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

[bia06]

Ciao, io ho venduto tutto a mercato (circa a 50, a memoria) tempo fa. Forse puoi chiedere lumi all'investor relator. In quel caso, per favore posta la risposta qui. Grazie.

Arrivata la comunicazione da binck della offerta , personalemte ho una piccola posizione sulla xs0221141400 e ovviamente aderirò , ma se volessi osare nel rifiutare che prospettive si profilerebbero ? Ovviamente non penso nel rimborso a 100 a settembre data di scadenza . Ci sono altri con questi dubbi o tutti accetterete la proposta ?

 

[nuvola nera]

Ciao, io ho venduto tutto a mercato (circa a 50, a memoria) tempo fa. Forse puoi chiedere lumi all'investor relator. In quel caso, per favore posta la risposta qui. Grazie.

Ho aderito alla proposta come da comunicazione di binck , mi faccio un po' di minus e pace .

 

[veltroni]

Scusate sapete Isin dei nuovi perpetual di Unicredit e Santander?

 

[Fabrib]

Scusate sapete Isin dei nuovi perpetual di Unicredit e Santander?

SANTANDER EUR Bmk Perpetual (NC6) AT1 4.375% 200k XS2102912966
Issuer: Banco Santander, S.A. (the "Bank")
Issuer Rating: A2 Stable /A Stable /A- Stable (Moody’s/S&P/Fitch)
Instrument Rating: Ba1 (Moody’s) (expected)
Instrument: €[●] [●] per cent. Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities (the “Preferred Securities”)
Ranking: Unless previously converted into ordinary shares of the Bank (“Common Shares”) pursuant to Condition 5 of the Terms of the Preferred Securities, the payment obligations of the Bank under the Preferred Securities on account of the Liquidation Preference or otherwise of principal constitute direct, unconditional, unsecured and subordinated obligations (créditos subordinados) of the Bank and, in accordance with Additional Provision 14.3 of Law 11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Bank for so long as the obligations of the Bank in respect of the Preferred Securities constitute Additional Tier 1 Instruments rank (a) pari passu among themselves and with (i) all other claims in respect of any liquidation preference or otherwise for principal in respect of any outstanding Additional Tier 1 Instruments and (ii) any other subordinated obligations (créditos subordinados) which by law and/or by their terms, to the extent permitted by Spanish law, rank pari passu with the Bank's obligations under Additional Tier 1 Instruments; (b) junior to (i) any unsubordinated obligations of the Bank, (ii) any subordinated obligations (créditos subordinados) of the Bank which become subordinated pursuant to Article 92.1º of the Insolvency Law and (iii) any other subordinated obligations (créditos subordinados) which by law and/or by their terms, to the extent permitted by Spanish law, rank senior to the Bank's obligations under Additional Tier 1 Instruments; and (c) senior to (i) any claims for the liquidation amount of the Common Shares and (ii) any other subordinated obligations (créditos subordinados) of the Bank which by law and/or by their terms, to the extent permitted by Spanish law, rank junior to the Bank's obligations under Additional Tier 1 Instruments.
Maturity: Perpetual NC6
Currency: Euro (“EUR”)
Size: Benchmark
Settlement Date: 14 Jan 2020 (T+3)
First Reset Date: 14 Jan 2026 (year 6)
Call schedule: At First Reset Date and any Distribution Payment Date thereafter (quarterly calls)
IPTs: 4.75% area (coupon)
Distributions: [•]% Fixed per annum, payable quarterly in arrear, fully discretionary, non-cumulative distributions. Distribution will reset on the First Reset Date and every 5 years thereafter at the prevailing EUR 5Y MS +[•]bp Initial Margin.
Distribution
Payment Dates: 14 January, 14 April, 14 July and 14 October in each year.
Day Count Fraction: ACT/ACT, Unadjusted
Business Day Convention: Following Business Day
Payment Business Days: TARGET2
Liquidation
Preference: EUR 200,000 + 200,000 per Preferred Security

