Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 2
- Creatore Discussione tommy271
- Data di Inizio
- Stato
tommy271
Forumer storico
...i gusti son gusti
...dipende poi ...dal carico
...dalla misura dell'ortaggio ...e non per ultimo dall'apertura ...an...
... noi volevamo ciulare ...
sembrava una cosa ...invece sotto sotto ...ce ne siamo trovata un'altra
Russia ... so ragazzi ...
.La loro strategia è da manuale
. Disponibilità entro i 100K (se li hanno ...
).Entrata a 100 con 1K per mediare sino a 0
.
Nobody's
Γένοιο οἷος εἷ
...i gusti son gusti
...dipende poi ...dal carico
...dalla misura dell'ortaggio ...e non per ultimo dall'apertura ...an...
... noi volevamo ciulare ...
sembrava una cosa ...invece sotto sotto ...ce ne siamo trovata un'altra
..tutta colpa della bionda ...germanica ...fankulo
alla kiavata di luglio ...era meglio farsi le seghe che scoparsi la Merkolona ...adesso ce lo mettono nelle ciapet
frmaoro
il Fankazzista
ma a me da giramento di palle se non fossi coinvolto materialmente la ingnorerei completamente specialmente ora che non è più contagiosa
Coche
Forumer storico
...i gusti son gusti
...dipende poi ...dal carico
...dalla misura dell'ortaggio ...e non per ultimo dall'apertura ...an...
... noi volevamo ciulare ...
sembrava una cosa ...invece sotto sotto ...ce ne siamo trovata un'altra
..tutta colpa della bionda ...germanica ...fankulo
alla kiavata di luglio ...era meglio farsi le seghe che scoparsi la Merkolona ...adesso ce lo mettono nelle ciapet
Certo che in questi momenti critici ... sei una Forza.
discipline
Guest
New PSI bonds, ECB SMP NCB and CAC
Some of the details of the new PSI bonds were published today. Bond holders that tender their holdings to the PSI voluntary will get 15% in cash and 31.5% in new bonds with the following terms:
Coupon:
GDP warrants: The securities would also have detachable GDP warrants. We do not know the thresholds but we can assume that they are the ones that the Troika assumed in their debt analysis. We do not assign great value to these warrants since the rate is capped at 1%. The maximum payoff of these warrants has 12% value at 9% exit yield. Thus one cannot assign more than 2-3% present value to these warrants.
Legal:
New bonds and warrants would be under English law with all the bells and whistles like Negative Pledge, CAC.
Interestingly both the EFSF and the bonds would have the same Paying Agent and payments would mirror the EFSF loan. I guess this was done in order to avoid paying one and not another bondholder in the case of a further default.
CAC and ECB
The Eurogroup agreement allows for the non-SMP holdings to pass their profits to the Greek state by effectively lowering the interest rate payments. If this is so then the question arises:
Andreas Koutras: New PSI bonds, ECB SMP NCB and CAC
Coupon:
- Y1-3: 2.0%
- Y4-8: 3.0%
- Y9-30: 4.3%
- The bond will be amortized by 5% from Y11 to Y20.
GDP warrants: The securities would also have detachable GDP warrants. We do not know the thresholds but we can assume that they are the ones that the Troika assumed in their debt analysis. We do not assign great value to these warrants since the rate is capped at 1%. The maximum payoff of these warrants has 12% value at 9% exit yield. Thus one cannot assign more than 2-3% present value to these warrants.
Legal:
New bonds and warrants would be under English law with all the bells and whistles like Negative Pledge, CAC.
Interestingly both the EFSF and the bonds would have the same Paying Agent and payments would mirror the EFSF loan. I guess this was done in order to avoid paying one and not another bondholder in the case of a further default.
CAC and ECB
The Eurogroup agreement allows for the non-SMP holdings to pass their profits to the Greek state by effectively lowering the interest rate payments. If this is so then the question arises:
- Did the Republic swap the holdings of the SMP and the holdings of the NCB investment portfolio?
- If they did then this is a gross violation as it implies some common bondholders were saved even though they did not buy the bonds for “monetary purposes”.
