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

[Andre_Sant]

a quanto ho capito:
- unicredit ha emesso una nuova perpetua 2020, che rende 651,5 punti base sopra il tasso di riferimento irs10 anni (che è 2,86%) per una resa su base annua di 9,375%

- unicredit ha già sul mercato una perpetua 2019 Unicredit Intl Bank (WKN A1AQM0, ISIN XS0470937243) - Profil - Aktien, Aktienkurse - ARIVA.DE
che rende a 97 l'8,425% ossia 567,5 punti base

- il nuovo bond rende 84 punti base piu' del precedente..
ma ne vale davvero la pena?


Secondo me NO, ed è una bella fregatura, perchè a quanto ho capito:
- se passa basilea3 loro non pagheranno piu cedole automaticamente se non pagano dividendo (=perdita secca del 9,375% quell'anno)

- se passa basilea3 e hanno problemi possono tagliare il nominale del 6%

Tutto questo per prendersi 84 punti base in piu rispetto a una emissione standard (con ottimo post call anch'essa)

detto questo ne vale la pena?
secondo me no, e penso che gli investitori che hanno comprato il bond oggi poco abbiano compreso i rischi a cui vanno incontro (o forse ho capito male io, il chè è possibile), secondo me la cedola che dovevano chiedere era molto superiore

ciao
Andrea

 

[russiabond]

Azzeccato, E+749, BBG ha appena aggiornato

Bravo Mais... sei meglio di BBG

 

[Mais78]

Vabbè, aspettiamo il prospetto

Buona lettura

 

[Zorba]

Buona lettura

Grazie Mais. L'issuer è UC SpA, non il solito SPV estero...

 

[solenoide]

Sospensione facoltativa nuovo Tier1 Unicredit 07/2010

Sospensione facoltativa nuovo Tier1

Optional suspension of interest: The Issuer may elect, by giving notice to the Noteholders
pursuant to Condition 16 (Notices), not to pay all of the interest
or to make a partial payment of the interest accrued to an
Interest Payment Date if (a) the Issuer does not have
General Overview
7
Distributable Profits; (b) since the Issuer’s annual shareholders’
meeting in respect of the financial statements for the financial
year immediately preceding the year in which such Interest
Payment Date falls, the Issuer has not declared or paid
dividends on any Junior Securities; or (c) based on the
assessment of the financial and solvency situation of the Issuer,
the Issuer determines, in its sole discretion, that such payment
must not be made.
Distributable Profits means net profits of the Issuer that are
stated as being available for the payment of a dividend or the
making of a distribution on any share capital of the Issuer,
according to the non-consolidated audited annual accounts of
the Issuer relating to the financial year immediately preceding
the financial year in which the relevant Interest Payment Date
falls or, where such accounts are not available, the last set of
non-consolidated audited annual accounts approved by the
Issuer.

Tier 1 emesso dicembre 2009

Optional suspension of interest:
The Issuer may elect, by giving notice to the Noteholders
pursuant to Condition 17 (Notices), not to pay all of the
interest or to make a partial payment of the interest accrued
to an Interest Payment Date if (a) the Guarantor does not
have Distributable Profits; and/or (b) since the Guarantor’s
annual shareholders’ meeting in respect of the financial
statements for the financial year immediately preceding the
year in which such Interest Payment Date falls, the
Guarantor has not declared or paid dividends on any Junior
Securities.
Distributable Profits means net profits of the Guarantor
that are stated as being available for the payment of a
dividend or the making of a distribution on any share capital
of the Guarantor, according to the non-consolidated annual
accounts of the Guarantor relating to the financial year
immediately preceding the financial year in which the
relevant Interest Payment Date falls or, where such
accounts are not available, the last set of annual nonconsolidated
accounts approved by the Guarantor.

a me sembrano perfettamente identiche , ricordo ancora che Unicredit per statuto(che puo' chiaramente cambiare in futuro) se ha un utile deve distribuire alle risparmio quindi non vedo motivo di allarmarsi

Articolo 32
1. L'utile netto risultante dal bilancio è destinato come segue:
a) alla riserva una quota non inferiore al 10%; allorché la riserva risulti di ammontare
pari al massimo previsto dalle disposizioni di legge, l'utile viene
prioritariamente assegnato alle azioni di risparmio nella misura di cui al successivo
punto b);
b) alle azioni di risparmio è assegnato un importo fino alla concorrenza del cinque
per cento del loro valore nominale; quando in un esercizio sia stato assegnato alle
azioni di risparmio un dividendo inferiore al cinque per cento del loro valore nominale,
la differenza è computata in aumento del dividendo privilegiato nei due esercizi
successivi; gli utili che residuano dopo l'assegnazione alle azioni di risparmio del
dividendo di cui sopra, sono ripartiti fra tutte le azioni in modo che alle azioni di
risparmio spetti un dividendo complessivo maggiorato, rispetto a quello delle azioni
ordinarie, in misura pari al tre per cento del valore nominale dell'azione;
c) fermo restando quanto sopra stabilito in ordine al dividendo complessivo maggiorato
spettante alle azioni di risparmio, alle azioni ordinarie è attribuito un importo
fino alla concorrenza del cinque per cento del loro valore nominale;
d) l'utile che residua e del quale l'Assemblea deliberi la distribuzione è ripartito fra
tutte le azioni in aggiunta alle assegnazioni di cui alle precedenti lettere b) e c);
e) sulla destinazione dell'utile non distribuito delibera l'Assemblea su proposta del
Consiglio di Amministrazione.

 

[Zorba]

La loss abs questa volta è vera e cattiva...