UniCredit S.p.A. 2032 Euro 2,731% sub Tier 2 200k XS2101558307
New UniCredit S.p.A. EUR Tier 2 12NC7 € - IPT at MS+310 area
Issuer:.......................UniCredit S.p.A (UCGIM)
Issuer Ratings:...............Baa1 Stable (Moody’s), BBB Stable (S&P), BBB negative (Fitch)
Expected Issue Ratings:.......Baa3 (Moody’s), BB+ (S&P) Security:.....................Subordinat ed Tier 2
Offering Format:..............RegS Bearer NGN, Compliance Category 2; ..............................TEFRA D
Issue Size:...................EUR bmk
Maturity Date:................15 January 2032
Settlement Date:..............15 January 2020 (T+5)
IPT:..........................MS+310 bps area
Initial Margin:...............[x]bps
Coupon:.......................[x] %, Fixed rate, payable annually in arrears, Act/Act. Single reset on 15 January 2027 to the prevailing 5-y Euro Mid Swap Rate plus the Initial Margin
Optional Redemption:..........At par. In whole or in part, on 15 January 2027 at the Issuer’s discretion, subject to regulatory approval
Benchmark:....................TBA
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 and 19 Dec 2019)
Denoms:.......................EUR 200k + 1k
Listing:......................Luxembourg Stock Exchange’s Regulated Market
Governing Law:................Italian Law
Clearing:.....................Euroclear / Clearstream
MIFID II 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:..................Barclays, BBVA, Credit Agricole CIB, Mediobanca, Morgan Stanley and UniCredit Bank AG CoLeads:......................[x]

 

[veltroni]

SANTANDER EUR Bmk Perpetual (NC6) AT1 4.375% 200k XS2102912966
Issuer: Banco Santander, S.A. (the "Bank")
Issuer Rating: A2 Stable /A Stable /A- Stable (Moody’s/S&P/Fitch)
Instrument Rating: Ba1 (Moody’s) (expected)
Instrument: €[●] [●] per cent. Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities (the “Preferred Securities”)
Ranking: Unless previously converted into ordinary shares of the Bank (“Common Shares”) pursuant to Condition 5 of the Terms of the Preferred Securities, the payment obligations of the Bank under the Preferred Securities on account of the Liquidation Preference or otherwise of principal constitute direct, unconditional, unsecured and subordinated obligations (créditos subordinados) of the Bank and, in accordance with Additional Provision 14.3 of Law 11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Bank for so long as the obligations of the Bank in respect of the Preferred Securities constitute Additional Tier 1 Instruments rank (a) pari passu among themselves and with (i) all other claims in respect of any liquidation preference or otherwise for principal in respect of any outstanding Additional Tier 1 Instruments and (ii) any other subordinated obligations (créditos subordinados) which by law and/or by their terms, to the extent permitted by Spanish law, rank pari passu with the Bank's obligations under Additional Tier 1 Instruments; (b) junior to (i) any unsubordinated obligations of the Bank, (ii) any subordinated obligations (créditos subordinados) of the Bank which become subordinated pursuant to Article 92.1º of the Insolvency Law and (iii) any other subordinated obligations (créditos subordinados) which by law and/or by their terms, to the extent permitted by Spanish law, rank senior to the Bank's obligations under Additional Tier 1 Instruments; and (c) senior to (i) any claims for the liquidation amount of the Common Shares and (ii) any other subordinated obligations (créditos subordinados) of the Bank which by law and/or by their terms, to the extent permitted by Spanish law, rank junior to the Bank's obligations under Additional Tier 1 Instruments.
Maturity: Perpetual NC6
Currency: Euro (“EUR”)
Size: Benchmark
Settlement Date: 14 Jan 2020 (T+3)
First Reset Date: 14 Jan 2026 (year 6)
Call schedule: At First Reset Date and any Distribution Payment Date thereafter (quarterly calls)
IPTs: 4.75% area (coupon)
Distributions: [•]% Fixed per annum, payable quarterly in arrear, fully discretionary, non-cumulative distributions. Distribution will reset on the First Reset Date and every 5 years thereafter at the prevailing EUR 5Y MS +[•]bp Initial Margin.
Distribution
Payment Dates: 14 January, 14 April, 14 July and 14 October in each year.
Day Count Fraction: ACT/ACT, Unadjusted
Business Day Convention: Following Business Day
Payment Business Days: TARGET2
Liquidation
Preference: EUR 200,000 + 200,000 per Preferred Security

