bia06
Listen other's viewpoint avoid conflicts & wars.
Per Negus: ciao, da inserire se ti va nel file pag. 1.
Dovrebbe esserci ISIN gia´ domani (o dopodomani).
Per tutti: qualcuno la conosce? Pareri? Grazie
(Size per aficionados).
13/7
Issuer GRENKELEASING AG
Instrument Perpetual Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes
Status Junior to all unsubordinated creditors and Tier 2 instruments, pari passu with other Additional Tier 1 instruments and senior to share capital
Currency EUR
Issue Size exp. EUR 30mn
Issuer Rating BBB+ (neg) by S&P
Issue Rating BB- expected by S&P
Optional Redemption 31 March 2021 and every Interest Payment Date thereafter
Initial Price Thoughts 8.25% area (short first coupon 31 March 2016)
Timing This week’s business
Issue Price 100.00%
Pricing Date [ ] Jul 2015
Settlement Date [ ] Jul 2015 Maturity Date None (Perpetual)
Interest Rate Payable annually until the First Call Date Reset on the First Call Date and every 5 years thereafter at the prevailing 5 year mid-swap rate plus the initial credit spread
Interest Cancellation Optional at the Issuer’s discretion
(Non-cumulative) Mandatory upon insufficient Available Distributable Items or regulator’s request
Loss Absorption Write-down of the nominal amount upon breach of a & Reinstatement Grenke Group transitional Common Equity Tier 1 ratio of 5.125% (Trigger Event), pro rata with other similar loss-absorbing instruments
Fully discretionary write-up subject to European Capital Requirements Directive / Capital Requirement Regulation (CRDIV/ CRR) requirements
Special Events Redemption Regulatory Event - disqualification of the Notes as AT1 capital after having been qualified
Tax deductibility and Withholding Tax Event - material tax treatment change
In each case callable at the written down amount
Conditions to Redemption Regulatory approval
Following a write-down, the nominal amount of the Notes has been fully written-up in case of an optional call unless holders consent otherwise
NVLA Statutory – see Risk Factors
Governing Law German
Listing Luxembourg Stock Exchange
ISINs: [ ]
Offering Reg S
Denomination EUR200k + 200k
Joint Bookrunners Deutsche Bank (B&D), HSBC
Dovrebbe esserci ISIN gia´ domani (o dopodomani).
Per tutti: qualcuno la conosce? Pareri? Grazie
(Size per aficionados).
13/7
Issuer GRENKELEASING AG
Instrument Perpetual Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes
Status Junior to all unsubordinated creditors and Tier 2 instruments, pari passu with other Additional Tier 1 instruments and senior to share capital
Currency EUR
Issue Size exp. EUR 30mn
Issuer Rating BBB+ (neg) by S&P
Issue Rating BB- expected by S&P
Optional Redemption 31 March 2021 and every Interest Payment Date thereafter
Initial Price Thoughts 8.25% area (short first coupon 31 March 2016)
Timing This week’s business
Issue Price 100.00%
Pricing Date [ ] Jul 2015
Settlement Date [ ] Jul 2015 Maturity Date None (Perpetual)
Interest Rate Payable annually until the First Call Date Reset on the First Call Date and every 5 years thereafter at the prevailing 5 year mid-swap rate plus the initial credit spread
Interest Cancellation Optional at the Issuer’s discretion
(Non-cumulative) Mandatory upon insufficient Available Distributable Items or regulator’s request
Loss Absorption Write-down of the nominal amount upon breach of a & Reinstatement Grenke Group transitional Common Equity Tier 1 ratio of 5.125% (Trigger Event), pro rata with other similar loss-absorbing instruments
Fully discretionary write-up subject to European Capital Requirements Directive / Capital Requirement Regulation (CRDIV/ CRR) requirements
Special Events Redemption Regulatory Event - disqualification of the Notes as AT1 capital after having been qualified
Tax deductibility and Withholding Tax Event - material tax treatment change
In each case callable at the written down amount
Conditions to Redemption Regulatory approval
Following a write-down, the nominal amount of the Notes has been fully written-up in case of an optional call unless holders consent otherwise
NVLA Statutory – see Risk Factors
Governing Law German
Listing Luxembourg Stock Exchange
ISINs: [ ]
Offering Reg S
Denomination EUR200k + 200k
Joint Bookrunners Deutsche Bank (B&D), HSBC
