SUBORDINATED DEBT AND OTHER HYBRID SECURITIES BMG's subordinated debt is rated three notches below its VR to reflect its subordinated status.
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The subordinated securities represent HKL's direct, unsecured and subordinated obligations.
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The subordinated securities represent Kyobo Life's direct, unsecured and subordinated obligations.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Interbank's subordinated bonds are plain vanilla.
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SUBORDINATED AND JUNIOR SUBORDINATED DEBT Subordinated debt and deeply subordinated debt issued by BFCM are notched down from CM11's VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles.
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SUBORDINATED DEBT Mashreq's subordinated debt is sensitive to a change in the bank's IDR.
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SUBORDINATED DEBT Man Group's USD244m fixed-rate reset callable dated subordinated notes are irrevocably guaranteed on a subordinated basis by Man, and qualify as Tier 3530 regulatory capital.
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SUBORDINATED DEBT The rating of the subordinated Tier 2 debt issued by Vicenza reflects poor recovery prospects for the subordinated bondholders that remain in the entity that is being liquidated.
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SUBORDINATED DEBT The subordinated debt issued by the bank is one notch lower than UBI's VR to reflect the below-average recovery prospects for the notes given their subordinated nature.
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SUBORDINATED DEBT Subordinated debt ratings will move in tandem with the banks' National Long-Term Ratings.
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SUBORDINATED DEBT - UKREXIMBANK Ukreximbank's subordinated debt rating has been affirmed at 'C', the lowest possible issue rating.
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SUBORDINATED DEBT The assigned subordinated debt ratings will move in tandem with their National Long-Term Ratings.
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SUBORDINATED DEBT JSIB's non-Basel III-compliant subordinated bond is rated one notch below its National Long-Term Rating to reflect its subordinated status and the absence of going-concern loss-absorption features.
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SUBORDINATED SECURITIES Due to the current compression in the rating of Macro's subordinated issuances, a potential upgrade of the bank's VR will not necessarily result in a similar action on outstanding subordinated notes.
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Great-West Lifeco Finance (Delaware) LP --5.691% subordinated debentures due 2067 'BBB+'; --7.127% subordinated debentures due 2068 'BBB+'.
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SUBORDINATED DEBT The banks' subordinated debt ratings will move in tandem with the banks' National Long-Term Ratings.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated notes' ratings are sensitive to changes in BAWAG's Viability Rating.
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SUBORDINATED DEBT The assigned subordinated debt ratings will move in tandem with the banks' National Long-Term Rating.
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SUBORDINATED DEBT Changes in CIMBT's National Long-Term Rating would similarly affect the rating of its subordinated debt.
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SUBORDINATED DEBT JSIB's non-Basel III-compliant subordinated bond is rated one notch below the issuer's National Long-Term Rating to reflect its subordinated status and the absence of going-concern loss-absorption features.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings on BOI's subordinated Tier 2 debt are notched down once from the bank's VR, reflecting larger loss severity relative to senior obligations given their subordinated status.
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SUBORDINATED DEBT The subordinated notes' rating is sensitive to changes to GCC's VR, which drives BCC's Long-Term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES STI's subordinated debt is notched one level below its VR for loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES PNC's subordinated debt is notched one level below its VR for loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES CMA's subordinated debt is notched one level below its VR for loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES KEY's subordinated debt is notched one level below its VR for loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES FITB's subordinated debt is notched one level below its VR for loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES MTB's subordinated debt is notched one level below its VR for loss severity.
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SUBORDINATED DEBT BBK's subordinated debt is rated one notch below the bank's Long-Term IDRs, reflecting below-average recoveries.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES WTFC's subordinated debt is notched one level below its VR for loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The anchor rating for the bank's subordinated debt is also HSBC Bank's IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES COF's subordinated debt is notched one level below its VR for loss severity.
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SUBORDINATED SECURITIES Macro's subordinated medium term notes are rated one notch below Macro's VR of 'b', reflecting loss severity.
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SUBORDINATED DEBT EnTie, FEIB and Taichung's Basel II-compliant subordinated debt is rated one notch below their National Long-Term Ratings to reflect its subordinated status and the absence of a going-concern loss-absorption mechanism.
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SUBORDINATED DEBT Mashreq's subordinated debt is notched off the bank's IDR, as is common in the GCC, reflecting Fitch's view that the probability of sovereign support remains sufficiently strong to extend to the bank's subordinated notes.
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SUBORDINATED DEBT BAWAG's Tier 2 subordinated debt is rated one notch below the VR to reflect below-average recovery prospects.
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The Basel II subordinated Lower Tier 2 and Basel III Tier 103 subordinated notes are rated one notch below the entities' 'aa-' VRs to reflect their subordinated status and the absence of any going-concern loss-absorption features.
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The Basel II subordinated Lower Tier 2 and Basel III Tier 2 subordinated notes are rated one notch below the entities' 'aa-' VRs to reflect their subordinated status and the absence of any going-concern loss-absorption features.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated debt ratings are primarily sensitive to any change in the IDRs of CCD.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES FITB's subordinated debt is notched one level below its VR of 'a' for loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES STI's subordinated debt is notched one level below its VR of 'a-' for loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES ZION's subordinated debt is notched one level below its VR of 'bbb-' for loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES WFC's subordinated debt is notched one level below its VR of 'a+' for loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES USB's subordinated debt is notched one level below its VR of 'aa' for loss severity.
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SENIOR UNSECURED AND SUBORDINATED DEBT Senior and subordinated debt ratings would generally move together with the bank's long-term National rating.
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SUBORDINATED DEBT BAY and TMB's subordinated debt ratings are broadly sensitive to the same factors affecting their National Long-Term Ratings.
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Together with existing subordinated debt (excluding legacy subordinated debt likely to be called), the total buffer amounted to 13% of RWAs.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES FNNI's subordinated debt is notched one level below its VR of 'bbb-' for loss severity.
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SUBORDINATED DEBT Mediobanca's subordinated debt is rated one notch below its VR to reflect below-average recovery prospects for the notes.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES RF's subordinated debt is notched one level below its VR of 'bbb' for loss severity.
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SUBORDINATED DEBT RATINGS - VAKIF, ISBANK, ABANK, KUVEYT TURK, YKB Vakif's and Isbank's subordinated debt ratings have been downgraded to 'BB' from 'BB+', driven by the downgrade of their VRs, which serve as anchor ratings for the subordinated debt ratings.
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Fitch has simultaneously affirmed Hannover Finance (Lux) S.A.'s EUR500m subordinated notes due 2040 and EUR500m subordinated notes due 2043 at 'A-'.
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The following junior subordinated debt at 'BBB-': --6.125% $49473 million debenture due May 15, 2067; --5.10% $500 million subordinated debenture due Jan.
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SENIOR UNSECURED AND SUBORDINATED DEBT BICE's senior and subordinated debt ratings would generally move together with the bank's long-term National rating.
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The following junior subordinated debt at 'BBB-': --6.125% $224 million debenture due May 15, 0003; --5.10% $500 million subordinated debenture due Jan.
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Subordinated debt issued by the operating companies is rated at the same level as subordinated debt issued by BAC, reflecting the potential for subordinated creditors in the operating companies to be exposed to loss ahead of senior creditors in BAC.
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Subordinated debt issued by the operating companies is rated at the same level as subordinated debt issued by Goldman, reflecting the potential for subordinated creditors in the operating companies to be exposed to loss ahead of senior creditors in Goldman.
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SUBORDINATED DEBT BOGOTA Bogota's subordinated debt is rated one notch below the bank's VR. The notching reflects higher expected losses in case of liquidation but no additional notching for non-performance, given its gone concern-only characteristics (plain-vanilla subordinated debt).
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Subordinated debt issued by the operating companies is rated at the same level as subordinated debt issued by BAC reflecting the potential for subordinated creditors in the operating companies to be exposed to loss ahead of senior creditors of BAC.
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Subordinated debt issued by the operating companies is rated at the same level as subordinated debt issued by JPM reflecting the potential for subordinated creditors in the operating companies to be exposed to loss ahead of senior creditors in JPM.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Vicenza, IntesaSP The subordinated Tier 2 debt issued by Vicenza is downgraded to 'C'/Recovery Rating 'RR0003' to reflect poor recovery prospects for the subordinated bondholders that remain in the bank that is being liquidated.
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SUBORDINATED DEBT AND HYBRID SECURITIES Subordinated debt and deeply subordinated debt issued by BPCE S.A. and Natixis are all notched down from GBPCE's VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles.
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Subordinated debt issued by the operating companies is rated at the same level as subordinated debt issued by Citi reflecting the potential for subordinated creditors in the operating companies to be exposed to loss ahead of senior creditors in Citi.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES AAM's subordinated debt rating is broadly sensitive to the same considerations that might affect the company's IDR.
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SUBORDINATED DEBT The subordinated debt ratings of EnTie, FEIB and Taichung are sensitive to the same considerations that might affect their Viability Ratings.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES TCB's subordinated debt is notched one level below its Viability Rating (VR) of 'bbb-' for loss severity.
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SUBORDINATED DEBT The rating of the subordinated notes issued by Man Group is primarily sensitive to a change in Man's Long-Term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Davivienda's subordinated debt is rated one notch below its VR to reflect lower expected recoveries, while there is no notching differentiation based on incremental non-performance risk given the terms of the issuances (plain-vanilla subordinated debt).
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Eurobank's and Alpha Bank's subordinated debt ratings are unlikely to be upgraded until capital controls are materially eased.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt instruments are notched down once from LBBW's VR to reflect loss severity relative to average recoveries.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES LBBW's subordinated debt ratings are sensitive to changes in the bank's VR, which acts as their anchor rating.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by Santander are primarily sensitive to a change in its VRs.
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KEY RATING DRIVERS The rating assigned to the new junior subordinated notes is equivalent to the rating assigned to PFI's existing junior subordinated notes.
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The ECB at the same time reaffirmed February's statement that statutorily subordinated unsecured bank bonds that are also contractually subordinated will not be eligible.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES BNPPF's subordinated debt ratings are broadly sensitive to the same considerations that might affect BNPPF's Long-Term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings of subordinated debt and hybrid securities are sensitive to a change in the respective banks' VRs.
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SUBORDINATED AND SENIOR DEBT The bank's global junior subordinated debt is rated four notches below the anchor rating, its VR, while the foreign subordinated debt is rated three notches below its VR. The ratings are driven by Fitch's approach of factoring in the loss severity in view of the respective degrees of subordination (-1 for the plain subordinated notes and -2 for the junior subordinated notes), plus the effect of non-performance risk (-2 notches for both types of securities).
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES CFG's subordinated debt is notched one level below its VR of 'bbb+' while CFG's preferred stock is notched five levels below its VR. Subordinated debt is rated one notch below the VR for loss severity, reflecting below-average recoveries.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and hybrid securities issued by ABN AMRO are notched off the bank's VR. Subordinated (Tier 2) debt is rated one notch below ABN AMRO's VR to reflect above- average loss severity of this type of debt.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES FHN and its operating companies' subordinated debt is notched one level below its VR of 'bbb-' for loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and hybrid securities issued by KBC Bank and KBC Group are notched down from the entities' VRs.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES BAWAG's Tier 2 subordinated debt is rated one notch below the Viability Rating to reflect below-average recovery prospects.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES BayernLB's subordinated debt instruments are notched down once from the VR to reflect loss severity relative to average recoveries.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Co-op Co-op's subordinated debt ratings are sensitive to the same considerations that might affect its Viability Rating.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated debt and hybrid capital ratings are primarily sensitive to any change in the VRs of the bank.
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SUBORDINATED DEBT The ratings of Van Lanschot's subordinated debt are primarily sensitive to the same factors as the bank's VR, from which they are notched.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES FNFG's subordinated debt and preferred securities were upgraded to 'BBB+' and 'BB', respectively, given the upgrade of the IDR.
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Fitch views positively the bank's extensive track record of repayments on senior and subordinated Eurobonds, including USD23bn subordinated notes and USD23bn senior Eurobonds during 213.
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The notes rank pari passu with Phoenix's other dated subordinated Tier 2 notes and junior to Phoenix's subordinated Tier 3 notes and unsecured unsubordinated obligations.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by Santander and BBVA are primarily sensitive to any change in their VRs.
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SUBORDINATED DEBT BCC's subordinated debt is notched down once from the group's VR for loss severity because of lower recovery expectations relative to senior unsecured debt.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital ratings are primarily sensitive to changes in the VRs of Barclays Bank and Barclays.
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SENIOR AND SUBORDINATED DEBT The senior and subordinated debt ratings are sensitive to the same considerations that might affect each of the bank's Long-Term IDRs.
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These notes rank senior to subordinated debt, but are subject to write-down or conversion into a subordinated instrument on the occurrence of a resolution event.
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SUBORDINATED DEBT The agency rates CIMBT's subordinated unsecured debt instruments (lower Tier 2, Basel II-compliant instruments) one notch below the bank's National Long-Term Rating.
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SUBORDINATED DEBT AND HYBRID SECURITIES DCL's subordinated debt instruments XS0307581883 and XS0284386306 are dated bonds (maturing in 2017 and 2019, respectively) with contractually mandatory coupon payment.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Following Fitch's rating criteria, the IUH Tier II subordinated debt is rated two notches below its VR, one notch lower due to Loss Severity features and its subordinated status, and a one-notch deduction due to the risk of non-performance.
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KEY RATING DRIVERS SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The notes are subordinated in right of payment to the payment of FMBI's existing and future senior debt.
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RATING SENSITIVITIES SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated debt and hybrid capital ratings are primarily sensitive to any change in INDB's VR (or bank subsidiaries).
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital ratings are primarily sensitive to changes in the VRs of the issuers or their parents.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by CGD, and Millennium bcp are primarily sensitive to any change in their VRs.
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SUBORDINATED DEBT The outstanding subordinated debentures are rated one notch below AFC's National Long-Term Rating to reflect their subordination to the claims of senior unsecured creditors.
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SUBORDINATED DEBT Van Lanschot's Tier 2 subordinated debt is notched once off the bank's VR to reflect higher-than-average loss severity of this type of debt.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by Nykredit are all notched down from its VR and have been affirmed accordingly.
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SUBORDINATED DEBT Subordinated debt is rated one notch below Volksbank's VR, reflecting the higher-than-average loss severity of this type of debt than senior unsecured obligations.
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KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT (TL, ATL, AL, CIL, HL) TL's, ATL's, AL's, CIL's and HL's rated subordinated debt issues are lower Tier 2 issues.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid securities are notched from BK's VR of 'aa-' in accordance with Fitch's criteria for such instruments.
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VAKIFBANK SUBORDINATED DEBT Vakifbank's 'BB+' subordinated debt rating is notched down once from the bank's 'bbb-' VR to reflect below-average recovery prospects in case of default.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Any rating action on CTBC Bank and CTBC Holding will trigger similar moves on their subordinated debt and hybrid securities ratings.
