Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (5 lettori)
- Creatore Discussione Joe Silver
- Data di Inizio
solovaloreaggiunto
Forumer storico
ora e' a 94,50
DinoP
life is good
eccecredo! con lo shopping di gruppo hanno alzato la lettera
per cortesia sai dove si vedono le quotazioni?
solovaloreaggiunto
Forumer storico
eccecredo! con lo shopping di gruppo hanno alzato la lettera
per cortesia sai dove si vedono le quotazioni?
solo otc. vi aggiornerò se torna a 100
negusneg
New Member
pensavo e speravo un 6%......
PUNTO 2-UnipolSai lancia bond subordinato Tier1, area 5,75% - Ifr
mercoledì 11 giugno 2014 14:09
(Aggiorna condizioni e ordini, aggiunge rating Moody's)
LONDRA, 11 giugno (Reuters) - UnipolSai Assicurazioni ha lanciato stamane un nuovo bond perpetuo subordinato Tier1, callable dopo il decimo anno, dell'importo di 750 milioni di euro, che ha raccolto ordini per quasi 2,5 miliardi, da più di 250 soggetti.
Lo riferisce il servizio Ifr di Thomson Reuters, aggiungendo che il rendimento dell'obbligazione è stata fissato al 5,75%, rivista dopo una prima indicazione questa mattina in area "high 5%", poi rivista in area 5,875% prima della definizione del livello finale.
Se la call dopo il decimo anno non verrà esercitata, la cedola verrà incrementata di 100 punti base.
Il bond rientra nella componente patrimoniale core della società ed è conteggiabile nel margine di solvibilità Solvency I.
"È il primo bond di questo tipo fatto da una società italiana" spiega un banchiere coinvolto nell'emissione.
L'operazione è gestita da Jp Morgan, Mediobanca e Unicredit.
Moody's ha assegnato oggi una rating Ba2 (hyb) all'emissione, tre notch sotto quello di UnipolSai Assicurazioni.
negusneg
New Member
Rating Action:
Moody's rates UnipolSai Assicurazioni's undated subordinated bonds Ba2(hyb)
Global Credit Research - 11 Jun 2014
Moody's also assigns a rating to UnipolSai Assicurazioni's EMTN programme
London, 11 June 2014 -- Moody's Investors Service has today assigned a Ba2(hyb) rating to the junior undated subordinated bonds to be issued by UnipolSai Assicurazioni S.p.A. (UnipolSai Assicurazioni, rated Baa2 for insurance financial strength rating, stable outlook). Moody's has also assigned a (P)Baa3 senior rating, a (P)Ba1 dated subordinated rating and a (P)Ba2 junior undated subordinated rating to UnipolSai Assicurazioni's new Euro Medium Term Note (EMTN) program.
All these ratings are based on the expectation that there will be no material difference between current and final documentation.
UnipolSai Assicurazioni is the second largest Italian insurance company. The company is the result of the merger by incorporation of Unipol Assicurazioni, Milano Assicurazioni, Premafin HP in Fondiaria-Sai in January 2014 and is 63.66% owned by Unipol Gruppo Finanziario S.p.A. (UGF, Ba2 stable).
RATINGS RATIONALE
The Ba2(hyb) rating of the bonds to be issued is three notches below UnipolSai Assicurazioni's insurance financial strength rating and reflects the combination of (i) the junior subordination of the bonds (ii) the optional and mandatory weak coupon deferral mechanisms, (iii) the cumulative nature of deferred coupons, in case of deferral, (iv) the temporary loss absorption features of the bond and (v) the variation and substitution language included in the documentation.
The new bonds are undated junior subordinated bonds. They will rank junior to senior bonds and to all dated subordinated bonds, and senior to all classes of shares. In case of liquidation, they will also rank senior to the outstanding €134.3 million mandatory convertible securities issued by UnipolSai Assicurazioni in April 2014.
Moody's indicates that the new instrument allows the issuer to defer interest payment on any interest payment date notably if, during the previous 6-month period, no dividend on any class of shares was declared or paid or any class of shares was repurchased and if no coupon was paid on pari passu securities. The instrument also contains mandatory interest deferral triggers, notably based upon breach of solvency requirements.
However, any deferred interest payment, optional or mandatory, will constitute arrears of interest and remains due by UnipolSai Assicurazioni at a future date (cumulative coupon deferral mechanism).
The new bonds also include a temporary principal write-down mechanism, according to which, if the solvency ratio of UnipolSai Assicurazioni falls below 100% after losses, UnipolSai Assicurazioni's obligation to repay the principal would be suspended or reduced down to a level enabling the solvency ratio to be restored at 100%. The obligation to repay principal would then be reinstated progressively if the solvency ratio increased again or at liquidation of the company. Interest will continue to accrue on the nominal value of the bonds.
