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

[nik.sala]

https://www.aegon.com/contentassets/1999d664ef0e498da1f081c47c9eb4c7/pr-aegon-nv-announces-final-results-of-tender-offers-for-six-series-of-subordinated-notes.pdf

ciao Negus

 

[Ventodivino]

E alla fine ho visto anche questa .
USA 2 anni al 2.42% , mentre il decennale e' al 2,41%.
E adesso caccia al 30 yr (2,49 %)

 

[bia06]

Grazie mille Negus.

https://www.aegon.com/contentassets/1999d664ef0e498da1f081c47c9eb4c7/pr-aegon-nv-announces-final-results-of-tender-offers-for-six-series-of-subordinated-notes.pdf

 

[Ventodivino]

E adesso caccia al 30 yr (2,49 %)

Preso...

 

[nik.sala]

E alla fine ho visto anche questa .
USA 2 anni al 2.42% , mentre il decennale e' al 2,41%.
E adesso caccia al 30 yr (2,49 %)

inversione ?

 

[nuvola nera]

https://www.aegon.com/contentassets/1999d664ef0e498da1f081c47c9eb4c7/pr-aegon-nv-announces-final-results-of-tender-offers-for-six-series-of-subordinated-notes.pdf

Qualcuno ha aderito alla tender con BGSAXO ?

 

[bia06]

nuova emissione
(per Negus: in fondo c'e' anche l'ISIN)

