Banca Popolare di Sondrio 2029 sub Tier 2 - 6.25% Yield XS2034847637

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Banca Popolare di Sondrio T2 - IPT : 6.25% area

Issuer:....................Banca Popolare di Sondrio S.C.p.A. (Ticker: BPSOIM)
Issuer Rating:.............BB+ Stable by Fitch
Exp. Issue Rating:.........BB by Fitch
Format:....................Reg S, bearer form, TEFRA D Rules apply, no communication with or into the US, no sales to Canada
Status of the Notes:....... Unconditional, subordinated unsecured obligations of the Issuer, Tier 2
Size:......................[TBC]
Coupon:....................[●] Fixed, Annual, Act/Act (ICMA), one time reset after year 5 to prevailing 5yr MS + First Margin
IPTs:......................6.25% area
First Margin:..............[●]bps
Settlement:................[30] July 2019 (T+5)
Maturity:..................[30] July 2029
Issuer’s Call:.............As per Condition [5.4] of the Terms and Conditions on 30 July 2024 at par, subject to prior regulatory authorisation
Regulatory Call:...........As per Condition [5.3] of the Terms and Conditions, upon the notes being fully or partially excluded from the Tier 2 Capital of the Issuer and/or the Group due to a change in the regulatory classification of the notes, subject to prior regulatory authorisation and, in respect of any call proposed to be made prior to the fifth anniversary of the Issue Date, subject also to the specific conditions specified in the Documentation
Tax call:..................As per Condition [5.2] of the Terms and Conditions, as a result of additional amounts (withholding tax) to be paid by the Issuer, subject to prior regulatory authorisation
Non-Viability:.............Statutory (with contractual recognition of statutory loss absorption powers)
Substitution or Variation: Applicable in order to ensure the effectiveness and enforceability of Condition [18] (Statutory Loss Absorption Powers)
Listing:...................Luxembourg Stock Exchange’s Regulated Market
Market Clearing:............Euroclear/Clearstream
Denoms:....................€100k + €1k
Docs:......................Issuer’s EUR 5bn EMTN Programme as of 6th March 2019 and duly supplemented. Advertisement - Base Prospectus dated 6 March 2019, as supplemented and as available on Programme-BcaPdiSondrio - EUR 5 000 000 000 Max. EUR 5.000.000.000.- Euro Medium Term Note Programme 2018 (New Programme) - Luxembourg Stock Exchange and Final Terms, when available on Home
Governing Law:.............English law except Condition 2.3 (Status of the Subordinated Notes) and Condition 18 (Statutory Loss Absorption Powers) which shall be governed by, and construed in accordance with, Italian law
Waiver of set-off:.........Each holder waives any right of set-off
MiFID II Target Market:.Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all distribution channels). NO PRIIPS, NO KID
Fees:...................... A fee will be paid to the Joint Bookrunners on this transaction
Bookrunners:...............Banca IMI, BNP Paribas, JP Morgan (B&D), Natixis, Societe Generale, UniCredit
ISIN:......................[XS]
Timing:....................Book Open, Todays Business
 
6,25 allora stringeranno al 5,90 secondo me .....

