Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (33 lettori)

[METHOS]

Grazie, mi era completamente fuggita.

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FORD COMPLETES DEBT RESTRUCTURING INITIATIVES; REDUCES DEBT BY $9.9 BILLION AND LOWERS ANNUAL INTEREST EXPENSE BY MORE THAN $500 MILLION

• In total, Ford and Ford Credit will use $2.4 billion in cash plus 468 million shares of Ford common stock to reduce Ford’s outstanding Automotive debt by $9.9 billion from $25.8 billion at Dec. 31, 2008. This will reduce Ford’s annual cash interest expense by more than $500 million based on current interest rates

• This successful debt restructuring, together with previously announced agreements with the United Auto Workers, will substantially strengthen Ford’s balance sheet

• Approximately $4.3 billion principal amount of Ford Motor Company’s 4.25% Senior Convertible Notes due December 15, 2036 were validly tendered and accepted for purchase pursuant to Ford’s conversion offer. Ford will use $344 million to pay a cash premium to convertible note holders who validly tendered

• Ford Motor Credit Company today separately announced the final results of its previously announced $1.3 billion cash tender offer for Ford’s unsecured, non-convertible debt securities. Based on the tenders received, Ford Credit will use $1.1 billion in cash to purchase $3.4 billion principal amount of Ford’s unsecured notes

• As previously announced, Ford Credit used $1 billion to purchase $2.2 billion principal amount of Ford’s term loan debt at a price of 47 percent of par.

DEARBORN, Mich., April 6, 2009 – Ford Motor Company (NYSE: F) announced today the successful completion of debt restructuring initiatives that will reduce Ford’s Automotive debt by $9.9 billion from $25.8 billion at December 31, 2008, and lower Ford’s annual cash interest expense by more than $500 million based on current interest rates.

“By substantially reducing our debt, Ford is taking another step toward creating an exciting, viable enterprise,” said Ford President and CEO Alan Mulally. “As with our recent agreements with the UAW, Ford continues to lead the industry in taking the decisive actions necessary to weather the current downturn and deliver long-term profitable growth.”

Previously Announced Debt Restructuring Initiatives
On March 4, 2009, Ford and Ford Credit announced the major components of a comprehensive debt restructuring: (1) a conversion offer in which Ford offered to pay a premium in cash to induce the holders of any and all of the $4.88 billion principal amount outstanding of its 4.25% Senior Convertible Notes due December 15, 2036 (the “Convertible Notes”) to convert the Convertible Notes into shares of Ford’s common stock (the “Conversion Offer”); (2) a $500 million cash tender offer by Ford Credit (the “Term Loan Offer”) for Ford’s senior secured term loan debt (the “Term Loan Debt”); and (3) a $1.3 billion cash tender offer (the “Notes Tender Offer”) by Ford Credit for certain of Ford’s unsecured, non-convertible debt securities (the “Notes”).

Results of Conversion Offer
The Conversion Offer expired at 9:00 a.m., New York City time, on April 3, 2009 (the “Expiration Date”). As of the Expiration Date, approximately $4.3 billion principal amount of Convertible Notes were validly tendered and accepted for purchase, according to information provided by Computershare, Inc., the Exchange Agent with respect to the Conversion Offer. This will result in the issuance of an aggregate of approximately 468 million shares of Ford’s common stock and the payment of an aggregate of $344 million in cash ($80 in cash per $1,000 principal amount of Convertible Notes converted), plus the applicable accrued and unpaid interest on such Convertible Notes, on the expected settlement date of April 8, 2009. Upon settlement of the Conversion Offer, approximately $579 million aggregate principal amount of Convertible Notes will remain outstanding.

Holders who validly tendered and did not withdraw their Convertible Notes by 9:00 a.m., New York City time, on the Expiration Date and whose Convertible Notes were accepted for purchase will receive, for each $1,000 principal amount of the Convertible Notes converted, 108.6957 shares of Ford’s common stock plus $80 in cash and the applicable accrued and unpaid interest.

Previously Announced Results of Term Loan Offer
On March 23, 2009, Ford Credit announced that the Term Loan Offer, which expired at 5:00 p.m., New York City time, on March 19, 2009, had been over-subscribed. Based on the tenders received, Ford Credit increased the amount of cash used from $500 million to $1 billion to purchase $2.2 billion principal amount of Ford’s Term Loan Debt at a price of 47 percent of par. This transaction settled on March 27, 2009, following which Ford Credit distributed the Term Loan Debt to its immediate parent, Ford Holdings LLC. The distribution of the Term Loan Debt is consistent with Ford Credit’s previously announced plans to pay distributions to Ford of about $2 billion through 2010.
Approximately $4.6 billion aggregate principal amount of Term Loan Debt remains outstanding.

