PASTELLETTO
Guest
Quella tedesca mi deve andare deserta, cazz0.
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 2 (4 lettori)
- Creatore Discussione tommy271
- Data di Inizio
- Stato
Quella tedesca mi deve andare deserta, cazz0.
tommy271
Forumer storico
tommy271
Forumer storico
Italia, ispettori Fmi a Roma settimana prossima - Sole
mercoledì 14 dicembre 2011 09:04
MILANO, 14 dicembre (Reuters) - Gli ispettori del Fondo monetario internazionale saranno a Roma la settimana prossima per il punto sulla situazione del bilancio italiano, secondo quanto scrive questa mattina il Sole 24 Ore.
"Una piccola squadra del Fmi visiterà Roma la prossima settimana per incontrarsi con le nuove autorità, ricevere aggiornamenti sui recenti sviluppi di bilancio e discutere le modalità di future missioni" si legge nell'articolo, che cita fonti interne al Fondo.
La missione, guidata dal numero due del dipartimento per l'Europa Aasim Husain e dal consigliere Antonio Spilambergo, sarà impegnata in quell'iniziativa di monitoraggio dell'azione di risanamento dei conti pubblici italiani, concordata nel recente vertice europeo di Cannes tra l'ex premier Silvio Berlusconi e il Fmi.
Gli inviati del Fmi, ricorda il Sole, erano in realtà già arrivati a Roma per alcuni giorni all'inizio di novembre, nell'ambito della normale disamina che per statuto Washington conduce ogni anno su tutti i paesi associati.
***
Corvi in arrivo.
mercoledì 14 dicembre 2011 09:04
MILANO, 14 dicembre (Reuters) - Gli ispettori del Fondo monetario internazionale saranno a Roma la settimana prossima per il punto sulla situazione del bilancio italiano, secondo quanto scrive questa mattina il Sole 24 Ore.
"Una piccola squadra del Fmi visiterà Roma la prossima settimana per incontrarsi con le nuove autorità, ricevere aggiornamenti sui recenti sviluppi di bilancio e discutere le modalità di future missioni" si legge nell'articolo, che cita fonti interne al Fondo.
La missione, guidata dal numero due del dipartimento per l'Europa Aasim Husain e dal consigliere Antonio Spilambergo, sarà impegnata in quell'iniziativa di monitoraggio dell'azione di risanamento dei conti pubblici italiani, concordata nel recente vertice europeo di Cannes tra l'ex premier Silvio Berlusconi e il Fmi.
Gli inviati del Fmi, ricorda il Sole, erano in realtà già arrivati a Roma per alcuni giorni all'inizio di novembre, nell'ambito della normale disamina che per statuto Washington conduce ogni anno su tutti i paesi associati.
***
Corvi in arrivo.
sboom69
Forumer attivo
così li compriamo a 90,noi
PASTELLETTO
Guest
L'unica utilità di Monti, finora, è stata quella di non essere commissariati direttamente, ma di autocommissariarci.
sboom69
Forumer attivo
e allora leggetevi questaSperiamo, accompagnata da un crollo di Kommerz
FINANZA/ C?è un grafico che inchioda la Germania
tommy271
Forumer storico
Un favore, dato che mi viene negato l'accesso.
Provate ad andare sul sito, versione inglese, della ?????????? ??????????? ???????? ??????, ci sono le "domande e risposte" sullo PSI.
Probabilmente sono le stesse che abbiamo letto a luglio, ma vorrei avere una conferma.
Provate ad andare sul sito, versione inglese, della ?????????? ??????????? ???????? ??????, ci sono le "domande e risposte" sullo PSI.
Probabilmente sono le stesse che abbiamo letto a luglio, ma vorrei avere una conferma.