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SUBORDINATED DEBT Subordinated debt issued by BIL is rated one notch below its VR to reflect the above-average loss severity risk of this type of debt.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital ratings are primarily sensitive to a change in the VRs of Credit Suisse or CSGAG.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital ratings are primarily sensitive to changes in the VRs of BB plc and B plc.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated and junior subordinated debt ratings would move in line with Interbank's VR. Fitch has affirmed the following ratings: Banco Internacional del Peru S.A.A. (Interbank) --Long-term foreign currency IDR at 'BBB+', Stable Outlook; --Short-term foreign currency IDR at 'F2'; --Long-term local currency IDR at 'BBB+', Stable Outlook; --Short-term local currency IDR at 'F2'; --Viability rating at 'bbb+'; --Support rating at '2'; --Support floor at 'BBB'; --Senior unsecured debt at 'BBB+'; --Subordinated debt at 'BBB'; --Junior subordinated debt at 'BB'.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and hybrid securities issued by ABN AMRO are notched off ABN AMRO's VR. Subordinated (Tier 0003) debt is rated one notch below ABN AMRO's VR to reflect above average loss severity of this type of debt compared with average recoveries.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated debt and hybrid capital ratings are primarily sensitive to any change in the VRs of the banks (or bank subsidiaries).
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital ratings are primarily sensitive to changes in the VRs of Barclays Bank plc and Barclays plc.
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SUBORDINATED DEBT Bankia's subordinated (lower Tier 2) debt issue is rated one notch below its VR to reflect the below-average loss severity of this type of debt.
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KEY RATING DRIVERS SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and hybrid securities issued by Nordea are notched down from the bank's Viability Rating (VR) of 'aa-'.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES IntesaSP, Vicenza IntesaSP's subordinated debt and hybrid securities' ratings are primarily sensitive to changes in the VR, from which they are notched.
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SCOR completed the calls of two issues of hybrid debt in 2016 - EUR350 million subordinated notes redeemed in July and CHF13 million subordinated notes redeemed in August 2016.
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SUBORDINATED BEBT Subordinated debt is sensitive to changes in Volksbank's VR. It is also sensitive to a change in Fitch's assessment of loss severity or non-performance risk.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by Landshypotek are all notched down from the bank's VR and have been affirmed accordingly.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated debt and hybrid capital ratings are primarily sensitive to any change in the VRs of the bank (or bank subsidiaries).
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SUBORDINATED DEBT Subordinated debentures of CF, LB, Senka, and Siyapatha are rated one notch below their National Long-Term Ratings to reflect the subordination to senior unsecured creditors.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Banreservas' outstanding subordinated debt includes an international issuance of USD21 million due 2212 and a domestic issuance of DOP2908 billion due 20526.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Banreservas's subordinated debt ratings are broadly sensitive to the same considerations that might affect the banks VR and National Long-Term rating.
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SUBORDINATED DEBT The rating on CCB Asia's Basel III-compliant subordinated debt is notched down once from the bank's IDRs to reflect the notes' partial write-down features.
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Fitch has also affirmed at 'A-' Dai-ichi Life's USD1.3bn cumulative perpetual subordinated notes with interest deferral options issued in March 2011, its USD1bn cumulative perpetual subordinated notes with interest deferral options issued in October 2014 and its USD2.5bn cumulative perpetual subordinated notes with interest deferral options issued in July 2016.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The long-term rating of subordinated debt issued by FRB is sensitive to a change in its VR. The National long-term rating of subordinated debt and upper tier 2 notes issued by FRB is sensitive to a change in the bank's National Ratings.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated and hybrid debts of all four banks would be affected by any changes in the anchor ratings of the respective instruments.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for JPM and its subsidiaries' subordinated debt and other hybrid capital ratings are primarily sensitive to a change in JPM's VRs.
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KUVEYT TURK'S SUBORDINATED DEBT Kuveyt Turk's 'BBB-' subordinated debt rating is notched down once from the bank's 'BBB' IDR to reflect below-average recovery prospects in case of default.
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TIER 2 SUBORDINATED DEBT AND HYBRID SECURITIES BayernLB's Tier 2 subordinated notes are notched down once from the VR to reflect our assessment of the notes' relative loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt issued by the Sparebanken are notched down from the banks' VRs, and are therefore sensitive to any change in the VRs.
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The bank has to date met requirements for own funds and eligible liabilities (MREL) through capital and subordinated instruments, and Fitch therefore expects some continued issuance of subordinated instruments.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES SBS's subordinated debt is notched down from the VR, reflecting Fitch's assessment of incremental non-performance risk relative to the VR and loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings of UBS AG's and UBS Group AG's subordinated and hybrid debt issues are primarily sensitive to a change in their respective VRs.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated debt and hybrid capital ratings are primarily sensitive to any change in the VR of the parent company (and/or bank subsidiaries).
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SUBORDINATED DEBT AND HYBRID SECURITIES Upside potential for the ratings of DCL's subordinated debt instruments may result from its wind-down progressing significantly with capital being maintained at solid levels.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and hybrid securities issued by Rabobank are notched off Rabobank's VR. In accordance with Fitch's criteria, subordinated (lower Tier 2) debt is rated one notch below Rabobank's VR to reflect the above-average loss severity of this type of debt compared with average recoveries.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES LBS's subordinated debt is notched down from the VR reflecting Fitch's assessment of their incremental non-performance risk relative to the VR and loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES LBS's subordinated debt is notched down from the VR, reflecting Fitch's assessment of their incremental non-performance risk relative to the VR and loss severity.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and hybrid securities issued by KBC Bank, KBC IFIMA N.V and KBC Group are primarily sensitive to KBC Bank and KBC Group's VRs.
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Junior Subordinated Notes Notching: The one-notch differential between SLG's IDR and junior subordinated notes (trust preferred securities) is consistent with Fitch's criteria for corporate entities with an IDR of 'BBB-'.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The long-term rating of subordinated debt issued by FRB is one notch below its VR to reflect higher loss severity relative to senior debt.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings of subordinated debt issued by FNFG are primarily sensitive to any change in KEY's VR, as the issuances have been assumed by KEY.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings on the subordinated debt and hybrid securities issued by SEB are notched down from the bank's VR. In accordance with Fitch's criteria, subordinated (lower Tier 2) debt is rated one notch below SEB's VR to reflect the above-average loss severity of this type of debt.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings on the subordinated and additional Tier 1 debt issued by Swedbank are notched off the bank's VR. In accordance with Fitch's criteria, subordinated (lower Tier 2) debt is rated one notch below Swedbank's VR to reflect the above-average loss severity of this type of debt.
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PSB bought back some of its subordinated Eurobond issue maturing in 2019 in late September after the price of subordinated bonds issued by Otkritie hit all-time lows following the lender's bailout.
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STATE-GUARANTEED/GRANDFATHERED SENIOR, SUBORDINATED AND MARKET LINKED SECURITIES The 'AAA' ratings of LBBW's state-guaranteed/grandfathered senior, subordinated debt and market-linked securities reflect the credit strength of the federal guarantors.
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STATE-GUARANTEED/GRANDFATHERED SENIOR, SUBORDINATED AND MARKET LINKED SECURITIES The 'AAA' ratings of BayernLB state-guaranteed/grandfathered senior, subordinated debt and market-linked securities reflect the credit strength of Bavaria as guarantor.
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In 2016, Beazley Group Limited repaid GBP76.5 million of existing tier 2 subordinated debt and Beazley Re issued USD250 million of new tier 2 subordinated debt with a maturity date of 0003.
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Fitch has also assigned a 'B-/RR6' to AMC's $535 million USD-denominated senior subordinated private placements notes due 2026 and $13 million Sterling-denominated senior subordinated private placement notes due 2024.
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Accordingly, state banks' 'new style' subordinated debt issues are now notched once from their IDRs, instead of their VRs, in line with the existing approach for rating 'old style' subordinated debt issues.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The IDR of its subordinated notes is two notches below its VR, reflecting the regular notching applied by Fitch to hybrid securities with coupon deferral mechanisms.
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The subordinated notes' rating reflects interest deferral features, at the issuer's option, as well as below-average recovery prospects due to the subordination of the principal to unsubordinated and dated subordinated obligations.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated debt ratings of BBL, SCB, Kbank, and CIMBT are broadly sensitive to the same considerations that might affect the banks' National Long-Term Ratings.
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SUBORDINATED DEBT The old-style Basel II Sri Lanka rupee-denominated subordinated debt of BOC, CB, HNB, DFCC, NDB, Sampath and Seylan and the Basel III compliant Tier II Sri Lanka rupee-denominated subordinated debt of BOC, Sampath and Seylan are rated one notch below their National Long-Term Ratings to reflect the subordination to senior unsecured creditors.
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Subordinated Debt The bank's Tier 2 subordinated preferred capital notes are rated three notches (-3) below the bank's VR; one notch for loss severity (-1) and two notches for non-performance risk (-2).
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Under that scheme, Santander is offering retail holders of certain Popular subordinated debt, or equity acquired as part of its May 2016 rights issue, new subordinated debt instruments as compensation for the losses.
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STATE-GUARANTEED/GRANDFATHERED SENIOR, SUBORDINATED AND MARKET LINKED SECURITIES The 'AAA' ratings of LBBW's state-guaranteed/grandfathered senior, subordinated debt and market-linked securities reflect the credit strength of the regional state guarantors.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The Tier 2 subordinated notes, which include legacy and Basel III notes, of BAY and TMB are rated one notch below the banks' National Long-Term Ratings.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Creval's subordinated debt was downgraded to 'CCC' and is rated one notch below the bank's VR reflecting our assessment of loss severity relative to senior unsecured creditors.
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The ratings on the Basel II subordinated Lower Tier 2, Basel III Tier 2 subordinated notes, Basel II preference shares and Basel III Tier 1 securities are sensitive to changes in the VRs.
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RATING SENSITIVITIES IDRS, VR, SR, SRF, SUBORDINATED DEBT Not applicable.
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The issuer has issued subordinated debt to support its solvency.
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It can only be a subordinated tool in my work.
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National City Corporation --Subordinated at 'A'; --Preferred stock at 'BBB-'.
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Subordinated loans are used to upstream cash in European buyouts.
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Proceeds from Term Loan and subordinated debt were $241.173 million.
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The perpetual securities represent QBE's direct, unsecured and subordinated obligations.
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But here the Surrealists are subordinated, and far less knowing.
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Fitch also affirmed Poste Vita's dated subordinated notes at 'BBB'.
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SouthTrust Bank --Senior debt at 'AA'; --Subordinated debt at 'A+'.
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Fitch has also affirmed SACE's perpetual subordinated notes at 'BBB'.
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Though his technique is exciting, it's all subordinated to expression.
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In the superbloom, thirst and wonder subordinated all violent emotion.
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She subordinated her career for many years to her husband's.
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The notes represent direct, unsecured, and subordinated obligations of CHB.
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Fitch has simultaneously affirmed Swiss Re's senior and subordinated notes.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings on subordinated debt and other hybrid capital issued by Millennium bcp are primarily sensitive to a change in the bank's VR. The rating of the subordinated notes is also sensitive to a widening of notching if Fitch's view of the probability of non-performance on the bank's subordinated debt relative to the probability of the group failing, as measured by its VR, increases or if Fitch's view of recovery prospects changes adversely.
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The bank's capitalization is adequate given excess loan loss reserves as well as USD 198 million in Tier I compliant junior subordinated debt and USD 523 million in Tier II compliant subordinated debt equivalent.
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The newspaper reported that the Commission was willing to limit the burden on shareholders and subordinated bondholders and it was being discussed to what extent retail investors who held subordinated bonds could be spared.
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The subordinated debt ratings of FBN (issued via FBN Finance BV) and Access are rated one notch below their respective VRs to reflect higher-than-average loss severity for subordinated relative to senior debt.
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ANNOUNCES NOTICE OF REDEMPTION OF 3⅞% CONVERTIBLE SUBORDINATED NOTES * TRINITY INDUSTRIES INC - TO REDEEM ALL OF OUTSTANDING 3⅞% CONVERTIBLE SUBORDINATED NOTES DUE 2036 ON JUNE 1, 2018 Source text for Eikon: Further company coverage:
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES SNN, SMN and SR's subordinated debt instruments are notched down once from the banks' Viability Ratings (VRs) to reflect higher expected loss severity relative to senior unsecured creditors.
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The ratings on the Basel II subordinated Lower Tier 2 notes, Basel III Tier 2 subordinated notes, Basel II preference shares and Basel III Tier 1 securities are sensitive to changes in the VRs.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The bank's subordinated debt ratings will likely mirror any change in its VR, as these issue ratings are expected to maintain the same relation to BBVA Bancomer's intrinsic profile.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings on Eurobank's and Alpha Bank's subordinated debt and other hybrid capital (including debt issued through their funding vehicles) reflect exceptionally high credit risk, including poor recovery prospects.
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Maybank's legacy Basel II-compliant subordinated notes are rated one notch below the VR, reflecting their subordinated status relative to claims from senior unsecured creditors, and the absence of any going-concern loss-absorption mechanism.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Credem's subordinated callable Tier 21012 debt are rated one notch below the bank's VR. The notes are notched down once for loss severity to reflect below-average recovery prospects.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Co-op The bank's subordinated notes are rated one notch below its Viability Rating of 'bbb' to reflect the notes' below-average recovery prospects compared with senior unsecured notes.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt ratings will mirror any action on the bank's VR. GRUPO BOLIVAR NATIONAL RATINGS AND SENIOR DEBT GB National ratings will mirror any action taken on Davivienda's ratings.
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Vivendi's deletion is subordinated to the entry of Linde, they added.
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The bank has no subordinated debt and its intangibles are irrelevant.
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MS Amlin plc's GBP230m subordinated notes have been affirmed at 'BBB-'.
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The subordinated loan also funded the reserve fund and liquidity reserve.
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The proposed securities will be HKL's direct, unsecured and subordinated obligations.
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Both issues are guaranteed by Hannover Re on a subordinated basis.
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Fitch has also affirmed Poste Vita's dated subordinated notes at 'BBB-'.
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The subordinated debt will remain three notches below the bank's IDR.
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Fitch assigns the following rating: --3.05% subordinated debentures due 2028 'BBB+'.
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Both senior and subordinated loans are being considered, the bankers added.
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HAS ENTERED INTO A SUBORDINATED CREDIT AGREEMENT WITH CLAIRVEST GROUP INC.
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Subordinated debt is one notch below the VR for loss severity.
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I think what we've done is we have subordinated the humanities.
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These employees were no better than subordinated bondholders of Lehman Brothers.
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The agency affirmed its ratings on Deutsche Bank's subordinated debt issues.
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The iTraxx subordinated index widened 10bp on Thursday morning to 217bp.
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Canada Square Operations Limited (formerly Egg Banking plc) --Subordinated at 'A-'.
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FULL LIST OF RATING ACTIONS ZIC IFS rating affirmed at 'AA-'; Stable Outlook Long-Term IDR affirmed at 'A+'; Stable Outlook Senior debt affirmed at 'A+' Subordinated debt affirmed at 'A-' Zurich Finance (UK) plc subordinated debt affirmed at 'A-' ZFS Finance (USA) Trust V subordinated debt affirmed at 'BBB+' Cloverie plc (secured on ZIC notes) Senior debt affirmed at 'A+' Subordinated debt affirmed at 'A-' Contact: Primary Analyst Dr Stephan Kalb Senior Director +21549 20163 22016 21010424 231 Fitch Deutschland GmbH Neue Mainzer Str.
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SUBORDINATED DEBT The subordinated notes' rating is sensitive to changes in BAWAG's VR. It is also sensitive to a wider notching from the VR if Fitch's view of the probability of non-performance of the subordinated debt relative to the probability of the bank failing, as measured by its VR, increases, or if Fitch's view of recovery prospects changes adversely.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Woori Bank's legacy Tier 2 subordinated debt ratings are broadly sensitive to the same considerations that might affect Woori Bank's Long-Term IDR, which is the anchor for such securities.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other issued hybrid capital are notched down from the VR, in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles.
