I B AI B A JPMorgan leads eurodollar $1.0bn retail Tier 1 for HBOS Transaction summaryTransaction highlights Joint largest Eurodollar retail tier 1 by
{"Image DocumentName": "Banca Monte dei Paschi di Siena (BMPS) bolsters core capital by \u20ac700 million via FRESH", "Image ImageDescription": "FRESH (Floating Rate Equity-linked Subordinated Hybrid) Preferred Securities. Terms of the bond. A structure that provides core capital for BMPS. Second FRESH style convertible, following the Fortis FRESH last year, providing. Core capital recognised as equity by the regulator for the full amount. Positive treatment from rating agencies (non-leverage) Treatment as debt by tax authorities resulting in tax deductible coupon. Deferred EPS impact (considered non-dilutive by most analysts) Variation of a groundbreaking structure. As with Fortis, automatic conversion occurs if the underlying stock reaches a pre-defined trigger level after a pre-defined date. Structural details adjusted to ensure approval by Italian regulator: Delaware-based Trust and LLC. Non-cumulative coupon (can be omitted if no dividends are paid on share capital or if Bank of Italy declares that capital base would be deficient following a coupon payment) Early redemption possible following certain tax and regulatory events. Automatic conversion if Bank of Italy declares BMPS\u2019s capital base to be deficient Efficient and flawless execution. The offering was launched the same day BMPS called the EGM to approve the capital increase without pre-emptive rights. The book was well covered and closed before noon. Minimal share price impact with BMPS shares falling only 1.9% on the day of launch despite trading nearly 7 times the average trading volume. BMPS share price performance in November Share price (Eur) Share price. Volume (shares \u2018000) Volume (\u2018000) Break up of demand by geography. Switzerland 4% RoE. 3% Italy 6% -1.9% Germany 9% France. 12% UK. 44% US/Offshore. 22% Source: Bloomberg. Source: JPMorgan. November", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}