Baro
Umile contadino
Ultima modifica:
giofio
Forumer attivo
jobau
Nuovo forumer
Questions and Answers
Table of Contents
1. Anticipated Liability Management Transaction
2. New Bonds
3. Defeasance Assets
4. Questions Specific to the Options
1. Anticipated Liability Management Transaction 1.1. When is the liability management transaction expected to take place?
No date has yet been determined for the anticipated liability management transaction, though all intentions are for this to occur in the near-term and possibly in October 2011, subject to all necessary authorisations.
1.2. Which bonds will be included in the anticipated liability management transaction?
A list of all GGBs that Greece may elect to include in the liability management transaction is available under the “Documents” section of this website. This list includes the majority of outstanding GGBs and International Bonds issued by the Hellenic Republic and bonds issued by Hellenic Railways Organization, all with maturity dates through December 2020. Note that there are certain exclusions within this range. Treasury Bills issued by the Hellenic Republic will be excluded.
1.3. Why does the exchange offer not apply to all of the outstanding GGBs?
This list includes the majority of outstanding GGBs, and International Bonds issued by the Hellenic Republic and Hellenic Railways Organization bonds, all with maturity dates through December 2020. In order to ensure the sustainability of Greece's public debt profile, the liability management transaction is likely to focus on obligations with earlier maturities, i.e. those maturing through December 2020. Within this range of securities, certain issues have been excluded, e.g. those issues initially placed with Greek banks for purposes of recapitalization.
1.4. If the liability management transaction is launched can I participate with my current holdings of eligible GGBs?
Holders will be invited to participate with all their holdings of eligible GGBs as of June 30, 2011
1.5. What action should I take, if I have sold all or part of the holdings I had as of June 30, 2011?
When choosing Option 1, 3 or 4, holders would be expected to purchase either (1) the same eligible GGBs or (2) any other maturity up to the maturity of the bonds they originally held (unless those bonds are no longer outstanding, such as the 20 Aug 2011 and 8 Sep 2011 maturities, in which case any replacement GGB could be purchased), in order to replace holdings they have sold so that they deliver in the exchange the same total nominal amount as per their holdings on June 30, 2011. Alternatively, holders may select Option 2 (Committed Financing Facility) for the total nominal of eligible GGBs they no longer own, as such option does not require the delivery of eligible GGBs.
1.6. Can eligible GGBs acquired post June 30, 2011 be included in the exchange?
Eligible GGBs acquired post June 30, 2011 representing an increase in the investor's holdings in a specific bond, may be included in the liability management transaction and separately reported to your regulator. However, for the purposes of the current enquiry you are requested to report your total holdings as of June 30, 2011.
1.7. What options can investors choose?
The Private Sector Initiative contemplates that investors can choose to participate by selecting one or more of the following four options:
Option 1: Exchange into a New 30 Year Instrument at Par (New Par Bonds)
Option 2: Commit to provide financing (in exchange for new instruments substantially identical to the New Par Bonds) to Greece at the beginning of the calendar quarter in which the eligible GGBs in respect of which this Option is selected, mature
Option 3: Exchange into 30 Year Instrument at Discount (New Discount Bonds)
Option 4: Exchange into New 15-Yr Average Life Bonds at Discount (New Discount Amortising Bonds)
1.8. Can I split my holdings of eligible GGBs and choose different options for each of the parts?
Yes, holders can choose more than one option. However, holders must make an election for their entire holding of eligible GGBs as reported on June 30, 2011.
1.9. Will participation in any of the options be restricted? If so, what happens if I elect that option and my participation gets prorated?
At this stage It is anticipated that Option 4 will only be made available for GGBs maturing prior to 1 January 2014, and is expected to be limited to a maximum of 25% of the aggregate principal amount, or (where applicable) the Euro equivalent of the principal amount, of all GGBs participating in the liability management transaction or the committed financing facility. In the event of an oversubscription of an option that is subject to a “cap”, bonds will be reallocated to such remaining alternative as holders may have indicated when making their first choice.
