Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (13 lettori)

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€€ New Pnc10 At1 : ABN AMRO IPTs 4.75% a / Reg S Bearer €€
Issuer: ABN AMRO Bank N.V.
Issuer Ratings: A1 (Stable)/ A (Positive)/ A+ (Stable) by M/S/F
Instrument: Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Callable Capital Securities (“Capital Securities”)
Exp Instrument Ratings: BB+ (F)
Settlement Date: 4 October 2017 (T+5)
Maturity: Perpetual-NC10
First Call Date: 22 September 2027
Size: EUR benchmark
IPT: 4.75% area
Interest: Fixed rate of [●]% Per Annum (payable semi-annually) in arrear in equal instalments from (and including) the Issue Date to (but excluding) the First Call Date on 22 March and 22 September of each year.
Thereafter, at a fixed rate per annum reset, on each Reset Date based on the prevailing 5-year Mid-Swap Rate plus [●] bps (converted from an annual basis to a semi-annual basis), payable semi-annually in arrear in equal instalments on 22 March and 22 September of each year.
Optional Interest Cancellation: The Issuer may, in its sole discretion, elect to cancel any interest payment (in whole or in part) which is otherwise due to be paid
Mandatory Interest Cancellation: Interest payment will be cancelled to the extent that (i) Distributable Items are insufficient and/or (ii) interest payment would result in a breach
of the Maximum Distributable Amount or (iii) at the regulator’s discretion
Issuer Call: On the First Call Date and on each interest payment date thereafter at par (not callable at written down amount); customary Tax and Capital Event redemption provisions allowing for redemption anytime at the Prevailing Principal Amount in case of adverse changes to tax or capital recognition respectively, in each case subject to regulatory approval
Status: Unsecured and deeply subordinated obligations of the Issuer, junior to the claims of all Senior Obligations (including Tier 2 capital), pari passu with Parity Obligations (including Additional Tier 1 capital) and senior only to ordinary shares and any other class of share capital of the Issuer
Trigger Event: A Trigger Event will occur (i) if the Issuer CET1 Ratio (solo-consolidated and/or sub-consolidated) is less than 5.125 per cent and/or (ii) the Group CET1 Ratio is less than 7 per cent as determined by the Issuer or the Competent Authority
Principal Write-down: Upon a Trigger Event the Issuer shall (i) cancel all interest accrued on the Capital Securities and (ii) reduce the Prevailing Principal Amount by the relevant Write-down Amount
Principal Write-up: Fully discretionary write-up, subject to positive Net Profit and not exceeding (i) the Maximum Distributable Amount and (ii) the Maximum Write-up Amount. Any write-up will be pro rata with other similar instruments
Substitution / Variation: Upon the occurrence of a Capital Event, a Tax Event or in order to align the Conditions to best practices published by the EBA pursuant to article 80 CRR, the Issuer may, subject to compliance with any conditions prescribed under Applicable Banking Regulations, substitute all (but not some only) of the Capital Securities or vary the terms of all (but not some only) of the Capital Securities provided they remain compliant with Applicable Banking Regulations with respect to Additional Tier 1 Capital and that such substitution or variation shall not be materially less favourable to the Holders
Statutory Loss Absorption: Applicable
Governing Law: Laws of the Netherlands
Day count: Act/Act, Unadjusted Following
Listing: Euronext Amsterdam
Clearing Systems: Euroclear and Clearstream, Luxembourg
Offering / Form: RegS / Bearer NGN
Denominations EUR 200,000 + EUR 100,000
 

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