Tobia
Forumer storico
se salta la 059 salta anche la 243
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
se salta la 059 salta anche la 243
Zorba
Bos 4 Mod
Non facciamo terrorismo. Per favore.
Non si è verificata nessuna condizione per il taglio del nominale, che scatta solo se il coeffic complessivo (NB, che non è il Tier1) scende sotto il 6%. Spero non si verifichi mai questa condizione, altrimenti salterebbe la banca e ciao ciao T1 (243 inclusa).
Poi non dimentichiamoci che anche la 243 ha una clausola di loss abs (come tutte le italiane).
Il pagamento del coupon è simile per le due emissioni.
Come ultima nota, se ti spaventa il prospetto della UNI059, spero che tu non abbia subordinati francesi in PTF (che hanno prospetti forse peggiori...)
Vet
Forumer storico
iN QUALUNQUE MOMENTO è UNA PAROLA GROSSA.....al verificarsi degli eventi che tu dici......credimi a quel punto avere qualsiasi tipo di titolo UNI...sarebbe un disastro e non solo per la 059......
oldmouseit
Forumer storico
Mi pare proprio che la 243 non abbia la clausola di loss abs, se non erro è stata introdotta per la prima volta nel perpetuo Intesa del 2010.
Non ho subordinati francesi
oldmouseit
Forumer storico
Può tagliare il nominale se (da prospetto):
Loss absorption: Based on the assessment of the financial and solvency
situation of the Issuer, the Issuer may determine or the Lead
Regulator may require, in each case in its sole discretion, that
the principal amount of the Notes needs to be written down. If,
as a result of losses incurred by the Issuer on a consolidated or
non-consolidated basis, the total Risk-based Capital Ratio of
the Issuer, on a consolidated or non-consolidated basis falls
below the higher of 6 per cent. or the then minimum
requirements of the Lead Regulator specified in Bank of Italy
Regulations and the Supervisory Guidelines of the Bank of
Italy, the principal amount of the Notes will be written down
(each such event, a Write Down Event).
Any write-down of the principal amount of the Notes shall be
made pari passu and pro rata with the Issuer’s nonconsolidated
Tier 1 Capital (patrimonio di base) (as determined
in accordance with the Bank of Italy Regulations and the
Supervisory Guidelines of the Bank of Italy) but excluding any
innovative or non-innovative capital instruments treated as own
funds (Core Tier 1 Capital).
Any write-down of the principal amount of the Notes will only be
made to the extent necessary to enable the Issuer to continue
to carry on its activities in accordance with applicable regulatory
requirements. The Issuer will notify the Noteholders in
accordance with Condition 16 (Notices) within five business
days following a write-down.
In the event that other securities which would be subject to such
write-down are outstanding, such write-downs will be applied on
a pro rata basis among the Notes and such other securities.
From the date of any Write Down Event, and as long as a Write
Down Event is continuing, the Issuer will be prohibited from
paying interest on any Interest Payment Date in the event that
on such Interest Payment Date the principal amount of the
Notes has not been written up in whole pursuant to Condition 6
(Loss absorption) provided that if a Regulatory Event has
occurred and is continuing on an Interest Payment Date, the
Issuer will be required to pay interest on such date and the
interest shall accrue on the initial nominal amount of the Notes.
The principal of the Notes will be written up:
General Overview
11
(a) to the original principal amount, in the event of winding
up, dissolution, liquidation or bankruptcy (including, inter
alia, Liquidazione Coatta Amministrativa) of the Issuer
and with effect immediately prior to the commencement
of such winding up, dissolution, liquidation or bankruptcy
(including, inter alia, Liquidazione Coatta
Amministrativa); and
(b) to the maximum extent permitted (up to the original
principal amount), from time to time, pari passu and pro
rata with the Issuer’s Core Tier 1 Capital within the limits
of Available Distributable Profits, provided that the Write
Down Event has ceased and is no longer continuing.
Available Distributable Profits means net profits of the Issuer
(generated, for the avoidance of doubt, following the
occurrence of the relevant Write Down Event) that are stated as
being available for the payment of a dividend or the making of
a distribution on any share capital of the Issuer, according to the
most recent non-consolidated audited annual accounts of the
Issuer.
In the event that other securities which would be subject to such
oldmouseit
Forumer storico
A me non è piaciuto:
or the then minimum
requirements of the Lead Regulator specified in Bank of Italy
Regulations and the Supervisory Guidelines of the Bank of
Italy, the principal amount of the Notes will be written down
(each such event, a Write Down Event).
L'ho tenuta per un pò, poi era salita e me la sono venduta.
A differenza delle altre non l'ho più comprata
or the then minimum
requirements of the Lead Regulator specified in Bank of Italy
Regulations and the Supervisory Guidelines of the Bank of
Italy, the principal amount of the Notes will be written down
(each such event, a Write Down Event).
L'ho tenuta per un pò, poi era salita e me la sono venduta.
A differenza delle altre non l'ho più comprata
Zorba
Bos 4 Mod
C'è l'ha eccome (meno esplicita della 059). E ti dirò di più: un anno fa la interpretavo in maniera più benevola. Oggi credo che se mai dovesse verificarsi il Capital Deficiency Event, Bankitalia la farà applicare...
7. LOSS ABSORPTION
To the extent that the Guarantor at any time suffers losses (also considering profits and losses
relating to previous financial years) which would result in a Capital Deficiency Event, the obligations of
the Issuer relating to the principal amount of the Notes will be suspended to the extent necessary to
enable the Guarantor to continue to carry on its activities in accordance with applicable regulatory
requirements. In any such case, but always subject to the provisions set out in Condition 6.2 (Interest
suspension – Mandatory suspension of interest), interest will continue to accrue on the nominal
amount of the Notes. The obligations of the Issuer to make payments in respect of principal amount of
the Notes will be reinstated (in priority to any Junior Securities and on a pari passu basis with any
Parity Securities), as if such obligations of the Issuer had not been so suspended:
(a) in whole, in the event of winding up, dissolution, liquidation or bankruptcy of the Guarantor
and with effect immediately prior to the commencement of such winding up, dissolution,
liquidation or bankruptcy; and
(b) in whole, in the event of early redemption of the Notes pursuant to Conditions 8(b)
(Redemption and Purchase – Redemption at the option of the Issuer), 8(c) (Redemption and
Purchase – Redemption due to a Regulatory Event), 8(d) (Redemption and Purchase –
Redemption due to a Tax Deductibility Event) or 8(e) (Redemption due to an Additional
Amount Event); and
(c) in whole or in part, from time to time, to the extent that the Capital Deficiency Event is no
longer continuing.
The Issuer shall forthwith give notice of any such suspension and/or reinstatement to the Noteholders
in accordance with Condition 17 (Notices) below and such notice shall include a confirmation of the
Issuer’s entitlement to such suspension and/or reinstatement, together with details of the amounts to
be so suspended and/or reinstated.
Zorba
Bos 4 Mod
E' una condizione standard per tutte le subordinate con loss abs.
capt.harlock
MENA IL CAMMELLO FAN CLUB
ciao old, la maggior sicurezza della 243 rispetto alla 059 e'piu'psicologica che altro, in effetti i prezzi dicono che molti la preferiscono alla 059, altri ritengono di cogliere un' occasione e comprare a sconto
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