Ciao,
la Bank of Ireland in realta' prevede si' la conversione ma in Upper Tier 2 !
1.3 Redemption risk
Upon the occurrence of certain specified tax and regulatory events, the Preferred Securities may, at the option
of the Issuer, either (i) be exchanged for, or their terms varied so that they become,
Upper Tier 2 Securities or
(ii) be redeemed at, as applicable, their principal amount or the Redemption Price, in each case together with
any Outstanding Payments, subject as provided in "Terms and Conditions of the Preferred Securities —
8. Exchange, Variation or Redemption — (c) Exchange, Variation or Redemption due to Taxation and —
(d) Exchange, Variation or Redemption for Regulatory Purposes".
Inoltre anche qui in caso di liquidazione si ritrova una distinzione tra classi di preferred shares simile a quella espressa nel prospetto ING :
1.4.2 In the event of a winding-up of the Bank, the claims of the holders of the Preferred Securities under the Guarantee will rank for payment:
pari passu with the holders of that class or classes of preference stock (if any) from time to time issued by the Guarantor
which have a preferential right to a return of assets in a winding-up of the Guarantor and thus rank for payment
ahead of the holders of other classes of issued stock in the
capital of the Guarantor (but excluding any notional class of preference stock in the capital of the Guarantor as described in sub-paragraph (c) above).
Quindi si deve suppore che preferred o preference share nasconda in realta' un po' di tutto , dall' ibrido simil-bond alla preference share intesa come vera e propria azione privilegiata , che ne dite ?
Potremmo stabilire un criterio secondo cui se dal prospetto si intuisce che la preferred share e' senior rispetto a tutte le altri classi di preferred share sara' trattata in linea di massima come un bond?