Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
cris71
Forumer storico
Rbi
EBRD entra ,come previsto qualche mese fa, nel capitale di Raiffeisen bank Aval (Ukraina)
EBRD steigt mit 30 Prozent bei Raiffeisen Bank Aval ein - Raiffeisen - derStandard.at ? Wirtschaft
EBRD entra ,come previsto qualche mese fa, nel capitale di Raiffeisen bank Aval (Ukraina)
EBRD steigt mit 30 Prozent bei Raiffeisen Bank Aval ein - Raiffeisen - derStandard.at ? Wirtschaft
russiabond
Il mito, la leggenda.
Issuer Solvay Finance SA
Ticker SOLBBB
Guarantor Solvay SA
Country FR
Industry Chemicals
Instrument rating Moody’s Ba1 neg. / S&P BBB- CW neg.
Expected rating
post-closing Moody's Ba1 neg. / S&P [BB sta.]
Instrument rating
Currency EUR
Instrument Perp NC5.5 | Perp NC8.5
Size €500MM WNG | €500MM WNG
IPTs 5.375% area | 6.125% area
Call Dates 2 June 2021 | 3 June 2024
(First Call Date), | (First Call Date),
2 June 2026 and then every | 3 June 2029 and then every
payment date thereafter | payment date thereafter
Interest Payments Until first call date: | Until first call date:
[ ]% fixed | [ ]% fixed
payable annually in arrear | payable annually in arrear
Thereafter: reset every | Thereafter: reset every
5 years to a new fixed | 5 years to a new fixed
rate of € 5-year mid-swaps | rate of € 5-year mid-swaps
+ initial credit spread + | + initial credit spread +
relevant step-ups | relevant step-ups
Coupon 2 June 2016 (Short First) | 3 June 2016 (Short First)
Payment Dates then Annually on 2 June | then Annually on 3 June
Step-ups 25 bp in 2026 and an | 25 bp in 2029 and an
additional 75 bp in 2041 | additionnal 75 bp in 2044
Settlement date 2 December 2015
Interest Deferral At the Issuer’s option on any interest payment date;
cash cumulative and compounding; Intention (but no legal
obligation) to settle deferred interest after 5 years
Payment Pusher Mandatory payment of deferred interest upon, inter alia,
payment on parity or junior securities, except where
such payment was itself mandatory under the terms of the
junior or parity securities or parity security repurchases
below par
Early Redemption At 101% until first call date, par thereafter in case
Provisions of Acquisition Event, Tax Deductibility, Rating Methodology
Event, Accounting Event
At par in case of Change of Control Event, Gross-up Event
or if less than 10% of initial principal amount
is outstanding
CoC AGM Approval 75 bp compensation applies with retroactive effect from the
compensation Issue Date if CoC clause is not approved at Solvay’s AGM
CoC Step-Up 500 bp if a Change of Control AND Rating Downgrade occur
and the Bonds are not called
Acquisition Event 101% optional issuer call if within 6 months after the
issue date (1) the issuer has not completed the acquisition
of Cytec Industries Inc. and (2) Solvay has publicly
announced that it no longer intends
to pursue such acquisition
Exchange / Exchange/variation in lieu of early redemptions,
Variation subject to certain conditions, including that the terms
of the exchange / variation not being prejudicial to
interest of bondholders
Use of Proceeds Finance the acquisition of Cytec Industries Inc.
and General Corporate Purposes
Ranking Deeply subordinated, pari passu with other outstanding
hybrids, senior to equity
Equity Credit Both Moody’s and S&P expected to assign
50% equity credit to the hybrid instrument
(Moody’s: for life, S&P: until first call date)
Instruments to be accounted for as equity under IFRS
Documentation RegS, Standalone
Denomination €100,000+€1,000
Listing Luxembourg
Governing Law English law, except for subordination of the Bonds under
French Law and subordination of the guarantee under
Belgian Law
Structuring Credit Suisse, Morgan Stanley
Advisors
Global Coordinators Credit Suisse (B&D), Morgan Stanley, HSBC
Joint Bookrunners Credit Suisse, Morgan Stanley, HSBC,
BNP Paribas, Commerzbank (passive), ING
5Y CDS Senior 84 bps
Emissioni già presenti sul mercato:
SOLBBB 4.199 05/29/49€ PERPETUAL CALL 05/12/[email protected] YTCall: 4.30%
SOLBBB 5.425 11/29/49€ PERPETUAL CALL 11/12/[email protected] YTCall: 5.40%
Ticker SOLBBB
Guarantor Solvay SA
Country FR
Industry Chemicals
Instrument rating Moody’s Ba1 neg. / S&P BBB- CW neg.
Expected rating
post-closing Moody's Ba1 neg. / S&P [BB sta.]
