Era nell'aria....una perpetua con yield sotto il 2%:
qui davvero conviene guardare ad azioni con dividendi stabili.
Issuer:
Banque Cantonale de Genève (Ticker: BCG)
Issuer Domicile
Switzerland
Format:
Perpetual Additional Tier 1 Subordinated Bonds
Issuer Rating:
A+ (stable by S&P)
Instrument Rating (exp.):
BBB- (S&P)
Issue Size:
TBD
Issue Price:
100.00%
IPTs (Coupon):
1.875% - 2.125 p.a. (indic. MS+242-267) (30/360, following unadjusted)
Settlement:
12 November 2019
Maturity:
Perpetual
First Call Date:
12 May 2025
Issuer Calls:
At the earliest on the First Call Date and on every interest payment date thereafter at Prevailing Notional Amount subject to the prior approval of the Regulator, if then required.
Interest payments:
1.875-2.125% up to and including the first call date, payable annually in arrears on 12 May of each year, for the first time on 12 May 2020 (short first coupon). The interest rate will be reset on the First Call Date and every 5th anniversary thereafter on the basis of the aggregate of (i) the prevailing Benchmark Rate, but in any event not lower than 0.00 per cent, (ii) plus the Margin, payable annually
in arrears on each Interest Payment Date on the Prevailing Notional Amount. Non-cumulative coupons, payable at the discretion of the Issuer; mandatory coupon cancellation in case of insufficient distributable items or in case FINMA prohibits such coupon payment
Margin:
indic. 1.875-2.125% per annum
Dividend Stopper:
Restriction on dividend payments and share repurchases if no coupon is paid
Principal Write-down:
Upon occurrence of a Write-down Trigger Event, the principal is written down to the extent necessary to remedy the trigger breach. Full principal write-down upon occurrence of a Viability Event
Write-down Trigger Event:
Common Equity Tier 1 Ratio of the Issuer Group is less than 5.125% If BCGE receives an irrevocable commitment of extraordinary public support to prevent insolvency (etc.), or a write-down is required to prevent insolvency (etc.) as determined by FINMA ("PONV")
Viability Event:
If BCGE receives an irrevocable commitment of extraordinary public support to prevent insolvency (etc.), customary measures to improve the Issuer or the Issuer's Group capital adequacy being inadequate or unfeasible, or a write-down is required to prevent insolvency (etc.) as determined by FINMA ("PONV")
Early Redemption:
Issuer call at any time at prevailing notional amount if instrument is no longer treated as Additional Tier 1 Capital or upon occurrence of a tax or a regulatory event
Ranking in Liquidation:
Deeply subordinated, ranking junior to Tier 2 instruments, pari passu with other Tier 1 instruments (including 2014 and 2017 Tier 1 bonds) and ranking senior only to Common Equity Tier 1 instruments
Lead Manager(s):
BCGE (books) / UBS (books) / Bank Vontobel AG (books) / Bank J. Safra Sarasin AG (no books)
SNB repoeligibility:
At the discretion of the SNB, expected no