La Mondiale 4.375% sub tier1 FR0013455854

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French Insurer La Mondiale's Restricted Tier 1 Deeply Subordinated Notes Rated 'BBB-'
14-Oct-2019 05:02 EDT
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French Insurer La Mondiale is issuing deeply subordinated notes that will be eligible as restricted tier 1 (RT1) capital under Solvency II.
We are assigning our 'BBB-' issue-level rating to these notes.
We expect to classify these notes as having intermediate equity content.

PARIS (S&P Global Ratings) Oct. 14, 2019--S&P Global Ratings today said it assigned its 'BBB-' long-term issue credit rating to the restricted Tier 1 (RT1) notes French insurer La Mondiale plans to issue. The rating is subject to our receipt and review of the bonds' final terms and conditions.

The rating on the bonds is three notches below the long-term issuer credit rating (ICR) on La Mondiale (A-/Positive/--);

One notch to reflect the notes' deeply subordinated status to senior bondholders;
One notch to reflect the risk of potential write-down of principal; and
One notch to reflect the mandatory and unconditional optional interest cancellation features.
The notching on this instrument is wider compared with that on La Mondiale's other subordinated instruments because noteholders face a potential loss of principal should a mandatory write-down trigger be breached.

Our rating and equity content assessment takes into account our understanding of the following:

The bonds are deeply subordinated to senior creditors.
The issuer has unconditional discretion to cancel interest payments.
Interest cancellation is mandatory under some circumstances. These include if the solvency condition is not met, or if under Solvency II regulation, La Mondiale or SGAM AG2R La Mondiale own funds (capital resources) cannot cover either the solvency capital requirement (SCR) or minimum capital requirement (MCR), or upon insufficient distributable items.
The bonds will be eligible as RT1 capital under Solvency II.
The notes will be written down in the event that own fund items eligible to cover the SCR is equal to or less than 75% of the SCR, the amount of own fund items eligible to cover the MCR is equal to or less than the MCR, or the SCR has been breached for more than three month
 
Books for La Mondiale RT1 over EUR1.5bn

* Books EUR1.5bn+. (9:46am)

* IPTs 5% area for no-grow EUR500m. Pricing today. Perp, first call 24 Apr 2029, first reset 24 Oct 2029, resets (5yr intervals) to 5yr MS + margin. French law, Euronext Growth listing, 100k/100k denoms, Reg S. HSBC is B&D. (8:53am)

La Mondiale, rated A- by S&P (Outlook Positive) has mandated HSBC as Structuring Adviser and HSBC, Morgan Stanley and Natixis as Joint Bookrunners to arrange a series of fixed income investor meetings in London and Paris, on Tuesday 15 and Wednesday 16 October. An inaugural EUR-denominated benchmark perpetual non-call 10yr Restricted Tier 1 in RegS bearer format may follow, subject to market conditions. The notes are expected to be rated BBB- by S&P and will feature a writedown loss absorption mechanism linked to compliance with the issuer’s regulatory capital requirements together with a discretionary and conditional reinstatement. FCA/ICMA Stabilisation. Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels).
 
La Mondiale Final terms: EUR500m at 4.375%. Books closed EUR5.4bn+ pre-rec. Allocs & pricing later today. ISIN FR0013455854. (11:45am)
 
ottimo lavoro Walter. domani mattina sento con sella a quanto gira
 
Scusa, hanno fatto il placement oggi e non l'ho vista...per caso hai un benchmark per capire fino a dove può andare? Grazie e buona serata

No non ce ne ho .
Presa perché emittente a- positive e sub tier1 catalogata bbb-(inv grade)
Emittente insomma molto solido
 
Anche questa non acquistabile tramite Binck ... ma con che banche le comprate ?
 
intanto gira a 101,5 - 101,80 ..... ma sella non l'ha ancora codificata .....:wall:
 
Mi dicono niente prezzi x adesso
Ore 8,45
 
Se aspetti Sella...campa cavallo
 
zia lei a chi si affida per questi collocamenti ?

grazie

saluti

Buongiorno, mi puoi dare del tu. Chiedo scusa Non voglio apparire scortese ma preferisco non fare nomi perché potrebbero essere considerati pubblicità.
Quando posso cerco di condividere le nuove emissioni con utenti del forum e spesso anche con operatori :)private di banche
 
Sta salendo..101,80 lettera
 
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