€€€ BANCO BPM EUR 300M (WNG) PNC5 AT1 – Guidance: 7.250-7.375% €€€
Issuer:	BANCO BPM S.p.A (BAMIIM) (the "Issuer")
Issuer Senior Unsecured Ratings (Moody’s/DBRS):	Ba2 (Stable) / BBBL (Positive)
Expected Issue Ratings (Moody’s/DBRS):	B3 / B
Notes:	Additional Tier 1 EUR Notes
Format:	Reg S Bearer, NGN
Size:	EUR 300m (WNG)
Pricing Date:	05-Apr-22
Settlement Date:	12 April 2022 (T+5)
Guidance:	7.250-7.375% (S/A Coupon)
Maturity:	The Notes are perpetual and have no fixed redemption date. The Notes will mature on the date on which voluntary or involuntary winding up, dissolution, liquidation or bankruptcy (including, inter alia, Liquidazione Coatta Amministrativa) proceedings are instituted in respect of the Issuer (otherwise than for the purposes of an Approved Reorganization), in accordance with, as the case may be, (i) a resolution passed at a shareholders’ meeting of the Issuer, (ii) any provision of the By-laws of the Issuer (which, as at [●] 2022 provide for the duration of the Issuer to expire on [23 December 2114], but if such expiry date is extended, maturity of the Notes will be correspondingly adjusted), or (iii) any applicable legal provision, or any decision of any judicial or administrative authority
Redemption at the Option of the Issuer:	12 April 2027 (the “First Reset Date”) and on any Interest Payment Date thereafter (“Optional Redemption Date (Call)”) at their Outstanding Principal Amount together with accrued and unpaid interest and any additional amounts due; Redemption subject to prior regulatory approval and compliance with the relevant provisions of the CRR
Coupon:	Fixed rate of [●]% per annum until the First Reset Date and thereafter reset every 5 years (the “Reset Date”) to the aggregate of the Margin plus the then 5-Year Mid-Swap Rate, calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions; Non-cumulative and in each case payable semi-annually
Interest Payment Dates:	12 April and 12 October in each year, starting on 12 October 2022
Status:	Direct, unconditional and unsecured obligations of the Issuer ranking pari passu without any preference among themselves and shall rank: (a) whilst the Notes constitute, fully or partly, Additional Tier 1 Capital: (i) junior to all unsecured and unsubordinated obligations of the Issuer, any Tier 2 Instruments and any other subordinated obligations of the Issuer which rank senior to the Notes; (ii) pari passu among themselves and with any obligations of the Issuer which do not rank junior or senior to the Notes; and (iii) senior to any obligations of the Issuer which rank, junior to the Notes; (b) if and when the Notes are fully excluded from Additional Tier 1 Capital but so long as they constitute, fully or partly, Tier 2 Capital: (i) junior to (i) all unsecured and unsubordinated obligations of the Issuer and (ii) any unconditional, unsecured and subordinated obligations of the Issuer which rank senior to the Notes (including any subordinated instruments that have ceased to qualify in their entirety as Own Funds); (ii) pari passu with any Tier 2 Instruments; and (iii) senior to any obligations of the Issuer which rank junior to the Notes; (c) if and when the Notes are fully excluded from Additional Tier 1 Capital and Tier 2 Capital: (i) junior to all unsecured and unsubordinated obligations of the Issuer and any other unconditional, unsecured and subordinated obligations of the Issuer which rank senior to the Notes; (ii) pari passu with all other subordinated obligations of the Issuer that have ceased to qualify, in their entirety, as Own Funds; and (iii) senior to (i) all unsecured and unsubordinated obligations of the Issuer, (ii) any other subordinated obligations of the Issuer which rank junior to the Notes (including Additional Tier 1 instruments and Tier 2 Instruments), and (iii) all obligations of the Issuer which do not rank senior or pari passu to the Notes. No negative pledge.
Discretionary Interest Payments:	The Issuer may decide in its sole discretion, to cancel any payment of interest on any interest payment date on a non-cumulative basis.
Mandatory Cancellation of Interest:	Mandatory cancellation upon (i) insufficient available Distributable Items; (ii) interest payments on the Notes – when aggregated with other relevant items - exceeding Maximum Distributable Amount; (iii) if ordered so by the Relevant Authority; (iv) occurrence of a Trigger Event
Optional Redemption:	(i) On each Optional Redemption Date (Call) at the Outstanding Principal Amount plus accrued and unpaid interest and any additional amounts due; (ii) Upon a Tax Event (reduction of interest deductibility or obligation to pay additional amounts) at any time at the Outstanding Principal Amount plus any accrued interest and any additional amounts due; (iii) Upon a Regulatory Event (full or partial exclusion from Additional Tier 1 capital (Issuer or Group)) at any time at the Outstanding Principal Amount plus any accrued interest and any additional amounts due, in each case, subject to prior regulatory approval and in compliance with the relevant provisions of the CRR
Modification:	Upon (i) a Regulatory Event or a Tax Event, and/or (ii) in order to ensure the effectiveness and enforceability of the Bail-In Power, the Issuer shall be entitled to modify the terms and conditions of the Notes subject to the terms not being materially less favourable to Noteholders (other than in order to ensure the effectiveness and enforceability of the Bail-In Power), subject to prior regulatory approval.
Write-Down following a Trigger Event:	If, at any time, the transitional CET1 Ratio of the Issuer on a solo basis, or the Group on a consolidated basis is less than 5.125 per cent (a “Trigger Event”) then the Issuer shall cancel any interest accrued and reduce the Outstanding Principal Amount by the Write-Down Amount (on a pro rata basis with other Loss Absorbing Instruments) until the CET1 Ratio of the Issuer and/or Group is restored to 5.125%
Principal reinstatement:	If a positive Net Income or Consolidated Net Income are recorded, then the Issuer may, in its full discretion and subject to the Maximum Distributable Amount, increase the Outstanding Principal Amount of the Notes (on a pro-rata basis with other Loss Absorbing Written-Down Instruments) by an amount not exceeding the Maximum Reinstatement Amount
Point of Non Viability:	Statutory, see Risk Factors
Contractual recognition of statutory bail-in power:	Each Noteholder acknowledges and agrees to be bound by the exercise of any Bail-In Power by the Competent Authority and consents to variations of the Conditions as deemed necessary by the Relevant Authority to give effect to the exercise of the Bail-in Power
Redemption Price	100.00%
Use of Proceeds	The net proceeds from the issue of the Notes will be applied by the Issuer for its general corporate purposes and to improve the regulatory capital structure of the Group
Listing:	Euro MTF
Clearing:	Euroclear, Clearstream
Denominations:	€200k + €1k
Governing Law:	Italian Law
Documentation:	Standalone. Preliminary Prospectus dated 5 April 2022
EU MiFID II and UK MiFIR Target Market:	Manufacturer target market (EU MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document has been prepared as not available to retail in EEA or the UK.
Selling Restrictions:	The Notes may only be offered and sold outside the United States to non U.S. persons in reliance on Regulation S under the Securities Act. Further selling restrictions are incorporated in the section “Subscription And Sale” of the Prospectus. TEFRA D applies
Sole Active Bookrunner:	Morgan Stanley
Other Bookrunner:	Banca Akros
ISIN:	XS2398286471
Common Code:	239828647
LEI:	815600E4E6DCD2D25E30

