bia06
Listen other's viewpoint avoid conflicts & wars.
?
Ciao SVA, puoi spiegare un po´ di piu´il background di questo post (fonte etc). Grazie
Ciao SVA, puoi spiegare un po´ di piu´il background di questo post (fonte etc). Grazie
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
solovaloreaggiunto
Forumer storico
estratto di una casa di brokeraggio inglese sui subordinati e view 2014 su questa asset class post :
Based on CRR / CRD IV and the European Directive on Banks Recovery and Resolution, banking groups will need to meet new capital and leverage ratios requirements, as well as minimum levels of bail-in-able debt by 2019.
russiabond
Il mito, la leggenda.
Acquisti di BM Lt 2 2017 aggiornato al 06.12.2013 :
Fratelli BancaMarchisti LT 2 2017 in ordine di Size :
Russiabond : 28 lotti prezzo 49,50 ;
SENIORTRADER :4 lotti prezzo m.c. 61,53919;
CARD MARCINCUS : 3 lotti prezzo ? ;
SESE : 2 lotti prezzo 44 ;
CALIGOLA 2005 : 2 lotti prezzo 42,60 ;
BOSMELD : 1 lotto prezzo 48,00 ;
FRMAORO : 1 lotto prezzo 42 ;
ANGY2007 : 1 lotto prezzo 42,50 ;
ALBERTOCOC : 1 lotto prezzo 60 ;
L'ESEGESI : 1 lotto prezzo 44,50 ;
JSCREEN : 1 lotto prezzo 45,50 ;
SOLID. SNAKE : 1 lotto prezzo 45,30 ;
FABRIZIOF : 1 lotto prezzo 72 ;
P.S. Fabrizio è rientrato oggi a 44 il prezzo di 72 è determinato dal suo primo ingresso e successiva uscita ...
Fratelli BancaMarchisti LT 2 2017 in ordine di Size :
Russiabond : 28 lotti prezzo 49,50 ;
SENIORTRADER :4 lotti prezzo m.c. 61,53919;
CARD MARCINCUS : 3 lotti prezzo ? ;
SESE : 2 lotti prezzo 44 ;
CALIGOLA 2005 : 2 lotti prezzo 42,60 ;
BOSMELD : 1 lotto prezzo 48,00 ;
FRMAORO : 1 lotto prezzo 42 ;
ANGY2007 : 1 lotto prezzo 42,50 ;
ALBERTOCOC : 1 lotto prezzo 60 ;
L'ESEGESI : 1 lotto prezzo 44,50 ;
JSCREEN : 1 lotto prezzo 45,50 ;
SOLID. SNAKE : 1 lotto prezzo 45,30 ;
FABRIZIOF : 1 lotto prezzo 72 ;
P.S. Fabrizio è rientrato oggi a 44 il prezzo di 72 è determinato dal suo primo ingresso e successiva uscita ...
negusneg
New Member
Questa mi era sfuggita, se qualcuno l'aveva già postata chiedo venia 
Standard & Poor's ha nuovamente rivisto i criteri con cui assegnare i rating alle emissioni ibride (ovviamente rendendoli ancora più severi, questi arrivano sempre dopo la puzza
).
General Criteria: Methodology: Use Of 'C' And 'D' Issue Credit Ratings For Hybrid Capital And Payment-In-Kind Instruments
Publication date: 24-Oct-2013 18:25:13 GMT
1. On Oct. 24, 2013, Standard & Poor's Ratings Services published its criteria, "Principles For Rating Debt Issues Based On Imputed Promises" (Imputed Promises Criteria). Among other provisions, the criteria indicate that we assign the 'D' long-term issue credit rating and no longer the 'C' rating to issues on which cash coupon payments have been deferred, eliminated, or, in some cases, paid in kind, as permitted under the terms of the issue, or in certain cases of principal writedown. This criteria article provides additional guidance for determining when we will apply the 'D' rating to such instruments.
2. This article supersedes "How The Expansion Of The ‘C’ Rating Definition Affects Its Use For Hybrid Capital And Payment–In-Kind Instruments," published Aug. 1, 2008. It also partially supersedes "Rating Implications Of Exchange Offers And Similar Restructurings, Update," published May 12, 2009, by superseding the references to use of the 'C' issue credit rating in the answer to question 14 of that article. It also partially supersedes "Bank Hybrid Capital Methodology And Assumptions," published Nov. 1, 2011, by superseding the references to use of the 'C' issue credit rating in table 2, and partially supersedes "Hybrid Capital Handbook," published Sept. 15, 2008, by superseding the references to use of the 'C' issue credit rating in the section titled, "Rating The Issue: Default And Distress."
SCOPE OF THE CRITERIA
3. These criteria apply to the issue credit ratings we assign to payment-in-kind (PIK) instruments issued by entities. These criteria also apply to hybrid capital instruments, such as preferred stock, deferrable subordinated notes, "kikin" (a form of deferrable subordinated debt capital unique to Japanese mutual life insurers), trust preferred securities, and other instruments with deferrable coupon or deferrable principal repayment dates, rated under our criteria for corporate (including project finance), governments (including international public finance, U.S. public finance, multilateral lending institutions, and sovereigns), financial institutions, and insurance issuers. This article does not apply to issuer credit ratings (ICRs).
4. Hybrid capital generally refers to an instrument that has characteristics of both debt and equity. Standard & Poor's considers an instrument as a hybrid capital instrument if, and only if, without causing a legal default or liquidation of the issuer, it can absorb losses via either nonpayment of the coupon or a write-down of principal, or can convert into common equity or another hybrid capital instrument.
SUMMARY OF THE CRITERIA
5. The issue credit ratings on hybrid capital instruments, or on any debt instrument with a coupon deferral or cancellation feature or principal write-down or deferral feature, are generally lowered to 'D' when payments are deferred or reduced on a permanent basis according to terms of the instrument. This includes: deferral of interest or dividends on a non-cumulative instrument (where missed coupons are not repaid in the future); write-down of principal; or conversion to common equity due to a credit event. In these criteria, "coupon" refers to periodic distributions, regardless of how they are described under the terms and conditions of the instrument (including such descriptions as "coupons," "interest," or "dividends").
6. The issue credit ratings on hybrid capital instruments with cumulative deferral provisions (such as cumulative preferred stock), or economically equivalent structures that also allow temporary coupon deferral without interest on deferred interest, will be lowered to 'D' upon deferral. The exception is if we expect that the deferral period a) will be short term, typically one year or less, and b) will be in accordance with the terms of the instrument.
