-- USD120 million junior subordinated securities
affirmed at 'BB'; Removed from RWN;
Leading oil firm Petron Corporation is scheduling a tender offer to buy back US$750-million 7.50-percent undated subordinated securities
; while also indicating plans of issuing new capital securities although still un-priced at this time.
BANKING AND CREDIT NEWS-June 15, 2016-Banco do Brasil offers 9.250% subordinated securities
M2 EQUITYBITES-June 15, 2016-Banco do Brasil offers 9.250% subordinated securities
Earlier this year, shareholders had also approved the bank's plan to increase the limit of its existing euro medium term notes (EMTN) programme from US$600mn to US$1.5bn (to also include the possibility of issuing tier two subordinated securities
) in the next four years, subject to regulatory approvals.
The bank has hired four banks to help arrange its first offshore sale of subordinated securities
that will count as capital under the country's new banking rules.
Some will go toward credit-linked securities and senior subordinated securities
It is Fitch's view that sovereign support, while possible, cannot be sufficiently relied upon to flow through to bank hybrids and subordinated securities
, the rating agency said.
The Ca ratings on these subordinated securities
reflect the anticipated loss to those creditors that will participate in the exchange.
OMFI is the only fund in Oman with a mandate to invest in subordinated securities
of Omani companies.
The regulator completely eliminated all subordinated securities
and private-label mortgage-backed securities rather than allowing them in limited concentrations as originally proposed.