Generali 2048 sub Tier2 eur 5% callable isin XS1428773763

Stato
Chiusa ad ulteriori risposte.

rivetto

Nuovo Utente
Registrato
19/10/12
Messaggi
6.147
Punti reazioni
1.608
Fwd:*** Assicurazioni Generali 32NC12 EUR Dated T2 - IPTs MS+450bps area***

*** Assicurazioni Generali 32NC12 EUR Dated T2 ***
Issuer: Assicurazioni Generali S.p.A.
Description: EUR Fixed/Floating Rate Senior Dated
Subordinated Notes (Tier 2)
Issuer Financial Strength: Baa1, Stable (Moody’s)/A-,Stable (Fitch)/
A, Stable (A.M. Best)
Expected Issue Ratings: Baa3 (hyb)(Moody’s)/BBB(Fitch)/bbb+(A.M. Best)
Status: Unconditional and unsecured subordinated
obligations of the Issuer, ranking pari passu
without any preference among themselves and at
least equally with all other senior
subordinated obligations with a specified
maturity date; junior to any unconditional,
unsubordinated, unsecured obligations and senior to any deeply subordinated obligations
more deeply subordinated obligations and hybrid
obligations
Amount: EUR Benchmark
Settlement Date: [08] June 2016
Scheduled Maturity Date: Interest Payment Date falling in [08] June
2048, subject to Conditions to Redemption below
Issuer Redemption Option: On [08] June 20[28], and each quarterly Interest
Payment Date thereafter, subject to the
Conditions to Redemption below and that
redemption will not result in the Issuer becoming insolvent
Initial Price Thoughts: MS+ 450bps area
Coupon: [•] % Fixed until [•] 2028 payable annually. Thereafter 3-month EURIBOR + a Margin [•]bp
([Margin incl. initial Re-offer spread] +100bp
step up), payable quarterly
Optional Interest Deferral: Cash cumulative, subject to 6-month pusher (3 month pusher in case of securities (other than shares) where remuneration is paid quarterly)
on Parity or Junior Securities
Mandatory Interest Deferral: Cash cumulative, upon the occurrence of a
Solvency Capital Event (meaning non-compliance
with the SCR; any other event which would
require a deferral under the Applicable
Regulations for Tier 2 Own Funds
qualification); if interest payment would
result in or accelerate insolvency of Issuer;
or if Lead Regulator determines that solvency
margin would fall below SCR in the short term
Arrears of Interest: Compulsory payment of Arrears of Interest on
the earlier of (i) the next Interest Payment
Date following the date on which a dividend,
payment or distribution on, or redemption or
repurchase of, junior or parity securities is
made unless mandatory interest deferral is
required on such date, (ii) redemption and
(iii) the date on which a Liquidazione Coatta
Amministrativa of Assicurazioni Generali S.p.A.
commences or on which the Issuer becomes
subject to a liquidation order
Early Redemption Rights: At par at any time upon Tax, Regulatory or
Rating Events (in each case subject to
Conditions to Redemption and that any
redemption prior to the fifth anniversary of
the Issue Date must be funded by issuance of
equivalent or better quality capital)
Conditions to Redemption: Any redemption of the Notes, including
redemption on Scheduled Maturity Date, is
subject to (i) no Solvency Capital Event, (ii)
approval of the Lead Regulator, and (iii) such
redemption not resulting in, or accelerating,
the Issuer becoming insolvent
If the above conditions are not satisfied at
the Scheduled Maturity Date or the proposed
redemption date, the redemption of the Notes
shall be postponed in accordance with the terms and conditions
Modification/Exchange: Yes, upon Tax, Regulatory or Rating Events
Documentation: Issuer’s EMTN Programme
Denoms/Listing/Form/Law: EUR 100,000 + 1,000 / Luxembourg Stock Exchange
Regulated Market/ RegS Bearer (TEFRA D rules
apply – no communications with or into the US;
no sales into Canada) / English law, except
the status of the Notes which are governed by
Italian law
Joint Lead Managers: BNPP, DB, GSI, UBS, UniCredit
Timing: Today's business
 
Capisco perché tutto il comparto Generali scende!

Come sempre grazie a Rivetto
 
Grazie rivetto non capivo neppure io stamattina il motivo della discesa
 
.
 

Allegati

  • Cattura.JPG
    Cattura.JPG
    123,7 KB · Visite: 307
Ultima modifica:
mille grazie non sapevo dove reinvestire i soldi rimborsato con la mps mag 16
saluti
 
- Books at €2bn
- Size set at €850mm
- IPTs remain unchanged
 
Spread set at MS+435bps
- Books to close at 12:20 UKT
- BNP will be B&D
 
ho ridato la ucg e son pronto a fare un giretto di qua:D
 
Ci sono prezzi?
 
Ma è una LT2 o una UT2??
 
