negusneg
New Member
Danske bank XS0831342679 (è possibile metterlo nella lista per futura memoria?)
danske bank ha emesso un tier2 bond qualche giorno fa.
lo segnalo perchè è uno dei nuovi tier2 bonds, con loss absorbtion e cedola cumulativa.
mi sa che sempre più spesso vedremo questo tipo di emissioni.
sotto una descrizione del titolo
Danske issued a Tier 2 bond in the amount of $1bn. The coupon rate was set at 7.125% with a reset every five years. The coupons are optionally deferrable on a cumulative and compounding basis. The bond had a maturity of 25 years (with semi-annual calls after a five year non-call period) is included in S&P’s equity capital measure (TAC) and improves Danske’s Risk Adjusted Capital (RAC) ratio with the agency. On the interest payment date five years from the issue date and on every subsequent interest payment date (semi-annual), the bank has the option of prepaying the bond loan at par. This bond has been ranked by Danske pari passu with the issuer’s Tier 2 capital (including the existing subordinated capital).
The issuer may redeem the bond at par in the case of: 1) a tax event; 2) a capital event (full exclusion from Tier 2); or 3) after five years in the case of a Rating Methodology Event (materially reduced equity credit following a change in methodology). The latter was new language that we have not seen so far in bank capital.
The new bond includes a writedown loss absorption clause (in respect of principal and arrears of interest) as required under the current Danish capital adequacy rules. Such a writedown may only occur following a writedown of Tier 1 capital1. The new bonds are also subject to any future regulatory framework for resolution and recovery in Denmark. The bond’s prospectus warns that although the current framework does not contain provisions for a writedown or conversion to ordinary shares, a future framework may provide such powers to the regulators as proposed by RRD.
Potrebbe essere interessante, però:
1) in base a quali parametri verrà fissato il tasso tra 5 anni ?
2) sopra 100 non potrà andare mai, neanche se i tassi scendono a 0 e la crisi è definitivamente chiusa perché l'emittente la callerebbe subito.
3) Le nuove obbligazioni sono soggette anche ad un futuro diverso quadro normativo. Il prospetto dell'obbligazione avverte che, malgrado il quadro attuale non contiene disposizioni per una svalutazione o la conversione in azioni ordinarie, un futuro quadro può fornire tali poteri alle autorità di regolamentazione, come proposto dalla RRD.
Fatto
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Ho anche aggiunto un Tier 1 in DKK dello stesso emittente e aggiunto il relativo prospetto nel 3D dedicato