To be prudent, when I was a trader in the debt capital market, at the close of business day, my portfolio must do the mark to market. Disregard what kind of bonds I held in the portfolio. The bank had to run the risk calculation engine to calculate the VAR (value at risk) of each holding in the book. That's the way of market risk management. VAR is a bit complicated to be explained here.
Please kindly confirm that the risk calculation engine only required you to input some data and then the engine would calculate the risk automatically.
I’m in a seasoned profession in bond market. What he described with DCM is no longer accurate especially with international issuers Unless it’s high yield bond or Chinese issuance , for any international bond issuance most of the deal would be done just like what he described in equity world. Underwriting bonds are very rare cases in recent 10 years For additional tier 1 bond, normally there’s no write down as in this CS case. It has shocked the bond markets with the way UBS engineered the deal to make full write down They have sacrificed bond holder while protecting equity holder. Mr siu is speaking from equity specialist Point of view. Let’s find bond specialist to talk about this topic
非常喜歡蕭少滔先生講解，每集必看，令我獲益良多。十分感謝。同時亦非常感謝沈博士，分析世界局勢，十分獨到！👍🙏
蕭生每次都言之有物👍🏻
Mr Siu, thanks for sharing
蕭生深入淺出，令我增長了不少認識，感謝兩位
多謝沈教授訪問蕭公子！
Mr Siu 👍👍👍👍👍
多謝！多謝沈教授、蕭生🙏🙏🙏🙏🙏
滔少講嘢真有趣味
即使唔明白
亦覺得好有趣, 好想聽。👍
蕭少滔 👍👍👍👍👍
期待下集🙏🙏
之有物👍🏻
youtubeeem.com/sXXPJdWz7iH
多謝兩位的分拆,又賺了知識了！
十分有實力分析
深入淺出👍🙏
最喜歡聽蕭生講嘢！👍👍👏👏👏
滔少好劲，讲得清清楚楚，有根有据
就是期待蕭先生分析這個問題
多謝兩位❤
youtubeeem.com/m9jjU2eMjOe
蕭生深入淺出，令我增長了不少認識，感謝兩位
好耐冇睇過一集甘爽嘅嘉賓表演。
Thanks
長知識，謝謝🙏
蕭生深入淺出講解！👍👍👍
多謝兩位的分拆,又賺了知識了！
一見蕭生即刻入嚟學嘢😊
👍👍👍👍👍多謝蕭生分享。
又學到野 多謝2位
多謝兩位❤❤
多謝兩位
真係學到好多野, 多謝
獲益良多
可唔可以快d放埋下集呀😂😂
加油😊
滔少冇得頂，風趣無敵，多謝兩位❤❤
感謝蕭先生講解，感謝沈教授🙏🏻🙏🏻💛🍎
支持
隻bond係contingent convertible bond, 話明convertible即可以將bond變股, contingent就係當銀行出事時, 可以決定將佢變成股, 否則, 洗鬼俾個interest premium你咩, 個premium就係cover投資者呢個risk, 無事咪算高回報囉, 有事咪total loss
實力派
八九個月前已聽到不少人說，美國在此種環境下加息，而且加得如此急速，最終是會出大事的。另外，若在廚房你見到一隻蟑螂，那意味一定有其他同類存在。聯儲局若今天不停止加息，瑞信應該不會是最後一家出事的金融機構。
🌹欣賞沈先生平衡嘉賓的「幸災樂禍」反應…
好L正❤
只因越來越放任 最大利益化，而減低風險管控。 答案 -‘人’😮
學到好多野, 多謝
乾貨
👍👍👍👍👍
德意志銀行也有隱憂，下一波風暴目標。
可以解釋一下浮息票據定期派息同債券定期定息比較風險嗎？法國三大,歐洲6大銀行做代理….
💪💪
AT1 唔系金融衍生工具好無…AT1 系可轉債…系債但系可以轉成Equity…因為系永續，所以可以被歸類成AT1, 否則要被撥去Tier 2 Capital...蕭生應該無系銀行Compliance Team做過，亦都無乜掂過金融機構資產…
【國際前線 181 🇨🇭🇺🇸🇨🇳🏦】蕭少滔：蝴蝶效應：下一波全球銀行危機，會在何處發生？（下）
ua-cam.com/video/-FxL8ecDBEA/v-deo.html
所以D 咩CAR RATIO (BASEL II / III) 基本上無用 , 大把會計方法調節
Thank you, Mr. Siu!
🙏🏻🙏🏻
💪💪💪❤
點解蕭生可以咁勁?
債券一向搵笨！
第一個Like!
👍
Thank you
To be prudent, when I was a trader in the debt capital market, at the close of business day, my portfolio must do the mark to market. Disregard what kind of bonds I held in the portfolio. The bank had to run the risk calculation engine to calculate the VAR (value at risk) of each holding in the book. That's the way of market risk management. VAR is a bit complicated to be explained here.
Please kindly confirm that the risk calculation engine only required you to input some data and then the engine would calculate the risk automatically.
咁高級咁表步D唔見得光嘅錢咪買好多？！
👍👍👏👏👏
I’m in a seasoned profession in bond market. What he described with DCM is no longer accurate especially with international issuers
Unless it’s high yield bond or Chinese issuance , for any international bond issuance most of the deal would be done just like what he described in equity world. Underwriting bonds are very rare cases in recent 10 years
For additional tier 1 bond, normally there’s no write down as in this CS case. It has shocked the bond markets with the way UBS engineered the deal to make full write down
They have sacrificed bond holder while protecting equity holder.
Mr siu is speaking from equity specialist Point of view. Let’s find bond specialist to talk about this topic
Now there is another one in Germany. More to come
thanks!!
15:56 做咩加聲咁百厭
瑞信其中160億AT-1變咗清零...匯豐都有好多AT-1咖
蕭生講的沒有什麼秘密，為何其他人不願開名發表評論，估計有其他原因未有披露？！
support 💛💪
不是UBS，封面都錯晒。
CS.
瑞信没有欠債..只是存錢的人.不相信瑞士銀行了..存錢將全部資金取出...（瑞信銀行的錢.都不是瑞信銀行的..都是億萬存款人的..）億萬存款人不將錢存在銀行是怕被默收...
Thx
Good Afternoon sirs.
中信 - 范鴻齡。
好似係榮志健
麥吾係俄仔驚制裁之前係瑞士糖拉$走mo
Support CLASS
Not accurate，市場普遍認為股東(shareholder) 應該最先承受損失，然後先到additional tier 1 bondholder bear loss。 只係AT1 bond 的確有條款比監管機構決定write off or not. （應該係除非唔係)
共橙黨!
Deutsche bank maybe next 😰
SVB 管理層唔係做銀行 / 雷曼去左做管理層 嘅關係？
Moral hazard
🪀
Thank you
Thanks
👍👍👍
💪
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