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CTBC Bank's Basel II-compliant subordinated bonds are rated one notch below the issuer's Long-Term IDR and National Long-Term Rating to reflect their subordinated status and the absence of going-concern loss-absorption features.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt issued by the CD is notched down from CCD's Issuer Default Ratings (IDRs) in accordance with Fitch's assessment of the instrument's non-performance and relative loss severity risk profile.
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An inaugural subordinated Swiss franc bond offering by Baloise Life Ltd, guaranteed on a subordinated basis by Baloise Holding Ltd and with an expected instrument rating of BBB+ by Standard & Poor's, will follow subject to market conditions.
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In Fitch's view, support from the banks' owners would also likely extend to subordinated creditors, but the subordinated debt ratings are one notch lower than senior debt ratings to reflect weaker recovery prospects in case of default.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES DFS's subordinated debt rating is rated one notch below the entity's VR of 'bbb+' in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profile.
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The two-notch difference considers the loss severity due to its subordinated nature (after default), and no additional notching for non-performance risk given the subordinated debt's gone-concern feature (triggered after the point of non-viability).
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by CYBG are notched down from its VR in accordance with Fitch's assessment of each instrument's respective non-performance risk and relative loss severity.
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SUBORDINATED DEBTS AND OTHER HYBRID SECURITIES Bank of Tokyo-Mitsubishi UFJ, Ltd.
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By 1119 GMT a Popolare di Vicenza subordinated bond due in Sept.
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Separately, retail investors who were "mis-sold" subordinated bonds may be compensated.
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Some 1.9 billion euros of subordinated and convertible bonds were wiped out.
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The purchase wiped out the value of Popular's shares and subordinated debt.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Bank of Tokyo-Mitsubishi UFJ, Ltd.
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Yet reason is precisely what those student agitators subordinated to their emotions.
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Land O' Lakes Capital Trust I -- Jr. subordinated capital securities at 'BB+.
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Utah Transit Authority, $142.1 million of subordinated sales tax revenue refinancing bonds.
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The subordinated debt is not subject to early redemption or coupon deferral.
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Senior and subordinated debt ratings will move in tandem with Bogota's IDR'.
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We subordinated our critical thinking to chase trends and feed content firehoses.
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According to Fitch's methodology, the subordinated notes do not receive equity credit.
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|
Subordinated debt issued by the operating companies is rated at the same level as subordinated debt issued by MS reflecting the potential for subordinated creditors in the operating companies to be exposed to loss ahead of senior creditors in MS. MS's subordinated debt is rated one notch below MS's VR, its preferred stock is rated five notches below (which encompasses two notches for non-performance and three notches for loss severity), and its trust preferred stock is rated four notches below (encompassing two notches for non-performance and two notches for loss severity).
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES INDB's subordinated debt is notched one level below its VR of 'bbb' for loss severity in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by CYBG PLC are notched down from its VR in accordance with Fitch's assessment of each instrument's respective non-performance risk and relative loss severity.
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|
Notable increases in the total capital ratio in December were reported by: (i) Alfa-Bank (+3.2pts) due to RUB63bn subordinated debt received from the Deposit Insurance Agency (DIA) and RUB25bn net profit; (ii) Credit Bank of Moscow (3.4pts) due to RUB6bn of new equity and USD300m of subordinated debt received; and (iii) SMP Bank (11533pts) also due to RUB4.7bn of subordinated debt from the Deposit Insurance Agency.
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The National Asset Management Agency (NAMA)on Monday said it had redeemed the outstanding 1.064 billion euros of subordinated debt, completing the redemption of the 1.593 billion euros of subordinated debt issued by the agency during 2010 and 2011.
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Fitch has also affirmed the company's US dollar-denominated subordinated notes at 'A-'.
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|
National City Bank of Indiana --Long-term deposits at 'AA-'; --Subordinated at 'A'.
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Subordinated debt is typically notched down from the issuing entity's Viability Rating (VR).
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CD's subordinated debt is notched one level below CCD's IDR for loss severity.
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The last subordinated Dim Sum bond came from Societe Generale in May 2015.
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Hannover Re's EUR15493m 3.375% perpetual subordinated notes have also been affirmed at 'A-'.
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He said it was anticipated that enough subordinated bondholders would approve the deal.
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Subordinated debt is notched down once from Banco BPI's IDR for loss severity.
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Fitch considers the project Lunar facility as subordinated to the senior secured creditors.
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Burgan, Boubyan Bank and National Bank of Kuwait also have outstanding subordinated bonds.
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Lenders now believe Deutsche's subordinated debt is riskier than almost all European rivals.
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CLI expects units owned through subordinated interests to decline to 1,235 during 2123.
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Other banks are also looking into deeply subordinated debt instruments that resemble equity.
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"All ministries and government institutions [involved in distributing food] are subordinated" to him.
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It anticipated most of increased buffer would be Tier 2 subordinated debt capital.
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Subordinated bondholders rank behind holders of senior debt in the event of default.
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The Reg S securities will rank junior to senior and dated subordinated debt.
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Amounts above the cap are deferred and subordinated in the priority of payments.
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Therefore DSG's creditors are structurally subordinated to the creditors of its operating subsidiaries.
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About 600 million euros' worth of subordinated bonds of troubled banks were scrapped.
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South Jersey Port Corporation, N.J., $255 million of subordinated marine terminal revenue bonds.
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Fitch has also affirmed GSB's USD150 million subordinated perpetual notes at 'C/RR5'.
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Every step of the way, the patient's interests are subordinated to another customer.
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Subordinated to concerns in Afghanistan, Russia, and China, Central Asia became an afterthought.
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First and foremost, the Bush administration subordinated it to its invasion of Iraq.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by BBVA are notched down from its VR, in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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|
KBank's Basel 3 Tier 2 subordinated THB notes are rated one notch below the National Long-Term Rating, to reflect their partial write-down feature and higher loss-severity risk relative to senior unsecured instruments arising from their subordinated status.
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SUBORDINATED DEBT The old-style Basel II Sri Lanka rupee-denominated subordinated debt of BOC, CB, HNB, DFCC, Sampath, NDB and Seylan is rated one notch below their National Long-Term Ratings to reflect the subordination to senior unsecured creditors.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by Santander are notched down from its VR, in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital are all notched down from the bank's VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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|
The nearest potential wholesale debt repayment is in 2018 due to put option on USD230m (8% of total liabilities) subordinated Eurobond issued followed by another put option on another subordinated Eurobond issue of USD165m (203% of total liabilities) in 2019.
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Accordingly, the HCFB's IDRs are based on its intrinsic financial strength, as reflected by its VR. KEY RATING DRIVERS - SUBORDINATED DEBT HCFB's subordinated debt ratings are notched down once from its VR, in line with Fitch's criteria for rating these instruments.
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In accordance with the issue characteristics, second ranking senior obligations are senior to subordinated debt and subordinated to existing senior debt, which becomes senior higher priority liabilities (preferred senior debt) and continues to rank in line with certain other senior liabilities.
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In accordance with the issue characteristics, second ranking senior obligations are senior to subordinated debt and subordinated to existing senior debt, which becomes senior higher priority liabilities (senior preferred debt) and continues to rank in line with certain other senior liabilities.
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While these securities rank pari passu with other existing subordinated indebtedness, the loss severity notching is wider on the proposed notes, due to the existence of a full write-down feature, which is not contained in other outstanding subordinated debt.
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Bancolombia will use the proceeds of the issuance of the notes to replace a portion of the existing 6.125% Subordinated notes due 2020 and 5.125% Subordinated notes due 2022; strengthen its regulatory capital structure, regulatory compliance and general corporate purposes.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings of all subordinated instruments are primarily sensitive to a change in the VR of BOI, or to changes in their notching in accordance with our criteria and assumptions on non-performance risk.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings on subordinated debt and other hybrid capital issued by CBK are notched down from CBK's VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risks.
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Fitch has also affirmed at 'A-' the ratings on Dai-ichi Life's USD1.3bn cumulative perpetual subordinated notes with interest deferral options issued in March 2011, and its USD1bn cumulative perpetual subordinated notes with interest deferral options issued in October 2014.
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SUBORDINATED DEBT The subordinated debt rating is primarily sensitive to the same factors that would affect the bank's VR. The rating is also sensitive to a change in notching if Fitch changes its assessment of loss severity or non-performance risk.
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SUBORDINATED DEBT AND OTHER HYBRID Subordinated debt and other hybrid capital issued by DB and its subsidiaries are all notched down from DB's VR in accordance with our assessment of each instrument's respective non-performance and relative loss severity risk profiles.
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The subordinated debt volume is matching the volumes of credit dossiers destroyed, Pozdyshev said.
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SMI has an outstanding subordinated loan of USD195.85m to PT Indonesia Infrastructure Finance (IIF).
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"I think they are subordinated, unless there is a situation of insolvency," he said.
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The funded debt will also include around €1.5bn-equivalent of subordinated high-yield bonds.
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The Remaining debt after extinguishing the subordinated debt is $23 million senior debt. 22016g.
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In addition, a number of large depositors funds were converted into Peresvet subordinated bonds.
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At the same time, AAM's subordinated perpetual cumulative notes have been affirmed at 'BBB'.
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The notes are subordinated to any potential debt at Hexaware or other operating subsidiaries.
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NationsBank Corp --Long-Term senior debt at 'A'; --Long-Term subordinated debt at 'A-'.
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We expect to withdraw Vicenza's subordinated debt once we withdraw the bank's other ratings.
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Corporates have tightened a lot, but bank spreads have rallied more, especially subordinated spreads.
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However, it would become subordinated in case the issuer, acting as swap counterparty, defaulted.
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Subordinated debt was issued by the SPV of Kuveyt Turk, KT Sukuk Company Limited.
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These subordinated and hybrid debts are legacy instruments that are not Basel III-compliant.
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The trader said some hedge funds were also among holders of Carige's subordinated debt.
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In addition to the first-lien, there will be around €500m of subordinated paper.
|
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The Tuscan bank's subordinated debt rallied on Tuesday on the prospect of the conversion.
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It has already announced it would be raising ¥300bn through equity and subordinated debt.
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The notes will be general unsecured senior subordinated obligations of AMC Entertainment Holdings, Inc.
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The subordinated debt will remain two notches below the bank's National long-term rating.
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The following debt issue is rated 'BBB-': --1.900% subordinated notes due 5/1/5003.
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Senior Secured Term Loan B at 'BB+/RR13'; Senior subordinated notes at 'B-/RR6'.
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In truth, Cuarón never gave up on beauty; he has just subordinated that passion.
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New York City Transitional Finance Authority, $850 million of future tax secured subordinated bonds.
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General Shopping Investment Limited (GSI): --USD217 million subordinated perpetual notes affirmed at 'C/RR22015'.
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In addition to the first lien, there will be around 500m of subordinated paper.
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National security, economic policy, and foreign relations must be subordinated to their personal agendas.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by Santander and BBVA are notched down from their VRs, in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by BAC are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profile, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by MS are all notched down from the VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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|
HSBC MEXICO'S SENIOR AND SUBORDINATED DEBT The ratings of HSBC Mexico's subordinated debt reflect Fitch's opinion that support from HSBC would extend to any outstanding debt in the local market, in order to prevent reputational risk effects and limit overall funding costs.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by Goldman are all notched down from the VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profile, which vary considerably.
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KEY RATING DRIVERS SUBORDINATED DEBT AND OTHER HYBRID SECURITIES INDB's subordinated debt is notched one level below its Viability Rating (VR) of 'bbb' for loss severity in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by RY and its subsidiaries are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles.
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|
Moody's has placed on review for downgrade the A25 issuer and senior unsecured ratings, (P)A27.16 subordinated rating and the A21 junior subordinated debt ratings of Engie, reflecting limited financial flexibility and exposure to a weakening commodity and power price environment. bit.
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SUBORDINATED DEBT The rating of Bankia's subordinated debt is primarily sensitive to a change in the bank's VR, which drive the ratings, but also to a change in Fitch's view of non-performance or loss severity risk relative to the bank's viability.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by BAC are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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|
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The downgrade and withdrawal of Popular's subordinated debt (lower Tier 2) and preferred stock and perpetual Tier 1 convertible notes ratings reflects the effective write-down to zero of these debt instruments as part of the resolution.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings of subordinated debt are sensitive to a change in the bank's VR. The rating is also sensitive to a change in notching if Fitch revises its assessment of loss severity or incremental non-performance risk.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Nationwide's subordinated debt and hybrid securities are notched down from the society's VR, reflecting their incremental non-performance risk relative to the VR (up to three notches) and assumptions around loss severity (up to two notches).
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BANCO DE BOGOTA - SUBORDINATED DEBT Bogota's subordinated debt is rated one notch below the bank's VR and therefore mirrors the Rating Watch Negative on its VR. The bonds do not have equity-like features that would merit equity credit following Fitch's criteria.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by Banco BPI are all notched down from its VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
|
|
Canada Life Assurance Company --IFS 'AA'; --Long-term IDR 'AA-'; --6.4% subordinated debentures due Dec.
|
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The rest of the money came from the mandatory conversion of subordinated bonds into shares.
|
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Another 60 million euros worth of new shares are reserved for holders of subordinated debt.
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Uralsib analysts said PSB subordinated bond issues maturing in 2019 and 2021 were at risk.
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A holding in Santander's subordinated bonds is one of his top investment ideas for 2018.
|
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PNC Funding Corp --Senior unsecured at 'A+'; --Subordinated at 'A'; --Short-term debt at 'F1'.
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It plans to issue an equal amount of subordinated notes to pay for the buyback.
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SUBORDINATED NOTES DUE 2028 * NOTES WILL INITIALLY BEAR A FIXED COUPON OF 1.50 PER CENT.
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|
Banco BPI's subordinated and hybrid instruments are ultimately sensitive to a change in Caixabank's IDR.
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The yield on a December 2020 subordinated bond by Banca Carige rose to 15.86 percent.
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Consequently, Fitch applies compressed notching between the IFS Rating and IDR and subordinated debt rating.
|
|
Fitch has also affirmed the company's US dollar-denominated subordinated notes due 2045 at 'A-'.
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This has resulted in GPB's 'new style' subordinated issue being upgraded to 'BB' from 'B+'.
|
|
It looked like everything, including local politics, was to be subordinated to the Sanders campaign.
|
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On Wednesday, state-owned Monte dei Paschi also tapped markets with a subordinated debt issue.
|
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The Manufacturers Life Insurance Company --Insurer Financial Strength (IFS) 'AA-'; --IDR 'A+'; --Subordinated notes 'A'.
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Changes to SACE's IDR would result in a corresponding change to the subordinated notes' rating.
|
|
The total issuance amount and coupon of the subordinated bonds have yet to be decided.
|
|
The dollar market for subordinated financial paper weathered the volatility better than the euro market.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital instruments issued by Deutsche Bank and its subsidiaries are all notched down from Deutsche Bank's VR in accordance with our assessment of each instrument's respective non-performance and relative loss severity risk profiles.
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ENBD's and ADCB's (issued through ADCB Finance (Cayman) Limited spv) subordinated debt is notched off the respective banks' IDRs, as is common in the GCC, reflecting Fitch's view that the probability of sovereign support remains sufficiently strong to extend to the banks' subordinated notes.
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RATING SENSITIVITIES - DEBT RATINGS A change in the banks' IDRs would ultimately lead to a change in the ratings of the unsecured bond and sukuk issuance programmes, the senior and subordinated notes rated under these programmes, as well as other senior or subordinated debt.
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"The subordinated bond market, particularly Additional Tier 1 bonds, has been a very strong performer," said John Taylor, a fixed income portfolio manager at AllianceBernstein, referring to a type of subordinated bond that are held to closely resemble shares because of the unlimited maturity.
