BPER Banca 2030 3,625% sub Tier 2 (10NC5) XS2264034260

[rivetto]

BPER Banca Expected EUR400m 10NC5 Tier 2: IPTs 4.00% area

Issuer:.......................BPER Banca S.p.A. (Ticker: BPEIM)
LEI code: ....................N747OI7JINV7RUUH6190
Issuer Rating (M/F):..........Ba3 (Negative) / BB (Stable)
Expected Issue Ratings (M/F):.Ba3 / B+
Security:.....................Subordinated Reset Notes qualifying as Tier 2
..............................capital for regulatory capital purposes
Status:.......................Direct, unsecured and subordinated
..............................obligations of the Issuer
Issue Size:...................Expected EUR 400mn
Coupon: ......................Fixed, Annual, Act/Act (ICMA), one time reset
..............................after year 5 to prevailing 5yr EUR MS +
..............................Margin (non-step). Benchmark Event
..............................replacement language included in Condition
..............................3(f)
IPTs: ........................4.00% area
Settlement Date:..............30 November 2020 [T+8]
Maturity Date:................30 November 2030
Optional Redemption Date:.....30 November 2025. One time call, in whole
..............................but not in part, on 30 November 2025 at the
..............................Issuer’s discretion pursuant to Conditions
..............................4(f) and 4(l) of the Terms and Conditions of
..............................the Italian Law Notes in the EMTN Programme,
..............................subject to Relevant Authority approval, at
..............................par (being the Optional Redemption Amount)
Redemption for regulatory reasons (Regulatory Call): If there is a change
..............................in the regulatory classification likely to
..............................result in full (or to extent permitted,
..............................partial) exclusion from Tier 2 Capital, the
..............................Issuer will have the right to redeem (in
..............................whole, but not in part) the Notes in
..............................accordance with Condition 4(c) of the Terms
..............................and Conditions of the Italian Law Notes in
..............................the EMTN Programme, subject to the prior
..............................approval of the Relevant Authority and other
..............................conditions
Redemption for tax reasons: The Notes may be redeemed at the option of the
..............................Issuer in whole, but not in part, at any time
..............................for taxation reasons (obligation to pay
..............................additional amounts as a result of amendment
..............................to tax legislation) as defined in Condition
..............................4(b) of the EMTN Programme, subject to the
..............................prior approval of the Relevant Authority and
..............................other conditions
Loss Absorption / Bail-in Acknowledgment: Subordinated Notes may be subject
..............................to loss absorption on any application of the
..............................general bail-in tool as described in
..............................Condition 16 of the Terms and Conditions of
..............................the Italian Law Notes, and each Noteholder
..............................acknowledges and agrees to be bound by the
..............................exercise of any Bail-in Power by the Relevant
..............................Resolution Authority
Denominations:................EUR 100k + EUR 1k
Documentation: Issuer’s EUR 6bn EMTN Programme dated 28th January 2020 as
..............................supplemented on 26th February 2020, 8th June
..............................2020 and 13th November 2020
Bookrunners:..................Credit Suisse, Deutsche Bank,
..............................IMI-Intesa Sanpaolo, Societe Generale,
..............................UBS Investment Bank and UniCredit (B&D)
Target Market: 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 or the UK
Governing law:................Italian Law
Use of Proceeds:..............GCP
Listing:......................Luxembourg Stock Exchange (Official List)
Sales Restrictions:...........Reg S (Compliance Category 2), TEFRA D. No
..............................communications with or into the US, no sales
..............................to Canada
Form of Notes:................Bearer
ISIN:.........................TBC
Timing:.......................Books open - Today's business

 

[debe2000]

grazie

 

[rivetto]

BPER EUR 10nc5 T2 - INDICATIVE PRE-ANNOUNCE T2 COMPS

TICKER CPN MTY SIZE RATINGS RESET BID YTC
-----------------------------------------------------------------------
BPEIM 5.125 05/27nc22 €500mio Ba3/nr/B+ +491 i+371 3.19%

BAMIIM 4.375 09/27nc22 €500mio B1/nr/nr +418 i+382 3.30%
BAMIIM 5.000 09/30nc25 €500mio B1/nr/nr +542 i+411 3.65%

Recent sub-bmk Italian T2
BACRED 2.300 11/30nc25 €250mio Ba1/nr/BB +280 i+268 2.22%
CRDEM 3.500 09/30nc25 €200mio Ba1/nr/nr +390 i+341 2.95%

 

[apaci2]

Passo

 

[KlausC]

Vediamo quanto stringono. Forse vale la pena aspettare e vedere le quotazioni OTC dei prox. giorni.

 

[rivetto]

Vediamo quanto stringono. Forse vale la pena aspettare e vedere le quotazioni OTC dei prox. giorni.

se stringono se lo tengono!

 

[rivetto]

book above 700kk

area 4%

 

[Gapak]

BPER revised 3.75-3.875

 

[rivetto]

BPER revised 3.75-3.875

si....book a 1bln

 

[Gapak]

3.625% final... piatto ricco

 

[alfa71]

Bper sta collocando un bond subordinato con rendimento atteso al 4% - MilanoFinanza.it

 

[rivetto]

3.625%...1,3bn...

