Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (8 lettori)
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
Topgun1976
Guest
Notare dal comunicato non cè più il viso di ?
maxolone
Forumer storico
Quindi devo deddurre che il prospetto parla di 6 mesi...gli provo a dare un'occhiata per sicurezza.
Oltre alla 482 nell'articolo postato da Rott si parla anche di possibile rimborso di:
"23 June 2013 is the first opportunity to redeem the third series of SNS Participation Certificates. By that time, SNS Bank will conduct the decision-making process with the same thoroughness as with the first and second series" che rientra nei sei mesi che tu citavi...Giusto ?
Oltre alla 482 nell'articolo postato da Rott si parla anche di possibile rimborso di:
"23 June 2013 is the first opportunity to redeem the third series of SNS Participation Certificates. By that time, SNS Bank will conduct the decision-making process with the same thoroughness as with the first and second series" che rientra nei sei mesi che tu citavi...Giusto ?
nel senso che farebbe da cupon pusher se l'evento, cioè il rimborso dei certificates, fosse avvenuto entro i 6 mesi dal pagamento della cedola della 523
però attenzione che il prossimo anno c'è la call della 482 a luglio: quello sì che sarebb e coupon pusher
comunque notizia positiva sopratutto dal lato psicologico: fuga qualche perplessità sulle disponibilità liquide della sns bank
maxolone
Forumer storico
Guidance: 8.125% area
Comp
Similar ASSGEN 10.125 2042, callable 7/22, trades at 7.45 / 7.40 YTC
Issuer: Assicurazioni Generali S.p.A.
Financial Strength: A (S&P) / Baa1 (Moody’s) / A- (Fitch)/A (AM Best)
Expected Issue Rating: [BBB+ (S&P)CW- / Baa3 (Moody’s) / BBB- (Fitch)/
BBB+ (AM Best)]
Securities Offered: Senior Dated Subordinated Notes
Subordination: Subordinated, ranking junior to all present
unsubordinated securities and senior to any existing
dated deeply subordinated and hybrid obligations
Issue Amount: EUR Benchmark
IPT: 8.125% area
Launch Date: [5]-Dec-2012
Settlement Date: [12]-Dec-2012 - [T+5]
Scheduled Maturity: [12]-Dec-2042
First Call Date: [12]-Dec-2022
Coupon: [xx]% Fixed annually until First Call Date, thereafter
3mE+[xx] (including 100bps step-up)
Listing: Luxembourg Stock Exchange
Governing Law: English law
Minimum Denominations
+ Increment: €100k + €100k
Documentation: EUR 7 billion EMTN Programme
Use of proceeds: The bond’s proceeds will be used to meet part of its
financing requirement to support corporate strategy
Joint Lead Managers: Credit Agricole CIB, Mediobanca, Morgan Stanley,
Nomura, UBS, UniCredit
Conditions to Scheduled Maturity:Redemption subject to no Regulatory
Intervention and regulatory approval if
required as more fully described in the documentation
Optional Redemption: On First Call Date and each subsequent interest
payment date there after at Par.In case of redemption
for Tax Reasons or Rating Event at Par.In case of
redemption for Regulatory Event, at the greater of (i)
Par or (ii) Make Whole Amount
Mandatory Suspension of Redemption:Yes (subject to Redemption Suspension
Event, breach of Solvency Margin, insufficiency of ow
funds as more fully described in the documentation)
Optional Deferral: Yes (subject to no distribution and no
redemption/repurchase on Junior and Parity securities
or a partial distribution on Parity securities during
the look back period,save for any mandatory
distribution or redemption or below par redemption
or repurchase as more fully described in the
documentation).Cash Cumulative
Mandatory Deferral: Yes (on Regulatory Intervention and no dividend
declared after Regulatory Intervention as more fully
described in the documentation).Cash Cumulative
Comp
Similar ASSGEN 10.125 2042, callable 7/22, trades at 7.45 / 7.40 YTC
Issuer: Assicurazioni Generali S.p.A.
