warren baffo
Forumer storico
Cortesemente vai a fare politica altrove
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Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (7 lettori)
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
Cortesemente vai a fare politica altrove
Rottweiler
Forumer storico
KPN (telefonia, chiacchierata...) dopo qualche incertezza forse emetterà (o ha emesso?) un ibrido.
Qui Fitch:
TEXT-Fitch assigns KPN's hybrid securities expected 'BB(EXP)' rating KPN.AS - RTRS
28-Feb-2013 10:34
(The following statement was released by the rating agency)
Feb 28 - Fitch Ratings has assigned Royal KPN N.V.'s KPN.AS (KPN, 'BBB-'/Stable) proposed reset subordinated perpetual and long-dated capital securities an expected rating of 'BB(EXP)'. The final rating is contingent on the receipt of final documents conforming materially to the preliminary documentation.
KPN intends to raise EUR2bn in hybrid securities in EUR and GBP tranches over time. The upcoming hybrid securities are proposed to be deeply subordinated and to rank senior only to KPN's ordinary shares, while coupon payments can be deferred at the option of the issuer. As a result of these features, the 'BB(EXP)' rating assigned to the proposed securities is two notches below KPN's 'BBB' Long-term Issuer Default Rating (IDR), which reflects the securities' increased loss severity and heightened risk of non-performance relative to the senior obligations. This approach is in accordance with Fitch's criteria, "Treatment and Notching of Hybrid in Nonfinancial Corporate and REIT Credit Analysis" dated 13 December 2012 at Fitch Ratings - Dedicated to providing value beyond the rating.
Subject to KPN's AGM on 10 April 2013 approving the company's EUR3bn rights issue, the proposed securities qualify for 50% equity credit as they meet Fitch's criteria with regards to subordination, effective maturity of at least five years, full discretion to defer coupons for at least five years and limited events of default. If the rights issue is not completed, KPN may redeem the securities or there will be a 5% coupon step-up six months after the securities have been issued.
KPN has a call option to redeem the notes on the first call date not before 2018, and there will be a coupon step-up of 25bps not before 10 years after issue and a further incremental step-up of 75 bps 20 years after the first call date . KPN will also have the option to redeem the notes prior to the first call date for accounting, tax, rating agency or change of control reasons.
The proposed EUR securities have no maturity date while the GBP securities are expected to have a 60 year maturity. However, the issues will no longer be subject to replacement language disclosing the company's intent to redeem the instrument from 20 years after the first call date with the proceeds of a similar instrument or with equity. Hence this date is viewed as the securities' effective maturity date. The instrument's equity credit would switch to zero five years prior to this date (i.e. 15 years after the first call date).
There is no look-back provision in the securities' documentation, which gives the issuer full discretion to defer ongoing coupon payments on these securities. Deferrals of coupon payments are cumulative. The company will be obliged to make a mandatory settlement of deferred interest payments under certain circumstances, including a declaration or payment of a dividend
Qui Fitch:
TEXT-Fitch assigns KPN's hybrid securities expected 'BB(EXP)' rating KPN.AS - RTRS
28-Feb-2013 10:34
(The following statement was released by the rating agency)
Feb 28 - Fitch Ratings has assigned Royal KPN N.V.'s KPN.AS (KPN, 'BBB-'/Stable) proposed reset subordinated perpetual and long-dated capital securities an expected rating of 'BB(EXP)'. The final rating is contingent on the receipt of final documents conforming materially to the preliminary documentation.
KPN intends to raise EUR2bn in hybrid securities in EUR and GBP tranches over time. The upcoming hybrid securities are proposed to be deeply subordinated and to rank senior only to KPN's ordinary shares, while coupon payments can be deferred at the option of the issuer. As a result of these features, the 'BB(EXP)' rating assigned to the proposed securities is two notches below KPN's 'BBB' Long-term Issuer Default Rating (IDR), which reflects the securities' increased loss severity and heightened risk of non-performance relative to the senior obligations. This approach is in accordance with Fitch's criteria, "Treatment and Notching of Hybrid in Nonfinancial Corporate and REIT Credit Analysis" dated 13 December 2012 at Fitch Ratings - Dedicated to providing value beyond the rating.
Subject to KPN's AGM on 10 April 2013 approving the company's EUR3bn rights issue, the proposed securities qualify for 50% equity credit as they meet Fitch's criteria with regards to subordination, effective maturity of at least five years, full discretion to defer coupons for at least five years and limited events of default. If the rights issue is not completed, KPN may redeem the securities or there will be a 5% coupon step-up six months after the securities have been issued.
KPN has a call option to redeem the notes on the first call date not before 2018, and there will be a coupon step-up of 25bps not before 10 years after issue and a further incremental step-up of 75 bps 20 years after the first call date . KPN will also have the option to redeem the notes prior to the first call date for accounting, tax, rating agency or change of control reasons.
The proposed EUR securities have no maturity date while the GBP securities are expected to have a 60 year maturity. However, the issues will no longer be subject to replacement language disclosing the company's intent to redeem the instrument from 20 years after the first call date with the proceeds of a similar instrument or with equity. Hence this date is viewed as the securities' effective maturity date. The instrument's equity credit would switch to zero five years prior to this date (i.e. 15 years after the first call date).
There is no look-back provision in the securities' documentation, which gives the issuer full discretion to defer ongoing coupon payments on these securities. Deferrals of coupon payments are cumulative. The company will be obliged to make a mandatory settlement of deferred interest payments under certain circumstances, including a declaration or payment of a dividend
Topgun1976
Guest
Per la precisione 4e mezzo t1,6 t2 6,25 7 t2 6,62 desolation
Nemmeno Bankia,e ho detto tutto
Ultima modifica di un moderatore:
Andre_Sant
Forumer storico
ogni emittente ha le proprie politiche di call (stepup si, stepup no ecc), ma chiaramente nn tenderà a mettertele per iscritto..
starà a te dedurle
ciao
Andrea
Andre_Sant
Forumer storico
la data call è entro il 16marzo 2013 (ossia entro 10 gg lavorativi dalla data call)
il resto sarebbero solo coincidenze. che si possono verificare, come non
ciao
Andrea
luis carlos
Nuovo forumer
ciao andre-sant...compagno in dexia...sapresti dirmi il prezzo della bp finale 290?? grazie ...ciao...
russiabond
Il mito, la leggenda.
ciao andre-sant...compagno in dexia...sapresti dirmi il prezzo della bp finale 290?? grazie ...ciao...
...in prima pagina
prezzi quasi freschi di ...ieri
il prezzo è 62-64 denaro lettera eventualmente non leggessi bene il secondo prezzo è quello della scorsa rilevazione ...
Allegati
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fabriziof
Forumer storico
metodo infallibile per far salire un titolo fermo da tempo,venderne un po'.almeno a me succede sempre così.oggi ho venduto ancora
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