MBIA Global Funding LLC SF-Medium-Term Notes 2006(16)

[BondWurzel]

Bezeichnung 2,625% MBIA Global Funding LLC SF-Medium-Term Notes 2006(16)

WKN A0GPRM

ISIN CH0024764257

Kürzel/RIC DEA0GPRM=F

Reuters-Kategorie Anleihe (börsengehandelt)

Wertpapiergruppe S.Whrg.Anl.Aus.

Wertpapierart Medium-Term Nts

Segment -

Emittent MBIA GLOBAL FUNDING LLC/-

Sitz des Emittenten Vereinigte Staaten von Amerika

Emissionsdatum 11.04.2006

Laufzeitende 11.04.2016

Emissionskurs 99,995

Rückzahlungskurs 100,00

Emissionsvolumen 250.000.000 CHF

Kupon 2,625%

Kuponart fixer Kupon

Zinstermin 12.04.2010

Zinsperiode Ganzjährig

Kl. handelb. Einheit 5.000 CHF

Depotwährung Schweizer Franken (CHF)

Abrechnungswährung Schweizer Franken (CHF)

Letztes Rating BB+

Rating Agentur S&P

Rating Datum 28.09.2009

 

 

Aktuelle Rendite p.a. 15,863%......eine Überlegung wert für einen versierten, risikobewußten Anleger in den größten Bondversicherer der Welt.

 

Chart etc...

 

MBIA Inc.’s Loss Narrows

By: Zacks Equity Research

March 02, 2010 |

 

 

MBIA Inc.’s (MBI - Analyst Report) fourth quarter operating loss of $1.16 per share was a penny more than the Zacks Consensus Estimate of a loss of $1.15. The company had reported a loss of $5.21 per share in the prior-year quarter. Results were dragged down by losses on MBIA's coverage of mortgage-related securities and complex investments, which weighed down income from investments and premiums.

 

Revenue rose to $742.1 million, up from negative $1.57 billion in the prior-year period. Revenue components such as premiums earned and net investment income during the quarter totaled $158.4 million and $130.5 million, both down 30% and 51% year-over-year, respectively.

 

With ratings cut to junk status, MBIA has also lost major market share. However, revenues were helped by lower other-than-temporary impairments and an improvement in the value of insured derivatives.

 

For full year 2009, earnings came in at $2.99 per share, substantially improved from $12.11 in 2008, on the back of total revenues of $3.0 billion, compared to negative revenues of $857 million in 2008.

 

MBIA insures mortgage-backed securities backed by subprime mortgages directly through residential mortgage-backed securities securitizations. MBIA also has indirect exposure to subprime mortgages that are included in collateralized debt obligations (CDOs), in which MBIA has guaranteed the senior most tranche of such transactions.

 

There has been considerable stress and continued deterioration in the subprime mortgage market since early 2008 continuing in 2009, reflected by delinquencies and losses, particularly related to subprime mortgage loans originated during 2005, 2006 and 2007. In connection to these exposures, the company paid a total of $2.5 billion in net claims during 2009.

 

MBIA’s book value per share decreased to $12.66 as of Dec 31, 2009, from $4.78 as of Dec 31, 2008, mainly due to a decline in cumulative unrealized losses on insured credit derivatives. On Dec 31, 2009, adjusted book value (ABV) − which adds back the present value of installment premiums, among other items − declined to $36.35 per share, compared to $40.06 as on December 31, 2008. The decline was brought about by increased credit impairments on insured credit derivatives, other-than-temporary impairments of invested assets and insurance incurred losses.

 

Segmental Performance

 

U.S. Public Finance Insurance:

 

While National Public Finance virtually wrote no new business, the existing book of business earned scheduled premiums of $95.1 million, down 1.3% sequentially. Net investment income amounted to $65.0 million. Pre-tax income of $185.7 million was driven primarily by $137.0 million in scheduled and refunding premiums earned from its embedded book of business and $65.1 million in net investment income.

 

Structured Finance and International Insurance:

 

While no new business was written in this segment, the existing book of business generated $49.3 million in scheduled premiums earned during the quarter, down 34% sequentially. Net investment income declined 68% year-over-year to $31.9 million. The segment’s pre-tax loss of $429.8 million was primarily attributable to $658.8 million in pre-tax loss and loss adjustment expenses and $200.2 million in realized losses and other settlements on insured derivatives.

 

Investment Management Services:

 

Net investment income from the segment amounted to $46.4 million. Pre-tax income of $5.6 million from the segment was negatively affected by negative interest spread.

