New Bond AT1 Intesa San Paolo 6,375% euro XS2463450408
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  1. #1
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    New Bond AT1 Intesa San Paolo 6,375% euro XS2463450408

    LONDRA, 23 marzo (Reuters) - Intesa Sanpaolo ha avviato il collocamento di un bond perpetuo At1 con prime indicazioni di rendimento in area 6,625%. Lo scrive Ifr, servizio di Refinitiv. L'emissione -- che è callable a partire dal sesto anno e mezzo -- verrà prezzata in giornata. Incaricate dell'operazione Bnp Paribas, Bofa Securities, Citi, Deutsche Bank, Imi-Intesa Sanpaolo, Morgan Stanley e Ubs.

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    LONDRA, 23 marzo (Reuters) - Intesa Sanpaolo ha avviato il collocamento di un bond perpetuo At1 con prime indicazioni di rendimento in area 6,625%. Lo scrive Ifr, servizio di Refinitiv. L'emissione -- che è callable a partire dal sesto anno e mezzo -- verrà prezzata in giornata. Incaricate dell'operazione Bnp Paribas, Bofa Securities, Citi, Deutsche Bank, Imi-Intesa Sanpaolo, Morgan Stanley e Ubs.
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  4. #4
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    Intesa Sanpaolo Perp6.5 EUR Benchmark AT1 - IPT 6.625% area


    Issuer: Intesa Sanpaolo S.p.A. (ISPIM)
    Notes: Additional Tier 1 EUR Notes
    Issuer Ratings: Baa1 (stable) / BBB (positive) / BBB (stable) / BBBH (stable)
    by Moody's / S&P / Fitch / DBRS
    Exp. Issue Ratings: Ba3 / BB- / BB- / BBL
    Form: RegS only Bearer, NGN
    Status of the Notes / Ranking: Unsecured, subordinated obligations of the Issuer that will rank pari passu without any preference among the Notes and:
    (A) for so long as the Notes qualify, in whole or in part, as Additional Tier 1 Capital: (i) pari passu with Parity Securities; (ii) in priority to Junior Securities; and (iii) junior to all depositors of the Issuer, unsubordinated creditors and subordinated indebtedness (other than Parity Securities and Junior Securities)
    (B) if the Notes cease to qualify as Additional Tier 1 Capital and for so long as they qualify as Tier 2 Capital: (i) pari passu with Tier 2 Capital; (ii) in priority to Junior Securities and any Additional Tier 1 Capital; (iii) junior to all depositors of the Issuer, unsubordinated creditors and subordinated indebtedness which rank senior to the Notes
    (C) if the Notes do not qualify as Additional Tier 1 Capital and Tier 2 Capital: (i) pari passu with any other subordinated instruments that have ceased to qualify as own fund items; (ii) in priority to Junior Securities and any other own fund items; (iii) junior to all depositors of the Issuer, unsubordinated creditors and subordinated indebtedness which rank senior to the Notes
    Nominal Amount: EUR Benchmark
    IPTs: 6.625% area
    Settlement Date: 30 March 2022 (T+5)
    Maturity: Perpetual (maturity linked to corporate duration of Intesa Sanpaolo S.p.A.)
    First Reset Date: 30 September 2028
    Optional Redemption Date: The Notes may be redeemed, in whole but not in part, at the option of the Issuer on (i) any business day during the six-month period commencing on (and including) 30 March 2028 to (and including) the First Reset Date and (ii) any Interest Payment Date thereafter, at the prevailing Outstanding Principal Amount, and subject to the prior consent of the Relevant Authority in accordance with Relevant Regulations
    Coupon: Fixed rate of [•]% per annum, non-cumulative, payable semi-annually, until the First Reset Date and thereafter reset every 5 years 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
    Interest Payment Dates: 30 March and 30 September in each year, commencing on 30 September 2022
    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
    Day Count Fraction: Actual/Actual ICMA
    Stabilisation: FCA / ICMA
    Business Days 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 and 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 compliance with the reinstatement limit pursuant to applicable banking regulations
    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
    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
    Events of Default: The Events 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)
    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
    Documentation: Standalone. Preliminary Prospectus dated 23 March 2022
    Advertisement: This communication is an advertisement. The final Prospectus relating to the Notes, when available, will be published on Home
    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
    Selling Restrictions: EU (only PR exempt offering),UK, US Regulation S (no communications with or into the U.S.), no sales into Canada or Japan; see further the Preliminary Prospectus dated 23 March 2022
    Listing: Luxembourg Stock Exchange’s Regulated Market
    Clearing Systems: Clearstream and Euroclear
    ISIN Code: [•]
    Governing Law: Italian Law
    Min Denomination: €200,000 and integral multiples of €1,000 in excess thereof, up to (and including) €399,000.
    Joint Lead Managers: BNP Paribas, BofA Securities, Citi, Deutsche Bank, IMI-Intesa Sanpaolo (B&D), Morgan Stanley, UBS Investment Bank
    EU MiFID II and UK MiFIR Target Market / EU and UK PRIIPs: Manufacturer target market (EU MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document has been prepared as not available to retail in EEA or the UK.