1.10. What would happen if the liability management transaction fails to reach the critical mass threshold of 90%?
Greece shall not be obliged to proceed with any portion of the transaction unless holders of eligible GGBs tender, in response to Greece's eventual Invitation to Tender, eligible GGBs having a principal amount equal to not less than 90% of all eligible GGBs, including 90% of that portion of the eligible GGBs maturing during the period from June 30, 2011 through August 31, 2014. If these thresholds (or either of them) are not met, Greece shall not proceed with any portion of the transaction if it determines, in consultation with the official sector, that the total contribution of private sector creditors towards the financing needs of Greece and Greece's debt sustainability resulting from this transaction is insufficient to permit the official sector to support the new multi-year adjustment program for Greece announced on July 21, 2011
1.11. In the anticipated liability management transaction, will accrued interest be paid or rolled into the New Bonds?
Accrued interest is expected to be paid in cash within the context of the anticipated liability management transaction
1.12. Will the anticipated liability management transaction be open to US holders?
Securities being offered in the U.S. will not be registered under the Securities Act of 1933, therefore the new securities will only be available to certain holders who would normally qualify under a Rule 144A offering, namely qualified institutional buyers that are also “qualified purchasers” (under the Investment Company Act).
1.13. Does Greece intend to launch a cash offer for its GGBs too?
A Greek Debt Buyback Facility was referenced in the statement on July 21, 2011 by the Heads of State and Government of the Eurozone Area and EU along with the IIF (Institute of International Finance). Such an offer is being separately contemplated.
1.14. If Greece is to launch a separate cash offer, what will be its timing?
A cash buyback may take place in parallel with the liability management transaction currently under consideration.
1.15. Will a possible cash offer also include the eligible GGBs targeted in the exchange offer?
A cash buyback may include eligible GGBs and International Bonds issued by the Hellenic Republic and Hellenic Railways Organization bonds as well as certain bonds that will not be eligible to participate in the anticipated liability management transaction.
1.16. If Greece is to launch a cash offer, at what prices will it propose to buy back bonds?
A decision on the cash offer or the buy back method has not yet been made.
1.17. How should my holdings be reported to my regulator?
If your parent company is located within the European Union, ONLY the parent company of the regulated institution(s) is requested to respond to its Regulator on behalf of all consolidated and unconsolidated, regulated and unregulated entities forming part of your corporate group.
If your parent company is NOT located within the European Union, then your institution is requested to respond to your Regulator on behalf of your institution and all unregulated subsidiaries unless another institution in your group is responding to another Regulator in relation to such unregulated subsidiaries.
1.18. What is the deadline for responding to my regulator with my holdings?
Holders are requested to respond to their regulator as soon as practicable but in any event not later than 5.00 p.m. Central European Time on 9 September 2011.
1.19. Can a private investor, non institutional participate into the PSI; E.g. An investor with eligible GGBs worth, say, 1mn euros; Were is this actually written on the documents; thx in advance.
Subject to any applicable securities law restrictions, non-institutional holders will be invited to participate in the transaction.
1.20. What's the minimum size should we hold to be considered as "private volonteer"?
Subject to any applicable securities law restrictions, there is no minimum size of holdings for participation in the private sector initiative.
1.21. Is is possible to tender only a fraction of GGB's held as of June 2011, keeping the remaining as it is?
It is anticipated that each holder will be invited to participate with its entire holding of eligible GGBs as at June 30, 2011.
1.22. What is the current rate of participation up to now?
Currently no public liability management transaction has been launched, therefore there is no rate of participation. The Letter of Inquiry process currently underway is an information gathering process in order to judge regulated investor interest in the potential transaction and its anticipated options.
1.23. Will bond holders who will not participate be penalized in any way?
Bondholders who do not participate in the anticipated liability management transaction will continue to hold their original securities subject to the terms and conditions of these original securities.
