ISP Perpetual AT1 5,5% (call2028) XS2223762381 5,875% (call2031) XS2223761813

  • Ecco la 60° Edizione del settimanale "Le opportunità di Borsa" dedicato ai consulenti finanziari ed esperti di borsa.

    Questa settimana abbiamo assistito a nuovi record assoluti in Europa e a Wall Street. Il tutto, dopo una ottava che ha visto il susseguirsi di riunioni di banche centrali. Lunedì la Bank of Japan (BoJ) ha alzato i tassi per la prima volta dal 2007, mettendo fine all’era del costo del denaro negativo e al controllo della curva dei rendimenti. Mercoledì la Federal Reserve (Fed) ha confermato i tassi nel range 5,25%-5,50%, mentre i “dots”, le proiezioni dei funzionari sul costo del denaro, indicano sempre tre tagli nel corso del 2024. Il Fomc ha anche discusso in merito ad un possibile rallentamento del ritmo di riduzione del portafoglio titoli. Ieri la Bank of England (BoE) ha lasciato i tassi di interesse invariati al 5,25%. Per continuare a leggere visita il link

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ISPIM AT1 - IPTs PNC7.5 6.000%a & PNC11 6.500%a

Issuer: Intesa Sanpaolo S.p.A. (ISPIM)
Notes: Additional Tier 1 EUR Notes
Issuer Ratings: Baa1 (Stable, Moody’s) / BBB (Negative, S&P), BBB- (Stable, Fitch), BBBH (Negative, 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 depositors of the Issuer, unsubordinated creditors and subordinated indebtedness (other than Parity Securities and Junior Securities), pari passu with all Parity Securities (including other Additional Tier 1 Capital instruments) and senior to share capital and other Junior Securities.
Pricing Date: 25 August 2020
Settlement Date: 1 September 2020 (T+5)
Size: Expected combined volume EUR 1.25bn
IPTs: 6.000%a – PerpNC7.5 6.500%a – PerpNC11
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 1 March 2028 (the “First Reset Date”) and on any Interest Payment Date thereafter, subject to the prior approval of the Relevant Authority and satisfaction of the conditions for redemption.
At the Outstanding Principal Amount, together with accrued interest (if any), on 1 September 2031 (the “First Reset Date”) and on any Interest Payment Date thereafter, subject to the prior approval of the Relevant Authority and satisfaction of the conditions for redemption.
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: March and September in each year, from (and including) March 2021
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
Use of Proceeds: General funding purposes and to improve the regulatory capital structure of the Group.
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 of the Issuer and/or the Group or reclassification as a lower quality form of Own Funds), subject to the prior approval of the Relevant Authority and satisfaction of the conditions for redemption.
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: If a Trigger Event has occurred at any time, then the Issuer shall write down the Outstanding Principal Amount of the Notes, on a pro rata basis with the write-down or conversion of other Loss Absorbing Instruments, by the relevant Write-Down Amount.
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: The issuer may vary the terms of the Notes so that they remain or become Qualifying Securities 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 certain conditions such as, other than in respect of the effectiveness and enforceability of Acknowledgement of the Italian Bail-in Power, the terms being not materially less favourable to Noteholders.
Events of Default: The Event of Default, being events upon the occurrence of which the Notes shall become immediately due and payable, are limited to circumstances in which Intesa Sanpaolo becomes subject to compulsory winding-up (liquidazione coatta amministrativa) pursuant to Articles 80 and following of Italian Legislative Decree number 385 of 1 September 1993, as amended and supplemented from time to time (the “Italian Banking Act”) or voluntary winding-up (liquidazione volontaria) in accordance with Article 96-quinquies of the Italian Banking Act, otherwise than for the purposes of an Approved Reorganisation or on terms previously approved by the Noteholders, as set out in Condition 11 (Enforcement Event). Accordingly, other than following the occurrence of an Event of Default, even if the Issuer fails to meet any of its obligations under the Notes, including the payment of any interest, the Noteholders will not have the right of acceleration of principal and the sole remedy available to Noteholders for recovery of amounts owing in respect of any of the Notes will be the institution of proceedings to enforce such payment. Notwithstanding the foregoing, the Issuer will not, by virtue of the institution of any such proceedings, be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it.
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, subject to applicable law, 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: XS2223762381 XS2223761813
Common code: 222376238 222376181
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: TEFRA D Rules; Cat 2 / Prohibition of Sales to Retail Investors in the EEA and the UK.
Joint Lead Managers: Crédit Agricole CIB, Deutsche Bank, HSBC, IMI - Intesa Sanpaolo (B&D), JP Morgan, Morgan Stanley and UBS
Documentation: Standalone. Preliminary Prospectus dated 25 August 2020.
Target Market: MiFID II Eligible counterparties and professional clients only / No PRIIPs KID as not available to retail in EEA or the UK.
Advertisement: The final prospectus when available, will be published on Home
Timing Books open, today’s business
 
