perpetue sopra 100
attenzione a comprare sopra 100
come accennato nel report ubs, in molte emissioni l'emittente potrebbe richiamare prima della call nel caso in cui lo strumento non venga più considerato tierI
in qualunque momento e non con un'opa a cui si potrebbe rinunciare!
prima di comprare sopra 100 è bene andare a vedersi il prospetto
per esempio nella isp 506:
Redemption due to a Capital
Disqualification Event:
The Issuer may, at its option, redeem the Notes in whole, but not in
part, at any time before the Reset Date (ndr = call) following the occurrence of a Capital Disqualification Event (each, as defined herein) at a redemption price equal to the greater of (i) their principal amount
and (ii) the Make Whole Amount (ndr nel prospetto è definito,chi vuole può approondire, comunque rimborsano a minimo 100), in each case together with any accrued interest and any Additional Amounts, as described in
Condition 7.2 (Redemption due to a Capital Disqualification Event).
dove:
“Capital Disqualification Event” means a situation whereby (a) the Notes would not be eligible to qualify (save, where such non-qualification is only as a result of any applicable limitation on the amount of such capital) as regulatory capital resources for the Issuer for the purposes of its Tier 1 Capital; and (b) the Lead Regulator has confirmed to the Issuer that the Notes would not be eligible to qualify as regulatory capital resources for the Issuer for the purposes of its Tier 1 Capital;
in tal caso rimane solo una piccola speranza, l'emittente tenta vi cambiare il prospetto per farlo rientrare come tier1, ma non vedo come possa farcela senza penalizzare il bonholder:
Variation of the terms and
conditions of the Notes
The Issuer may in certain circumstances modify the Conditions
without any requirement for the consent of Noteholders to the extent
that such modification is reasonably necessary to ensure that no
Capital Disqualification Event or Tax Event would exist after such
modification, provided that following such modification the terms
and conditions of the Notes are no more prejudicial to Noteholders
than the terms and conditions of the Notes prior to such modification, as described in Condition 13.3 (Modification following a Capital
Disqualification Event or a Tax Event).
ocio
ps: attenzione è l'unico prospetto (che ho letto) dove tale clausola viene chiamata "Capital Disqualification Event", quindi va cercata anche con altri nomi