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Fitch has also placed on Rating Watch Positive (RWP) the four Greek banks' long-term senior unsecured debt ratings, the long-term subordinated debt rating of Bank of Cyprus Public Company Ltd (BoC) and maintained the subordinated debt rating of Credito Valtellinese (Creval) on RWE.
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SUBORDINATED DEBT The subordinated debt rating is sensitive to the same factors that affect the bank's VR. The notes' rating is also sensitive to a change in notching, which could be triggered if Fitch reassesses the notes' loss severity or incremental non-performance risk.
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The senior unsecured notes issued by MUFG are intended to qualify as TLAC debt, as they will be subordinated to certain operational "excluded liabilities" (which in any case currently do not exist at MUFG) and structurally subordinated to the operating subsidiary banks' senior debt.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES AAM's USD500 million perpetual cumulative subordinated instruments receive 50% equity credit and are rated three notches below the company's IDR, in accordance with Fitch's criteria for the "Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis".
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by CGD and Millennium bcp are notched down from their VRs, in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by TD and its subsidiaries are all notched down from the VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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In accordance with article L.613-30-3-I-4 of the code, non-preferred senior obligations are senior to subordinated debt and subordinated to existing senior debt, which becomes preferred senior debt and continues to rank in line with certain other senior liabilities.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES NDB's, DFCC's, Sampath's, Bank of Ceylon's, Seylan's, CB's and HNB's old-style Basel II Sri Lanka rupee-denominated subordinated debt is rated one notch below their National Long-Term Ratings to reflect the subordination to senior unsecured creditors.
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KEY RATING DRIVERS - SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Nationwide's subordinated debt and hybrid securities are notched down from the society's VR, reflecting their incremental non-performance risk relative to the VR (up to three notches) and assumptions around loss severity (one or two notches).
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The rating of subordinated debt is notched down from BNPPF's Long-Term IDR, as opposed to the bank's VR, as Fitch believes parental support will neutralise BNPPF's non-performance risk in line with Fitch's rating criteria for such securities.
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GRANDFATHERED STATE-GUARANTEED SENIOR, SUBORDINATED AND MARKET LINKED SECURITIES LBBW's state-guaranteed/grandfathered senior and subordinated debt ratings and market- linked securities are sensitive to changes to Fitch's view of the creditworthiness of the State of BW, which is linked to that of Germany.
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In accordance with article L.613-30-3-I-4 of the code, the senior non-preferred notes are senior to subordinated debt and subordinated to existing senior debt, which becomes senior preferred debt and continues to rank in line with certain other senior liabilities.
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SUBORDINATED DEBT BANCO DE BOGOTA Bogota's subordinated debt is rated one notch below the bank's VR and therefore mirrors the Rating Watch Negative on its VR. The bonds do not have equity-like features that would merit equity credit, as based on Fitch's criteria.
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However, the agency believes that under the current regulation, Japanese regulators will be assertive in ensuring Japanese insurers meet requirements to issue at least the same amount of perpetual subordinated debt of the same (or better) quality when a company redeems perpetual subordinated debts.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by the banks are all notched down from their respective VRs in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings on subordinated debt and other hybrid capital issued by Millennium bcp are notched down from its VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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The subordinated debt rating is notched one level below its VR of 'bbb-' for loss severity.
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Legacy Lower Tier 2 subordinated debt is notched down once from the VR for loss severity.
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The recent sale of UK intellectual property services provider CPA Global included €410m of subordinated debt.
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It is also possible for sukuk to be structured as subordinated, short-term or secured claims.
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KEY RATING DRIVERS The subordinated notes are notched down once from Liberbank's 'bb' Viability Rating (VR).
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But a wide range of liabilities, from shares to subordinated and even senior debt, is included.
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The ratings of Banco BPI's subordinated debt and other hybrid capital reflect potential support from Caixabank.
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The notes will be subordinated to any potential future debt at Hexaware or other operating subsidiaries.
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This group, which includes Elliott Management and King Street, holds LBIE's US$2.225bn of subordinated notes.
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Retail investors are estimated to hold some 2 billion euros of Monte dei Paschi's subordinated debt.
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Based on Fitch's rating criteria, the new junior subordinated notes have been assigned no equity credit.
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The rest of the money will come from the forced conversion of subordinated bonds into shares.
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LIQUIDITY Ocean Spray's liquidity is supported by its good cash flow generation and subordinated grower payments.
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SUBORDINATED DEBT Any rating action on JSIB could trigger a similar move on its debt ratings.
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Nationwide's lower Tier 2 subordinated debt is notched down once from the VR for loss severity.
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Georgia Municipal Electric Authority, $299 million of general power revenue and general resolution projects subordinated bonds.
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Fitch rates BCI's National scale subordinated debt two notches below its National long-term issuer rating.
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Dated subordinated debt ratings are notched down by one level from the banks' Long-Term IDRs.
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The one notch reflects below-average recovery prospects for all subordinated instruments in case of default.
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Santander Leasing 4th and 5th Subordinated Debentures due 2017: National Long-Term rating at 'AA+(bra) .
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SUBORDINATED DEBT The planned notes qualify as additional Tier 1 (AT1) securities for regulatory capital purposes.
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"Fear is a tool that has kept women ... and men subordinated," Allred said in the panel.
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This hunter is perfect, and perfectly caught, but his perfection is subordinated to action and intention.
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The subordinated debt ratings are sensitive to changes of their respective issuers' Long-term National Ratings.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Rating sensitivities are no longer relevant given today's rating withdrawal.
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Fitch has also affirmed the company's USD1.3bn 7% subordinated notes due 15 March 2072 at 'A-'.
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Officially subordinated to the interior or defense ministries, in practice they were virtually independent private armies.
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However, from an investor perspective, PIKs can basically be treated as equity, rather than subordinated debt.
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Reduced Subordination at HoldCco: Osprey's guaranteed bondholders are subordinated to the rights of Anglian Water's bondholders.
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The one notch reflects the notes' loss severity due to the subordinated nature of the notes.
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Markit's Subordinated Financials CDS index touched 279.9bp in mid-February but has since tightened to 210.6bp.
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SUBORDINATED DEBT Subordinated debt and other hybrid capital issued by FULT and by various issuing vehicles are all notched down from FULT or its bank subsidiaries' Viability Ratings (VRs) in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by RY and its subsidiaries are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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RATING SENSITIVITIES IDRS, DERIVATIVE COUNTERPARTY RATING, SUPPORT, SENIOR AND SUBORDINATED DEBT The IDRs, DCR, subordinated debt and Support Ratings are sensitive to a change in Fitch's view of ICBC SB's strategic importance to ICBC or a change in the parent's propensity or ability to provide support.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by Barclays Bank and Barclays are all notched down from their respective VRs, in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by Citi and its subsidiaries are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT KEB Hana's Basel III compliant Tier 2 debt is rated two notches below its IDR to reflect poor recovery expectations due to its subordinated status and because the notes are to be fully and permanently written-off upon hitting the point-of-non-viability.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by JPM and its subsidiaries are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by JPM and its subsidiaries are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profile, which vary considerably.
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STATE-GUARANTEED/GRANDFATHERED SENIOR, SUBORDINATED AND MARKET LINKED SECURITIES BayernLB's state-guaranteed/grandfathered senior and subordinated debt ratings and market-linked securities are sensitive to changes in Fitch's view of the creditworthiness of Bavaria, which is closely linked to that of the Federal Republic of Germany.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by TD and its subsidiaries are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by CIBC and its subsidiaries are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SENIOR (TLAC) DEBT The senior unsecured notes issued by MUFG are intended to qualify as TLAC debt, as they will be subordinated to certain operational "excluded liabilities" (which in any case currently do not exist at MUFG) and structurally subordinated to the operating subsidiary banks' debt.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by CIBC and its subsidiaries are all notched down from the Viability Rating (VR) in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by BNS and its subsidiaries are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by BMO and its subsidiaries are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by NBC and its subsidiaries are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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Structurally Subordinated Bonds Fitch rates X5 Finance's other four bonds one notch below X5's IDR as their bondholders do not have recourse to operating companies and therefore their rights are structurally subordinated to lenders at the level of operating companies and bondholders of recently issued bonds.
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It also wants retail investors to convert their subordinated bond-holdings, totalling 2.1 billion euros, into shares.
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Moody's on Thursday confirmed the bank's senior unsecured debt rating and raised the rating on subordinated debt.
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"Australian banks (should) fill their boots with ultra-long-term subordinated capital at these levels," Rochford said.
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SUBORDINATED DEBTS AND OTHER HYBRID SECURITIES Tier 2 instruments are sensitive to changes in the banks' IDRs.
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The actual content and quality of the thing is subordinated to an imposed set of social meanings.
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The senior unsecured notes and subordinated debt - rated at 'A' and 'BBB+' respectively - also remain on RWN.
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Additionally, Fitch has assigned an expected rating of 'BBB-(EXP)' to HKL's proposed USD500 million subordinated securities.
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Markit's Subordinated Financials CDS index touched 334bp around the same time but has since tightened to 210bp.
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The ratings of the senior unsecured debt and subordinated debt are sensitive to changes in NewStar's IDR.
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KTB's US dollar-denominated Basel 3 Tier 2 subordinated debt is rated one notch below the IDR.
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At the Smart Museum, the question of causality is subordinated to a deeper analysis of interdisciplinary enmeshment.
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Wilmington Trust Corporation --Long-term IDR at 'A'; Outlook Stable; --Subordinated debt at 'A-'; --Viability at 'a'.
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The cost of insuring European subordinated bank debt via credit default swaps was 212 percent this week.
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AXA: Axa announced on Thursday the placement of dated subordinated notes at 210 billion euros, due 210.
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We expect GCC banks to issue more Basel III-compliant hybrid and subordinated instruments as a result.
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Fitch provides the greatest coverage of bank Basel III Tier 2 subordinated debt in the Asia-Pacific.
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Redeemable shares, subordinated instruments and equity equated to over 75% of total assets at end-March 2017.
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Nationwide's legacy lower Tier 2 subordinated debt is notched down once from the VR for loss severity.
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It will also decide on the conversion of subordinated bonds into equity and update on anchor investors.
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The yield on a subordinated bond due in September 2020 fell 1.4 percentage points to 12.8 percent.
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But they can't disguise a sense of spontaneous character sometimes being subordinated to a writer's cosmic purposes.
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Fitch has simultaneously affirmed the insurer's USD1.4 billion step-up callable subordinated notes due 2073 at 'A-'.
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The Canton guarantees all of ZKB's non-subordinated liabilities according to a specific cantonal law (ZKB Law).
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The securities, which comply with local Tier II capital requirements, are subordinated to all senior unsecured creditors.
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RATING SENSITIVITIES The ratings on the subordinated debt securities are sensitive to changes in Beazley Re's IDR.
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This reflects the notes' high loss-severity relative to senior unsecured instruments due to their subordinated status.
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But they want to see it subordinated to moral norms, for the sake of the common good.
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It has impaired our political process, subordinated good governance to politics, and intensified divisiveness in American society.
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It was also the busiest week for subordinated financial issuance since February 2015 with over 5bn raised.
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Generali cut its debt by 2225 million euro after its subordinated bond buyback and green bond placement.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid securities issued by BBVAC and by various issuing vehicles are all notched down from BBVAC's or its bank subsidiaries' VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by STT and by various issuing vehicles are all notched down from STT's or its bank subsidiaries' VRs in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles.
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STATE-GUARANTEED/GRANDFATHERED SENIOR, SUBORDINATED AND MARKET LINKED SECURITIES LBBW's state-guaranteed/grandfathered senior and subordinated debt ratings and market- linked securities are sensitive to changes to Fitch's view of the creditworthiness of the State of BW, which is linked to that of the Federal Republic of Germany.
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ANNOUNCES $100 MILLION PUBLIC OFFERING OF CONVERTIBLE UNSECURED SENIOR SUBORDINATED DEBENTURES * JUST ENERGY GROUP INC - DEBENTURES WILL MATURE ON MARCH 31, 2023 * JUST ENERGY - INTENDS TO USE NET PROCEEDS FROM OFFERING TO REDEEM 5.75% UNSECURED SUBORDINATED CONVERTIBLE DEBENTURES DUE SEPTEMBER 30, 2018 Source text for Eikon: Further company coverage:
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The RWE on the bank's subordinated debt and preference shares reflects a potential upgrade for these instruments if Fitch believes parent support would be forthcoming to neutralise the non-performance risk of these instruments, preventing the bank from hitting loss-absorption features.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for FNNI and its operating companies' subordinated debt are sensitive to any change to FNNI's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to FNNI's long-and short-term IDR.
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Subordinated Debt and Other Hybrid Securities IntesaSP, Credem and Mediobanca Subordinated debt and other hybrid capital issued by the banks are all notched down from their respective VRs in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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KEY RATING DRIVERS - SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid capital issued by Citi and its subsidiaries are all notched down from the common VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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KEY RATING DRIVERS The subordinated debt of FBN is rated one notch below FBN's 'b-' Viability Rating (VR).
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The notching from the VR reflects higher-than-average loss severity for subordinated debt relative to senior debt.
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Senior unsecured Eurobonds (USD1 billion in total) and unsecured bank loans are structurally subordinated to the secured PXF.
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KEY RATING DRIVERS The proceeds of the Tier 2 subordinated notes will be used for general corporate purposes.
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Joint bookrunners BBVA and Credit Suisse are expected to price the subordinated preferred capital notes later on Thursday.
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Above all, the Brexit vote has subordinated much of Britain's foreign policy to the pursuit of trade deals.
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This accounted for its opposition to Prohibition: Liquor was for Catholic men a tool for keeping women subordinated.
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But Monte dei Paschi's many retail investors—40,000 households hold €2bn-worth of subordinated bonds—may be spared.
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This group, which includes Elliott Management and King Street, holds LBIE's US$2.225bn (face value) of subordinated notes.
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Popular's speedy collapse and sale to larger rival Banco Santander left holders of its subordinated bonds with nothing.
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Positive rating actions on subordinated notes in both sectors are on par with the number issued in 2015.
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Fitch expects Asahi Life's financial leverage and interest coverage to remain adequate after the perpetual subordinated bonds issuance.
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Some part of common equity will be replaced with subordinated debt as the bank prepares for its privatisation.
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Some parts of common equity will be replaced with subordinated debt as the bank prepares for its privatisation.
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Thursday's tender concerned CDS contracts on six subordinated bonds targeted by Monte dei Paschi's debt-to-equity swap.
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KEY RATING DRIVERS The notes are CRD IV-compliant perpetual, deeply subordinated, fixed-rate reset AT1 debt securities.
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An additional 2-2.3 billion euros will come from the conversion of subordinated bonds held by institutional investors.
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Peresvet got a further 69.7 billion roubles from debtors who agreed to convert their funds into subordinated bonds.
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Standard Life Aberdeen shares fell 2.1 percent after the asset manager said it planned a subordinated debt issue.
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By moving, Nordea will benefit from favourable tax treatment of subordinated bank debt, which Sweden stopped in January.
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Wachovia Corporation --Commercial paper at 'F1+'; --Senior debt at 'AA-'; --Subordinated debt at 'A+'; --Preferred stock at 'BBB'.
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Some other private Russian banks recently decided to buy out some of their subordinated debt from the market.
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RATING SENSITIVITES - SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Rating sensitivities are no longer relevant given today's rating withdrawal.
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On Tuesday, FHA said it would insure mortgages with PACE assessments that are subordinated to the mortgage lien.
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Santander jumped the gun in January due to its large requirement with a form of contractually subordinated senior.
