Il riacquisto di titoli junior (attenti alla definizione presente nel prospetto!) oppure pari passu è uno dei più classici coupon pusher che troviamo nei prospetti.
Quello di BPVN recita:
"Mandatory payment of interest: The Issuer is required to pay interest (including, without limitation, in the event of a Capital Deficiency Event) on any Interest Payment Date:
(i) in part, pari passu and pro rata, if and to the extent that during the 12-month (or 6-month or 3- month for securities (other than shares) where remuneration is paid, respectively, every 6 or 3 months) period prior to such Interest Payment Date the Issuer or any Subsidiary has declared, made, approved or set aside for payment a partial distribution in respect of any Parity Securities; and/or
(ii) in full if and to the extent that during the 12-month (or 6-month or 3-month for securities (other than shares) where remuneration is paid, respectively, every 6 or 3 months) period prior to such Interest Payment Date:
(1) the Issuer or any Subsidiary has declared or paid dividends or other distributions on any Junior Securities or Parity Securities (other than pursuant to Condition 5(c)(i) above); and/or
(2) the Issuer or any Subsidiary has redeemed, repurchased or acquired any Junior Securities (other than a Permitted Repurchase) or Parity Securities,
save that the Issuer shall not be required to make any payment of interest on the Step-Up Notes with reference to any declaration, payment or distribution on, or redemption, repurchase or acquisition of, any other security which is itself mandatory in accordance with the terms and conditions of such security."
Pertanto le cedole T1 saranno pushed per i prossimi 12 mesi.