Financial Strength: A (S&P) / Baa1 (Moody’s) / A- (Fitch)/A (AM Best)
Expected Issue Rating: [BBB+ (S&P)CW- / Baa3 (Moody’s) / BBB- (Fitch)/
BBB+ (AM Best)]
Securities Offered: Senior Dated Subordinated Notes
Subordination: Subordinated, ranking junior to all present
unsubordinated securities and senior to any existing
dated deeply subordinated and hybrid obligations
Issue Amount: EUR Benchmark
IPT: 8.125% area
Launch Date: [5]-Dec-2012
Settlement Date: [12]-Dec-2012 - [T+5]
Scheduled Maturity: [12]-Dec-2042
First Call Date: [12]-Dec-2022
Coupon: [xx]% Fixed annually until First Call Date, thereafter
3mE+[xx] (including 100bps step-up)
Listing: Luxembourg Stock Exchange
Governing Law: English law
Minimum Denominations
+ Increment: €100k + €100k
Documentation: EUR 7 billion EMTN Programme
Use of proceeds: The bond’s proceeds will be used to meet part of its
financing requirement to support corporate strategy
Joint Lead Managers: Credit Agricole CIB, Mediobanca, Morgan Stanley,
Nomura, UBS, UniCredit
Conditions to Scheduled Maturity:Redemption subject to no Regulatory
Intervention and regulatory approval if
required as more fully described in the documentation
Optional Redemption: On First Call Date and each subsequent interest
payment date there after at Par.In case of redemption
for Tax Reasons or Rating Event at Par.In case of
redemption for Regulatory Event, at the greater of (i)
Par or (ii) Make Whole Amount
Mandatory Suspension of Redemption:Yes (subject to Redemption Suspension
Event, breach of Solvency Margin, insufficiency of ow
funds as more fully described in the documentation)
Optional Deferral: Yes (subject to no distribution and no
redemption/repurchase on Junior and Parity securities
or a partial distribution on Parity securities during
the look back period,save for any mandatory
distribution or redemption or below par redemption
or repurchase as more fully described in the
documentation).Cash Cumulative
Mandatory Deferral: Yes (on Regulatory Intervention and no dividend
declared after Regulatory Intervention as more fully
described in the documentation).Cash Cumulative
Tobia
Forumer storico
sì, scusa ma sono di corsa:
-----------------------------
If in six months prior to a Coupon Payment Date a Mandatory Payment Event occurs (such an event being referred to as a 'Junior Coupon Pusher Event'), then the Coupon Payments payable on the next number of Coupon Payment Dates as specified in the Final Terms will be mandatorily due and payable in full on the relevant consecutive Coupon Payment Dates following such Junior Coupon Pusher Event, subject to the occurrence or existence of any Required Deferral Condition at the time such payment would otherwise have to be made. The Issuer is permitted, but shall not be required, to satisfy its obligation to make the Coupon Payment payable on such Coupon Payment Date in accordance with the Alternative Coupon Satisfaction Mechanism.
Topgun1976
Guest
Quanto può valere?Lt2 con Loss Abs
riccio43
lupo si lupo no
Se ben ricordo l'avevi segnalata tu il mese scorso
SELLA mela da totalmente illiquida senza prezzi
bia06
Listen other's viewpoint avoid conflicts & wars.
grazie
Rottweiler
Forumer storico
Rott ma l'esercizio di una call ( che immagino sia quello che é successo ) funge da coupon pusher ?
Bisognerebbe sapere se questi " SNS Participation Certificates " sono pari passu alla 523...provo a sentire IR...a meno che tu mi risponda prima
Ti rispondo in termini generali.
Poichè il richiamo anticipato è visto come un atto di favore nei confronti di chi possiede quel titolo, è logico che il possessore di un titolo di uguale o minor subordinazione pretende di essere trattato almeno altrettanto bene in termini di pagamento della cedola. Quindi in generale il riacquisto (tender) o la redemption anticipata funge da coupon pusher.
Però questa risposta non può essere applicata ad occhi chiusi a qualsiasi titolo. Se non ti fidi di Victor, sarai costretto a divertirti anche tu con la lettura del prospetto, cercando (se ci sono) le clausole di mandatory payment ed esaminandone i contenuti (operazioni, tempistica, etc.)
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bosmeld
Forumer storico
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