 

Even with no new business, MBIA has a steady stream of scheduled premium earnings with respect to its existing insured portfolio, due to the long-tailed nature of the financial guarantee business. The company has undertaken business restructuring by capitalizing National Public Finance Guarantee Corporation in order to separate its riskier business of insuring structured financial obligations from the traditional bond insurance.

 

However, the company’s huge exposure to credit derivatives poses a risk to its profitability in the near future.

[fireball]

danke, aber da muss ich dich doch gleich etwas rügen, wo ist mein Prospekt ? Brauch doch Beschäftigung für heute Nacht.....

[BondWurzel]

danke, aber da muss ich dich doch gleich etwas rügen, wo ist mein Prospekt ? Brauch doch Beschäftigung für heute Nacht.....

 

Keine Ahnung, ist wohl ein Nachrang.

 

RESEARCH UPDATE

[Torman]

Besteht aus deiner Sicht eine Chance auf die Fortführung des Geschäftsmodells? Mit einem Junk-Rating wird man wohl kein Neugeschäft generieren können. Also würde es dann auf eine Abwicklung hinauslaufen. Allerdings überrascht mich auch, dass die noch immer einen Geschäftsbestand haben. Ich hätte eigentlich erwartet, dass die Kunden ab einem gewissen Rating kündigen können und werden, da sie für ihre Prämien kaum noch eine Gegenleistung bekommen.

 

Oder siehst du das als Zock nach dem jüngsten Kursrückgang, da die Firma wohl noch ein paar Quartale überleben wird?

[BondWurzel]

Besteht aus deiner Sicht eine Chance auf die Fortführung des Geschäftsmodells? Mit einem Junk-Rating wird man wohl kein Neugeschäft generieren können. Also würde es dann auf eine Abwicklung hinauslaufen. Allerdings überrascht mich auch, dass die noch immer einen Geschäftsbestand haben. Ich hätte eigentlich erwartet, dass die Kunden ab einem gewissen Rating kündigen können und werden, da sie für ihre Prämien kaum noch eine Gegenleistung bekommen.

 

Oder siehst du das als Zock nach dem jüngsten Kursrückgang, da die Firma wohl noch ein paar Quartale überleben wird?

 

Sieht nicht nach einer Auflösung aus...

 

http://www.mbia.com/asset_liability_products/assetLiability.html

 

http://www.mbia.com/investor/ratings_agency_reports.html

[BondWurzel]

Die Inspiration für einen Kauf leite ich ein bisschen hiervon ab....

 

US-Bondversicherer MBIA verringert Verlust im 4. Quartal

Dienstag, 2. März 2010, 07:15 Uhr

 

New York (Reuters) - Der US-Anleihenversicherer MBIA hat im vierten Quartal seinen Verlust verringert.

 

Wie das Unternehmen am Montag mitteilte, ging das Minus auf 242 Millionen Dollar von 1,2 Milliarden Dollar im Vorjahresquartal zurück. Damit belief sich der Fehlbetrag je Aktie auf 1,16 Dollar nach zuvor 5,21 Dollar je Anteilsschein. Der einst weltgrößte Bondversicherer erklärte die roten Zahlen unter anderem mit Verlusten im Derivategeschäft. Das Unternehmen war 2008 durch sein Engagement im Bereich von schlecht besicherten Hypotheken in den Strudel der Finanzkrise geraten.

[Torman]

Hier mal die Gruppenstruktur (aus dem Moodys Report)

 

Und dazu die Ratingänderung von S&P vom letzten September.

 

MBIA Insurance Corp. And MBIA Inc. Ratings Lowered; National Public Finance Guarantee Corp.‘A’ Ratings Affirmed

 

To From

MBIA Insurance Corp.

MBIA Assurance S.A.

Capital Markets Assurance Corp.

Counterparty Credit Rating

Local Currency BB+/Negative/— BBB/Negative/—

 

MBIA Insurance Corp.

MBIA U.K. Insurance Ltd.

MBIA Assurance S.A.

Capital Markets Assurance Corp.

Financial Strength Rating

Local Currency BB+/Negative/— BBB/Negative/—

 

MBIA Insurance Corp.

MBIA U.K. Insurance Ltd.

MBIA Assurance S.A.

Financial Enhancement Rating

Local Currency BB+/—/— BBB/—/—

 

MBIA Inc.

Counterparty Credit Rating

Local Currency BB-/Negative/— BB/Negative/—

 

MBIA Insurance Corp.

Senior Unsecured B+ BB

Preferred Stock B+ BB

 

MBIA Global Funding LLC

Senior Secured BB+ BBB

Senior Unsecured BB+ BBB

 

MBIA Inc.