- If they did not swap then either they are not going to participate in the PSI and the CAC’s will not be activated or they expect to suffer a haircut too.
Andreas Koutras: New PSI bonds, ECB SMP NCB and CAC
discipline
Guest
La pagina del comunicato ufficiale:
Athens, Greece: The Hellenic Republic today announced the key terms of a voluntary transaction in furtherance of the 26 October 2011 Euro Summit Statement, known as the Private Sector Involvement, and in the context of its economic reform programme that has been agreed with the European Union and the International Monetary Fund. The transaction is expected to include private sector holders of approximately EUR206 billion aggregate outstanding face amount of Greek bonds (excluding treasury bills).
The transaction is expected to involve a consent solicitation and an invitation to private sector holders of certain Greek bonds to exchange their holdings of existing Greek bonds for new bonds to be issued by the Hellenic Republic having a face amount equal to 31.5% of the face amount of the debt exchanged and notes of the European Financial Stability Facility maturing within 24 months having a face amount equal to 15% of the face amount of the debt exchanged, each to be delivered by the Hellenic Republic at settlement. Each participating holder will also receive detachable GDP-linked securities of the Hellenic Republic with a notional amount equal to the face amount of the new bonds of the Hellenic Republic issued to that participating holder. The full terms of the transaction will be set out in the relevant invitation memoranda which are expected to be made available in the coming week.
The Greek government will shortly submit to the Greek parliament a draft bill which, if passed, will introduce a collective action clause into eligible Greek law governed bonds of the Hellenic Republic as determined by the Council of Ministers of the Hellenic Republic. If passed, this law will be available to be used in the implementation of the PSI transaction if necessary to achieve participation at the levels anticipated by the 26 October 2011 Euro Summit Statement.
“A successful PSI transaction is required to bring Greece’s debt-to-GDP ratio on a downward path reaching 120.5% by 2020,” said Mr. Evangelos Venizelos, Greece’s Deputy Prime Minister and Minister of Finance. “It is also a condition for the continued disbursements by the official sector, which are essential for the implementation by Greece of its economic reform programme. We have been consulting with our private sector creditors to design a transaction that is consistent with the Euro Summit Statement of 26 October 2011 and that will both enjoy broad support from investors and further the country’s goal of achieving a sustainable debt profile.”
This press release does not constitute an offer of securities for sale in the United States, Australia, Canada or Japan or elsewhere by the Hellenic Republic or any other sovereign or any other entity. Any securities that are ultimately offered pursuant to the liability management transaction referred to herein will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States or to U.S. persons absent registration or an exemption from the registration requirements of the Securities Act. Any offer of securities pursuant to the liability management transaction will be made by means of an invitation memorandum that will be prepared by the Hellenic Republic for distribution to persons eligible to participate in such invitation.
The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required by the Hellenic Republic to inform themselves about and to observe any such restrictions. This announcement does not constitute an offer to buy or a solicitation of an offer to sell securities (including the Greek bonds), and tenders of securities (including the Greek bonds) pursuant to this announcement will not be accepted by or on behalf of the Hellenic Republic.
Holders of the New Bonds will be entitled to the benefit of, and will be bound by, a Co-Financing Agreement among, inter alios, the Republic, the New Bond Trustee and the European Financial Stability Facility (the “EFSF”) linking the New Bonds to the Republic’s loan from the EFSF of up to EUR30 billion in a variety of ways including the appointment of a common paying agent, the inclusion of a turnover covenant and the payment of principal and interest on the New Bonds and the EFSF loan on the same dates and on a pro rata basis.
Final maturity
2042
Amortization
Commencing on the 11th anniversary of the issue date.
Coupon
2.0% per annum to payment date in 2015
3.0% per annum to payment date in 2021
4.3% per annum thereafter
Accrued Interest
Any accrued and unpaid interest (including additional amounts, if any) on the existing Greek bonds will be paid with 6-month securities issued by the EFSF.
