solovaloreaggiunto
Forumer storico
se esce al 6.50% di yield la vorresti avere la nuova groupama? questa e' la domanda vera. Poi chiudo qui.. sono felice di averle punto e basta
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
se esce al 6.50% di yield la vorresti avere la nuova groupama? questa e' la domanda vera. Poi chiudo qui.. sono felice di averle punto e basta
TheLondoner
Forumer storico
solovaloreaggiunto
Forumer storico
Issuer/ Offeror : Groupama SA
Target Notes : Perp-NC 2015s (the "2005 Notes") and
Perp-NC 2017s (the "2007 Notes")
New Notes : Perp-NC 2024s (for Exchange & new money)
>> Target Notes details
| Amount Out. | ISIN | First Call date | Coupon | Exchange Price | Offer type |
€500,000,000 Fixed to Floating Rate Undated Senior Subordinated Notes
| €493,000,000 | FR0010208751 | 6 Jul 2015 | 4.375% | 100% | "Any and all" |
€1,000,000,000 Fixed to Floating Rate Undated Deeply Subordinated Notes
|€1,000,000,000 | FR0010533414 | 22 Oct 2017 | 6.298% | 100% | Capped offer - subject to the 2007 Notes Maximum Acceptance Amount |
>> New Notes details
Note description | Issuer | ISIN | Maturity |Call date | Denoms | Issue Price |
Euro-Denominated Fixed to Floating Rate Undated Senior Subordinated Notes | Groupama SA | FR0011896513 | Perp | 2024 | €100k/€100k | 100% |
New Notes Minimum Yield : To be announced on or by 10:00am, 20 May
2014. The New Notes Final Yield is
expected to be announced on 22 May 2014
Additional Notes : Further New Notes issued by the Issuer
(expected to be priced on 22 May 2014), to
the extent permitted by market conditions
and at the sole discretion of the Issuer,
of the same series and with the same terms
and conditions as the New Notes.
2007 Notes Maximum Acceptance Amt : To be announced on or by 22 May 2014. In
the event the nominal amount of 2007 Notes
submitted for exchange exceeds the 2007
Notes Final Acceptance Amount, then valid
submissions will be accepted on a pro-rata
basis
Minimum Exchange Delivery : In order to participate in the Exchange
Offer, holders must deliver an aggregate
nominal amount of at least €100,000 of the
target notes representing at least
€100,000, i.e. €100,000 of Existing 2005
Notes or €100,000 of 2007 Notes. Any
amount above the Minimum Exchange Delivery
Amount must also be in multiples of
€100,000.
Transaction Condition : The Exchange Offer is conditional upon,
inter alia, satisfaction or waiver at the
Issuer’s discretion, on the pricing of the
Additional Notes
Rationale : The purpose of the Exchange Offer is for
the Issuer to extend the average maturity
of its liability profile
Accrued Interest : Will be paid in cash
** Timetable **
>> Launch Date : Wed 7 May 2014
>> Announcement of New Notes : On or by 10am (Paris), Tue 20 May 2014
Minimum Yield
>> Revocation Deadline : 2pm (Paris), Wed 21 May 2014
>> Expiration : 4pm (Paris), Wed 21 May 2014
>> Announcement of the 2007 : On or by Thu 22 May 2014
Notes Maximum Acceptance Amount
>> Expected New Notes Pricing Date : Thu 22 May 2014
>> Exchange Offer Results : As soon as practicable on Thu 22 May 2014
>> Settlement : Wed 28 May 2104
Target Notes : Perp-NC 2015s (the "2005 Notes") and
Perp-NC 2017s (the "2007 Notes")
New Notes : Perp-NC 2024s (for Exchange & new money)
>> Target Notes details
| Amount Out. | ISIN | First Call date | Coupon | Exchange Price | Offer type |
€500,000,000 Fixed to Floating Rate Undated Senior Subordinated Notes
| €493,000,000 | FR0010208751 | 6 Jul 2015 | 4.375% | 100% | "Any and all" |
€1,000,000,000 Fixed to Floating Rate Undated Deeply Subordinated Notes
|€1,000,000,000 | FR0010533414 | 22 Oct 2017 | 6.298% | 100% | Capped offer - subject to the 2007 Notes Maximum Acceptance Amount |
>> New Notes details
Note description | Issuer | ISIN | Maturity |Call date | Denoms | Issue Price |
Euro-Denominated Fixed to Floating Rate Undated Senior Subordinated Notes | Groupama SA | FR0011896513 | Perp | 2024 | €100k/€100k | 100% |
New Notes Minimum Yield : To be announced on or by 10:00am, 20 May
2014. The New Notes Final Yield is
expected to be announced on 22 May 2014
Additional Notes : Further New Notes issued by the Issuer
(expected to be priced on 22 May 2014), to
the extent permitted by market conditions
and at the sole discretion of the Issuer,
of the same series and with the same terms
and conditions as the New Notes.
