Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1

[Rottweiler]

Nuova emissione SNS Reaal

Dal sito di SNS Reaal prelevo l'annuncio sotto riportato. Sarà interessante leggere il prospetto. La terminologia usata (T2, invece di LT2) lascia pensare che siano bonds in linea con Basilea 3. Il tasso pagato da SNS Reaal continua a distinguersi per l'elevato spread.


SR LEV PLACES € 400 MILLION OF 30 YEAR TIER 2 NOTES

Friday, April 8, 2011
On 8 April 2011, SR LEV N.V. announced that it had placed € 400 million of Tier 2 notes, due 15 April 2041. The notes were issued at a price of 100 per cent and will carry a fixed coupon of 9.00 per cent per annum until the first call date (15 April 2021) and then 12mEuribor plus 616.5 basis points per annum. The spread for the Tier 2 notes was 525 basis points over mid-swaps. The notes are structured as a fixed to floating rate subordinated Notes.

The Tier 2 notes, with an expected Baa2 rating by Moody's and an expected BBB rating by S&P, will be listed at Euronext Amsterdam.

The transaction is part of the general capital management of SR LEV, taking into account future redemptions.

Lead managers were Citi, Morgan Stanley, SNS Securities and UBS Investment Bank.

 

[Rottweiler]

Su Bawag

Anche oggi la Bawag 897 scambiata con alti volumi sui siti tedeschi.

 

[Rottweiler]

CNP Assurances

Anche l'assicurativo francese si sta muovendo con nuove emissioni T2, annunciate il 6 aprile:

(Boursier.com) -- CNP Assurances annonce avoir placé deux tranches de dette obligataire subordonnée dont les caractéristiques sont les suivantes :

- 700 millions libellés en euros à taux fixe puis variable à échéance 2041, portant intérêt au taux fixe de 6,875% du 7 avril 2011 jusqu'au 30 septembre 2021 et à un taux variable intégrant un supplément d'intérêt (step up) de 100 points de base postérieurement au 30 septembre 2021, placés auprès d'investisseurs institutionnels de la zone euro. L'écart au-dessus du swap est de 340 points de base.

- 300 millions libellés en livres sterling à taux fixe puis variable à échéance 2041, portant intérêt au taux fixe de 7,375% du 7 avril 2011 jusqu'au 30 septembre 2021 et à un taux variable intégrant un supplément d'intérêt (step up) de 100 points de base postérieurement au 30 septembre 2021, placés auprès d'investisseurs institutionnels de la zone sterling. L'écart au-dessus du Gilt est de 375 points de base. La tranche en livres sterling constitue la première émission obligataire de CNP Assurances libellée en devises. Les obligations ont été notées A par Standard & Poor's, conformément à la méthodologie relative aux titres subordonnés. Le règlement des obligations est prévu le 7 avril 2011.

Les obligations ont été structurées de façon à être considérées comme du capital tant sur un plan réglementaire que pour l'agence de notation, dans la limite autorisée. Elles ont pour objectif de répondre aux dernières indications relatives à Solvabilité 2 dans le cadre du traitement en capital "Tier 2".

"Le succès remporté par ces emprunts confirme l'intérêt et la confiance des investisseurs institutionnels pour la signature CNP Assurances" conclut le groupe.



aggiungo queste tabelline con altre informazioni:


CNP Assurances FRN £ 2041
Montant de l’opération: 300 millions de livres
Prix de souscription: 99,298%
Nominal: 100 000 de livres
Taux d’intérêt: fixe de 7,375% jusqu’au 30/9/21 puis variable sur la base du taux Sterling Libor à 12 mois plus une marge de 448,2 points de base.
Coupon: annuel, payable le 30 septembre
Amortissement: au pair, le 30/9/41
Call émetteur: remboursement anticipé au gré de l’émetteur à partir du 30/9/21 et à chaque date de paiement du coupon
Code: FR0011034065
Libellé: CNPGBPFRN30SET41
Mnémonique: CNPED


CNP Assurances FRN 2041
Montant de l’opération: 700 millions d’euros
Prix de souscription: 98,532%
Nominal: 100 000 euros
Taux d’intérêt: fixe de 6,875% jusqu’au 30/9/21 puis variable sur la base du taux Euribor à 12 mois plus une marge de 340 points de base (3,4%) et 100 pb.
Coupon: annuel, payable le 30 septembre
Amortissement: au pair, le 30/9/41
Call émetteur: remboursement anticipé au gré de l’émetteur à partir du 30/9/21 et à chaque date de paiement du coupon
Code: FR0011033851
Libellé: CNPFRN30SEP2041
Mnémonique: CNPAC

 

[amorgos34]

ah si chiama così? quando mi ha chiamato ho chiesto di passarmi Torelli. Mi spiace ma lascio ad altri il compito di svezzarla.

