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1 #1 12/02/2014 14h52
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Le crédit suisse a annoncé qu’il fera sans doute un call de son obligation USD 7.875%, en faisant appel à leur clause de "Regulatory Event".
Deutsche Bank et Lloyds pourraient faire de même.
The Swiss bank’s 7.875% US$1.5bn Tier 1 bond dropped 3.5 points on expectations it will take advantage of a clause allowing it to call the transaction early due to the loss of regulatory benefit.
“A regulatory call for partial loss of treatment is pretty clear in the Credit Suisse terms and investors happily bought into it at the time,” said Daniel Bell, head of EMEA DCM capital products at Bank of America Merrill Lynch.
“It is about allocation of the risk of regulatory changes.”
Deutsche Bank is seen as an obvious candidate to call, although analysts say that it will at least wait until Germany has an agreed Additional Tier 1 structure.
Once that comes, Deutsche could threaten a regulatory par call against an aggressive LME of their Tier 1s into new AT1, according to Morgan Stanley analysts, who say the bank is looking to raise €5bn in AT1 debt by 2015.
Source : Tier 1 bonds rocked after Credit Suisse call threat | Capital City | IFRAsia
Mots-clés : call, deutsche bank, lloyds, obligation, swiss bank
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