Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 4 bis

Segnalo altra perpetua, praticamente sconosciuta, che merita essere valutata:

XS2824761188 - Eesti Energia -7,875% fino ad Ottobre 2029 poi IRS 5Y + 5,16%

Prima azienda elettrica dell'Estonia. Hanno rating BBB-/Baa3 S&P/Moody's
(rating emittente non emissione che è inferiore)
Azionista principale è lo stato Estone (A1/AA- Moody's/Fitch).
E' già un po' cara (qualcosa sotto 107) ma per chi ha minus da compensare in
prospettiva può essere buona. Ovviamente taglio 100k.
1737103779205.png

Ma a novembre è successo qualcosa?
 

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Vedi l'allegato 754953
Ma a novembre è successo qualcosa?
Avevano scoperto che il precedente management aveva utilizzato delle pratiche contabili "disinvolte".
Il governo estone ha poi commissionato un audit a cura di primaria azienda di consulenza e sistemato
quanto necessario.
Su borsa FFM il grafico del titolo non è realistico (spread bid/ask altissimi). Su borsa STG il tutto è più
aderente alla realtà.
 

Su CRASTI TC2
 
Issuer: Cassa di Risparmio di Asti S.p.A. (Ticker: CRASTI, Country: IT)

Issuer LEI Code: 81560027D07F9BDB8436

Status of the Notes / Ranking: Direct, unsecured, and subordinated obligations of the Issuer, intended to qualify as Tier 2 Capital for regulatory capital purposes, as further described in the Terms and Conditions of the Notes.

Issuer Rating Unrated

Issue Rating Unrated

Enforcement Event: No Events of Default.

In the event of a compulsory winding-up (Liquidazione Coatta Amministrativa) of the Issuer pursuant to Article 80 of the Italian Banking Act, the Notes shall become immediately due and payable, provided that no payments will be made to the Noteholders before all amounts due, but unpaid, to all other creditors of the Issuer ranking ahead of the Noteholders as described in Condition 4 (Status of the Notes) have been paid by the Issuer, as ascertained by the liquidator.

For the avoidance of doubt, the non-payment by the Issuer of any amount due and payable under these Notes, or the taking of any crisis prevention measure or crisis management measure in relation to the Issuer in accordance with the BRRD, is not an event of default.

Waiver of Set-Off: Each holder of a Note unconditionally and irrevocably waives any right of set-off, netting, counterclaim, abatement or other similar remedy which it might otherwise have, under the laws of any jurisdiction or otherwise in respect of such Note.

Currency: Euro (“EUR”)

Nominal Amount: EUR 200,000,000 (WNG)

Format: Bearer, Dematerialised

Coupon period: Semi-Annual, payable in arrear

Interest: [•]% p.a. to (but excluding) the Reset Date. To be reset from (and including) the Reset Date to (but excluding) the Maturity Date at a fixed rate equal to the 5-year Mid-Swap Rate prevailing at the Reset Rate of Interest Determination Date plus the Margin

Interest Payment Dates: 23 July and 23 January in each year, starting on 23 July 2025, up to and including the Maturity Date

Act/Act (ICMA), following unadjusted

Pricing Date: 16 January 2025

Settlement Date: 23 January 2025 (T+5)

Reset Date: 23 January 2030

Maturity Date: 23 January 2035

Coupon: 7.500% S/A (exp.)

Margin: [•]

Redemption: 100% of the Nominal Amount

Optional Redemption Date: The Issuer may redeem all (but not some only) of the Notes at the Reset Date at par (being the Optional Redemption Amount), subject to the prior consent of the relevant Competent Authority in accordance with Relevant Regulations

Redemption for Tax and Regulatory Reasons: The Issuer may redeem at any time all (but not some only) of the Notes, subject to the prior approval of the Competent Authority and in compliance with the then Relevant Regulations, at par together with any accrued and unpaid interest thereon: (i) for tax reasons (loss of tax deductibility or the Issuer has or will become obliged to pay additional amounts as provided or referred to in Condition 8 (Taxation)) or (ii) upon the occurrence of a Regulatory Event (all or any part of the Notes are not eligible for inclusion in the Tier 2 capital of the Group or the Issuer following a change in the regulatory classification of the Notes)

Modification / Variation: If a Regulatory Event or an Alignment Event has occurred or for tax reasons, or to ensure the effectiveness and enforceability of the Statutory Loss Absorption Power, the Issuer may modify at any time all (but not some only) of the Notes or vary the terms of all (but not some only) of the Notes, without the consent of the holders, so that they become or remain Qualifying Subordinated Notes, subject to the prior consent of the relevant Competent Authority in accordance with Relevant Regulations

Loss Absorption / Contractual recognition of statutory bail-in power Each holder acknowledges (i) to be bound by the effect of the exercise of the Statutory Loss Absorption Power by the Relevant Resolution Authority, (ii) that the terms of the Notes may be varied, if necessary, to give effect to the exercise of the Statutory Loss Absorption Power

Use of Proceeds: General Corporate Purposes
 

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