E' ok la Lucia .


. Oggi a mezzodì ho parlato anche con l'altra...è molto gentile.

Sapendo le quotazioni di BBG sono tranquillo anche con loro.

 

[Zorba]

aib

il governo irlandese ha convertito le sue azioni non-voting (sottoscritte a dicembre 2010 a 0.33) alla pari con azioni ordinarie. considerato che l'azione ordinaria quota 0.29, il governo ci sta smenando solo un 10%.
ma voglio proprio vederli che fanno opa coercitive a 20 o 30, mentre loro si prendono il controllo della seconda banca del paese (quotata). Sarebbe un'azione degna della Russia stalinista...

Questa mossa mi piace


 
Investor News

AIB - conversion of convertible non-voting shares

8th April 2011 17:40


Allied Irish Banks, p.l.c. (“AIB”) [NYSE:AIB] announces that following its announcement of 1st April 2011 confirming completion of the disposal of AIB’s 70.36% stake in Bank Zachodni WBK S.A. ("BZWBK") to Banco Santander S.A. and the sale of its 50% stake in BZ WBK AIB Asset Management S.A, AIB has received a conversion notice from the National Pensions Reserve Fund Commission (“NPRFC”) requiring AIB to convert into ordinary shares the 10,489,899,564 convertible non-voting shares (“CNV shares”) issued to the NPRFC in connection with the December 2010 €3.7 billion (net of expenses) investment by the NPRFC in AIB. 

As announced on 23 December 2010, the CNV shares were issued to facilitate the disposal of AIB’s interests in BZWBK and the conversion of the CNV shares into ordinary shares on a one-for-one basis will result in the NPRFC increasing its shareholding of ordinary shares from 49.9% to 92.8% of the ordinary shares of AIB, representing 11,366,120,185 ordinary shares.   Following the conversion, AIB will have a total number of 12,245,852,712 ordinary shares in issue.

AIB has today applied to the Irish Stock Exchange (“ISE”) to list the new ordinary shares on the Enterprise Securities Market (“ESM”) of the ISE and to admit those new ordinary shares to trading on the ESM.  It is expected that such admission will occur at 8.00 a.m. on 13th  April 2011.

For further information, please contact:

Alan Kelly
General Manager, Group Services
AIB Group
Bankcentre
Ballsbridge
Dublin 4
Tel: +353-1-6600311 Ext 12162

or

Catherine Burke
Head of Group Corporate Relations
AIB Group
Bankcentre
Ballsbridge
Dublin 4
Tel: +353-1-6600311 Ext 13894



AIB is a registered business name of Allied Irish Banks, p.l.c. Registered Office: Bankcentre, Ballsbridge, Dublin 4. Registered in Ireland: Registered No. 24173. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.

IMPORTANT: Before entering this site please take time to read our Terms and Conditions and Privacy Statement. By proceeding further you are deemed to have read and accepted our Terms and Conditions and Privacy Statement.

We recommend that you use Microsoft Internet Explorer 6+ or Netscape 7+ to view this site.

 

[AAAA47]

Si 50 (e multipli). La Groupama 414 è la bella corna:) addormentata nel bosco delle p.

grazie!
praticamente e' come la BPVN (cedola simile, call 2017 e postcall quasi identico)
pero' perche' mais dice di prendere l'altra che ha cedola piu' bassa? o ho capito male?

la ING 127 sull'euronext oggi ha chiuso a 74
ma dove vuole arrivare?
se arriva a 75 mi vendo le ultime e switcho su BACA

 

[amorgos34]

pero' perche' mais dice di prendere l'altra che ha cedola piu' bassa? o ho capito male?

Perchè è cumulativa.

 

[bosmeld]

il governo irlandese ha convertito le sue azioni non-voting (sottoscritte a dicembre 2010 a 0.33) alla pari con azioni ordinarie. Considerato che l'azione ordinaria quota 0.29, il governo ci sta smenando solo un 10%.
Ma voglio proprio vederli che fanno opa coercitive a 20 o 30, mentre loro si prendono il controllo della seconda banca del paese (quotata). Sarebbe un'azione degna della russia stalinista...

Questa mossa mi piace



Investor news

aib - conversion of convertible non-voting shares

8th april 2011 17:40


allied irish banks, p.l.c. (“aib”) [nyse:aib] announces that following its announcement of 1st april 2011 confirming completion of the disposal of aib’s 70.36% stake in bank zachodni wbk s.a. ("bzwbk") to banco santander s.a. And the sale of its 50% stake in bz wbk aib asset management s.a, aib has received a conversion notice from the national pensions reserve fund commission (“nprfc”) requiring aib to convert into ordinary shares the 10,489,899,564 convertible non-voting shares (“cnv shares”) issued to the nprfc in connection with the december 2010 €3.7 billion (net of expenses) investment by the nprfc in aib.

