Pubblicato in: Devoluzione socialismo, Finanza e Sistema Bancario, Unione Europea

Hedge Funds. Vendite allo scoperto su DB e Commerzbank.

Giuseppe Sandro Mela.

2018-07-16.

Banche 016. Marinus Van Reymerswaele, Prestatori di denaro, 1542.

«putting these German banks in the same category as Italy’s.

Short positions on some big Italian banks»


«La vendita allo scoperto, chiamata anche vendita a nudo (in lingua inglese short selling, o semplicemente short), è un’operazione finanziaria che consiste nella vendita, effettuata nei confronti di uno o più soggetti terzi, di titoli non direttamente posseduti dal venditore. Più in generale con questa terminologia si denominano tutti i tipi di operatività finanziaria attuata con l’intento di ottenere un profitto a seguito di un trend o movimento ribassista delle quotazioni di titoli (azioni, strumenti, beni) prezzati in una borsa valori.

La vendita allo scoperto è un’operatività finanziaria di tipo prettamente speculativo e orientata verso un orizzonte temporale d’investimento di breve periodo. ….

Tali titoli, solitamente forniti da una banca o da un intermediario finanziario, durante lo short selling vengono istantaneamente prestati dal loro fornitore al venditore allo scoperto (chiamato anche scopertista o short seller oppure venditore a nudo) e quindi subito venduti da quest’ultimo.

Pertanto la vendita allo scoperto si configura come un prestito non di denaro bensì di titoli e, come solitamente accade in quello di denaro, vi è un interesse da corrispondere al datore del prestito. L’ammontare dell’interesse da pagare cresce in relazione all’aumento della durata di questo prestito di titoli, poiché chi effettua la vendita a nudo deve, entro un certo lasso temporale, acquistare sul mercato (quindi a prezzo di mercato) i titoli rifondendoli così al prestatore: operazione tecnicamente definita ricopertura dello scoperto (in inglese short covering). Per l’acquirente lo short selling attuato dal venditore è praticamente invisibile e perciò ininfluente, dunque per il compratore non vi è differenza tra i titoli acquistati da una vendita allo scoperto o non allo scoperto.» [Fonte]

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Il sistema bancario tedesco assomiglia sempre più ad un paziente malato di cancro inoperabile ai polmoni, che abbia contratto una polmonite virale.

I bollettini medici cautamente ottimisti suonerebbero come una solenne presa in giro. Per dirla in modo eufemistico: si faccia fagotto e si porti il gruzzolo altrove, sempre che ciò non sia già stato fatto.

Germania. L’impero economico della Spd inizia a perdere pezzi.

Commerzbank sta per essere radiata dal Dax.

Deutsche Bank US non supera gli stress test della Fed.

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«Deutsche Bank was the only one of 35 big banks operating in the United States to fail the US Federal Reserve’s recent round of stress tests. Commerzbank, a component of the DAX since its inception, may well be forced out of the index in the upcoming review as its market capitalization continues to decline relative to other blue chips.»

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«It’s hard to know where all this will end, but the short sellers seem confident it won’t end well for shareholders»

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«It was a familiar sight on Thursday morning: Shares of Germany’s two largest banks, Deutsche Bank and Commerzbank, were the worst-performing stocks in Germany’s blue-chip DAX. Perhaps that explains why they’ve become the target of massive short sales by US hedge funds, which are betting that share prices of the troubled institutions have even further to fall.»

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«Deutsche Bank, once Germany’s flagship financial institution, has four investment funds betting €979 billion ($1.1 billion) that its shares, already below €10, will decline even further. AQR Capital Management, one of Deutsche’s short sellers, also has a €172 million short position in Commerzbank.»

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«Adding insult to injury, hedge fund speculators seem to be putting these German banks in the same category as Italy’s. Short positions on some big Italian banks expect that their large holdings of government bonds and the country’s shaky finances will push down share prices.»

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Il problema è semplicissimo.

Per lunghi decenni la classe politica tedesca, specificatamente quella socialdemocratica, ha sostenuto politicamente il sistema bancario tedesco che ritenevano dovesse essere una delle loro migliori fonti di sostentamento.

