Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3

[londonwhale]

In vista del voto, comprata qualche RBS 5.25 perp @ 94.75. Speravo in un po' più di panico, ma ormai non si muove più nulla.....

 

[fabriziof]

03:31
AA
Alcoa announces pricing of public offering of Mandatory Convertible Preferred Stock
Co announces the pricing of its public offering of 25 mln of its depositary shares at $50 per Depositary Share. Each Depositary Share represents a 1/10th interest in a share of Alcoa's 5.375% Class B Mandatory Convertible Preferred Stock, Series 1, par value $1.00 per share. Each share of Mandatory Convertible Preferred Stock has a liquidation preference of $500

C'è un 3D su pref shares usa ,puoi postare lì

 

[DinoP]

Toc toc

ragazzi scusate qualcuno sa i prezzi in lettera di queste obbligazioni:
US03938LAS34 Arcelor Mittal 1/3/2041 7,25%
NL0000122505 Rbs 10/6/2019 4,70%

Grazie.

Ciao
per arcelor la mia banca mi dice 102,20/104 otc

 

[nik.sala]

In vista del voto, comprata qualche RBS 5.25 perp @ 94.75. Speravo in un po' più di panico, ma ormai non si muove più nulla.....

l'ho vista scendere in bid sotto i 93 quel giorno dove il sondaggio dava x vincenti i SI, poi ha subito ripreso...

 

[Fabrib]

Class Cnbc
Quote bookmakers referendum Scozia:
no a 1,20 si a 4,00

 

[seniortrader]

Ciao
per arcelor la mia banca mi dice 102,20/104 otc

interessante

 

[fabriziof]

Un caso da seguire Austria Can?t Rescue Volksbanken With More Aid: Schelling - Bloomberg

 

[londonwhale]

l'ho vista scendere in bid sotto i 93 quel giorno dove il sondaggio dava x vincenti i SI, poi ha subito ripreso...

sì, ma non è durato neanche 24 ore...... speravo nelle liquidazioni della vigilia, ma nulla.... anche lo short Eurostoxx non ha pagato (già chiuso ripagandomi le commissioni)

 

[cris71]

asr

dopo un giorno di riflessione sell asr 10% OTC a 132

 

[Brizione]

Trappolone dagli Emirati XS1111114135

Da lontano, non sembra cosi male; il coupon e a 6.375% dal 2020 diventa (US swap 6 anni + 4.237%), subordinata, e senza rating (il rating del emittente e Baa1 (Moody's) / A+ (Fitch)

Però guardando più da vicino è una BOMBA ATOMICA (possono ridurre il capitale a zero, ma non dicono neanche in livello di Tier1 necessario)

Issuer: Emirates NBD 2014 Tier 1 Limited
Guarantor: Emirates NBD PJSC
Guarantor Rating: Baa1 (Moody's) / A+ (Fitch) - both stable
Issue Rating: Unrated
Format: RegS Registered
Maturity Date: Perpetual
Call Date: [●] September 2020 ("First Call Date") and every interest payment date thereafter, subject to redemption conditions
IPTs: "mid-6%s" p.a. payable semi-annually in arrear until the First Call Date; Reset on First Call Date and every 6 years thereafter to a new fixed rate based on then prevailing 6-year USD mid-swap rate + initial margin
Status: The payment obligations of the Guarantor under the Guarantee will: (a) constitute Tier 1 Capital of the Guarantor; (b) constitute direct, unsecured, conditional and subordinated obligations of the Guarantor; (c) rank junior to all Guarantor Senior Obligations; (d) rank pari passu with all Guarantor Pari Passu Obligations; and (e) rank in priority only to all Guarantor Junior Obligations. To the extent that any of the Solvency Conditions are not satisfied, all claims of the holders of the Capital Securities under the Guarantee will be extinguished without any further payment to be made by the Guarantor under the Guarantee
Coupon Cancellation: interest payment amounts are discretionary and non-cumulative. Interest payment amounts shall not be paid on any interest payment date if the interest payment amount exceeds distributable profits, the Guarantor is in breach of regulatory capital requirements, Regulator's discretion, insolvency or the Issuer's discretion.
Dividend Stopper: If any interest is not paid, the Guarantor will not declare or pay any distribution or dividend to Guarantor ordinary shares or any Other Common Equity Tier 1 Instruments or Securities; redeem, purchase, cancel, reduce or otherwise acquire Guarantor ordinary shares or any Other Common Equity Tier 1 Instruments or Securities; in each case until one interest payment amount has been made in full or set aside for the benefit of the holders of the Notes.
Optional Early Redemptions: Tax Event – imposition of withholding tax (par call); Capital Event: full loss of Tier 1 capital treatment (101% call)
Governing Law: English Law
Listing: Luxembourg Stock Exchange, NASDAQ Dubai
Denoms: $200k+$1k
Joint Global Coordinators: Morgan Stanley, Standard Chartered Bank (B&D)