7. For instruments that may make payment in kind, or economically equivalent structures (such as capitalized interest options), paying in kind does not in and of itself result in a rating change to 'C' or 'D'. However, we may still lower the issue credit ratings due to issuer credit deterioration, as reflected in a lower issuer credit rating or stand-alone credit profile.
8. The lowering of an issue credit rating assigned to a hybrid capital instrument to 'D' does not result in a lowering of the ICR to 'SD' nor 'D' if the payment default is in accordance with the instrument's terms and conditions, or if the instrument forms part of regulatory capital for a prudentially regulated issuer.
EFFECTIVE DATE
9. These criteria are effective immediately. We intend to complete our review of relevant ratings within the next six months.
IMPACT ON OUTSTANDING RATINGS
10. Standard & Poor's expects to lower to 'D' the issue credit ratings on almost all hybrid capital instruments currently rated 'C'. (Hybrid capital instruments include preferred stock, preference shares, and subordinated debt with deferral features, issued by corporations, financial institutions, and insurers.) Approximately 80 hybrid capital instruments are currently rated 'C' because they are deferring payments as their terms permit, or are currently subject to a distressed exchange. Those hybrid capital instruments we rate 'C' due to notching for subordination, but that are not currently deferring coupons, remain rated 'C'.
METHODOLOGY
Permanent Shock Absorbers: Hybrid Capital Instruments That Allow For Non-Cumulative Deferrals, Write-Down Provisions, Or Debt/Equity Conversions
11. Even when the terms of an instrument permit nonpayment of interest, conversion to common equity, or write-down or deferral of principal in such a way that this constitutes a "permanent shock absorber" under our criteria, the occurrence of any of these is a breach of the terms of the imputed promise we impute to rate the instrument (which is to pay cash on the originally scheduled due date). In such a case, the instrument is rated 'D'. For more on our definition and rating criteria for permanent shock absorbers, see Imputed Promises Criteria, paragraphs 43-45.
12. Therefore, a write-down of principal, even if in accordance with the terms of a hybrid capital instrument, results in a 'D' rating if it causes a permanent diminished payment. Also, the conversion of a debt instrument into common equity due to a credit related trigger, even if in accordance with the terms of the instrument, results in a 'D' rating unless the current market value of the shares received upon conversion equals or exceeds the original principal amount. We lower the issue credit rating to 'D' if any portion of distribution payments or principal is deferred or reduced on a permanent basis even if this is according to the terms of the instrument, or if an instrument is subject to a distressed exchange.
13. For a hybrid capital instrument that has a provision for a temporary, instead of permanent, write-down of principal, if–-as we expect will almost always be the case--the use of such a provision results in a permanent diminished interest payment we lower the rating to 'D'.
Temporary Shock Absorbers: Hybrid Capital Instruments That Allow For Cumulative Non-Compounding Deferrals
14. For hybrid capital instruments with cumulative deferral features (such as cumulative preferred stock), or economically equivalent structures that allow temporary interest deferral without interest on deferred interest, we impute a ratable promise of repayment of the deferred amount within one year of the deferral date, and we lower an instrument's issue credit rating to 'D' unless we expect (a) repayment to occur within one year and in accordance with terms (including any penalty interest, for example) and (b) the next year of coupons to be honored in full and on scheduled dates. (For the criteria on instruments that allow temporary interest deferral with interest on deferred interest, see section on payment-in-kind instruments, paragraph 19.) For more on our definition and rating criteria for temporary shock absorbers, see Imputed Promises Criteria, paragraphs 40-42.
15. As a result, in practice, we expect to generally lower issue credit ratings to 'D' upon deferral since, in our experience, arrears are settled, if at all, sufficiently late as to turn the future interest promise into an illusory one.
16. If, however, we make a case-specific analysis that the deferral period will be short term, typically one year or less, within which we expect all arrears to be settled, then the issue credit rating is not 'D' and reflects our opinion of the risk of the coupons not being reinstated within this time period. In these cases, we derive the issue credit rating by applying "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published Oct. 1, 2012, if the conditions in paragraphs 13-14 are met; and otherwise, by applying our general hybrid capital criteria.
17. For a hybrid capital instrument that is current on coupons, paragraphs 11 to 15 above do not affect our criteria for "notching" its issue credit rating. Notching refers to the number of notches that an issue is rated below the ICR or stand-alone credit profile (SACP), based on our analysis of the nonpayment risk and/or subordination features associated with the instrument. In line with existing criteria, all deferrable instruments are rated at least one notch below the ICR or SACP because of their deferral risk. If deferral becomes an increasingly likely prospect on a hybrid but not on senior debt, the gap between the ICR or SACP and the issue credit rating on a hybrid capital instrument widens to reflect the heightened risk of deferral.
18. The 'C' issue credit rating is assigned to hybrid capital instruments (and other subordinated instruments) only to reflect subordination, notably for all issuers with an ICR of 'CCC-' or lower, or for all banks with an SACP of 'ccc' or lower, since we notch at least three notches down for a hybrid capital instrument at these rating and SACP levels.
Temporary Shock Absorbers: Payment-In-Kind (PIK) Instruments
19. For instruments with PIK features or economically equivalent structures (such as capitalized interest options) that allow interest to be met with a non-cash payment, a PIK event is a breach of the imputed promise only if we have virtual certainty that repayment will not occur by the maturity date. Absent this virtual certainty, however, we may lower PIK instrument ratings on the occurrence of such an event due to issuer credit deterioration, as reflected in a lower issuer credit rating. The rationale for this treatment is that such instruments are generally expected to repay both principal and interest, along with the payment-in-kind or capitalized interest, in line with the likelihood the issuer will repay its other financial obligations.
20. These criteria align our rating approaches on traditional PIK and PIK toggle instruments.
21. A PIK feature does not cause an instrument to be rated lower than the issuer credit rating of the issuer. However, notching for subordination or recovery will apply.
Debt Obligations With Deferrable Principal Repayment Dates (Other Than Hybrid Capital Instruments)
22. As indicated in "Principles For Rating Debt Issues Based On Imputed Promises," if the terms of an instrument specify a final maturity date, as well as an earlier, projected principal repayment schedule--sometimes referred to as the expected maturity date or the target amortization schedule--the imputed promise is principal due at final maturity (or "legal maturity date"). Examples of such instruments include leveraged loans with cash sweep features that provide for projected repayment earlier than scheduled payment.
23. For a debt obligation with a scheduled principal repayment date that has a deferral feature, used, for example, as a temporary shock absorber in the case of debt service shortfalls, the issue credit rating is not moved to 'D' if the deferral of principal is for one year or less and the debt instrument maturity is maintained within its final maturity under the terms of an instrument. If we expect a principal repayment to be delayed for more than one year past a scheduled but deferrable repayment date, we would lower the issue credit rating to 'D' to reflect the sustained loss absorption.
