{"id":4997,"date":"2018-05-08T10:03:21","date_gmt":"2018-05-08T10:03:21","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/italiano\/?p=4997"},"modified":"2018-06-14T09:50:30","modified_gmt":"2018-06-14T09:50:30","slug":"the-end-of-the-bank-of-englands-term-funding-scheme","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/italiano\/2018\/05\/the-end-of-the-bank-of-englands-term-funding-scheme\/","title":{"rendered":"Il Term Funding Scheme della Banca d\u2019Inghilterra volge al termine"},"content":{"rendered":"<p>Il piano di sostegno al credito della Banca d\u2019Inghilterra (BoE), noto come Term Funding Scheme (TFS), \u00e8 giunto al termine all\u2019inizio di quest\u2019anno. In sintesi, il piano offriva quattro anni di finanziamento al tasso base della BoE oltre a una commissione alle banche e, a loro volta, le banche dovevano finanziare prestiti all\u2019economia reale (la commissione dipendeva dai prestiti netti della banca). Abbiamo gi\u00e0 parlato dello schema <a href=\"https:\/\/bondvigilantes.com\/italiano\/2021\/12\/01\/tre-motivi-per-cui-ci-piacciono-i-titoli-garantiti-da-mutui-residenziali-rmbs-britannici\/?noredirect=it_IT\"><strong>qui<\/strong> <\/a>e <a href=\"https:\/\/bondvigilantes.com\/italiano\/2021\/12\/19\/le-ultime-politiche-relative-al-settore-bancario-della-banca-dinghilterra-riusciranno\/?noredirect=it_IT\"><strong>qui<\/strong><\/a>.<\/p>\n<p>Il piano di sostegno al credito ha riscosso grande successo e ad aprile 2018 i prelievi TFS aggregati in essere (prestiti a basso costo) a disposizione delle banche ammontavano a 127 miliardi di sterline. A seguito del TFS, il prestito netto ha raggiunto 68 miliardi di sterline tra settembre 2016 e dicembre 2017. Lloyds, RBS, Nationwide e Barclays sono state le banche che hanno maggiormente usufruito dello schema. Di conseguenza,\u00a0 visti i finanziamenti della banche tramite TFS, il fatto che negli ultimi due anni l\u2019emissione di ABS sia calata in\u00a0 modo significativo non ha sorpreso, dato il costo relativamente elevato (35-60 punti base) per i prestatori per l\u2019emissione di titoli AAA senior sotto forma di RMBS (Residential Mortgage-Backed Securities, titoli garantiti da mutui residenziali).<\/p>\n<p><u><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/2\/2021\/12\/1-IT-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme.png\" data-rel=\"lightbox-image-0\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5002\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/2\/2021\/12\/1-IT-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/italiano\/wp-content\/uploads\/sites\/2\/2021\/12\/1-IT-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme.png 960w, https:\/\/bondvigilantes.com\/italiano\/wp-content\/uploads\/sites\/2\/2021\/12\/1-IT-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-300x225.png 300w, https:\/\/bondvigilantes.com\/italiano\/wp-content\/uploads\/sites\/2\/2021\/12\/1-IT-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/u><\/p>\n<p>Con la chiusura dei drawdown del piano a inizio anno e in vista delle prossime scadenze TFS, le banche domiciliate nel Regno Unito hanno programmato di diversificare i loro canali di finanziamento e tornare ad attingere ai mercati delle cartolarizzazioni. Il termine dei prestiti assunti nell\u2019ambito del piano \u00e8 di quattro anni a partire dalla data di drawdown e prevediamo considerevoli operazioni di rifinanziamento tra fine 2020 e 2021. I prestatori stanno ora cercando di anticipare queste operazioni e di emettere obbligazioni RMBS con scadenze pi\u00f9 lunghe. Ad esempio, Nationwide non aveva erogato finanziamenti tramite mercati RMBS dal 2016 e ha emesso il suo primo RMBS a febbraio, e dopo una pausa di due anni Paragon Bank ha emesso il suo primo RMBS \u201cbuy to let\u201d nel mese di aprile.<\/p>\n<p>Dall\u2019inizio di quest\u2019anno ad oggi abbiamo assistito a un\u2019elevata emissione di RMBS britannici (pari a circa 3,7 miliardi di euro) con alcune previsioni di emissioni <em>prime<\/em> pari a 8-10 miliardi di euro (oltre a un\u2019ulteriore cifra di 6-8 mld di euro di emissioni non <em>prime<\/em>) per l\u2019anno. Pur se ancora contenute rispetto alle emissioni annuali di 30 mld di euro dei tempi pre-TFS, le emissioni attuali sono superiori a quanto visto negli ultimi due anni (totale di 8 mld di euro) e ci aspettiamo un rialzo prolungato. Il riemergere di prestatori nel mercato potrebbe contenere gli spread di finanziamento per gli emittenti.<\/p>\n<p>Quali sono le probabili conseguenze per le famiglie e i consumatori nel breve termine? Privare le banche dei prestiti TFS si tradurr\u00e0 probabilmente in tassi ipotecari pi\u00f9 elevati per i clienti (ma d\u2019altra parte, anche in tassi di risparmio pi\u00f9 alti). Il finanziamento tramite i mercati di covered bond resta comunque un canale alternativo per le banche e gli istituti di credito immobiliare, dove i costi di finanziamento restano pi\u00f9 competitivi, contribuendo a contenere le pressioni dei costi in aumento.<\/p>\n<p><u><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/2\/2021\/12\/2-IT-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme.png\" data-rel=\"lightbox-image-1\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5003\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/2\/2021\/12\/2-IT-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/italiano\/wp-content\/uploads\/sites\/2\/2021\/12\/2-IT-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme.png 960w, https:\/\/bondvigilantes.com\/italiano\/wp-content\/uploads\/sites\/2\/2021\/12\/2-IT-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-300x225.png 300w, https:\/\/bondvigilantes.com\/italiano\/wp-content\/uploads\/sites\/2\/2021\/12\/2-IT-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/u><\/p>\n<p>Dal punto di vista degli investitori, nonostante le pressioni sui differenziali, continuiamo a guardare con favore e a investire nell\u2019asset class. La performance del credito RMBS britannico \u00e8 stata stabile negli ultimi anni e non sono state registrate ad oggi perdite sui titoli in essere.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Il piano di sostegno al credito della Banca d\u2019Inghilterra (BoE), noto come Term Funding Scheme (TFS), \u00e8 giunto al termine all\u2019inizio di quest\u2019anno. In sintesi, il piano offriva quattro anni di finanziamento al tasso base della BoE oltre a una commissione alle banche e, a loro volta, le banche dovevano finanziare prestiti all\u2019economia reale (la commissione dipendeva dai prestiti netti della banca). Abbiamo gi\u00e0 parlato dello schema qui e qui. Il piano di sostegno al credito ha riscosso grande successo e ad aprile 2018 i&#8230;<\/p>\n","protected":false},"author":138,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,318],"tags":[323,81],"class_list":["post-4997","post","type-post","status-publish","format-standard","hentry","category-credito","category-uk","tag-banca","tag-banca-dingilterra"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Il Term Funding Scheme della Banca d\u2019Inghilterra volge al termine - Italian<\/title>\n<meta name=\"description\" content=\"Il piano di sostegno al credito della Banca d\u2019Inghilterra (BoE), noto come Term Funding Scheme (TFS), \u00e8 giunto al termine all\u2019inizio di quest\u2019anno. 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