Instrument rating
Currency EUR
Instrument Perp NC5.5 | Perp NC8.5
Size €500MM WNG | €500MM WNG
IPTs 5.375% area | 6.125% area
Call Dates 2 June 2021 | 3 June 2024
(First Call Date), | (First Call Date),
2 June 2026 and then every | 3 June 2029 and then every
payment date thereafter | payment date thereafter
Interest Payments Until first call date: | Until first call date:
[ ]% fixed | [ ]% fixed
payable annually in arrear | payable annually in arrear
Thereafter: reset every | Thereafter: reset every
5 years to a new fixed | 5 years to a new fixed
rate of € 5-year mid-swaps | rate of € 5-year mid-swaps
+ initial credit spread + | + initial credit spread +
relevant step-ups | relevant step-ups
Coupon 2 June 2016 (Short First) | 3 June 2016 (Short First)
Payment Dates then Annually on 2 June | then Annually on 3 June
Step-ups 25 bp in 2026 and an | 25 bp in 2029 and an
additional 75 bp in 2041 | additionnal 75 bp in 2044
Settlement date 2 December 2015
Interest Deferral At the Issuer’s option on any interest payment date;
cash cumulative and compounding; Intention (but no legal
obligation) to settle deferred interest after 5 years
Payment Pusher Mandatory payment of deferred interest upon, inter alia,
payment on parity or junior securities, except where
such payment was itself mandatory under the terms of the
junior or parity securities or parity security repurchases
below par
Early Redemption At 101% until first call date, par thereafter in case
Provisions of Acquisition Event, Tax Deductibility, Rating Methodology
Event, Accounting Event
At par in case of Change of Control Event, Gross-up Event
or if less than 10% of initial principal amount
is outstanding
CoC AGM Approval 75 bp compensation applies with retroactive effect from the
compensation Issue Date if CoC clause is not approved at Solvay’s AGM
CoC Step-Up 500 bp if a Change of Control AND Rating Downgrade occur
and the Bonds are not called
Acquisition Event 101% optional issuer call if within 6 months after the
issue date (1) the issuer has not completed the acquisition
of Cytec Industries Inc. and (2) Solvay has publicly
announced that it no longer intends
to pursue such acquisition
Exchange / Exchange/variation in lieu of early redemptions,
Variation subject to certain conditions, including that the terms
of the exchange / variation not being prejudicial to
interest of bondholders
Use of Proceeds Finance the acquisition of Cytec Industries Inc.
and General Corporate Purposes
Ranking Deeply subordinated, pari passu with other outstanding
hybrids, senior to equity
Equity Credit Both Moody’s and S&P expected to assign
50% equity credit to the hybrid instrument
(Moody’s: for life, S&P: until first call date)
Instruments to be accounted for as equity under IFRS
Documentation RegS, Standalone
Denomination €100,000+€1,000
Listing Luxembourg
Governing Law English law, except for subordination of the Bonds under
French Law and subordination of the guarantee under
Belgian Law
Structuring Credit Suisse, Morgan Stanley
Advisors
Global Coordinators Credit Suisse (B&D), Morgan Stanley, HSBC
Joint Bookrunners Credit Suisse, Morgan Stanley, HSBC,
BNP Paribas, Commerzbank (passive), ING
5Y CDS Senior 84 bps
Emissioni già presenti sul mercato:
SOLBBB 4.199 05/29/49€ PERPETUAL CALL 05/12/[email protected] YTCall: 4.30%
SOLBBB 5.425 11/29/49€ PERPETUAL CALL 11/12/[email protected] YTCall: 5.40%
cris71
Forumer storico
Russia non solo sei passato alla diversificazione, adesso posti addirittura le caratteristiche di un bond Solvay... non ho parole... Pensavo ci fossero più probabilità di incontrare per le strade di Altdorf Guglielmo Tell
Bravo sei sulla strada della "redenzione?
russiabond
Il mito, la leggenda.
Russia non solo sei passato alla diversificazione, adesso posti addirittura le caratteristiche di un bond Solvay... non ho parole... Pensavo ci fossero più probabilità di incontrare per le strade di Altdorf Guglielmo Tell
Bravo sei sulla strada della "redenzione?
....mmmmh non direi ...proprio ...me lo son trovato in mezzo alla posta e allora ho postato
...
apaci2
Ad bestias
Bail-in, intermediari dovranno informare clienti di rischi -Consob | Reuters.com
Ma le ignare vecchiette che hanno già in ptf dei bond che potranno essere soggette a bail-in... Tutto OK!?!?!
Certo che se prima legiferano e poi si pongono delle domande... Boh assurdo
Poi magari spiegate alle vecchiette che non solo i bond ma anche i loro soldi sono passibili di taglio... Tutto OK
Cmq troppo tardi non vi è speranza alcuna
P.s. per tenere 101k€ sul conto... Che profilo mifid devo avere??? Investitore professionale con due master e tre lauree eh eh eh
Ma le ignare vecchiette che hanno già in ptf dei bond che potranno essere soggette a bail-in... Tutto OK!?!?!
Certo che se prima legiferano e poi si pongono delle domande... Boh assurdo
Poi magari spiegate alle vecchiette che non solo i bond ma anche i loro soldi sono passibili di taglio... Tutto OK
Cmq troppo tardi non vi è speranza alcuna
P.s. per tenere 101k€ sul conto... Che profilo mifid devo avere??? Investitore professionale con due master e tre lauree eh eh eh
bia06
Listen other's viewpoint avoid conflicts & wars.
