Die Bücher für die Tier1 Transaktion der Münchner Hypothekenbank gehen am Montag auf, whisper: Kupon 10% area: Konsortialführer sind BNP Paribas und DZ BANK.
Issuer: Isar Capital Funding I LP, a silent partner in Muenchener Hypothekenbank eG (snr rating Aa3)
Size : €[ ]mm
Rating: A2 (Moody's)
Maturity: Perp nc 5.5yr
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 proofit/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: €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.
