Obligations perpétuelles et subordonnées en zone Euro : vos expériences ?

stephanedu13 · #301

Par curiosité, pour ma culture personnelle: c’est une société européenne mais qui émet en dollars. Pourquoi? Ça leur permet de toucher plus d’investisseurs?

sissi · #302

Surement … dont les "gros" come les gerants et fonds de pension … et etfs…

Mais les grosses boites américaines émettent aussi en diverses devises…comme l’AUD et le GBP en plus de l’euro/USD …

Cupflip · #303

Cela a également pour objectif de faire un hedge naturel : les entreprises qui reportent en EUR et qui ont des actifs et revenus en USD vont émettre pour des obligations en USD pour avoir un passif et des coûts en USD.

stephanedu13 · #304

OK pour le retour.

sissi · #305

New issues: HSBC Holdings plc issued international bonds (US404280EJ42, US404280EH85) in the amount of USD 1150, USD 1350 mln
https://cbonds.com/news/3049147/

US404280EJ42 HSBC Holdings PLC USD 6,95 perp min 200k USD ?
US404280EH85 HSBC Holdings PLC USD 6,88 perp

NEW ISSUE TIER 1 CAPITAL NOTES USD: UBS GROUP AG (UBS) Baa3/BB/BBB- PERP-MAR-2030 YIELD TALK: 7.50% min 200k
Coupon sorti à 6.85% junior sub perp
https://anleihenboard.de/viewtopic.php? … start=1290

NEW ISSUE SUBORDINATED AT1 EUR: KBC GROUP NV (KBCBB) Baa3/BB+/BBB- PERPNC7 YIELD TALK: 6.75%
Denomination: EUR200k + EUR200k
ISIN/Common Code BE0390152180 / 288937117

NEW ISSUE CORP SUBORDINATED EUR: BAYER AG Baa3/BB+/BB+ YIELD TALK: 30NC5.25 6.125% - 6.250%
ISIN: XS2900282133
Interest:Fixed Interest Rate until the First Reset Date;thereafter: every 5 years interest rate reset at Reference Rate + Initial Margin + relevant step-ups
Step-ups: 25bps from 13 December 2034 (First Step-up Date); 100bps (additional 75bps) from 13 December 2049 (Second Step-up Date)

min ? Cette Bayer je ne la trouve pas encore sur IB… par contre

Moody’s Ratings assigns Baa3 rating to Bayer’s proposed hybrids, outlook negative

https://www.moodys.com/research/Moodys- … tHH85of3AI

"

Dernière modification par sissi (10/09/2024 10h46)

sissi · #306

1. Bayer 5.5% euros 2054 call 2029 Junior SUB

screenshot
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New BAYER :Interest Payment Dates: 13 December (first short coupon)
First Optional Redemption Date: 13 September 2029
First Reset Date: 13 December 2029
Interest:Fixed Interest Rate until the First Reset Date; thereafter: every 5 years interest rate reset at Reference Rate + Initial Margin+ relevant step-ups
Step-ups: 25bps from 13 December 2034 (First Step-up Date); 100bps (additional 75bps) from 13 December 2049 (Second Step-up Date)
Fixed Interest Rate: Payable annually in arrear on 13 December in each year from and including the Issue Date to but excluding the First Reset Date (short first coupon). Act/Act (ICMA), following unadjusted

min 100k euros

2. NEW ISSUE SUBORDINATED EUR: Telefónica, S.A. Baa2/BB/BB+ PERPNC2031 Yield Talk: 5.25%
100k
ISIN / Temporary ISIN XS2646608401 / XS2901990429

3. Nouvelle emission de boite colombienne PAS une sub

Termocandelaria Power US88087AAA60, 7.75% min 200k USD

TERMOC – Termocandelaria announced a new $425mn bullet 7NC3 senior unsecured bond issuance rated BB (Fitch and S&P) with IPT in the low to mid 8% area. The company will use proceeds from the issuance to fund the tender at 102 (including 5 points for early tender premium) for any and all of its existing 7.875% 2029s ($417.2mn outstanding).

