ISPIM AT1 perpetual (PNC5) 3.750% XS2124979753 & (PNC10) 4.125% XS2124980256
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  1. #1

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    ISPIM AT1 perpetual (PNC5) 3.750% XS2124979753 & (PNC10) 4.125% XS2124980256

    ISPIM AT1 - IPT's PNC5 4.250%a & PNC10 4.625%a (coupons)

  2. #2

    Data Registrazione
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    Citazione Originariamente Scritto da zia Visualizza Messaggio
    ISPIM AT1 - IPT's PNC5 4.250%a & PNC10 4.625%a (coupons)
    €€€ ISPIM AT1 - IPT's PNC5 4.250%a & PNC10 4.625%a (coupons) €€€ Issuer: Intesa Sanpaolo S.p.A. (ISPIM)
    Notes: Additional Tier 1 EUR Notes
    Issuer Ratings: Baa1 (Stable, Moody’s) / BBB (Negative, S&P), BBB (Negative, Fitch), BBBH (Stable, DBRS)
    Exp. Issue Ratings: Ba3 (Moody’s) / BB- (S&P), B+ (Fitch), BBL (DBRS)
    Form: RegS only Bearer, NGN
    Status of the Notes / Ranking: The Notes constitute and will constitute unsecured, subordinated obligations of the Issuer. Subordinated, ranking junior to all indebtedness (other than pari passu with the Notes), pari passu with other Additional Tier 1 Capital instruments and senior to share capital.
    Pricing Date: [20] February 2020
    Settlement Date: [27] February 2020 (T+5)
    Size: Expected combined volume EUR 1.25bn
    IPTs: 4.250% coupon area 4.625% coupon area
    Maturity: Perpetual (maturity linked to corporate duration of Intesa Sanpaolo S.p.A.)
    Optional Redemption Date: At the Outstanding Principal Amount, together with accrued interest (if any), on [27] February 2025 (the “First Reset Date”) and on any Interest Payment Date thereafter, subject to the prior approval of the Relevant Authority. At the Outstanding Principal Amount, together with accrued interest (if any), on [27] February 2030 (the “First Reset Date”) and on any Interest Payment Date thereafter, subject to the prior approval of the Relevant Authority.
    Interest: Fixed rate of [•]% per annum, non-cumulative, payable semi-annually, until the First Reset Date and thereafter reset every 5 years (the “Reset Date”) to the aggregate of the Margin plus the then 5-Year Mid-Swap Rate calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions. Fixed rate of [•]% per annum, non-cumulative, payable semi-annually, until the First Reset Date and thereafter reset every 5 years (the “Reset Date”) to the aggregate of the Margin plus the then 5-Year Mid-Swap Rate calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions.
    Interest Payment Dates: February and August in each year, from (and including) August 2020
    Discretionary Interest Payments: Interest on the Notes will be due and payable only at the sole discretion of the Issuer, and the Issuer shall have sole and absolute discretion at all times and for any reason to cancel (in whole or in part) for an unlimited period and on a non-cumulative basis any interest payment that would otherwise be payable on any Interest Payment Date.
    Restriction on Interest Payments: Interest payments will be cancelled in full or in part as applicable (i) upon insufficient Distributable Items of the Issuer, (ii) if, when aggregated with other relevant distributions, would cause the Maximum Distributable Amount then applicable to the Issuer or the Group to be exceeded or (iii) if required by the Relevant Authority.
    Margin: [•] bps (no step up) [•] bps (no step up)
    Day Count Fraction: Act/Act (ICMA)
    Business Day Convention: TARGET2 / London
    Early Redemption Events: Callable at their Outstanding Principal Amount together with accrued interest in whole or in part upon a Tax Event (loss of tax deductibility or payment of additional amounts) or in whole but not in part upon a Regulatory Event (exclusion in whole or in part from Additional Tier 1 capital), subject to the prior approval of the Relevant Authority.
    Trigger Event: If, at any time, the transitional CET1 Ratio of the Issuer on a solo basis, or the Group on a consolidated basis is less than 5.125 per cent.
    Write-Down upon Trigger Event: Principal write-down upon a Trigger Event, pro-rata with other Loss Absorbing Instruments.
    Write-up: Following a positive Net Income and positive Consolidated Net Income, the Issuer may at its discretion reinstate and write-up the Outstanding Principal Amount, pro rata with other Equal Trigger Temporary Written Down Instruments and subject to certain limitations by reference to the Maximum Reinstatement Amount and the Maximum Distributable Amount.
    Acknowledgement of the Italian Bail-In Power: Each holder acknowledges, accepts, consents to and agrees to be bound by (a) the effects of the exercise of the Italian Bail-in Power by the Relevant Authority, and (b) the variation of the Conditions, as deemed necessary by the Relevant Authority, to give effect to the exercise of the Italian Bail-in Power by the Relevant Authority.
    Modification: Upon a Tax Event, Regulatory Event or in order to ensure the effectiveness and enforceability of Acknowledgement of the Italian Bail-in Power, subject to prior approval of the Relevant Authority (if required) and the satisfaction of certain conditions, including that the terms are not materially less favourable to Noteholders.
    Events of Default: In the event of compulsory winding up (Liquidazione Coatta Amministrativa) pursuant to Articles 80 and following of the Italian Banking Act or voluntary winding-up (liquidazione volontaria) in accordance with Article 96-quinquies of the Italian Banking Act of the Issuer, otherwise than for the purpose of an Approved Reorganization or on terms previously approved by the Noteholders, then any Additional Tier 1 Note may, by written notice addressed to the Issuer, be declared immediately due and payable on the basis of the Outstanding Principal Amount of the Notes together with accrued interest (if any) to the date of repayment, without presentment, demand, protest or other notice of any kind.
    Waiver of Set-Off: Any right of set-off is waived. Each holder of a Note or a Coupon unconditionally and irrevocably waives any right of set-off, counterclaim, abatement or other similar remedy which it might otherwise have, under the laws of any jurisdiction, in respect of such Note or Coupon.
    Listing: Luxembourg Stock Exchange – Regulated Market
    Clearing: Euroclear / Clearstream
    Governing Law: Italian Law
    Denomination: €250,000 and integral multiples of €1,000 in excess thereof, up to (and including) €499,000.
    ISIN: XS2124979753 XS2124980256
    Common code: [•] [•]
    LEI: 2W8N8UU78PMDQKZENC08
    Distribution: The Notes have not been, nor will they be, registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act. Further selling restrictions are incorporated in the section “Subscription and Sale” / Reg S Compliance: D Rules; Cat 2 / Prohibition of Sales to Retail Investors in the EEA and the UK.
    Joint Lead Managers: Banca IMI (B&D), Barclays, BNP Paribas, BofA, Citi, HSBC and Morgan Stanley
    Documentation: Standalone. Preliminary Prospectus dated [•] February 2020.
    Target Market: MiFID II Eligible counterparties and professional clients only / No PRIIPs KID.