Non solo hanno avuto mano pesante, la mafia è ben più morigerata, ma hanno anche riempito quelle banche di persone politicamente gradite ma professionalmente inette, ancorché in larga quota di sesso muliebre.

Adesso arrivano i conti da pagare: li pagheranno gli azionisti e tutta la Germania.


Handelsblatt. 2018-07-15. Hedge funds target Commerzbank, Deutsche Bank with short sales

Big investors are betting on further declines in the share price of Germany’s top banks. The short selling, a disputed trading technique, only adds to downward pressure on the stocks.

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It was a familiar sight on Thursday morning: Shares of Germany’s two largest banks, Deutsche Bank and Commerzbank, were the worst-performing stocks in Germany’s blue-chip DAX. Perhaps that explains why they’ve become the target of massive short sales by US hedge funds, which are betting that share prices of the troubled institutions have even further to fall.

Deutsche Bank, once Germany’s flagship financial institution, has four investment funds betting €979 billion ($1.1 billion) that its shares, already below €10, will decline even further. AQR Capital Management, one of Deutsche’s short sellers, also has a €172 million short position in Commerzbank.

Adding insult to injury, hedge fund speculators seem to be putting these German banks in the same category as Italy’s. Short positions on some big Italian banks expect that their large holdings of government bonds and the country’s shaky finances will push down share prices.

Short selling weighs on shares

Short selling is a standard practice for active investors. An investor borrows the shares from a stockholder for a fee and sells them in the open market in anticipation the price will decline. When the price goes down, the short seller buys back the shares and returns them to the owner, pocketing the profit on the sale.

The risk is that if the price instead goes up, the seller must pay more to buy them back and suffers a loss. The practice has its critics and is subject to abuse, but it adds liquidity to the market, helps investors in price discovery, and is a useful tool for hedging long positions in the same sector.

Short selling can become a self-fulfilling prophecy if enough investors jump on the bandwagon. At the very least, it can help depress the share price.

The short position on Deutsche, equivalent to nearly 5 percent of outstanding shares, helps explain its sharp decline in recent weeks. The bank’s shares have been flirting with new record lows since the end of May.

AQR, a fast-growing fund backed by US billionaire Cliff Asness, has a short position equal to 2.4 percent of Deutsche Bank’s shares, as well as the Commerzbank position, equal to 1.6 percent. Other hedge funds betting against Deutsche are Marshall Wallace (1.34 percent), Capital Fund (0.6 percent), and World Quant (0.51 percent). Investors are required to report only short positions exceeding 0.5 percent, so these big positions may not tell the whole story.

The problems of the two banks are well-chronicled. Deutsche has suffered years of losses from scandals, egregious missteps, and a cost-heavy structure. Swapping out chief executives in April has done little to slow its decline as it seems incapable of trimming costs as fast as it is losing business. Commerzbank suffers from years of troubles being an also-ran that has never had particularly good management. It remains part-owned by the German government after a bailout in 2008-2009.

Silver lining is possible rebound

The silver lining in this cloud is that shares can rebound when short sellers close out their positions and buy shares back. A crash in the blue-chip DAX index earlier this year is attributed in large part to short sellers. The subsequent recovery reflected them closing out their positions.

Bridgewater Associates, backed by US investor Ray Dalio, was particularly active shorting German blue chips. This backfired in the case of Bayer, which continued to rise despite the turmoil over its acquisition of Monsanto. But it succeeded spectacularly in the case of Deutsche Bank, which fell 25 percent from the end of January to mid-April without ever getting back to its starting point.

It was mid-April when Bridgewater’s short positions fell below the 0.5 percent reporting threshold. The DAX closed above 12,500 that day, after reaching its low for the year, 11,787, just three weeks earlier.

Short sellers may magnify gains and losses in share prices, but they ultimately reflect the underlying trend. The two German banks have shown little success in overcoming their difficulties and may well face darker days ahead.

Deutsche Bank was the only one of 35 big banks operating in the United States to fail the US Federal Reserve’s recent round of stress tests. Commerzbank, a component of the DAX since its inception, may well be forced out of the index in the upcoming review as its market capitalization continues to decline relative to other blue chips.

It’s hard to know where all this will end, but the short sellers seem confident it won’t end well for shareholders.

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