Nuove_emissioni, collocamenti Nuove Emissioni
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€€€ RYANAIR LIMITED - €BMK 7yr: IPTs MS+ 100 bps area €€€
Issuer : Ryanair Limited (Ticker = RYAID)
Guarantor : Ryanair Holdings plc
Issuer Ratings : BBB+ (stable) S&P / BBB+ (stable) Fitch
Exp. Issue Rating : BBB+ (stable) (S&P)/BBB+ (stable) Fitch
Format : Senior Unsecured, RegS Bearer
Size : €Benchmark
Maturity : 17 June 2021 (7 year)
Settlement : 17 June 2014 (T+5)
Coupon : Fixed (Annual, ACT/ACT)
IPTs : *** MS+100 bps area ***
Docs : EMTN/€100x1k/English Law/Irish List/CoC
Use of Proceeds : GCP
Global Coordinator : CITI
Joint Books : BNPP / CITI (B&D ) / DB
Timing : Books open, today's business
Guidance: 7 year EUR swap trades at 1.07% yield, plus the guidance spread of 100bps,
equals an expected yield of 2.07%
Issuer : Ryanair Limited (Ticker = RYAID)
Guarantor : Ryanair Holdings plc
Issuer Ratings : BBB+ (stable) S&P / BBB+ (stable) Fitch
Exp. Issue Rating : BBB+ (stable) (S&P)/BBB+ (stable) Fitch
Format : Senior Unsecured, RegS Bearer
Size : €Benchmark
Maturity : 17 June 2021 (7 year)
Settlement : 17 June 2014 (T+5)
Coupon : Fixed (Annual, ACT/ACT)
IPTs : *** MS+100 bps area ***
Docs : EMTN/€100x1k/English Law/Irish List/CoC
Use of Proceeds : GCP
Global Coordinator : CITI
Joint Books : BNPP / CITI (B&D ) / DB
Timing : Books open, today's business
Guidance: 7 year EUR swap trades at 1.07% yield, plus the guidance spread of 100bps,
equals an expected yield of 2.07%
Issuer: UnipolSai Assicurazioni S.p.A.
Issuer Financial Strength Rating: BBB (S&P), Baa2 (Moody’s)
Securities offered: Undated Subordinated Notes
Expected Instrument Ratings: [BB+] (S&P), [Ba2] (Moody’s)
Joint Lead Managers: J.P. Morgan, Mediobanca, UniCredit
Subordination: Subordinated to (a) unsecured and
unsubordinated obligations of the Issuer,
and (b) any dated subordinated
obligations of the Issuer and any other
Tier 2 obligations of the Issuer. Pari
passu with all other undated subordinated
and any other Tier 1 obligations of the
Issuer. Senior to all classes of share
capital of the Issuer
Amount: EUR Benchmark
IPT: High 5% area
Launch Date: 11-Jun-2014
Settlement Date: 18-Jun-2014
Scheduled Maturity: The notes are undated and have no
specified maturity date
First Call Date: 18-Jun-2024
Interest: Fixed until First Call Date, payable
annually in arrears. Thereafter floating
rate, 3mE + [XXX] (including 100bps
step-up), payable quarterly in arrears
Optional Interest Deferral: Yes, on a cash cumulative basis, subject
to no distribution and no
redemption/repurchase on Junior or Parity
Securities during the relevant look back
period. In the event of a partial
distribution on Junior or Parity
Securities during the relevant look back
period, coupons may be partially
deferred. In each case, save for any
mandatory distribution or redemption or
below par redemption or repurchase
Mandatory Interest Deferral: Yes, cumulative
Arrears of Interest: Arrears of Interest may be settled at anytime (subject to regulatory approval)
Optional Redemption: On the First Call
Early Redemption Events: Applicable following a Regulatory Event or a Tax Event
Modification / Exchange: Applicable following a Regulatory Event or a Tax Event
Loss Absorption by Suspension: Following a Solvency Margin Event payment
obligations of the Issuer relating to the
principal amount of the Notes will be
suspended to the extent necessary to
enable the Issuer to continue to carry on
its activities in accordance with
applicable regulatory requirements. The
payment obligations will be reinstated
(i) to the extent that the Solvency
Margin Event is no longer continuing,
(ii) upon a winding up of the Issuer or
(iii) in the event of early redemption
upon the occurrence of Optional
Redemption or of an Early Redemption Event.
Use of Proceeds: The proceeds from the issuance of the
Notes will be used by the Issuer to repay
amounts outstanding under existing hybrid
loan agreements
Minimum Denomination: €100,000 / €1,000
Documentation: EUR 3 billion EMTN Programme
Listing: Luxembourg Stock Exchange
Governing Law: English Law (except certain provisions,
including provision concerning the status
of the notes, shall be governed by Italian law)
Timing: Today's
FULL TERMS AND CONDITIONS AVAILABLE
Format: Fix to Floating with 100bps step-up, loss absorbtion is NOT a write-down but a Suspension --> Conservative
UNIPOL? 3rd largest bank in Italy with Revenue of €14.4bln, market cap of EUR 7.1bln. No 1 Insurer in the non-life market, 30% market share in car insurance.