  3. #3
    L'avatar di CharlieRoma
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    Bond ISP AT1 2 tranche

    Intesa lancia bond perpetuo AT1 in 2 tranche da complessivi 1,25 mld - lead manager

    20 febbraio (Reuters) - Intesa Sanpaolo ha lanciato un bond perpetuo Additional Tier 1 in due tranche che dovrebbe essere da complessivi 1,25 miliardi di euro, riferiscono due lead manager. La guidance di rendimento per le due tranche, 'non callable' rispettivamente per cinque e dieci anni, è in area 4,25% per la prima e 4,625% per la seconda. Atteso in giornata il pricing del nuovo titolo, con rating atteso Ba3 da parte di Moody, BB- da S&P, B+ da Fitch, BBL da DBRS. Bookrunner dell'operazione sono Banca IMI, Barclays, BNP Paribas, Bank of America Merrill Lynch, Citi, HSBC e Morgan Stanley.

  4. #4
    L'avatar di KlausC
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    250K vero, bombolotti sempre più ciccioni.

  5. #5

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    Va beh... tra un po' metteranno 500k direttamente

  6. #6
    L'avatar di w0lverin
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    mi sa che aspetto i prezzi otc ultimamente in sottoscrizione non è andata bene il rischio è che per la t1 10 anni da 4,625 si passi al 3,625 vedi unicredit t1 .....
    con prezzi sotto i 100.

    saluti

  7. #7
    L'avatar di quiquoqua
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    Si puo' sempre limitare l'ordine fino a un certo yeld.... ma su questa anch'io sono indeciso

  8. #8

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    Effettivamente andare a prendere At1 con la spada di damocle sulla testa sulla discrezionalità da parte dell’emittente sul pagamento della cedola comincia a diventare un po’ pesante con questi rendimenti , c’è da chiedersi se il gioco vale la candela, chiaramente intesa ha sempre avuto più valore di Ucg su questa tipologia di asset , almeno fino ad oggi, ricordando le vecchie perpetue

  9. #9
    L'avatar di w0lverin
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    Citazione Originariamente Scritto da brunowg Visualizza Messaggio
    Effettivamente andare a prendere At1 con la spada di damocle sulla testa sulla discrezionalità da parte dell’emittente sul pagamento della cedola comincia a diventare un po’ pesante con questi rendimenti , c’è da chiedersi se il gioco vale la candela, chiaramente intesa ha sempre avuto più valore di Ucg su questa tipologia di asset , almeno fino ad oggi, ricordando le vecchie perpetue
    si si non discuto intesa ma il fatto di rimanere bloccati su un t1 sotto il 4 % , pertanto come scrive quiquoqua o si da un limite oltre il quale uno non sottoscrive , oppure aspetta le prime quotazioni otc.

    io sto valutando la seconda strada al momento visto anche l'ammontare del lotto minimo

    saluti

  10. #10

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    si si non discuto intesa ma il fatto di rimanere bloccati su un t1 sotto il 4 % , pertanto come scrive quiquoqua o si da un limite oltre il quale uno non sottoscrive , oppure aspetta le prime quotazioni otc.

    io sto valutando la seconda strada al momento visto anche l'ammontare del lotto minimo

    saluti
    ...non mi sembra sbagliato

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