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New Bond UnipolSai 2028 3.875% sub Tier2 XS1784311703

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Il G

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€€€ UnipolSai Assicurazioni S.p.A. 10y Tier 2 - IPTs 4.25%a €€€

Issuer: UnipolSai Assicurazioni S.p.A.
Issuer Rating: Baa2 Negative by Moody’s / BBB Stable by Fitch
Expected Issue Rating: Ba1 by Moody’s / BB by Fitch
Instrument: Subordinated Tier 2 Bullet Notes
Status: Subordinated; junior to senior notes and any other unsubordinated obligations and any other subordinated obligations of the Issuer which rank or are expressed to rank senior to the Notes; at least equally with all other subordinated obligations of the Issuer having a specified maturity date and any other subordinated obligations of the Issuer which rank or are expressed to rank pari passu with the Notes; senior to all classes of share capital, any preferred securities or similar instruments, any guarantee or similar instrument which ranks or is expressed to rank junior to the Notes, and any other subordinated obligation of the Issuer eligible as Tier 1 Own Funds, including as a result of grandfathering
Form of the Notes: Bearer, New Global Note
Size: EUR 500mn (no-grow)
Settlement Date: 1st March 2018 (T+5)
Maturity Date: 1st March 2028 (10y)
Redemption: 100% of the Principal Amount
IPTs: 4.250% area
Modification/Exchange: Upon Regulatory Event, a Tax Event or a Rating Event
Denomination: EUR 100k + 1k
Governing law: English law, except for status of the notes clause which shall be governed by Italian law
Listing: Regulated market of the Luxembourg Stock Exchange
ISIN: XS1784311703
 
MI SEMBRA di capire che non c'è call (dopo 5 anni come nelle emissioni LOWER TIER 2 di bca ifis , bca sella, bco po alto adige etc)
 
€€€ UnipolSai Assicurazioni S.p.A. 10y Tier 2 - IPTs 4.25%a €€€

Issuer: UnipolSai Assicurazioni S.p.A.
Issuer Rating: Baa2 Negative by Moody’s / BBB Stable by Fitch
Expected Issue Rating: Ba1 by Moody’s / BB by Fitch
Instrument: Subordinated Tier 2 Bullet Notes
Status: Subordinated; junior to senior notes and any other unsubordinated obligations and any other subordinated obligations of the Issuer which rank or are expressed to rank senior to the Notes; at least equally with all other subordinated obligations of the Issuer having a specified maturity date and any other subordinated obligations of the Issuer which rank or are expressed to rank pari passu with the Notes; senior to all classes of share capital, any preferred securities or similar instruments, any guarantee or similar instrument which ranks or is expressed to rank junior to the Notes, and any other subordinated obligation of the Issuer eligible as Tier 1 Own Funds, including as a result of grandfathering
Form of the Notes: Bearer, New Global Note
Size: EUR 500mn (no-grow)
Settlement Date: 1st March 2018 (T+5)
Maturity Date: 1st March 2028 (10y)
Redemption: 100% of the Principal Amount
IPTs: 4.250% area
Coupon: [ ]% gross annually in arrears on each Interest Payment Date starting from 1st March 2019 (Act/Act ICMA)
Mandatory Interest Deferral: If i) payment of the relevant interest and/or Arrears of Interest may cause the insolvency of the Issuer or accelerate the process of the Issuer becoming insolvent, ii) there is non-compliance with the Solvency Capital Requirement (SCR) or the payment would lead to such non-compliance, subject to an exceptional waiver by the regulator as specified in the base prospectus, iii) there is non-compliance with the Minimum Capital Requirement (MCR) or the payment would lead to such non-compliance, and/or iv) the Issuer is for any other reason required by the Applicable Regulations to defer payment of interest and/or Arrears of Interest
Arrears of Interest: Cumulative; Arrears of Interest does not accrue interest. Arrears of Interest may be paid in whole or in part, at any time at the option of the Issuer. Arrears of Interest shall become due and payable on the earliest of i) the next Interest Payment Date on which the Mandatory Deferral Conditions are not met; ii) the date fixed for any redemption of the Notes, or iii) the date on which any winding up, dissolution, liquidation or bankruptcy of UnipolSai is commenced or on which the Issuer becomes subject to a liquidation order. Any payment is subject to any notifications to, or consent from the regulator (in either case if and to the extent applicable)
Optional Redemption: At par upon Tax Event, Regulatory Event or Rating Event (in each case subject to Conditions to Redemption and Purchase)
Modification/Exchange: Upon Regulatory Event, a Tax Event or a Rating Event
Denomination: EUR 100k + 1k
Governing law: English law, except for status of the notes clause which shall be governed by Italian law
Listing: Regulated market of the Luxembourg Stock Exchange
Documentation: UnipolSai EMTN Programme dated 2 February 2018 and duly supplemented on 13 February 2018
Joint Lead Managers: J.P. Morgan / Mediobanca / UniCredit
Target Market/PRIIPs: Manufacturer target market (MIFID II product governance) is 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 respect of the participation in the transaction
ISIN: XS1784311703
Timing: Books open - Today's business

Significant Investor: An interest for an order of EUR 250 million in nominal amount of the proposed bond issue has been manifested from among the Joint Lead Managers. This interest will be allocated as a matter of priority
 
Andre_Sant ha scritto:
€€€ UnipolSai Assicurazioni S.p.A. 10y Tier 2 - IPTs 4.25%a €€€