Impact On The ICR Of A 'D' Issue Credit Rating On A Hybrid Capital Instrument
24. The lowering of a hybrid capital instrument rating to 'D' does not result in a lowering of the ICR to 'SD' nor 'D' if the payment default is in accordance with the instrument's terms and conditions, or if the instrument forms part of regulatory capital for a prudentially regulated issuer.
Exchange Offers And Similar Restructurings On Hybrid Capital Instruments
25. An exchange offer or similar restructuring on a hybrid capital instrument (see "Rating Implications Of Exchange Offers And Similar Restructurings, Update," published May 12, 2009, for the definition of an exchange offer or similar restructuring) may reflect the possibility that, absent the exchange offer taking place, the issuer would exercise the coupon deferral or a loss absorption feature in accordance with the terms of the instrument. In such instances, we would lower the instrument's issue credit rating to 'C' on announcement of the offer and to 'D' on completion of the offer. The impact on the ICR is as discussed in paragraph 24 above.
Glossary
26. PIK debt: These obligations are typically issued by corporate entities with ICRs of 'BB+' and lower. PIK debt can pay interest in cash or in kind in certain circumstances. PIK means that the investor, in lieu of cash, receives more of the same note, or that the note's principal is increased. There are several forms of PIK debt. In their simplest form, PIK notes pay interest in kind from the outset, and for the life of the instrument. Some PIK debt initially requires cash interest payments, but gives the issuer the option of paying in kind later. In other cases, payments are initially PIK, but then must be made in cash after a prespecified period.
27. Toggle notes: These notes are a specific form of PIK debt designed to facilitate switching back and forth between cash payments and PIK distributions, at the issuer's discretion. The issuer increases remuneration for those periods when the PIK option is utilized.
Related Criteria And Research
Principles For Rating Debt Issues Based On Imputed Promises, Oct. 24, 2013
Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings, Oct. 1, 2012
Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011
Rating Implications Of Exchange Offers And Similar Restructurings, Update, May 12, 2009
Hybrid Capital Handbook: September 2008 Edition, Sept. 15, 2008
Standard & Poor's ha nuovamente rivisto i criteri con cui assegnare i rating alle emissioni ibride (ovviamente rendendoli ancora più severi, questi arrivano sempre dopo la puzza
).General Criteria: Methodology: Use Of 'C' And 'D' Issue Credit Ratings For Hybrid Capital And Payment-In-Kind Instruments
Publication date: 24-Oct-2013 18:25:13 GMT
1. On Oct. 24, 2013, Standard & Poor's Ratings Services published its criteria, "Principles For Rating Debt Issues Based On Imputed Promises" (Imputed Promises Criteria). Among other provisions, the criteria indicate that we assign the 'D' long-term issue credit rating and no longer the 'C' rating to issues on which cash coupon payments have been deferred, eliminated, or, in some cases, paid in kind, as permitted under the terms of the issue, or in certain cases of principal writedown. This criteria article provides additional guidance for determining when we will apply the 'D' rating to such instruments.
2. This article supersedes "How The Expansion Of The ‘C’ Rating Definition Affects Its Use For Hybrid Capital And Payment–In-Kind Instruments," published Aug. 1, 2008. It also partially supersedes "Rating Implications Of Exchange Offers And Similar Restructurings, Update," published May 12, 2009, by superseding the references to use of the 'C' issue credit rating in the answer to question 14 of that article. It also partially supersedes "Bank Hybrid Capital Methodology And Assumptions," published Nov. 1, 2011, by superseding the references to use of the 'C' issue credit rating in table 2, and partially supersedes "Hybrid Capital Handbook," published Sept. 15, 2008, by superseding the references to use of the 'C' issue credit rating in the section titled, "Rating The Issue: Default And Distress."
SCOPE OF THE CRITERIA
3. These criteria apply to the issue credit ratings we assign to payment-in-kind (PIK) instruments issued by entities. These criteria also apply to hybrid capital instruments, such as preferred stock, deferrable subordinated notes, "kikin" (a form of deferrable subordinated debt capital unique to Japanese mutual life insurers), trust preferred securities, and other instruments with deferrable coupon or deferrable principal repayment dates, rated under our criteria for corporate (including project finance), governments (including international public finance, U.S. public finance, multilateral lending institutions, and sovereigns), financial institutions, and insurance issuers. This article does not apply to issuer credit ratings (ICRs).
4. Hybrid capital generally refers to an instrument that has characteristics of both debt and equity. Standard & Poor's considers an instrument as a hybrid capital instrument if, and only if, without causing a legal default or liquidation of the issuer, it can absorb losses via either nonpayment of the coupon or a write-down of principal, or can convert into common equity or another hybrid capital instrument.
SUMMARY OF THE CRITERIA
5. The issue credit ratings on hybrid capital instruments, or on any debt instrument with a coupon deferral or cancellation feature or principal write-down or deferral feature, are generally lowered to 'D' when payments are deferred or reduced on a permanent basis according to terms of the instrument. This includes: deferral of interest or dividends on a non-cumulative instrument (where missed coupons are not repaid in the future); write-down of principal; or conversion to common equity due to a credit event. In these criteria, "coupon" refers to periodic distributions, regardless of how they are described under the terms and conditions of the instrument (including such descriptions as "coupons," "interest," or "dividends").
6. The issue credit ratings on hybrid capital instruments with cumulative deferral provisions (such as cumulative preferred stock), or economically equivalent structures that also allow temporary coupon deferral without interest on deferred interest, will be lowered to 'D' upon deferral. The exception is if we expect that the deferral period a) will be short term, typically one year or less, and b) will be in accordance with the terms of the instrument.
7. For instruments that may make payment in kind, or economically equivalent structures (such as capitalized interest options), paying in kind does not in and of itself result in a rating change to 'C' or 'D'. However, we may still lower the issue credit ratings due to issuer credit deterioration, as reflected in a lower issuer credit rating or stand-alone credit profile.
8. The lowering of an issue credit rating assigned to a hybrid capital instrument to 'D' does not result in a lowering of the ICR to 'SD' nor 'D' if the payment default is in accordance with the instrument's terms and conditions, or if the instrument forms part of regulatory capital for a prudentially regulated issuer.
EFFECTIVE DATE
9. These criteria are effective immediately. We intend to complete our review of relevant ratings within the next six months.
