Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2

[DinoP]

su sito tedesco sembra ci sia bawag lettera 71 sopra opa.
qualcuno vede se è vero? se reale?
oggi vorrei decideere se accettare....

io penso di dare in opa la 966, pur in discreto loss, e tenere la 897

anch'io ho la 987 e me la tengo
ciao

 

[dierre]

Botta e risposta con l'IR:

LT1 & LT2 instruments are not affected by the capital reduction.

Restoration of nominal value on XS0359924643 is possible, however, I can not give you an indication on the likelyhood of it at the moment.

La 643 viene tagliata, le altre LT1 (la 288 sostanzialmente) e le LT2 che alcuni hanno acquistato di recente (che perciò ho menzionato all'IR nella mia domanda) invece non subiscono alcuna conseguenza. Non avendo postato anche la domanda in effetti non si capiva.

Di quanto vine tagliata? del 70% oppure ho capito male?

PS

Mi spiegate una cosa gentilmente: ma in concreto cosa cambia (in questo caso specifico) con la loss, visto che la 643 già non pagava cedola?

 

[discipline]

Di quanto vine tagliata? del 70% oppure ho capito male?

PS

Mi spiegate una cosa gentilmente: ma in concreto cosa cambia (in questo caso specifico) con la loss, visto che la 643 già non pagava cedola?

Che fino all'eventuale ripristino del nominale originario (vedi mail da parte dell'IR che ho postato) eventuali futuri coupon saranno calcolati su base 30 invece che 100, così come eventualmente il rimborso.

 

[bia06]

1/20 per riportarsi al 60% di rapporto debito/pil

......
quindi assumendo 119% come consuntivo 2011 (si saprà in marzo) meno della metà di quanto scrivi.
Ciao

Sono del tuo stesso parere ma, rischiamo di essere voci nel deserto. Basta
pensare che in base all'impegno di Monti a ridurre di 1/20° annuo il ns. debito pubblico, pari a 1900 Mld €, bisognerà trovare 95 Mld annui in aggiunta al costo degli interessi di pari importo. Le conseguenze, anche
facendo i conti della serva, sono da brivido.

 

[fabriziof]

anche RBS lancia tender offer su LT2

hai dettagli?

 

[solovaloreaggiunto]

The Existing Notes (which comprise lower tier 2 capital of the Issuer) and the
main commercial terms of the Exchange Offer may be summarised as follows:

First Call
Current Minimum Date/Reset Reset Maturity Exchange
ISIN Issuer Currency Coupon Amount Outstanding Denomination Date Coupon Date Price New Notes
XS0180946906 The EUR 3 month €500,000,000 €1,000 28 January N/A - 28 86.00 Euro New
Royal EURIBOR +85 2011 Reset January Notes
Bank of bps Date 2016
Scotland already
plc occurred
XS0259579547 The EUR 3 month €500,000,000 €50,000 30 January N/A - 30 82.50 Euro New
Royal EURIBOR +75 2012 Reset January Notes
Bank of bps Date 2017
Scotland already
plc occurred
XS0223318501 The USD 3 month U.S.$750,000,000 U.S.$100,000 29 N/A - 29 86.00 U.S.
Royal U.S.$ LIBOR September Reset September Dollar New
Bank of +74 bps 2010 Date 2015 Notes
Scotland already
plc occurred
XS0250214797 The USD 3 month U.S.$1,500,000,000 U.S.$100,000 11 April N/A - 11 April 83.50 U.S.
Royal U.S.$ LIBOR 2011 Reset 2016 Dollar New
Bank of +70 bps Date Notes
Scotland already
plc occurred
XS0202629407 The USD 3 month U.S.$500,000,000 U.S.$1,000 14 October N/A - 14 83.00 U.S.
Royal U.S.$ LIBOR 2011 Reset October Dollar New
Bank of +78 bps Date 2016 Notes
Scotland already
plc occurred
XS0302127625 The USD 3 month U.S.$1,500,000,000 U.S.$100,000 29 August 3 month 29 August 81.00 U.S.
Royal U.S.$ LIBOR 2012 U.S.$ 2017 Dollar New
Bank of +20 bps LIBOR Notes
Scotland +70 bps
plc
AU300RSCT012 The AUD 3 month A$590,000,000 A$100,000 28 October N/A - 27 87.00 Australian
Royal AUD-BBR-BBSW 2009 Reset October Dollar New
Bank of +87 bps Date 2014 Notes
Scotland already
plc occurred
AU300RSCT020 The AUD 3 month A$410,000,000 A$100,000 28 October N/A - 27 87.00 Australian
Royal AUD-BBR-BBSW 2009 Reset October Dollar New
Bank of +87 bps Date 2014 Notes
Scotland already
plc occurred
AU3FN0000790 The AUD 3 month BBSW A$450,000,000 A$100,000 17 N/A - 17 77.00 Australian
Royal +78 bps February Reset February Dollar New
Bank of 2012 Date 2017 Notes
Scotland already
plc occurred
AU3CB0008217 The AUD 3 month BBSW A$450,000,000 A$100,000 17 N/A - 17 77.00 Australian
Royal +78bps February Reset February Dollar New
Bank of 2012 Date 2017 Notes
Scotland already
plc occurred
CA78010XAA96 The CAD 3 month C$700,000,000 C$5,000 30 March N/A - 30 March 87.00 Canadian
Royal CAD-BA-CDOR 2010 Reset 2015 Dollar New
Bank of +72 bps Date Notes
Scotland already
plc occurred
CH0027811691 The CHF 275 bps CHF200,000,000 CHF5,000 4 December 3 month 4 75.00 Swiss
Royal 2012 CHF December Franc New
Bank of LIBOR + 2017 Notes
Scotland 62 bps
plc

