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Erste Group Bonitätsabhängige Anleihe auf Allianz SE 2013-2020


ISIN:
AT0000A11BL7
WKN:
EB0CBB

Date: 2020/04/03 18:17:28
Bid Ask
98.929 101.929
Difference 0.00% (0.00)

General attributes

Type of bondErste Group credit linked notes
Bond stylesenior
Issuer typefinancial institution
Country of issueAT
Reference entities

Allianz SE

Current coupon3.250%
Coupon stylestep up
Coupon payment date2020/10/20
Coupon payment periodannually
Yield to maturity p.a. (before tax)-
Value date2013/10/02
Maturity2020/10/20
Repayment value100.00
CurrencyEUR
Minimum unit1000

Value at Risk

VaR class (10 days)-
VaR 10 days-
VaR 250 days-
Date-

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Final TermsPDF Download

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Performance since inception. Performances under 12 month have only little informative value because of the short maturity. Information about previous performance does not guarantee future performance.
Source: Erste Group Bank AG
Advantages Risks you should be aware of
  • attractive coupon (subject to the occurrence of a credit event)
  • long-term investment
  • By combining two debtors a credit-linked note pays a relatively high coupon.
  • Default risk of the reference debtor, Allianz SE Investors are subject to the risk of the issuer’s insolvency and thus default. This means that in case of the issuer’s default, the investor may incur losses of up to 100 %.
  • The 100 % capital guarantee on the nominal value only applies in the absence of any credit event (subject to the default risk associated with Erste Group Bank AG).
  • The price of the bond may fluctuate during its life, which can lead to price losses.
  • The fixed interest coupon is paid on 20 October of each year, subject to the occurrence of a credit event.
  • In case of a credit event redemption may be pushed back beyond the due date.

Description

The "Erste Group Bonitätsabhängige Anleihe auf Allianz SE 2013-2020" is a credit-linked bearer bond issued by Erste Group Bank AG with a maturity of about seven years, unless a credit event occurs with regard to the reference debtor, Allianz SE, in which case the bond would be redeemed prior to maturity.

The annual coupon and the redemption depend on the reference debtor not incurring a credit event. In the absence of a credit event, the investor receives a coupon payment on the respective interest date, and the "Erste Group Bonitätsabhängige Anleihe auf Allianz SE 2013-2020" is redeemed at the end of maturity at nominal value (subject to the default risk of Erste Group Bank AG).

The risk of (up to) a total loss of capital is represented by the occurrence of a credit event at the reference debtor. In this case all future interest payments are void, and the bond is redeemed prior to maturity in a cash clearing transaction, which may amount to zero.

The insolvency of the reference debtor, his default on debt, and debt restructuring (e.g. a cut in the interest rate or the redemption amount, the extension of the maturity of a debt) are regarded as credit events. A default on debt is any situation where the reference debtor fails to make payment due with respect to one or more liabilities on the due date and at the place of payment, with the total amounting to at least the defined payment threshold.

Said payment threshold amounts to USD 1,000,000 or the equivalent in the currency owed (i.e. the currency the respective debt owed by the reference debtor is denominated in) at the time of non-payment or potential non-payment.

The product is geared to investors who do not expect the reference debtor to incur a credit event during the life of the bond. In this case the interest payments may result in a yield superior to that offered by comparable bonds issued by the reference debtor.

Payment notes

This bearer bond that depends on the credit risk of the reference debtor pays a increasing interest rate from 3.00 % up to 3.25 % p.a. However, payment is subject to the occurrence of a credit event.

Settlement

This bearer bond that depends on the credit risk of the reference debtor is redeemed on 20 October 2020 at 100 % of nominal value, subject to the occurrence of a credit event and the default risk of Erste Group Bank AG.

Secondary market

The bearer bond will be publicly offered in Germany and listed in Austria. Listing at Baden-Württembergische Wertpapierbörse as well at Frankfurter Wertpapierbörse (unofficial market) is scheduled for 02 October 2013. From the value date onwards the bearer bond can be traded on each stock exchange day during trading hours. However, Erste Group Bank AG cannot guarantee the existence or maintenance of an active market throughout the entire life of the bond. The issuer will, as a rule, continuously quote prices, but is not obligated to do so. Neither is the issuer obligated to redeem the bonds. During the life of the bond its price will be significantly determined by the general development of interest rates, the fluctuations on the capital market, the rating of the reference debtor and the general economic scenario.

Underlying


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