Senior Unsecured BB- BB

 

Ratings Affirmed

Municipal Bond Insurance Assn.

National Public Finance Guarantee Corp

Counterparty Credit Rating

Local Currency A/Developing/—

Financial Strength Rating

Local Currency A/Developing/—

National Public Finance Guarantee Corp

Financial Enhancement Rating

Local Currency A/—/—

 

Danach ist der Bond nicht nachrangig, sondern wohl ein normaler Senior unsecured. Die Einheit für das Kommunalgeschäft in den USA hat immerhin noch ein A-Rating. Damit dürfte Neugeschäft machbar sein.

[Fleisch]

hat nicht irgendwer was von wegen Monoliner-Probleme veröffentlicht ? Ich meine bei der Commerzbank-Bilanz-PK haben die auch sowas erwähnt. Die Commerzbank hat z.B. Monolinerabsicherungen im Wert von rund 320 Mio gekündigt um Geld zu sparen.

 

Wer sind die größten und gefährlichsten Konkurrenten von MBIA ? Mir fällt da gerade ehrlich gesagt garkeiner ein.

 

Investierst du bewusst in CHF oder ist das mehr ein notwendiges Übel ?

[Stephan09]

https://www.wertpapier-forum.de/topic/27004-monoliner/?do=findComment&comment=521191__hl__MBIA__fromsearch__1entry521191

[BondWurzel]

hat nicht irgendwer was von wegen Monoliner-Probleme veröffentlicht ? Ich meine bei der Commerzbank-Bilanz-PK haben die auch sowas erwähnt. Die Commerzbank hat z.B. Monolinerabsicherungen im Wert von rund 320 Mio € gekündigt um Geld zu sparen.

 

Wer sind die größten und gefährlichsten Konkurrenten von MBIA ? Mir fällt da gerade ehrlich gesagt garkeiner ein.

 

Investierst du bewusst in CHF oder ist das mehr ein notwendiges Übel ?

 

CHF ist für mich ein klarer Kauf und bin bisher mit meinem bisherigen Kauf mei der AIG als CHF Investment sehr zufrieden...

 

https://isht.comdirect.de/html/detail/main.html?sTab=overview&sSym=CH0025631067.FSE

[Kezboard]

Na ob es die 2016 noch gibt, steht ja in den Sternen ... eine Verringerung des Verlustes ist für mich immer noch ein Verlust. Deswegen halte ich mich erst mal beobachtend an der Seitenlinie.

 

Hier noch ein interessanter Artikel vom Montag: Jacob Wolinsky Interviews Value Investor Whitney Tilson

 

In the case of MBIA, our views havent changed at all -- the exposure to toxic structured finance products is the same and we still think all their reserves will be wiped out.

 

There was an article in Bloomberg News this past week about how the major bond issuers have over $1 trillion in exposure to municipal finance bonds. We didnt even look at that book when we analyzed our short of MBIA, but obviously states and cities across the country are facing major budget crises.

 

The major muni insurers, MBIA, Assured Guaranty and Ambac, cumulatively have reserved only 4 basis points of reserves against their muni finance books! This is a whole area we didnt cover in the chapter on MBIA in our book.

 

MBIA is trying to get rid of their toxic liabilities by trying to create a good bank/ bad bank structure. Many debt holders are suing MBIA to have a judge rule that this is a fraudulent conveyance. So far the lawsuits are proceeding in the debt holders favor.

 

This is the only stock we were short that we wrote about in our book. Since it was published, many financial stocks doubled but MBIA has not moved at all because of its continuing terrible fundamentals.

[k1....]

hat nicht irgendwer was von wegen Monoliner-Probleme veröffentlicht ? Ich meine bei der Commerzbank-Bilanz-PK haben die auch sowas erwähnt. Die Commerzbank hat z.B. Monolinerabsicherungen im Wert von rund 320 Mio gekündigt um Geld zu sparen.

 

Die Commerzbank hat die Monoliner Absicherungen wertberichtigt, geht somit für die Bilanz davon aus, dass der betreffende Monoliner seine Verpflichtung nicht erfüllen können wird.

[BondWurzel]

Wem es interessiert, Zinsen wurden jetzt pünktlich gutgeschrieben.

[BondWurzel]

Bond insurer shares jump on SEC Goldman charges

 

By Elinor Comlay

 

NEW YORK, April 16 (Reuters) - The moribund bond insurance industry won new life on Friday as investors grew hopeful the companies would win lawsuits against Wall Street banks after regulators charged Goldman Sachs with duping a bond insurer.