 

[alfa71]

Denominations:................EUR 100k + EUR 1k

chiedo scusa per l'ignoranza
significa che il taglio minimo sarà 100k ?
+1k cosa significa ? verrà emesso a 101 ?

grazie

 

[rivetto]

chiedo scusa per l'ignoranza
significa che il taglio minimo sarà 100k ?
+1k cosa significa ? verrà emesso a 101 ?

grazie

taglio minimo 100k...... poi puoi negoziare /avere 100K+1k...es. (in OTC) 124000 è negoziabile....99000...NO

 

[alfa71]

taglio minimo 100k...... poi puoi negoziare /avere 100K+1k...es. (in OTC) 124000 è negoziabile....99000...NO

grazie

 

[KlausC]

3.625% final... piatto ricco

Infatti, rende di più la 27 a mercato che infatti seppur di poco è salita.

 

[Maxino]

Riuscite a postare isin?
Grazie

 

[albicocco]

BAMI, con XS2229021261, era uscita al 5% due mesi fa . Rating e fondamentali delle due banche molto differenti o contingenze di mercato?

 

[rivetto]

BPER 400mn 10NC5 Tier 2 at 3.625%


Issuer: BPER Banca S.p.A. (Ticker: BPEIM)
Issuer Senior Unsecured Ratings: Ba3 / BB (Moody’s / Fitch)
Expected Issue Ratings: Ba3 / B+ (Moody’s / Fitch)
Notes: Dated Callable Subordinated Tier 2 Notes due November 2030
Format: Reg S Bearer
Status: Subordinated, unconditional and unsecured obligations of the Issuer
Size: EUR 400mn
Pricing Date: November 18th, 2020
Settlement Date: November 30th 2020 (T+8)
Maturity Date: November 30th, 2030
Call Date: November 30th, 2025
Issue Price: 100%
Redemption Amount Payable on the Maturity Date: Par
Coupon: 3.625% per annum from (and including) the Issue Date to (but excluding) the Interest Payment Date falling in November 2025, payable annually in arrear on each Interest Payment Date.
A fixed rate equal to the EUR 5-year mid-swap rate prevailing at the Optional Redemption Date plus the Margin (no step-up) from (and including) the Interest Payment Date falling in November 2025 to (but excluding) the Maturity Date, payable annually in arrear on each Interest Payment Date.
Re-offer Coupon: 3.625%
Mid Swap Rate: -0.455% (5-year Euro Mid Swap)
Margin: 408.0bps
Interest Payment Dates: 30th November in each year adjusted in accordance with the Modified Following Business Day Convention
Business day count convention Act/Act
Coupon Deferral: None
Redemption at the Option of the Issuer On November 30th, 2025 at par, subject to the Relevant Authority granting permission, as required by the Applicable Banking Regulations and subject to Condition 4(k)(Conditions to Redemption and Purchase of the Notes) of the Terms and Conditions of the Italian Law Notes in the EMTN Programme
Redemption for Tax Reasons: Upon a Tax Event, if the Issuer would be required to pay additional amounts at any time pursuant to Condition 8 (Taxation) as a result of any amendment to or change in the laws or regulations of Italy or of any political subdivision thereof or any authority or agency therein or thereof or in the interpretation or administration of any such laws or regulations, which change or amendment becomes effective on or after the Issue Date , the Issuer may, at its option, redeem the Notes in whole but not in part, at par, subject to the Relevant Authority granting permission, as required by the Applicable Banking Regulations and subject to Condition 4(k)(Conditions to Redemption and Purchase of the Notes) of the Terms and Conditions of the Italian Law Notes in the EMTN Programme
Redemption for Regulatory Reasons: If, at any time, the Issuer determines that a Regulatory Event (exclusion in whole or, to the extent permitted by the Applicable Banking Regulations, in part, from Tier II Capital of the Issuer) has occurred, the Notes may be redeemed at the option of the Issuer, in whole, but not in part, at par, at any time, subject to the Relevant Authority granting permission, as required by the Applicable Banking Regulations and subject to Condition 4(k)(Conditions to Redemption and Purchase of the Notes) of the Terms and Conditions of the Italian Law Notes in the EMTN Programme
Waiver of set-off: Each holder 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 the Notes
Loss Absorption: Subordinated Notes may be subject to loss absorption on any application of the general bail-in tool as described in Condition 16 of the Terms and Conditions of the Italian Law Notes, and each Noteholder acknowledges and agrees to be bound by the exercise of any Bail-in Power by the Relevant Resolution Authority
Target Market 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 or the UK
Listing: Luxembourg Stock Exchange
Clearing: Euroclear, Clearstream
Denominations: 100k + 1k
Docs: Euro 6,000,000,000 EMTN Programme, with Base Prospectus dated 28th January 2020 as supplemented on 26th February 2020, 8th June 2020 and 13th November 2020
Governing Law: Italian law
Joint Lead Managers: Credit Suisse, Deutsche Bank, IMI-Intesa Sanpaolo, Societe Generale, UBS Investment Bank, UniCredit (b&d)
ISIN: [tbc]

 

[w0lverin]

BAMI, con XS2229021261, era uscita al 5% due mesi fa . Rating e fondamentali delle due banche molto differenti o contingenze di mercato?

stanno sfruttando il momento , per carità bper ha i conti apposto , ma parliamo pur sempre di un emissione rating b+ al 3,625% , io rimango fuori .