Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
azetaelle
investitore(s)qualificato
beh, anch'io tirando i dadi avevo previsto EUR in calo (e infatti ho fatto indigestione di USDBeh...ti ricordo che 7-8 mesi fà, quando il cambio era saldamente sopra 1,35, quegli stessi 'previsori' davano 1,30 a fine 2014: direi che ci hanno preso abbastanza
Chi allora si è fidato sta facendo ottimi affari. Poi ci si è messa di mezzo anche la deflazione europea...
). Anzi, se vuoi ti dirò di più, la Sibilla Cumana lo vede in direzione 1.20 nei prox mesi.Joe Silver
Forumer storico
Ibis redibis non morieris in bello...
Questo non è possibile: l'antro della sibilla è chiuso da tempo per restauri e la sibilla stessa è in cassa integrazione
beh, anch'io tirando i dadi avevo previsto EUR in calo (e infatti ho fatto indigestione di USD
Questo non è possibile: l'antro della sibilla è chiuso da tempo per restauri e la sibilla stessa è in cassa integrazione
Moody : assigns Ba2(hyb) to Credit Agricole's high-trigger AT1 securities
09/30/2014 | 11:25am US/EasternRecommend:
0
Moody's Investors Service has today assigned a Ba2(hyb) rating to the high-trigger additional tier 1 securities (AT1) issued by Credit Agricole S.A. (CASA: A2 senior unsecured debt, negative). The outlook on these securities is stable, in line with the outlook on CASA's unsupported ratings.
These perpetual non-cumulative AT1 securities are senior to any of CASA's shares and other capital instruments that qualify as common equity tier 1 capital (CET1). Coupons may be cancelled in whole or in part on a non-cumulative basis at the issuer's option, through regulatory discretion, or on a mandatory basis subject to the availability of distributable items. The principal of the securities is partially or fully written down if CASA's Basel 3 CET1 capital ratio falls below 5.125% or if Groupe Credit Agricole's (GCA, unrated) Basel 3 CET1 capital ratio falls below 7%.
09/30/2014 | 11:25am US/EasternRecommend:
0
Moody's Investors Service has today assigned a Ba2(hyb) rating to the high-trigger additional tier 1 securities (AT1) issued by Credit Agricole S.A. (CASA: A2 senior unsecured debt, negative). The outlook on these securities is stable, in line with the outlook on CASA's unsupported ratings.
These perpetual non-cumulative AT1 securities are senior to any of CASA's shares and other capital instruments that qualify as common equity tier 1 capital (CET1). Coupons may be cancelled in whole or in part on a non-cumulative basis at the issuer's option, through regulatory discretion, or on a mandatory basis subject to the availability of distributable items. The principal of the securities is partially or fully written down if CASA's Basel 3 CET1 capital ratio falls below 5.125% or if Groupe Credit Agricole's (GCA, unrated) Basel 3 CET1 capital ratio falls below 7%.
solovaloreaggiunto
Forumer storico
Erste Group Bank AG: INVITATION TO TENDER NOTES
Vienna (pta038/30.09.2014/17:45) - ERSTE GROUP BANK AG ANNOUNCES THE
INVITATION TO TENDER NOTES FOR REPURCHASE FOR CASH
NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA OR TO PEOPLE WHO RESIDE
AND/OR LIVE IN THE UNITED STATES OF AMERICA OR TO ANY U.S. PERSON
Erste Group Bank AG announces hereby:
Invitation to the Holders (the "Noteholders") of Notes (the "Notes") listed in
the table below to tender for repurchase for cash (each an "Offer") according
to the Tender Offer Memorandum and the Rückkauf-Memorandum, respectively (the
"Invitation").