1.24. Will the claim on zero coupon bonds be par as in the other bonds for the purpose of this exchange?
For options 1, 2 and 3, upon a claim and acceleration of the new bonds or loans, holders/lenders will have a claim against the Hellenic Republic equal to notional amount less the accreted value of the defeasance assets, calculated on the date of the acceleration. The defeasance assets will continue to be held under the trust (for the benefit of the bondholders) until the original maturity date of the new bonds.
For option 4, 40% of the principal of the new bonds notional will be defeased by the delivery of defeasance assets, which will be liquidated in the event of certain defined early trigger events and the proceeds paid to holders. Greece will remain obliged to repay the remaining 60% of notional amount.
1.25. Which options are available with regard to those securities which have matured prior to the date of the Anticipated Liability Management Transaction? Obviously those bonds could no longer be subject to a bond exchange - is the securities holder restricted to Option 2 for these securities?
Holders whose bonds have matured before the anticipated liability management transaction (e.g. 20 Aug 2011, 8 Sep 2011) and who wish to choose Option 1, 3 and 4, would be expected to purchase any other maturity of eligible GGBs in replacement of the bonds they originally held and deliver in the exchange the same total nominal amount as per their holdings on June 30, 2011. Alternatively, such holders may select Option 2 (Committed Financing Facility) for the total nominal of eligible GGBs they no longer own, as such option does not require the delivery of eligible GGBs.
1.26. How can Finland's demand for collateral affect the implementation of the exchange programme? What is the likely outcome of this conflict?
The website is to provide answers to questions relating to the content of the Letter of Inquiry and its annexes. This question is outside the scope of the Q&A in this website.
1.27. 1. Is the offer only referring to Institutionals ? 2. Is the offer only for Government Bonds or also Bond Loans
1. See response to question 1.19
2. This inquiry and the anticipated liability management transaction are limited to Eligible GGBs only and do not extend to debt other than in the form of bonds. The list of Eligible GGBs is contained within the Letter of Inquiry (Annex III) and within the stock exchange announcements issued in connection with the release of the letter
1.28. What happens to holders of the 3.9% 20-Aug 11 bond holder?ISIN: GR0114019442
See response to question 1.25.
1.29. If Greece intends to make a cash offer, as stated in 1.13 to 1.16 and if there is also the possibility, that an cash offer includes eligible GGBs (as stated in 1.15) is there any choice for someone who already opted for options 1-4 to change this and accept the cash offer?
Yes. Respondents to the Letter of Inquiry are being asked to indicate the option that they would expect to elect for that holding, were a liability management transaction consistent with the options to be presented in the near future. Such indication is not binding and it is understood that the eventual participation may differ from the indication.
1.30. If a parallel cash offer is launched, will participation in that cash offer be considered as part of the 90% participation target in the exchange offer? Can an investor who indicated intent to participate in the exchange to their regulator participate in the cash offer instead, once launched?
A cash buyback for Greek public debt (including for certain GGBs not eligible to participate in the anticipated liability management transaction), referred to in the 21 July Statement, is currently under consideration and does not form part of the current information collection phase or the calculation of the critical mass threshold. Once the details of such buy back have been determined, they will be communicated to the holders.
1.31. Could you please clarify the following information about the exchange: 1) What types of institutions are eligible for the tender of the bonds? Is it only European banks, asset managers, individuals, etc? 2) What would happen to the holdings of the institutions and individuals not eligible for the tender? Will they be forced into one of the options or end up holding untendered bonds? 3) Is 90% participation target is based on the outstanding amount or on the amount eligible for the tender?
1) Subject to any applicable securities law restrictions, the anticipated liability management transaction will be open to all holders, not only regulated entities located in Europe.
2) To the extent that holdings are ineligible to participate they will continue as before the transaction.
3) The critical mass threshold of 90% is calculated on the outstanding amount of all eligible GGBs excluding holdings of the European Central Bank and other Euro Area central banks.
