Landesbank Baden-Württemberg 4% Perpetual Additional Tier 1 DE000LB2CPE5

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Landesbank Baden-Württemberg





Issuer Rating (M/S&P/F):


Aa3 (stable) / - / A- (stable)





Instrument:


Write-down Non-cumulative Notes, which are intended to constitute Additional Tier 1 Instruments of the Bank





Issue Rating (M/S&P/F):


Ba1 / - / -





Status:


Direct, unsecured and subordinated obligations of the Issuer

Rank pari passu among themselves and other AT1 Instruments, Senior to common equity and junior to Tier 2 capital





Format:


RegS only, Bearer





Currency / Size:


EUR Benchmark





Maturity:


Perpetual non-call Apr-25





IPTs:


4.500% area annual coupon





Settlement Date:


6 November, 2019 (T+7)





Interest Payment Date:


15 April in each year, commencing 15 April 2020 (short first coupon)





Interest:


Annual coupons, fixed rate resettable

Fixed rate of [X]% per annum until the First Reset Date and thereafter reset every 5 years

to the then 5-Yr mid-swap (EUR), in each case, + Margin (non step-up)

Benchmark replacement applies to mid-swap based resets only





Cancellation of Interest:


Fully discretionary, non-cumulative

Mandatory cancellation of distributions:

to the extent that the distribution would exceed Available Distributable Items

to the extent that a competent authority orders the relevant distribution to be cancelled, or another prohibition on distribution is imposed by relevant rules (including, but not limited to, ensuring compliance with the Maximum Distributable Amount); or

if the Issuer is over-indebted or illiquid on the Interest Payment Date or to the extent that the relevant payment of interest would result in an over-indebtedness or illiquidity of the Issuer





Write-down:


Reduction of Current Nominal Amount by the amount of the relevant write-down, effected pro rata across all of the Issuer‘s AT1 instruments which provide for a write-down or a conversion upon the occurrence of a Trigger Event

Trigger Event equal to the CET1 Capital Ratio of the Issuer, determined on a consolidated or (if applicable) individual basis, falling below if below 5.125%





Write-up:


The Issuer may, at its sole discretion, reinstate any portion of the principal amount of the Notes which has been written down and which has not previously been written up

Subject to certain conditions including Maximum Write-up Amount and Maximum Distributable Amount





Issuer Optional Redemption:


Issuer option to redeem the Notes, in whole but not in part, on the First Reset Date and every Reset Date thereafter subject to regulatory approval and certain other conditions

The Issuer may exercise its optional redemption right pursuant to this provision only if any write-downs have been fully written up





Special Event Redemption:


The Issuer may redeem the Notes, in whole but not in part, at any time, subject to regulatory approval and certain other conditions if:

there is a change in the regulatory classification of the Notes that would be likely to result in (i) their exclusion in full or in part from the Issuer’s own funds under the CRR or (ii) a reclassification as a lower quality form of the Issuer’s own funds
as of the issue date; or

following a change in tax law, the loss of tax deductibility of interest or imposition of withholding tax that causes the issuer to pay additional amounts





Target Market:


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 the Notes are not available to retail in EEA. No
sales to retail clients in the EEA, as defined under MiFID II





Selling Restrictions:


Reg S only. Any sales of the Notes must be made in compliance with applicable selling restrictions: USA and its Territories, EEA, France, Italy, Japan, China, Hong Kong, Singapore, UK, Australia, Canada





Advertisement:


The final base prospectus is, and the Final Terms when published, will be, available on

Programme-LBBadenWurt - EUR 1 500 000 000 Additional Tier 1 Notes Programme - Luxembourg Stock Exchange





Stabilisation:


FCA/ICMA stabilisation





Governing Law:


German Law





Day Count Fraction:


Actual/Actual (ICMA)





Denomination:


EUR 200,000





ISIN / Common Code / WKN:


[•] / [•] / [•]





Listing:


Luxembourg Stock Exchange (regulated market)





Fee:

The Banks will be paid a fee by the Issuer in respect

of the placement of the securities. Details of the

fee may be made available to investors on request

from your usual sales contact





Structuring Agents:


J.P. Morgan / LBBW





Joint Lead Managers:


BofA Merrill Lynch / Barclays / Citi / HSBC (B&D) / J.P. Morgan / LBBW





Timing:


Books open , Today’s business








 
non male ma mi bloccano i 200k a lotto sempre per un discorso di mediazione .....

saluti
 
c'è qualcosa se fai una ricerca su bondboard ma per il grado di sub non non so
 
Anche a me sembrerebbe buona ma preferisco non vendere niente x ora
 
io ci provo sul secondario ma solo sotto la pari ….
se no lascio ,il suo prezzo e' 100/101
 
Ultima modifica:
se avete prezzi …
l'isin e' : DE000LB13HZ5
 
Questa el una t2 , mentre la nuova t1
Il grado di subordinazione e’ differente

si , è sbagliato paragonare mele con pere , ma hai visto cosa quota ? capitalizza 3 anni e mezzo di cedola lorda
questa è emissione benchmark ….rating alto …. per cedolare ( e non solo ) mi sembra piuttosto buona. Qualcuno sa la percentuale di copertura dell' offerta ?
 
ISIN della nuova dovrebbe essere DE000LB2CPE5
 
si , è sbagliato paragonare mele con pere , ma hai visto cosa quota ? capitalizza 3 anni e mezzo di cedola lorda
questa è emissione benchmark ….rating alto …. per cedolare ( e non solo ) mi sembra piuttosto buona. Qualcuno sa la percentuale di copertura dell' offerta ?

Si si concordo
 
si , è sbagliato paragonare mele con pere , ma hai visto cosa quota ? capitalizza 3 anni e mezzo di cedola lorda
questa è emissione benchmark ….rating alto …. per cedolare ( e non solo ) mi sembra piuttosto buona. Qualcuno sa la percentuale di copertura dell' offerta ?


Occhio a parlare di cedolare con un At1....le cedole sono sempre discrezionali...e se parliamo di Land lo sono ancora di più
 
QUOTA area 99
 

Allegati

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il vero problema qui è la size , chi compra in emissione questi titoli come fa la maggior parte di noi lo fa non per la cedola ma per rivendere a mercato ad un prezzo più alto , poi bisogna sempre ragionare inserendo degli stop loss altrimenti ci si fa male e in questo la sie di questa emissione non aiuta
 
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