 

[frmaoro]

Banco Bpm lancia bond perpetuo AT1 da max 300 mln euro - Ifr

LONDRA, 5 aprile (Reuters) - Banco Bpm sta collocando un bond perpetuo 'Additional Tier 1' da massimo 300 milioni di euro. Lo riferisce Ifr, servizio di Refinitiv, precisando che la guidance di rendimento è 7,25%-7,375%. Il pricing del titolo, non callable per 5 anni, è atteso in giornata. (Versione italiana Antonella Cinelli, editing Sabina Suzzi)(([email protected]; +39 06 8030 7709)

 

[nuvola nera]

Qualcuno ha aderito alla tender con BGSAXO ?

dopo aver chiesto notizie ......

La presente per confermarle che la sua adesione all’operazione in oggetto non è stata accettata dall’emittente per cui il titolo è adesso di nuovo negoziabile in piattaforma.

Cordiali Saluti

Team BG SAXO

Chissà con che criterio non è stata accettata ............

 

[Sniper76]

nuova emissione
(per Negus: in fondo c'e' anche l'ISIN)

€€€ BANCO BPM EUR 300M (WNG) PNC5 AT1 – Guidance: 7.250-7.375% €€€
Issuer:	BANCO BPM S.p.A (BAMIIM) (the "Issuer")
Issuer Senior Unsecured Ratings (Moody’s/DBRS):	Ba2 (Stable) / BBBL (Positive)
Expected Issue Ratings (Moody’s/DBRS):	B3 / B
Notes:	Additional Tier 1 EUR Notes
Format:	Reg S Bearer, NGN
Size:	EUR 300m (WNG)
Pricing Date:	05-Apr-22
Settlement Date:	12 April 2022 (T+5)
Guidance:	7.250-7.375% (S/A Coupon)
Maturity:	The Notes are perpetual and have no fixed redemption date. The Notes will mature on the date on which voluntary or involuntary winding up, dissolution, liquidation or bankruptcy (including, inter alia, Liquidazione Coatta Amministrativa) proceedings are instituted in respect of the Issuer (otherwise than for the purposes of an Approved Reorganization), in accordance with, as the case may be, (i) a resolution passed at a shareholders’ meeting of the Issuer, (ii) any provision of the By-laws of the Issuer (which, as at [●] 2022 provide for the duration of the Issuer to expire on [23 December 2114], but if such expiry date is extended, maturity of the Notes will be correspondingly adjusted), or (iii) any applicable legal provision, or any decision of any judicial or administrative authority
Redemption at the Option of the Issuer:	12 April 2027 (the “First Reset Date”) and on any Interest Payment Date thereafter (“Optional Redemption Date (Call)”) at their Outstanding Principal Amount together with accrued and unpaid interest and any additional amounts due; Redemption subject to prior regulatory approval and compliance with the relevant provisions of the CRR
Coupon:	Fixed rate of [●]% per annum until the First Reset Date and thereafter reset every 5 years (the “Reset Date”) to the aggregate of the Margin plus the then 5-Year Mid-Swap Rate, calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions; Non-cumulative and in each case payable semi-annually
Interest Payment Dates:	12 April and 12 October in each year, starting on 12 October 2022
Status:	Direct, unconditional and unsecured obligations of the Issuer ranking pari passu without any preference among themselves and shall rank: (a) whilst the Notes constitute, fully or partly, Additional Tier 1 Capital: (i) junior to all unsecured and unsubordinated obligations of the Issuer, any Tier 2 Instruments and any other subordinated obligations of the Issuer which rank senior to the Notes; (ii) pari passu among themselves and with any obligations of the Issuer which do not rank junior or senior to the Notes; and (iii) senior to any obligations of the Issuer which rank, junior to the Notes; (b) if and when the Notes are fully excluded from Additional Tier 1 Capital but so long as they constitute, fully or partly, Tier 2 Capital: (i) junior to (i) all unsecured and unsubordinated obligations of the Issuer and (ii) any unconditional, unsecured and subordinated obligations of the Issuer which rank senior to the Notes (including any subordinated instruments that have ceased to qualify in their entirety as Own Funds); (ii) pari passu with any Tier 2 Instruments; and (iii) senior to any obligations of the Issuer which rank junior to the Notes; (c) if and when the Notes are fully excluded from Additional Tier 1 Capital and Tier 2 Capital: (i) junior to all unsecured and unsubordinated obligations of the Issuer and any other unconditional, unsecured and subordinated obligations of the Issuer which rank senior to the Notes; (ii) pari passu with all other subordinated obligations of the Issuer that have ceased to qualify, in their entirety, as Own Funds; and (iii) senior to (i) all unsecured and unsubordinated obligations of the Issuer, (ii) any other subordinated obligations of the Issuer which rank junior to the Notes (including Additional Tier 1 instruments and Tier 2 Instruments), and (iii) all obligations of the Issuer which do not rank senior or pari passu to the Notes. No negative pledge.