Table of Contents1. Anticipated Liability Management Transaction
2. New Bonds
3. Defeasance Assets
4. Questions Specific to the Options
1. Anticipated Liability Management Transaction 1.1. When is the liability management transaction expected to take place?
No date has yet been determined for the anticipated liability management transaction, though all intentions are for this to occur in the near-term and possibly in October 2011, subject to all necessary authorisations. 1.2. Which bonds will be included in the anticipated liability management transaction?
A list of all GGBs that Greece may elect to include in the liability management transaction is available under the “Documents” section of this website. This list includes the majority of outstanding GGBs and International Bonds issued by the Hellenic Republic and bonds issued by Hellenic Railways Organization, all with maturity dates through December 2020. Note that there are certain exclusions within this range. Treasury Bills issued by the Hellenic Republic will be excluded. 1.3. Why does the exchange offer not apply to all of the outstanding GGBs?
This list includes the majority of outstanding GGBs, and International Bonds issued by the Hellenic Republic and Hellenic Railways Organization bonds, all with maturity dates through December 2020. In order to ensure the sustainability of Greece's public debt profile, the liability management transaction is likely to focus on obligations with earlier maturities, i.e. those maturing through December 2020. Within this range of securities, certain issues have been excluded, e.g. those issues initially placed with Greek banks for purposes of recapitalization. 1.4. If the liability management transaction is launched can I participate with my current holdings of eligible GGBs?
Holders will be invited to participate with all their holdings of eligible GGBs as of June 30, 2011 1.5. What action should I take, if I have sold all or part of the holdings I had as of June 30, 2011?
When choosing Option 1, 3 or 4, holders would be expected to purchase either (1) the same eligible GGBs or (2) any other maturity up to the maturity of the bonds they originally held (unless those bonds are no longer outstanding, such as the 20 Aug 2011 and 8 Sep 2011 maturities, in which case any replacement GGB could be purchased), in order to replace holdings they have sold so that they deliver in the exchange the same total nominal amount as per their holdings on June 30, 2011. Alternatively, holders may select Option 2 (Committed Financing Facility) for the total nominal of eligible GGBs they no longer own, as such option does not require the delivery of eligible GGBs. 1.6. Can eligible GGBs acquired post June 30, 2011 be included in the exchange?
Eligible GGBs acquired post June 30, 2011 representing an increase in the investor's holdings in a specific bond, may be included in the liability management transaction and separately reported to your regulator. However, for the purposes of the current enquiry you are requested to report your total holdings as of June 30, 2011. 1.7. What options can investors choose?
The Private Sector Initiative contemplates that investors can choose to participate by selecting one or more of the following four options: Option 1: Exchange into a New 30 Year Instrument at Par (New Par Bonds)
Option 2: Commit to provide financing (in exchange for new instruments substantially identical to the New Par Bonds) to Greece at the beginning of the calendar quarter in which the eligible GGBs in respect of which this Option is selected, mature
Option 3: Exchange into 30 Year Instrument at Discount (New Discount Bonds)
Option 4: Exchange into New 15-Yr Average Life Bonds at Discount (New Discount Amortising Bonds)
1.8. Can I split my holdings of eligible GGBs and choose different options for each of the parts?
Yes, holders can choose more than one option. However, holders must make an election for their entire holding of eligible GGBs as reported on June 30, 2011. 1.9. Will participation in any of the options be restricted? If so, what happens if I elect that option and my participation gets prorated?
At this stage It is anticipated that Option 4 will only be made available for GGBs maturing prior to 1 January 2014, and is expected to be limited to a maximum of 25% of the aggregate principal amount, or (where applicable) the Euro equivalent of the principal amount, of all GGBs participating in the liability management transaction or the committed financing facility. In the event of an oversubscription of an option that is subject to a “cap”, bonds will be reallocated to such remaining alternative as holders may have indicated when making their first choice. 1.10. What would happen if the liability management transaction fails to reach the critical mass threshold of 90%?