Ciao Negus ! A new one.........
Issuer: Allied Irish Banks, p.l.c.
Instrument: Euro Fixed Rate Reset Additional Tier 1 Perpetual
Contingent Temporary Write-Down Securities
Expected rating: B- (Fitch)
Status: Unsecured and subordinated obligations of the issuer
ranking below Tier 2 instruments in the event of
winding up
Size: EUR500mn (no grow)
First Call Date: 3 December 2020, and on every Interest Payment Date
thereafter (subject to regulatory approval and
provided Prevailing Principal Amount is equal to
Initial Principal Amount)
Issue Date: 26 November 2015
Settlement Date: 3 December 2015
Price Guidance: 7.500% area
Coupon: [x]%, semi-annually in arrear
Reset Spread: [x] bps
Issue Price: [x]%
Denominations: €200k x €1k
Interest: [x]% until 3 December 2020, thereafter reset every
5 years at the then prevailing 5-year EUR swap rate
plus initial margin, in each case payable
semi-annually in arrear on 3 June and 3 December
of each year.
Interest Cancellation: Fully discretionary, non-cumulative coupons, subject
to sufficient distributable items, not exceeding any
applicable Maximum Distributable Amount and to
Solvency Condition being satisfied
Early Redemption: Tax Event (withholding tax) or Capital
Disqualification Event (partial disqualification)
Sub/Var: Upon a Tax Event or Capital Disqualification Event
provided terms not materially less favourable to an
investor
Trigger Event: Transitional CET1 ratio of Bank (individual
consolidation) or Group falls below 7.000% Loss absorption Mechanism:Temporary Write-Down
Bail-In: Statutory Irish bail in powers
Governing Law: English Law (ex. Subordination and set-off under
Irish law)
Listing: Main Securities Market of the Irish Stock Exchange
Documentation: RegS; Preliminary Prospectus dated 25 November 2015
Sales restrictions: US ( Reg S only), UK, Ireland - see prospectus for
details
Jnt Structuring Advisers: DB, MS
Jnt Lead Managers: BAML, Davy, DB, Goodbody, HSBC, MS
Co Lead Manager: Cantor Fitzgerald
ISIN: [TBD]
Timing: Today's business
Issuer: Allied Irish Banks, p.l.c.
Instrument: Euro Fixed Rate Reset Additional Tier 1 Perpetual
Contingent Temporary Write-Down Securities
Expected rating: B- (Fitch)
Status: Unsecured and subordinated obligations of the issuer
ranking below Tier 2 instruments in the event of
winding up
Size: EUR500mn (no grow)
First Call Date: 3 December 2020, and on every Interest Payment Date
thereafter (subject to regulatory approval and
provided Prevailing Principal Amount is equal to
Initial Principal Amount)
Issue Date: 26 November 2015
Settlement Date: 3 December 2015
Price Guidance: 7.500% area
Coupon: [x]%, semi-annually in arrear
Reset Spread: [x] bps
Issue Price: [x]%
Denominations: €200k x €1k
Interest: [x]% until 3 December 2020, thereafter reset every
5 years at the then prevailing 5-year EUR swap rate
plus initial margin, in each case payable
semi-annually in arrear on 3 June and 3 December
of each year.
Interest Cancellation: Fully discretionary, non-cumulative coupons, subject
to sufficient distributable items, not exceeding any
applicable Maximum Distributable Amount and to
Solvency Condition being satisfied
Early Redemption: Tax Event (withholding tax) or Capital
Disqualification Event (partial disqualification)
Sub/Var: Upon a Tax Event or Capital Disqualification Event
provided terms not materially less favourable to an
investor
Trigger Event: Transitional CET1 ratio of Bank (individual
consolidation) or Group falls below 7.000% Loss absorption Mechanism:Temporary Write-Down
Bail-In: Statutory Irish bail in powers
Governing Law: English Law (ex. Subordination and set-off under
Irish law)
Listing: Main Securities Market of the Irish Stock Exchange
Documentation: RegS; Preliminary Prospectus dated 25 November 2015
Sales restrictions: US ( Reg S only), UK, Ireland - see prospectus for
details
Jnt Structuring Advisers: DB, MS
Jnt Lead Managers: BAML, Davy, DB, Goodbody, HSBC, MS
Co Lead Manager: Cantor Fitzgerald
ISIN: [TBD]
Timing: Today's business
Joe Silver
Forumer storico
Sub assicurativi
Continua la marcia di Delta con il 9% oltre i 123 e la 4,375% quasi a 91
Invece Srlev 9% sempre ferma e secondo me indietro rispetto alle altre.
Continua la marcia di Delta con il 9% oltre i 123 e la 4,375% quasi a 91
Invece Srlev 9% sempre ferma e secondo me indietro rispetto alle altre.
Massimum
Forumer storico
Continua la marcia di Delta con il 9% oltre i 123 e la 4,375% quasi a 91
Invece Srlev 9% sempre ferma e secondo me indietro rispetto alle altre.
Sbaglio o la SRLEV 9% è bloccata su Binck? E' per caso sospesa su Euronext?
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