UniCredit S.p.A. 2032 Euro 2,731% sub Tier 2 200k XS2101558307
New UniCredit S.p.A. EUR Tier 2 12NC7 € - IPT at MS+310 area
Issuer:.......................UniCredit S.p.A (UCGIM)
Issuer Ratings:...............Baa1 Stable (Moody’s), BBB Stable (S&P), BBB negative (Fitch)
Expected Issue Ratings:.......Baa3 (Moody’s), BB+ (S&P) Security:.....................Subordinat ed Tier 2
Offering Format:..............RegS Bearer NGN, Compliance Category 2; ..............................TEFRA D
Issue Size:...................EUR bmk
Maturity Date:................15 January 2032
Settlement Date:..............15 January 2020 (T+5)
IPT:..........................MS+310 bps area
Initial Margin:...............[x]bps
Coupon:.......................[x] %, Fixed rate, payable annually in arrears, Act/Act. Single reset on 15 January 2027 to the prevailing 5-y Euro Mid Swap Rate plus the Initial Margin
Optional Redemption:..........At par. In whole or in part, on 15 January 2027 at the Issuer’s discretion, subject to regulatory approval
Benchmark:....................TBA
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 and 19 Dec 2019)
Denoms:.......................EUR 200k + 1k
Listing:......................Luxembourg Stock Exchange’s Regulated Market
Governing Law:................Italian Law
Clearing:.....................Euroclear / Clearstream
MIFID II 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:..................Barclays, BBVA, Credit Agricole CIB, Mediobanca, Morgan Stanley and UniCredit Bank AG CoLeads:......................[x]

Entrambe 200k?
Di questo passo siamo fuori dai giri

 

[jjletho]

Entrambe 200k?
Di questo passo siamo fuori dai giri

sembra sia la regola per le nuove emissioni
peraltro Santander gia' quota a 102
c'e' modo di sottoscrivere all'emissione? se qualcuno sa come si fa.... prego condivida!

Grazie

 

[Fabrib]

French retailer Casino Guichard Perrachon SA is in advanced talks to sell its Leader Price discount chain to German low-cost rival Aldi, a source with knowledge on the matter said on Saturday.
The source said both parties agreed on a 750 million euro ($834 million) value for Leader Price, but the deal is not yet signed. Casino declined to comment on the matter. Aldi did not immediately reply to a request for comment. RTRS

 

[waltermasoni]

UBI Banca SpA's First Additional Tier 1 Notes Assigned 'B+' Rating

• 13-Jan-2020 07:13 EST

View Analyst Contact Information

• General Criteria: Hybrid Capital: Methodology And Assumptions," July 1, 2019, the 'B+' issue rating reflects our analysis of the proposed instrument and UBI Banca's 'bbb-' stand-alone credit profile (SACP). The issue rating stands four notches below the SACP due to the following deductions:
  
  • One notch because the notes are contractually subordinated;
  • Two notches to reflect the notes' discretionary coupon payments and regulatory Tier 1 capital status; and
  • One notch because the notes contain a contractual write-down clause.
  Although the principal is subject to write-down if the bank's Common Equity Tier 1 (CET1) ratio falls below 5.125%, we see this as a gone-concern trigger that does not pose additional default risk.
  
  As an EU-domiciled bank, UBI Banca's AT1 instruments also face coupon nonpayment risk if the bank has insufficient available distributable items (ADI), or if it breaches its capital requirements--defined as the sum of the Pillar 1 and Pillar 2 requirements plus combined buffers--known as the minimum distributable amount (MDA) thresholds.
  
  As of Dec. 31, 2018, UBI Banca had ADIs of about €2.6 billion under the updated capital requirements regulation, which we see as comfortable. Its MDA thresholds in 2020 are:
  
  • CET1 of 9.25%, compared with a reported ratio at end-Sept 2019 of 12.14%;
  • Regulatory Tier 1 capital of 10.75%, against a report ratio of 12.14%; and
  • Total capital of 12.75%, against a reported ratio of 15.63%.
  
  
  

 

[angy2008]

la Banco Pinto che ha bluffato la call è salita fino a 83,13 ultimo bid odierno

 

[jjletho]

posso chiedere cosa ne pensate di questa banco commercial portugues PTBCPFOM0043 ?
a 113 / 5.5% di yield to call ha ancora senso?
(poi c'e' il problema del taglio minimo da 200k)