Holders whose Existing Notes are accepted for exchange will also receive any
applicable Accrued Interest Payments and Cash Rounding Amounts.

The New Notes

Some of the key terms of the New Notes are as follows:

Call New
New Notes Date/Optional New Notes Notes
Initial Redemption Reset Maturity Listing
Issuer Currency Coupon Date Coupon Date Location
The Royal EUR The sum of On or around The sum of On or London
Bank of (i) 9.00% 16 March 2017 (i) 9.00% around
Scotland (being the (being the 16 March
plc Euro New Euro New 2022
Notes Notes
Spread) Spread)
and (ii) and (ii) a
the 5 Year reset 5
Euro Year
Mid-Swap Mid-Swap
Rate, Rate,
expressed expressed
on an on an
annualised annualised
basis, basis
rounded
down to
the
nearest
0.125%

 

[fabriziof]

The Existing Notes (which comprise lower tier 2 capital of the Issuer) and the
main commercial terms of the Exchange Offer may be summarised as follows:

First Call
Current Minimum Date/Reset Reset Maturity Exchange
ISIN Issuer Currency Coupon Amount Outstanding Denomination Date Coupon Date Price New Notes
XS0180946906 The EUR 3 month €500,000,000 €1,000 28 January N/A - 28 86.00 Euro New
Royal EURIBOR +85 2011 Reset January Notes
Bank of bps Date 2016
Scotland already
plc occurred
XS0259579547 The EUR 3 month €500,000,000 €50,000 30 January N/A - 30 82.50 Euro New
Royal EURIBOR +75 2012 Reset January Notes
Bank of bps Date 2017
Scotland already
plc occurred
XS0223318501 The USD 3 month U.S.$750,000,000 U.S.$100,000 29 N/A - 29 86.00 U.S.
Royal U.S.$ LIBOR September Reset September Dollar New
Bank of +74 bps 2010 Date 2015 Notes
Scotland already
plc occurred
XS0250214797 The USD 3 month U.S.$1,500,000,000 U.S.$100,000 11 April N/A - 11 April 83.50 U.S.
Royal U.S.$ LIBOR 2011 Reset 2016 Dollar New
Bank of +70 bps Date Notes
Scotland already
plc occurred
XS0202629407 The USD 3 month U.S.$500,000,000 U.S.$1,000 14 October N/A - 14 83.00 U.S.
Royal U.S.$ LIBOR 2011 Reset October Dollar New
Bank of +78 bps Date 2016 Notes
Scotland already
plc occurred
XS0302127625 The USD 3 month U.S.$1,500,000,000 U.S.$100,000 29 August 3 month 29 August 81.00 U.S.
Royal U.S.$ LIBOR 2012 U.S.$ 2017 Dollar New
Bank of +20 bps LIBOR Notes
Scotland +70 bps
plc
AU300RSCT012 The AUD 3 month A$590,000,000 A$100,000 28 October N/A - 27 87.00 Australian
Royal AUD-BBR-BBSW 2009 Reset October Dollar New
Bank of +87 bps Date 2014 Notes
Scotland already
plc occurred
AU300RSCT020 The AUD 3 month A$410,000,000 A$100,000 28 October N/A - 27 87.00 Australian
Royal AUD-BBR-BBSW 2009 Reset October Dollar New
Bank of +87 bps Date 2014 Notes
Scotland already
plc occurred
