ciao,
il pagamento della cedola a me risulta sempre facoltativo a meno che non si siano verificati i "soliti" casi : pagamento di dividendo sulle azioni nei 12 mesi precedenti etc...
Solo quando si verificano le due condizioni (solvency event sopra 100 e pagamento dividendo azionario etc...) la cedola diventa mandatory. (anzi tre condizioni, non deve esserci nemmeno "regulatory intervention"
L'anno scorso ad esempio Groupama ha pagato dividendo azionario a fine maggio per cui in assenza di solvency event e regulatory intervention la cedola e' diventata obbligatoria
Compulsory Interest Payment Dates
On any Compulsory Interest Payment Date, the Issuer shall pay interest accrued to that date in respect of
the Notes.
Compulsory Interest Payment Date means each Interest Payment Date prior to which, provided that (x)
no Solvency Event has occurred prior to such Interest Payment Date and would continue to do so assuming
that the interest due on such Interest Payment Date then outstanding (including any Arrears of Interest) is
paid on such Interest Payment Date and (y) no Regulatory Intervention has occurred prior to such Interest
Payment Date, any of the following events has occurred (each, a Compulsory Interest Payment Event) at
any time during a period of one year prior to such Interest Payment Date:
(i) the Issuer has declared or paid a dividend (whether in cash, shares or any other form), or more
generally made a payment of any nature, on any class of shares (including ordinary shares or
preference shares) or on any other equity securities; or
(ii) the Issuer has made a payment of any nature on or in respect of any other Senior Subordinated
Obligations or on any debt securities ranking junior to the Notes (the Junior Securities) unless
such payment was a compulsory interest payment under the terms of any such other Senior
Subordinated Obligations or Junior Securities issued by the Issuer; or
(iii) the Issuer has redeemed, repurchased or otherwise acquired any class of its share capital (whether
such shares are represented by ordinary shares or preference shares) by any means; or
(iv) the Issuer has redeemed, repurchased or otherwise acquired any Senior Subordinated Obligations
or Junior Securities in accordance with their terms; or
(v) for so long as there are Applicable Regulations in force with respect to the Combined Regulatory
Group, any Relevant Affiliated Entity has made Equivalent Payments in an aggregate amount
exceeding the Reference Amount.
) rileggendo il prospetto della 751 il solvency margin deve rimanere sopra il 150% anche dopo il pagamento della cedola.
