: 08-10-2018
Source: The Wall Street Journal

Selloff of Italian bonds and banks revives concerns over the “doom loop” between weak lenders and fragile government finances

Investors continued to sell off Italian government bonds on Monday as the country’s populist government clashed with the European Union over budget targets.

Yields on the country’s 10-year bonds hit a 4½ year high, rising 17 basis points to 3.593%. The two-year bond yield jumped to 1.557% near its highest level since June. Bond yields move inversely to prices.

Italian stocks sold off with the FTSE MIB shedding 2.3%. A potential ratings downgrade of the country’s debt by major credit credit-rating firms also weighed on sentiment, analysts said. Banking stocks also suffered heavy losses, Banco BPM losing 5.8% and UBI Banca falling 4.9%.

The moves put pressure on the broader European market, with the euro falling by 0.4% against the dollar.

“Step by step, the pressure on Italy is ratcheting up,” said Richard McGuire, head of rates strategy at Dutch lender Rabobank. “The danger is of this becoming a self-fulfilling prophecy.”

Italian shares and government bonds have been selling off in recent days after the government significantly widened its budget-deficit target for next year to 2.4% of gross domestic product, creeping closer to the EU’s 3% limit.

Late last week, the European Commission, the EU’s executive arm, said Italy’s budget plans are a “significant deviation” from the recommended fiscal policies and a “source of serious concern.”

On Monday, Italy’s interior minister, Matteo Salvini, criticized European Commission President Jean-Claude Juncker and Economics Commissioner Pierre Moscovici. Den Rest des Beitrags lesen »

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Traders Bet on Return of $100 Oil

Posted by hkarner - 9. Oktober 2018

Date: 08-10-2018
Source: The Wall Street Journal

Narrowing supplies from Iran and robust global growth drive market’s bullish sentiment

An oil facility in Iran last year. Shrinking supplies from the country are contributing to bullish sentiment on oil. Brent, the benchmark for global crude prices, is up 26% this year.

A hot streak in the oil market is setting off a wave of bets on how high prices can go.

With crude prices rallying for four straight weeks, trading of oil options—contracts that give the right but not the obligation to buy or sell—has surged.

The number of bullish contracts that pay out if Brent futures surpass $100 a barrel by January—up 19% from the current level—has more than doubled since the beginning of September, data from Intercontinental Exchange analyzed by QuikStrike show.

Shrinking supplies from Iran, along with strong global growth, has fired up bullish sentiment in the oil market. Uncertainty over how much politically troubled OPEC members can pump to make up for production shortfalls could propel prices to $100, say analysts and officials in the Organization of the Petroleum Exporting Countries. Den Rest des Beitrags lesen »

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