La Banque Postale 3,875% EUR PNC7 AT1 perpetual FR0013461795

zia

Nuovo Utente
Registrato
28/11/10
Messaggi
1.245
Punti reazioni
158
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
 
La Banque Postale Hybridanleihe 4,375 % bis 30.11.2020 | A1GJMB | wallstreet:online


1 . grazie Zia per la segnalazione
2. sono d'accordo con Wol in particolare sul taglio 200
3. non paragonerei pero' questa emissione alla LBBW , nel senso che considero un miglior emittente qualitativamente La Postale
e guarderei l'emissione nel link anche se diverse tipologie di Bond


PS anche La Mondiale 4.375% ha mollato per bene ….
 
Ultima modifica:
ha stretto a 3.875% , eccesso di richiesta di 1.7 billions ….
 
la mondiale pronto a rientrare se va in area 100

saluti
 
buon giorno

avete prezzi e isin ?


grazie
 
Fitch Rates La Banque Postale's AT1 Notes Final 'BB'
15 NOV 2019 06:08 AM ET
 
Indietro