Termocandelaria is a Colombia based thermal generator operating through two subsidiaries, Termocandelaria (TECAN/100%) and Termobarranquilla (TEBSA/57.4%) that tougher have 1,529MW of installed capacity and generate ~30% of electricity demand in Colombia’s Atlantic coast. In 2023, the company closed the cycle The company’s assets are strategic to Colombia’s Atlantic coast as its gas fired capacity supports peak demand and is dispatched during dry periods that impact hydro plants. The company benefits from out-of-merit generation due to transmission bottlenecks in Colombia’s northern coast and from USD linked cash flows through fixed reliability charges. The conclusion of the combined cycle at Termocandelaria in 2023 should drive revenue and EBITDA higher going forward.

Termocandelaria’s LTM 2Q24 revenue at $1.46bn, compares to 2023’s $1.1bn and 2022’s $699mn and reflect the impact of El Nino that reduces hydrology, leads to higher thermal generation and results in higher spot prices as well as the closing of the cycle at Termocandelaria in 2023. Similarly, LTM 2Q24 EBITDA at $519mn compares to 2023’s $387mn and 2022’s $248mn. The company reported total debt at 2Q24 of $597mn and cash of $148mn for net debt of $449mn and gross and net leverage of 1.2x and 0.9x, respectively. Given the new issuance will not add incremental debt due to the tender, proforma leverage will remain unchanged.

ostal · #307

Il faut être chez forcément chez IB pour avoir le droit d’acheter ce genre de produits ? Comme je m’y attendais, Saxo ne reconnait pas ces codes ISIN.
Ca m’aurait bien plu de compléter mon portefeuille Rendement avec quelques preferred.

Oblible · #308

Pour les valeurs Européennes, il y a SwissQuote et GoldWasserExchange qui donnent accès à pas mal d’obligations.

sissi · #309

Nouvelle emission sur Francfort et Finanzen.net

Aviva PLC 6,125% 24/54 min 100k GBP sub
ISIN: XS2866204691
Aviva PLC 6,125% 24/54 Bond | A3L3H6 | XS2866204691 | Price

BNP Paribas-Anleihe: 7,375% sub call 2034 min ? 200k USD ?
ISIN US05602XJC39
BP455E | BNP Paribas-Anleihe: 7,375 % (unbefristet) | finanzen.net

"NEW ISSUE EM USD: FIEMEX ENERGIA ( Fideicomiso de Inversion en Energia Mexico) (FIEMEX) Baa3/BBB/BBB- 16.4YR YIELD TALK: 7.625% min 200k USD
Ranking:Senior Secured Notes"
144a: US05974EAA82 / 05974E AA8 | Reg S: USP0R12RAA88 / P0R12R AA8
México emite un bono de 1.353 millones de euros para pagar las 13 plantas de Iberdrola en el país

Interessant de voir le yoyo de l’obligation Societe Generale sub perp emise en mars 2024
Société Générale S.A. 8,5% ISIN: USF8500RAD47 min 200k USD Tier 1
Société Générale S.A. 8,5% Anleihe | A3LWGP | USF8500RAD47 | Kurs
Koupon von 8.5% ist fixiert bis zur ersten Call Möglichkeit in 2034 (März bzw September) , wenn nicht gecalled würde, dann wird neu fixiert (meine für 5 Jahre) mit 5yr UST + 415bps
= coupon fixe de 8.5% jusqu’en 2034 puis pour les 5 années suivantes 5 ans + 415 bps

Dernière modification par sissi (12/09/2024 11h53)

sissi · #310

Nouvelle emission

Bank of Ireland Group-Anleihe: 6,375% euro call 2030 a 99,35 % sur Stuttgart
ISIN XS2898168443 notée Ba1, emetteur IG
A3L3BA | Bank of Ireland Group-Anleihe: 6,375 % (unbefristet) | finanzen.net

min ?

Oblible · #311

Montant minimum : 200.000 EUR, comme pour la plupart des nouvelles émissions

sissi · #312

EDF announces the success of its multi-tranche green hybrid bond issue for a nominal amount of 1.15 billion euros and 500 million sterling
On 10 September 2024, EDF (BBB positive S&P / Baa1 stable Moody’s / BBB+ stable Fitch) successfully priced a
new issuance of green
• • •
perpetual subordinated notes (the “New Notes”):
at an initial 5.125% coupon until 2029 with a 5.25-year first call date at EDF’s discretion; at an initial 5.625% coupon until 2032 with a 8-year first call date at EDF’s discretion;
at an initial 7.375% coupon until 2035 with a 11-year first call date at EDF’s discretion.
€500 million bond,
€650 million bond,
£500 million bond,

https://www.edf.fr/sites/groupe/files/e … 9.2024.pdf

It is expected that the rating agencies will assign the New Notes a rating of B+/Ba1/ /BBB- (S&P/ Moody’s/Fitch) and an equity content of 50%.