Investment Portfolio of EUR 46.1bln, 93% in Bonds. Solvency I at 1.6x
Issuer Financial Strength Rating: BBB (S&P), Baa2 (Moody’s)
Securities offered: Undated Subordinated Notes
Expected Instrument Ratings: [BB+] (S&P), [Ba2] (Moody’s)
Joint Lead Managers: J.P. Morgan, Mediobanca, UniCredit
Subordination: Subordinated to (a) unsecured and
unsubordinated obligations of the Issuer,
and (b) any dated subordinated
obligations of the Issuer and any other
Tier 2 obligations of the Issuer. Pari
passu with all other undated subordinated
and any other Tier 1 obligations of the
Issuer. Senior to all classes of share
capital of the Issuer
Amount: EUR Benchmark
IPT: High 5% area
Launch Date: 11-Jun-2014
Settlement Date: 18-Jun-2014
Scheduled Maturity: The notes are undated and have no
specified maturity date
First Call Date: 18-Jun-2024
Interest: Fixed until First Call Date, payable
annually in arrears. Thereafter floating
rate, 3mE + [XXX] (including 100bps
step-up), payable quarterly in arrears
Optional Interest Deferral: Yes, on a cash cumulative basis, subject
to no distribution and no
redemption/repurchase on Junior or Parity
Securities during the relevant look back
period. In the event of a partial
distribution on Junior or Parity
Securities during the relevant look back
period, coupons may be partially
deferred. In each case, save for any
mandatory distribution or redemption or
below par redemption or repurchase
Mandatory Interest Deferral: Yes, cumulative
Arrears of Interest: Arrears of Interest may be settled at anytime (subject to regulatory approval)
Optional Redemption: On the First Call
Early Redemption Events: Applicable following a Regulatory Event or a Tax Event
Modification / Exchange: Applicable following a Regulatory Event or a Tax Event
Loss Absorption by Suspension: Following a Solvency Margin Event payment
obligations of the Issuer relating to the
principal amount of the Notes will be
suspended to the extent necessary to
enable the Issuer to continue to carry on
its activities in accordance with
applicable regulatory requirements. The
payment obligations will be reinstated
(i) to the extent that the Solvency
Margin Event is no longer continuing,
(ii) upon a winding up of the Issuer or
(iii) in the event of early redemption
upon the occurrence of Optional
Redemption or of an Early Redemption Event.
Use of Proceeds: The proceeds from the issuance of the
Notes will be used by the Issuer to repay
amounts outstanding under existing hybrid
loan agreements
Minimum Denomination: €100,000 / €1,000
Documentation: EUR 3 billion EMTN Programme
Listing: Luxembourg Stock Exchange
Governing Law: English Law (except certain provisions,
including provision concerning the status
of the notes, shall be governed by Italian law)
Timing: Today's
FULL TERMS AND CONDITIONS AVAILABLE
Format: Fix to Floating with 100bps step-up, loss absorbtion is NOT a write-down but a Suspension --> Conservative
UNIPOL? 3rd largest bank in Italy with Revenue of €14.4bln, market cap of EUR 7.1bln. No 1 Insurer in the non-life market, 30% market share in car insurance.
Investment Portfolio of EUR 46.1bln, 93% in Bonds. Solvency I at 1.6x
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Mastellone Hermanos S.A.
New issue alert
DEAL DETAILS
Issuer: Mastellone Hermanos S.A.
Guarantors: Compañía Puntana de Carnes Elaboradas S.A., Con-Ser S.A.,
Leitesol Industria e Comercio S.A., Mastellone San Luis S.A.,
and Promas S.A.
Exp. Ratings: CCC-/B- (S&P/Fitch)
Ranking: Senior unsecured
Format: 144A/Reg S
Size: $200mn (new issue + exchange)
Tenor: 7NC4
Coupon: 12.625%
Marketing: Preliminary OM, NetRoadshow (NetRoadshow | MAST2014)
UOP: Debt refinancing (including cash payments to be made under the
simultaneous tender and exchange offer). Working capital,
capital expenditures and/or servicing debt (and/or capital
contributions to subsidiaries or affiliates for the same
purposes). See preliminary OM.
CoC: 106.313%
Min Denoms: US$1 x US$1
Bookrunners: BofAML / DB
Exp. Timing: Books to close early as today, pricing early as Thursday
PRICE GUIDANCE
YTM 12 5/8% area
New issue alert
DEAL DETAILS
Issuer: Mastellone Hermanos S.A.
Guarantors: Compañía Puntana de Carnes Elaboradas S.A., Con-Ser S.A.,
Leitesol Industria e Comercio S.A., Mastellone San Luis S.A.,
and Promas S.A.
Exp. Ratings: CCC-/B- (S&P/Fitch)
Ranking: Senior unsecured
Format: 144A/Reg S
Size: $200mn (new issue + exchange)
Tenor: 7NC4
Coupon: 12.625%
Marketing: Preliminary OM, NetRoadshow (NetRoadshow | MAST2014)
UOP: Debt refinancing (including cash payments to be made under the
simultaneous tender and exchange offer). Working capital,
capital expenditures and/or servicing debt (and/or capital
contributions to subsidiaries or affiliates for the same
purposes). See preliminary OM.
CoC: 106.313%
Min Denoms: US$1 x US$1
Bookrunners: BofAML / DB
Exp. Timing: Books to close early as today, pricing early as Thursday
PRICE GUIDANCE
YTM 12 5/8% area
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