IMPACT ON OUTSTANDING RATINGS
10. Standard & Poor's expects to lower to 'D' the issue credit ratings on almost all hybrid capital instruments currently rated 'C'. (Hybrid capital instruments include preferred stock, preference shares, and subordinated debt with deferral features, issued by corporations, financial institutions, and insurers.) Approximately 80 hybrid capital instruments are currently rated 'C' because they are deferring payments as their terms permit, or are currently subject to a distressed exchange. Those hybrid capital instruments we rate 'C' due to notching for subordination, but that are not currently deferring coupons, remain rated 'C'.
METHODOLOGY
Permanent Shock Absorbers: Hybrid Capital Instruments That Allow For Non-Cumulative Deferrals, Write-Down Provisions, Or Debt/Equity Conversions
11. Even when the terms of an instrument permit nonpayment of interest, conversion to common equity, or write-down or deferral of principal in such a way that this constitutes a "permanent shock absorber" under our criteria, the occurrence of any of these is a breach of the terms of the imputed promise we impute to rate the instrument (which is to pay cash on the originally scheduled due date). In such a case, the instrument is rated 'D'. For more on our definition and rating criteria for permanent shock absorbers, see Imputed Promises Criteria, paragraphs 43-45.
12. Therefore, a write-down of principal, even if in accordance with the terms of a hybrid capital instrument, results in a 'D' rating if it causes a permanent diminished payment. Also, the conversion of a debt instrument into common equity due to a credit related trigger, even if in accordance with the terms of the instrument, results in a 'D' rating unless the current market value of the shares received upon conversion equals or exceeds the original principal amount. We lower the issue credit rating to 'D' if any portion of distribution payments or principal is deferred or reduced on a permanent basis even if this is according to the terms of the instrument, or if an instrument is subject to a distressed exchange.
13. For a hybrid capital instrument that has a provision for a temporary, instead of permanent, write-down of principal, if–-as we expect will almost always be the case--the use of such a provision results in a permanent diminished interest payment we lower the rating to 'D'.
Temporary Shock Absorbers: Hybrid Capital Instruments That Allow For Cumulative Non-Compounding Deferrals
14. For hybrid capital instruments with cumulative deferral features (such as cumulative preferred stock), or economically equivalent structures that allow temporary interest deferral without interest on deferred interest, we impute a ratable promise of repayment of the deferred amount within one year of the deferral date, and we lower an instrument's issue credit rating to 'D' unless we expect (a) repayment to occur within one year and in accordance with terms (including any penalty interest, for example) and (b) the next year of coupons to be honored in full and on scheduled dates. (For the criteria on instruments that allow temporary interest deferral with interest on deferred interest, see section on payment-in-kind instruments, paragraph 19.) For more on our definition and rating criteria for temporary shock absorbers, see Imputed Promises Criteria, paragraphs 40-42.
15. As a result, in practice, we expect to generally lower issue credit ratings to 'D' upon deferral since, in our experience, arrears are settled, if at all, sufficiently late as to turn the future interest promise into an illusory one.
16. If, however, we make a case-specific analysis that the deferral period will be short term, typically one year or less, within which we expect all arrears to be settled, then the issue credit rating is not 'D' and reflects our opinion of the risk of the coupons not being reinstated within this time period. In these cases, we derive the issue credit rating by applying "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published Oct. 1, 2012, if the conditions in paragraphs 13-14 are met; and otherwise, by applying our general hybrid capital criteria.
17. For a hybrid capital instrument that is current on coupons, paragraphs 11 to 15 above do not affect our criteria for "notching" its issue credit rating. Notching refers to the number of notches that an issue is rated below the ICR or stand-alone credit profile (SACP), based on our analysis of the nonpayment risk and/or subordination features associated with the instrument. In line with existing criteria, all deferrable instruments are rated at least one notch below the ICR or SACP because of their deferral risk. If deferral becomes an increasingly likely prospect on a hybrid but not on senior debt, the gap between the ICR or SACP and the issue credit rating on a hybrid capital instrument widens to reflect the heightened risk of deferral.
18. The 'C' issue credit rating is assigned to hybrid capital instruments (and other subordinated instruments) only to reflect subordination, notably for all issuers with an ICR of 'CCC-' or lower, or for all banks with an SACP of 'ccc' or lower, since we notch at least three notches down for a hybrid capital instrument at these rating and SACP levels.
Temporary Shock Absorbers: Payment-In-Kind (PIK) Instruments
19. For instruments with PIK features or economically equivalent structures (such as capitalized interest options) that allow interest to be met with a non-cash payment, a PIK event is a breach of the imputed promise only if we have virtual certainty that repayment will not occur by the maturity date. Absent this virtual certainty, however, we may lower PIK instrument ratings on the occurrence of such an event due to issuer credit deterioration, as reflected in a lower issuer credit rating. The rationale for this treatment is that such instruments are generally expected to repay both principal and interest, along with the payment-in-kind or capitalized interest, in line with the likelihood the issuer will repay its other financial obligations.
20. These criteria align our rating approaches on traditional PIK and PIK toggle instruments.
21. A PIK feature does not cause an instrument to be rated lower than the issuer credit rating of the issuer. However, notching for subordination or recovery will apply.
Debt Obligations With Deferrable Principal Repayment Dates (Other Than Hybrid Capital Instruments)
22. As indicated in "Principles For Rating Debt Issues Based On Imputed Promises," if the terms of an instrument specify a final maturity date, as well as an earlier, projected principal repayment schedule--sometimes referred to as the expected maturity date or the target amortization schedule--the imputed promise is principal due at final maturity (or "legal maturity date"). Examples of such instruments include leveraged loans with cash sweep features that provide for projected repayment earlier than scheduled payment.
23. For a debt obligation with a scheduled principal repayment date that has a deferral feature, used, for example, as a temporary shock absorber in the case of debt service shortfalls, the issue credit rating is not moved to 'D' if the deferral of principal is for one year or less and the debt instrument maturity is maintained within its final maturity under the terms of an instrument. If we expect a principal repayment to be delayed for more than one year past a scheduled but deferrable repayment date, we would lower the issue credit rating to 'D' to reflect the sustained loss absorption.
Impact On The ICR Of A 'D' Issue Credit Rating On A Hybrid Capital Instrument
24. The lowering of a hybrid capital instrument rating to 'D' does not result in a lowering of the ICR to 'SD' nor 'D' if the payment default is in accordance with the instrument's terms and conditions, or if the instrument forms part of regulatory capital for a prudentially regulated issuer.