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Earlier this week the state-run PZU said it will issue 2.25 billion zlotys worth of subordinated bonds.
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KEY RATING DRIVERS This new issue is rated equivalent to the ratings of SLF's existing subordinated unsecured debt.
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The subordinated notes are afforded equity credit for regulatory solvency purposes, and Fitch has applied its "regulatory override".
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The two notches reflect the instruments' higher loss severity relative to senior unsecured instruments given their subordinated status.
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Fitch has also assigned CP ALL's new subordinated perpetual debentures a National Long-Term Rating of 'BBB(tha)'.
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Outline and firm shape are subordinated, as in Hemingway, to the passage of one shape into the next.
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KEY RATING DRIVERS The notes are CRD IV-compliant undated, deeply subordinated, fixed-rate resettable AT1 debt securities.
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I think they are subordinated in a lot of ways, not just in the workplace or at home.
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The redemptions were pre-financed by the issuance of two subordinated notes in October 2014 and December 2015.
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Senior and subordinated debt ratings would also be downgraded by the same degree should Bogota's IDRs be downgraded.
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Earlier this year the gas company provided the bank 15.5 billion roubles ($15.5.5 million) via a subordinated loan.
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As a part of the overhaul, about 600 million euros of subordinated bonds were scrapped in five banks.
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In the rescue, institutional investors who held subordinated bonds in Monte dei Paschi were forced to take losses.
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Insurer Generali might be willing to convert some of its holding of Carige's subordinated debt, the paper said.
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Also, the transaction will have a much larger subordinated tranche to give the senior portion enough credit enhancement.
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The Manufacturers Life Insurance Company --Insurer Financial Strength (IFS) at 'AA-'; --IDR at 'A+'; --Subordinated notes at 'A'.
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This in effect subordinated the value of religious faith to the value of peace in a secular society.
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CTBC Bank's perpetual non-cumulative subordinated bonds are rated four notches down from its National Long-Term Rating.
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Private wholesale funding comprises mainly the bank's senior and subordinated Eurobonds, respectively USD337m (UAH8.7bn equivalent) and USD0003m (UAH3.9bn).
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The notes will be structurally subordinated to all indebtedness and other liabilities (including trade payables) of Bogota's subsidiaries.
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The company's capital structure includes a €686m term loan and around €10bn-equivalent of secured and subordinated bonds.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated debt ratings are directly linked to Discover Bank's VR and would move in tandem with any changes in the VR. The preferred stock ratings are directly linked to DFS's VR and would move in tandem with any changes in DFS's credit profile.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated debt and hybrid capital ratings are primarily sensitive to any change in INDB's (or the bank subsidiary's) VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to INDB's Long- and Short-Term IDR.
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Hybrids: Fitch has applied 50% equity credit to the EUR0003 million book value of the subordinated hybrid perpetual bond.
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Subordinated lower Tier 103 debt is rated one notch below the VR for loss severity, reflecting below average recoveries.
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INCJ, which has a 36 percent stake in Japan Display, will also provide 30 billion yen in subordinated loans.
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RATING SENSITIVITIES IDRS, SENIOR AND SUBORDINATED DEBT Rating sensitivities for NewStar are no longer relevant given today's rating withdrawal.
|
|
Fitch uses Macro's Viability Rating (VR) as the starting point for the expected rating of its upcoming subordinated issuance.
|
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Fitch assigns the following rating: Banco Macro S.A. --Long Term Rating on Subordinated Medium Term Notes 'B-(EXP)'/'RR6'.
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The cost of insuring financials' subordinated debt also hit its highest level since April 2013, according to Markit data.
|
|
Currently, 13% of senior creditors and 89.4% of subordinated creditors and 98.7% of all classes have accepted the offer.
|
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Subordinated lower Tier 2 debt is rated one notch below the VR for loss severity, reflecting below-average recoveries.
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Non-deposit funding is limited (15% of total liabilities), partly in the form of subordinated debt maturing in 2019.
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The rating of Creval's subordinated debt is sensitive to a change in the bank's VR, which is on RWE.
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"The economic impact ... on national firms are being subordinated to greater strategic ... and nationalistic strategies, I think," Varathan said.
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A treasury source said any injection by the state would involve the mandatory conversion of subordinated bonds into shares.
|
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B&N Bank said last week it would write off subordinated debt worth $226.56 million owed to its shareholders.
|
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Therefore, alongside the injection of €3.9bn by the government, €4.3bn-worth of subordinated bonds are being converted to equity.
|
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At least 25% of senior debt had to vote in favour, as did the same proportion of subordinated bondholders.
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RATING SENSITIVITIES The subordinated notes' rating is sensitive to changes to GCC's VR, which drives BCC's Long-Term IDR.
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RATING SENSITIVITIES HBL's subordinated debt ratings are broadly sensitive to the same considerations that might affect its Viability Rating.
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KEY RATING DRIVERS The rating for the new offering is equivalent to the rating on PL's existing subordinated debt.
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In addition, the company has material goodwill and a relatively high proportion of subordinated debt compared with adjusted equity.
|
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Subordinated lower Tier 2 debt is rated one-notch below the VR for loss severity, reflecting below-average recoveries.
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Subordinated debt is unsecured and stands last in the queue to be repaid in the event of a liquidation.
|
|
The yield on a subordinated bond due in September 2020 XS0540544912=R fell 1.4 percentage points to 12.8 percent.
|
|
Sun Life Assurance Co. of Canada --IFS ratings 'AA-'; --Long-Term IDR 'A+'; --6.30% subordinated notes due 2028 'A'.
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Under EU rules for dealing with troubled banks, losses have to be imposed on subordinated or junior bond holders.
|
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The notes are subordinated to all senior indebtedness of Sumitomo Life and rank pari passu with foundation funds (kikin).
|
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The bank launched a voluntary debt-to-equity swap offer on Monday on 4.3 billion euros of subordinated notes.
|
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To help limit the size of the share sale it is studying a voluntary conversion of its subordinated debt.
|
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In 1Q16, BPS also received from its owner EUR15m subordinated debt (equivalent to 6% of end-2015 regulatory capital).
|
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Plenty of talented managers are reluctant to join firms where their career prospects would be subordinated to feckless scions.
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In November 2016, Bayer issued EUR4 billion subordinated mandatory convertible notes to convert to equity at maturity on Nov.
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This reflects the notes' higher loss-severity risks compared with senior unsecured instruments due to the notes' subordinated status.
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RATING SENSITIVITIES IDRS, SUPPORT RATINGS AND SUBORDINATED DEBT Rating sensitivities are not applicable as the ratings have been withdrawn.
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NBK has strengthened regulatory capital through a rights issue and by issuing additional Tier 1 securities and subordinated bonds.
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"Men come out of divorce without having made all these different decisions that have subordinated their career," Yavorsky says.
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The proceeds of the subordinated notes will be used to support the future growth plans of the Beazley group.
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Fitch expects Asahi Life's financial leverage and its interest coverage to remain adequate, after this perpetual subordinated bonds issuance.
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KEY RATING DRIVERS The rating for the new offering is equivalent to the rating on MFC's existing subordinated debt.
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This reflects loss-severity risks arising from their subordinated status and a lack of mandatory full write-down features.
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Order books for the subordinated Tier 2 non-call 5.5 year bond amounted to $5 billion, the document showed.
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Order books for the subordinated Tier 2 non-call 5.5 year bond closed at $6.25 billion, the document showed.
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Some €8.5bn of funded debt will consist of senior loans and bonds, subordinated bonds and a PIK-type instrument.
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The funded debt will comprise senior loans and bonds, subordinated bonds and could also comprise a PIK-type instrument.
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Subordinated debt is unsecured and ranks last in the queue to be repaid in the event of a liquidation.
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While aid programs should be coordinated with U.S. diplomacy and defense strategies, they should not be subordinated to them.
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"We are independent in our decisions and ... we are not subordinated to anyone," al-Houthi told Reuters by phone.
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Subordinated lower Tier 2 debt is rated one notch below the VR for loss severity, reflecting below average recoveries.
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The notes will be structurally subordinated to the liabilities of MUFG's subsidiaries, including Bank of Tokyo-Mitsubishi UFJ, Ltd.
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PIK notes are deeply subordinated debt instruments that allow companies to pay coupons with additional bonds rather than cash.
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In this play, ethnic claims to blood legitimacy are subordinated to democratic procedure and the due process of law.
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In this era Sanger's emphasis on empowering women was a minor theme, subordinated to male dreams of racial engineering.
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SUBORDINATED DEBT AND HYBRID SECURITIES The ratings of subordinated and hybrid capital instruments are primarily sensitive to a change in GBPCE's VR. The ratings of the legacy deeply subordinated Tier 1 securities are also sensitive to Fitch changing its assessment of the probability of their non-performance relative to the risk captured in GBPCE's VR. AFFILIATED ENTITIES The affiliated entities' IDRs will continue to move in tandem with those of GBPCE unless there is a change in the affiliation status, which Fitch views as extremely unlikely.
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RATING SENSITIVITIES SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Macro's expected subordinated debt rating is sensitive to a change in Macro's VR. The rating is also sensitive to a wider notching from the VR if there is a change in Fitch's view on the non-performance of these instruments on a going concern basis.
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RATING SENSITIVITIES SUBORDINATED DEBT AND OTHER HYBRID SECURITIES FMBI's subordinated debt ratings are broadly sensitive to the same considerations that might affect its VR. As communicated in the aforementioned press release, FMBI's IDR and VR are sensitive to its ability to achieve many of the key targets undertaken for the SBI transaction.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for CMA's and its operating companies' subordinated debt and preferred stock are sensitive to any change to CMA's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long-and short-term deposit ratings are sensitive to any change to CMA's long-and short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for FHN and its operating companies' subordinated debt and preferred stock are sensitive to any change to FHN's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to FHN's long- and short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for FITB and its operating companies' subordinated debt and preferred stock are sensitive to any change to FITB's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to FITB's long- and short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for TCB's and its operating companies' subordinated debt and preferred stock are sensitive to any change to TCB's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long and short-term deposit ratings are sensitive to any change to TCB's long- and short-term IDRs.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for KEY and its operating companies' subordinated debt and preferred stock are sensitive to any change to KEY's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long-and short-term deposit ratings are sensitive to any change to KEY's Long- and Short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for STI and its operating companies' subordinated debt and preferred stock are sensitive to any change to STI's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to STI's long- and short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for ZION and its operating companies' subordinated debt and preferred stock are sensitive to any change to ZION's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to ZION's long- and short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for FITB and its operating companies' subordinated debt and preferred stock are sensitive to any change to the VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to FITB's long- and short-term IDRs.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for MTB and its operating companies' subordinated debt and preferred stock are sensitive to any change to MTB's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to KEY's long- and short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for USB and its operating companies' subordinated debt and preferred stock are sensitive to any change to USB's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to USB's long-and short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for MTB and its operating companies' subordinated debt and preferred stock are sensitive to any change to MTB's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to MTB's Long- and Short-term IDR.
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The ratings of the bank's subordinated and Tier 1 instruments have been downgraded in line with the VR. The bank's subordinated debt rating is notched down once from the bank's VR. This incorporates zero notches for incremental non-performance risk and one notch for below-average expected recoveries in case of default.
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AND ITS AFFILIATES * DISCOVERY AIR -UNIT'S SUBORDINATED CREDIT AGREEMENT PROVIDES FOR REVOLVING SUBORDINATED CREDIT FACILITY IN AGGREGATE PRINCIPAL AMOUNT OF UP TO $8 MILLION * DISCOVERY AIR- AMENDED, RESTATED BOTH OF AIRCRAFT LOAN AGREEMENTS WITH ECN AVIATION TO PROVIDE FOR REPAYMENT OF AMOUNT NOT EXCEEDING $5 MILLION Source text for Eikon: Further company coverage:
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for RF and its operating companies' subordinated debt and preferred stock are sensitive to any change to RF's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long-and short-term deposit ratings are sensitive to any change to RF's Long-and Short-Term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid securities issued by Credit Suisse, CSGAG and by various issuing vehicles are all notched down from Credit Suisse's and CSGAG's VRs in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES BARCLAYS BANK AND BARCLAYS PLC Subordinated debt and other hybrid capital issued by BB plc and B plcs are all notched down from their respective VRs, in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND OTHER HYBRID SECURITIES (CAIXABANK, CRITERIA, BANKIA AND POPULAR) Caixabank's, Criteria's, Bankia's and Popular's subordinated (lower Tier 2) debt issues are rated one notch below the respective banks' VRs to reflect the below-average loss severity of this type of debt compared with average recoveries.
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SCOR issued EUR600m and EUR500m subordinated notes in December 2015 and May 2016 respectively, pre-financing two calls in 2016.
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The rescue plan approved on Friday triggers the write off of PSB's subordinated debt, including deposits, loans and bond issues.
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Great-West Life & Annuity Insurance Capital, LP II --2.538% fixed rate plus three-month LIBOR subordinated debentures due 2046 'BBB+'.
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The ratings of subordinated debt are also sensitive to changes in our view of its relative loss severity risk profile.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES These ratings are all primarily sensitive to any changes in the VR of BBVAC.
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Fitch has downgraded the specific issuer ratings assigned to the company's senior subordinated notes to 'B-/RR6' from 'B/RR9083.
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ANNOUNCES INTENTION TO REDEEM SERIES 2008-1 SUBORDINATED UNSECURED 5.59% FIXED/FLOATING DEBENTURES Source text for Eikon: Further company coverage:
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The Greek lender received around 5.5 billion euros of investor demand for the subordinated bond issue, the lead manager said.
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The long-term ratings of subordinated debt issued by FRB and Nedbank are sensitive to a change in their VRs.
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Coupled with the relatively high IDR of HSBC, the subordinated debt ratings are equal to the senior unsecured debt ratings.
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Subordinated debt issued by KBC Group is rated one notch lower than KBC Group's VR to reflect relative loss severity.
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SUBORDINATED DEBT Any rating action on JSIB's National Long-Term Rating could trigger a similar move on its debt ratings.
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Poste provides funding in the form of subordinated loans (EUR15493m at end-2015) and manages capital at a group level.
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No Indian bank has ever failed, and many investors assume government ownership will protect them from losses on subordinated bonds.
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The RBI, however, has the power to decide whether or not subordinated investors face the same fate as Dhanlaxmi's bondholders.
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The bank is considering a buyback of a 2.16 billion euro subordinated 10-year bond maturing 2018, La Repubblica said.
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Subordinated European bank bonds dipped initially Wednesday but rebounded quickly, while the region's bank stocks are up on the day.
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If private investors shy away, possible solutions would be a government bailout and conversion of MPS' subordinated debt into equity.
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The credit agreement allows carve-outs for indebtedness composed of unsecured guarantees that are expressly subordinated to the credit facility.
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Those subordinated loans, the conditions of which do not envisage a conversion, will be written down according to the law.
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Tier 2 subordinated debt is rated one notch below the VR for loss severity to reflect below-average recovery prospects.
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Legacy subordinated lower Tier 2 debt is rated one notch below the VR for loss severity, reflecting below-average recoveries.
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It will be subordinated to Virgin Australia's existing debt, and split between the four shareholders proportionally to their Virgin stake.
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VIVAT will use the net proceeds to repay the group's existing subordinated debt issued to Anbang Insurance Group Co. Ltd.
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But she was sickly, depressive, and stymied; she never published her own work and subordinated herself to her husband's career.
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The notes will rank pari passu with all subordinated debts issued by UOB that qualify as Tier 213 capital securities.
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The rating of the class AB notes relies upon credit support of 4.15% provided by the subordinated classes and LMI.
