CMZB 7.000% Perpetual Corp (USD)

Bond Factsheet

Matured/ Called

Commerzbank AG

Indicative

Full Lot

Bid Price

99.840

Change in Bid Price

0.018

Bid Yield (%)

Change in Bid Yield

Ask Price

100.233

Change in Ask Price

remove 0.038

Ask Yield (%)

Change in Ask Yield

Indicative price as of 09 Apr 2025, 12:00am

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Bond Information

Commerzbank Aktiengesellschaft attracts deposits and offers retail and commercial banking services. The Bank offers mortgage loans, securities brokerage and asset management services, private banking, foreign exchange, and treasury services worldwide.

Bond Issuer

Commerzbank AG

Guarantor

Announcement Date

02 Jul 2019

Issue Date

09 Jul 2019

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.518

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

7.009

Coupon Type

Variable

Annual Coupon Rate

7.000

Coupon Frequency

Annually

Seniority

Junior Subordinated

Capital Structure

Junior Subordinated

Reference Rate

Reset Date: 09 Apr 2025 and every 5 years thereafter
Reset Rate: USD SOFR Spread-Adj. ICE Swap Rate 5Y + initial Spread (5.228%)

ISIN

XS2024502960

CUSIP

AZ4604312

Bond Currency

USD

Total Issue Size

1,000,000,000

Outstanding Issue Size

476,400,000

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 200,000

Bond Type

High Yield Corporate

Bond Sector

Financials

Bond Sub Sector

Banks

Issuer Credit Rating (S&P/ Fitch)

***/ W.R

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

Others

Bond Feature(s)

Loss Absorption

Additional Tier 1

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 write-down.

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 on either (i) a consolidated basis or (ii) an individual basis, falls below 5.125 per cent. (the "Minimum CET1 Ratio"), provided that (i) while the Trigger Event in respect of the Minimum CET1 Ratio determined on a consolidated basis may occur at any time, (ii) a Trigger Event in respect of the Minimum CET1 Ratio determined on an individual basis shall only occur if the Issuer should, in the future pursuant to the Applicable Supervisory Regulations or an administrative order, be required to comply with the prudential requirements on an individual basis as well and, for this purpose, to determine the Minimum CET1 Ratio on an individual basis. Whether a Trigger Event has occurred shall be determined by the Issuer, the competent authority or any agent appointed for such purpose by the competent authority, and such determination will be binding on the Holders.

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 on a level for the Common Equity Tier 1 Capital Ratio at or above the Minimum CET1 Ratio (together with the Notes the "Relevant AT1 Instruments"), any such write-down or conversion will occur in such order of application or ratio as required in accordance with the Applicable Supervisory Regulations.

Deferral Interest Payment

Non-Cumulative Deferral

Interest Payments are entirely discretionary and subject to the fulfillment of certain conditions. If the Issuer elects to cancel an Interest Payment or is legally prevented to pay interest, such deferral will be non-cumulative, i.e. the Issuer will be under no obligation to compensate for such non-payment at any later point in time. There will be no circumstances under which an Interest Payment will be compulsory for the Issuer.

The Notes accrue Interest Payments in accordance with their Terms and Conditions. However, pursuant to the Terms and Conditions of the Notes, no Interest Payments will accrue or be payable by the Issuer on any Interest Payment Date if (but only to the extent that):

(i) the Issuer, in its sole discretion, elects to cancel all or part of any payment of interest which would otherwise fall due for payment on such interest payment date; or

(ii) such payment of interest together with (1) the amount of a write-up, if any, to be effected as of the relevant Interest Payment Date, (2) any additional Distributions (as defined below, see "2.2.4 Interest Payments depend, among other things, on the Issuer's Available Distributable Items.") that are scheduled to be made or have been made on the same day or that have been made by the Issuer on other Tier 1 Instruments (as defined below, see "2.2.4 Interest Payments depend, among other things, on the Issuer's Available Distributable Items.") in the then-current financial year of the Issuer and (3) the total amount of write-ups, if any, on any other AT1 Instruments which shall be effected as of the relevant Interest Payment Date or have been effected in the then-current financial year of the Issuer would exceed the Available Distributable Items (as defined below, see "2.2.4 Interest Payments depend, among other things, on the Issuer's Available Distributable Items."), provided that, for such purpose, the Available Distributable Items shall be increased by an amount equal to what has been accounted for as expenses for Distributions in respect of Tier 1 Instruments (including payments of interest on the Notes) in the determination of the profit on which the Available Distributable Items are based (see also "2.2.4 Interest Payments depend, among other things, on the Issuer's Available Distributable Items." below);

(iii) a competent authority orders that all or part of the relevant payment of interest be cancelled or another prohibition of Distributions is imposed by law or an authority or any other restriction to make Distributions exists under the Applicable Supervisory Regulations (including, but not limited to, the calculation of, and the compliance with, the Maximum Distributable Amount) (see also "2.2.5 Interest Payments may be excluded and cancelled for regulatory reasons." below); or

(iv) the Issuer is over-indebted within the meaning of § 19 InsO or illiquid within the meaning of § 17 InsO on the relevant Interest Payment Date or to the extent that the relevant payment of interest would result in an overindebtedness or illiquidity of the Issuer.

Issuer Call

The Issuer may redeem the Notes, in whole but not in part, at any time, subject to the prior permission of the competent authority and in accordance with § 5(5), with effect as of any Optional Redemption Date (as defined below) at their Redemption Amount (as defined in § 5(6)) together with interest (if any, and subject to a cancellation of the interest payment pursuant to § 3(8)) accrued to (but excluding) the relevant Optional Redemption Date.

"Optional Redemption Date" means the First Call Date and each Interest Payment Date thereafter.

"First Call Date" means 9 April 2025.

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