Exchange Offers And Similar Restructurings On Hybrid Capital Instruments
25. An exchange offer or similar restructuring on a hybrid capital instrument (see "Rating Implications Of Exchange Offers And Similar Restructurings, Update," published May 12, 2009, for the definition of an exchange offer or similar restructuring) may reflect the possibility that, absent the exchange offer taking place, the issuer would exercise the coupon deferral or a loss absorption feature in accordance with the terms of the instrument. In such instances, we would lower the instrument's issue credit rating to 'C' on announcement of the offer and to 'D' on completion of the offer. The impact on the ICR is as discussed in paragraph 24 above.
Glossary
26. PIK debt: These obligations are typically issued by corporate entities with ICRs of 'BB+' and lower. PIK debt can pay interest in cash or in kind in certain circumstances. PIK means that the investor, in lieu of cash, receives more of the same note, or that the note's principal is increased. There are several forms of PIK debt. In their simplest form, PIK notes pay interest in kind from the outset, and for the life of the instrument. Some PIK debt initially requires cash interest payments, but gives the issuer the option of paying in kind later. In other cases, payments are initially PIK, but then must be made in cash after a prespecified period.
27. Toggle notes: These notes are a specific form of PIK debt designed to facilitate switching back and forth between cash payments and PIK distributions, at the issuer's discretion. The issuer increases remuneration for those periods when the PIK option is utilized.
Related Criteria And Research
Principles For Rating Debt Issues Based On Imputed Promises, Oct. 24, 2013
Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings, Oct. 1, 2012
Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011
Rating Implications Of Exchange Offers And Similar Restructurings, Update, May 12, 2009
Hybrid Capital Handbook: September 2008 Edition, Sept. 15, 2008
Ultima modifica:
russiabond
Il mito, la leggenda.
Prezzi IW non operativi della LT 2 2016
...riportati da Fabriziof ripeto non operativi
...prezzi 2016 53-56
...riportati da Fabriziof ripeto non operativi
...prezzi 2016 53-56
negusneg
New Member
Come diretta conseguenza 28 emissioni sono passate da C a D, mentre una (HT1 Funding) è passata da C a CCC.
Ho aggiornato la tabella.
28 Hybrid Issue Ratings Of 13 European Financial Institutions Lowered To 'D', One Raised To 'CCC' On Revised Methodology
Publication date: 08-Nov-2013 18:36:49 GMT
- We have revised our criteria on the use of 'C' and 'D' issue ratings for hybrid capital instruments, where cash coupon payments have been deferred or eliminated as permitted under the terms of the issue.
- We are therefore lowering to 'D' from 'C' our long-term issue ratings on 28 hybrid capital instruments issued by 13 Europe-based financial services groups.
- We expect the deferral or nonpayment of coupon to continue at least to the next coupon date for all instruments now rated 'D'.
- We are raising our rating on the HT1 Funding GmbH instrument of Commerzbank to 'CCC' from 'C' to reflect our opinion that the imputed promise on the coupon payment has been honored, although by a third party, which in turn places a high degree of uncertainty on the likelihood of payment of the next coupon.
PARIS (Standard & Poor's) Nov. 8, 2013--Standard & Poor's Ratings Services said today that it lowered its issue ratings to 'D' from 'C' on 28 hybrid capital instruments issued directly or through dedicated vehicles by the following European financial services groups:
- Alpha Bank A.E.,
- Banca Popolare di Milano SCRL,
- Banco Comercial Portugues S.A.,
- Banque Internationale à Luxembourg,
- Belfius Bank SA/NV,
- Caixa Geral de Depositos S.A.,
- Dexia S.A. (not rated),
- Eurobank Ergasias S.A.,
- Depfa Bank PLC and Deutsche Pfandbriefbank AG (two subsidiaries of the Hypo Real Estate group, not rated),
- National Bank of Greece S.A.,
- Northern Rock (Asset Management) PLC,
- Piraeus Bank S.A.,and
- SNS REAAL N.V.
We also raised to 'CCC' from 'C' our rating on the HT1 Funding GmbH Tier 1 hybrid capital instrument issued by Commerzbank. Refer to the Ratings List below for the issues affected by these rating actions.
These actions follow our review of the ratings on these hybrid securities after the Oct. 24, 2013, publication of our new criteria methodology: "Use Of 'C' And 'D' Issue Credit Ratings For Hybrid Capital And Payment-In-Kind Instruments" and the related criteria "Principles For Rating Debt Issues Based On Imputed Promises."
In line with the criteria in these articles, the issuer credit ratings (ICRs) on the above-mentioned financial services groups are not affected by the rating actions on these hybrid securities. We would not lower the ICR if the payment default is in accordance with the instruments' terms and conditions, or if the instrument forms part of regulatory capital for a prudentially regulated issuer. All the hybrid instruments that we reviewed satisfy one or both of these conditions.
The 'D' rating reflects the fact that the related instruments have missed a coupon payment or several successive coupons in the past months or quarters, and that we see such suspensions as a breach of the promise we impute to rate the instrument. Under our criteria, even if the terms of cumulative and noncumulative instruments allow for nonpayment of interest, the occurrence of a coupon suspension is a breach of the terms of the promise that we impute to rate the instrument, which is to pay cash on the originally scheduled due date. For securities that allow for cumulative coupon deferrals, we impute a ratable promise of repayment of the deferred amount within one year of the deferral date.
Our 'D' rating on the noncumulative instruments issued directly or indirectly by Alpha Bank, Banca Popolare di Milano, Banco Comercial Portugues, Banque Internationale à Luxembourg, Caixa Geral de Depositos, Dexia SA, Eurobank Ergasias, Depfa Bank, Deutsche Pfandbriefbank, National Bank of Greece, Northern Rock (Asset Management), and Piraeus Bank reflects our current expectation that all these instruments will also miss their next coupon payment.
The 'D' rating on the cumulative hybrids issued directly or indirectly by Belfius, SNS REAAL, and Caixa Geral de Depositos groups reflects the fact that the dividend suspension has lasted more than a year for Belfius Bank and our expectation that it will last more than a year for Caixa Geral de Depositos and SNS REAAL. In both cases we expect the coupons to remain in deferral at the next coupon payment date.
Several of the above-mentioned groups have benefited from their government aid over the past few years. In general the groups suspended coupons on the instruments because they fall within the scope of temporary restrictions on discretionary coupon payments, as part of the agreement for state aid with the European Commission.
Our upgrade of the Commerzbank instrument to 'CCC' reflects two particular aspects. First, although the issuer has been unable to pay the coupon on this security since June 2009, we understand that the coupon has been paid on time and in full by a third party. As such, and under our new criteria, we consider that the imputed promise on this instrument has not been breached so far. Second, even though the instrument has not missed a coupon payment so far, it is highly uncertain whether it will pay the next coupon. We believe that Commerzbank is likely to default on that coupon payment, absent an unforeseen positive development, because we consider that the bank does not yet have the financial capacity to resume the payment on its own. At the same time, it is highly uncertain whether the third party (Allianz SE) will continue to honor future coupon payments.