As announced on 23 december 2010, the cnv shares were issued to facilitate the disposal of aib’s interests in bzwbk and the conversion of the cnv shares into ordinary shares on a one-for-one basis will result in the nprfc increasing its shareholding of ordinary shares from 49.9% to 92.8% of the ordinary shares of aib, representing 11,366,120,185 ordinary shares. Following the conversion, aib will have a total number of 12,245,852,712 ordinary shares in issue.

Aib has today applied to the irish stock exchange (“ise”) to list the new ordinary shares on the enterprise securities market (“esm”) of the ise and to admit those new ordinary shares to trading on the esm. It is expected that such admission will occur at 8.00 a.m. On 13th april 2011.

For further information, please contact:

Alan kelly
general manager, group services
aib group
bankcentre
ballsbridge
dublin 4
tel: +353-1-6600311 begin_of_the_skype_highlighting +353-1-6600311 end_of_the_skype_highlighting ext 12162

or

catherine burke
head of group corporate relations
aib group
bankcentre
ballsbridge
dublin 4
tel: +353-1-6600311 begin_of_the_skype_highlighting +353-1-6600311 end_of_the_skype_highlighting ext 13894



aib is a registered business name of allied irish banks, p.l.c. Registered office: Bankcentre, ballsbridge, dublin 4. Registered in ireland: Registered no. 24173. Allied irish banks, p.l.c. Is regulated by the central bank of ireland.

Important: Before entering this site please take time to read our terms and conditions and privacy statement. By proceeding further you are deemed to have read and accepted our terms and conditions and privacy statement.

We recommend that you use microsoft internet explorer 6+ or netscape 7+ to view this site.

molto molto molto molto bene

 

[bosmeld]

Dal sito di SNS Reaal prelevo l'annuncio sotto riportato. Sarà interessante leggere il prospetto. La terminologia usata (T2, invece di LT2) lascia pensare che siano bonds in linea con Basilea 3. Il tasso pagato da SNS Reaal continua a distinguersi per l'elevato spread.


SR LEV PLACES € 400 MILLION OF 30 YEAR TIER 2 NOTES

Friday, April 8, 2011
On 8 April 2011, SR LEV N.V. announced that it had placed € 400 million of Tier 2 notes, due 15 April 2041. The notes were issued at a price of 100 per cent and will carry a fixed coupon of 9.00 per cent per annum until the first call date (15 April 2021) and then 12mEuribor plus 616.5 basis points per annum. The spread for the Tier 2 notes was 525 basis points over mid-swaps. The notes are structured as a fixed to floating rate subordinated Notes.

The Tier 2 notes, with an expected Baa2 rating by Moody's and an expected BBB rating by S&P, will be listed at Euronext Amsterdam.

The transaction is part of the general capital management of SR LEV, taking into account future redemptions.

Lead managers were Citi, Morgan Stanley, SNS Securities and UBS Investment Bank.

questa é da vedere.

se fosse una normale lt2 senza possibilitá di skip cedola, sarebbe da comprare.

 

[amorgos34]

Dal sito di SNS Reaal prelevo l'annuncio sotto riportato. Sarà interessante leggere il prospetto. La terminologia usata (T2, invece di LT2) lascia pensare che siano bonds in linea con Basilea 3. Il tasso pagato da SNS Reaal continua a distinguersi per l'elevato spread.


SR LEV PLACES € 400 MILLION OF 30 YEAR TIER 2 NOTES

Friday, April 8, 2011
On 8 April 2011, SR LEV N.V. announced that it had placed € 400 million of Tier 2 notes, due 15 April 2041. The notes were issued at a price of 100 per cent and will carry a fixed coupon of 9.00 per cent per annum until the first call date (15 April 2021) and then 12mEuribor plus 616.5 basis points per annum. The spread for the Tier 2 notes was 525 basis points over mid-swaps. The notes are structured as a fixed to floating rate subordinated Notes.

The Tier 2 notes, with an expected Baa2 rating by Moody's and an expected BBB rating by S&P, will be listed at Euronext Amsterdam.

The transaction is part of the general capital management of SR LEV, taking into account future redemptions.

Lead managers were Citi, Morgan Stanley, SNS Securities and UBS Investment Bank.

Grazie Rott per la puntualità con cui posti queste news.

Devo però dire che sono incredulo dal tasso con cui esce.

Il 9 % rispetto alle emissioni SNS attuali (e ai loro prezzi attuali) è un non-sense tasso Perchè uno dovrebbe entrarci ?

Pensando poi che sarà B3 compliant (con tutte le clausole peggiorative).




Ci sono i certificati bonus cap (che assomigliano molto ai coco bond, provate a pensarci) che (almeno fino a settimana scorsa) rendono incommensurabilmente di più.