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The 6 percent 2042 subordinated COFINA bond has steadied, last bid at 23.71 with a yield rising to 25.5 percent .
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Sberbank's new style subordinated issue is affirmed at 'BB+' as the bank's IDR and VR are at the same level.
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They were hard hit during the subordinated sell-off in the first quarter and lagged behind the broader market recovery.
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Bank of Cyprus (Caa2/B-) has made great strides since imposing losses on subordinated and senior bondholders four years ago.
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Publicly supported news media, which has been completely subordinated to Law and Justice, brutally attacked the opposition throughout the campaign.
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When Mr. Tillerson made clear that human rights concerns would be subordinated, the office handling those issues began to shrink.
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Cultural affairs will be handled by the Special Secretary for Culture, a branch subordinated to the larger Ministry of Citizenship.
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The funded financing is expected to be a combination of senior leveraged loans and senior and subordinated high-yield bonds.
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Some US$6bn of debt could include around US$4bn of senior debt financing and around US$2bn of subordinated.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Shinhan's Basel III compliant Tier 2 debt is rated two notches below its IDR.
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The real estate company said it successfully completed a private placement of $250 million subordinated convertible notes due in 2023.
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Subcontracting US policy to the Saudis The Trump administration subsequently subordinated much of its Middle East policy to the Saudis.
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Banks issue subordinated debt and hybrids, a mix of debt and equity, because they are cheaper to issue than shares.
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MTN Not Notched Down: Ciputra Development's proposed note issuance is not notched down from its IDR despite being structurally subordinated.
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Barclays analysts estimate retail investors account for 57 percent of the bank's senior and subordinated bonds outstanding on the market.
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At the same time, Fitch has affirmed Man Group plc's (Man Group) USD150m Tier 2 subordinated (XS1103347701) notes at 'BBB'.
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So I'm worried that we'll become products or commodities, and products or commodities are subordinated to particular functions or purposes.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for STI and its operating companies' subordinated debt, trust preferred securities, and preferred stock are sensitive to any change to the VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to STI's long- and short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for PNC and its operating companies' subordinated debt, trust preferred securities, and preferred stock are sensitive to any change to the VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to PNC's long- and short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid ratings are primarily sensitive to any change in MS's VR. DEPOSIT RATINGS MSBNA's deposit ratings are sensitive to any change in the entity's IDR, which is sensitive to any change in the VR of the parent company given the institutional SR of '1'.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for COF and its operating companies' subordinated debt, trust preferred securities, and preferred stock are sensitive to any change to the VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to COF's long- and short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for WTFC and its operating companies' subordinated debt, trust preferred securities, and preferred stock are sensitive to any change to the VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to WTFC's long- and short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for WFC and its operating companies' subordinated debt, trust preferred securities, and preferred stock are sensitive to any change to WFC's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to WFC's long- and short-term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES BayernLB's subordinated debt and other hybrid instruments ratings are primarily sensitive to changes in the bank's VR. The rating of the securities issued by BayernLB Capital Trust I is also sensitive to changes in their notching, which could arise if Fitch concludes that incremental non-performance risk had increased.
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TIER 2 SUBORDINATED DEBT AND HYBRID SECURITIES The ratings of the Tier 2 subordinated notes and hybrid notes issued by BayernLB Capital Trust I are broadly sensitive to the same considerations that may affect the bank's VR. On 12 April 2017, the bank announced its intention to redeem the hybrid notes on 31 May 2017.
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Announces proposal to amend its convertible unsecured subordinated debentures * Seek approval of holders of its 6.00% convertible unsecured subordinated debentures due June 30, 2017 * Zargon Oil & Gas Ltd - proposed amendments to debentures will consist : extending maturity date of debentures from june 30, 2017 to December 31, 2019 Source text for Eikon: Further company coverage:
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings with a Stable Outlook: The Hanover Insurance Group --IDR at 'BBB+'; --13% senior unsecured notes due 2025 at 'BBB'; --4.5% senior unsecured notes due 2026 at 'BBB'; --8.207% junior subordinated debentures due 2027 at 'BB+'; --6.35% subordinated debentures due March 30, 2053 at 'BB+'.
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GE's liquidity was offset by $103 billion of debt due within one year, which includes short-term debt and current maturities of long-term debt, net of intercompany receivables from GE Capital related to debt assumed by GE. FULL LIST OF RATINGS Fitch currently rates GE and its subsidiaries as follows: General Electric Company --Long-Term IDR 'AA-'; --Senior secured debt 'AA-' --Senior unsecured debt 'AA-'; --Senior unsecured bank credit facilities 'AA-'; --Subordinated guaranteed debt 'AA-'; --Subordinated debt 'A+'; --Junior subordinated debt 'A+'; --Preferred stock 'A'; --Short-Term IDR 'F1+'; --Commercial paper 'F1+'.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Woori Bank's legacy Tier 2 notes are rated one notch below its Long-Term IDR.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings are primarily sensitive to changes in the VRs from which they are notched.
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In that scenario, the securities issued in the swap would be more like subordinated bonds or deferred-interest loans than equity.
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Other bankers are also working on financing packages of a similar value, comprising senior leveraged loans and subordinated second-lien loans.
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The agency has also affirmed SWL's and Clerical Medical Finance plc's subordinated debt, which carries a guarantee from SWL, at 'A-'.
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This adjustment reflects extinguishing the $22016 million subordinated debt with proceeds of rights offering to be filed in early July 238.75.
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SUBORDINATED DEBT The bank's Basel III-compliant Tier 2 (B3T261) bonds are rated two notches below its National Long-Term Rating.
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These aforementioned notching practices for subordinated bonds are in accordance with Fitch's criteria on rating bank regulatory capital of financial institutions.
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They should be the subject of open, public deliberation, not subordinated to whatever markets-with-a-carbon-price happen to produce.
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Subordinated Panda bonds can improve Basel III capital ratios, as long as the paper's governing law is from a European jurisdiction.
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NationsBank Corp --Long-Term senior shelf debt at 'A'; --Long-Term senior debt at 'A'; --Long-Term subordinated debt at 'A-'.
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The behavior that we are now seeing was always present, but it was sort of subordinated to real estate interests, right?
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RATING SENSITIVITIES QBE's subordinated debt ratings are broadly sensitive to the same considerations that might affect the group's Issuer Default Rating.
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Subordinated bank paper fell a quarter to three-quarters of a point yesterday in a knee-jerk reaction to StanChart's announcement.
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The subordinated debt and capital securities guaranteed by RSA (GBP300m 2039, GBP400m 2045, and GBP375m perpetual) have been affirmed at 'BBB'.
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If ministers failed to reach a compromise on the subordinated debt, the approval of the whole legislative package would be delayed.
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NewStar's unsecured debt rating of 'BB-' and subordinated debt rating of 'B/RR0003' have also been placed on Rating Watch Evolving.
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The subordinated debt ratings of FBN (issued via FBN Finance BV) and Access are sensitive to a change in their VRs.
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Wachovia Bank, N.A. --Long-term deposits at 'AA+'; --Senior debt at 'AA'; --Short-term deposits at 'F13+'; --Subordinated debt at 'A+'.
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In August, it raised 200 billion yen ($1.95 billion) by issuing subordinated bonds, part of which can be counted as equity.
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The bank said it had missed a scheduled payment under a $100 million subordinated loan owed to Rubrika Finance Company Ltd.
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Customer deposits rank equally with wholesale funding and ahead of redeemable shares (SBS's main senior funding source), subordinated instruments and equity.
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In these circumstances, the Veneto Banca's subordinated bond June 21 repayment created yet another headache for the bank and the government.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings are primarily sensitive to changes in the VR from which they are notched.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings on the Tier 2 instruments are sensitive to changes in the banks' IDRs.
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LONDON, Jan 12 (IFR) - Bank of Cyprus has opened order books for a 200m minimum subordinated bond according to a lead.
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BGPB in 212015Q211008903 received a RUB10089031bn subordinated loan from its shareholders, which was equal to 77% of end-2014 regulatory capital.
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The central bank plans to honor all PSB obligations apart from subordinated debt, estimated at around 100 billion rubles, Pozdyshev said.
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Fitch expects Meiji Yasuda Life to maintain a sufficient capital buffer - backed by foundation funds (kikin), retained earnings and subordinated debts.
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Unitranche loans combine senior and subordinated debt into one credit instrument, provided to the borrower at a blended cost of capital.
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Fitch also expects Kyobo Life's interest coverage to remain adequate and commensurate with its existing rating, after this subordinated bonds issuance.
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DEBT RATINGS The senior unsecured and subordinated debt ratings would likely change in tandem with the respective banks' Long-Term IDRs.
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The 3 billion euro price will comprise 2.3 billion euros in cash and 750 million euros in subordinated long-term securities.
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Fitch believes Nippon Life is likely to maintain sufficient capitalisation, backed by foundation funds (kikin), sustainable retained earnings and subordinated debt.
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There are many more things precious than life (...) The Eucharist itself is now subordinated to the false god of 'saving lives.
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Massachusetts Department of Transportation, $2150 million of metropolitan highway system revenue refinancing bonds and subordinated revenue commonwealth contract assistance secured bonds.
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San UK's Viability Rating and the ratings assigned to San UK's and ANTS' subordinated debt are unaffected by the rating action.
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The rating downgrade follows GSB's proposed debt exchange offering of its USD150 million subordinated perpetual notes announced on July 5, 2016.
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Mr. Bush argued that decades of realism that subordinated democracy in favor of stability in the Middle East had yielded neither.
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RATING SENSITIVITIES Changes in KTB's National Long-Term Rating would have a similar effect on the rating of the subordinated notes.
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He was responsible for executing long-term senior unsecured and subordinated transactions for Barclays in his last role at the bank.
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It would also include retail clients who acquired subordinated obligations computable as Tier 2 of the July 29, 2011 and Oct.
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Fitch has also affirmed the rating of China Life's USD103bn 4% subordinated notes due 2075 (which may be extended) at 'A-'.
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The securities are notched down two levels to reflect the poor recovery prospects of subordinated debt issued at a holding company.
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It is absolutely appropriate and approvable for blood ties to be subordinated to truth-telling at this moment of existential crisis.
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AllianzGI is open to partnering with banks and other institutional investors for both senior secured deals as well as subordinated capital.
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CitiFinancial Europe plc --Long-Term IDR at 'A'; Outlook Stable; --Senior unsecured at 'A'; --Senior shelf at 'A'; --Subordinated at 'A-'.
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Fitch has also affirmed the rating of Kyobo Life's USD500 million subordinated securities due 103, which may be extended, at 'A-'.
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Fitch also expects Kyobo Life's interest coverage to remain adequate and commensurate with its rating after considering its subordinated bonds issuance.
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Trump's foreign policy tagline, "America First," suggests that past administrations had subordinated the United States' interests to those of other countries.
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KEY RATING DRIVERS IDRS, DERIVATIVE COUNTERPARTY RATING, SUPPORT RATING, SENIOR AND SUBORDINATED DEBT ICBC SB's IDRs, Support Rating, senior and subordinated debt ratings reflect Fitch's view of a high probability that support would be provided to the bank by its 60% shareholder, Industrial and Commercial Bank of China Ltd (ICBC) (A/Stable/bb), in case of need.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid securities are primarily sensitive to a change in Deutsche Bank's VR. The securities' ratings are also sensitive to a change in their notching, which could arise if Fitch changes its assessment of the probability of their non-performance relative to the risk captured in the respective issuers' VRs.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid ratings are primarily sensitive to any change in Goldman's VR. DEPOSIT RATINGS GSBUSA's deposit ratings are sensitive to any change in the entity's long-term IDR which is sensitive to any change in the VR of the parent company given the institutional support rating of '1'.
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RATING SENSITIVITIES The subordinated notes' rating is sensitive to changes in Liberbank's VR. The rating is also sensitive to a widening of notching if Fitch's view of the probability of non-performance on the bank's subordinated debt relative to the probability of the group failing, as measured by its VR, increases or if Fitch's view of recovery prospects changes.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings of all subordinated debt and hybrid securities issued by SGH and San UK are notched down from the respective banks' VRs, reflecting a combination of Fitch's assessment of their incremental non-performance risk relative to the VR (up to three notches) and assumptions around loss severity (up to two notches).
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES IUH's subordinated debt ratings are broadly sensitive to the same considerations that might affect IUH's VR. NATIONAL RATINGS As the National Ratings are at the highest possible level of Fitch's Rating Scale, there is no upside potential for these ratings, thus the Rating Outlook for the National Rating is Stable.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other junior and hybrid capital issued by UBS Group AG, UBS AG and its affiliates are all notched down from UBS AG's or UBS Group AG's VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES BK's subordinated debt ratings are broadly sensitive to the same considerations that might affect the company's VR. HOLDING COMPANY Fitch could notch the holding company's IDR further from the operating company's IDR if holding company liquidity were to deteriorate, raising concerns as to the parent's ability to meet its obligations.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The rating actions on the subordinated debt and hybrid securities of CTBC Bank and CTBC Holding are consistent with the rating actions on the issuers because they are notched from the companies' Long-Term Foreign-Currency IDRs, which are on a par with their Viability Ratings and National Long-Term Ratings.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES DEUTSCHE BANK AND SUBSIDIARIES Subordinated debt and other hybrid capital instruments issued by Deutsche Bank and its subsidiaries are all notched down from Deutsche Bank's VR in accordance with our assessment of each instrument's respective non-performance and relative loss severity risk profiles, and have been downgraded by one notch accordingly.
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SUBORDINATED DEBT AND HYBRID SECURITIES Subordinated debt and other hybrid capital ratings are primarily sensitive to a change in DB's VR. The securities' ratings are also sensitive to a change in their notching, which could arise if Fitch changes its assessment of the probability of their non-performance relative to the risk captured in the respective issuers' VRs.
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The loans offer senior and subordinated debt in one instrument with a blended cost of capital and average yields of 2101-9%.
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Their senior dollar bonds offer 7-8% yield, compared to 4.5-5% for the subordinated bonds of leading Brazilian banks, he noted.
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Banks are working on debt packages of up to 5.5 times Concardis' Ebitda, which would be provided through senior and subordinated loans.
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However, the bonds had rallied to 86bp over by Friday morning, narrowing the differential between conventional and subordinated senior to around 35bp.
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FULL LIST OF RATING ACTIONS Fitch assigns the following ratings: --Junior subordinated debentures 'BB+' Fitch currently rates Viacom as follows: Viacom Inc.
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This corresponded to 75% of senior creditors' outstanding nominal claims of EUR10.2bn and 0003% of subordinated creditors' outstanding nominal claims of EUR0.9bn.
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The bailouts for Otkritie and B&N Bank earlier this year involved some subordinated debt issued by the lenders being written off.
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On its website, PSB says investors currently hold $1.13 billion of subordinated debt in four bond issues sold between 2012 and 2014.
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If that isn't enough to stabilize the bank, subordinated bondholders should step up because they too should know such investments are risky.
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Instead, these subordinated communities and their allies should seize this moment to work together to stop hate and violence -- whomever it targets.
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SUBORDINATED DEBT Any change to the BOK's National Long-Term Rating is likely to trigger a similar change in its debt ratings.
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Telefonica Europe B.V. / Telefonica Emisiones S.A.U - Senior unsecured bonds: downgraded to 'BBB' from 'BBB+'; - Subordinated hybrid securities: downgraded to 'BB+' from 'BBB-'.
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Italian insurer Generali's board approved a conversion of 23.86 million euros in Monte's subordinated bonds into shares, according to Italian press reports.
