Investir en obligations perpétuelles et subordonnées en zone Euro

SRLEV N.V. calls CHF 105 million undated subordinated bonds
19 November 2024 | 08:00
SRLEV N.V. (a subsidiary of Athora Netherlands N.V.) announces today that it is exercising its right to redeem the CHF 105,000,000 undated callable subordinated bonds issued in 2011. These bonds will be redeemed in full on 19 December 2024 at their principal amount together with accrued and unpaid interest and any arrears of interest.
Coupon  5.3340% p.a.

The bonds are currently listed on the SIX Swiss Exchange (ISIN: CH0130249581).
https://www.athora.nl/en/news/press-rel … ted-bonds/

Thanks a nos voisins
https://anleihenboard.de/viewtopic.php? … p;start=15

Comme d’hab le coupon sort plus bas qu’en "yield talk"

Heimstaden Bostad came @ 99,49 and coupon 6.25%. min 100k euros noté BB

Heimstaden Bostad AB (publ) (“Heimstaden Bostad”) successfully priced EUR 500 million perpetual hybrid securities with an annual fixed rate coupon of 6.250% to the first reset date on 4 March 2030. 

The hybrid securities will be accounted for as 100% equity by Heimstaden Bostad in accordance with IFRS. S&P and Fitch will classify the hybrid securities as having intermediate (50%) equity content and have each assigned a `BB’ rating to the issue.

The net proceeds of the issue will be used by Heimstaden Bostad for general corporate purposes including the purchase of its EUR 800 million perpetual hybrid securities with a first reset date on 19 February 2025 pursuant to the tender offer announced on 25 November 2024 (See footnote).

https://www.heimstadenbostad.com/invest … fault.aspx

Attention, c’est une preferred ( comme souvent avec Citi), donc probablement avec retenue à la source sur les dividendes versés.

https://www.sec.gov/Archives/edgar/data … 56dfwp.htm

6.750% FIXED RATE RESET NONCUMULATIVE PREFERRED STOCK, SERIES EE

(i) from, and including, the date of issuance of the Series EE preferred stock to, but excluding, February 15, 2030 (the “First Reset Date”), at an annual rate of 6.750% on the liquidation preference amount of $25,000 per share of Series EE preferred stock, quarterly in arrears, beginning on February 15, 2025 and

(ii) from, and including, the First Reset Date, for each reset period, at an annual rate equal to the five-year treasury rate as of the most recent reset dividend determination date plus 2.572% on the liquidation preference amount of $25,000 per share of Series EE preferred stock, quarterly in arrears, beginning on May 15, 2030.

Bonjour Badeline

Effectivement … chez IB elles sont classées obligations - sur Finanzen.net aussi ce qui m’avait induit en erreur. La confirmation est venue de la section "withholding tax" de IB
Eventuellement j’ai revendu les preferred avec gain…avant une des prochaines dates ex-divi…. donc je ne me plains pas car toutes avaient bien monté vu qu’elles étaient bien décotées quand je les ai achetées - et en petites tranches -

Par ex pour PNC la 6% etait une preferred donc j’ai vendu …mais pas la 6.25% que j’ai gardée

Australia Moves Ahead to Scrap AT1 Bonds After Credit Suisse Hit
Australia will be first country to phase out use of AT1 bonds

The Australian Prudential Regulation Authority said Monday it will phase out the use of Additional Tier 1 capital instruments with what it says should be cheaper and more reliable forms of capital that would absorb losses more effectively in times of stress. APRA will finalize changes before the end of next year, with the updated framework coming into effect from January 2027.

“Feedback was generally supportive of APRA’s proposal, with most respondents agreeing that AT1 does not meet the regulatory objectives of stabilizing a bank experiencing financial stress or supporting resolution to prevent a disorderly failure,” according to the statement.

The market is worth roughly A$40 billion ($26 billion). Australia’s big four banks each hold AT1 bonds equal to at least 1.5% of their risk-weighted assets. Under the new guidelines, they will be able to replace those bonds with 1.25% tier 2 capital and 0.25% common equity tier 1 capital. Smaller lenders would be able to fully replace AT1 with tier 2 instruments.

