Per esempio, l'annuncio della CT I non dice che verranno rimborsate a 100, bensì:
The Trust wishes to announce that it has received notice from the Board of Directors of the Company on behalf of the Company that the Trust Preferred Securities may no longer be treated as subordinated debt capital for capital adequacy purposes of Commerzbank AG on a consolidated basis (Lower Tier II) and that the Board of Directors of the Company on behalf of the Company will therefore call the Company Class B Preferred Securities on the basis of a Regulatory Event as provided in the terms of the Company Class B Preferred Securities. The Board of Directors of the Company on behalf of the Company will give a Redemption Notice to The Bank of New York Mellon as Property Trustee and as the holder of the Company Class B Preferred Securities that the Company will redeem the Company Class B Preferred Securities in whole on 18 September 2014.
Further,
the Trust wishes to announce its intention to give the Redemption Notice regarding the Trust Preferred Securities on the basis of a Regulatory Event as provided in the terms of the Trust Preferred Securities to the Holders in accordance with the terms of the Trust Preferred Securities.
E nel prospetto si legge:
If the Company Class B Preferred Securities are redeemed prior to the Initial Redemption Date, such
redemption shall be at a redemption price per Company Class B Preferred Security equal to the higher
of the Redemption Price or the Make-Whole Amount (as defined in “Summary – Summary of the
Terms of the Trust Preferred Securities and the Terms of the Company Class B Preferred Securities”)
(the
“Early Redemption Price”), unless the Company Class B Preferred Securities are redeemed
solely as a result of a Tax Event (as defined in “Summary – Summary of the Terms of the Trust Preferred
Securities and the Terms of the Company Class B Preferred Securities”) as described under (B)
of the definition of Tax Event in which case the Company Class B Preferred Securities will be redeemed
at the Redemption Price.
E più avanti specifica:
The
“Make-Whole Amount” will be determined by the Calculation Agent and
will equal the Present Value on the relevant Redemption Date of (i) the liquidation
preference amount per Company Class B Preferred Security and (ii) the
remaining scheduled Class B Capital Payments up to but excluding the Initial
Redemption Date. The
“Present Value” will be determined by the Calculation
Agent by discounting the liquidation preference amount of the Company Class B
Preferred Securities and the remaining scheduled Class B Capital Payments
to 12 April 2016 (exclusive) on an annual basis, assuming a 365-day year or a
366-day year, as the case may be, and the actual number of days elapsed in
such year and using the Adjusted Comparable Yield plus 0.50%. The
“Adjusted Comparable Yield” will be the yield at the Early Redemption Calculation Date on the euro benchmark security selected by the Calculation Agent, after consultation
with the Bank, as having a maturity comparable to the remaining term of
the Company Class B Preferred Securities to the Initial Redemption Date, that
would be utilized, at the time of selection and in accordance with customary
banking practice, in pricing new issues of corporate debt securities of comparable
maturity. “
Early Redemption Calculation Date” means the third Business
Day prior to the date on which the Company Class B Preferred Securities
are redeemed prior to the Initial Redemption Date in accordance with the
LLC Agreement.
Tutto sta nel vedere quale "benchmark security" selezionano, se davvero è un corporate su distanze così brevi non dovrebbe essere un tasso alto (la I ha la call il 12/4/16, la II in £ il 12/4/18).
(appena ho tempo la censisco nel file)