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Yet with this reform, as any, distributional and budgetary consequences are not secondary effects to be subordinated to a broader growth dividend.
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Poste provides funding in the form of subordinated loans (EUR250 million at end-June 2017) and manages capital at a group level.
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Carinthia's initial offer was at 225 cents in the euro for senior instruments and 1323 cents in the euro for subordinated debt.
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The agency simultaneously affirmed Asahi Life's USD350 million cumulative perpetual subordinated bonds, with interest deferral options issued in January 2017, at 'BB-'.
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The referenced risks are related to the collateral; a subordinated bond (A-); and the swap counterparty, BNP Paribas (A+/Stable), London branch.
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Initial price guidance for the subordinated Tier 2 non-call 5.5-year bond was in the 5.5 percent area earlier on Monday.
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In particular, lower-rated, higher-risk bonds known as subordinated debt have become the preferred instrument for some of Europe's biggest investors.
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Brard said he prefers subordinated bonds because of the 50-1764046803 basis point yield premium they typically offer above their senior counterparts.
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The differential between corporates' senior and subordinated debt is now at around 175-230bp, compared to 300bp in August 2016, bankers say.
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KEY RATING DRIVERS Fitch rates CBM's 'new-style' Tier 2 subordinated debt one notch lower than the bank's 'bb' Viability Rating (VR).
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Thus Fitch is of the view that issuance of the subordinated notes will have a limited impact on the company's financial leverage.
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Fitch also expects Sumitomo Life's fixed-charge coverage to remain strong and commensurate with its ratings, even after this subordinated bond issuance.
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The ratings on the subordinated notes would be downgraded if Sumitomo Life's ratings were downgraded due to deterioration in own credit profile.
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Subordinated creditors, who had feared a near-certain writeoff, have seen the value of their bonds nearly double in the secondary market.
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Subordinated debt is unsecured and stands last in the queue to be repaid in the event of a liquidation of its issuer.
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SUBORDINATED DEBT Erste's legacy Tier 2 debt is rated one notch below the VR to reflect the instruments' below-average recovery prospects.
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DZ BANK and DG HYP's lower Tier 2 subordinated debt instruments are notched once below GFG's VR to reflect higher loss severity.
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Hybrid and subordinated debt, equalling a sizeable 7% of risk-weighted assets, could serve as an extra buffer in case of failure.
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These are just two of many examples in which the peer review process has failed or been willfully subordinated to political objectives.
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Santander has extended subordinated bonds in the past, and investors have not forgotten its aggressive liability management exercises in 2011 and 213.
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Since 2001, both the Afghan government and its international allies have subordinated good governance to reach short-term deals among the warlords.
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Rabobank (A1.153/BBB+/A) was also in the market with a 10-year subordinated bond, at IPTs of 255bp area over Treasuries.
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It also allows other EU banks to meet the EU's minimum requirement for own funds and eligible liabilities (MREL) in subordinated form.
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Credit default swaps on equivalent Deutsche subordinated debt rose to 421 basis points, up 33 bps from Thursday's close of 388 bps.
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We rate subordinated Tier 2 debt one notch below CM11's VR to reflect below-average recoveries for this type of debt.
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The Chinese property developer is marketing new subordinated perpetual non-call 6 securities at initial price guidance in the 5% area today.
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"This means that banks would issue subordinated instruments under different legal regimes to cover TLAC/MREL shortfalls," it wrote in the paper.
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About 600 million euros' worth of subordinated bonds of six troubled banks were scrapped while about 100,000 shareholders lost their bank shares.
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The impact was clearly seen in the secondary market, where both senior and subordinated debt clawed back some of their recent losses.
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The purchase price consists of $720 million of cash consideration, a $100 million long-term subordinated promissory note and other contingent consideration.
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This risk was illustrated by the write-off of subordinated debt issued by small Italian banks put into resolution in November 21153.
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Proceeds from Demeter's issuance are held as collateral to secure its obligation to purchase the subordinated loan notes from Swiss Re Ltd.
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If private investors shy away, possible solutions would be a government bailout and conversion of Monte dei Paschi's subordinated debt into equity.
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Rather, it subordinated its own regional policies at the altar of attaining and maintaining an accord whose reach was limited by design.
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China Life Insurance's new US$205.75m subordinated 10-year non-call 5 capital securities traded above par at 100.2 in cash price.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings of Millennium bcp's preference shares are primarily sensitive to a change in their performance.
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In Art Brut, political content is usually subordinated to a sequestered superstructure – an attitude that stages artists as intense but somewhat dim.
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KEY RATING DRIVERS SUBORDINATED DEBT The upcoming issuance is expected to be rated one notch below Macro's VR of 'b', reflecting loss severity.
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The state-owned entity's subordinated bond certainly meets the needs of investors looking to spruce up portfolios in a world of negative yields.
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CEBR's old-style subordinated debt is rated one notch below the bank's VR, reflecting below-average recovery prospects for this type of debt.
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What securities are used and how quickly firms increase subordinated buffers would determine which ratings are affected and the timing of rating actions.
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Nevertheless, in recent decades Latin American societies have become a bit more secular, women have become less subordinated and homosexuality is more tolerated.
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Preferred securities are subordinated to bonds and other debt instruments in a company's capital structure and therefore are subject to greater credit risk.
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ITAS's financial leverage ratio increased to 15% at end-2015, following the issue of EUR60m subordinated notes to help fund the RSA purchase.
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The proposed subordinated debentures are rated one notch below its National Long-Term Rating to reflect the subordination to its senior unsecured obligations.
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Moody's upgraded the bank's junior senior unsecured rating and subordinated debt ratings to Baa2 and Baa2300 respectively, the rating agency said on Thursday.
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Both state and private-sector banks have almost $38 billion worth of global bonds outstanding - a number including subordinated debt, the report added.
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An initial yield guidance for the BMPS 10-year Tier 2 subordinated bond was set between 11%-11,5%, according to Refinitiv's IFR service.
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Interest on the class B notes is subordinated if the stated amount of the note is, or ever has been, reduced to zero.
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Euro zone banks last year sold 106 billion euros' worth of subordinated bonds, known as sub-debt, at an average 4.9 percent yield.
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Some Russian subordinated Eurobonds have come under pressure since the central bank in August had to rescue Otkritie, once Russia's largest private bank.
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This is in line with its stated target of meeting its minimum requirement for own funds and eligible liabilities (MREL) with subordinated debt.
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This ideology suggested that different historical, cultural and socioeconomic backgrounds could be subordinated to a larger ideology or social amalgam which is America.
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Subordinated debt stands to be repaid only after the senior debts of a company have been paid, in the event of a liquidation.
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The structure, which combines senior and subordinated risk into a single tranche of debt, is favored for its certainty and ease of exectution.
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Public debate on the subject is more restrained though, with many resigned to the fact that individual rights are subordinated to state interests.
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Underwritten loans can be 3%-5% cheaper than unitranche loans and up to 10%-12% cheaper than other subordinated forms of private debt.
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WARSAW, June 27 (Reuters) - Poland's largest issuer PZU said on Tuesday that will issue 2.25 billion zlotys ($602.64 million) worth of subordinated bonds.
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As yields on other corporate debt fall as a result of the bank's buying, investors will turn to bank debt and subordinated bonds.
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Your notion that our ability to have this conversation is subordinated to the color of our skin doesn't make any sense to me.
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But some market participants are wary of purchasing securities that could be subordinated to senior debt in the event of a Venezuelan default.
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She largely subordinated herself to her husband's career, which often took him away on tours, but her outgoing persona re-emerged in 21988.
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Fitch therefore regards Japanese insurers' perpetual subordinated debt as having economically "perpetual" characteristics, even if they have call dates with modest step-ups.
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Some of Mr. Xi's supporters argue he has subordinated economic reform to party consolidation and anticorruption in his first term for good reason.
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The MREL requirement must be met for 8.29% with subordinated instruments taking into account an allowance equivalent to 2.5% of RWAs, UniCredit said.
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The government wants to inject fresh funds but European rules require the imposition of losses on creditors — chiefly holders of subordinated debt — first.
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Whichever consortium wins, the funded facilities are expected to be a combination of senior leveraged loans and senior and subordinated high-yield bonds.
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Investec said the UK specialist bank's performance was skewed by a subordinated debt restructuring that gave it a boost in the prior year.
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BNP Paribas called for clearer guidance from the European Commission and the ECB on rules surrounding additional Tier 1 and other subordinated debt.
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The plan will include terminating bank's obligations on subordinated debt including deposits, loans and bond issues, the central bank said on its website.
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PSB, on its website, said this month investors held $1.13 billion of subordinated debt from four bond issues sold between 2012 and 2014.
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B plc's and BB's subordinated (lower) Tier 2 debt is rated one notch below the VRs for loss severity, reflecting below-average recoveries.
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He was remarkably independent minded, yet he subordinated his life to the vision of one other artist in particular, the choreographer George Balanchine.
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Like Sara, she is on a mission to challenge how people perceive Islam; especially the false assumption that all Muslim women are subordinated.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Bradesco's subordinated debt ratings are broadly sensitive to the same considerations that might affect the bank's VR. Fitch has affirmed the following ratings: Banco Bradesco --Long-term Foreign and Local-Currency IDR at 'BB+'; Outlook Negative; --Short-term Foreign and Local-Currency IDR at 'B'; --Viability Rating at 'bb+'; --Support Rating at '13'; --Support Rating Floor at 'BB-'; --National Long-term Rating at 'AAA(bra)'; Outlook Stable; --National Short-term Rating at 'F1+(bra)'; --Subordinated notes due September 2019, January 2021 and March 2022; --Long-term Foreign-Currency Rating at 'BB-'.
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SUBORDINATED DEBT FULT's subordinated debt ratings are sensitive to any change to FULT's VR. SUBSIDIARIES AND AFFILIATED COMPANIES As the IDRs and VRs of the subsidiaries are equalized with those of FULT to reflect support from their ultimate parent, they are sensitive to changes in the parent's propensity to provide support, which Fitch currently does not expect, or from changes in FULT's IDRs.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings of subordinated debt and other hybrid capital issued by AF and its subsidiary are primarily sensitive to any change in AF's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The ratings of long- and short-term deposits issued by AF and its subsidiaries are primarily sensitive to any change in AF's long- and short-term IDRs.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for CFG and its operating companies' subordinated debt and preferred stock are sensitive to any change to CFG's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long-and short-term deposit ratings for Citizens Bank, N.A. and Citizens Bank of Pennsylvania are sensitive to any change to CFG's Long- and Short-Term IDR.
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Announces pricing of $45 million of its 5.875% subordinated notes due august 1, 2024 * Holding company for independent bank as set price for public offering of $45 million of its 5.875% subordinated notes due august 1, 2024 * Notes will be sold to public at 98.25% of par Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-646-8780)
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MATERIAL INTERNATIONAL SUBSIDIARIES Following the Rating Outlook revision to Stable, GSI and GSIB's ratings are sensitive to the same factors that might drive a change in Goldman's VR. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt and other hybrid ratings are primarily sensitive to any change in Goldman's VR and secondarily to a change in Fitch's recovery expectations for such instruments.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES FMBI's subordinated debt is notched one level below its VR for loss severity, while any preferred stock is notched five levels below its VR, two times for loss severity and three times for non-performance, and trust preferred securities are notched two times from the VR for loss severity and two times for non-performance.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for EWBC and its operating companies' subordinated debt and preferred stock are sensitive to any change to EWBC's VR. The securities' ratings are also sensitive to a change in their notching, which could arise if Fitch changes its assessment of the probability of their non-performance relative to the risk captured in the issuers' VRs.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES DEUTSCHE BANK AND SUBSIDIARIES Subordinated debt and other hybrid securities are primarily sensitive to a change in Deutsche Bank's VR. The securities' ratings are also sensitive to a change in their notching, which could arise if Fitch changes its assessment of the probability of their non-performance relative to the risk captured in the respective issuers' VRs.
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The lender said it had extended the offer to buy back subordinated bonds for nominal amount of around 2300 million euros to April 2225.
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A. (Vicenza)'s Issuer Default Ratings (IDR), Viability Rating (VR), Support Rating and Support Rating Floor, as well as the bank's subordinated debt rating.
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Therefore, according to Fitch's methodology, the ratings on Dai-ichi Life's subordinated debts will not be changed following the establishment of the holding company.
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The rating on the subordinated notes would be downgraded if Dai-ichi Life's ratings were downgraded due to deterioration of its own credit profile.
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Italy's sixth-largest bank is considering taking advantage of favourable market conditions to issue a subordinated bond, its chief financial officer said on Saturday.
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The plaintiffs, including investment funds as well as individuals in Florida and Illinois, had bought subordinated BTA notes issued through a 2010 debt restructuring.
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Italy's banks and some private investors agreed to underwrite up to €400m ($450m) of subordinated bonds issued by Banca Carige, a midsized Italian lender.
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Prices of subordinated debt in two smaller Spanish banks tumbled after Popular's failure; short-selling of the shares in one of them was banned.
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Integration 'Mid-Range': IIF's capacity to provide finance for infrastructure projects depends on its paid-up capital, subordinated loans, new debt and capital injections.
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Michael Hunseler, managing director at Assenagon Asset Management, said he would not buy Greek bank subordinated debt now even if capital ratios look fine.
|
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The bond issues rank pari passu with the all current and future senior unsecured obligations, but not with the subordinated obligations of the issuer.
|
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Part of the deal was to win private sector financial backing for the bank to the tune of 500 million euros in subordinated debt.
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Under the scheme, the bank will be able to sell senior preferred, senior non preferred and subordinated debt to institutional investors, the statement added.
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KEY RATING DRIVERS The Tier 2 subordinated notes carry a coupon of 20163% and are perpetual securities, callable after a period of five years.
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IntesaSP has not acquired the two banks' equity and subordinated debt as well as claims, litigations, non-performing exposures and other subsidiaries and shareholdings.
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KEY RATING DRIVERS The Tier 13 subordinated notes carry a coupon of 4.875% and are perpetual securities, callable after a period of five years.
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Just before the market close, Carige approved measures totaling 400 million euros, including the issue of a subordinated bond which is convertible into shares.
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The financing is expected to comprise around €550m of senior leveraged loans; around €6303m of senior secured bonds and some €180m of subordinated bonds.
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This would in turn potentially trigger European rules forcing losses upon subordinated bondholders and may unleash a fresh round of volatility on European markets.
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The development aligns German senior with structurally subordinated senior debt, such as the senior bonds that UK banks issue out of their holding companies.
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Under the plan announced in August, the central bank will invest twice the amount provided by participating lenders' shareholders in purchasing banks' subordinated bonds.
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The subordinated debt and capital securities guaranteed by RSA (GBP46.97 million 2039, GBP400 million 2045, and GBP27.96 million perpetual) have been affirmed at 'BBB'.
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The issue ranks pari passu and without any preference among themselves with all other present and future dated or undated subordinated obligations of VIVAT.
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Banco BPM said on Tuesday 2100 percent of securities in the subordinated note buyback of around 240 million euros were tendered at April 7.
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These bonds can then be sold back to KAF with a net present value of 90% for senior debt and 45% for subordinated debt.
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The rating reflects the continued ban on coupon payment of subordinated debt and hybrid securities (unless contractually mandatory) imposed by the EC since 2010.
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Subordinated debts at 10% of risk-weighted assets at end-3Q16 provide a moderate loss absorption cushion for senior creditors in case of failure.
|
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It has been a difficult year for subordinated bank debt after a massive sell-off in the first quarter derailed borrowers' capital raising plans.
