BMPS euro 8% call on [22] January 2025 sub Tier 2 100k XS2106849727

**rivetto** · 15-01-20, 09:20

Issued in the near future

**laplaz** · 15-01-20, 09:26

Sfruttano il miglioramento del rating e il vento buono.
A 8% sarebbe sicuramente da prendere. Ma dubito rimanga lì.

**zia** · 15-01-20, 09:36

Scusate non avevo visto

ho aperto un altra discussione

**zia** · 15-01-20, 09:36

Issuer: Banca Monte dei Paschi di Siena S.p.A. (Ticker: MONTE)
Issuer Rating: Caa1 Positive (Moody) / B Stable (Fitch) /
BH Stable (DBRS)
Exp. Issue Rating: Caa1 by Moody’s / CCC+ by Fitch
Notes: Fixed Rate Reset Callable Subordinated (Tier 2 capital for
regulatory capital purposes)
Status of the Notes: Subordinated Notes (notes intended to qualify as Tier 2
capital, as further defined in the Documentation)
Format: Reg S, bearer form, no communications with or into the US,
no sales to Canada
Size: EUR €400M (no grow)
Coupon: From the Settlement Date to but excluding the Issuer Call
the Coupon shall be [●]% fixed rate p.a. payable annually
in arrears on the Interest Payment Dates, and shall reset
at the Issuer Call at the prevailing mid swap rate plus
the First Margin
IPTs: Low 8%s
First Margin: [•]bps (no step-up)
Settlement: [22]-January-2020 (T+5)
Maturity: [22]-January-2030 (10yr)
Issuer’s Call: One time optional call on [22] January 2025 (the Issuer
Call) at par, subject to regulatory approval and other
conditions
Regulatory Call: At par, in whole but not in part, at the Issuer’s option,
upon occurrence of a Capital Event (Notes are or would be
excluded in whole or in part from Tier 2 Capital of the
Issuer and/or the Group), subject to regulatory approval
and other conditions
Tax call: At par, in whole but not in part, at the Issuer’s option,
in case of additional amounts to be paid by the Issuer
upon imposition of withholding tax, subject to regulatory
approval and other conditions
Non-Viability: Statutory. Contractual recognition of statutory loss
absorption powers
Denoms: €100k + €1k
Listing/Docs: Luxembourg/Issuer’s EUR50bn Debt Issuance Programme dated
8th March 2019 as supplemented
Use of Proceeds: General Corporate Purposes
Selling Restrictions: As per Issuer's Programme
Governing Law: English law except for subordination provisions and the
contractual recognition of statutory loss absorption
powers which shall be governed by Italian law
Target Market/PRIIPs: 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 not available to
retail in EEA
Joint Bookrunners: Banca IMI (B&D), Barclays, BofA, Goldman Sachs
International, MPS Capital Services and NatWest Markets
Advertisement: The Base Prospectus and any supplements are available

**CharlieRoma** · 15-01-20, 09:37

Mps lancia Tier 2 10 anni da 400 mln, prime indicazioni rendimento 'low 8' - Ifr

LONDRA, 15 gennaio (Reuters) - Mps ha avviato il collocamento di un'emissione Tier 2 a dieci anni callable a partire dal quinto anno da 400 milioni di euro, con prime indicazioni per una cedola di poco superiore all'8%. Lo scrive Ifr, un servizio di Refinitiv. Il bond ha scadenza gennaio 2030 ed è callable dal 22 gennaio 2025. Il pricing è atteso oggi. L'operazione è affidata a Banca IMI, Barclays, BofA, Goldman Sachs International, MPS Capital Services e NatWest Markets come Joint Bookrunners.

**w0lverin** · 15-01-20, 09:43

Buona perché 100k ma ricordo com e con l ultima emissione subito dopo la sottoscrizione della 10% CI fu un crollo delle quotazioni
Probabilmente com questa Andrà diversamente ma io per ora passo

**laplaz** · 15-01-20, 09:56

Originariamente Scritto da w0lverin

Buona perché 100k ma ricordo com e con l ultima emissione subito dopo la sottoscrizione della 10% CI fu un crollo delle quotazioni
Probabilmente com questa Andrà diversamente ma io per ora passo

Quella a mercato con gli ultimi rialzi gira intorno a 6,5%. Non avrebbero mai e poi mai emesso anche solo un mese fa. Non si sa più dove girarsi.

**w0lverin** · 15-01-20, 10:04

Lo so cmq all appello manca intesa

**rivetto** · 15-01-20, 11:36

Book above 750kk low8%

**Freitag von Lautberg** · 15-01-20, 11:51

Porterebbe i sub circolanti a quasi 1,5 mld. per MPS, contro 1,2 di expected loss 2019 per DTA.

BMPS euro 8% call on [22] January 2025 sub Tier 2 100k XS2106849727

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