Issue Title ISIN Repurchase rate in %
7,71 % nachrangige Ergänzungskapital-Anleihe 2000-2015 der Erste Bank
AT0000273727 102.50
5,5 % nachrangige Ergänzungskapital Bankschuldverschreibungen 2003-2015/3
AT0000275862 99.50
Nachrangige Ergänzungskapital-Kapitalmarkt-Floater-Bankschuldverschreibungen
2003-2015/6 AT0000275953 99.20
4,5 % nachrangige Ergänzungskapital-Bankschuldverschreibungen 2003-2015/12
AT0000298260 100.40
Nachrangige Ergänzungskapital-Kapitalmarkt-Floater-Bankschuldverschreibungen
2003-2015/14 AT0000298286 99.20
Nachrangige Ergänzungskapital Bankschuldverschreibungen 2006-2016 AT000B000062
101.30
Nachrangige Ergänzungskapital Bankschuldverschreibungen 2006-2016 AT000B000195
100.90
Nachrangige Ergänzungskapital Stufenzins BSV 2006-2016 AT000B000450 100.90
Nachrangige Ergänzungskapital Stufenzins BSV 2006-2016 AT000B000518 101.00
Nachrangige Ergänzungskapital Fix/CMS Bankschuldverschreibungen 2007-2015
AT000B000658 99.10
Nachrangiger Ergänzungskapital Geldmarkt Floater 2007-2015 AT000B000708 100.70
Nachrangiger Ergänzungskapital Geldmarkt Floater 2007-2016 AT000B001078 100.20
Nachrangiger Ergänzungskapital Geldmarkt Floater 2008-2016 AT000B001466 102.40
EUR 10 M Erste Bank subordinated supplementary CMS-linked Notes due 2017
XS0143383148 94.30
The Notes listed in the above table carrying AT-ISINs are hereinafter referred
to as the "AT-NOTES" and the Notes listed in the above table carrying a
XS-ISIN are hereinafter referred to as the "XS-NOTES".
Noteholders whose tenders are accepted for repurchase will receive a purchase
price (the "Repurchase Price") for each Note by the Issuer which corresponds
to the product of a multiplication of (i) the nominal amount of such Note and
(ii) the repurchase rate (as listed in the table above, the "Repurchase
Rate"). Interest accrued and unpaid on the Notes from and including the
immediately preceding interest payment date to but excluding the Settlement
Date is paid for Notes which are repurchased.
It is expected that tender instructions may be delivered during the period
from 1 October 2014 (the "Commencement Date") to 21 October 2014, 3.00 p.m.
(CET) (the "Expiration Date").
Noteholders should consider that the relevant deadline to tender Notes via
their depositary bank may terminate earlier than the Expiration Date.
Detailed terms and conditions of the Invitation are specified in the Tender
Offer Memorandum and the Rückkauf-Memorandum, respectively. Terms used
hereinafter shall have the same meaning as assigned to such terms in the
Tender Offer Memorandum.
Reasons for the Invitation
The Notes which are subject to the repurchase constitute supplementary capital
(Ergänzungskapital) which is only partially recognised as tier 2 capital
pursuant to Art 63 of the Capital Requirements Regulation (CRR). The aim of
the Invitation to tender Notes for repurchase is to optimise the capital
structure of the Issuer. Moreover, the Invitation offers an exit from the
investment for Noteholders as from today's perspective a complete or partial
non-payment of interest payments on the Notes in 2015 for the business year
2014 cannot be ruled out completely.
Procedures for participating in the Invitation
The Issuer will only accept tenders for a repurchase of Notes in the context
of the Invitation by way of the submission of valid Tender Instructions in
accordance with the procedures set out in chapter 5 ("Verfahren für die
Annahme der Einladung") of the Rückkauf-Memorandum with regard to AT-Notes and
in accordance with the procedures set out in chapter 5 ("Procedures for
Accepting the Invitation") of the Tender Offer Memorandum with regard to
XS-Notes. To tender Notes in the course of the Invitation, a Noteholder should
deliver, or arrange to be delivered on its behalf, a valid Tender Instruction
that is received within the Offer Period by the Issuer with respect to
AT-Notes and by the Tender Agent with respect to XS-Notes. The deadlines set
by the Issuer and/or the Tender Agent for the submission and revocation of
Tender Instructions may be earlier than the relevant deadlines specified in
the Tender Offer Memorandum and the Rückkauf-Memorandum, respectively.
The tendering of Notes for repurchase by a Noteholder will be deemed to have
occurred upon receipt by the Issuer (with regard to AT-Notes) or the Tender
Agent (with regard to XS-Notes) of a valid Tender Instruction. Noteholders
must take appropriate steps so that no transfers may be effected in relation
to such Notes at any time after the date of submission of such Tender
Instruction.
Noteholders whose Notes are held via Euroclear or Clearstream must arrange for
a Direct Participant of Euroclear or Clearstream through which they hold the
relevant Notes to submit a Tender Instruction on their behalf to Euroclear or
Clearstream prior to the Expiration Date. Only Direct Participants of
Euroclear or Clearstream may submit Tender Instructions to Euroclear or
Clearstream.