  5. #5

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    Intesa Sanpaolo Perp6.5 EUR Benchmark AT1 - IPT 6.625% area


    Issuer: Intesa Sanpaolo S.p.A. (ISPIM)
    Notes: Additional Tier 1 EUR Notes
    Issuer Ratings: Baa1 (stable) / BBB (positive) / BBB (stable) / BBBH (stable)
    by Moody's / S&P / Fitch / DBRS
    Exp. Issue Ratings: Ba3 / BB- / BB- / BBL
    Form: RegS only Bearer, NGN
    Status of the Notes / Ranking: Unsecured, subordinated obligations of the Issuer that will rank pari passu without any preference among the Notes and:
    (A) for so long as the Notes qualify, in whole or in part, as Additional Tier 1 Capital: (i) pari passu with Parity Securities; (ii) in priority to Junior Securities; and (iii) junior to all depositors of the Issuer, unsubordinated creditors and subordinated indebtedness (other than Parity Securities and Junior Securities)
    (B) if the Notes cease to qualify as Additional Tier 1 Capital and for so long as they qualify as Tier 2 Capital: (i) pari passu with Tier 2 Capital; (ii) in priority to Junior Securities and any Additional Tier 1 Capital; (iii) junior to all depositors of the Issuer, unsubordinated creditors and subordinated indebtedness which rank senior to the Notes
    (C) if the Notes do not qualify as Additional Tier 1 Capital and Tier 2 Capital: (i) pari passu with any other subordinated instruments that have ceased to qualify as own fund items; (ii) in priority to Junior Securities and any other own fund items; (iii) junior to all depositors of the Issuer, unsubordinated creditors and subordinated indebtedness which rank senior to the Notes
    Nominal Amount: EUR Benchmark
    IPTs: 6.625% area
    Settlement Date: 30 March 2022 (T+5)
    Maturity: Perpetual (maturity linked to corporate duration of Intesa Sanpaolo S.p.A.)
    First Reset Date: 30 September 2028
    Optional Redemption Date: The Notes may be redeemed, in whole but not in part, at the option of the Issuer on (i) any business day during the six-month period commencing on (and including) 30 March 2028 to (and including) the First Reset Date and (ii) any Interest Payment Date thereafter, at the prevailing Outstanding Principal Amount, and subject to the prior consent of the Relevant Authority in accordance with Relevant Regulations
    Coupon: Fixed rate of [•]% per annum, non-cumulative, payable semi-annually, until the First Reset Date and thereafter reset every 5 years 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
    Interest Payment Dates: 30 March and 30 September in each year, commencing on 30 September 2022
    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
    Day Count Fraction: Actual/Actual ICMA
    Stabilisation: FCA / ICMA
    Business Days 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 and 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 compliance with the reinstatement limit pursuant to applicable banking regulations
    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
    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
    Events of Default: The Events 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)
    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
    Documentation: Standalone. Preliminary Prospectus dated 23 March 2022
    Advertisement: This communication is an advertisement. The final Prospectus relating to the Notes, when available, will be published on Home
    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
    Selling Restrictions: EU (only PR exempt offering),UK, US Regulation S (no communications with or into the U.S.), no sales into Canada or Japan; see further the Preliminary Prospectus dated 23 March 2022
    Listing: Luxembourg Stock Exchange’s Regulated Market
    Clearing Systems: Clearstream and Euroclear
    ISIN Code: [•]
    Governing Law: Italian Law
    Min Denomination: €200,000 and integral multiples of €1,000 in excess thereof, up to (and including) €399,000.
    Joint Lead Managers: BNP Paribas, BofA Securities, Citi, Deutsche Bank, IMI-Intesa Sanpaolo (B&D), Morgan Stanley, UBS Investment Bank
    EU MiFID II and UK MiFIR Target Market / EU and UK PRIIPs: Manufacturer target market (EU MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document has been prepared as not available to retail in EEA or the UK.
    Preciso come
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  6. #6
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    Il momento non è di grande entusiasmo in generale..... qui penso che stringeranno (area 6.375%) avvicinando il rendimento alla perp 4,125% che gira area 6,25%... con la differenza che questa ha più alta possibilità di essere callata a 6,5y...

    Saluti

  7. #7

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    Il momento non è di grande entusiasmo in generale..... qui penso che stringeranno (area 6.375%) avvicinando il rendimento alla perp 4,125% che gira area 6,25%... con la differenza che questa ha più alta possibilità di essere callata a 6,5y...

    Saluti
    L'altra ha call più lontana mi sembra, 2030, e condivido che con cedola più alta la call è più probabile. Quindi ti risulta che la 4,125% renda 6,25% a che prezzo? 87/88?

    Perchè immagino che oggi risentiranno dell'emissione, anche la callable 2025 a 3,75%

  8. #8
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    aspetto che venga quotata .....

    saluti

  9. #9
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    L'altra ha call più lontana mi sembra, 2030, e condivido che con cedola più alta la call è più probabile. Quindi ti risulta che la 4,125% renda 6,25% a che prezzo? 87/88?

    Perchè immagino che oggi risentiranno dell'emissione, anche la callable 2025 a 3,75%
    Si, call 2030 per la 4,125% a 86,75 mi risulta 6,271%

    per la callable 2025...3,75%... a 93,25 Risuterebbe 6.309%
    Ultima modifica di rivetto; 23-03-22 alle 12:11

  10. #10
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