BPER Banca 2030 3,625% sub Tier 2 (10NC5) XS2264034260
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  1. #1
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    BPER Banca 2030 3,625% sub Tier 2 (10NC5) XS2264034260

    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:.....................Subordinat ed Reset Notes qualifying as Tier 2
    ..............................capital for regulatory capital purposes
    Status:.......................Direct, unsecured and subordinated
    ..............................obligation s 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
    ..............................replacemen t 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
    ..............................acknowledg es 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
    ..............................supplement ed 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
    ..............................communicat ions with or into the US, no sales
    ..............................to Canada
    Form of Notes:................Bearer
    ISIN:.........................TBC
    Timing:.......................Books open - Today's business

  2. #2
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    grazie

  3. #3
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    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%

  4. #4
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    Passo

  5. #5
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    Vediamo quanto stringono. Forse vale la pena aspettare e vedere le quotazioni OTC dei prox. giorni.

  6. #6
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    Citazione Originariamente Scritto da KlausC Visualizza Messaggio
    Vediamo quanto stringono. Forse vale la pena aspettare e vedere le quotazioni OTC dei prox. giorni.
    se stringono se lo tengono!

  7. #7
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    book above 700kk

    area 4%

  8. #8
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    BPER revised 3.75-3.875

  9. #9
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    Citazione Originariamente Scritto da Gapak Visualizza Messaggio
    BPER revised 3.75-3.875
    si....book a 1bln

  10. #10
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    3.625% final... piatto ricco

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