Australia Moves Ahead to Scrap AT1 Bonds After Credit Suisse Hit

A se demander si ca ne va pas rendre les ETFs Coco plus interessants

Thanks ! Very interesting … makes the actual ETFs in the AT1 bonds a good way to invest while less risk than individual positions . Invesco or wisdom Tree ETFs
Invesco AT1 Capital Bond ETF (Acc) | IE00BFZPF322 | A2JK9X Acc or distr near 6%
WisdomTree AT1 CoCo Bond UCITS ETF (Dist) EUR-Hedged | IE00BFNNN236 | A2JQ0E Acc or dist around 6%

What Euro Crisis? Investor Demand Drives Debt Sales to Records
…
Financial institutions were the standout gainers in 2024, taking nearly a one-third share of total sales, up from under a quarter the prior year. That’s normal conditions reasserting in the wake of the pandemic, when banks were heavily accessing the ECB’s discount window. In a healthy sign, following the Credit Suisse collapse in March 2023, there’s active flow of the most risky type of bank capital, additional tier 1 deals. Issuers feel confident enough to include longer windows in which to redeem perpetual debt from the (typical) five-year call dates - so as to hopefully re-issue replacement debt on more favorable terms.

More European banks may issue in dollars rather than euros next year, up from what was almost a record in 2024 of $11 billion of European AT1s, according to the largest arranger Morgan Stanley. The deeper US market means deals can be larger and arranged quicker, then swapped back into euros, at tighter equivalent credit spreads. As with US corporates issuing more in euros, it shows how open the credit markets are for business wherever it’s most favorable.

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Dernière modification par sissi (09/12/2024 13h09)

NEW ISSUE SUBORDINATED TIER 1 EUR: SCOR SE BBB+ PERPNC10 EY: 6.375%
Issuer Rating (IFS: M/S/F) A+ (Stb) / A (under review) / A1 (Stb) / A+ (Stb) (S&P / AM Best / Moody’s / Fitch)
SCOR SE is a French[2] tier 1 reinsurance company providing Property and Casualty (P&C) and Life reinsurance solutions to its clients. It is one of the leading reinsurers in the world. Created in 1970 with the backing of the French government, its original name was Société Commerciale de Réassurance, hence "SCOR". The SE acronym indicates that the company is a Societas Europaea (European company). In 2007, it became the first French listed company to use the SE acronym in its name.

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SCOR annonce une offre de rachat en numéraire sur des titres obligataires super subordonnés RT1 et son intention d’émettre de nouveaux titres obligataires super subordonnés RT1

COR SE (la « Société») annonce le lancement d’une offre de rachat en numéraire (l’« Offre de Rachat») portant sur l’ensemble de ses titres obligataires super subordonnés à durée indéterminée à taux fixe réinitialisable d’un montant nominal de 250 millions d’euros émis le 1er octobre 2014 (ISIN : FR0012199123) (éligibles au capital réglementaire de niveau 1 (Restricted Tier 1) et bénéficiant des mesures transitoires pour la hiérarchisation des passifs subordonnés jusqu’à fin décembre 2025), avec une date de premier remboursement anticipé le 1er octobre 2025 (dont 250 millions d’euros sont actuellement en circulation) (les « Titres »). Les Titres sont admis aux négociations sur le marché réglementé de la Bourse de Luxembourg.

SCOR annonce une offre de rachat en numéraire sur des titres obligataires super subordonnés RT1 et son intention d?émettre de nouveaux titres obligataires super subordonnés RT1 | SCOR

Depuis quelques semaines je ne recevais plus la liste de nouvelles obligations de Stuttgart

Aujourd’hui ca marche … ouf !
Alors voila la Scor 6% dont je parlais
SCOR SE 24/UND. FLR | A3L7AJ | Boerse Stuttgart (XSTU)

BBVA opened the market this year, launching an AT1 issue with a 7-year early redemption option and an initial pricing of 8.25 percent. This operation is part of the bank’s wholesale funding plan for 2025 and aims to strengthen AT1 hybrid capital.
The bookrunners included BBVA, Barclays, Bank of America, Citi, HSBC and JP Morgan.
The issuance is taking place in SEC format, with a prospectus registered with the U.S. Securities and Exchange Commission.

Il semble que le coupon soit sorti a 7.75% d’après nos voisins Italiens

Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue… - Cap. 4 bis | Page 82 | Forum di Investireoggi

Oui je trouve le titre BBVA assez qualitatif et j’ai voulu en faire d’autant qu’il cote légèrement sous le par mais la banque me donne une LTV nulle

Moi, j’ai pas de GBP en dehors d’actions HSBC que je ne compte pas vendre

Les rendements proposés en obligations GBP me semblent trés correct, en ligne avec le USD, beaucoup mieux que l’EUR

Par contre, le cout de la marge me semble prohibitif pour investir dans cette devise et je n’imagine pas changer et obtenir du GBP, devise totalement inutile pour moi

Donc pas trop de solution ….

J’éviterai aussi Close brother à cause du scandale auto, j’imagine que c’est un commentaire de bonded