2007 Notes Maximum Acceptance Amt : To be announced on or by 22 May 2014. In
the event the nominal amount of 2007 Notes
submitted for exchange exceeds the 2007
Notes Final Acceptance Amount, then valid
submissions will be accepted on a pro-rata
basis
Minimum Exchange Delivery : In order to participate in the Exchange
Offer, holders must deliver an aggregate
nominal amount of at least €100,000 of the
target notes representing at least
€100,000, i.e. €100,000 of Existing 2005
Notes or €100,000 of 2007 Notes. Any
amount above the Minimum Exchange Delivery
Amount must also be in multiples of
€100,000.
Transaction Condition : The Exchange Offer is conditional upon,
inter alia, satisfaction or waiver at the
Issuer’s discretion, on the pricing of the
Additional Notes
Rationale : The purpose of the Exchange Offer is for
the Issuer to extend the average maturity
of its liability profile
Accrued Interest : Will be paid in cash
** Timetable **
>> Launch Date : Wed 7 May 2014
>> Announcement of New Notes : On or by 10am (Paris), Tue 20 May 2014
Minimum Yield
>> Revocation Deadline : 2pm (Paris), Wed 21 May 2014
>> Expiration : 4pm (Paris), Wed 21 May 2014
>> Announcement of the 2007 : On or by Thu 22 May 2014
Notes Maximum Acceptance Amount
>> Expected New Notes Pricing Date : Thu 22 May 2014
>> Exchange Offer Results : As soon as practicable on Thu 22 May 2014
>> Settlement : Wed 28 May 2104
fabriziof
Forumer storico
Rottweiler
Forumer storico
ciao Rott e' su bloomberg, uscita ora. C'e' solo questo che ho postato. La lettera ora e' sopra 101 per entrambe. Evidentemente il mkt vuole la nuova emissione 2024 bullet sub. Se esce al 7% di yield c'e' da divertirsi...
Tenuto conto delle quotazioni (sino a ieri) di 751 e 414, sarei veramente sorpreso se la nuova T2 quotasse nei paraggi del 7%....
Però Groupama mi ha appena sorpreso con questa mossa: potrebbe benissimo sorprendermi di nuovo...
Massimum
Forumer storico
Tenuto conto delle quotazioni (sino a ieri) di 751 e 414, sarei veramente sorpreso se la nuova T2 quotasse nei paraggi del 7%....
Però Groupama mi ha appena sorpreso con questa mossa: potrebbe benissimo sorprendermi di nuovo...
Tra l'altro dalla descrizione delle nuove notes sembra saranno T2, visto che sono chiamate senior subordinated notes come la 751.... E cmq taglio 100k
amorgos34
CHIAGNI & FOTTI SRL
So già come andrà a finire (parlo per me).
Ho solo 414.
Scambierò il 30 % , il resto me lo tengo.
Dubito il 6,5%
Sapete che fine farà il rateo accumulato ?
TheLondoner
Forumer storico
nik.sala
Money Never Sleeps
negativo negativo amor
Non fan toccare una cippa
Trasferire le plus anche solo parzialmente è l'unica via.
solovaloreaggiunto
Forumer storico
l UT2 si vende sereno sopra i 102 ...occhio che taglio della nuova e' 100k
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