i prospetti sono scritti in modo da adeguarsi automaticamente alle nuove normative quindi :
Intesa XS0456541506 :
“Capital Deficiency Event” means:
(i) an event occurring when, as a result of losses incurred by the Issuer, on a consolidated or
non-consolidated basis, the total risk-based capital ratio (coefficiente patrimoniale complessivo)
of the Issuer, on a consolidated or non-consolidated basis as calculated in accordance with
applicable Italian banking laws and regulations, and either (A) reported in the Issuer’s
reporting to the Lead Regulator (currently Matrice dei Conti) or (B) determined by the Lead
Regulator and communicated to the Issuer,
falls below the then minimum requirements of
the Lead Regulator specified in the applicable regulations (being, as at 12 October 2009,
equal to five per cent. pursuant to the Bank of Italy’s Regulations);
Intesa ultimo XS0545782020:
“Capital Deficiency Event” means:
(i) an event occurring when, as a result of losses incurred by the Issuer, on a consolidated or
non-consolidated basis, the total risk-based capital ratio (coefficiente patrimoniale complessivo)
of the Issuer, on a consolidated or non-consolidated basis as calculated in accordance with
applicable Italian banking laws and regulations, and either (A) reported in the Issuer’s
reporting to the Lead Regulator (currently Matrice dei Conti) or (B) determined by the Lead
Regulator and communicated to the Issuer, in either case,
falls below the then minimum
requirements of the Lead Regulator specified in the Bank of Italy’s Regulations (being, as at 1
October 2010, equal to eight per cent.);
quindi per Intesa 506 il requisito sale all'8% che e' il nuovo requisito minimo previsto.
pagina 66 :
http://www.bancaditalia.it/vigilanza/banche/normativa/disposizioni/vigprud/circ_263_2006_V.pdf
1. Calcolo del requisito patrimoniale a fronte del rischio di credito
Le banche mantengono costantemente, quale requisito patrimoniale in relazione ai rischi di perdita per inadempimento dei debitori (rischio di credito),
un ammontare del patrimonio di vigilanza (1) pari ad almeno l’8 per cento delle
esposizioni ponderate per il rischio.
Le vecchie emissioni Intesa ed Unicredit hanno tutte loss absorption.
La differenza maggiore e' quella evidenziata prima : in caso di utilizzo della clausola di loss absorption i nuovi titoli non pagano cedole fino al completo reintegro del nominale.
I vecchi riprendono a pagare non appena l'emittente torna all'utile anche se il nominale non e' stato riportato a 100.
In definitiva si sono parzialmente assottigliate le differenze tra vecchie emissioni Intesa e l'ultima XS0545782020.
Sarebbe necessario rileggere con calma l'ultimo prospetto !!
La clausola che prevede un eventuale rimborso nel 2013 invece mi sembra di dubbia applicabilita'.
per l'Alchimista :
Negli ultimi mesi non ho seguito particolarmente ma rileggendo la clausola mi pare difficile che possa essere richiamata nel 2013 : se anche il titolo fosse phased out prima di arrivare al requisito richiesto per il richiamo (tra l'altro facoltativo) dovrebbero passare diversi anni.
Dimmi se sbaglio perche' su Basilea 3 ho una discreta confusione in testa al momento!!
6
Redemption at the option of the
Issuer
The Issuer may, at its option, redeem the Notes in whole, but not in
part, on the First Call Date and on any Reset Date thereafter at a
redemption price equal to their Original Principal Amount together
with any accrued interest and any Additional Amounts, as better
described in Condition 7.1 (Redemption at the option of the Issuer).
However, if a Principal Write Down Event has occurred, the Issuer
shall not be entitled to redeem the Notes until the obligations of the
Issuer relating to the principal of the Notes have been fully reinstated
to their Original Principal Amount.
In the Conditions, the “First Call Date” means 1 June 2021 but, if
Bank of Italy Regulations are amended at any time after the date of
this Prospectus so that instruments that constitute the Issuer’s Tier 1
Capital may be redeemed at the option of the Issuer after five years
from the relevant issue date, then the First Call Date will be 1 June
2016. See also “Risk Factors – Regulatory uncertainty concerning the First
Call Date”.
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 after 1 January 2013, following the occurrence of a
Capital Disqualification Event and within 120 days after the
occurrence of such event, at a redemption price equal to 102% of their
Original Principal Amount together with interest accrued (if any) up
to, but excluding, the Capital Disqualification Event Redemption
Date and any Additional Amounts, provided that, if (a) a Principal
Write Down Event has occurred before the relevant Capital
Disqualification Event, and (b) as a consequence of the Capital
Disqualification Event, the Notes qualify as patrimonio supplementare
(Tier 2 Capital) of the Issuer, the Issuer shall not be entitled to redeem
the Notes until the obligations of the Issuer relating to the principal of
the Notes have been fully reinstated to their Original Principal
Amount, as described in Conditions 7.2 (Redemption due to a Capital
Disqualification Event).
For the sake of clarity, Capital Disqualification Event means a
situation whereby (a) 75% or more of the principal amount of the
Notes would not be eligible to qualify as regulatory capital resources
for the Issuer for the purposes of its Tier 1 Capital save, where such
non-qualification is only as a result of any applicable regulatory
limitations on the amount of such capital (i.e., limitations on the
inclusion of non-core capital instruments as part of the Tier 1 Capital
of the Issuer) or (b) following a regulatory intervention, it is
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.
Pero' c'e' l'altra clausola che potrebbe cambiare le cose anticipando la prima call al 2016.
Tenete a mente che questo titolo se non viene richiamato avra' call solo alla reset date ovvero ogni 5 anni.
Regulatory uncertainty concerning the First Call Date
In June 2010, the Bank of Italy issued a public consultation paper (the “Consultation Paper”) in relation to
the implementation in the Italian regulatory framework of EU Directive 2009/111/EC (“CRD II”). The
Consultation Paper envisages the issue of Tier 1 Capital with early redemption at the option of the issuer
after five years from the relevant issue date (rather than after ten years, as currently provided for in the Bank
of Italy Regulations). The Bank of Italy is expected to implement the provisions of the Consultation Paper by
31 October 2010 with effect from no later than 31 December 2010. Pending implementation, although the
Issuer expects that the provisions allowing for redemption of Tier 1 securities after five years from the issue
date will be implemented, there is still significant uncertainty. With respect to the Notes, if the provisions
allowing redemption of the Notes after five years from the Issue Date are not implemented by the Bank of
Italy, the First Call Date (as defined in Condition 7.1 (Redemption at the option of the Issuer)) will remain 1 June
2021 whereas, if these provisions are implemented, the First Call Date will change to 1 June 2016 and the
Issuer, subject to prior approval of the Lead Regulator, will be entitled to redeem the Notes after five years
from the Issue Date.
