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

[vbrm]

Bloomberg - Are you a robot?

ho visto passare questo in merito

Vedi l'allegato 619120

Però credo che questo ed altre notizie circolate ieri si riferisca ai bond acquistati per fondi / ETF, non con fondi propri.

 

[jjletho]

Però credo che questo ed altre notizie circolate ieri si riferisca ai bond acquistati per fondi / ETF, non con fondi propri.

si' certo, sono asset managers, i soldi son dei clienti
non penso che nessuna banca in Europa abbia in portafoglio evergrande, puzza da troppo tempo

addendum:
avrei dovuto aggiungere: le banche, cinesi e non, come HSBC/Stanchart, avranno semmai in portafoglio dei loans, che pero' sono una "bestia" diversa dagli unsecured bonds, perché devrebbero avere qualche forma di garanzia reale, trattandosidi un property developer.
Informazioni precise pero' non sono riuscito a trovarne, e non per mancanza di impegno!

 

[Solitario]

Cr Asti super 9,25

 

[Solitario]

Acquistato terzo lotto a 105,25

 

[Rottweiler]

Notizie come questa dovrebbero suscitare indignazione negli Americani.

Più banalmente investitori come noi si chiedono: potrebbero influenzare le prossime decisioni della FED in materia di tapering?

Fed Chief Powell, other officials owned securities central bank bought during Covid pandemic

 

[Rottweiler]

Prendiamo nota delle date: questo giovedì e mercoledì della prossima settimana...

The first test for Evergrande's debt crisis comes this week

Investors will be watching to see if the embattled Chinese property developer is able to pay out interest payments on a bond, or default on it.

www.cnbc.com

 

[Fabrib]

Evergrande onshore property unit to repay bond interest sept. 23 (BBG)

 

[bia06]

Caro Negus,
innanzitutto spero tutto bene.
Qui di seguito 2 nuove emissioni di BAT. Per il file, se hai tempo.
Buone cose !