We will continue to conduct ratings surveillance on these securities. We could raise the ratings on some of the 'D' rated securities in the coming quarters, if we believe that the issuer is likely to resume payments in the future.
RELATED CRITERIA AND RESEARCH
Hybrid Capital Instruments Rated 'C' By Standard & Poor's Under Criteria Observation Following Changes To Methodology, Oct. 25, 2013
General Criteria: Methodology: Use Of 'C' And 'D' Issue Credit Ratings For Hybrid Capital And Payment-In-Kind Instruments, Oct. 24, 2013
General Criteria: Methodology: Timeliness Of Payments: Grace Periods, Guarantees, And Use Of 'D' And 'SD' Ratings, Oct. 24, 2013
General Criteria: Principles For Rating Debt Issues Based On Imputed Promises, Oct. 24, 2013
General Criteria: Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings, Oct. 1, 2012
Criteria - Financial Institutions - Banks: Quantitative Metrics For Rating Banks Globally: Methodology And Assumptions, July 17, 2013
Criteria - Financial Institutions - Banks: Banks: Rating Methodology And Assumptions, Nov. 9, 2011
Criteria - Financial Institutions - Banks: Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011
Criteria - Financial Institutions - Banks: Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011
General Criteria: Rating Government-Related Entities: Methodology And Assumptions, Dec. 9, 2010
Criteria - Financial Institutions - Banks: Bank Capital Methodology And Assumptions, Dec. 6, 2010
General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009
General Criteria: Rating Implications Of Exchange Offers And Similar Restructurings, Update, May 12, 2009
RATINGS LIST Note: After we published "Hybrid Capital Instruments Rated 'C' By Standard & Poor's Under Criteria Observation Following Changes To Methodology" on Oct. 25, 2013, Alpha Bank, Northern Rock (Asset Management), Piraeus Bank, and Eurobank--informed us of changed amounts or partial or full redemption of several instruments listed in our article. We also changed the name of an issuer because the instrument of Deutsche Pfandbriefbank AG is issued through a vehicle, Hypo Real Estate International Trust I.
DOWNGRADED Issuer (Parent) To From D C
Alpha Group Jersey Ltd.* (Alpha Bank A.E.)
EUR600 mil var rate pref shares CMS linked callable perp (current amt EUR36.13mil) ser B ISIN: DE000A0DX3M2
Banca Popolare di Milano SCRL
EUR300 mil 9.00% Perpetual Subordinated Fixed/Floating Rate hybrid ISIN: XS0372300227
Banque Internationale a Luxembourg
EUR225 mil var rate perp cap hybrid ISIN: XS0132253468
BCP Finance Co.* (Banco Comercial Portugues S.A.)
EUR500 mil FXD/FRN non-cum non-voting gtd perp callable pref shares ser C ISIN: XS0194093844
EUR500 mil var rate perp fxd/fltg rate callable pref shares ser D ISIN: XS0231958520
BPM Capital I LLC* (Banca Popolare di Milano SCRL)
EUR160 mil 8.393% non-cum co. pfd secs (tranche 2) CINS: 9I0019AI0
BPM Capital Trust I* (Banca Popolare di Milano SCRL)
EUR160 mil 8.393% non cum trust pfd secs (tranche 1) ISIN: XS0131749623
Belfius Bank SA/NV
EUR228.674 mil var rate undtd sub (out. amt. EUR 65.904 mil.) hybrid ISIN: BE0116241358
Caixa Geral de Depositos Finance* (Caixa Geral de Depositos S.A.)
EUR110 mil fltg rate step up callable perp. jr sub (Tier II) hybrid ser 238 ISIN: XS0160043757
Caixa Geral de Depositos S.A.
EUR110 mil fltg rate step up callable perp jr sub (Tier II) (Paris branch) hybrid ser 237 ISIN: XS0160043328
Caixa Geral Finance Ltd.* (Caixa Geral de Depositos S.A.)
EUR250 mil fltg rate callable perp pref shares ISIN: XS0195376925
EUR350 mil fltg rate callable perp pref shares ISIN: XS0230957424
Depfa Funding II LP* (Depfa Bank PLC, subsidiary of Hypo Real Estate Holding AG)
EUR400 mil 6.50% callable perp non-voting, non-cum pfd secs ISIN: XS0178243332
Depfa Funding III LP* (Depfa Bank PLC subsidiary of Hypo Real Estate Holding AG)
EUR300 mil var rate perp non-voting non-cum pfd secs ISIN: DE000A0E5U85
DEPFA Funding IV LP* (Depfa Bank PLC subsidiary of Hypo Real Estate Holding AG)
EUR500 mil var rate non-voting non-cum perp hybrid tier 1 fxd/fltg rate pfd secs ISIN: XS0291655727
Hypo Real Estate International Trust I* (Deutsche Pfandbriefbank AG)
US$350.076 mil var rate non-cum trust I pfd stk (Tier 1) ISIN: XS0303478118
Dexia Credit Local (Dexia S.A.)
EUR700 mil var rate fxd/fltg-rate undated deeply sub perp hybrid ISIN: FR0010251421
Dexia Funding Luxembourg S.A.** (Dexia S.A.)
EUR500 mil var rate jr sub fxd to fltg rate callable perp non-cum gtd secs Hybrid ISIN: XS0273230572
EFG Hellas Funding Ltd.* (Eurobank Ergasias S.A.)
EUR300 mil 8.25% callable perp pref shares ser D ISIN: XS0440371903
EUR200 mil 6.00% callable perp pref shares ser CISIN: XS0234821345
National Bank of Greece Funding Ltd.* (National Bank of Greece S.A.)
EUR39.769 mil var rate FX/capped fltg hybrid non-cum non-voting perp callable ser B ISIN: XS0203171755
US$38.975 mil var rate FX/capped fltg hybrid non-cum non-voting perp callable ser C ISIN: XS0203173298
National Bank of Greece S.A.
US$625 mil fixed-rate callable perp pref stk ser A ISIN: US6336435077
Northern Rock (Asset Management) PLC
£101.62 mil 8.399% step-up callable perp reserve tier 1 cap instruments Hybrid ISIN: XS0117031194
US$15.5 mil 5.60% upper tier 2 perp callable jr sub hybrid ISIN: US66567GAW06/US66567EAW57
US$1.9 mil fxd/ftg callable perp upper tier 2 jr sub hybrid ISIN: US66567FAA03/US66567HAA68
Piraeus Group Capital Ltd.* (Piraeus Bank S.A.)