vediamo un pò

grazie per le preziose info

saluti
 
Banca Popolare di Sondrio T2 - IPT : 6.25% area

Issuer:....................Banca Popolare di Sondrio S.C.p.A. (Ticker: BPSOIM)
Issuer Rating:.............BB+ Stable by Fitch
Exp. Issue Rating:.........BB by Fitch
Format:....................Reg S, bearer form, TEFRA D Rules apply, no communication with or into the US, no sales to Canada
Status of the Notes:....... Unconditional, subordinated unsecured obligations of the Issuer, Tier 2
Size:......................[TBC]
Coupon:....................[●] Fixed, Annual, Act/Act (ICMA), one time reset after year 5 to prevailing 5yr MS + First Margin
IPTs:......................6.25% area
First Margin:..............[●]bps
Settlement:................[30] July 2019 (T+5)
Maturity:..................[30] July 2029
Issuer’s Call:.............As per Condition [5.4] of the Terms and Conditions on 30 July 2024 at par, subject to prior regulatory authorisation
Regulatory Call:...........As per Condition [5.3] of the Terms and Conditions, upon the notes being fully or partially excluded from the Tier 2 Capital of the Issuer and/or the Group due to a change in the regulatory classification of the notes, subject to prior regulatory authorisation and, in respect of any call proposed to be made prior to the fifth anniversary of the Issue Date, subject also to the specific conditions specified in the Documentation
Tax call:..................As per Condition [5.2] of the Terms and Conditions, as a result of additional amounts (withholding tax) to be paid by the Issuer, subject to prior regulatory authorisation
Non-Viability:.............Statutory (with contractual recognition of statutory loss absorption powers)
Substitution or Variation: Applicable in order to ensure the effectiveness and enforceability of Condition [18] (Statutory Loss Absorption Powers)
Listing:...................Luxembourg Stock Exchange’s Regulated Market
Market Clearing:............Euroclear/Clearstream
Denoms:....................€100k + €1k
Docs:......................Issuer’s EUR 5bn EMTN Programme as of 6th March 2019 and duly supplemented. Advertisement - Base Prospectus dated 6 March 2019, as supplemented and as available on Programme-BcaPdiSondrio - EUR 5 000 000 000 Max. EUR 5.000.000.000.- Euro Medium Term Note Programme 2018 (New Programme) - Luxembourg Stock Exchange and Final Terms, when available on Home
Governing Law:.............English law except Condition 2.3 (Status of the Subordinated Notes) and Condition 18 (Statutory Loss Absorption Powers) which shall be governed by, and construed in accordance with, Italian law
Waiver of set-off:.........Each holder waives any right of set-off
MiFID II Target Market:.Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all distribution channels). NO PRIIPS, NO KID
Fees:...................... A fee will be paid to the Joint Bookrunners on this transaction
Bookrunners:...............Banca IMI, BNP Paribas, JP Morgan (B&D), Natixis, Societe Generale, UniCredit
ISIN:......................[XS]
Timing:....................Book Open, Todays Business

Grazie mille
 
ammontare indicativo dell'emissione ?
 
quei 5.000.000.000

mi sa fanno riferimento al totale delle emissioni , male detto inglese :D

saluti
 
infatti , ogni tanto sfarfallo scusatemi :D

saluti
 
infatti , ogni tanto sfarfallo scusatemi :D

saluti

Fosse stata 5B ce ne sarebbe stata proprio per tutti ;)

Qualcosa ho prenotato, con limite 5,70.

Non trovo l'ammontare del collocamento....chiedo (sempre) a Rivetto se lo sa.... :bow:
 
l'ammontare dovrebbe essere tra i 300 e i 500mln
 
Fitch Rates Banca Popolare di Sondrio's Subordinated Tier 2 Notes 'BB (EXP)'
22/07/2019 18:24 RSF
(The following statement was released by the rating agency)

Fitch Ratings-Milan/London-July 22: Fitch Ratings has assigned Banca Popolare di Sondrio - Societa' Cooperativa per Azioni's (Sondrio, BB+/Stable/bb+) planned EUR200 million callable subordinated Tier 2 issue an expected long-term rating of 'BB (EXP)'.

The notes will be issued under Sondrio's EUR5 billion EMTN programme and qualify as Tier 2 regulatory capital. They contain contractual loss absorption features that will be triggered only at the point of non-viability of the bank and have no equity conversion feature. The terms of the notes include a reference to noteholders' consent to be bound by subordination provisions established by Italian law.

The assignment of the final rating is contingent on the receipt of final documents conforming to the information already received.

KEY RATING DRIVERS

The notes are rated one notch below Sondrio's 'bb+' Viability Rating (VR) to reflect below-average recovery prospects for the notes in case of a non-viability event. We do not notch the notes for non-performance risk because no coupon flexibility is included in their terms.

RATING SENSITIVITIES

The notes' rating is primarily sensitive to a change in the bank's VR, from which it is notched. The notes' rating is also sensitive to a change in notching should Fitch change its assessment of loss severity or relative non-performance risk.
 
Scusate ma una Tier 2 non dovrebbe al massimo avere facoltà di posticipare cedola?

Qui dice They contain contractual loss absorption features that will be triggered only at the point of non-viability of the bank and have no equity conversion feature
 
comprate proprio di tutto.. :D
 
PUNTO 1-Pop Sondrio, ordini oltre 200 mln per bond Tier 2 23/07/2019 12:16 - RSF
(Aggiunge dettagli ordini, entità emissione, aggiorna titolo)
ROMA, 23 luglio (Reuters) - Popolare Sondrio (BPSO.MI) ha avviato il collocamento di un nuovo bond Tier 2 da dieci anni, con prime indicazioni di rendimento in area 6,25% e ordini oltre i 200 milioni di euro.

Lo scrive Ifr, servizio Refinitiv, precisando che l'entità attesa dell'operazione è di 150-200 milioni.

Pop Sondrio ha dato mandato a Banca Imi, Bnp Paribas, Jp Morgan, Natixis, Societe Generale e UniCredit per l'emissione, di importo inferiore al benchmark.

L'emissione, con rating atteso 'BB' per Fitch, prevede un'opzione 'call' a partire dal quinto anno.
 
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