Furthermore, the documentation of the bonds allows UnipolSai Assicurazioni to redeem, exchange or vary the terms of the securities under certain circumstances, including the situations where, as a result of change in regulation, the instrument would no longer qualify as regulatory capital under Solvency I (for up to 50%), or if the newly issued instrument would not be recognized as Tier 1 capital under the grandfathering provisions of the Solvency II framework. While according to the currently proposed guidelines for grandfathering subordinated debts, the bonds should be grandfathered as Tier 1 capital under Solvency II, Moody's notes that these provisions are not definitive. Moody's mentions that, according to the documentation, in case of exchange or substitution, the terms cannot be changed in a way that is materially adverse to the investor, after consultation of an independent investment bank. Nonetheless, UnipolSai Assicurazioni would be allowed to include a new principal write-down or conversion into shares mechanism based on an objective and measurable trigger. Moody's believes that the new capital requirements under Solvency II could represent a basis for such an objective and measurable trigger.
The proceeds of the issuance will be used by UnipolSai Assicurazioni to repay existing hybrid loans with Mediobanca. As such, Moody's expects the impact on UnipolSai Assicurazioni's financial leverage of this new issuance to remain limited.
Furthermore, the issuance will enable the issuer to comply with one of the requirements of the Italian antitrust authority, which authorised the acquisition by UGF of the control over the Premafin -- Fondiaria-Sai group under certain conditions, including the reduction of the financial exposure of the UGF group towards Mediobanca.
Commenting on the UnipolSai Assicurazioni's new EMTN program, Moody's says that the (P)Baa3 rating for the senior bonds to be issued under this program is one notch below the insurance financial strength rating of the issuer, which is in line with Moody's guidelines for the rating of senior securities issued by an insurance company. Moody's adds that the (P)Ba1 and (P)Ba2 ratings for respectively the dated subordinated and the junior undated subordinated bonds to be issued under the program reflect the relative ranking of these bonds and their respective expected deferral coupon mechanisms and variation and substitution language. Nonetheless, ratings on individual bonds issued under the program will be subject to Moody's review of the terms and conditions of the notes.
WHAT COULD CHANGE THE RATING UP/DOWN
Commenting on what could change the debt ratings up or down, Moody's mentions that, as these debts are notched down from UnipolSai Assicurazioni's insurance financial strength rating, any change in this rating would affect the debt ratings.
Upwards pressure on UnipolSai Assicurazioni's insurance financial strength rating could develop following an improvement in the credit profile of Italy.
Downwards pressure on UnipolSai Assicurazioni's ratings could develop following (1) a deterioration in the credit profile of Italy; (2) any unexpected significant assets impairments and costs associated with the integration process of Premafin -- Fondiaria-Sai within UGF, including legal and compensatory expenses; and/or (3) any significant loss of market share, in excess of the reduction related to the assets' disposal required by the Italian antitrust authority.
RATING LIST
The following rating has been assigned with a stable outlook:
UnipoSai Assicurazioni S.p.A. -- junior undated subordinated rating at Ba2(hyb).
The following ratings have been assigned:
UnipoSai Assicurazioni S.p.A. -- provisional senior EMTN rating at (P)Baa3;
UnipoSai Assicurazioni S.p.A. -- provisional dated subordinated EMTN rating at (P)Ba1;
UnipoSai Assicurazioni S.p.A. -- provisional undated junior subordinated EMTN rating at (P)Ba2.
PRINCIPAL METHODOLOGIES
The methodologies used in this rating were Global Property and Casualty Insurers published in December 2013, and Global Life Insurers published in December 2013. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.
Moody's rates UnipolSai Assicurazioni's undated subordinated bonds Ba2(hyb)
Global Credit Research - 11 Jun 2014
Moody's also assigns a rating to UnipolSai Assicurazioni's EMTN programme
London, 11 June 2014 -- Moody's Investors Service has today assigned a Ba2(hyb) rating to the junior undated subordinated bonds to be issued by UnipolSai Assicurazioni S.p.A. (UnipolSai Assicurazioni, rated Baa2 for insurance financial strength rating, stable outlook). Moody's has also assigned a (P)Baa3 senior rating, a (P)Ba1 dated subordinated rating and a (P)Ba2 junior undated subordinated rating to UnipolSai Assicurazioni's new Euro Medium Term Note (EMTN) program.
All these ratings are based on the expectation that there will be no material difference between current and final documentation.
UnipolSai Assicurazioni is the second largest Italian insurance company. The company is the result of the merger by incorporation of Unipol Assicurazioni, Milano Assicurazioni, Premafin HP in Fondiaria-Sai in January 2014 and is 63.66% owned by Unipol Gruppo Finanziario S.p.A. (UGF, Ba2 stable).
RATINGS RATIONALE
The Ba2(hyb) rating of the bonds to be issued is three notches below UnipolSai Assicurazioni's insurance financial strength rating and reflects the combination of (i) the junior subordination of the bonds (ii) the optional and mandatory weak coupon deferral mechanisms, (iii) the cumulative nature of deferred coupons, in case of deferral, (iv) the temporary loss absorption features of the bond and (v) the variation and substitution language included in the documentation.
The new bonds are undated junior subordinated bonds. They will rank junior to senior bonds and to all dated subordinated bonds, and senior to all classes of shares. In case of liquidation, they will also rank senior to the outstanding €134.3 million mandatory convertible securities issued by UnipolSai Assicurazioni in April 2014.