*** ASSICURAZIONI GENERALI 32NC12 - Priced! ***


Issuer: Assicurazioni Generali S.p.A.
Description: EUR Fixed/Floating Rate Senior Dated
Subordinated Notes (Tier 2)
Issuer Financial Strength: Baa1, Stable (Moody’s)/A-,Stable (Fitch)/
A, Stable (A.M. Best)
Expected Issue Ratings: Baa3 (hyb)(Moody’s)/BBB(Fitch)/bbb+(A.M. Best)
Status: Unconditional and unsecured subordinated
obligations of the Issuer, ranking pari passu
without any preference among themselves and at
least equally with all other senior
subordinated obligations with a specified
maturity date; junior to any unconditional,
unsubordinated, unsecured obligations and senior to any deeply subordinated obligations
more deeply subordinated obligations and hybrid
obligations
Amount: EUR 850mm
Re-offer Price: 99.277 / 5.082% yield / ms + 435
Benchmark Spread: DBR 0.5% 2/26 + 492.4 / spot: 103.29 / 90% h/r
Settlement Date: 08 June 2016
Scheduled Maturity Date: Interest Payment Date falling in 08 June
2048, subject to Conditions to Redemption below
Issuer Redemption Option: On 08 June 2028, and each quarterly Interest
Payment Date thereafter, subject to the
Conditions to Redemption below and that
redemption will not result in the Issuer becoming insolvent
Coupon: 5% Fixed until 08 June 2028 payable annually. Thereafter 3-month EURIBOR + a Margin 535bp
(Margin incl. initial Re-offer spread +100bp
step up), payable quarterly
Optional Interest Deferral: Cash cumulative, subject to 6-month pusher (3 month pusher in case of securities (other than shares) where remuneration is paid quarterly)
on Parity or Junior Securities
Mandatory Interest Deferral: Cash cumulative, upon the occurrence of a
Solvency Capital Event (meaning non-compliance
with the SCR; any other event which would
require a deferral under the Applicable
Regulations for Tier 2 Own Funds
qualification); if interest payment would
result in or accelerate insolvency of Issuer;
or if Lead Regulator determines that solvency
margin would fall below SCR in the short term
Arrears of Interest: Compulsory payment of Arrears of Interest on
the earlier of (i) the next Interest Payment
Date following the date on which a dividend,
payment or distribution on, or redemption or
repurchase of, junior or parity securities is
made unless mandatory interest deferral is
required on such date, (ii) redemption and
(iii) the date on which a Liquidazione Coatta
Amministrativa of Assicurazioni Generali S.p.A.
commences or on which the Issuer becomes
subject to a liquidation order
Early Redemption Rights: At par at any time upon Tax, Regulatory or
Rating Events (in each case subject to
Conditions to Redemption and that any
redemption prior to the fifth anniversary of
the Issue Date must be funded by issuance of
equivalent or better quality capital)
Conditions to Redemption: Any redemption of the Notes, including
redemption on Scheduled Maturity Date, is
subject to (i) no Solvency Capital Event, (ii)
approval of the Lead Regulator, and (iii) such
redemption not resulting in, or accelerating,
the Issuer becoming insolvent
If the above conditions are not satisfied at
the Scheduled Maturity Date or the proposed
redemption date, the redemption of the Notes
shall be postponed in accordance with the terms and conditions
Modification/Exchange: Yes, upon Tax, Regulatory or Rating Events
Documentation: Issuer’s EMTN Programme
Denoms/Listing/Form/Law: EUR 100,000 + 1,000 / Luxembourg Stock Exchange
Regulated Market/ RegS Bearer (TEFRA D rules
apply – no communications with or into the US;
no sales into Canada) / English law, except
the status of the Notes which are governed by
Italian law
Joint Lead Managers: BNPP(B&D), DB, GSI, UBS, UniCredit
ISIN: XS1428773763 *FTT 16:00 Ldn*
 
quella è T2 classica, questa può skippare cedole e pagarle in seguito in casi estremi
http://www.finanzaonline.com/forum/...-xs0802638642-7-75-xs0863907522-2-volume.html


un punticino dal Re-offer Price pari a 99.277 ?
.

IMHO considerando che il re-offer certo non lo passano a noi che dovremo comprare lettera in OTC forse più che un punticino ci dovrebbe essere un buon mezzo punto.

Sempre che non accada come negli ultimi collocamenti che nella prima mezza giornata il prezzo va sotto il re-offer.
 
allocato 0 (come previsto visto richiesta di pochi lotti). Però non sono molto dispiaciuto. Mi sembra quasi allineata alla 2047 che comunque, a 105.5 ha ancora un rendimento immediato superiore. La nuova 1-2 punti può farli ma credo non così rapidamente come uno vorrebbe
 
OTC
99.10...99.25

anche questa volta...nessun vantaggio sul primario...
...grande corsa a sottoscrivere...e poi subito dopo offer pari/sotto il prezzo...
 
grazie rivetto ,vediamo se in giornata riesco a prendere qualcosa prima che salga ......
saluti
 
Stato
Chiusa ad ulteriori risposte.
Indietro