Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (2 lettori)


Caribbean Trader
Moody's affirms UniCredit Bank AG's Baa3 Turkish lira-denominated junior senior unsecured bond rating
25 Jun 2019

Frankfurt am Main, June 25, 2019 -- Moody's Investors Service has today affirmed the Baa3 rating of a junior senior unsecured bond instrument (ISIN: DE000HV5L1V1) issued by UniCredit Bank AG (UCB, deposits A2 stable/senior unsecured A2 stable, Baseline Credit Assessment (BCA) baa2). The rating action was triggered by the downgrade of the Government of Turkey's issuer rating on 14 June 2019 to B1 from Ba3 and the lowering of the country's local and foreign currency bond ceilings to Ba2 from Ba1 and to B1 from Ba2, respectively.

All other ratings of the issuer are unaffected by today's rating action.

The affirmation of UCB's Turkish lira-denominated junior senior unsecured bond reflects Moody's view that the risks to a timely settlement of the principal payment obligation under this zero-coupon bond have not significantly increased, despite an increasing probability of policy measures that could constrain the ability of the issuer to access Turkish lira.

UCB's Turkish lira-denominated bond was issued in 2018 under a EUR50 billion debt issuance program of UCB which does not contain alternative currency settlement provisions. As a result, UCB would not be contractually entitled to settle its Turkish lira payment obligations in other currencies in case of restricted access to Turkish lira. At the same time, the rating agency believes UCB as a well-established participant in international capital markets would be strongly motivated to adequately compensate the instrument's holders in an alternate currency in case it cannot access liquidity in Turkish lira, thereby avoiding payment disruptions.

The Baa3 rating of the Turkish lira-denominated junior senior unsecured bond continues to reflect UCB's baa2 BCA and Adjusted BCA and the rating agency's expectation of a high loss-given-failure for UCB's junior senior unsecured debt class which leads to a positioning of the instrument one notch below the Adjusted BCA.


Caribbean Trader
Moody's assigns Ba2(hyb) rating to Commerzbank AG's low trigger Additional Tier 1 instrument
25 Jun 2019

Frankfurt am Main, June 25, 2019 -- Moody's Investors Service (Moody's) has today assigned a Ba2(hyb) rating to the expected USD500 million low-trigger Additional Tier 1 (AT1) securities ("Undated Non-Cumulative Fixed to Reset Rate Additional Tier 1 Notes of 2019 ") to be issued byCommerzbank AG (Commerzbank).

Moody's said that Commerzbank's existing ratings and rating inputs are unaffected by today's rating action.


The Ba2(hyb) rating assigned to Commerzbank's "low trigger" Additional Tier 1 (AT1) securities, or "contractually non-viability preferred securities", takes into account the instrument's undated deeply subordinated claim in liquidation, as well as the security's non-cumulative coupon deferral features, and is positioned three notches below Commerzbank's baa2 Adjusted Baseline Credit Assessment (BCA).

According to Moody's framework for rating non-viability securities under its bank rating methodology, the agency typically positions the rating of low-trigger AT1 securities three notches below the bank's Adjusted BCA. One notch reflects the high loss-given-failure that these securities are likely to face in a resolution scenario, owing to their deep subordination, relatively small volume and limited protection from residual equity. Moody's rating for non-viability securities also incorporates two additional notches to reflect the higher risk associated with the non-cumulative coupon skip mechanism, which could take effect prior to the issuer reaching the point of non-viability.

The AT1 securities are senior only to Commerzbank's ordinary shares and other capital instruments that qualify as Common Equity Tier 1 (CET1). The instrument's principal is subject to a write-down on a contractual basis if Commerzbank's CET1 ratio falls below 5.125%. Furthermore, a write-down or conversion into common equity could occur if the bank's regulator or the relevant resolution authority determine that the conditions for a write-down of the instrument are fulfilled and resolution authorities order such a write-down.


Forumer attivo
Aggiornato il file con le ultime novità, nuove emissioni, call, aggiornamento rating… Siamo a 1150 emissioni.

Segnalo in particolare la prima obbligazione di un emittente turco, è Yapi Kredi, controllata di Unicredit. Corposa la cedola, 13,875% in dollari americani. :eek:

:abbocca: :eeh: :squalo:

dove si puo' scaricare il file aggiornato per cortesia?

Users who are viewing this thread