Lawyers said the U.S. Securities and Exchange Commission's charges against Goldman could help bond insurers including MBIA Inc and Ambac Financial Group Inc, both of which are suing big banks that insured mortgages and other assets with them.

MBIA's shares jumped as much as 12 percent, while Ambac's rose as much as 11.5 percent. For Ambac, the euphoria was short-lived, and the insurer's shares ended the day down 3.8 percent. MBIA shares ended the day up 6.2 percent.

 

Still, some investors and lawyers are hopeful about the SEC lawsuit.

 

'People are thinking maybe they have some claims, that they can sue the underwriters of these deals,' said Andrew Lee, chief operating officer at hedge fund SYW Capital Management LLC in New York.

 

The Securities and Exchange Commission on Friday alleged that Paulson&Co, a major hedge fund run by billionaire John Paulson, worked with Goldman in creating a CDO, and stood to benefit as its value fell, costing investors more than $1 billion.

 

'(The charges) definitely may have an impact on bond insurers' lawsuits against investment banks,' said Jonathan Pickhardt, co-chair of the structured finance litigation practice at law firm Quinn Emanuel Urquart&Sullivan. Pickhardt is representing some bond insurers in lawsuits against banks, but declined to talk about that litigation.

 

'The bond insurers are similar to investors with regard to considering whether to provide insurance on CDOs,' he said, adding, 'I think this is really just the tip of the iceberg.'

 

MBIA last year sued Merrill Lynch&Co, now owned by Bank of America Corp, over losses on a CDO it insured for the bank. A New York judge earlier this month threw out most of that lawsuit, although he allowed MBIA to go ahead with a breach of contract claim.

 

Shares of Bank of America -- which reported a bumper first-quarter profit in the day -- fell as much as 7.3 percent after the SEC's announcement.

 

Ambac is suing Citigroup Inc and Credit Suisse Group over alleged misrepresentations of the risks embedded in mortage-based assets in a deal Ambac insured.

 

In that suit, filed in New York Supreme Court in August, Ambac is seeking to be awarded damages for losses, or to void $2 billion in securities it wrote to insure a Citi deal packed with risky mortgages. A Credit Suisse unit managed the selection of assets in the CDO.

 

To be sure, even if the SEC's charges against Goldman help the bond insurers bring suits against banks, it will take time to litigate. Insurers such as Ambac are short on time, said Jim Ryan, analyst at Morningstar.

 

'If this were to expand and the bond insurers could seek redress from the people who put these securities together that's one thing,' he said. 'The problem is in the interim they have to pay the policy holders who are suffering from the defaults of the securities.'

 

Peter Poillon, spokesman for Ambac, declined to comment.

 

Ambac, which recorded heavy losses from insuring CDOs and structured mortgage deals, said last month it is open to renegotiating its debt through a prepackaged bankruptcy.

 

'We are gratified to see that the SEC is investigating the very sort of conduct that underlies some of the lawsuits we have commenced against other parties in these types of transactions,' said Kevin Brown, spokesman for MBIA, noting MBIA had no comment on the specific allegations against Goldman Sachs.

[BondWurzel]

Upgrading MBIA to Neutral (revised)

By: Zacks Equity Research

 

We are upgrading our recommendation on the shares of MBIA Inc. (MBI - Analyst Report) from Underperform to Neutral on the back of an expected favorable outcome from its business restructuring measures and a strong holding company liquidity.

 

After suffering steep losses from its structured finance business, MBIA undertook some heavy duty business reorientation. As a result of this, during February 2008, the company capitalized National Financial Guarantee Corp. as a wholly owned subsidiary focusing on writing traditional bond insurance by transferring MBIA Insurance Corp's profitable public finance insurance business, along with $5.4 billion of assets, to a new entity.

 

But National is facing lawsuits filed against it by investors, who opine that the transfer of capital by MBIA Insurance Corp. would render it incapable of paying claims to the policyholders. While both S&P and Moodys (MCO - Analyst Report) have acknowledged the AA and Aaa capital levels of National, the rating agencies have taken a wait-and-see approach on the subsidiarys financial strength ratings, which are awaiting the litigation outcome. Though we think that the ruling will be in its favor, an appropriate rating − which is the key to writing bond insurance − is deterring the company.

 

The second major step in MBIAs business reorganization program was renaming its investment advisory companies as Cutwater. The company expects a growth in third-party assets under management fueled by strong demand for advisory services resulting from recent fixed-income market volatility and secular growth in fixed-income asset classes due to demographics and product innovation. Currently, the majority of assets under management are from third-party clients, which is anticipated to increase over time.

