Obbligazioni perpetue e subordinate A quando la call su BES XS0171467854, BCP XS0194093844 e Caixa Geral XS0195376925? (1 Viewer)
- Creatore Discussione Rottweiler
- Data di Inizio
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Utente Marc:
Issuer
Banco Comercial Português, S.A.
Issuer Senior Unsecured ratings
Ba1 Stable (Moody’s) / BB Stable (S&P) / BB Stable (Fitch) / BBB low Stable (DBRS)
Expected issue ratings
Ba3 (Moody’s) / B (S&P) / BB- (Fitch) / BB (DBRS)
Instrument
Fixed Rate Reset Subordinated Notes intended to qualify as Tier 2 capital due 27 March 2030 (10.5NC5.5)
Format
Dematerialized book-entry Notes cleared through Interbolsa. RegS Compliance Category 2, TEFRA C
Status
Direct, unconditional, unsecured and subordinated obligations of the Issuer that will rank: (i) pari passu with other Tier 2 instruments, (ii) in priority to (1) the Issuer’s Tier 1 instruments (2) the Issuer’s undated or perpetual subordinated instruments unless such instruments rank or are expressed to rank pari passu with, or in priority to, the Notes,, (3) all classes of share capital and (4) all other obligations which rank junior to the Notes and (iii) subordinated to Senior Creditors of the Issuer, as defined in the Terms and Conditions of the Notes
Currency / Size
EUR 400-500m expected
Settlement Date
27 September 2019
Maturity Date
27 March 2030
Optional Redemption Date
27 March 2025, subject to the prior approval of the Relevant Authority
Interest Rate
Margin:
[X] %,p.a. Fixed until the Optional Redemption Date, then reset to the 5-year Mid-Swap Rate + the Margin, payable annually in arrears
[X]bps
IPTs
4.125% area (equivalent to MS+450bp)
Issuer
Banco Comercial Português, S.A.
Issuer Senior Unsecured ratings
Ba1 Stable (Moody’s) / BB Stable (S&P) / BB Stable (Fitch) / BBB low Stable (DBRS)
Expected issue ratings
Ba3 (Moody’s) / B (S&P) / BB- (Fitch) / BB (DBRS)
Instrument
Fixed Rate Reset Subordinated Notes intended to qualify as Tier 2 capital due 27 March 2030 (10.5NC5.5)
Format
Dematerialized book-entry Notes cleared through Interbolsa. RegS Compliance Category 2, TEFRA C
Status
Direct, unconditional, unsecured and subordinated obligations of the Issuer that will rank: (i) pari passu with other Tier 2 instruments, (ii) in priority to (1) the Issuer’s Tier 1 instruments (2) the Issuer’s undated or perpetual subordinated instruments unless such instruments rank or are expressed to rank pari passu with, or in priority to, the Notes,, (3) all classes of share capital and (4) all other obligations which rank junior to the Notes and (iii) subordinated to Senior Creditors of the Issuer, as defined in the Terms and Conditions of the Notes
Currency / Size
EUR 400-500m expected
Settlement Date
27 September 2019
Maturity Date
27 March 2030
Optional Redemption Date
27 March 2025, subject to the prior approval of the Relevant Authority
Interest Rate
Margin:
[X] %,p.a. Fixed until the Optional Redemption Date, then reset to the 5-year Mid-Swap Rate + the Margin, payable annually in arrears
[X]bps
IPTs
4.125% area (equivalent to MS+450bp)
Rottweiler
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Notizie negative per BCP (e per altre banche con filiali in Polonia) dalla Corte di Giustizia Europea sulla questione dei mutui in franchi svizzeri. Vediamo se/quanto ne soffriranno le quotazioni di azione e subordinati:
Top EU court backs Polish consumers over Swiss Franc mortgages
Top EU court backs Polish consumers over Swiss Franc mortgages
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Forumer storico
Portugal's largest bank, Caixa Geral de Depositos (CGD), said on Monday it had issued a 500 million euro (£426.5 million) senior non-preferred five-year bond, the first time a Portuguese lender has issued this type of debt.
State-owned CGD's bond, which carries an interest rate of 1.25%, was placed exclusively with institutional investors.
The bond issue is part of a financing plan by CGD to comply with the so-called MREL regulation, which sets a minimum requirement for a bank's own funds and eligible liabilities.
The bank said 28% of investors were from the United Kingdom, 16% from France, 16% form Portugal, 8% from the Netherlands, 8% from Spain and 7% from Italy.
Asset managers made up 70% of the buyers of the bonds, with the bid seven times higher than the amount on offer, it added.
CGD said in a statement that an "improvement of profitability, solvency and asset quality" had resulted in a significant decrease in its financing cost.
State-owned CGD's bond, which carries an interest rate of 1.25%, was placed exclusively with institutional investors.
The bond issue is part of a financing plan by CGD to comply with the so-called MREL regulation, which sets a minimum requirement for a bank's own funds and eligible liabilities.
The bank said 28% of investors were from the United Kingdom, 16% from France, 16% form Portugal, 8% from the Netherlands, 8% from Spain and 7% from Italy.
Asset managers made up 70% of the buyers of the bonds, with the bid seven times higher than the amount on offer, it added.
CGD said in a statement that an "improvement of profitability, solvency and asset quality" had resulted in a significant decrease in its financing cost.