Bond Factsheet
SOCGEN 10.000% Perpetual Corp (USD)
Societe Generale SA
Indicative
Full Lot
Bid Price 105.288
Change in Bid Price 0.042
Bid Yield (%) 7.325 %
Change in Bid Yield 0.018
Ask Price 105.855
Change in Ask Price 0.004
Ask Yield (%) 7.050 %
Change in Ask Yield 0.005
Indicative price as of 06 Oct 2026, 4:04pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Societe Generale SA
Guarantor
-
Announcement Date
07 Nov 2023
Issue Date
14 Nov 2023
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 2.189
Modified Duration
1.898 @ 06 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
10.000
Coupon Type
Variable
Annual Coupon Rate
10.000
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 14 May 2029 and every 5 years thereafter
Reset Rate: 5Y UST Rate + Margin [5.448%]
ISIN
USF8600KAA46
CUSIP
ZH9992657
Bond Currency
USD
Total Issue Size
1,250,000,000
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
Acknowledgment of Bail-In Power and Statutory Write-down or Conversion:
By its acquisition of the Notes, each Noteholder (which, for the purposes of this Condition 15, includes any current or future holder of a beneficial interest in the Notes) acknowledges, accepts, consents and agrees:
(a) to be bound by the effect of the exercise of the Bail-in Power (as defined below) by the Relevant Resolution Authority (as defined below), which may include and result in any of the following, or some combination thereof:
(i) the reduction of all, or a portion, of the Amounts Due (as defined below), on a permanent basis;
(ii) the conversion of all, or a portion, of the Amounts Due into shares, other securities or other obligations of the Issuer or another person (and the issue to the Noteholder of such shares, securities or obligations), including by means of an amendment, modification or variation of the Terms and Conditions of the Notes, in which case the Noteholder agrees to accept in lieu of its rights under the Notes any such shares, other securities or other obligations of the Issuer or another person;
(iii) the cancellation of the Notes; and/or
(iv) the amendment or alteration of the maturity of the Notes or amendment of the amount of interest payable on the Notes, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and
(b) that the Terms and Conditions of the Notes are subject to, and may be varied, if necessary, to give effect to, the exercise of the Bail-in Power by the Relevant Resolution Authority.
For these purposes, the “Amounts Due” are the prevailing outstanding amount of the Notes, and any accrued and unpaid interest on the Notes that has not been previously cancelled or otherwise is no longer due.
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.
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 notwithstanding it has Distributable Items or the Maximum Distributable Amount is greater than zero. The Issuer will cancel the payment of an Interest Amount (in whole or, as the case may be, in part) if the Regulator notifies the Issuer that, in its sole discretion, it has determined that the Interest Amount (in whole or in part) should be cancelled pursuant to Article 104(1)(i) of the CRD IV.
If and to the extent that the Interest Amounts payable on any Interest Payment Date falling in any financial year, when aggregated together with distributions on all other own funds instruments (not including, for the avoidance of doubt, any Tier 2 Capital Instruments) and any additional amounts payable in accordance with Condition 10.1 (Gross up) scheduled for payment in such financial year, exceed the amount of Distributable Items, the Issuer will cancel the payment (in whole or, as the case may be, in part) of such excess amounts.
In addition and to the extent required by the Relevant Rules, Interest Amounts will only be paid (in whole or, as the case may be, in part) if and to the extent that such payment would not cause, when aggregated together with other distributions of the kind referred to in Article 141(2) of the CRD IV or any other similar provision of the Relevant Rules that are subject to the same limit, the Maximum Distributable Amount (if any) then applicable to the Issuer to be exceeded (to the extent the limitation in Article 141(3) of the CRD IV, or any other similar limitation related to the Maximum Distributable Amount in the CRD or the BRRD, is then applicable). Any such cancellation of distributions imposes no restrictions on the Issuer.
Notice of any cancellation of payment of a scheduled Interest Amount must be given to the Noteholders (in accordance with Condition 19 (Notices)) and the Fiscal Agent as soon as possible, but not more than sixty (60) calendar days, prior to the relevant Interest Payment Date (provided that any failure to give such notice shall not affect the cancellation of any such Interest Amount in whole or in part by the Issuer and shall not constitute an event of default on the part of the Issuer for any purpose). For the avoidance of doubt (i) the cancellation of any Interest Amount (or part thereof) in accordance with this Condition 6.9 shall not constitute an event of default on the part of the Issuer for any purpose and (ii) interest payments shall not accrue or accumulate, and any Interest Amount (or part thereof) so cancelled shall be cancelled definitively and no payments shall be made nor shall any Noteholder be entitled to any payment or indemnity in respect thereof at any time thereafter.
Issuer Call
The Issuer may, at its option (subject to the provisions of Condition 8.10 (Conditions to redemption, substitution, variation, purchase or cancellation)), having given no less than fifteen (15) nor more than thirty (30) calendar days’ prior notice to the Noteholders (in accordance with Condition 19 (Notices)) and the Fiscal Agent, redeem the Notes then outstanding (in whole, but not in part) on the relevant Issuer Call Date(s) at the Redemption Amount, together with accrued interest (if any) thereon.
“Issuer Call Dates” means each of (i) any date in the six-month period preceding (and including) the First Reset Date and (ii) any date in the six-month period preceding (and including) each Reset Date 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 outstanding Notes (in whole, but not in part) at their Redemption Amount together with accrued interest (if any) thereon (the “Clean-up Redemption Option”).
Additional Note
Upon the occurrence of a Capital Event, the Issuer may, at its option (subject to the provisions of Condition 8.10 (Conditions to redemption, substitution, variation, purchase or cancellation)) at any time and having given no less than thirty (30) nor more than forty-five (45) calendar days’ prior notice to the Noteholders (in accordance with Condition 19 (Notices)) and the Fiscal Agent, redeem the Notes then outstanding (in whole, but not in part) at the Redemption Amount, together with accrued interest (if any) thereon.
Redemption upon the occurrence of a MREL or TLAC Disqualification Event
Upon the occurrence of a MREL or TLAC Disqualification Event, 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 thirty (30) nor more than forty-five (45) calendar days’ prior irrevocable notice to the Fiscal Agent and the Noteholders, in accordance with Condition 19 (Notices), redeem the Notes then outstanding (in whole, but not in part) at their Redemption Amount, together with accrued interest (if any) thereon.
Substitution and variation
Subject to the provisions of Condition 8.10 (Conditions to redemption, substitution, variation, purchase or cancellation), having given no less than thirty (30) nor more than forty five (45) calendar days’ prior notice to the Noteholders (in accordance with Condition 19 (Notices)) and the Fiscal Agent, if a Special Event or an Alignment Event has occurred and is continuing or in order to ensure the effectiveness and enforceability of the bail-in power and the statutory write-down or conversion power), the Issuer may substitute all, but not some only, of the Notes, or vary the terms of all, but not some only, of the Notes, without any requirement for the consent or approval of the Noteholders, so that, or as long as, they become or remain Qualifying Notes.
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