Stato
Chiusa ad ulteriori risposte.

Rottweiler

Forumer storico
Chiarimento bond 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.

questa é da vedere.

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

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 :D 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.

La terminologia usata da SNS Reaal a proposito del bond emesso dalla sua divisione assicurativa lasciava perplessi per la terminologia usata: si poteva pensare ad una emissione Solvency II compliant, mentre dalla lettura del prospetto non vi era evidenza di questa cosa.
Così ho scritto all'IR di SNS.
Risposta:il bond è un classico LT2 e si scusano per il wording usato:

Questa la mia mail:
Dear xxx:

I am a private investor who is used to invest in subordinated bonds.

The reason for my mail is to understand why your press release dated april 8th, 2011, announcing that SR LEV placed € 400 million notes, referred to these instruments as "T2", and not as "LT2". I know that on october 19th, 2010, when SNS Bank placed € 500 million bonds, they were announced as "LT2".
I understand that both on the banking and in the insurance fields regulatory changes are foreseen. To my knowledge, the new rules are not yet entirely defined. Therefore, it seems to me that the term "LT2" is absolutely correct, reference being made to the existing rules. On the contrary, the use of "T2" seems to imply that those notes will be Solvency II compliant. This would be definitely surprising, considering that: a)the new rules are not yet in place; b) the EIOPA documents seem to indicate Solvency II will maintain the sub-Tier 2 categories.

There is certainly something I miss: I would really appreciate your clarification before deciding on a possible investment.

Many thanks in advance.


Questa la risposta:

Dear mister YYY,

You are absolutely right. The press release contains a typo and should have read LT2 instead of T2.

Sorry for any inconvenience caused.


Best regards,


Victor Zijlema

SNS REAAL
Investor Relations
T +31 (0)30 291 4247
M +31 (0)6 2391 7718
 
Ultima modifica:

bulogna

Forumer storico
Questa la risposta:

Dear mister YYY,

You are absolutely right. The press release contains a typo and should have read LT2 instead of T2.

Sorry for any inconvenience caused.


Best regards,


Victor Zijlema

SNS REAAL
Investor Relations
T +31 (0)30 291 4247
M +31 (0)6 2391 7718


Mitico Rott :up:

Il bond mi sembra che lo tradino anche con lotto da 50k o mi sbaglio?
 
Ultima modifica:
Stato
Chiusa ad ulteriori risposte.

Users who are viewing this thread

Alto