Results of Notes Tender Offer
Concurrent with this announcement, Ford Credit separately announced today by press release the results of its previously announced $1.3 billion cash tender offer for Ford’s unsecured, non-convertible debt securities. As of the April 3, 2009 expiration date of the Notes Tender Offer, approximately $3.4 billion principal amount of Notes were validly tendered and accepted for purchase, according to information provided by Global Bondholder Services Corporation, the Depositary and Information Agent with respect to the Notes Tender Offer. This will result in an aggregate purchase price for the Notes of approximately $1.1 billion, to be paid by Ford Credit on the expected settlement date of April 8, 2009. Upon settlement of the Notes Tender Offer, such Notes will be transferred from Ford Credit to Ford in satisfaction of certain of Ford Credit’s tax liabilities to Ford. After settlement of the Notes Tender Offer, approximately $5.5 billion aggregate principal amount of the Notes will remain outstanding.

In addition, as Ford previously announced, it has elected to defer future interest payments related to the 6.50% Cumulative Convertible Trust Preferred Securities of Ford Motor Company Capital Trust II (the “Trust Preferred Securities”), which will result in the deferral of $184 million in interest on the Trust Preferred Securities annually.

 

[METHOS]

Sbagliato, i prezzi sono bassi perchè i fondamentali, come li chiami tu, fanno pena.
La grecia è tecnicamente fallita lo scorso anno e nell'ultimo non ci sono stati particolari passi in avanti oltre ai tagli scellerati e ai mancati investimenti. Consideriamo poi che l'obiettivo da raggiungere in questo anno sarà fortemente negativo per il deficit e prossimo al precedente, in aggiunta gli indicatori interni stanno precipitando rapidamente.

O viene sostenuta in sede comunitaria con soluzioni stravaganti e schema ponzi a gogò oppure la sorte greca è scontata, questo è l'unico aspetto che mi trova d'accordo con Gaudente.
Poi che sia complessivamente una fesseria farla fallire come dimostrato nel caso lehman e che decreterà probabilmente una nuova crisi a livello mondiale potrebbe anche non fregarne politicamente a nessuno, vedi gestione dell'ultimo caso negli states e il relativo costo sulla povera gente di questi scenari (es. i tagli richiesti nell'ultima finanziaria USA).

Secondo me la scrollata potrebbe arrivare prima dal portogallo visto come si stanno mettendo le cose.

Comunque sono tempi difficili.

 

[tommy271]

Greek Debt Management Agency Raises Additional €375m



Greece’s Debt Management Agency announced on Thursday that it has accepted €400.6m additional non-competitive bids, of the 26-week T-Bill auction of April 12 2011, at a price of €97.63.

Settlement date is April 15, 2011, said PDMA in an official statement.


(capital.gr)


***
Intanto qualcuno compra ugualmente ...

 

[Grisù]

Continuate a ragionare alla rovescia.
Vi aggrappate disperatamente al ragionamento (tragicamente errato) che siccome le conseguenze di un default greco sarebbero terribili , allora non puo' accadere.

Non mi pare abbia mai scritto che è un evento impossibile, peraltro indicavo l'ingresso sui titoli greci come una sorta di scommessa alla roulette su rosso o nero già lo scorso anno e mi reputai fortunato di essere uscito in gain.
Poichè le conseguenze potrebbero essere terribili per gli stessi creditori (es. UE) lo scenario non è unico come sostieni tu e non è quindi accumunabile ad argentina o società private del caso.

Sui numeri macro non è questione di essere d'accordo o meno, sono dati numerici e quindi facilmente interpretabili con una media competenza. Che siano terribili non bisogna certo essere un nobel per l'economia per rendersene conto.

 

[Grisù]

Volumi sempre risibili e spread in aumento generalizzato....

Developments in the Greek government bond market – March 2011

International government bond prices fell and yields rose. The increase in yields was mainly observed on short-term government bonds and the so-called “peripheral” euro area securities.
On the electronic secondary securities market for Greek government bonds (HDAT), yields rose significantly during the month of March. In particular, the 5-year benchmark bond yield, which recorded the highest increase by 214 basis points (bps), reached 16.15% at the end of March, while the 3-year benchmark bond yield rose by 83 bps, to 15.11%. In the longer tenors, the 10-year benchmark bond yield rose by 108 bps to 12.88% and the 30-year benchmark bond yield by 22 bps to 9.06%. As a result, the yield curve remained inverted and steepened, with the difference between the 30- and the 3-year bond yields reaching the level of -605 bps at the end of March from -544 bps at the end of February.
The spread between the Greek and the German 10-year bond yields was 953 bps at the end of March, compared with 862 bps at the end of February.
As for government benchmark bond prices, the 3-year bond price fell to 81.90 at the end of March from 82.56 at the end of February, the 10-year bond price to 65.28 from 69.52 and the 30-year bond price to 54.55 from 55.94.
Trading volume on HDAT in March rose to EUR 974 million, compared with EUR 847 million in the previous month and EUR 34.6 billion in March 2010. The daily average turnover was EUR 46.4 million in March compared with EUR 42.4 million during the previous month. Investor interest was mainly focused on bonds with remaining maturity below 3 years, which absorbed EUR 689 million worth of transactions, or 71% of the overall traded volume. Of the 834 orders executed on HDAT, 67% were “sell” orders and 33% “buy” orders.

