isp 506
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[FONT=BookAntiqua,Bold]sempre per chi ama conoscere bene la propria vittima prima di commettere il delitto...
con basilea3 la clausola di modifica del prospetto diventa plausibile
non ho trovato finora prospetti cattivi, o almeno mi sembra, però coglio confrontarmi e per esempio la isp506 ha questo capitoletto a pag 40
ora: chi stabilisce la parte in rosso se gli obbligazionisti non possono dire la loro?
dicono di non poter cambiare un bel po' di cose, ma secondo me c'è qualcosa che possono cambiare per renderla penalizzante che mi sfugge, per esempio i limiti di capitalizzazione (già specificato in altre clausole)? se fosse solo questo rimarrebbero altre clausole che comunque non la farebbero consoderare tier1...
cosa pensate al riguardo?
Modification following a Capital Disqualification Event or a Tax Event
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Where a Capital Disqualification Event or a Tax Event occurs and is continuing, the Issuer may,
without the consent of the Noteholders and without prejudice to its option to redeem under
Conditions 7.2 (
[FONT=BookAntiqua,Italic][FONT=BookAntiqua,Italic]Redemption and Purchase – Redemption due to a Capital Disqualification Event[/FONT][/FONT]) and 7.3
([FONT=BookAntiqua,Italic][FONT=BookAntiqua,Italic]Redemption and Purchase – Redemption for tax reasons[/FONT][/FONT]), modify the terms of the Notes by giving not less
than 30 but not more than 60 days’ notice to the Noteholders in accordance with Condition 15
([FONT=BookAntiqua,Italic][FONT=BookAntiqua,Italic]Notices[/FONT][/FONT]), to the extent that such modification is reasonably necessary to ensure that no Capital
Disqualification Event or Tax Event (as the case may be) would exist after such modification,
provided that following such modification:
13.3.1
the Notes, as so modified (the “[FONT=BookAntiqua,Bold][FONT=BookAntiqua,Bold]modified Notes[/FONT][/FONT]”), are held on terms and conditions which
are no more prejudicial to Noteholders than the terms and conditions applicable to the Notes
prior to such modification (the “[FONT=BookAntiqua,Bold][FONT=BookAntiqua,Bold]existing Notes[/FONT][/FONT]”), provided that any modification may be
made in accordance with paragraphs 13.3.2 to 13.3.4 below and any such modification shall
not constitute a breach of this paragraph 13.3.1; and
13.3.2
the person having the obligation of the Issuer under the Notes continues to be Intesa
Sanpaolo S.p.A.; and
13.3.3
the modified Notes rank at least equal to the existing Notes and feature the same tenor, the
same principal amount, at least the same interest rate (including applicable margins and
step-up) and the same interest payment dates and first call date as the existing Notes; and
13.3.4
the modified Notes continue to be listed on a regulated market of an internationally
recognised stock exchange as selected by the Issuer (provided that the existing Notes were
so listed prior to the occurrence of the Capital Disqualification Event or Tax Event (as the
case may be)),
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and provided further that:
13.3.5
the Issuer obtains approval of the proposed modification from the Lead Regulator (if such
approval is required) or gives prior written notice (if such notice is required to be given) to
the Lead Regulator and, following the expiry of all relevant statutory time limits, the Lead
Regulator is no longer entitled to object or impose changes to the proposed modification;
13.3.6
the modification does not give rise to a change in any published credit rating of the existing
Notes in effect at such time;
13.3.7
the modification does not give rise to any right on the part of the Issuer to exercise any
option to redeem the Notes prior to their stated maturity, without prejudice to the
provisions under Condition 7.1 ([FONT=BookAntiqua,Italic][FONT=BookAntiqua,Italic]Redemption and Purchase - Redemption at the Option of the
Issuer[/FONT][/FONT]); and
13.3.8
the Issuer has delivered to the Fiscal Agent a certificate, substantially in the form shown in
the Agency Agreement, signed by two of the Issuer’s executive officers stating that
Conditions 13.3.1 to 13.3.7 above have been complied with, such certificate to be made
available for inspection by Noteholders.
In connection with any modification as indicated in this Condition 13.3, the Issuer shall comply with
the rules of any competent authority, stock exchange and/or quotation system by which the Notes
are then admitted to listing trading and/or quotation.