Assicurazioni Generali EUR 500mm (NG) 2029 Bullet Tier2 - 3.875% XS1941841311
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  1. #1
    L'avatar di rivetto
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    Assicurazioni Generali EUR 500mm (NG) 2029 Bullet Tier2 - 3.875% XS1941841311

    Assicurazioni Generali EUR 500mm (NG) 10yr Bullet T2 - IPTs 4.625% area

    Issuer: Assicurazioni Generali S.p.A.
    Description: EUR Fixed Rate Senior Dated Subordinated Notes
    (Tier 2)
    Issuer Financial Strength:Baa1, Stable (Moody’s) / A-, Negative (Fitch) /
    A, Stable (A.M. Best)
    Expected Issue Ratings: Baa3 (hyb)(Moody’s) / BBB(Fitch) / A-(A.M. Best)
    Status of the Notes: Senior Dated Subordinated Notes (as set out in
    Condition 4.1 (Status – Senior Dated Subordinated
    Notes) of the Terms and Conditions of the Tier 2 Notes
    Amount: EUR 500mm (no grow)
    Settlement Date: [●] January 2019 [T+●]
    Scheduled Maturity Date: Interest Payment Date falling on [●] January 2029,
    subject to Conditions to Redemption below
    Initial Price Thoughts: 4.625% area
    Coupon: [●] % per annum payable annually in arrear
    Mandatory Interest Deferral: Cash cumulative, upon the occurrence of a Solvency
    Capital Event (meaning non-compliance with the SCR
    (or that payment of interest or principal on the
    Notes would lead to such non-compliance); any other
    event which would require a deferral or suspension of
    payment of interest or principal under the Applicable
    Regulations for Tier 2 Own Funds qualification); if
    interest payment would result in or accelerate
    insolvency of the 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 first Interest Payment Date
    following receipt by Fiscal Agent of notice that the
    event or circumstance giving rise to interest
    deferral has been remedied and on which a mandatory
    interest deferral is not required, (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 (x) must be funded
    by issuance of equivalent or better quality capital;
    or (y) to the extent permitted under then prevailing
    Applicable Regulations, any alternative or additional
    pre-conditions to redemption that need to be met in
    order for the Notes to be redeemed at such time are
    met)
    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 EUR 15,000,000,000 EMTN Programme
    Specified denomination: EUR 100,000 + 1,000
    Listing: Luxembourg Stock Exchange Regulated Market
    Form: RegS Bearer (TEFRA D rules apply)
    Selling Restrictions: RegS Compliance Category 2: TEFRA D; no
    communications with or into the US; no sales into
    Canada; prohibition of Sales to EEA Retail Investors
    Governing Law: English law, except the status of the Notes which is
    governed by Italian law
    Global Coordinators: GSI, HSBC
    Joint Bookrunners: BNP Paribas, GSI, HSBC (B&D), Mediobanca, Santander
    and UniCredit
    Fees: The Joint Bookrunners will be paid a fee by the
    Issuer in respect of their participation in the
    transaction
    Timing: Today's business
    MiFID II 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

  2. #2
    L'avatar di debe2000
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    Quindi un 10 anni senza possibilità di skippare la cedola

  3. #3
    L'avatar di KlausC
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    Ah, ecco la ragioen degli scariconi sulla galassia Generali innescata alle 09:53.

  4. #4

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    Il rendimento è appena discreto, emissione un po' piccolina.
    Su scadenza 2029 non c'è molta roba paragonabile.

  5. #5
    L'avatar di Gapak
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    ammesso che non stringano, rendimento simile a quelle a mercato considerate alla data call... pareri?

    XS1062900912 Generali 4.125% Sub 04mg26 BULLET 04/05/2026 104,565 3,405% 291
    XS0802638642 Generali-fix Float Call Sub 10lg42 CALL DATE 10/07/2022 124,605 2,606% 258
    XS0863907522 Generali-fix Float Call Sub 12dc42 CALL DATE 12/12/2022 117,440 2,939% 287
    XS1311440082 Generali-fix Float Call Sub 27ot47 CALL DATE 27/10/2027 105,915 4,660% 399
    XS1428773763 Generali-fix Float Call Sub 08gn48 CALL DATE 08/06/2028 102,600 4,648% 391

  6. #6
    L'avatar di Jumpy72
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    ask sulla 48 a 102,70 equivalente a rend 4,63

  7. #7
    L'avatar di alveare
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    azz...il 5% 20248 scenderà allora....

  8. #8
    L'avatar di alveare
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    meglio la nuova , bullet al 2029

  9. #9

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    Citazione Originariamente Scritto da alveare Visualizza Messaggio
    azz...il 5% 20248 scenderà allora....
    Ma no devi calcolare sulla call.
    Il rendimento della nuova è in linea, c'è poca ciccia.

  10. #10
    L'avatar di debe2000
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    Citazione Originariamente Scritto da alveare Visualizza Messaggio
    meglio la nuova , bullet al 2029
    Questa ha scadenza certa al 2029?

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