Discretionary Interest Payments:	The Issuer may decide in its sole discretion, to cancel any payment of interest on any interest payment date on a non-cumulative basis.
Mandatory Cancellation of Interest:	Mandatory cancellation upon (i) insufficient available Distributable Items; (ii) interest payments on the Notes – when aggregated with other relevant items - exceeding Maximum Distributable Amount; (iii) if ordered so by the Relevant Authority; (iv) occurrence of a Trigger Event
Optional Redemption:	(i) On each Optional Redemption Date (Call) at the Outstanding Principal Amount plus accrued and unpaid interest and any additional amounts due; (ii) Upon a Tax Event (reduction of interest deductibility or obligation to pay additional amounts) at any time at the Outstanding Principal Amount plus any accrued interest and any additional amounts due; (iii) Upon a Regulatory Event (full or partial exclusion from Additional Tier 1 capital (Issuer or Group)) at any time at the Outstanding Principal Amount plus any accrued interest and any additional amounts due, in each case, subject to prior regulatory approval and in compliance with the relevant provisions of the CRR
Modification:	Upon (i) a Regulatory Event or a Tax Event, and/or (ii) in order to ensure the effectiveness and enforceability of the Bail-In Power, the Issuer shall be entitled to modify the terms and conditions of the Notes subject to the terms not being materially less favourable to Noteholders (other than in order to ensure the effectiveness and enforceability of the Bail-In Power), subject to prior regulatory approval.
Write-Down following a Trigger Event:	If, at any time, the transitional CET1 Ratio of the Issuer on a solo basis, or the Group on a consolidated basis is less than 5.125 per cent (a “Trigger Event”) then the Issuer shall cancel any interest accrued and reduce the Outstanding Principal Amount by the Write-Down Amount (on a pro rata basis with other Loss Absorbing Instruments) until the CET1 Ratio of the Issuer and/or Group is restored to 5.125%
Principal reinstatement:	If a positive Net Income or Consolidated Net Income are recorded, then the Issuer may, in its full discretion and subject to the Maximum Distributable Amount, increase the Outstanding Principal Amount of the Notes (on a pro-rata basis with other Loss Absorbing Written-Down Instruments) by an amount not exceeding the Maximum Reinstatement Amount
Point of Non Viability:	Statutory, see Risk Factors
Contractual recognition of statutory bail-in power:	Each Noteholder acknowledges and agrees to be bound by the exercise of any Bail-In Power by the Competent Authority and consents to variations of the Conditions as deemed necessary by the Relevant Authority to give effect to the exercise of the Bail-in Power
Redemption Price	100.00%
Use of Proceeds	The net proceeds from the issue of the Notes will be applied by the Issuer for its general corporate purposes and to improve the regulatory capital structure of the Group
Listing:	Euro MTF
Clearing:	Euroclear, Clearstream
Denominations:	€200k + €1k
Governing Law:	Italian Law
Documentation:	Standalone. Preliminary Prospectus dated 5 April 2022
EU MiFID II and UK MiFIR Target Market:	Manufacturer target market (EU MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document has been prepared as not available to retail in EEA or the UK.
Selling Restrictions:	The Notes may only be offered and sold outside the United States to non U.S. persons in reliance on Regulation S under the Securities Act. Further selling restrictions are incorporated in the section “Subscription And Sale” of the Prospectus. TEFRA D applies
Sole Active Bookrunner:	Morgan Stanley
Other Bookrunner:	Banca Akros
ISIN:	XS2398286471
Common Code:	239828647
LEI:	815600E4E6DCD2D25E30

FINAL TERMS: Banco BPM EU300m PerpNC5 AT1 7% Coupon