Banque Postale Inaugural EUR PNC7 AT1 - IPTs at 4.250% area €€€
Issuer: La Banque Postale
Legal Entity Identifier: 96950066U5XAAIRCPA78
Instrument: Perpetual Fixed Rate Non-Call 7 year Resettable
Additional Tier 1 Notes
Issuer Ratings: A Positive / A- Stable (S&P, Fitch)
Exp. Issue Ratings: BB / BB (S&P, Fitch)
Subordination: Direct, unconditional, unsecured and Deeply
Subordinated Obligations of the Issuer
Form of Securities: Bearer
Size: EUR Benchmark
Settlement Date: 20 November 2019 (T+5)
Initial Pricing Thoughts: 4.250% area
No Maturity: Perpetual-NC-7YR
Issuer Calls: Any day falling in the period commencing on (and
including) 20 May 2026 (6 month par call), ending
on (and including) the First Reset Date and any
Interest Payment Date thereafter
Redemption in whole, not in part, at the Prevailing
Outstanding Amount. Subject to Conditions to
Redemption and Purchase
Rate of Interest: [●]% per annum, payable semi-annually in arrears,
from (and including) the Issue Date to (but
excluding) the First Reset Date
Reset Rate of Interest: For each Reset Interest Period beginning on or after
the First Reset Date, the Reset Rate of Interest will
equal the sum of the 5-Year Mid-Swap Rate and the
Margin, converted from an annual basis to a semi-
annual basis according to market convention
Cancellation of Interest Fully discretionary, non-cumulative. Mandatory
Amounts: cancellation if required by Regulator, insufficient
ADIs or if MDA exceeded
Optional Redemption: Subject to Conditions to Redemption and Purchase,
Optional Redemption by Issuer at anytime, in whole,
at Prevailing Principal Amount upon Capital Event
(full or partial disqualification from Tier 1
capital) and Tax Event (imposition of withholding
tax, gross up or loss of deductibility)
Write-Down and Prevailing Outstanding Amount of the Notes will be written
Reinstatement: down by the relevant Write-Down Amount if the Group’s
CET1 Ratio falls below 5.125 per cent.
Following such reduction, some or all of the
principal amount of the Notes may, at the Issuer’s
discretion, be reinstated, up to the Original
Principal Amount, if a positive Group Net Income is
recorded, subject to compliance with Relevant Rules
including Maximum Distributable Amount
Recognition of Bail-in
and Loss Absorption: Applicable
Governing Law: French Law
Denominations: EUR200k + EUR200k
Listing: Euronext Paris, regulated market
Documentation: Preliminary Prospectus dated 7 November 2019
Selling restrictions: In addition to the “prohibition of sales to EEA
Retail Investors”, there are restrictions on the
offer, sale and transfer of the Notes in Canada,
Italy, France, United Kingdom, the United States,
Singapore and Hong Kong. Regulation S, category 2
restrictions under the Securities Act apply.
TEFRA N/A
The Notes are not and will not be eligible for sale
in the United States under Rule 144A of the
Securities Act
Target Market: Manufacturer target market (MIFID II product
governance) is eligible counterparties and
professional clients only (all distribution
channels)
Use of Proceeds: The Notes are being issued for capital adequacy
regulatory purposes with the intention and purpose
of being eligible as Additional Tier 1 Capital of
the Issuer. The net proceeds of the Notes will be
applied for the general corporate purposes of the
Issuer
Structuring Advisor and
Global Coordinator: HSBC (B&D)
Joint Bookrunners: Crédit Agricole CIB, Credit Suisse, HSBC, J.P.
Morgan, Natixis and Société Générale
ISIN/Common Code: [●]/[●]
Advertisement: The final prospectus will be available on the
Issuer: La Banque Postale
Legal Entity Identifier: 96950066U5XAAIRCPA78
Instrument: Perpetual Fixed Rate Non-Call 7 year Resettable
Additional Tier 1 Notes
Issuer Ratings: A Positive / A- Stable (S&P, Fitch)
Exp. Issue Ratings: BB / BB (S&P, Fitch)
Subordination: Direct, unconditional, unsecured and Deeply
Subordinated Obligations of the Issuer
Form of Securities: Bearer
Size: EUR Benchmark
Settlement Date: 20 November 2019 (T+5)
Initial Pricing Thoughts: 4.250% area
No Maturity: Perpetual-NC-7YR
Issuer Calls: Any day falling in the period commencing on (and
including) 20 May 2026 (6 month par call), ending
on (and including) the First Reset Date and any
Interest Payment Date thereafter
Redemption in whole, not in part, at the Prevailing
Outstanding Amount. Subject to Conditions to
Redemption and Purchase
Rate of Interest: [●]% per annum, payable semi-annually in arrears,
from (and including) the Issue Date to (but
excluding) the First Reset Date
Reset Rate of Interest: For each Reset Interest Period beginning on or after
the First Reset Date, the Reset Rate of Interest will
equal the sum of the 5-Year Mid-Swap Rate and the
Margin, converted from an annual basis to a semi-
annual basis according to market convention
Cancellation of Interest Fully discretionary, non-cumulative. Mandatory
Amounts: cancellation if required by Regulator, insufficient
ADIs or if MDA exceeded
Optional Redemption: Subject to Conditions to Redemption and Purchase,
Optional Redemption by Issuer at anytime, in whole,
at Prevailing Principal Amount upon Capital Event
(full or partial disqualification from Tier 1
capital) and Tax Event (imposition of withholding
tax, gross up or loss of deductibility)
Write-Down and Prevailing Outstanding Amount of the Notes will be written
Reinstatement: down by the relevant Write-Down Amount if the Group’s
CET1 Ratio falls below 5.125 per cent.
Following such reduction, some or all of the
principal amount of the Notes may, at the Issuer’s
discretion, be reinstated, up to the Original
Principal Amount, if a positive Group Net Income is
recorded, subject to compliance with Relevant Rules
including Maximum Distributable Amount
Recognition of Bail-in
and Loss Absorption: Applicable
Governing Law: French Law
Denominations: EUR200k + EUR200k
Listing: Euronext Paris, regulated market
Documentation: Preliminary Prospectus dated 7 November 2019
Selling restrictions: In addition to the “prohibition of sales to EEA
Retail Investors”, there are restrictions on the
offer, sale and transfer of the Notes in Canada,
Italy, France, United Kingdom, the United States,
Singapore and Hong Kong. Regulation S, category 2
restrictions under the Securities Act apply.
TEFRA N/A
The Notes are not and will not be eligible for sale
in the United States under Rule 144A of the
Securities Act
Target Market: Manufacturer target market (MIFID II product
governance) is eligible counterparties and
professional clients only (all distribution
channels)
Use of Proceeds: The Notes are being issued for capital adequacy
regulatory purposes with the intention and purpose
of being eligible as Additional Tier 1 Capital of
the Issuer. The net proceeds of the Notes will be
applied for the general corporate purposes of the
Issuer
Structuring Advisor and
Global Coordinator: HSBC (B&D)
Joint Bookrunners: Crédit Agricole CIB, Credit Suisse, HSBC, J.P.
Morgan, Natixis and Société Générale
ISIN/Common Code: [●]/[●]
Advertisement: The final prospectus will be available on the