Bond Factsheet
LBBW 6.750% Perpetual Corp (EUR)
Landesbank Baden-Wuerttemberg
Indicative
Full Lot
Bid Price 99.544
Change in Bid Price 0.772
Bid Yield (%) 6.856 %
Change in Bid Yield 0.203
Ask Price 100.106
Change in Ask Price 0.778
Ask Yield (%) 6.708 %
Change in Ask Yield 0.216
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Landesbank Baden-Wuerttemberg
Guarantor
-
Announcement Date
29 Oct 2024
Issue Date
07 Nov 2024
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 4.035
Modified Duration
3.215 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.750
Coupon Type
Variable
Annual Coupon Rate
6.750
Coupon Frequency
Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 15 April 2031 and every 5 years thereafter
Reset Rate: EURIBOR ICE Swap Rate+ Initial Margin (4.447%)
ISIN
DE000LB4XHX4
CUSIP
YU8241702
Bond Currency
EUR
Total Issue Size
750,000,000
Min. Investment Quantity (Nominal)
EUR 200,000
Incremental Quantity (Nominal)
EUR 200,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Write-down.
(a) Trigger Event. Upon the occurrence of a Trigger Event, the Current Nominal Amount of each Note shall be reduced by the amount of the relevant writedown
A "Trigger Event" occurs if, at any time, the common equity tier 1 capital ratio pursuant to Article 92(1)(a) CRR of the Issuer (the "Common Equity Tier 1 Capital Ratio"), determined
(i) if and as long as the Issuer is obliged by law or administrative order to determine the Common (i) if and as long as the Issuer is obliged by law or administrative order to determine the Common Equity Tier 1 Capital Ratio on a solo basis; and/or
(ii) if and as long as the Issuer is obliged by law or administrative order to determine the Common Equity Tier 1 Capital Ratio on a consolidated basis, on a consolidated basis, falls below 5.125 per cent. (the "Minimum CET1 Ratio").
Whether a Trigger Event has occurred at any time will be determined by the Issuer, the competent supervisory authority or any agent appointed for such purpose by the competent supervisory authority and such determination will be binding on the Noteholders.
For the avoidance of doubt: A Trigger Event may be determined at any time and may occur on more than one occasion.
Write-down.
Upon the occurrence of a Trigger Event, a write-down shall be effected pro rata with all of the Issuer’s other AT1 Instruments which provide for a write-down (whether permanent or temporary) or a conversion into common equity tier 1 capital instruments upon the occurrence of such Trigger Event. If upon the occurrence of a Trigger Event other AT1 Instruments are also subject to a write-down or are subject to conversion into common equity tier 1 capital instruments, where the respective conditions provide for a trigger event at a Common Equity Tier 1 Capital Ratio level that is at or above the Minimum CET1 Ratio (together with the Notes the "Relevant AT1 Instruments"), any such writedown or conversion will occur in such order of application or ratio as required in accordance with the Applicable Supervisory Regulations. If no such order or ratio is required by the Applicable Supervisory Regulations
Bail-in
Deferral Interest Payment
he Issuer has the right, in its sole discretion and at any time, to cancel all or part of any paymentof interest. If the Issuer exercises such right, it shall give notice to the Noteholders in accordance with § 11 no later than on the relevant Interest Payment Date. Any failure to give such notice shall not affect the validity of the decision on the cancellation, shall in no event result in an obligation of the Issuer to make a cancelled interest payment at a later date and shall not constitute a default for any purpose. A notice which has not been given until the relevant Interest Payment Date shall be given without undue delay thereafter.
Payment of interest on the Notes for the relevant Interest Period shall be excluded and cancelled (without prejudice to the right of the Issuer pursuant to § 3(8)(a))
Any accrued but unpaid interest on the Notes up to (and including) a Trigger Event (as defined in § 5(9)(a)) (whether or not such interest has become due for payment) will be automatically cancelled. For the avoidance of doubt, any accrued but unpaid interest from the Trigger Event up to the write-down date will also be automatically cancelled even if no notice has been given to that effect.
The Issuer is entitled to use the funds from cancelled payments of interest without restrictions for the fulfilment of its own obligations. To the extent that payments of interest are cancelled, such cancellation includes all Additional Amounts (as defined in§ 7(1)) payable pursuant to § 7. Any payments of interest which have been cancelled will not be made at any later date.
The cancellation of any interest payment shall not entitle the Noteholders to terminate the Notes and shall not constitute a default of the Issuer for any purpose.
Issuer Call
"Optional Redemption Date" means: (i) each Payment Business Day during the period from and including 15 October 2030 up to and excluding the First Reset Date;
(ii) the First Reset Date; and
(iii) each Reset Date after the First Reset Date.
"First Reset Date" means 15 April 2031.
If the Issuer exercises its call right in accordance with this § 5(2), and if the Conditions to Redemption and Repurchase pursuant to § 5(6) are fulfilled on the Optional Redemption Date, the Issuer will redeem the Notes at their Redemption Amount (as defined in § 5(7)) together with interest (if any) accrued (subject to a cancellation of interest payment pursuant to § 3(8)) to but excluding the Optional Redemption Date on the Optional Redemption Date
Additional Note
The Issuer may, subject to the Conditions to Redemption and Repurchase pursuant to § 5(6) being met, redeem the Notes, in whole but not in part, upon not less than 10 and not more than 30 Business Days’ prior notice, at any time if there is a change in the regulatory classification of the Notes that
(a) (if and as long as the Issuer is obliged by law or administrative order to determine the Common Equity Tier 1 Capital Ratio on a solo basis) would, on a solo basis of the Issuer, be likely to result in (i) their exclusion in full or in part from the Issuer’s own funds under the CRR or (ii) a reclassification as a lower quality form of the Issuer’s own funds than their classification as of the issue date; or
(b) (if and as long as the Issuer is obliged by law or administrative order to determine the Common Equity Tier 1 Capital Ratio on a consolidated basis) would, on a consolidated basis of the Issuer, be likely to result in (i) their exclusion in full or in part from the Issuer’s own funds under the CRR or (ii) a reclassification as a lower quality form of the Issuer’s own funds than their classification as of the issue date,
provided that in respect of a redemption prior to the fifth anniversary of the issue date of the Notes the conditions in Article 78(4)(a) CRR are met, pursuant to which the competent authority may approve such redemption only if (i) it considers the change in the regulatory classification to be sufficiently certain and (ii) the Issuer demonstrated to its satisfaction that the regulatory reclassification of the Notes was not reasonably foreseeable at the issue date.
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