Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3

[Joe Silver]

rende un filo meno della BNP (prezzo 25.7 ho visto)... quale è più liquida?

Entrambe liquide.

 

[fabriziof]

ieri venduto bnp 6,5 a 102,17 e prudential 7,75 a 103,62

 

[londonwhale]

Vendute le Aegon NL0000120004 @ 80, da anni in portafoglio, sono ferme da un po', mi sembra che quello che dovevano dare lo hanno dato, sto valutando di riempirmi di azioni per il classico rally dell'ultimo trimestre, ma è partito un po' troppo presto.....

 

[Fabrib]

Vendute le Aegon NL0000120004 @ 80, da anni in portafoglio, sono ferme da un po', mi sembra che quello che dovevano dare lo hanno dato, sto valutando di riempirmi di azioni per il classico rally dell'ultimo trimestre, ma è partito un po' troppo presto.....

Trovi interessante l'IPO Pirelli? Si dice sia troppo cara, ma il mercato potrebbe fregarsene.

 

[Luca_niubbo]

I riferimenti di Assured Guaranty sono: CUSIP 04623A304 Ticker AGO-E.

non ha un ISIN? come si compra?

 

[Brizione]

NEW ISSUE ALERT

DEAL DETAILS

Issuer GRENKE AG
Expected Ratings BB- expected by S&P
Issue Size ~EUR 50m
Expected Timing This week’s business
Denomination EUR 200'000 + 200'000
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
Issuer Rating BBB+ (stable) by S&P
Optional Redemption 31 March 2023 and every Interest Payment Date thereafter
Initial Price Thoughts 7-7.25% area [first interest payment on 31 March 2018]
Issue Price 100.00%
Pricing Date [ ] September 2017
Settlement Date [ ] September 2017 t+5
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 Grenke Group transitional & Reinstatement 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
Offering Reg S
Joint Bookrunners Deutsche Bank (B&D), HSBC

Source: DB

PRICE GUIDANCE 7% - 7.25%

Source: DB

ISSUER DESCRIPTION

GRENKE AG offers lease financing for information technology equipment to small- and medium-sized
business customers and self-employed persons. The Company finances the leasing of personal
computers, notebooks, monitors, software, and other IT related products. GRENKE offers its
financing through IT dealers and manufacturers.

Source: Bloomberg

 

[Peco]

Nuova emissione per Prudential $750,000,000

4.500% Fixed-to-Floating Rate Junior Subordinated Notes due scadenza 2047 call 2027

file:///C:/Users/User/Downloads/PrudentialFinancialInc.pdf

pag. 36

 

[Joe Silver]

non ha un ISIN? come si compra?

L'isin è US04623A3041 e si compra sul NYSE. Se hai Binck l'acquisti online ed hai la tassazione del 26%, con IW compri OTC tramite operatore e la tassazione è del 26+15%.

 

[Joe Silver]

NEW ISSUE ALERT

DEAL DETAILS

Issuer GRENKE AG
Expected Ratings BB- expected by S&P
Issue Size ~EUR 50m
Expected Timing This week’s business
Denomination EUR 200'000 + 200'000
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
Issuer Rating BBB+ (stable) by S&P
Optional Redemption 31 March 2023 and every Interest Payment Date thereafter
Initial Price Thoughts 7-7.25% area [first interest payment on 31 March 2018]
Issue Price 100.00%
Pricing Date [ ] September 2017
Settlement Date [ ] September 2017 t+5
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 Grenke Group transitional & Reinstatement 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
Offering Reg S
Joint Bookrunners Deutsche Bank (B&D), HSBC

Source: DB

PRICE GUIDANCE 7% - 7.25%

Source: DB

ISSUER DESCRIPTION

GRENKE AG offers lease financing for information technology equipment to small- and medium-sized
business customers and self-employed persons. The Company finances the leasing of personal
computers, notebooks, monitors, software, and other IT related products. GRENKE offers its
financing through IT dealers and manufacturers.

Source: Bloomberg

Questa sarebbe interessante...ma solo 50M di emissione e 200k di minimo

 

[Luca_niubbo]

Nuova emissione per Prudential $750,000,000

4.500% Fixed-to-Floating Rate Junior Subordinated Notes due scadenza 2047 call 2027

file:///C:/Users/User/Downloads/PrudentialFinancialInc.pdf

pag. 36

il documento non è accessibile
certo una cedola molto più bassa....

L'isin è US04623A3041 e si compra sul NYSE. Se hai Binck l'acquisti online ed hai la tassazione del 26%, con IW compri OTC tramite operatore e la tassazione è del 26+15%.

grazie mille!