Negative Pledge
Yes
Collective Action
Clause
The New Bonds shall contain an aggregated collective action clause based on the latest draft collective action clause published by the EU Economic and Financial Committee’s Sub-Committee on EU Sovereign Debt Markets.
Form
Registered in the Book Entry System of the Bank of Greece.
Listing
Application will be made to list the New Bonds on the Athens Stock Exchange.
Clearing
All New Bonds will clear through the Bank of Greece (BOGs) clearing system.
Taxation
The Republic will gross up any payments that become subject to withholding for a tax imposed by the Republic, subject to exceptions.
GDP-linked Securities
Each participating holder will also receive detachable GDP-linked Securities of the Republic with a notional amount equal to the face amount of the New Bonds of the Republic issued to that participating holder. The GDP-linked Securities will provide for annual payments beginning in 2015 of an amount of up to 1% of their notional amount in the event the Republic’s nominal GDP exceeds a defined threshold and the Republic has positive GDP growth in real terms in excess of specified targets.
Governing Law
English law
PSI Launch Press Release
Athens, Greece: The Hellenic Republic today announced the key terms of a voluntary transaction in furtherance of the 26 October 2011 Euro Summit Statement, known as the Private Sector Involvement, and in the context of its economic reform programme that has been agreed with the European Union and the International Monetary Fund. The transaction is expected to include private sector holders of approximately EUR206 billion aggregate outstanding face amount of Greek bonds (excluding treasury bills).
The transaction is expected to involve a consent solicitation and an invitation to private sector holders of certain Greek bonds to exchange their holdings of existing Greek bonds for new bonds to be issued by the Hellenic Republic having a face amount equal to 31.5% of the face amount of the debt exchanged and notes of the European Financial Stability Facility maturing within 24 months having a face amount equal to 15% of the face amount of the debt exchanged, each to be delivered by the Hellenic Republic at settlement. Each participating holder will also receive detachable GDP-linked securities of the Hellenic Republic with a notional amount equal to the face amount of the new bonds of the Hellenic Republic issued to that participating holder. The full terms of the transaction will be set out in the relevant invitation memoranda which are expected to be made available in the coming week.
The Greek government will shortly submit to the Greek parliament a draft bill which, if passed, will introduce a collective action clause into eligible Greek law governed bonds of the Hellenic Republic as determined by the Council of Ministers of the Hellenic Republic. If passed, this law will be available to be used in the implementation of the PSI transaction if necessary to achieve participation at the levels anticipated by the 26 October 2011 Euro Summit Statement.
“A successful PSI transaction is required to bring Greece’s debt-to-GDP ratio on a downward path reaching 120.5% by 2020,” said Mr. Evangelos Venizelos, Greece’s Deputy Prime Minister and Minister of Finance. “It is also a condition for the continued disbursements by the official sector, which are essential for the implementation by Greece of its economic reform programme. We have been consulting with our private sector creditors to design a transaction that is consistent with the Euro Summit Statement of 26 October 2011 and that will both enjoy broad support from investors and further the country’s goal of achieving a sustainable debt profile.”
* * * *
No offer or invitation to acquire or exchange any securities is being made pursuant to this announcement in any jurisdiction. Nothing in this announcement constitutes an invitation to participate in the transaction referred to in this announcement which will only be made through the relevant invitation memoranda once published by the Hellenic Republic. The terms and conditions of the transaction referred to in this announcement will be as set out in the relevant invitation memoranda. The transaction referred to herein will only be made available to those holders who are eligible to participate pursuant to the relevant invitation memoranda.
This press release does not constitute an offer of securities for sale in the United States, Australia, Canada or Japan or elsewhere by the Hellenic Republic or any other sovereign or any other entity. Any securities that are ultimately offered pursuant to the liability management transaction referred to herein will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States or to U.S. persons absent registration or an exemption from the registration requirements of the Securities Act. Any offer of securities pursuant to the liability management transaction will be made by means of an invitation memorandum that will be prepared by the Hellenic Republic for distribution to persons eligible to participate in such invitation.
