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

Vet ha scritto:
€€€ Books open - New BANK AUSTRIA € 500mn n/g 8yr Covered Bond €€€

Issuer......... UniCredit Bank Austria AG [Ticker: BACA]
Issue Type..... Hypothekenpfandbrief (Mortgage Pfandbrief)
Format......... RegS, Bearer
Issue Rating... Aaa by Moody’s exp.
Volume......... EUR 500mn (no grow)
Coupon......... Fixed, annual, act/act ICMA
Pay Date....... 4 June 2019 - T+5
Maturity....... 4 June 2027 - 8yr
Guidance....... MS + 10bp area
Leads.......... BayernLB, Erste Group, HSBC, Santander, UniCredit (B&D)
Listing........ Vienna
Target market.. Manufacturer target market (MiFID II product governance)
is eligible counterparties and professional clients (all
distribution channels). No PRIIP, No KID will be prepared.
Fees........... The Banks will be paid a fee by the issuer in respect of
this transaction.
Denoms/Law..... 100k/100k / Austrian Law
ISIN/WKN....... TBD...
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Rendimento in area 0,32%, d'altronde è un bond "covered" garantito da mutui… Meglio di un bund, però :-D
 
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Rating Action:
Moody's downgrades Commerzbank AG's junior senior unsecured debt ratings to Baa2

27 May 2019
Frankfurt am Main, May 27, 2019 -- Moody's Investors Service (Moody's) today downgraded by one notch Commerzbank AG's (Commerzbank) junior senior unsecured debt ratings to Baa2 and related programme ratings to (P)Baa2.

The rating agency said that Commerzbank's other ratings and its rating inputs are unaffected by today's rating action.

A full list of affected ratings can be found at the end of this press release.
 
darkog ha scritto:
Galassia casinò oggi in buon recupero dopo annuncio di ristrutturazione di rallye.
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Casino Ratings Lowered To 'B'; On CreditWatch Negative After Parent Enters French Safeguard Procedure
  • 28-May-2019 11:55 EDT
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  • Table of Contents
  • On May 23, 2019, Casino's parent company Rallye and its holding companies were granted a six-month French "Procedure de Sauvegarde" (safeguard procedure), which could be extended up to 18 months.
  • This was after trading of Casino's and Rallye's shares were suspended on that same day, following two weeks of very pronounced decline in their stock market values that pressured Rallye's liquidity, because some margin loans required additional pledges of Casino's shares.
  • Under the safeguard procedure, all interest payments due on Rallye's and its holding companies' outstanding debt, as well as upcoming debt maturities and virtually all collateral, are frozen until the various stakeholders in Rallye and its holding companies come to an agreement on a new, more sustainable repayment plan for their financial debt.
  • Although Casino's management has confirmed that Casino itself is not part of this safeguard procedure, and we believe the safeguard procedure has possibly averted a liquidity crisis at Rallye and a potential change in Casino's shareholding, we think this procedure creates further significant event risks for Casino and its creditors, and raises questions about the reliability of the group's governance standards.
  • We are therefore lowering our ratings on Casino to 'B' from 'BB-' and placing them on CreditWatch negative.
  • The negative CreditWatch reflects the possibility of Casino being indirectly affected as a result of having its highly indebted parent company immersed in the complex safeguard procedure.
 
Casino said on Tuesday that it has decided not to pay an interim dividend in 2019 as part of efforts to reduce its debt levels, following another ratings downgrade for the indebted French retailer. FT
 
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