C’è qualche confronto con altre perpetual della casa
 
Use of Proceeds: General funding purposes and to improve the regulatory capital structure of the Group

Come mai devono emettere una perpetua? Avevano dei ratios al limite?
 
probabilmente verrà callata quella già a mercato , che ha un call al 2021 se non ricordo male .

saluti
 
Qualcuno ha qualche riferimento
Di quelle già a mercato ?
 
combined books over EU 4bn
 
combined books 6,5bn

5,5% nc7,5... 3bn
5,875% nc11...3,5bn
 
ISPIM AT1 DUAL-TRANCHE – COUPON SET / BOOK UPDATE - REGS BEARER

* COMBINED BOOKS >€6.5BN (PRE-REC)
- €BMK PNC7.5 @ 5.500%#, BOOKS >€3.0BN (PRE-REC)
- €BMK PNC11 @ 5.875%#, BOOKS >€3.5BN (PRE-REC)
* BOOKS WILL GO SUBJECT AT 11:45 UKT / 12:45 CET
* ISIN: PNC7.5 XS2223762381 / PNC11 XS2223761813
* B&D IMI - Intesa Sanpaol
 
size.
Perp nc 7,5y...3bn.. 750kk

Perp nc 11y ...3,6bn...750KK
 
azz come ha stretto la seconda....
 
Da un profondo ed attento studio effettuato con i potenti mezzi da spiaggia non mi sembra ci sia Molta ciccia
La 4.125 con call 2030 più o meno dovrebbe essere allineata ai rendimento offerti dalla nuova

Ovviamente tutto da prendere con le pinze
Se qualcuno ha conti più precisi sono i benvenuti
 
Da un profondo ed attento studio effettuato con i potenti mezzi da spiaggia non mi sembra ci sia Molta ciccia
La 4.125 con call 2030 più o meno dovrebbe essere allineata ai rendimento offerti dalla nuova

Ovviamente tutto da prendere con le pinze
Se qualcuno ha conti più precisi sono i benvenuti

È così , c è poco da raschiare


Saluti
 
Da un profondo ed attento studio effettuato con i potenti mezzi da spiaggia non mi sembra ci sia Molta ciccia
La 4.125 con call 2030 più o meno dovrebbe essere allineata ai rendimento offerti dalla nuova

Ovviamente tutto da prendere con le pinze
Se qualcuno ha conti più precisi sono i benvenuti

Vero!
Una considerazione da farsi è che la call è (teoricamente) + probabile su un facciale 5,875% che su un 4,125%.

Le richieste 4 e 5 volte l'offerta han fatto stringere oltre mezza figura le indicazioni di partenza...

Grandi Regali non ce ne sono, vedremo.

Saluti
 
Soglia d'ingresso 250K. Troppi per me.
 
250K, AT1, Perpetual, OTC-only, sono parole che non mi piacciono troppo. :D
 
Vero!
Una considerazione da farsi è che la call è (teoricamente) + probabile su un facciale 5,875% che su un 4,125%.

Le richieste 4 e 5 volte l'offerta han fatto stringere oltre mezza figura le indicazioni di partenza...

Grandi Regali non ce ne sono, vedremo.

Saluti

Vero anche questo

Saluti
 
Intesa Sanpaolo: ottima risposta per il bond perpetuo in collocamento

Ciao a tutti,
ho letto questa notizia e vorreicapire, da ignorante in materia;
Intesa emette un bond perpetuo al 6-6,5% ( da cui togliere il 26%) ??
Significa che come rischio ho solo quello di controparte ?
Direi che potrebbe essere accettabile al posto di tante altre skifezze, o no ?
Sbaglio qualcosa ?




Intesa Sanpaolo: ottima risposta per il bond perpetuo in collocamento
25/08/2020 11:19 di michele fanigliulo
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Intesa Sanpaolo ha avviato il collocamento di un bond perpetuo ‘At1’ in due tranche, per attesi 1,25 miliardi. Gli ordini totali hanno già superato i 4 miliardi.

A scriverlo Ifr, servizio di Refinitiv, precisando che le due tranche sono un’obbligazione ‘callable’ a partire dall’1 marzo 2028 e una seconda ‘callable’ dall’1 settembre 2031.

Le prime indicazioni di rendimento sono in area 6% per la prima tranche e in area 6,5% per la seconda. Il pricing dell’emissione è atteso in giornata.

Incaricate dell’operazione Credit Agricole, Deutsche Bank, Hsbc, Imi, JP Morgan, Morgan Stanley e Ubs.
 
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