Tender Instructions regarding Notes which are held via Euroclear or
Clearstream must include:
(a) irrevocable instructions to:
(i) block the Notes tendered for repurchase and to block any attempt to
transfer the Notes prior to the Settlement Date; and
(ii) debit the Noteholder's account on the Settlement Date in respect of all
the Notes tendered by such Noteholder or in respect of such lesser portion of
Notes as is accepted pursuant to the Invitation upon receipt of an instruction
from the Issuer and/or the Tender Agent, subject in any case to the automatic
withdrawal of the irrevocable instructions in the event that the Invitation is
terminated by the Issuer prior to the Expiration Date, as notified immediately
to Euroclear and Clearstream by the Issuer and/or Tender Agent; and
(b) an authorisation to disclose to the Issuer and/or Tender Agent the name of
the direct account holder and information of the forgoing instructions.
By accepting the Invitation in this manner, Noteholders will be deemed to have
acknowledged that they have received a Rückkauf-Memorandum or a Tender Offer
Memorandum and agree to be bound by the terms of the Invitation and that the
Issuer (with regard to AT-Notes) and/or the Tender Agent (with regard to
XS-Notes) may enforce such agreement against such Noteholder.
Vienna (pta038/30.09.2014/17:45) - ERSTE GROUP BANK AG ANNOUNCES THE
INVITATION TO TENDER NOTES FOR REPURCHASE FOR CASH
NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA OR TO PEOPLE WHO RESIDE
AND/OR LIVE IN THE UNITED STATES OF AMERICA OR TO ANY U.S. PERSON
Erste Group Bank AG announces hereby:
Invitation to the Holders (the "Noteholders") of Notes (the "Notes") listed in
the table below to tender for repurchase for cash (each an "Offer") according
to the Tender Offer Memorandum and the Rückkauf-Memorandum, respectively (the
"Invitation").
Issue Title ISIN Repurchase rate in %
7,71 % nachrangige Ergänzungskapital-Anleihe 2000-2015 der Erste Bank
AT0000273727 102.50
5,5 % nachrangige Ergänzungskapital Bankschuldverschreibungen 2003-2015/3
AT0000275862 99.50
Nachrangige Ergänzungskapital-Kapitalmarkt-Floater-Bankschuldverschreibungen
2003-2015/6 AT0000275953 99.20
4,5 % nachrangige Ergänzungskapital-Bankschuldverschreibungen 2003-2015/12
AT0000298260 100.40
Nachrangige Ergänzungskapital-Kapitalmarkt-Floater-Bankschuldverschreibungen
2003-2015/14 AT0000298286 99.20
Nachrangige Ergänzungskapital Bankschuldverschreibungen 2006-2016 AT000B000062
101.30
Nachrangige Ergänzungskapital Bankschuldverschreibungen 2006-2016 AT000B000195
100.90
Nachrangige Ergänzungskapital Stufenzins BSV 2006-2016 AT000B000450 100.90
Nachrangige Ergänzungskapital Stufenzins BSV 2006-2016 AT000B000518 101.00
Nachrangige Ergänzungskapital Fix/CMS Bankschuldverschreibungen 2007-2015
AT000B000658 99.10
Nachrangiger Ergänzungskapital Geldmarkt Floater 2007-2015 AT000B000708 100.70
Nachrangiger Ergänzungskapital Geldmarkt Floater 2007-2016 AT000B001078 100.20
Nachrangiger Ergänzungskapital Geldmarkt Floater 2008-2016 AT000B001466 102.40
EUR 10 M Erste Bank subordinated supplementary CMS-linked Notes due 2017
XS0143383148 94.30
The Notes listed in the above table carrying AT-ISINs are hereinafter referred
to as the "AT-NOTES" and the Notes listed in the above table carrying a
XS-ISIN are hereinafter referred to as the "XS-NOTES".
Noteholders whose tenders are accepted for repurchase will receive a purchase
price (the "Repurchase Price") for each Note by the Issuer which corresponds
to the product of a multiplication of (i) the nominal amount of such Note and
(ii) the repurchase rate (as listed in the table above, the "Repurchase
Rate"). Interest accrued and unpaid on the Notes from and including the
immediately preceding interest payment date to but excluding the Settlement
Date is paid for Notes which are repurchased.
It is expected that tender instructions may be delivered during the period
from 1 October 2014 (the "Commencement Date") to 21 October 2014, 3.00 p.m.
(CET) (the "Expiration Date").
Noteholders should consider that the relevant deadline to tender Notes via
their depositary bank may terminate earlier than the Expiration Date.
Detailed terms and conditions of the Invitation are specified in the Tender
Offer Memorandum and the Rückkauf-Memorandum, respectively. Terms used
hereinafter shall have the same meaning as assigned to such terms in the
Tender Offer Memorandum.
