Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2

[Zorba]

Sempre su Santander.

Following the announcement, the targeted bonds were quoted one to two points higher in the secondary market.

The bank said in its announcement that the purpose of the buy-back was to effectively manage the group's outstanding liabilities and to strengthen its balance sheet as well as provide liquidity to the security holders.

And not everyone was critical. "This is certainly a better format than the November 2011 exchange," Bank of America Merrill Lynch analysts wrote. They added that given Santander's disciplined past track record, they thought the bank was unlikely to accept any offer above fair value.

 

[Andre_Sant]

si ma ovviamente quella è una loro libera riflessione (di bofa...)

l'ultima ops di santander di nov 2011 era sopra il fair value ad esempio

pero' per questo chiedevo il cds di santander..

ciao

 

[Zorba]

Per me riceveranno una valanga di adesioni, ben superiori ai 2 bln. Un po' come e' successo per Intesa.

Non mi faccio illusioni, IMHO ritireranno a prezzi bassi. No problem, alla peggio cassetto.

 

[bia06]

ma questi non erano messi maluccio? ricordo male?

L'ultimo nato tra i T2 assicurativi. L'isin è XS0821168423. Triste che paghino meno di Generali...

Delta Lloyd places subordinated notes
22 August 2012

Delta Lloyd Levensverzekering N.V. ("Delta Lloyd") successfully priced a new benchmark € 500 million Fixed to Floating Rate Subordinated Note transaction at a coupon of 9%. The notes have a final maturity of 2042, and can be redeemed at Delta Lloyd's option from 2022 onwards. The transaction was sold to institutional investors.

Delta Lloyd has placed the subordinated notes with a wide group of investors, with strong demand coming from the Benelux, Germany, the UK and also with interest coming from Asia. The term is 30 years, with the option to repay after 10 years (a 30 years non call 10 structure). The notes are compliant with the latest draft Solvency II requirements and qualify as Tier 2 capital for Delta Lloyd.

The notes also replace a subordinated note issue of € 400 million that Delta Lloyd privately placed in 2009. The transaction is in line with Delta Lloyd Group's aspiration to develop a broader investor base and thus assure good access to the capital market.

Standard & Poor's Ratings Services has assigned a BBB+ rating to the notes. Delta Lloyd has an A rating, with stable outlook.

Barclays Capital, Morgan Stanley and Rabobank International acted as Joint Lead Managers of the transaction, and ABN AMRO acted as a Co-Lead Manager.

Delta Lloyd Group CEO Niek Hoek commented: "The execution of this transaction especially during this quieter summer period highlights Delta Lloyd Group's access to capital markets, and investors' confidence in the credit story of the issuer. It is also an important step in furthering Delta Lloyd Group's relationships with fixed income investors."

Summary Terms:
Issuer: Delta Lloyd Levensverzekering N.V.
Issue Rating: BBB+ (S&P)
Issue size: € 500 million
Date of launch: 21 August 2012
Settlement date: 29 August 2012
Due date: 29 August 2042
First call date: 29 August 2022
Coupon: 9%
First Coupon Date: 29 August 2013
Issue price: 100%

For more information about this press release:
Media Relations (Martijn Donders) +31 (0)20 594 44 88
Investor Relations (Hans Duine) +31 (0)20 594 96 93

 

[DIAMOND]

Domanda, qualcuno di voi conosce o ha gia' in ptf Allianz SE in $ US0188052007 ?
Il prezzo 100=25?

Posto che cerco qualcosa in USD x diversificare valuta, cosa ne pensate in ottica cassetto? Possibilita' di call?
Quantita' minima 25?! Cioe' 25x25USD?

Grazie.

 

[Andre_Sant]

Per me riceveranno una valanga di adesioni, ben superiori ai 2 bln. Un po' come e' successo per Intesa.

Non mi faccio illusioni, IMHO ritireranno a prezzi bassi. No problem, alla peggio cassetto.

guarda che per vedere/sapere quante adesioni riceverà una ops, basta vedere quanto controvalore è coinvolto..

1,5 miliardo rispetto a quasi 20 miliardi è poco (caso di intesa..)