Issuer: UnipolSai Assicurazioni S.p.A.
Issuer Rating: Baa2 Negative by Moody’s / BBB Stable by Fitch
Expected Issue Rating: Ba1 by Moody’s / BB by Fitch
Instrument: Subordinated Tier 2 Bullet Notes
Status: Subordinated; junior to senior notes and any other unsubordinated obligations and any other subordinated obligations of the Issuer which rank or are expressed to rank senior to the Notes; at least equally with all other subordinated obligations of the Issuer having a specified maturity date and any other subordinated obligations of the Issuer which rank or are expressed to rank pari passu with the Notes; senior to all classes of share capital, any preferred securities or similar instruments, any guarantee or similar instrument which ranks or is expressed to rank junior to the Notes, and any other subordinated obligation of the Issuer eligible as Tier 1 Own Funds, including as a result of grandfathering
Form of the Notes: Bearer, New Global Note
Size: EUR 500mn (no-grow)
Settlement Date: 1st March 2018 (T+5)
Maturity Date: 1st March 2028 (10y)
Redemption: 100% of the Principal Amount
IPTs: 4.250% area
Coupon: [ ]% gross annually in arrears on each Interest Payment Date starting from 1st March 2019 (Act/Act ICMA)
Mandatory Interest Deferral: If i) payment of the relevant interest and/or Arrears of Interest may cause the insolvency of the Issuer or accelerate the process of the Issuer becoming insolvent, ii) there is non-compliance with the Solvency Capital Requirement (SCR) or the payment would lead to such non-compliance, subject to an exceptional waiver by the regulator as specified in the base prospectus, iii) there is non-compliance with the Minimum Capital Requirement (MCR) or the payment would lead to such non-compliance, and/or iv) the Issuer is for any other reason required by the Applicable Regulations to defer payment of interest and/or Arrears of Interest
Arrears of Interest: Cumulative; Arrears of Interest does not accrue interest. Arrears of Interest may be paid in whole or in part, at any time at the option of the Issuer. Arrears of Interest shall become due and payable on the earliest of i) the next Interest Payment Date on which the Mandatory Deferral Conditions are not met; ii) the date fixed for any redemption of the Notes, or iii) the date on which any winding up, dissolution, liquidation or bankruptcy of UnipolSai is commenced or on which the Issuer becomes subject to a liquidation order. Any payment is subject to any notifications to, or consent from the regulator (in either case if and to the extent applicable)
Optional Redemption: At par upon Tax Event, Regulatory Event or Rating Event (in each case subject to Conditions to Redemption and Purchase)
Modification/Exchange: Upon Regulatory Event, a Tax Event or a Rating Event
Denomination: EUR 100k + 1k
Governing law: English law, except for status of the notes clause which shall be governed by Italian law
Listing: Regulated market of the Luxembourg Stock Exchange
Documentation: UnipolSai EMTN Programme dated 2 February 2018 and duly supplemented on 13 February 2018
Joint Lead Managers: J.P. Morgan / Mediobanca / UniCredit
Target Market/PRIIPs: Manufacturer target market (MIFID II product governance) is 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 respect of the participation in the transaction
ISIN: XS1784311703
Timing: Books open - Today's business

Significant Investor: An interest for an order of EUR 250 million in nominal amount of the proposed bond issue has been manifested from among the Joint Lead Managers. This interest will be allocated as a matter of priority
Clicca per espandere...

Secondo te Andre su quei 250 mln prenotati da primario investitori quanti sono di Piazzetta Cuccia?
 
scommettiamo che andrà sul tlx :D ?

saluti
 
A me continua a piacere anche la Perp. 5,75% gia' presente sul mercato che si compra intorno ai 107/108....call a 18 Giugno 2024 altrimenti 3m + 5,18 - isin xs1078235733 - la duration e' buona per un rendimento ancora piuttosto interessante...
 
Il G ha scritto:
Secondo te Andre su quei 250 mln prenotati da primario investitori quanti sono di Piazzetta Cuccia?
Clicca per espandere...

in fase di pre-mercato molti intermediari si sono rivolti direttamente a mediobanca per fare questa prenotazione.

quindi i 250mln saranno in larga parte riferibili proprio a mediobanca (che cmq negozia in conto nn solo suo, ma anche di altri)

chissà che nn diventi una nuova moda x assicurarsi a priori le size
ciao
Andrea
 
Andre_Sant ha scritto:
Target Market/PRIIPs: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key
ISIN: XS1784311703
Timing: Books open - Today's business

Significant Investor: An interest for an order of EUR 250 million in nominal amount of the proposed bond issue has been manifested from among the Joint Lead Managers. This interest will be allocated as a matter of priority
Clicca per espandere...


non gli faranno mica il torto di stringere guidance a questi Significant Investor che hanno garantito copertura di 250 milioni
 
A stasera i commenti.
 
UNIPOL 10y T2 guidance:
>>> Books in excess of €1.4bn (including €250m JLM interest which will be allocated as a matter of priority)
>>> Size €500mm
>>> Guidance 4.00% area
>>> Books to go subject at 11:10 UKT /12:10 CET

Target di rendimento vedendo dove prezza il Perpetuo (4.35%) e dove sta il senior della Holding (3.40%) per me sta in area 3.5%
Immagino chiuda al 3.875%
 
Scusate, ma se la cedola è quella prospettata non è meglio la senior 3,5% che si prende appena sopra 100 ?
 
unipol gruppo finanziario e unipolsai sono emittenti differenti

nel primo c'è anche unipol banca, unipolsai invece è un assicurativo puro
 
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