ssuer:	British American Tobacco p.l.c. (Ticker: BATSLN; Country: UK)
Issuer Rating:	BBB+ stable (S&P) / Baa2 stable (Moody’s)
Expected Instrument Rating:	BBB- (S&P) / Ba1 (Moody’s)
Expected Equity Credit:	S&P Intermediate Equity Content (50% Equity Credit until the First Reset Date) / Moody’s Basket C (50%)
Status of Notes:	Direct, unsecured and subordinated obligations of the Issuer, senior only to share capital
Format:	Reg S, Bearer, CGN
Tranche:	Perp NC5.25yr	Perp NC8yr
Size:	Benchmark	Benchmark
IPTs:	3.375% area	4.125% area
Settlement Date:	27 September 2021 (T+3)
Maturity:	Perpetual	Perpetual
Optional Par Redemption:	Any Business Day from and including 27 September 2026 (the “First Optional Redemption Date”) up to and including the First Reset Date (3 month par call) and on any Interest Payment Date thereafter, together with any accrued and unpaid interest up to (but excluding) the redemption date (including any accrued but unpaid Deferred Interest)	Any Business Day from and including 27 June 2029 (the “First Optional Redemption Date”) up to and including the First Reset Date (3 month par call) and on any Interest Payment Date thereafter, together with any accrued and unpaid interest up to (but excluding) the redemption date (including any accrued but unpaid Deferred Interest)
First Reset Date:	27 December 2026 (year 5.25)	27 September 2029 (year 8)
Interest:	[ ]% annually, fixed until the First Reset Date, then reset on the First Reset Date and every 5 years thereafter at the relevant 5-year Swap Rate + Initial Credit Spread + Step-up (if applicable)	[ ]% annually, fixed until the First Reset Date, then reset on the First Reset Date and every 5 years thereafter at the relevant 5-year Swap Rate + Initial Credit Spread + Step-up (if applicable)
Interest Payment:	Annual in arrear on 27 December, commencing on 27 December 2021 (Short First)	Annual in arrear on 27 September, commencing on 27 September 2022
1st Step-up Date:	27 December 2031 (year 10.25)	27 September 2034 (year 13)
1st Step-up Margin:	Initial Credit Spread +25 bps	Initial Credit Spread +25 bps
2nd Step-up Date	27 December 2046 (year 25.25)	27 September 2049 (year 28)
2nd Step-up Margin:	Initial Credit Spread +100 bps	Initial Credit Spread +100 bps
Optional Interest Deferral:	Optional, cumulative and compounding; at the Issuer’s sole discretion
Deferred Interest Payment:	Can be paid, in whole or in part, at any time at the option of the Issuer and needs to be paid, in whole but not in part (i) on the next scheduled Interest Payment Date on which interest on the Securities is paid, (ii) the date on which the Securities are redeemed or repaid (iii) 10 days following occurrence of Compulsory Arrears of Interest Settlement Event, (iv) in the event of substitution or variation (all subject to customary carve-outs)
Compulsory Arrears of Interest Settlement Event:	Payment/repurchase in respect to Junior Obligations (including share capital) or Parity Obligations; subject to customary carve-outs
Substitution or Variation:	Upon a Rating Capital Event, Accounting Event, Tax Deductibility Event or Withholding Tax Event, subject to certain preconditions including terms not materially less favourable to Holders
Special Event Redemption:	Following a Tax Deductibility Event, a Rating Capital Event or an Accounting Event before the First Optional Redemption Date at 101% and at 100% thereafter; Following a Withholding Tax Event or Substantial Repurchase Event (≥75%) at any time at 100%; In each case, together with any accrued and unpaid interest up to (but excluding) the relevant date fixed for redemption (including any accrued but unpaid Deferred Interest)
Replacement Language:	Intention based, subject to customary carve-outs
Denominations:	€100k + €1k
Governing Law:	English Law
Listing:	London Stock Exchange (Main Market)
Documentation:	Standalone; Preliminary Prospectus dated 16 September 2021
Risk Factors:	Investors should read the Risk Factors in the Preliminary Prospectus dated 16 September 2021
Business Days:	London, TARGET 2
Day Count Fraction:	Actual/Actual (ICMA)
Joint Structuring Agents and Global Coordinators:	BofA Securities, Deutsche Bank
Active Bookrunners:	BofA Securities, Citigroup, Deutsche Bank (B&D), Santander
Use of Proceeds:	General corporate purposes, including repayment of debt
Marketing:	https://dealroadshow.com and entry code: BAT2021 / Direct Link: Deal Roadshow
Selling Restrictions:	As per Preliminary Prospectus; Reg. S Cat 2 / TEFRA D; no sales to and no communication with US investors, including offshore US investors There are restrictions on the offer and sale of the Notes and the distribution of offering material, including in The United States, the EEA (including Belgium), the United Kingdom, Japan, Hong Kong and Singapore
Target Market:	The manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail investors in the EEA or in the United Kingdom.
Clearing Systems:	Euroclear and Clearstream
ISIN:	[ ]	[ ]
Issuer LEI:	213800FKA5MF17RJKT63
Advertisement:	The Final Prospectus, when published, will be available at: http://www.londonstockexchange.com
Timing:	Books open, today’s business
Stabilisation:	Relevant stabilisation regulations including FCA / ICMA will apply

 

[Rottweiler]

Anche se non sono note modalità e tempistiche, e a meno di nuovi eventi straordinari (nuovi virus, etc.), il livello dei tassi è destinato ad aumentare.

Per questo motivo dovrebbe avere senso assegnare un occhio di particolare riguardo alle obbligazioni a tasso (in tutto o in parte) variabile.

Escludendo i titoli destinati ad essere richiamati entro fine anno (o nelle prime settimane del 2022) quali titoli, secondo voi hanno i maggiori margini di crescita?

Chi se la sente di dire la sua? È gradita motivazione di accompagnamento...

 

[vbrm]

Anche se non sono note modalità e tempistiche, e a meno di nuovi eventi straordinari (nuovi virus, etc.), il livello dei tassi è destinato ad aumentare.

Per questo motivo dovrebbe avere senso assegnare un occhio di particolare riguardo alle obbligazioni a tasso (in tutto o in parte) variabile.

Escludendo i titoli destinati ad essere richiamati entro fine anno (o nelle prime settimane del 2022) quali titoli, secondo voi hanno i maggiori margini di crescita?

Chi se la sente di dire la sua? È gradita motivazione di accompagnamento...

A me viene in mente il famoso certificato RABO, che non è ovviamente un'obbligazione, ma visto che se ne è già parlato qui lo cito, con tutti i caveat e le precauzioni necessarie. Paga infatti il maggiore tra 1) tasso fisso del 6,5% e 2) tasso del decennale olandese + spread di 1,5%.