immobilienblasen

Monday, February 18, 2008

What A Difference A Week Made....Credit Suisse Discovers Another $ 2.85 Bilion "Fair Value Reduction"

As one who has listened to the entire conference call from Credit Suisse just one week ago i can assure you that this will spook the markets. Credit Suisse was besides Deutsche Bank and Goldman Sachs viewed as one of the big winners during the turbulence. But there was always doubt that their numbers might be too good to be true...... Credit Suisse is proving that this might be the case..... Should be very bad news for the confidence in the marketplace overall...... I assume the "arrogance" from the Credit Suisse management won´t be as obvious as during the last call...... Stock tanking 7 percent......

Als einer der sich vor einigen Tagen die Telefonkonferenz angehört at bin ich mir sicher das diese Meldung hohe Wellen schlagen wird. Bisher galt die Credit Suisse zusammen mit der Deutsche Bank und Goldman Sachs als einer der Gewinner der Marktturbulenzen. In der Vergangenheit sind immer wieder Zweifel aufgekommen ob "die Zahlen nicht zu gut sind um wahr zu sein" ...... Credit Suisse liefert hier eine Steilvorlage für diese Vermutung......Ich bin mir zudem sicher das die "Arroganz" von Seiten des Managements während der nächsten Telefonkonferenz sicher nicht wieder so ausgeprägt sein wird wie letzte Woche .... Aktie zur Eröffnung 7% tiefer......

Thanks to Randy Galsbergen

Credit Suisse Further to its commitment to provide transparency, Credit Suisse today announced that in connection with the operation of ongoing control processes, it has undertaken an internal review that has resulted in the repricing of certain asset-backed positions in its Structured Credit Trading business within Investment Banking.

The current total fair value reductions of these positions, which reflect significant adverse first quarter 2008 market developments, are estimated at approximately USD 2.85 billion (having an estimated net income impact of approximately USD 1.0 billion).

In the first quarter to date, we estimate we remain profitable after giving effect to these reductions. The final determination of these reductions will depend on further results of our review and continuing market developments. We will also assess whether any portion of these reductions could affect 2007 results. Finally, our internal review, which has identified mismarkings and pricing errors by a small number of traders in certain positions in our Structured Credit Trading business, is continuing.

> Here the Full Year Results from Feb. 12th & Webcast

Qatar was maybe a little bit premature....

Sieht ganz so aus als wenn einige Investoren heute leicht erhöhte Temperatur haben werden.....

Qatar fund buys Credit Suisse stake

The QIA’s move comes after Credit Suisse posted robust fourth-quarter results underscoring its resilience during the credit crisis,......

Labels: "mark to model", credit suisse, deutsche bank, goldman sachs, investmentbank, level 3 accounting / mark-to-mark-believe gains, qatar, sovereign wealth funds, ubs, write offs

Monday, February 19, 2007

petrodollar impact / Qatar $40 Billion Fund May Seek 10% Stake in Airbus Parent EADS

looks more and more that pimco nailed it http://immobilienblasen.blogspot.com/2007/01/petrodollars-asset-prices-and-global.html the petrodollar is one of the major impacts of almost every asset class. and nobody can blame qatar for buying others assets than u treasuries or even worse fannie or freddie bonds.......

sieht immer mehr so aus als wenn pimco den nagel auf den kopf getroffen hat. der petrodollar ist sicher einer der haupteinflussfaktoren für fast alle anlageklassen. und es qatar sicher keiner übel nehmen nicht alles in us staatsanleihen oder noch schlimmer fannie oder freddie anleihen zu recyclen.....

Feb. 19 (Bloomberg) -- Qatar's $40 billion investment fund may buy as much as 10 percent of European Aeronautic Defence & Space Co., Europe's largest aerospace company, to diversify the emirate's holdings, the fund's chief executive said.

The state-owned Qatar Investment Authority has had talks with EADS, the parent of Airbus SAS, because the company is ``under pressure'' and its shares may be undervalued after falling by a fifth over the last year,

Airbus, the world's biggest planemaker, has said it will post its first-ever loss for 2006 after a two-year delay in deliveries of its superjumbo A380 led to cost overruns and penalties to customers. EADS has said it may sell shares this year to help fund development of its newest plane, the A350XWB. ....

The Qatar Investment Authority, or QIA, had assets of about $40 billion in mid-2006, Pacific Investment Management Co. estimated in a report by Ramin Toloui last month. The fund itself doesn't publish information on its holdings. Qatar, the world's largest shipper of natural gas and a member of the Organization of Petroleum Exporting Countries, channels surpluses from energy sales to the Doha-based QIA.

`Needs Money Fast'
Shares of Paris- and Munich-based EADS fell 18 percent last year while those of rival Boeing Co. advanced 26 percent. This year, EADS .... 16, giving the company a market value of 20.5 billion euros ($26.9 billion).

State-owned Qatar Airways is among the customers for the A380, with four on order. The airline has pledged to buy 60 A350s but has held back from making its commitment into a firm order.

EADS has said the A380 delays will lead to total operating losses through 2010 of 4.8 billion euros. The cost of bringing the A380 into service has ballooned to about 19 billion euros from an original projection of 12 billion euros. Airbus has said the A350, which will compete with Boeing's 787 Dreamliner, will cost 11.6 billion euros to develop. ......

Qatar isn't the only investor with interest in EADS. Last year, Russian state-owned bank VTB Group bought a 5.02 percent holding after purchasing the shares on the open market. .... (who´s next..../ wer kommt als nächstes...)

Gulf state investment agencies such as the QIA, Kuwait Investment Authority and Dubai International Capital LLC ``are buying stakes in overseas companies where they feel they'll get exposure to economies with different growth cycles to their own,'' .

The QIA owns a 7 percent stake in one of EADS's core shareholders, French media company Lagardere SCA, Sheikh Hamad said.

When EADS was created in July 2000 from the assets of the biggest aerospace companies in France, Germany and Spain, its key shareholders were DaimlerChrysler AG, with 30 percent, and two French shareholders: the French government, with 15 percent, and Lagardere with 15 percent.
The rules governing EADS give those core shareholders control over key decisions and over choosing board members. Ownership of EADS has evolved in the last year. Lagardere and DaimlerChrysler each sold 7.5 percent stakes last April to banks and other financial institutions.