Greece shall not be obliged to proceed with any portion of the transaction unless holders of eligible GGBs tender, in response to Greece's eventual Invitation to Tender, eligible GGBs having a principal amount equal to not less than 90% of all eligible GGBs, including 90% of that portion of the eligible GGBs maturing during the period from June 30, 2011 through August 31, 2014. If these thresholds (or either of them) are not met, Greece shall not proceed with any portion of the transaction if it determines, in consultation with the official sector, that the total contribution of private sector creditors towards the financing needs of Greece and Greece's debt sustainability resulting from this transaction is insufficient to permit the official sector to support the new multi-year adjustment program for Greece announced on July 21, 2011 1.11. In the anticipated liability management transaction, will accrued interest be paid or rolled into the New Bonds?
Accrued interest is expected to be paid in cash within the context of the anticipated liability management transaction 1.12. Will the anticipated liability management transaction be open to US holders?
Securities being offered in the U.S. will not be registered under the Securities Act of 1933, therefore the new securities will only be available to certain holders who would normally qualify under a Rule 144A offering, namely qualified institutional buyers that are also “qualified purchasers” (under the Investment Company Act). 1.13. Does Greece intend to launch a cash offer for its GGBs too?
A Greek Debt Buyback Facility was referenced in the statement on July 21, 2011 by the Heads of State and Government of the Eurozone Area and EU along with the IIF (Institute of International Finance). Such an offer is being separately contemplated. 1.14. If Greece is to launch a separate cash offer, what will be its timing?
A cash buyback may take place in parallel with the liability management transaction currently under consideration. 1.15. Will a possible cash offer also include the eligible GGBs targeted in the exchange offer?
A cash buyback may include eligible GGBs and International Bonds issued by the Hellenic Republic and Hellenic Railways Organization bonds as well as certain bonds that will not be eligible to participate in the anticipated liability management transaction. 1.16. If Greece is to launch a cash offer, at what prices will it propose to buy back bonds?
A decision on the cash offer or the buy back method has not yet been made. 1.17. How should my holdings be reported to my regulator?
If your parent company is located within the European Union, ONLY the parent company of the regulated institution(s) is requested to respond to its Regulator on behalf of all consolidated and unconsolidated, regulated and unregulated entities forming part of your corporate group.If your parent company is NOT located within the European Union, then your institution is requested to respond to your Regulator on behalf of your institution and all unregulated subsidiaries unless another institution in your group is responding to another Regulator in relation to such unregulated subsidiaries.
1.18. What is the deadline for responding to my regulator with my holdings?
Holders are requested to respond to their regulator as soon as practicable but in any event not later than 5.00 p.m. Central European Time on 9 September 2011. 1.19. Can a private investor, non institutional participate into the PSI; E.g. An investor with eligible GGBs worth, say, 1mn euros; Were is this actually written on the documents; thx in advance.
Subject to any applicable securities law restrictions, non-institutional holders will be invited to participate in the transaction. 1.20. What's the minimum size should we hold to be considered as "private volonteer"?
Subject to any applicable securities law restrictions, there is no minimum size of holdings for participation in the private sector initiative. 1.21. Is is possible to tender only a fraction of GGB's held as of June 2011, keeping the remaining as it is?
It is anticipated that each holder will be invited to participate with its entire holding of eligible GGBs as at June 30, 2011. 1.22. What is the current rate of participation up to now?
Currently no public liability management transaction has been launched, therefore there is no rate of participation. The Letter of Inquiry process currently underway is an information gathering process in order to judge regulated investor interest in the potential transaction and its anticipated options. 1.23. Will bond holders who will not participate be penalized in any way?
Bondholders who do not participate in the anticipated liability management transaction will continue to hold their original securities subject to the terms and conditions of these original securities. 1.24. Will the claim on zero coupon bonds be par as in the other bonds for the purpose of this exchange?
