Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (3 lettori)
- Creatore Discussione Joe Silver
- Data di Inizio
negusneg
New Member
fabriziof
Forumer storico
Fabrib
Forumer storico
Io, nel mio piccolo, con la Coca Buton ci rosolavo le scaloppine!Leone xiii si faceva di vino Mariani ,cose da pazzi...
apaci2
Ad bestias
Grande pezzo per le discussioni metaperpetuali...
TheLondoner
Forumer storico
Leone xiii si faceva di vino Mariani ,cose da pazzi...
un ottimo Fugnoli, le sue pagine si leggono con piacere: il finale sulla Francia andrebbe servito freddo all'opinione pubblica tedesca.
apaci2
Ad bestias
Generali, sonda investitori per bond subordinato perpetuo callable dopo undicesimo anno, area midswap +350 punti base
Issuer: Generali Finance B.V.
Guarantor: Assicurazioni Generali S.p.A.
Instrument: EUR Fixed-Floating Rate Perpetual Guaranteed Notes
Status: More Deeply Subordinated. Pari Passu with Hybrid
Obligations of Generali Finance (including the
Perpetual Notes being repurchased)
Senior Debt Ratings: Baa2 (Moody’s)/BBB+ (S&P)/BBB+ (Fitch)/a- (AM Best)
Expected Issue Ratings: Ba1 (Moody’s)/BBB (S&P)/BBB- (Fitch)/bbb (AM Best)
Size: EUR [Benchmark]
Maturity: Undated
Settlement Date: [21] November 2014
Issuer Call Option: On [21] November 2025 and each interest payment
Date thereafter. Redemption in whole at par plus
accrued and subject to regulatory approval
IPT: MS+[350]bps area
Coupon: [•]% paid annually in arrear up to [21] November
2025. Thereafter 3m€ + (initial credit spread
+100bps step-up) paid quarterly in arrear
Yield: [•]%
Optional Interest Deferral: Cash cumulative, subject to 6-month pusher from
parity or junior securities (3-month if relevant
for non-shares)
Mandatory Interest Deferral: Cash cumulative upon breach of Required Solvency Margin (or notification by the Lead Regulator that Required Solvency Margin is likely to be breached in the short term) or insolvency
Required Solvency Margin: Solvency Margin(s) required by the Lead Regulator
under Italian Legislation on Solvency Margin
Early Redemption Events: In case of Tax Event, Regulatory Event ( i.e. (i)
Cessation Of regulatory supervisions (ii) Notes
not treated as own funds under current regulation
other than when exceeding the limit for Tier 1
or own funds (iii) No grandfathering as Tier 1 on
Future Regulations other than when exceeding the
limit for Tier 1 or own funds), Rating Event
(i.e. capital treatment by any rating agency becomes materially unfavourable). In each case, at par plus accrued and subject to regulatory approval
Loss Absorption: If Required Solvency Margin is breached as a result of losses, payments in respect of the Notes will be deferred (interest will continue to accrue). Payments will be reinstated (pari passu with parity instruments and subject to interest deferral provisions) a) in whole,in the event of early redemption or winding up, dissolution, liquidation or bankruptcy of Issuer / Guarantor and b) in whole or in part, when Required Solvency Margin is restored
Modifications or Exchange: Issuer option to exchange or modify the terms of
the Notes in case of Regulatory, Tax or Rating
Event, provided the T&C are no more prejudicial to
Noteholders and certain other conditions are met
(subject to regulatory approval)
Denoms / Form: €100,000 x €1,000 Bearer Form
Listing: Luxembourg Stock Exchange’s Regulated Market
US Selling Restrictions: RegS Compliance Category 2: TEFRA D
(No communication into US)
Governing Law: English / Italian (for provisions on subordination)
Docs: Issuer’s EMTN Programme
Sole Structuring Adviser: GSI
Joint Bookrunners: BNPP / DB / GSI (B&D) / SG CIB / UNICREDIT
NetRoadshow: NetRoadshow Passcode: mundial (not case-sensitive)
ISIN: [•]
Timing: Books open, today’s business
Issuer: Generali Finance B.V.
Guarantor: Assicurazioni Generali S.p.A.
Instrument: EUR Fixed-Floating Rate Perpetual Guaranteed Notes
Status: More Deeply Subordinated. Pari Passu with Hybrid
Obligations of Generali Finance (including the
Perpetual Notes being repurchased)
Senior Debt Ratings: Baa2 (Moody’s)/BBB+ (S&P)/BBB+ (Fitch)/a- (AM Best)
Expected Issue Ratings: Ba1 (Moody’s)/BBB (S&P)/BBB- (Fitch)/bbb (AM Best)
Size: EUR [Benchmark]
Maturity: Undated
Settlement Date: [21] November 2014
Issuer Call Option: On [21] November 2025 and each interest payment
Date thereafter. Redemption in whole at par plus
accrued and subject to regulatory approval
IPT: MS+[350]bps area
Coupon: [•]% paid annually in arrear up to [21] November
2025. Thereafter 3m€ + (initial credit spread
+100bps step-up) paid quarterly in arrear
Yield: [•]%
Optional Interest Deferral: Cash cumulative, subject to 6-month pusher from
parity or junior securities (3-month if relevant
for non-shares)
Mandatory Interest Deferral: Cash cumulative upon breach of Required Solvency Margin (or notification by the Lead Regulator that Required Solvency Margin is likely to be breached in the short term) or insolvency
Required Solvency Margin: Solvency Margin(s) required by the Lead Regulator
under Italian Legislation on Solvency Margin
Early Redemption Events: In case of Tax Event, Regulatory Event ( i.e. (i)
Cessation Of regulatory supervisions (ii) Notes
not treated as own funds under current regulation
other than when exceeding the limit for Tier 1
or own funds (iii) No grandfathering as Tier 1 on
Future Regulations other than when exceeding the
limit for Tier 1 or own funds), Rating Event
(i.e. capital treatment by any rating agency becomes materially unfavourable). In each case, at par plus accrued and subject to regulatory approval
Loss Absorption: If Required Solvency Margin is breached as a result of losses, payments in respect of the Notes will be deferred (interest will continue to accrue). Payments will be reinstated (pari passu with parity instruments and subject to interest deferral provisions) a) in whole,in the event of early redemption or winding up, dissolution, liquidation or bankruptcy of Issuer / Guarantor and b) in whole or in part, when Required Solvency Margin is restored
Modifications or Exchange: Issuer option to exchange or modify the terms of
the Notes in case of Regulatory, Tax or Rating
Event, provided the T&C are no more prejudicial to
Noteholders and certain other conditions are met
(subject to regulatory approval)
Denoms / Form: €100,000 x €1,000 Bearer Form
Listing: Luxembourg Stock Exchange’s Regulated Market
US Selling Restrictions: RegS Compliance Category 2: TEFRA D
(No communication into US)
Governing Law: English / Italian (for provisions on subordination)
Docs: Issuer’s EMTN Programme
Sole Structuring Adviser: GSI
Joint Bookrunners: BNPP / DB / GSI (B&D) / SG CIB / UNICREDIT
NetRoadshow: NetRoadshow Passcode: mundial (not case-sensitive)
ISIN: [•]
Timing: Books open, today’s business