Die Bücher für die MÜnchener Hypothekenbank Tier 1-Anleihe sind geöffnet. Laufzeit: 5,5 Jahre, Kupon etwa 10%. Die Stückelung beträgt 1.000 Euro. Die Transaktion wird von BNP Paribas und DZ Bank begleitet.
Issuer: Isar Capital Funding I LP, a silent partner in Muenchener Hypothekenbank eG (snr rating Aa3)
Size : EUR [ ]mm
Rating: A2 (Moody's)
Maturity: Perp nc 5.5yr
*PRICE GUIDANCE: 10% AREA*
Timing: This week's business, books OPEN
Call: 30 June 2015, annually thereafter
Coupon payments: [ ]% no step-up, non-cumulative, payable annually, short first
Coupon payments are contingent on profit participation
payments from MünchenerHyp under the Participation Agreement
MünchenerHyp will make profit participation payments under
Silent Participation unless:
⎯ Payments would create (or increase) a Balance Sheet
Deficit (netincome/loss for the year, adjusted for
profit/loss carried forward from the previous fiscal year
as well as transfers from revenue reserves, allocations to
revenue reserves and write-ups of Genussscheine); or
⎯ As a result of previous years’losses, the Silent
Participation remains written down; or
⎯ Bank is in insolvency proceedings or upon regulatory
intervention; or
⎯ MünchenerHyp’s solvency ratio is below 9% AND such payment
would lead to (or increase) an annual loss
Listing: Luxembourg & Munich
Denominations: EUR 1,000
Security codes: WKN: A1APTA ISIN: DE000A1APTA4
Leads: BNP Paribas / DZ Bank
Selling: This transaction is intended to be passported pursuant to
the Prospective Directive (Directive 2003/71/EC) into the
following countries for the purposes of offers to the public
during the offer period by the managers and distributors:
Germany, Austria, UK, Ireland, the Netherlands, Spain and
Portugal.Offers and sales in the EEA outside these named
jurisdictions and Luxembourg and outside the offer period
will be made to Qualified Investors (as defined in the
Prospectus Directive) only.