AU3FN0000790 The AUD 3 month BBSW A$450,000,000 A$100,000 17 N/A - 17 77.00 Australian
Royal +78 bps February Reset February Dollar New
Bank of 2012 Date 2017 Notes
Scotland already
plc occurred
AU3CB0008217 The AUD 3 month BBSW A$450,000,000 A$100,000 17 N/A - 17 77.00 Australian
Royal +78bps February Reset February Dollar New
Bank of 2012 Date 2017 Notes
Scotland already
plc occurred
CA78010XAA96 The CAD 3 month C$700,000,000 C$5,000 30 March N/A - 30 March 87.00 Canadian
Royal CAD-BA-CDOR 2010 Reset 2015 Dollar New
Bank of +72 bps Date Notes
Scotland already
plc occurred
CH0027811691 The CHF 275 bps CHF200,000,000 CHF5,000 4 December 3 month 4 75.00 Swiss
Royal 2012 CHF December Franc New
Bank of LIBOR + 2017 Notes
Scotland 62 bps
plc

Holders whose Existing Notes are accepted for exchange will also receive any
applicable Accrued Interest Payments and Cash Rounding Amounts.

The New Notes

Some of the key terms of the New Notes are as follows:

Call New
New Notes Date/Optional New Notes Notes
Initial Redemption Reset Maturity Listing
Issuer Currency Coupon Date Coupon Date Location
The Royal EUR The sum of On or around The sum of On or London
Bank of (i) 9.00% 16 March 2017 (i) 9.00% around
Scotland (being the (being the 16 March
plc Euro New Euro New 2022
Notes Notes
Spread) Spread)
and (ii) and (ii) a
the 5 Year reset 5
Euro Year
Mid-Swap Mid-Swap
Rate, Rate,
expressed expressed
on an on an
annualised annualised
basis, basis
rounded
down to
the
nearest
0.125%

superrecord!!!!!ho beccato anche questa XS0180946906 presa 1 mese fa a 79

 

[bia06]

Ripristino nominale Oevag

Bos, Ferdo (domanda aperta a tutti),

sbaglio o in caso di conto economico in attivo (facciamo ad esempio 2015) la 643 può riprendere a pagare cedola anche prima di ripristinare il 100% nominale o sbaglio?

PS: ci sono subordinate tedesche con il 15% ca. di haicut che pagano cedole sul 100%, magari questo però è frutto di silent partecipation nel prospetto.

Cosa ne pensate?
Grazie

per me sui tier 1 di oevag c'è tempo.


la cosa da vedere è se la Irs può pagare la cedola, anche nel caso in cui il nominale della 10% non è ancora stato ripianato.

francamente non me lo ricordo questa cosa.


dopo guardo.


p.s ufficiale il taglio del 70% sul titolo 10% uscito comunicato.


la irs e il titolo 10% ora costano uguale.






ci dobbiamo ricordare per il futuro che con le loss asorbition non si scherza...

 

[capt.harlock]

superrecord!!!!!ho beccato anche questa XS0180946906 presa 1 mese fa a 79

grande fabri

 

[maxolone]

E fra poco, dopo il termine del ban a fine Aprile, toccherá ai Tier1 di RBS...
Oggi la XS0237530497 si compra a 55%...
Per chi ci vuole credere...UP!