EUR200 mil step up perp callable current amount
EUR19.3 mil ser A ISIN: XS0204397425
SRLEV N.V.* (SNS REAAL N.V.)
EUR400 mil 9.00% hybrid due 04/15/2041 ISIN: XS0616936372
UPGRADED To From CCC C
HT1 Funding GmbH (Commerzbank AG)
EUR1 bil var rate non-cum callable perp Tier 1 cap secs hybrid ISIN: DE000A0KAAA7
*Instruments guaranteed by parent company. **Guaranteed by Dexia Credit Local. NB: This list does not include all entities affected.
Ho aggiornato la tabella.
28 Hybrid Issue Ratings Of 13 European Financial Institutions Lowered To 'D', One Raised To 'CCC' On Revised Methodology
Publication date: 08-Nov-2013 18:36:49 GMT
- We have revised our criteria on the use of 'C' and 'D' issue ratings for hybrid capital instruments, where cash coupon payments have been deferred or eliminated as permitted under the terms of the issue.
- We are therefore lowering to 'D' from 'C' our long-term issue ratings on 28 hybrid capital instruments issued by 13 Europe-based financial services groups.
- We expect the deferral or nonpayment of coupon to continue at least to the next coupon date for all instruments now rated 'D'.
- We are raising our rating on the HT1 Funding GmbH instrument of Commerzbank to 'CCC' from 'C' to reflect our opinion that the imputed promise on the coupon payment has been honored, although by a third party, which in turn places a high degree of uncertainty on the likelihood of payment of the next coupon.
PARIS (Standard & Poor's) Nov. 8, 2013--Standard & Poor's Ratings Services said today that it lowered its issue ratings to 'D' from 'C' on 28 hybrid capital instruments issued directly or through dedicated vehicles by the following European financial services groups:
- Alpha Bank A.E.,
- Banca Popolare di Milano SCRL,
- Banco Comercial Portugues S.A.,
- Banque Internationale à Luxembourg,
- Belfius Bank SA/NV,
- Caixa Geral de Depositos S.A.,
- Dexia S.A. (not rated),
- Eurobank Ergasias S.A.,
- Depfa Bank PLC and Deutsche Pfandbriefbank AG (two subsidiaries of the Hypo Real Estate group, not rated),
- National Bank of Greece S.A.,
- Northern Rock (Asset Management) PLC,
- Piraeus Bank S.A.,and
- SNS REAAL N.V.
We also raised to 'CCC' from 'C' our rating on the HT1 Funding GmbH Tier 1 hybrid capital instrument issued by Commerzbank. Refer to the Ratings List below for the issues affected by these rating actions.
These actions follow our review of the ratings on these hybrid securities after the Oct. 24, 2013, publication of our new criteria methodology: "Use Of 'C' And 'D' Issue Credit Ratings For Hybrid Capital And Payment-In-Kind Instruments" and the related criteria "Principles For Rating Debt Issues Based On Imputed Promises."
In line with the criteria in these articles, the issuer credit ratings (ICRs) on the above-mentioned financial services groups are not affected by the rating actions on these hybrid securities. We would not lower the ICR if the payment default is in accordance with the instruments' terms and conditions, or if the instrument forms part of regulatory capital for a prudentially regulated issuer. All the hybrid instruments that we reviewed satisfy one or both of these conditions.
The 'D' rating reflects the fact that the related instruments have missed a coupon payment or several successive coupons in the past months or quarters, and that we see such suspensions as a breach of the promise we impute to rate the instrument. Under our criteria, even if the terms of cumulative and noncumulative instruments allow for nonpayment of interest, the occurrence of a coupon suspension is a breach of the terms of the promise that we impute to rate the instrument, which is to pay cash on the originally scheduled due date. For securities that allow for cumulative coupon deferrals, we impute a ratable promise of repayment of the deferred amount within one year of the deferral date.
Our 'D' rating on the noncumulative instruments issued directly or indirectly by Alpha Bank, Banca Popolare di Milano, Banco Comercial Portugues, Banque Internationale à Luxembourg, Caixa Geral de Depositos, Dexia SA, Eurobank Ergasias, Depfa Bank, Deutsche Pfandbriefbank, National Bank of Greece, Northern Rock (Asset Management), and Piraeus Bank reflects our current expectation that all these instruments will also miss their next coupon payment.
The 'D' rating on the cumulative hybrids issued directly or indirectly by Belfius, SNS REAAL, and Caixa Geral de Depositos groups reflects the fact that the dividend suspension has lasted more than a year for Belfius Bank and our expectation that it will last more than a year for Caixa Geral de Depositos and SNS REAAL. In both cases we expect the coupons to remain in deferral at the next coupon payment date.
Several of the above-mentioned groups have benefited from their government aid over the past few years. In general the groups suspended coupons on the instruments because they fall within the scope of temporary restrictions on discretionary coupon payments, as part of the agreement for state aid with the European Commission.
Our upgrade of the Commerzbank instrument to 'CCC' reflects two particular aspects. First, although the issuer has been unable to pay the coupon on this security since June 2009, we understand that the coupon has been paid on time and in full by a third party. As such, and under our new criteria, we consider that the imputed promise on this instrument has not been breached so far. Second, even though the instrument has not missed a coupon payment so far, it is highly uncertain whether it will pay the next coupon. We believe that Commerzbank is likely to default on that coupon payment, absent an unforeseen positive development, because we consider that the bank does not yet have the financial capacity to resume the payment on its own. At the same time, it is highly uncertain whether the third party (Allianz SE) will continue to honor future coupon payments.
We will continue to conduct ratings surveillance on these securities. We could raise the ratings on some of the 'D' rated securities in the coming quarters, if we believe that the issuer is likely to resume payments in the future.
