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TEXT-S&P assigns prelim rtg to Codeis Securities' repack notes
January 9, 2013 / 2:11 PM / 5 years ago

TEXT-S&P assigns prelim rtg to Codeis Securities' repack notes

Jan 09 -

OVERVIEW

-- We have assigned our preliminary ‘BB+/Watch Neg’ rating to Codeis Securities’ first fixed-coupon and variable-rate index-linked coupon notes due Feb. 8, 2018.

-- The transaction is a repackaging of three zero-coupon bonds and one note issuance from Societe Generale Effekten (the SGE notes).

-- We have weak-linked our preliminary rating on the Codeis notes to the ‘BB+/Watch Neg’ rating on the proposed MPS zero bond.

Standard & Poor’s Ratings Services today assigned its preliminary ‘BB+/Watch Neg’ credit rating to Codeis Securities S.A.’s (Codeis, or the issuer) first fixed-coupon and variable-rate index-linked coupon notes (the Codeis notes).

The transaction is a repackaging of three zero-coupon bonds and one note issuance from Societe Generale Effekten GmbH (the SGE notes):

-- Banca Monte dei Paschi di Siena SpA’s (MPS) zero-coupon bond, which matures in February 2018 (the MPS zero bond);

-- The Republic of Italy’s euro-denominated zero-coupon bond, which matures in February 2018 (the Italian zero bond);

-- The Republic of Italy’s euro-denominated zero-coupon bond, which matures in February 2014 (the Italian income bond); and

-- The SGE notes.

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