The Existing Notes (which comprise lower tier 2 capital of the Issuer) and the
main commercial terms of the Exchange Offer may be summarised as follows:

First Call
Current Minimum Date/Reset Reset Maturity Exchange
ISIN Issuer Currency Coupon Amount Outstanding Denomination Date Coupon Date Price New Notes
XS0180946906 The EUR 3 month €500,000,000 €1,000 28 January N/A - 28 86.00 Euro New
Royal EURIBOR +85 2011 Reset January Notes
Bank of bps Date 2016
Scotland already
plc occurred
XS0259579547 The EUR 3 month €500,000,000 €50,000 30 January N/A - 30 82.50 Euro New
Royal EURIBOR +75 2012 Reset January Notes
Bank of bps Date 2017
Scotland already
plc occurred
XS0223318501 The USD 3 month U.S.$750,000,000 U.S.$100,000 29 N/A - 29 86.00 U.S.
Royal U.S.$ LIBOR September Reset September Dollar New
Bank of +74 bps 2010 Date 2015 Notes
Scotland already
plc occurred
XS0250214797 The USD 3 month U.S.$1,500,000,000 U.S.$100,000 11 April N/A - 11 April 83.50 U.S.
Royal U.S.$ LIBOR 2011 Reset 2016 Dollar New
Bank of +70 bps Date Notes
Scotland already
plc occurred
XS0202629407 The USD 3 month U.S.$500,000,000 U.S.$1,000 14 October N/A - 14 83.00 U.S.
Royal U.S.$ LIBOR 2011 Reset October Dollar New
Bank of +78 bps Date 2016 Notes
Scotland already
plc occurred
XS0302127625 The USD 3 month U.S.$1,500,000,000 U.S.$100,000 29 August 3 month 29 August 81.00 U.S.
Royal U.S.$ LIBOR 2012 U.S.$ 2017 Dollar New
Bank of +20 bps LIBOR Notes
Scotland +70 bps
plc
AU300RSCT012 The AUD 3 month A$590,000,000 A$100,000 28 October N/A - 27 87.00 Australian
Royal AUD-BBR-BBSW 2009 Reset October Dollar New
Bank of +87 bps Date 2014 Notes
Scotland already
plc occurred
AU300RSCT020 The AUD 3 month A$410,000,000 A$100,000 28 October N/A - 27 87.00 Australian
Royal AUD-BBR-BBSW 2009 Reset October Dollar New
Bank of +87 bps Date 2014 Notes
Scotland already
plc occurred
AU3FN0000790 The AUD 3 month BBSW A$450,000,000 A$100,000 17 N/A - 17 77.00 Australian
Royal +78 bps February Reset February Dollar New
Bank of 2012 Date 2017 Notes
Scotland already
plc occurred
AU3CB0008217 The AUD 3 month BBSW A$450,000,000 A$100,000 17 N/A - 17 77.00 Australian
Royal +78bps February Reset February Dollar New
Bank of 2012 Date 2017 Notes
Scotland already
plc occurred
CA78010XAA96 The CAD 3 month C$700,000,000 C$5,000 30 March N/A - 30 March 87.00 Canadian
Royal CAD-BA-CDOR 2010 Reset 2015 Dollar New
Bank of +72 bps Date Notes
Scotland already
plc occurred
CH0027811691 The CHF 275 bps CHF200,000,000 CHF5,000 4 December 3 month 4 75.00 Swiss
Royal 2012 CHF December Franc New
Bank of LIBOR + 2017 Notes
Scotland 62 bps
plc

Holders whose Existing Notes are accepted for exchange will also receive any
applicable Accrued Interest Payments and Cash Rounding Amounts.

The New Notes

Some of the key terms of the New Notes are as follows:

Call New
New Notes Date/Optional New Notes Notes
Initial Redemption Reset Maturity Listing
Issuer Currency Coupon Date Coupon Date Location
The Royal EUR The sum of On or around The sum of On or London
Bank of (i) 9.00% 16 March 2017 (i) 9.00% around
Scotland (being the (being the 16 March
plc Euro New Euro New 2022
Notes Notes
Spread) Spread)
and (ii) and (ii) a
the 5 Year reset 5
Euro Year
Mid-Swap Mid-Swap
Rate, Rate,
expressed expressed
on an on an
annualised annualised
basis, basis
rounded
down to
the
nearest
0.125%