Reasons for the Invitation
The Notes which are subject to the repurchase constitute supplementary capital
(Ergänzungskapital) which is only partially recognised as tier 2 capital
pursuant to Art 63 of the Capital Requirements Regulation (CRR). The aim of
the Invitation to tender Notes for repurchase is to optimise the capital
structure of the Issuer. Moreover, the Invitation offers an exit from the
investment for Noteholders as from today's perspective a complete or partial
non-payment of interest payments on the Notes in 2015 for the business year
2014 cannot be ruled out completely.
Procedures for participating in the Invitation
The Issuer will only accept tenders for a repurchase of Notes in the context
of the Invitation by way of the submission of valid Tender Instructions in
accordance with the procedures set out in chapter 5 ("Verfahren für die
Annahme der Einladung") of the Rückkauf-Memorandum with regard to AT-Notes and
in accordance with the procedures set out in chapter 5 ("Procedures for
Accepting the Invitation") of the Tender Offer Memorandum with regard to
XS-Notes. To tender Notes in the course of the Invitation, a Noteholder should
deliver, or arrange to be delivered on its behalf, a valid Tender Instruction
that is received within the Offer Period by the Issuer with respect to
AT-Notes and by the Tender Agent with respect to XS-Notes. The deadlines set
by the Issuer and/or the Tender Agent for the submission and revocation of
Tender Instructions may be earlier than the relevant deadlines specified in
the Tender Offer Memorandum and the Rückkauf-Memorandum, respectively.
The tendering of Notes for repurchase by a Noteholder will be deemed to have
occurred upon receipt by the Issuer (with regard to AT-Notes) or the Tender
Agent (with regard to XS-Notes) of a valid Tender Instruction. Noteholders
must take appropriate steps so that no transfers may be effected in relation
to such Notes at any time after the date of submission of such Tender
Instruction.
Noteholders whose Notes are held via Euroclear or Clearstream must arrange for
a Direct Participant of Euroclear or Clearstream through which they hold the
relevant Notes to submit a Tender Instruction on their behalf to Euroclear or
Clearstream prior to the Expiration Date. Only Direct Participants of
Euroclear or Clearstream may submit Tender Instructions to Euroclear or
Clearstream.
Tender Instructions regarding Notes which are held via Euroclear or
Clearstream must include:
(a) irrevocable instructions to:
(i) block the Notes tendered for repurchase and to block any attempt to
transfer the Notes prior to the Settlement Date; and
(ii) debit the Noteholder's account on the Settlement Date in respect of all
the Notes tendered by such Noteholder or in respect of such lesser portion of
Notes as is accepted pursuant to the Invitation upon receipt of an instruction
from the Issuer and/or the Tender Agent, subject in any case to the automatic
withdrawal of the irrevocable instructions in the event that the Invitation is
terminated by the Issuer prior to the Expiration Date, as notified immediately
to Euroclear and Clearstream by the Issuer and/or Tender Agent; and
(b) an authorisation to disclose to the Issuer and/or Tender Agent the name of
the direct account holder and information of the forgoing instructions.
By accepting the Invitation in this manner, Noteholders will be deemed to have
acknowledged that they have received a Rückkauf-Memorandum or a Tender Offer
Memorandum and agree to be bound by the terms of the Invitation and that the
Issuer (with regard to AT-Notes) and/or the Tender Agent (with regard to
XS-Notes) may enforce such agreement against such Noteholder.
solovaloreaggiunto
Forumer storico
Erste Group Offers to Buy Back Tier 2 Supplementary Capital
Co. to optimize capital structure,
offer noteholders an exit from investment because it can’t rule
out a complete or partial non-payment of interest on notes in
2015 for business year 2014.
* Note subject to offer are only recognized as Tier 2 capital
unter the EU’s Capital Requirements Regulation
Co. to optimize capital structure,
offer noteholders an exit from investment because it can’t rule
out a complete or partial non-payment of interest on notes in
2015 for business year 2014.
* Note subject to offer are only recognized as Tier 2 capital
unter the EU’s Capital Requirements Regulation
solovaloreaggiunto
Forumer storico
comunque sui sub austriaci tira una brutta aria... ho sta sensazione..
ferdo
Utente Senior
perchè che condizoni hanno questi strumenti?
se ricordo bene i t1 tipo il floater hanno la clausola sulle riserve distribuibili
innocentiproject
Forumer attivo
niente di liquido dai miei pusher...qualcuno ha controparti operative?
grazie per le info SVA
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