FR001400SMS8 Electricite de France S.A. (E.D.F.) EUR 5,13 % perp call 2029
FR001400SMT6 Electricite de France S.A. (E.D.F.) EUR 5,63 % perp call 2032
FR001400SMR0 Electricite de France S.A. (E.D.F.) GBP 7,38 % perp call 2035
https://www.boerse-stuttgart.de/de-de/p … k2rpnpoq81

On suppose des grosses tranches … a verifier sur Stuttgart demain !

Dernière modification par sissi (12/09/2024 22h19)

sissi · #313

La nouvelle Bayer 5.5% euros 2054 call 2029 Junior SUB min 100k vient d’apparaitre sur Francfort ISIN: XS2900282133
Bayer AG 5,5% 24/54 Bond | A383Q8 | XS2900282133 | Price

sissi · #314

Les HYBRIDES de EDF sont bien des tranches min de 200k euros !

Electricite de France perp | A3L3G6 | Börse Stuttgart (XSTU)

sissi · #315

Un article sur interessant sur les Hybrides dans Global Capital : pour ceux qui y ont acces

J’ai pu le lire mais pas faire du copier/coller hélas

"New style hybrids give rating agencies power over investors"

Ca s’applique bien a Bayer qui n’a rien a y gagner
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Aussi en IG

Aptiv/Aptiv Global Financing DAC 6,875% 15.12.2054 call 2029 min 200k USD noté Baa2
ISIN US03837AAD28
https://www.finanzen.net/anleihen/a3l2f … ac-anleihe

Dernière modification par sissi (15/09/2024 18h55)

sissi · #316

NEW ISSUE CORP EUR: CPI PROPERTY GROUP Ba1/BB+ 8Y YIELD TALK: 7.375%
ISIN / Common Code: XS2904791774 / 290479177
Du forum voisin !
On peut s’attendre a de grosses tranches !
Ils font une offre de rachat sur des 2025 …

sissi · #317

Nouvelle émission : pas sub …. a voir le coupon final ?

NEW ISSUE HY EUR: ACCORINVEST GROUP S.A. B2/B+/BB 5NC2 YIELD TALK: HIGH 6s
senior secured
REGS ISIN / COMMON CODE XS2900445375 / 290044537 144A ISIN / COMMON CODE XS2900445615 / 290044561
100k
Merci au forum de voisins!
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La bonne file c’est probablement : "nouvelles opportunités…"

sissi · #318

DES PROS POUR LES PROS !

Post by bonded » Wed 18. Sep 2024, 19:13

We highlight trade ideas in European bank capital where investors can enjoy significant pick-ups in Z spread and/or reset levels.
AT1s:
Move into BNP Buy BNP $ 8% 31c AT1 vs sell STANLN $ 7.875% 30c AT1
• Move into an IG average rated AT1 and pick up 3 notches higher ratings at S&P: BNP AT1 rated Ba1/BBB-/BBB (M/S&P/F) vs STANLN AT1 rated Ba1/BB-/BBB (M/S&P/F).
• Pick up c.15bp higher reset levels: 373bp BNP vs 357bp STANLN.
• Move out of STANLN which could be more exposed to US-China geopolitical tail risks, due to its significant presence in Asia.

Buy BNP $ 4.5% 30c AT1 vs sell ACAFP $ 4.75% 29c AT1
• Pick up c.100bp Z spread (Figure 12).
• We see similar call economics and extension risks for these AT1s as the BNP reset level is only 30bp lower than that of ACAFP AT1: 294bp BNP vs 324bp ACAFP.
• Since July 2023, BNP has issued $ AT1s without temporary write-down structures. In the medium/longer term, BNP may choose a strategy of calling its temporary write-down AT1s and refinancing with equity conversion AT1s.

£ Tier 2: pick up reset levels
Buy CABKSM £ 6.875% T2 vs sell SANTAN £ 2.25% T2
• Pick up c.10bp Z spread (Figure 13): CABKSM T2 was upgraded to an IG rating at Moody’s in March 2024, but has underperformed SANTAN £ T2 since then.
• Pick up 205bp higher reset level: 370bp CABKSM vs 165bp SANTAN.
• Move into an issuer with a better call track record around extension risk: SANTAN AT1 non-call decision in 2019.