The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required by the Hellenic Republic to inform themselves about and to observe any such restrictions. This announcement does not constitute an offer to buy or a solicitation of an offer to sell securities (including the Greek bonds), and tenders of securities (including the Greek bonds) pursuant to this announcement will not be accepted by or on behalf of the Hellenic Republic.
Summary Terms of the New Bonds to be issued by the Republic
Co-Financing Agreement
Holders of the New Bonds will be entitled to the benefit of, and will be bound by, a Co-Financing Agreement among, inter alios, the Republic, the New Bond Trustee and the European Financial Stability Facility (the “EFSF”) linking the New Bonds to the Republic’s loan from the EFSF of up to EUR30 billion in a variety of ways including the appointment of a common paying agent, the inclusion of a turnover covenant and the payment of principal and interest on the New Bonds and the EFSF loan on the same dates and on a pro rata basis.
Final maturity
2042
Amortization
Commencing on the 11th anniversary of the issue date.
Coupon
2.0% per annum to payment date in 2015
3.0% per annum to payment date in 2021
4.3% per annum thereafter
Accrued Interest
Any accrued and unpaid interest (including additional amounts, if any) on the existing Greek bonds will be paid with 6-month securities issued by the EFSF.
Negative Pledge
Yes
Collective Action
Clause
The New Bonds shall contain an aggregated collective action clause based on the latest draft collective action clause published by the EU Economic and Financial Committee’s Sub-Committee on EU Sovereign Debt Markets.
Form
Registered in the Book Entry System of the Bank of Greece.
Listing
Application will be made to list the New Bonds on the Athens Stock Exchange.
Clearing
All New Bonds will clear through the Bank of Greece (BOGs) clearing system.
Taxation
The Republic will gross up any payments that become subject to withholding for a tax imposed by the Republic, subject to exceptions.
GDP-linked Securities
Each participating holder will also receive detachable GDP-linked Securities of the Republic with a notional amount equal to the face amount of the New Bonds of the Republic issued to that participating holder. The GDP-linked Securities will provide for annual payments beginning in 2015 of an amount of up to 1% of their notional amount in the event the Republic’s nominal GDP exceeds a defined threshold and the Republic has positive GDP growth in real terms in excess of specified targets.
Governing Law
English law
PSI Launch Press Release
tommy271
Forumer storico
Venizelos "La Grecia rimane
nell'area dell'euro, non importa cosa succede "
Pubblicato il: Martedì 21 Febbraio 2012
Ultimo aggiornamento: 2012/02/21 17:48
Solo per il web
"La Grecia è e resterà un membro della zona euro, non importa cosa succede", ha assicurato il vice primo ministro Evangelos Venizelos, in una conferenza stampa questo dà il tempo per l'accordo dell'Eurogruppo al mattino. "Abbiamo completato il più grande affare del dopoguerra", ha detto Venizelos, aggiungendo: "Lo scenario da incubo è stato scongiurato. L'accordo rappresenta uno sviluppo significativo nel paese che ci dà una nuova opportunità che dobbiamo utilizzare ".
"I nostri partner sono impegnati che ci sostengono e dopo il 2014, fino a quando possibile per tornare ai mercati", ha detto il ministro delle Finanze.
(Ta Nea)
nell'area dell'euro, non importa cosa succede "
Pubblicato il: Martedì 21 Febbraio 2012
Ultimo aggiornamento: 2012/02/21 17:48
Solo per il web
"La Grecia è e resterà un membro della zona euro, non importa cosa succede", ha assicurato il vice primo ministro Evangelos Venizelos, in una conferenza stampa questo dà il tempo per l'accordo dell'Eurogruppo al mattino. "Abbiamo completato il più grande affare del dopoguerra", ha detto Venizelos, aggiungendo: "Lo scenario da incubo è stato scongiurato. L'accordo rappresenta uno sviluppo significativo nel paese che ci dà una nuova opportunità che dobbiamo utilizzare ".
"I nostri partner sono impegnati che ci sostengono e dopo il 2014, fino a quando possibile per tornare ai mercati", ha detto il ministro delle Finanze.
(Ta Nea)
- Stato
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