Moody's indicates that the new instrument allows the issuer to defer interest payment on any interest payment date notably if, during the previous 6-month period, no dividend on any class of shares was declared or paid or any class of shares was repurchased and if no coupon was paid on pari passu securities. The instrument also contains mandatory interest deferral triggers, notably based upon breach of solvency requirements.
However, any deferred interest payment, optional or mandatory, will constitute arrears of interest and remains due by UnipolSai Assicurazioni at a future date (cumulative coupon deferral mechanism).
The new bonds also include a temporary principal write-down mechanism, according to which, if the solvency ratio of UnipolSai Assicurazioni falls below 100% after losses, UnipolSai Assicurazioni's obligation to repay the principal would be suspended or reduced down to a level enabling the solvency ratio to be restored at 100%. The obligation to repay principal would then be reinstated progressively if the solvency ratio increased again or at liquidation of the company. Interest will continue to accrue on the nominal value of the bonds.
Furthermore, the documentation of the bonds allows UnipolSai Assicurazioni to redeem, exchange or vary the terms of the securities under certain circumstances, including the situations where, as a result of change in regulation, the instrument would no longer qualify as regulatory capital under Solvency I (for up to 50%), or if the newly issued instrument would not be recognized as Tier 1 capital under the grandfathering provisions of the Solvency II framework. While according to the currently proposed guidelines for grandfathering subordinated debts, the bonds should be grandfathered as Tier 1 capital under Solvency II, Moody's notes that these provisions are not definitive. Moody's mentions that, according to the documentation, in case of exchange or substitution, the terms cannot be changed in a way that is materially adverse to the investor, after consultation of an independent investment bank. Nonetheless, UnipolSai Assicurazioni would be allowed to include a new principal write-down or conversion into shares mechanism based on an objective and measurable trigger. Moody's believes that the new capital requirements under Solvency II could represent a basis for such an objective and measurable trigger.
The proceeds of the issuance will be used by UnipolSai Assicurazioni to repay existing hybrid loans with Mediobanca. As such, Moody's expects the impact on UnipolSai Assicurazioni's financial leverage of this new issuance to remain limited.
Furthermore, the issuance will enable the issuer to comply with one of the requirements of the Italian antitrust authority, which authorised the acquisition by UGF of the control over the Premafin -- Fondiaria-Sai group under certain conditions, including the reduction of the financial exposure of the UGF group towards Mediobanca.
Commenting on the UnipolSai Assicurazioni's new EMTN program, Moody's says that the (P)Baa3 rating for the senior bonds to be issued under this program is one notch below the insurance financial strength rating of the issuer, which is in line with Moody's guidelines for the rating of senior securities issued by an insurance company. Moody's adds that the (P)Ba1 and (P)Ba2 ratings for respectively the dated subordinated and the junior undated subordinated bonds to be issued under the program reflect the relative ranking of these bonds and their respective expected deferral coupon mechanisms and variation and substitution language. Nonetheless, ratings on individual bonds issued under the program will be subject to Moody's review of the terms and conditions of the notes.
WHAT COULD CHANGE THE RATING UP/DOWN
Commenting on what could change the debt ratings up or down, Moody's mentions that, as these debts are notched down from UnipolSai Assicurazioni's insurance financial strength rating, any change in this rating would affect the debt ratings.
Upwards pressure on UnipolSai Assicurazioni's insurance financial strength rating could develop following an improvement in the credit profile of Italy.
Downwards pressure on UnipolSai Assicurazioni's ratings could develop following (1) a deterioration in the credit profile of Italy; (2) any unexpected significant assets impairments and costs associated with the integration process of Premafin -- Fondiaria-Sai within UGF, including legal and compensatory expenses; and/or (3) any significant loss of market share, in excess of the reduction related to the assets' disposal required by the Italian antitrust authority.
RATING LIST
The following rating has been assigned with a stable outlook:
UnipoSai Assicurazioni S.p.A. -- junior undated subordinated rating at Ba2(hyb).
The following ratings have been assigned:
UnipoSai Assicurazioni S.p.A. -- provisional senior EMTN rating at (P)Baa3;
UnipoSai Assicurazioni S.p.A. -- provisional dated subordinated EMTN rating at (P)Ba1;
UnipoSai Assicurazioni S.p.A. -- provisional undated junior subordinated EMTN rating at (P)Ba2.
PRINCIPAL METHODOLOGIES
The methodologies used in this rating were Global Property and Casualty Insurers published in December 2013, and Global Life Insurers published in December 2013. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.
cris71
Forumer storico
Württembergische Lebensversicherung XS1064049767
Württembergische Lebensversicherung XS1064049767 sell at 108.10
Negus si sa per caso l'isin del nuovo bond unipol?
Württembergische Lebensversicherung XS1064049767 sell at 108.10
Negus si sa per caso l'isin del nuovo bond unipol?
negusneg
New Member
Ancora no, ma sono fuori ufficio da qualche ora e potrebbe essere uscito nel frattempo.