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sissi · #319

Nouvelle emission euro : coupon final ?

NEW ISSUE SUBORDINATED TIER2 EUR: APICIL PREVOYANCE (APCLPR) Baa2 10YR YIELD TALK: 5.875%
100k euro

Issuer: APICIL Prévoyance (APCLPR)
Legal Entity Identifier: 969500D3CIL5P47FL803
Description: EUR Fixed Rate Subordinated Notes due 2034 (the “Notes”)
Issuer Rating: A3 (Stable) by Moody’s
Issue Rating (exp.): Baa2 by Moody’s
Form: RegS Dematerialised Bearer
Status of the Notes: Ordinary Subordinated Obligations of the Issuer (“Solvency II Tier 2 Notes”)
Nominal Amount: €250,000,000 (WNG)
Pricing Date: 26 September 2024
Settlement Date: 3 October 2024 (T+5)
Scheduled Maturity Date: 3 October 2034
IPTs: 5.875% area (equiv to ~MS+345a)
Coupon: Fixed rate of [x] p.a., payable annually in arrears
Interest Deferral: Mandatory interest deferral (cumulative, non-compounding) (i) upon a breach of SCR/MCR of the Issuer and/or the APICIL Prudential Group, (ii) as required by the Relevant Supervisory Authority, or (ii) if the Issuer is or is declared insolvent (each a Regulatory Deficiency). Regulatory waiver applies

Pour le reste des details:
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Nouvelle emission GENERALI min 200k USD

EUR Benchmark 10.25Y Sub Fixed (Jan. 3, 2035) MS+210 Area
Coupon: Annual, long first
Issuer: Generali (ASSGEN)
Exp. Ratings: Baa2/BBB+ (Moody’s/Fitch)
Format: Reg S, bearer, subordinated note, Tier 2
Clean-up call (75%), tax changes call, regulatory / capital disqualification call
UOP: GCP
Settlement: Oct. 3, 2024
Denoms: 200k x 1k
ISIN: XS2911633274
Bookrunners: BNPP (GC/B&D), Barclays, BBVA, GS, Mediobanca, Santander, UBS
Target Market: Eligible counterparties and professional clients only (all distribution channels)

NEW ISSUE SUBORDINATED TIER1 USD: Lloyds Banking Group plc Baa3/ BB./BBB- PERP NC7 YIELD TALKk 7.125%

Dernière modification par sissi (26/09/2024 16h52)

sissi · #320

USX60003AC87 Nordea Bank AB publ USD 6,30% 31.12.2099 tranche ? 200k ? USD
Emetteur AA-
NORDEA BANK 24/UND. FLR | A3L3VH | Börse Stuttgart (XSTU)

sissi · #321

HSBC’s legacy capital jumps most in 14 years after call notice

The lender will be redeeming a US$900 million (RM3.71 billion) preferred security issued by HSBC Capital Funding (Dollar 1) LP, an issuing entity set up in the island of Jersey, and an associated note. It will pay holders the higher of the face value and the value of a make-whole call option, it said in a statement on Friday.
In a separate statement, HSBC said it won’t be taking any action on a similar sterling-denominated subordinated instrument, issued in 2003.

The move is part of an ongoing effort to ditch old-school securities that once counted as capital for banks. HSBC last year kick started a rush from lenders globally to repay even older issues, first sold back in the 1980s. These so-called disco bonds were among the most lucrative trades of last year.

Banks these days have to abide by Basel III regulations that came into effect following the global financial crisis. Under the current rules, banks can only supplement common equity with Additional Tier 1 capital, which typically takes the form of contingent convertible bonds or, as is the case in the US, preferred stock.

HSBC “expects to evaluate opportunities to reduce its legacy securities against a desire that decisions are taken where they present a reasonable economic cost”, it said in the statement.

