Bond Factsheet
SOCGEN 8.125% Perpetual Corp (USD)
Societe Generale SA
Indicative
Full Lot
Bid Price 99.158
Change in Bid Price 1.090
Bid Yield (%) 8.394 %
Change in Bid Yield 0.366
Ask Price 99.695
Change in Ask Price 1.090
Ask Yield (%) 8.219 %
Change in Ask Yield 0.387
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
Societe Generale SA
Guarantor
-
Announcement Date
14 Nov 2024
Issue Date
21 Nov 2024
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 3.131
Modified Duration
2.632 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
8.125
Coupon Type
Variable
Annual Coupon Rate
8.125
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 21 May 2030 and every 5 years thereafter
Reset Rate: 5-Year US Treasury Rate + Initial Margin [3.790%]
ISIN
USF8500RAE20
CUSIP
YT2653350
Bond Currency
USD
Total Issue Size
1,000,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A+
Bond Credit Rating (S&P/ Fitch)
***/ BB+
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
If a Capital Ratio Event occurs, the Issuer shall immediately notify the Regulator of the occurrence of the Capital Ratio Event and, within one month from the occurrence of the relevant Capital Ratio Event, irrevocably and mandatorily (without any requirement for the consent or approval of the Noteholders) reduce the then Current Principal Amount of each Note (and any interest due under such Note on a prior Interest Payment Date but not paid) by the relevant Write-Down Amount (the date of such reduction being the “Loss Absorption Effective Date”, and such reduction being referred to as a “Write-Down”, and “Written Down” being construed accordingly) (a “Loss Absorption Event”) pro rata with the other Notes and any Loss Absorbing Instruments (with a similar loss absorption mechanism to the Notes).
A “Capital Ratio Event” will be deemed to occur if, at any time, the Issuer’s Common Equity Tier 1 capital ratio falls below 5.125% on a consolidated basis; whether a Capital Ratio Event has occurred at any time shall be determined by the Issuer, the Regulator or any agent appointed for such purpose by the Regulator.
“Write-Down Amount” means, on any Loss Absorption Effective Date, the amount rounded to the nearest cent (half a cent being rounded downwards) by which the then Current Principal Amount of each Note then outstanding is to be Written Down on such date, which shall be equal to the lower of:
(i) the amount (together with the Write-Down of the other Notes and, subject as provided below, the pro rata write-down or, as the case may be, the conversion (concurrently or substantially concurrently) of any Loss Absorbing Instruments) that would be sufficient to cure the Capital Ratio Event; provided that, with respect to each Loss Absorbing Instrument, if any, such pro rata write-down and/or conversion is only taken into account to the extent required to restore the Issuer’s Common Equity Tier 1 capital ratio (on a consolidated basis) to the lower of (a) such Loss Absorbing Instrument’s trigger level and (b) the trigger level in respect of which a Capital Ratio Event has occurred and in each case in accordance with the terms of the relevant Loss Absorbing Instruments and the Relevant Rules; or
(ii) the amount necessary to reduce the Current Principal Amount of the Note to one (1) U.S. dollar cent.
For the avoidance of doubt, to the extent that the write-down or conversion of any Loss Absorbing Instruments is not effective for any reason (i) the ineffectiveness of any such write-down or conversion shall not prejudice the requirement to effect a Write-Down of the Notes, and (ii) the Write-Down or conversion of any Loss Absorbing Instrument which is not effective shall not be taken into account in determining the Write-Down Amount of the Notes.
Any Write-Down of the Notes shall not constitute any event of default or a breach of the Issuer’s obligations or duties or failure to perform by the Issuer in any manner whatsoever and shall not entitle Noteholders to petition for the insolvency or dissolution of the Issuer.
Acknowledgement of Bail-in Power and Statutory Write-Down or Conversion
By the acquisition of Notes, each Noteholder acknowledges, accepts, consents and agrees to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority as provided in Condition 15 (Acknowledgment of Bail-in Power and Statutory Write-down or Conversion).
Deferral Interest Payment
The Issuer may elect at its full discretion to cancel (in whole or in part) the Interest Amount otherwise scheduled to be paid on any Interest Payment Date. The Issuer will be required to cancel the payment of Interest Amounts (in whole or, as the case may be, in part) if: (i) they exceed the amount of Distributable Items; or (ii) such payment would cause the Maximum Distributable Amount (if any) then applicable to the Issuer to be exceeded
Issuer Call
Reset Dates: May 21, 2030 (the “First Reset Date”) and every date which falls five (5) years, or a multiple of five (5) years thereafter
Clean-up Redemption Option:
If at least 75% of the initial aggregate nominal amount of the Notes has been redeemed or purchased by, or on behalf of, the Issuer or any of its subsidiaries and, in each case, cancelled, the Issuer may, at any time, at its option (subject to the provisions of Condition 8.10 (Conditions to redemption, substitution, variation, purchase or cancellation)) and having given not less than fifteen (15) nor more than thirty (30) calendar days’ prior irrevocable notice, in accordance with Condition 19 (Notices), to the Fiscal Agent and the Noteholders, redeem the Notes then outstanding (in whole, but not in part) at their Redemption Amount together with accrued interest (if any) thereon (the “Clean-up Redemption Option”).
Additional Note
Subject to the provisions of Condition 8.10 (Conditions to redemption, substitution, variation, purchase or cancellation), upon the occurrence of a Tax Event, a MREL or TLAC Disqualification Event or a Capital Event, the Issuer may, at its option, at any time, redeem the Notes then outstanding (in whole, but not in part) at their Redemption Amount, together with accrued interest thereon, as described in Condition 8 (Redemption and Purchase). Redemption can be made by the Issuer even if the Original Principal Amount of the Notes has been Written Down and not yet reinstated in full, as described in Condition 7 (Loss Absorption and Return to Financial Health).
“Capital Event” means a change in the regulatory classification of the Notes under the Relevant Rules that was not reasonably foreseeable by the Issuer at the Issue Date, and that would be likely to result in or has resulted in the Notes being fully or partially excluded from the Tier 1 Capital of the Issuer. For the avoidance of doubt, a reduction in the amount of the Notes which are recognized as Additional Tier 1 Capital as a result of a change in the regulatory assessment of the minimum amount of Common Equity Tier 1 capital that would be generated if the principal amount of the Notes were fully written down, in accordance with Article 54(3) of the CRR (as defined in Condition 2 (Definitions and Interpretation)), shall not constitute a Capital Event.
“MREL or TLAC Disqualification Event” means a change in the classification of the Notes under the MREL or TLAC Requirements, that was not reasonably foreseeable by the Issuer at the Issue Date of the Notes, and that would be likely to result in or has resulted in the Notes being fully or partially excluded from the own funds or eligible liabilities available to meet the MREL or TLAC Requirements (as so called or defined by the then applicable laws and regulations or MREL or TLAC criteria applicable to the Issuer).
“MREL or TLAC Requirements” means the minimum requirements for own funds and eligible liabilities and/or total loss-absorbing capacity requirements applicable to the Issuer and/or the Group referred to in the BRRD and CRD, or any other EU laws and regulations implemented in French laws and regulations and/or as set out in policies and/or principles of the SRB as the case may be, and/or as per the FSB TLAC Term Sheet dated November 9, 2015, as amended from time to time.
“Tax Event” means a Tax Deductibility Event, a Withholding Tax Event and/or a Gross-Up Event (each as defined in paragraphs (a), (b) and (c), respectively, of Condition 8.4 (Optional Redemption upon the occurrence of a Tax Event)), as the case may be.
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