RELATED CRITERIA AND RESEARCH
Hybrid Capital Instruments Rated 'C' By Standard & Poor's Under Criteria Observation Following Changes To Methodology, Oct. 25, 2013
General Criteria: Methodology: Use Of 'C' And 'D' Issue Credit Ratings For Hybrid Capital And Payment-In-Kind Instruments, Oct. 24, 2013
General Criteria: Methodology: Timeliness Of Payments: Grace Periods, Guarantees, And Use Of 'D' And 'SD' Ratings, Oct. 24, 2013
General Criteria: Principles For Rating Debt Issues Based On Imputed Promises, Oct. 24, 2013
General Criteria: Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings, Oct. 1, 2012
Criteria - Financial Institutions - Banks: Quantitative Metrics For Rating Banks Globally: Methodology And Assumptions, July 17, 2013
Criteria - Financial Institutions - Banks: Banks: Rating Methodology And Assumptions, Nov. 9, 2011
Criteria - Financial Institutions - Banks: Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011
Criteria - Financial Institutions - Banks: Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011
General Criteria: Rating Government-Related Entities: Methodology And Assumptions, Dec. 9, 2010
Criteria - Financial Institutions - Banks: Bank Capital Methodology And Assumptions, Dec. 6, 2010
General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009
General Criteria: Rating Implications Of Exchange Offers And Similar Restructurings, Update, May 12, 2009
RATINGS LIST Note: After we published "Hybrid Capital Instruments Rated 'C' By Standard & Poor's Under Criteria Observation Following Changes To Methodology" on Oct. 25, 2013, Alpha Bank, Northern Rock (Asset Management), Piraeus Bank, and Eurobank--informed us of changed amounts or partial or full redemption of several instruments listed in our article. We also changed the name of an issuer because the instrument of Deutsche Pfandbriefbank AG is issued through a vehicle, Hypo Real Estate International Trust I.
DOWNGRADED Issuer (Parent) To From D C
Alpha Group Jersey Ltd.* (Alpha Bank A.E.)
EUR600 mil var rate pref shares CMS linked callable perp (current amt EUR36.13mil) ser B ISIN: DE000A0DX3M2
Banca Popolare di Milano SCRL
EUR300 mil 9.00% Perpetual Subordinated Fixed/Floating Rate hybrid ISIN: XS0372300227
Banque Internationale a Luxembourg
EUR225 mil var rate perp cap hybrid ISIN: XS0132253468
BCP Finance Co.* (Banco Comercial Portugues S.A.)
EUR500 mil FXD/FRN non-cum non-voting gtd perp callable pref shares ser C ISIN: XS0194093844
EUR500 mil var rate perp fxd/fltg rate callable pref shares ser D ISIN: XS0231958520
BPM Capital I LLC* (Banca Popolare di Milano SCRL)
EUR160 mil 8.393% non-cum co. pfd secs (tranche 2) CINS: 9I0019AI0
BPM Capital Trust I* (Banca Popolare di Milano SCRL)
EUR160 mil 8.393% non cum trust pfd secs (tranche 1) ISIN: XS0131749623
Belfius Bank SA/NV
EUR228.674 mil var rate undtd sub (out. amt. EUR 65.904 mil.) hybrid ISIN: BE0116241358
Caixa Geral de Depositos Finance* (Caixa Geral de Depositos S.A.)
EUR110 mil fltg rate step up callable perp. jr sub (Tier II) hybrid ser 238 ISIN: XS0160043757
Caixa Geral de Depositos S.A.
EUR110 mil fltg rate step up callable perp jr sub (Tier II) (Paris branch) hybrid ser 237 ISIN: XS0160043328
Caixa Geral Finance Ltd.* (Caixa Geral de Depositos S.A.)
EUR250 mil fltg rate callable perp pref shares ISIN: XS0195376925
EUR350 mil fltg rate callable perp pref shares ISIN: XS0230957424
Depfa Funding II LP* (Depfa Bank PLC, subsidiary of Hypo Real Estate Holding AG)
EUR400 mil 6.50% callable perp non-voting, non-cum pfd secs ISIN: XS0178243332
Depfa Funding III LP* (Depfa Bank PLC subsidiary of Hypo Real Estate Holding AG)
EUR300 mil var rate perp non-voting non-cum pfd secs ISIN: DE000A0E5U85
DEPFA Funding IV LP* (Depfa Bank PLC subsidiary of Hypo Real Estate Holding AG)
EUR500 mil var rate non-voting non-cum perp hybrid tier 1 fxd/fltg rate pfd secs ISIN: XS0291655727
Hypo Real Estate International Trust I* (Deutsche Pfandbriefbank AG)
US$350.076 mil var rate non-cum trust I pfd stk (Tier 1) ISIN: XS0303478118
Dexia Credit Local (Dexia S.A.)
EUR700 mil var rate fxd/fltg-rate undated deeply sub perp hybrid ISIN: FR0010251421
Dexia Funding Luxembourg S.A.** (Dexia S.A.)
EUR500 mil var rate jr sub fxd to fltg rate callable perp non-cum gtd secs Hybrid ISIN: XS0273230572
EFG Hellas Funding Ltd.* (Eurobank Ergasias S.A.)
EUR300 mil 8.25% callable perp pref shares ser D ISIN: XS0440371903
EUR200 mil 6.00% callable perp pref shares ser CISIN: XS0234821345
National Bank of Greece Funding Ltd.* (National Bank of Greece S.A.)
EUR39.769 mil var rate FX/capped fltg hybrid non-cum non-voting perp callable ser B ISIN: XS0203171755
US$38.975 mil var rate FX/capped fltg hybrid non-cum non-voting perp callable ser C ISIN: XS0203173298
National Bank of Greece S.A.
US$625 mil fixed-rate callable perp pref stk ser A ISIN: US6336435077
Northern Rock (Asset Management) PLC
£101.62 mil 8.399% step-up callable perp reserve tier 1 cap instruments Hybrid ISIN: XS0117031194
US$15.5 mil 5.60% upper tier 2 perp callable jr sub hybrid ISIN: US66567GAW06/US66567EAW57
US$1.9 mil fxd/ftg callable perp upper tier 2 jr sub hybrid ISIN: US66567FAA03/US66567HAA68
Piraeus Group Capital Ltd.* (Piraeus Bank S.A.)
EUR200 mil step up perp callable current amount
EUR19.3 mil ser A ISIN: XS0204397425
SRLEV N.V.* (SNS REAAL N.V.)
EUR400 mil 9.00% hybrid due 04/15/2041 ISIN: XS0616936372
UPGRADED To From CCC C
HT1 Funding GmbH (Commerzbank AG)
EUR1 bil var rate non-cum callable perp Tier 1 cap secs hybrid ISIN: DE000A0KAAA7
*Instruments guaranteed by parent company. **Guaranteed by Dexia Credit Local. NB: This list does not include all entities affected.
Ultima modifica:
maybeoneday
Forumer attivo
Qualcuno sa quanto quota OTC la BPVN XS0304963290 ?
Su euronext vedo ask a 78,97, quanto chiedono OTC ?
Thanks
Su euronext vedo ask a 78,97, quanto chiedono OTC ?
Thanks
claudioborghi
Twitter: @borghi_claudio
Topgun1976
Guest
Ot
Volevo solo dirvi che da oggi non posterò più la mia l'operatività come faccio da sempre.
Volevo solo dirvi che da oggi non posterò più la mia l'operatività come faccio da sempre.
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