Obligations perpétuelles et subordonnées en zone Euro : vos expériences ?

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.