 

[frmaoro]

restrutturazione volontaria = rialzo dei prezzi
vedi ford
sono stato chiaro

 

[tommy271]

Volumi sempre risibili e spread in aumento generalizzato....

Developments in the Greek government bond market – March 2011

International government bond prices fell and yields rose. The increase in yields was mainly observed on short-term government bonds and the so-called “peripheral” euro area securities.
On the electronic secondary securities market for Greek government bonds (HDAT), yields rose significantly during the month of March. In particular, the 5-year benchmark bond yield, which recorded the highest increase by 214 basis points (bps), reached 16.15% at the end of March, while the 3-year benchmark bond yield rose by 83 bps, to 15.11%. In the longer tenors, the 10-year benchmark bond yield rose by 108 bps to 12.88% and the 30-year benchmark bond yield by 22 bps to 9.06%. As a result, the yield curve remained inverted and steepened, with the difference between the 30- and the 3-year bond yields reaching the level of -605 bps at the end of March from -544 bps at the end of February.
The spread between the Greek and the German 10-year bond yields was 953 bps at the end of March, compared with 862 bps at the end of February.
As for government benchmark bond prices, the 3-year bond price fell to 81.90 at the end of March from 82.56 at the end of February, the 10-year bond price to 65.28 from 69.52 and the 30-year bond price to 54.55 from 55.94.
Trading volume on HDAT in March rose to EUR 974 million, compared with EUR 847 million in the previous month and EUR 34.6 billion in March 2010. The daily average turnover was EUR 46.4 million in March compared with EUR 42.4 million during the previous month. Investor interest was mainly focused on bonds with remaining maturity below 3 years, which absorbed EUR 689 million worth of transactions, or 71% of the overall traded volume. Of the 834 orders executed on HDAT, 67% were “sell” orders and 33% “buy” orders.

Ad esempio, la sola riapertura del semestrale di oggi ha totalizzato 400 MLN, quasi la metà del volume dei GGB scambiato in un mese.

 

[Ivone]

Oggi ho il morale sotto i tacchi. Ho deciso di diminuire del 39% la mia esposizione sulla grecia con loss del 35%. Credo che non avrò più coraggio ad entrare visto la scoppola, ma lascerò correre la mia 2012, la 2013, la 2014, e la 2019 che ho in portafoglio.

Vorrei comprare qualche titolo obbligazionario corporate con scadenza tra il 2013 e il 2015. Pensavo a Fiat financial. Avete qualche suggerimento da darmi?

 

[frmaoro]

Oggi ho il morale sotto i tacchi. Ho deciso di diminuire del 39% la mia esposizione sulla grecia con loss del 35%. Credo che non avrò più coraggio ad entrare visto la scoppola, ma lascerò correre la mia 2012, la 2013, la 2014, e la 2019 che ho in portafoglio.

Vorrei comprare qualche titolo obbligazionario corporate con scadenza tra il 2013 e il 2015. Pensavo a Fiat financial. Avete qualche suggerimento da darmi?

ma no a questi prezzi non si vende dai

 

[Grisù]

Male che va ci rimborseranno in litri d'olio. Vivremo a lungo alla faccia delle pratiche dissolute di Gaudente .

Olive Oil & Mediterranean Diet Beneficial to Human Health
The Mediterranean diet was recognized by UNESCO. In addition, olive oil and the Mediterranean diet, which was also the issue of the Commissions and Social Research of the House, are beneficial aspects of Greece.
“Therefore, it is time, to support, display and take advantage of our country. Olive oil is “medicine”. Some of its ingredients are found to be very beneficial to human health. That is why, we have to display the pharmacy effect of the Mediterranean products”, stated Eystathios Iliodromitis, cardiology professor who took part in research conducted about olive oil. “The traditional Mediterranean diet protects from various cancer types but also from cardiovascular diseases and is a synonymous to longevity. “Two spoonfuls of olive oil daily, can prevent from a cardiovascular disease”, stated the Nutrition and Preventive Medicine professor of the University of Athens, Antonia Trichopoulou.
“The Greek diet which is based on the consumption of olive oil, benefits human health”, confirmed Athina Linou, professor at the Medicine School of the University of Athens and president of the National Committee of the Mediterranean Greek diet.