 

MBIA has emphasized that it is not denying claims, although the company is actively seeking to recover claims which are deemed fraudulent. The company has in fact filed its own lawsuits against mortgage sellers and servicers (counterparties). MBIA alleges that these firms improperly originated and serviced home loans that ended up in securities guaranteed by the company. These suits could result in substantial recoveries that could exceed $4 billion to $5 billion, stated management. We believe that these litigations will have a profound effect on MBIA as matters get resolved positively, impacting the adjusted book value.

 

Moreover, MBIA has adequate liquidity at the holding company level, with the Corporate segment having $321 million in cash and short term investments as of Mar 31, 2010. This along with a tax refund of $137 million for the 2009 tax year will place the company in position to meet its payment obligations through 2015 even if no dividends are received from its insurance asset management or advisory business subsidiaries.

 

A potential risk to our rating, however, includes an unfavorable litigation outcome against National, and increased delinquencies causing more losses in credit derivatives.

[BondWurzel]

hat nicht irgendwer was von wegen Monoliner-Probleme veröffentlicht ? Ich meine bei der Commerzbank-Bilanz-PK haben die auch sowas erwähnt. Die Commerzbank hat z.B. Monolinerabsicherungen im Wert von rund 320 Mio gekündigt um Geld zu sparen.

 

Wer sind die größten und gefährlichsten Konkurrenten von MBIA ? Mir fällt da gerade ehrlich gesagt garkeiner ein.

 

Investierst du bewusst in CHF oder ist das mehr ein notwendiges Übel ?

 

CHF ist für mich ein klarer Kauf und bin bisher mit meinem bisherigen Kauf der AIG als CHF Investment sehr zufrieden...

 

https://isht.comdirect.de/html/detail/main.html?sTab=overview&sSym=CH0025631067.FSE

 

Top-Profit im September...

 

https://kunde.comdirect.de/inf/anleihen/detail/uebersicht.html?ID_NOTATION=18807684

[BondWurzel]

Assured Guaranty, MBIA drop on downgrade concern

[BondWurzel]

MBIA posts 4Q profit on one-time derivative gain

[BondWurzel]

MBIA has the Best Relative Performance in the Property & Casualty Insurance Industry (MBI, XL, FNF, AXS, CB)

Written on Tue, 03/22/2011 - 10:07am

By Amanda Smith

 

Below are the top five companies in the Property & Casualty Insurance industry as measured by relative performance. This analysis was compiled based on yesterday's trading activity as we search for stocks that have the potential to outperform.

MBIA (NYSE:MBI) ranks first with a gain of 5.87%; XL Capital (NYSE:XL) ranks second with a gain of 3.44%; and Fidelity National Financial (NYSE:FNF) ranks third with a gain of 2.4%.

Axis Capital Holdings (NYSE:AXS) follows with a gain of 2.27% and Chubb (NYSE:CB) rounds out the top five with a gain of 2.24%.

SmarTrend is monitoring the recent change of momentum in Axis Capital Holdings. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Axis Capital Holdings in search of a potential trend change.

 

 

MBIA Earnings In Retrospect: Down 9.05% In Last 17 Days (MBI)

Written on Sun, 03/20/2011 - 6:56pm

By Chip Brian

 

When MBIA (NYSE:MBI) reported earnings 17 days ago on March 01, 2011, analysts, on average, expected the company to report a loss of $0.09 on sales of $206 million.

The company actually reported EPS of $2.24 on sales of $849 million, beating EPS estimates by $2.33 and beating revenues estimates by $643 million.

Since the company's report, share of MBIA have fallen from $11.05 to $10.05, representing a loss of 9.05% in the past 17 days.

SmarTrend is monitoring the recent change of momentum in MBIA. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of MBIA in search of a potential trend change.

[BondWurzel]

MBIA Inc. Reports First Quarter 2011 Financial Results

[bondholder]

Bezeichnung 2,625% MBIA Global Funding LLC SF-Medium-Term Notes 2006(16)

WKN A0GPRM

ISIN CH0024764257

 

Emissionsvolumen 250.000.000 CHF

 

Von den ursprünglich 250 mio CHF Volumen ist nur noch ein Restbestand im Umlauf – 2010 waren es nur noch 47.080.000 CHF, aktuell nach Angaben der Börse Zürich 46.830.000 CHF. Das ist vielleicht mit eine Erklärung für die weite Geld/Brief-Spanne.

 

Auf jeden Fall schadet es MBIA wohl nicht, eigene Schulden mit Rabatt zurückzukaufen...

Volumen_CH0024764257.pdf