HSBC’s legacy capital jumps most in 14 years after call notice

sissi · #322

Ce matin sur Francfort sont apparues - pas d’infos sur les dates de call

Crédit Agricole S.A. 6,7% trimestrielle sub perp min 200k USD
ISIN: USF2280BAA47
Crédit Agricole S.A. 6,7% Bond | A3L35Y | USF2280BAA47 | Price

Lloyds Banking Group PLC 6,75% trimestrielle sub perp min 200k USD
ISIN: US53944YBB83
Lloyds Banking Group PLC 6,75% Bond | A3L37C | US53944YBB83 | Price

Et sur Stuttgart

XS2914160804 Commerzbank AG USD 7,50 03.10.2024 31.12.9999 mais pas de details encore …
Produkte | Börse Stuttgart

Tssm · #323

Merci Sissi, j’ai aussi vu l’émission de Farmers Insurance
C’est call 30a et échéance 40 ans
Obligation notée BBB+
Coupon 7%

Pas trouvé d’ISIN
Je voudrais bien savoir si c’est par 1000USD ?

Farmers Insurance Exchange Announces Pricing of its $300 million 7.000% Surplus Notes due 2064

sissi · #324

Tssm

Sur IB ca me dit min 10k pour la nouvelle , coupon 7.23 % 2064 call juillet 2054 , min 10k que ce soit pour la REGs ou la 144

J’ai simule … C’est encore en "PRE-ISSUE"
Isin pour la Regs USU1335PAFOO
Isin pour la 144A (QUIB ONLY) 309601AG7

Desolee l’isin est en fait USU3135PAF00 pour la REGS

Nouvelle emission que nos voisins achètent: coupon final 10% 2035

NEW ISSUE SUBORDINATED TIER2 GBP: NOT RATED 10.25NC5.25 YIELD TALK: 10.25%ç
IssuerOakNorth Bank plc min 100k GBP
Legal Entity Identifier 213800A7BOPQRC475O81
Kleines Banking Fintech mit ein paar namhaften Köpfen (z.B. Chairman Lord Adair Turner) und Lead Investoren GIC, Softbank. Profitabel. Finde das Ganze nicht uninteressant.
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NEW ISSUE JR SUBORDINATED USD: APOLLO GLOBAL MANANGEMENT INC. (APO) A3/BBB+/BBB+ 30NC10 YIELD TALK: 6.5% pas encore sur IB

Dernière modification par sissi (03/10/2024 18h15)

sissi · #325

NEW ISSUE JR SUBORDINATED USD: ATHENE HOLDING LTD (ATH) Baa2/BBB/BBB- 30NC10 YIELD TALK: 7.00% MIN 2K USD

Elle est sur IB mais avec un coupon de 6.809% notée BBB, Baa2
C’est une 2054 avec call en juillet 2034 a 100 min 2k USD
ISIN 04686JAJO (ou 0)

La nouvelle APOLLO GLOBAL MANANGEMENT INC. (APO) A3/BBB+/BBB+ a un coupon de 8.1667 % 15 dec 2054 avec un call en sept 2034 a 100 min 2K USD
ISIN 03769MAD8
Divergence sur le coupon : 6 ou 8.1667 ?
Apollo Global Management prices $500 million notes due 2054 By Investing.com

The proposed notes are deferrable for up to five years, subordinated, have a maturity of longer than 20 years, and together with AGM’s existing subordinated debt comprise less than 15% of total capitalization. Therefore, we assigned intermediate (50%) equity credit to this debt issuance. In our calculation of Apollo’s key ratios, we will treat half the issued amount as debt and half as equity, and half the interest as interest expense and half as dividends. Any amount of hybrid capital in excess of 15% of total capital structure would be treated entirely as debt.

S&P Global Ratings

Dernière modification par sissi (10/10/2024 10h36)

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Obligations perpétuelles et subordonnées en zone Euro : vos expériences ?

#301 05/09/2024 21h17

#302 05/09/2024 21h35

1 #303 05/09/2024 21h40

#304 06/09/2024 09h15

#305 10/09/2024 09h45

#306 11/09/2024 11h32

#307 11/09/2024 17h45

#308 11/09/2024 18h02

#309 12/09/2024 08h46

#310 12/09/2024 14h29

#311 12/09/2024 14h34

#312 12/09/2024 20h59

#313 13/09/2024 09h59

#314 14/09/2024 16h55

#315 15/09/2024 18h09

2 #316 17/09/2024 15h28

#317 18/09/2024 14h14

1 #318 19/09/2024 13h59

#319 26/09/2024 13h48

#320 30/09/2024 10h38

#321 30/09/2024 20h05

1 #322 03/10/2024 08h21

#323 03/10/2024 10h43

#324 03/10/2024 11h13

#325 10/10/2024 09h33

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