2 miliardi cash rispetto a 6 miliardi di controvalore è piu' che sufficiente, in particolare considerando che sono emissioni già opate / opsate ed illiquide

la questione, ripeto, è sul prezzo, non sulla size.
2 miliardi è decisamente OK

ciao
Andrea

 

[Zorba]

guarda che per vedere/sapere quante adesioni riceverà una ops, basta vedere quanto controvalore è coinvolto..

1,5 miliardo rispetto a quasi 20 miliardi è poco (caso di intesa..)

2 miliardi cash rispetto a 6 miliardi di controvalore è piu' che sufficiente, in particolare considerando che sono emissioni già opate / opsate ed illiquide

la questione, ripeto, è sul prezzo, non sulla size.
2 miliardi è decisamente OK

ciao
Andrea

Lascia stare i senior. Intesa ha ricevuto subordinati in Opa per 3,3 bln e ne ha acquistati 1.1 bln.

 

[Zorba]

SNS raccoglie grano per noi??

[Reuters] New Issue-SNS Bank prices 1.0 bln euro 2017 bond

[SR.AS] Aug 23 (Reuters) -Following are terms and conditions

of a covered bond priced on Thursday.

Borrower SNS Bank

Issue Amount 1.0 billion euro

Maturity Date August 30, 2017

Coupon 2.125 pct

Reoffer price 99.995

Spread 115 basis points

Underlying govt bond Over Mid-swaps, equivalent to 175 bp

over the 4.25 pct July 2017 DBR

Reoffer yield 2.126 pct

Payment Date August 30, 2012

Lead Manager(s) DZ Bank, Natixis, Rabobank, RBS

Unicredit

Ratings Aa2 (Moody's), AAAA (Fitch)

Listing Amsterdam, Luxembourg

Full fees Undisclosed

Denoms (K) 100-1

ISIN XS0822050125

Santander aveva fatto lo stesso. Aveva emesso martedi' un senior da 2bln e poi ha lanciato l'opa sui subordinati.

RATIONALE FOR THE SENIOR?

The other point of contention was whether a very expensive EUR2bn two-year senior unsecured trade priced by Santander on Tuesday had been issued to finance the liability management. The deal came at 390bp over mid-swaps, and some questioned why the borrower would want to raise funding at such elevated levels.

"It seems like quite a bit of a coincidence," one investor said. "Who knows whether that's why but the timing and size to me say that's what it was for."

Another investor questioned whether the buyers of the senior knew about the liability management and how they would feel. "If you bought the two-year, suddenly you could find yourself with EUR2bn less of subordinated debt underneath you," he said. "I wouldn't be massively happy if I'd bought it."

 

[nik.sala]

Santander aveva fatto lo stesso. Aveva emesso martedi' un senior da 2bln e poi ha lanciato l'opa sui subordinati.

RATIONALE FOR THE SENIOR?

The other point of contention was whether a very expensive EUR2bn two-year senior unsecured trade priced by Santander on Tuesday had been issued to finance the liability management. The deal came at 390bp over mid-swaps, and some questioned why the borrower would want to raise funding at such elevated levels.

"It seems like quite a bit of a coincidence," one investor said. "Who knows whether that's why but the timing and size to me say that's what it was for."

Another investor questioned whether the buyers of the senior knew about the liability management and how they would feel. "If you bought the two-year, suddenly you could find yourself with EUR2bn less of subordinated debt underneath you," he said. "I wouldn't be massively happy if I'd bought it."

Mah io le ho prese ancora ieri a 46 le 155, x me sono ancora strabasse...

 

[Andre_Sant]

Lascia stare i senior. Intesa ha ricevuto subordinati in Opa per 3,3 bln e ne ha acquistati 1.1 bln.

si ma su quanto nominale?

è qui che è il punto chiave..

l'offerta di intesa sulle sole subordinate era su un nominale di quasi 10miliardi di SOLE SUBORDINATE

ed è (ed era..) ovvio che 1 miliardo di euro cash su 10 miliardi di controvalore NON puo' bastare (e infatti nn è bastato...) per soddisfare tutte le adesioni..

cosa diversa un rapporto di 2 miliardi di euro cash su un circa 6miliardi nominali

ciao
Andrea