For options 1, 2 and 3, upon a claim and acceleration of the new bonds or loans, holders/lenders will have a claim against the Hellenic Republic equal to notional amount less the accreted value of the defeasance assets, calculated on the date of the acceleration. The defeasance assets will continue to be held under the trust (for the benefit of the bondholders) until the original maturity date of the new bonds.For option 4, 40% of the principal of the new bonds notional will be defeased by the delivery of defeasance assets, which will be liquidated in the event of certain defined early trigger events and the proceeds paid to holders. Greece will remain obliged to repay the remaining 60% of notional amount.
1.25. Which options are available with regard to those securities which have matured prior to the date of the Anticipated Liability Management Transaction? Obviously those bonds could no longer be subject to a bond exchange - is the securities holder restricted to Option 2 for these securities?
Holders whose bonds have matured before the anticipated liability management transaction (e.g. 20 Aug 2011, 8 Sep 2011) and who wish to choose Option 1, 3 and 4, would be expected to purchase any other maturity of eligible GGBs in replacement of the bonds they originally held and deliver in the exchange the same total nominal amount as per their holdings on June 30, 2011. Alternatively, such holders may select Option 2 (Committed Financing Facility) for the total nominal of eligible GGBs they no longer own, as such option does not require the delivery of eligible GGBs. 1.26. How can Finland's demand for collateral affect the implementation of the exchange programme? What is the likely outcome of this conflict?
The website is to provide answers to questions relating to the content of the Letter of Inquiry and its annexes. This question is outside the scope of the Q&A in this website. 1.27. 1. Is the offer only referring to Institutionals ? 2. Is the offer only for Government Bonds or also Bond Loans
1. See response to question 1.192. This inquiry and the anticipated liability management transaction are limited to Eligible GGBs only and do not extend to debt other than in the form of bonds. The list of Eligible GGBs is contained within the Letter of Inquiry (Annex III) and within the stock exchange announcements issued in connection with the release of the letter
1.28. What happens to holders of the 3.9% 20-Aug 11 bond holder?ISIN: GR0114019442
See response to question 1.25. 1.29. If Greece intends to make a cash offer, as stated in 1.13 to 1.16 and if there is also the possibility, that an cash offer includes eligible GGBs (as stated in 1.15) is there any choice for someone who already opted for options 1-4 to change this and accept the cash offer?
Yes. Respondents to the Letter of Inquiry are being asked to indicate the option that they would expect to elect for that holding, were a liability management transaction consistent with the options to be presented in the near future. Such indication is not binding and it is understood that the eventual participation may differ from the indication. 1.30. If a parallel cash offer is launched, will participation in that cash offer be considered as part of the 90% participation target in the exchange offer? Can an investor who indicated intent to participate in the exchange to their regulator participate in the cash offer instead, once launched?
A cash buyback for Greek public debt (including for certain GGBs not eligible to participate in the anticipated liability management transaction), referred to in the 21 July Statement, is currently under consideration and does not form part of the current information collection phase or the calculation of the critical mass threshold. Once the details of such buy back have been determined, they will be communicated to the holders. 1.31. Could you please clarify the following information about the exchange: 1) What types of institutions are eligible for the tender of the bonds? Is it only European banks, asset managers, individuals, etc? 2) What would happen to the holdings of the institutions and individuals not eligible for the tender? Will they be forced into one of the options or end up holding untendered bonds? 3) Is 90% participation target is based on the outstanding amount or on the amount eligible for the tender?
1) Subject to any applicable securities law restrictions, the anticipated liability management transaction will be open to all holders, not only regulated entities located in Europe.2) To the extent that holdings are ineligible to participate they will continue as before the transaction.
3) The critical mass threshold of 90% is calculated on the outstanding amount of all eligible GGBs excluding holdings of the European Central Bank and other Euro Area central banks.
- Stato