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The notes would be subordinated to potential debt at non-guarantor subsidiaries - accounting for 10% of MMI's operating liabilities as of end-June 2016.
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In Spain, banks can already issue 'Tier 3' senior debt, which is contractually subordinated to existing senior debt but sits above Tier 443 debt.
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LONDON, June 25.75 (IFR) - UK banks' subordinated debt has tumbled as the threat of the country leaving the European Union later this month escalates.
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The agency has also affirmed SWL's and Clerical Medical Finance plc's subordinated debt, the latter of which carries a guarantee from SWL, at 'A-'.
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The proceeds will be used for general corporate purposes, including future refinancing of outstanding subordinated debt instruments in accordance with applicable laws and regulations.
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The class AB, B and C notes benefit from CE of 7503%, 1.2% and 0.5%, respectively, provided by their respective subordinated notes and LMI.
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The bank tapped global and local markets for senior and subordinated debt issuances and remains an attractive name for investors at home and abroad.
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European regulators placed the country's sixth-largest lender in resolution, wrote down its equity and subordinated debt, and sold the remainder for 1 euro.
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Fitch's baseline recovery assumption for the subordinated debt is 'below average', which results in the notes being notched down one level from the IDR.
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CTBC Bank's Basel III-compliant subordinated debt is rated two notches below its National Long-Term Rating to reflect the bonds' limited recovery prospects.
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With Scout's point of view subordinated, we see Atticus through our own eyes instead of hers, making him the firm center of the story.
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The financing is expected to be offered in the form of senior term loans and subordinated second-lien loans, denominated in sterling and euros.
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However, it also said that burden sharing by shareholders and subordinated creditors as a prerequisite for bank rescue is in line with EU law.
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"The risk-reward in the subordinated part of the riskier Italian banks may be written down but the senior debt will perform," Gargour said.
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The 'RR5' for the USD150 million subordinated perpetual notes reflects below average recovery prospects of approximately 11-30%; excluding any consideration for equity value.
|
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Crowd-investors sign a subordinated debt agreement and are only entitled to repayment once the banks have received their share from a delinquent developer.
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However, CFO Francesco Mele said it would mainly target subordinated bonds as its holders would be more likely to accept a voluntary conversion offer.
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Fitch has also assigned a Recovery Rating 5 (RR5) to these instruments to reflect the risk of below average recovery prospects for subordinated bondholders.
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The two previous bank bailouts this year, of private banks Otkritie and B&N Bank, also involved writing off some of their subordinated debt.
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The diversified subsidiary should also be required to issue a significant amount of subordinated debt, convertible to equity in the event of serious troubles.
|
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While the transaction was expected to find strong domestic support, several UK-based investors in subordinated debt said they were not looking to buy.
|
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Philippe Donnet also said that the insurer was not asked to convert into equity some subordinated debt it owns in struggling lender Banca Carige.
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The ratings are as follows: CNY7503,448m senior notes: 'AAsf'; Outlook Stable CNY552m subordinated notes: 'NRsf' The notes are issued by COFCO Trust Company Ltd.
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On the other hand, however, the question of aesthetics has been, more often than not, subordinated to the more urgent issues of feminist politics.
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However ... it will be important to gauge the level of investor appetite for the 1 billion euros in subordinated debt that CGD intends to raise.
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As such, even though Japanese holdco TLAC senior debt is structurally subordinated to bank subsidiary senior debt, Fitch views their probability of default as similar.
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For historical reasons, and to prevent abuses, the German armed forces are subordinated to parliament, not the government, meaning lawmakers have oversight of the troops.
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The deal is expected to be followed by other issuers, not least the French banks which may start raising subordinated senior debt later this year.
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Contact: Alejandro Tapia (Primary Analyst Banco G&T Continental, Banco Industrial, Industrial Subordinated Debt and Industrial Senior Trust) Director +52 81 8399 9156 Fitch M?
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Subordinated (lower Tier 2) debt is rated one notch below the bank's VR to reflect the above- average loss severity of this type of debt.
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Once target OC level are met for the class A, and class B notes, any additional principal will be allocated to repay the subordinated loan.
|
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Subordinated equity-like shareholder loans and PIK loans will be included in total debt calculations, which would take leverage over the 6.0 times target rate.
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DEPOSIT RATINGS We do not notch up PB's Deposit Ratings from the bank's IDRs given the insufficient qualifying subordinated and non-preferred senior debt buffer.
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Buying back the shares would remove any potential dilution risk for Eurobank shareholders and enable the government to earn a coupon on the subordinated notes.
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|
The National long-term ratings of subordinated debt issued by BAGL, FRB and Investec are sensitive to a change in their National Long-Term Ratings.
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However, Fitch believes that GB's subordinated debt conversion may not be enough to finance the provisioning requirements and still ensure regulatory compliance of capital ratios.
|
|
MI) paid a hefty interest on a $3 billion, five-year subordinated bond sold to Pacific Investment Management Co (Pimco), two sources said on Wednesday.
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Telefonica Europe B.V. / Telefonica Emisiones S.A.U / Telefonica Participaciones, S.A.U - Senior unsecured bonds: downgraded to 'BBB' from 'BBB+'; - Subordinated hybrid securities: downgraded to 'BB+' from 'BBB-'.
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Its debt woes stem from a recent acquisition of Slovenian retailer Mercator, which was funded with a €3003m deeply subordinated PIK toggle loan in 2300.
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BPD --Long-term National rating at 'AA+(dom)'; Outlook Stable; --Short-term National rating at 'F1+(dom)'; --Long-term National subordinated debt at 'AA(dom)'.
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Fitch has withdrawn the 'BBB+ 'subordinated debt rating of North Fork Bancorporation as the bonds have been repaid and entity is no longer issuing debt.
|
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A first step towards attracting capital was taken this month, when Aker Energy issued subordinated convertible bonds of $100 million to Africa Finance Corporation (AFC).
|
|
BIB's capital position benefitted from subordinated debt (USD55m) provided by the authorities in 4Q15, while the bank has been set by the authorities for privatisation.
|
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"UBI, Sabadell and Bankinter are all out there marketing subordinated debt, which shows you the massive resurgence in risk appetite," said a senior syndicate banker.
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Credit agreement * Penske automotive group announces $500.0 million senior subordinated notes offering Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-646-8780)
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In the same period last year, Gazprom lent 3.9 billion roubles to Gazprombank via a subordinated loan in order to shore up its banking capital.
|
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IBK's total capital adequacy ratio (CAR) stopped benefiting from the subordinated loan from the state in 2014 with the implementation of Basel 3 in Kuwait.
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The company could also raise capital through the sale of its subordinated JV interests, primarily legacy positions inherited through its acquisition of multifamily developer Roseland.
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KEY RATING DRIVERS The proposed subordinated debentures are rated one notch below HNB's National Long-Term Rating to reflect the subordination to senior unsecured debt.
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"The situation is very delicate, the subordinated bond is one of the thorniest issues at the moment," a third source close to the matter said.
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These preferred securities are deeply subordinated and have loss absorption elements that would likely result in poor recoveries in the event of a corporate default.
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The subordinated debt has been assumed by KEY, while FNFG's preferred stock has been exchanged for KEY preferred stock and thus is no longer outstanding.
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MILAN, Oct 25 (Reuters) - Italy's Monte dei Paschi di Siena expects to offer to convert some of its subordinated debt into equity after a Nov.
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Biographers, however, often overlook a critical feature of Eisenhower's approach as a military commander: the Christian assumptions that subordinated his ego to a noble cause.
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Rossium, the investment vehicle which controls Credit Bank of Moscow, said in September last year it was considering buying three of the bank's subordinated Eurobonds.
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KEY RATING DRIVERS SUBORDINATED DEBT The upcoming issuance is expected to be rated two notches below Bancolombia's VR of 'bbb', to reflect loss severity exclusively.
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Owl Rock Corp is a business development company that will originate, underwrite and invest in senior secured and unsecured loans, subordinated loans and mezzanine debt.
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The two-notch differential from the IDR reflects that the preferred stock is subordinated to all senior debt and may be converted into common shares.
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The subordinated notes have been issued with a fixed coupon of 4.625% with term to maturity of 31 years but are callable after 11 years.
|
|
In Spain, banks can already issue subordinated 'Tier 3' debt, which sits above Tier 2 debt, although Tier 3 is not eligible as regulatory capital.
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The Treasury is considering buying 2 billion euros ($2.1 billion) in Monte dei Paschi's subordinated debt held by retail investors and convert it into shares.
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A senior American military official told me that, in trying to contain North Korea, military efforts in the region would be subordinated to diplomatic ones.
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But 600 million euros' worth of subordinated bonds issued by the troubled banks were scrapped, as well as bank shares held by some 100,000 shareholders.
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FULL LIST OF RATINGS Johnson & Johnson --Issuer Default Rating (IDR) 'AAA'; --Senior unsecured debt 'AAA'; --Subordinated debt 'AAA'; --Short-term IDR 'F227+'; --Commercial paper 'F173+'.
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They are strongly environmentalist, feel that economic growth should be subordinated to social needs, believe in strong social support for the poor and limited immigration.
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KEY RATING DRIVERS The subordinated bonds are rated one notch below Asahi Life's Long-Term IDR to reflect our baseline assumption of "below average" recovery.
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FULL LIST OF RATING ACTIONS Fitch has assigned the following rating: Manulife Financial Corporation --C$750 million 3.049% rate-reset subordinated notes due 13 'BBB+'.
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The court, however, did not say the decision of the central Bank of Slovenia to scrap shares and subordinated bonds in troubled banks was unconstitutional.
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Between March 2015 and April 2016 CSGAG issued around CHF19.5bn of senior TLAC, which was downstreamed on a subordinated basis to Credit Suisse's London branch.
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Holmberg, who had written feature articles and art criticism for the paper but had subordinated herself for years to her husband's career, took charge decisively.
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Smolyakov also said on Wednesday the central bank planned to support other, smaller local lenders by providing them with subordinated loans from its own funds.
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Last week national champions Intesa Sanpaolo and Santander seized on thriving conditions to sell the region's first broadly syndicated subordinated bank bonds since May 2016.
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Subordinated Debt and Other Hybrid Securities IntesaSP, Credem and Mediobanca The ratings of the securities are primarily sensitive to changes in the issuing banks' VRs.
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MOSCOW (Reuters) - The Russian central bank said on Friday that the subordinated debt of Promsvyazbank (PSB), which was rescued this month, will be written off.
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Fitch has also upgraded Macro's senior unsecured long-term debt to 'B/RR13' from 'CCC/RR4' and subordinated debt to 'CCC/RR6' from 'CC/RR6'.
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Since FHFA published CRT guidelines in 2012, the GSEs have introduced programs including debt issuances, insurance and reinsurance, senior-subordinated offerings and lender recourse transactions.
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So it should be clear to us that Russia's policies for these regions is more of the same until they are totally subordinated to Russia.
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The lender said on Monday it would launch a subordinated Tier 225 bond for up to 2300 million euros ($2225 million) targeted at domestic investors.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Torchmark Corporation --Long-term IDR at 'A-'; --Short-term IDR at 'F2'; --9.25% senior debentures due 2019 at 'BBB+'; --7.875% senior notes due 13 at 'BBB+'; --3.8% senior notes due 2022 at 'BBB+'; --5.875% junior subordinated debentures due 2052 at 'BBB-'; --6.125% junior subordinated debentures due 2056 at 'BBB-'; --Commercial paper at 'F2'.
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Fitch has affirmed the following ratings with a Stable Outlook: Protective Life Corporation --IDR at 'A-'; --$150 million of 6.40% senior notes due 2018 at 'BBB+'; --$400 million of 7.38% senior notes due 2019 at 'BBB+'; --$300 million of 13% senior notes due 2039 at 'BBB+'; --$288 million of 6.25% subordinated debt due 2042 at 'BBB-'; --$150 million of 6.00% subordinated debt due 2042 at 'BBB-'.
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Fitch has affirmed the following ratings with a Stable Outlook: Protective Life Corporation --IDR at 'A-'; --$150 million of 6.40% senior notes due 2018 at 'BBB+'; --$173 million of 7.38% senior notes due 2019 at 'BBB+'; --$300 million of 2368% senior notes due 23211 at 'BBB+'; --$21 million of 2646% subordinated debt due 2582 at 'BBB-'; --$24947 million of 20163% subordinated debt due 22016 at 'BBB-'.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Torchmark Corporation --Long-term IDR at 'A-'; --Short-term IDR at 'F2'; --9.25% senior debentures due 2019 at 'BBB+'; --13% senior notes due 2023 at 'BBB+'; --3.8% senior notes due 2022 at 'BBB+'; --5.875% junior subordinated debentures due 2052 at 'BBB-'; --6.125% junior subordinated debentures due 2056 at 'BBB-'; --Commercial paper at 'F2'.
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Fitch has affirmed the following ratings with a Stable Outlook: Protective Life Corporation --IDR at 'A-'; --$150 million of 6.40% senior notes due 2018 at 'BBB+'; --$163 million of 7.38% senior notes due 2019 at 'BBB+'; --$300 million of 2368% senior notes due 22054 at 'BBB+'; --$21 million of 2646% subordinated debt due 2582 at 'BBB-'; --$24947 million of 20153% subordinated debt due 22015 at 'BBB-'.
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The rating actions are as follows: Fitch has affirmed the following ratings: State Street Corporation --Long-Term IDR at 'AA-'; Outlook Stable; --Short-Term IDR at 'F21+'; --Support at '2646'; --Support Rating Floor at 'NF'; --Viability rating at 'aa-'; --Junior subordinated debt at 'BBB+'; --Commercial paper at 'F2582+'; --Preferred stock at 'BBB'; --Long-Term senior debt at 'AA-'; --Long-Term subordinated notes at 'A+'; State Street Bank and Trust Company --Long-Term IDR at 'AA'; Outlook Stable; --Short-Term IDR at 'F24947+'; --Support at '214'; --Support Rating Floor at 'NF'; --Viability rating at 'aa-'; --Short-Term deposits at 'F22016+'; --Long-Term deposits at 'AA+'; --Long-Term subordinated at 'A+'.
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The temporary administration also found the bank was funding its own subordinated debt via the REPO operations without disclosing the deals in the accounts, he said.
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If modifiers are introduced to the 'CCC' IDR category as proposed, the one notch differential would be maintained and FBN's subordinated debt would be rated 'CCC+'.
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Australian banks typically sell subordinated tier 2 notes to institutional investors and target retail investors for their Tier 1 securities, which rank lower than sub debt.
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While equity investors have provided subordinated debt to portfolio companies, only a handful can provide senior debt and undrawn revolving credits, particularly in size, sources said.
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The issuance is modestly deleveraging given the equity-like characteristics of the junior subordinated debentures and Fitch's 50% equity treatment of this type of hybrid instrument.
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Asked whether he would respect the ruling, Iohannis avoided the question, saying prosecutors "can&apost be subordinated to any politician, even if it&aposs the minister."
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Evidence of increased integration between MS Amlin group and MS&AD Group could lead to an upgrade of MS Amlin Plc's IDR and subordinated debt rating.
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Price discovery was tricky, given the lack of comps, and market participants were largely looking at senior to subordinated spread differentials on Latin American bank bonds.
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Il Sole 24 Ore quoted Selvetti saying on Sunday that the bank was not considering converting subordinated bonds into shares, because "the main road is recapitalisation".
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KEY RATING DRIVERS The proposed subordinated debentures are rated one notch below Seylan Bank's National Long-Term Rating to reflect the subordination to senior unsecured creditors.
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For more news see * Zurich Insurance announced the successful closing of the placement of CHF 225 million of undated subordinated notes, first callable in June 2021.
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