Based on the assessment of the financial and solvency
situation of the Issuer, the Issuer may determine or the Lead
Regulator may require, in each case in its sole discretion, that
the principal amount of the Notes needs to be written down. If,
as a result of losses incurred by the Issuer on a consolidated or
non-consolidated basis, the total Risk-based Capital Ratio of
the Issuer, on a consolidated or non-consolidated basis falls
below the higher of 6 per cent. or the then minimum
requirements of the Lead Regulator specified in Bank of Italy
Regulations and the Supervisory Guidelines of the Bank of
Italy, the principal amount of the Notes will be written down
(each such event, a​

​

​

​

Write Down Event).
Any write-down of the principal amount of the Notes shall be
made pari passu and pro rata with the Issuer’s nonconsolidated
Tier 1 Capital (patrimonio di base) (as determined
in accordance with the Bank of Italy Regulations and the
Supervisory Guidelines of the Bank of Italy) but excluding any
innovative or non-innovative capital instruments treated as own
funds (Core Tier 1 Capital).
Any write-down of the principal amount of the Notes will only be
made to the extent necessary to enable the Issuer to continue
to carry on its activities in accordance with applicable regulatory
requirements. The Issuer will notify the Noteholders in
accordance with Condition 16 (Notices) within five business
days following a write-down.
In the event that other securities which would be subject to such
write-down are outstanding, such write-downs will be applied on
a pro rata basis among the Notes and such other securities.
From the date of any Write Down Event, and as long as a Write
Down Event is continuing, the Issuer will be prohibited from
paying interest on any Interest Payment Date in the event that
on such Interest Payment Date the principal amount of the
Notes has not been written up in whole pursuant to Condition 6
(Loss absorption) provided that if a Regulatory Event has
occurred and is continuing on an Interest Payment Date, the
Issuer will be required to pay interest on such date and the
interest shall accrue on the initial nominal amount of the Notes.​

 

[solenoide]

Sospensione obbligatoria Tier Unicredit 07/2010

Nuovo Tier 1
Mandatory suspension of interest:
The Issuer will be prohibited from (A) paying all (or part only) of
the interest accrued to an Interest Payment Date if and to the
extent that a Capital Deficiency Event would occur if the Issuer
made the payment of interest on such Interest Payment Date;
or (B) paying the interest accrued to an Interest Payment Date
(a) if a Capital Deficiency Event has occurred and is continuing
on such Interest Payment Date; (b) if the Issuer is prohibited
under applicable Italian legislation or regulation from declaring
a dividend or making a distribution on all classes of its share
capital, other than in the case of a Capital Deficiency Event; or
(c) if the Lead Regulator, in its sole discretion, based on its
assessment of the financial and solvency situation of the Issuer,
requires the Issuer to cancel the payment, subject, in relation to
(a) or (b) above, to Condition 5.3 (Interest suspension –
Mandatory payment of interest).
In addition, the Issuer will be prohibited from paying interest on
an Interest Payment Date in the event that the principal amount
of the Notes has been written down and has not, as at such
date, been written up in whole pursuant to Condition 6 (Loss
absorption).

Tier 1 emesso dicembre 2009

The Issuer will be prohibited from (A) paying all (or part
only) of the interest accrued to an Interest Payment Date if
and to the extent that a Capital Deficiency Event would
occur if the Issuer (or the Guarantor in putting the Issuer in
funds or in making a payment under the Guarantee, in each
case in respect of such interest) made the payment of
interest on such Interest Payment Date; or (B) paying the
interest accrued to an Interest Payment Date if (a) if a
Capital Deficiency Event has occurred and is continuing on
such Interest Payment Date; or (b) if the Guarantor is
prohibited under applicable Italian legislation or regulation
from declaring a dividend or making a distribution on all
classes of its share capital, other than in the case of a
Capital Deficiency Event, except that in each case where
Condition 6.3 (Interest suspension – Mandatory payment of
interest) applies, the Issuer shall be required to pay interest
notwithstanding Condition 6.2 (Interest suspension –
Mandatory suspension of interest).

Qui invece vedo deciso un peggioramento in caso di utilizzo della clausola di loss absorption.

 

[Mais78]

Ma secondo voi, avendo emesso questa ci sono maggiori o minori possibilità che richiamino quella con codice isin USU90400AA73 con call a novembre di quest'anno , che ha una cedola attuale superiore all' 8% e una post call euribor3mesi+3.25 o le 2 cose non sono dipendenti?

Ritira una cosa che paga il 4% scarso...a buon intenditor..

Le opzioni regalate non si possono rifiutare.

 

[solenoide]

Loss absorption Unicredit dicembre 2009

Unicredit Tier 1 emesso dicembre 2009
Come ha gia' scritto Zorba la clausola del nuovo Tier 1 e' molto piu' incisiva sia rispetto al capitale che al pagamento delle cedole.
Nel vecchio e' la classica clausola presente in molti altri perpetual italiani

Loss absorption: To the extent that the Guarantor at any time suffers losses
(also considering profits and losses relating to previous
financial years) which would result in a Capital Deficiency
Event, the obligations of the Issuer relating to the principal
amount of the Notes will be suspended to the extent
necessary to enable the Guarantor to continue to carry on
its activities in accordance with applicable regulatory
requirements.
In any such case, but always subject to the provisions set
out in Condition 6.2 (Interest suspension – Mandatory
suspension of interest), interest will continue to accrue on
the nominal amount of the Notes

 

[Mais78]

Ritira una cosa che paga il 4% scarso...a buon intenditor..

Le opzioni regalate non si possono rifiutare.

Altro indizio: HVB e' andata da 80 a 92 in 3 giorni...se due indizi fanno una prova...