Wednesday, 05 May 2010 19:10
Subscriber Actionable Intelligence Note: German Bank Arbitrage
Tweet me! We have come across a bank with a very weak equity position, skirting insolvency. It is a German bank trading at an insanely high multiple. Below is a quick synopsis of the solvency situation and the subscriber notes which illustrate the situation and the potential opportunity.
| Equity | 5,251 |
| Intangibles | 2,368 |
| Tangible Equity | 2,883 |
| Impaired and past due | 6,274 |
| Fair value of the collateral | 3,995 |
| Allowance for losses | 1,641 |
| Texas ratio | 138.7% |
| Eyles Test | 6,683 |
| Shortfall from current reserve for loan loss | 5,042 |
| Shortfall as % of tangible shareholders' equity | 174.9% |
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