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

[waltermasoni]

Groupama Assurances Mutuelles 2,125% 16/09/2029 SUB EUR | OBLIS

 

[Fabrib]

Bloomberg - Are you a robot?

per chi segue Casino
la fusione (vendita...) degli asset brasiliani di Casino e Carrefour e' realistica, un bid di Carrefour su Casino non mi pare possibile...

Casino Guichard-Perrachon SA (CGUSY) said Friday that it has signed agreements with its subsidiary Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PCAR4.BR), or GPA, and Almacenes Exito SA, or Exito, for the launch of GPA's all-cash tender offer on Exito.
The French retailer and GPA's shareholder said that the GPA's tender offer on Exito received the necessary corporate approvals.
Meanwhile, Casino said its acquisition of Segisor's shares held by Exito has been approved.
Following the approvals, Casino signed a pre-agreement with GPA for the launch of the tender offer and a share-purchase agreement with Exito for Segisor's shares. DJ.com

 

[waltermasoni]

Fitch Affirms Generali at IFS 'A'; Outlook Negative
13 SEP 2019 12:00 PM ET

• 
  

Fitch Ratings - Frankfurt am Main - 13 September 2019:

Fitch Ratings has affirmed Assicurazioni Generali SpA's (Generali) and core subsidiaries' Insurer Financial Strength (IFS) Ratings at 'A' (Strong). The agency has also affirmed Generali's Long-Term Issuer Default Rating (IDR) at 'A-'. The Outlooks are Negative. A full list of rating actions is at the end of this commentary.

 

[waltermasoni]

Orange S.A.'s Subordinated Hybrid Security Rated 'BBB-' And Assessed As Intermediate Equity Content

• 13-Sep-2019 06:55 EDT

View Analyst Contact Information

• Table of Contents
  

PARIS (S&P Global Ratings) Sept. 13, 2019--S&P Global Ratings today assigned its 'BBB-' issue rating to the €500 million subordinated hybrid security to be issued by French telecom operator Orange S.A. (BBB+/Stable/A-2). The rating reflects our notching for subordination and optional interest deferability. We assess the security as having intermediate equity content until the first call date.

We view this as a liability management transaction that will enable Orange to replace its existing €500 million hybrid, which was issued in 2014 and has a first call date in February 2020. Because of this, we now view the equity content of the February 2020 hybrid as minimal, but this does not change our view of Orange's intent regarding other hybrids in its capital structure.

We categorize the proposed security as having intermediate equity content because it is subordinated in liquidation to all Orange's senior debt obligations, cannot be called for seven and a half years, and is not subject to features that could discourage or materially delay deferral.

We derive our 'BBB-' rating on the security by notching down from our 'BBB+' rating on Orange. The two-notch difference reflects our notching methodology, which calls for deducting:

• One notch for subordination because our long-term rating on Orange is 'BBB-' or above; and
• An additional notch for payment flexibility, because the deferral of interest is at the option of the issuer.

The notching indicates that we consider the issuer relatively unlikely to defer interest. Should our view change, we may increase the number of notches we deduct to derive the issue rating.

In addition, given our view of the intermediate equity content of the proposed security, we allocate 50% of the related payments on the security as a fixed charge and 50% as equivalent to a common dividend. The 50% treatment of principal and accrued interest also applies to our adjustment of debt.

 

[Rottweiler]

Un'altra mitica vintage (BNP) viene richiamata:

 

[NoWay]

Generali riacquista 1 mld di bond che rendono fino al 10,125% - MilanoFinanza.it

 

[oldmouseit]

Nuova Ucg t2

 

[Cat XL]

Un'altra mitica vintage (BNP) viene richiamata:

Fine di un'epoca.

 

[marc]

Issuer:.......................UniCredit S.p.A

Issuer Ratings:...............Baa1 Stable (Moody’s), BBB Stable (S&P), BBB negative (Fitch)

Expected Issue Ratings:.......Baa3 (Moody’s), BB+ (S&P), BBB- (Fitch)

Security:.....................Subordinated Tier 2

Offering Format:..............RegS Bearer, Compliance Category 2; TEFRA D

Issue Size:...................EUR benchmark

Settlement Date:..............[23 September 2019] (t+5)

Maturity Date:................[23 September 2029]

Optional Redemption Date:.....At par. In whole but not in part, on [23 September 2024] at the Issuer’s discretion, subject to regulatory approval

Coupon/Interest:..............[x]%, Fixed rate, payable annually in arrears. Single reset on [23 September 2024] to the prevailing 5-y Euro Mid Swap Rate plus the Initial Margin

Initial Margin:...............[x]bps

Benchmark:....................TBA

IPT:..........................MS+265bps area

Interest on Notes:............Annual, Act/Act, until [23 September 2024]. Reset after Optional Redemption Date

Tax Call:.....................At par. Applicable as per Condition 10.3 in the EMTN Programme, at their Early Redemption Amount together with accrued interest to (but excluding) the date of redemption

Reg Call:.....................At par. Applicable as per Condition 10.4 in the EMTN Programme, at their Early Redemption Amount together with accrued interest to (but excluding) the date of redemption

PONV:.........................Statutory (risk factors)

Docs:.........................EMTN Programme dated 5 June 2019 and respective supplements (dated 13 Aug 2019)

Denoms:.......................Eur 200k + 1k

Listing:......................Luxembourg Stock Exchange’s Regulated Market

Clearing:.....................Euroclear / Clearstream

Governing Law:................Italian Law

Target Market:................Eligible Counterparties and Professional clients only (all distribution channels) No PRIIPs key information document (KID) has been prepared as not available to retail in EEA

Fees:.........................The Banks will be paid a fee by the Issuer in relation to the transaction

Bookrunners:.................. GSI, HSBC, Mediobanca, Societe Generale CIB, UBS and UniCredit

CoLeads:......................[x]

Timing:.......................Today’s Business

Advertisement: ............... Advertisement: Base Prospectus dated 5 June 2019, as supplemented and as available on https://www.bourse.lu/programme/Programme-Unicredit/12467 and Final Terms, when available on www.bourse.lu

 

[waltermasoni]

Fitch Affirms Vittoria at IFS 'A-'; Outlook Negative
16 SEP 2019 09:06 AM ET

• 
  

Fitch Ratings - Frankfurt am Main - 16 September 2019:

Fitch Ratings has affirmed Vittoria Assicurazioni S.p.A.'s (Vittoria) Long-Term Issuer Default Ratings (IDR) at 'BBB+' (Good) and Insurer Financial Strength (IFS) Rating at 'A-'. The Outlooks are Negative.