Books for La Mondiale RT1 over EUR1.5bn
* Books EUR1.5bn+. (9:46am)
* IPTs 5% area for no-grow EUR500m. Pricing today. Perp, first call 24 Apr 2029, first reset 24 Oct 2029, resets (5yr intervals) to 5yr MS + margin. French law, Euronext Growth listing, 100k/100k denoms, Reg S. HSBC is B&D. (8:53am)
La Mondiale, rated A- by S&P (Outlook Positive) has mandated HSBC as Structuring Adviser and HSBC, Morgan Stanley and Natixis as Joint Bookrunners to arrange a series of fixed income investor meetings in London and Paris, on Tuesday 15 and Wednesday 16 October. An inaugural EUR-denominated benchmark perpetual non-call 10yr Restricted Tier 1 in RegS bearer format may follow, subject to market conditions. The notes are expected to be rated BBB- by S&P and will feature a writedown loss absorption mechanism linked to compliance with the issuer’s regulatory capital requirements together with a discretionary and conditional reinstatement. FCA/ICMA Stabilisation. Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels).