Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 2

[GiveMeLeverage]

buyback

Repurchases of Designated Securities that remain outstanding; Subsequent exchange offers

The Republic reserves the right, in its sole discretion, to purch ase, exchange, offer to purchase or exchange, or to issue an
invitation to submit offers to exchange or sell any Designated Securities that are not exchanged or substituted pursuant to the
Invitation or a Parallel Invitation (in accordance with their re spective terms) and, to the extent permitted by applicable law, purchase
or offer to purchase Designated Securities in the open market, in privatel y negotiated transactions or otherwise. Any such pur chase,
exchange, offer to purchase or exchange or settlement will be ma de in accordance with applicable law. The terms of any such
purchases, exchanges, offers or settlements could differ from the terms of the Invitation.

 

[GiveMeLeverage]

20 bonds? YES

For each €315 aggregate face amount of New Bonds to be delivered by the Republic as part of the Consideration, the €315
aggregate face amount of such New Bonds will be divided across twenty series of New Bonds maturing on successive anniversaries
of 24 February 2012 commencing on 24 February 2023 with the following aggregate face amounts for each corresponding maturity
dates:

Series
Maturity Dates of the relevant series of New Bonds
Aggregate face amount for the relevant series of New Bonds

1-5
11 th to 15th anniversary of 24 February 2012
€15

6-20
16th to 30th anniversary of 24 February 2012
€16

 

[tommy271]

For each €315 aggregate face amount of New Bonds to be delivered by the Republic as part of the Consideration, the €315
aggregate face amount of such New Bonds will be divided across twenty series of New Bonds maturing on successive anniversaries
of 24 February 2012 commencing on 24 February 2023 with the following aggregate face amounts for each corresponding maturity
dates:

Series
Maturity Dates of the relevant series of New Bonds
Aggregate face amount for the relevant series of New Bonds

1-5
11 th to 15th anniversary of 24 February 2012
€15

6-20
16th to 30th anniversary of 24 February 2012
€16

Leggevo ora sul "Kathimerini" dei bond dati in concambio. Nell'articolo vengono avallate le ipotesi postate sul documento di BNP Paribas.
Proposta che può calzare a pennello per le banche, ma non per il retail con qualche decina di migliaia di euro.
Si tratta appunto di venti titoli (dicasi 20) che hanno una durata da 11 a 30 anni dati in concambio a chi aderisce allo swap.
La prima scadenza nel 2023.
Quindi in tasca oltre al trentennale potremo avere anche il decennale.
Il decennale potrebbe essere buono se non fosse in frazioni minimali...

 

[karl]

For each €315 aggregate face amount of New Bonds to be delivered by the Republic as part of the Consideration, the €315
aggregate face amount of such New Bonds will be divided across twenty series of New Bonds maturing on successive anniversaries
of 24 February 2012 commencing on 24 February 2023 with the following aggregate face amounts for each corresponding maturity
dates:

Series
Maturity Dates of the relevant series of New Bonds
Aggregate face amount for the relevant series of New Bonds

1-5
11 th to 15th anniversary of 24 February 2012
€15

6-20
16th to 30th anniversary of 24 February 2012




€16

Obbligazioni da 15/16 € per chi ha 1000 € di bond ; ci sarà da ridere.

 

[tommy271]

The New Bonds
Series ISIN Code Year of Maturity
1 GR0128010676 2023
2 GR0128011682 2024
3 GR0128012698 2025
4 GR0128013704 2026
5 GR0128014710 2027
6 GR0133006198 2028
7 GR0133007204 2029
95
8 GR0133008210 2030
9 GR0133009226 2031
10 GR0133010232 2032
11 GR0138005716 2033
12 GR0138006722 2034
13 GR0138007738 2035
14 GR0138008744 2036
15 GR0138009759 2037
16 GR0138010765 2038
17 GR0138011771 2039
18 GR0138012787 2040
19 GR0138013793 2041
20 GR0138014809 2042
GDP-linked Securities
1
GRR000000010
2042

 

[tommy271]

DESIGNATED SECURITIES

Category: Eligible
Title, Foreign Law
Republic Title,
Maturity
ISIN
Principal amount
date Coupon outstanding
20-Mar-12 4.30 per cent. 20-Aug-14
3
Minimum
Foreign Law
denomination Issuer Clearing System Guaranteed Title
€9,765,613,000 €1,000 BOGS Eligible Title
5.50 per cent. €8,541,180,000 €1,000 BOGS Eligible Title
20-Aug-15 6.10 per cent. €4,811,700,000 €1,000 BOGS Eligible Title
GR0A18012945 20-Apr-17 5.90 per cent. €3,646,200,000 €1,000 BOGS Eligible Title
GR0124018525 18-May-12 5.25 per cent. €4,665,701,000 €1,000 BOGS Eligible Title
20-May-13 4.60 per cent. €4,490,566,000 €1,000 BOGS Eligible Title
GR0A24024926 20-May-14 4.50 per cent. €4,368,653,000 €1,000 BOGS Eligible Title
GR0124026601 20-Jul-15 3.70 per cent €6,093,500,000 €1,000 BOGS Eligible Title
GR0110021236
GR0A10021571
GR0114022479
GR0A14022815
GR0114023485
GR0A14023821
GR0118012609
GR0124021552
GR0A24021898
GR0124024580
3
Excluding any Designated Securities owned by the Republic, which will be cancelled prior to the Expiration Deadline which, for the avoidance of doubt, are not outstanding for the purposes of the consent solicitation.
I-1
Category: Eligible
Title, Foreign Law
Republic Title,
Maturity
Principal amount Minimum
Foreign Law
date Coupon outstanding3 denomination Issuer Clearing System Guaranteed Title
20-Jul-16 3.60 per cent. €5,442,407,000 €1,000 BOGS Eligible Title
20-Jul-17 4.30 per cent. €7,562,450,000 €1,000 BOGS Eligible Title
20-Jul-18 4.60 per cent. €5,875,761,000 €1,000 BOGS Eligible Title
19-Jul-19 6.00 per cent. €11,747,550,000 €1,000 BOGS Eligible Title
19-Jun-20 6.25 per cent. €3,633,650,000 €1,000 BOGS Eligible Title
20-Mar-24 4.70 per cent. €9,156,944,000 €1,000 BOGS Eligible Title
GR0A33004513 20-Mar-26 5.30 per cent. €6,063,294,000 €1,000 BOGS Eligible Title
GR0138001673 20-Sep-37 4.50 per cent. €8,867,200,000 €1,000 BOGS Eligible Title
GR0138002689 20-Sep-40 4.60 per cent. €7,920,000,000 €1,000 BOGS Eligible Title
GR0338001531 25-Jul-25 2.90 per cent. €8,584,903,200 €1,000 BOGS Eligible Title
GR0338002547 25-Jul-30 2.30 per cent. €8,244,812,650 €1,000 BOGS Eligible Title
GR0133002155 22-Oct-22 5.90 per cent. €7,623,302,000 €1,000 BOGS Eligible Title
ISIN
GR0A24026947
GR0124028623
GR0A24028968
GR0124029639
GR0A24029974
GR0124030645
GR0A24030014
GR0124031650
GR0A24031020
GR0124032666
GR0A24032036
GR0133003161
GR0A33003507
GR0133004177
I-2
Category: Eligible
Title, Foreign Law
Republic Title,
Maturity
Principal amount Minimum
Foreign Law
date Coupon outstanding3 denomination Issuer Clearing System Guaranteed Title
GR0106003792 30-Jun-12 1.00 per cent. €140,300,477.52 €0.01 BOGS Eligible Title
GR0110022242 31-Mar-13 4.5066 per cent. €36,428,572.20 €0.01 BOGS Eligible Title
GR0110023257 31-Jul-13 4.4268 per cent. €64,285,716 €0.01 BOGS Eligible Title
GR0112003653 25-Jul-14 3.985 per cent. €155,357,145.75 €0.01 BOGS Eligible Title
GR0112004669 30-Sep-14 4.1125 per cent. €85,714,287 €0.01 BOGS Eligible Title
GR0114024491 30-Sep-15 3.7017 per cent. €171,428,572.80 €0.01 BOGS Eligible Title
GR0516003606 21-May-16 Floating rate €170,293,160 €0.01 BOGS Eligible Title
GR0116002875 13-Sep-16 4.0195 per cent. €142,857,142.85 €0.01 BOGS Eligible Title
GR0118014621 01-Mar-17 4.225 per cent. €342,857,142.84 €0.01 BOGS Eligible Title
GR0518072922 01-Jul-17 Floating rate €415,504,968.36 €0.01 BOGS Eligible Title
GR0518071916 01-Jul-17 Floating rate €71,586,335.16 €0.01 BOGS Eligible Title
GR0118013615 09-Oct-17 4.675 per cent. €214,285,714.26 €0.01 BOGS Eligible Title
GR0120003141 03-Apr-18 4.59 per cent. €444,000,000.01 €0.01 BOGS Eligible Title
GR0122002737 27-Feb-19 5.014 per cent. €112,000,000 €0.01 BOGS Eligible Title
GR0122003743 04-Mar-19 5.959 per cent. €424,999,999.97 €0.01 BOGS Eligible Title
GR0120002135 17-Sep-19 5.161 per cent. €350,000,000 €0.01 BOGS Eligible Title
GR0326042257 22-Dec-12 0 per cent. €2,026,323,382.93 €0.01 BOGS Eligible Title
GR0508001121 31-Dec-12 Floating rate €22,857,143 €0.01 BOGS Eligible Title
ISIN
GR0B33002425
GR0C33002358
I-3
Category: Eligible
Title, Foreign Law
Republic Title,
Maturity
Principal amount Minimum
Foreign Law
ISIN date Coupon outstanding3 denomination Issuer Clearing System Guaranteed Title
GR0326043263 22-Dec-13 0 per cent. €1,853,751,348.67 €0.01 BOGS Eligible Title
GR0133001140 22-Oct-19 6.50 per cent. €6,175,017,003.03 €0.01 BOGS Eligible Title
20-Aug-12 4.10 per cent. €4,586,032,000 €1,000 BOGS Eligible Title
GR0A14021809 20-Aug-13 4.00 per cent. €3,680,249,000 €1,000 BOGS Eligible Title
GR0124020547 20-Jun-12 5.25 per cent. €413,711,000 €1,000 BOGS Eligible Title
GR0124022568 03-Jul-13 3.90 per cent. €326,029,000 €1,000 BOGS Eligible Title
GR0124023574 30-Sep-13 4.52 per cent. €149,360,000 €1,000 BOGS Eligible Title
GR0124025595 01-Jul-14 4.50 per cent. €393,967,000 €1,000 BOGS Eligible Title
GR0124027617 10-Nov-15 3.70 per cent. €374,967,000 €1,000 BOGS Eligible Title
GR0128001584 20-May-13 7.50 per cent. €1,492,693,579.46 €0.01 BOGS Eligible Title
GR0128002590 11-Jan-14 6.50 per cent. €2,698,969,588.41 €0.01 BOGS Eligible Title
GR0326038214 27-Dec-16 zero coupon € 334,339,269.47 €1,000 BOGS Eligible Title
GR0512001356 20-Feb-13 Floating rate €5,376,722,000 €1,000 BOGS Eligible Title
GR0514020172 04-Feb-15 Floating rate €2,020,000,000 €1,000 BOGS Eligible Title
GR0528002315 04-Apr-17 Floating rate €4,937,000,000 €1,000 BOGS Eligible Title
Euroclear System / Foreign Law Republic
Clearstream, Luxembourg Title
GR0114020457
GR0A14020793
GR0114021463
XS0147393861
15-May-12
Floating rate
€450,000,000
€1,000
I-4
Category: Eligible
Title, Foreign Law
Republic Title,
Maturity
Principal amount Minimum
ISIN date Coupon outstanding3 denomination
XS0372384064 25-Jun-13 4.625 per cent. U.S.$1,434,023,000 U.S.$1,000
XS0097596463 21-May-14 Floating rate €69,000,000 €100,000
XS0165956672 08-Apr-16 4.59 per cent. €400,000,000 €1,000
Foreign Law
4.50 per cent. ¥30,000,000,000 ¥10,000,000
XS0079012166 08-Aug-17 3.80 per cent. ¥50,000,000,000 ¥1,000,000
XS0260024277 05-Jul-18 Floating rate €2,086,000,000 €1,000
XS0286916027 22-Feb-19 Floating rate €280,000,000 €100,000
XS0097010440 30-Apr-19 3.00 per cent. ¥25,000,000,000 ¥10,000,000
XS0097598329 03-Jun-19 Floating rate €110,000,000 €100,000
XS0224227313
13-Jul-20
Floating rate
€250,000,000
€1,000
I-5
Clearstream, Luxembourg Title
Foreign Law Republic
Clearstream, Luxembourg Title
Foreign Law Republic
Clearstream, Luxembourg Title
Foreign Law Republic
Clearstream, Luxembourg Title
Foreign Law Republic
Clearstream, Luxembourg Title
Foreign Law Republic
Clearstream, Luxembourg Title
Foreign Law Republic
Clearstream, Luxembourg Title
Euroclear System / 03-Jul-17 Foreign Law Republic
Euroclear System / XS0078057725 Title
Euroclear System / ¥1,000
Clearstream, Luxembourg Euroclear System / ¥40,000,000,000 Foreign Law Republic
Euroclear System / 4.50 per cent. Title
Euroclear System / 08-Nov-16 Foreign Law Republic
Clearstream, Luxembourg Euroclear System / XS0071095045 Title
Euroclear System /
€1,000
Foreign Law Republic
Clearstream, Luxembourg Euroclear System /
€5,547,200,000
Title
Euroclear System /
Floating rate
Foreign Law Republic
Clearstream, Luxembourg Euroclear System /
11-Apr-16
Guaranteed Title
Euroclear System /
XS0357333029
Issuer Clearing System Foreign Law Republic
Clearstream, Luxembourg Title
Category: Eligible
Title, Foreign Law
Republic Title,
Maturity
Principal amount Minimum
ISIN date Coupon outstanding3 denomination
XS0251384904 19-Apr-21 Floating rate €250,000,000 €1,000
XS0255739350 31-May-21 Floating rate €100,000,000 €1,000
XS0256563429 09-Jun-21 Floating rate €150,000,000 €1,000
Foreign Law
XS0260349492 10-Jul-26 Floating rate €130,000,000 €1,000
XS0110307930 14-Apr-28 6.14 per cent. €200,000,000 €100,000
XS0192416617 10-May-34 Floating rate €1,000,000,000 €1,000
XS0191352847 17-Jul-34 5.20 per cent. €1,000,000,000 €1,000
XS0292467775 25-Jul-57 2.085 per cent. €1,778,352,000 €1,000,000
Title
Foreign Law Republic
Clearstream, Luxembourg Title
Foreign Law Republic
Clearstream, Luxembourg Title
Foreign Law Republic
Clearstream, Luxembourg Title
Foreign Law Republic
Clearstream, Luxembourg Title
Foreign Law Republic
Clearstream, Luxembourg Title
Euroclear System / €1,000
Clearstream, Luxembourg Euroclear System / €400,000,000 Foreign Law Republic
Euroclear System / Floating rate Title
Euroclear System / 06-Jul-25 Foreign Law Republic
Clearstream, Luxembourg Euroclear System / XS0223064139 Title
Euroclear System /
€1,000
Foreign Law Republic
Clearstream, Luxembourg Euroclear System /
€250,000,000
Title
Euroclear System /
Floating rate
Foreign Law Republic
Clearstream, Luxembourg Euroclear System /
07-Jul-24
Guaranteed Title
Euroclear System /
XS0223870907
Issuer Clearing System Foreign Law Republic
Clearstream, Luxembourg Title
Euroclear France / Euroclear
System / Clearstream,
FR0000489676 (OSE)
13-Sep-12
4.915 per cent.
€190,000,000
€1,000
I-6
Foreign Law
Luxembourg Guaranteed Title
Category: Eligible
Title, Foreign Law
Republic Title,
Maturity
Principal amount Minimum
ISIN date Coupon outstanding3 denomination
XS0208636091 (OSE) 21-Dec-12 3.5625 per cent. €250,000,000 €100,000
XS0165688648 (OSE) 02-Apr-13 4.495 per cent. €412,500,000 €1,000
XS0142390904 (OSE) 30-Jan-14 5.46 per cent. €197,000,000 €1,000
Foreign Law
Issuer Clearing System Guaranteed Title
Euroclear System / Foreign Law
Clearstream, Luxembourg Guaranteed Title
Euroclear System / Foreign Law
Clearstream, Luxembourg Guaranteed Title
Euroclear System / Foreign Law
Clearstream, Luxembourg Guaranteed Title
Euroclear France / Euroclear
System / Clearstream, Floating rate €250,000,000 €100,000
XS0215169706 (OSE) 17-Mar-17 4.0280 per cent. €450,000,000 €100,000
XS0160208772 (OSE) 27-Dec-17 5.014 per cent. €165,000,000 €1,000
XS0280601658 (OSE) 20-Dec-19 4.218 per cent. €255,000,000 €50,000
XS0354223827 (OASA) 26-Mar-13 4.057 per cent. €240,000,000 €50,000
XS0198741687 (OASA)
XS0308854149 (OASA)
12-Aug-14
18-Jul-17
4.301 per cent.
5.008 per cent.
€160,000,000
€100,000
€200,940,000
€60,000
I-7
Foreign Law
Clearstream, Luxembourg Guaranteed Title
Foreign Law
Clearstream, Luxembourg Guaranteed Title
Foreign Law
Clearstream, Luxembourg Guaranteed Title
Foreign Law Republic
Clearstream, Luxembourg Title
Foreign Law Republic
Clearstream, Luxembourg Title
Euroclear System / 24-May-16 Guaranteed Title
Euroclear System / XS0193324380 (OSE) Foreign Law
Euroclear System / €1,000
Clearstream, Luxembourg Euroclear System / €200,000,000 Guaranteed Title
Euroclear System / 4.68 per cent. Foreign Law
Euroclear System / 29-Oct-15 Luxembourg Euroclear System / FR0010027557 (OSE) Foreign Law Republic
Clearstream, Luxembourg Title

 

[carib]

For purposes of calculating the aggregate principal amount of Eligible Titles outstanding:
(i) the principal amount of any index-linked debt security will be equal to its adjusted nom inal amount, where the adjusted
nominal amount of any index-linked debt security is the amount of the payment that would be due on the stated maturity date of that
index-linked debt security or component part if its stated matu rity date was the date of this Invitation Memorandum, based on the
interpolated value for the third month preceding such month (M-3) and the second month preceding such month (M-2) of the relate d
index on the date of this Invitation Memorandum determined in ac cordance with the terms and conditions of the index-linked debt
security, but in no event will the adjusted nominal amount of such index-linked debt security or component part be less than it s
nominal amount unless the terms and conditions of the index-linked debt security provide that the amount of the payment made on
such index-linked debt security may be less than its nominal amount, and
(ii) the principal amount outstanding of ISIN GR0326038214 will be €334,339,269.47, which is the principal amount
outstanding determined by reference to the terms of such Eligible Titles.

se ben capisco, per il GGB 2,9% 2025.. questo significa che il principal amount non é 100.. ma 119 e rotti, come ritenevo, e che detto principal verrebbe scambiato con circa 18 di EFSF e circa 37,5 di Greece 2042 + 37,5 di warrants.

 

[carib]

Obbligazioni da 15/16 € per chi ha 1000 € di bond ; ci sarà da ridere.

se arrotondano alla decina più vicina.. o son 10€ o son 20€.
in caso di 15€.. ne 10 ne 20 sono "più vicini" dell'altro.. o sbaglio?

PS: sbaglio.. rounded down to the next 1 €.

 

[tommy271]

Ci sentiamo domani.

 

[Cat XL]

As Greece Deems 66% CAC Bondholder Acceptance Sufficient, Has It Threatened To Scuttl

As Greece Deems 66% CAC Bondholder Acceptance Sufficient, Has It Threatened To Scuttle Its Bailout All Over Again?


Submitted by Tyler Durden on 02/21/2012 14:41 -0500



According to the Wall Street Journal, the Greek threshold for "successful" CAC passage is now expected to be just 66%, far below the 95% discussed yesterday. Says the WSJ: "The Greek government is aiming for a minimum participation of least two-thirds of bond holders in a planned debt exchange, a finance ministry official said Tuesday, with a formal offer on the exchange expected to take place by the end of this week. The deal, which aims to erase some EUR107 billion from Greece's debt burden, is part and parcel of a related EUR130 billion loan deal agreed to by euro-zone finance ministers in the early hours of Tuesday." As was extensively explained in our subordination piece from January, this is the number of bondholders that have to agree to the Collective Action Clause, which if passed successfully, would avoid a CDS trigger as it would be then deemed voluntary by ISDA who are more than happy to avoid any type of contagion causes by CDS triggers - they are after all a banker-owned organization. We ignore how a 66% participation rate is anything but a majority, let alone supposedly consensual. There is a bigger issue. And unfortunately by the Greek's actions, it shows they are in process of abrogating even more contractual rights in the form of foreign (UK-Law) covenant agreements. Either that, or the country is about to pay par to all UK-law bonds, both outcomes that threaten to put the entire second bailout in jeopardy.
As a reminder, and as we pointed out in January, "where the process falls squarely on its face, is the fact that Greece also has issued a modest amount, somewhere over €25 billion face, in bonds issued under UK-law. These are bonds which already have Collective Action Clauses and which as Stephen J. Choi and Mitu Gulati explain, come in two flavors: "Those that were issued prior to 2004 contained CACs that allow holders of 66% or more of an issue to modify payment terms in a manner that would bind all other holders. The bonds issued after 2004 require the consent of holders of 75% or more of an issue." Incidentally, this is where the Greece has the upper hand argument fails because while Greece can force local-law bondholders to do pretty much anything, it has no chance of doing that if a given hedge fund cartel has already built up a blocking stake in the UK-bonds. Choi and Gulati go on to state the obvious: "Obtaining approvals from between 66% and 75% of the bonds is likely to be difficult." And this is where the game gets interesting, because while the bulk of the bonds, or what is now becoming obvious is the junior class, can be impaired with impunity (pardon the pun), it is the UK-law, or the non-domestic indenture, bonds, which are the de facto fulcrum security. And since the notional outstanding here is tiny, it is quite easy to build up a blocking stake in the bonds and to obtain full control of the process, especially since the ECB appears to have been building up its own stake in local-law bonds."
In other words, if Greece does rule that the 66% threshold is enjoining, it means that a collective class of UK-law bonds has just had their covenant protection stripped, despite them being issued under UK-law, something which will set the entire sovereign bond market on fire, as it takes the threat subordination to a whole new level. In yet other words, a hold out class is no longer a hold out class, even if it controls more than 25.1% of the strong-law protected class. Either that, or hopefully more likely, instead of starting an epic litigation of UK-law bonds, Greece is simply preparing to pay par to the minority of UK-law holders, which are expected to block the deal, sue, and hold out for par as Greece will be subject to UK law (in which case keep an eye out on the price of the UK-law bonds which comprise half of all outstanding 2016 issues).
And while UK-law bonds may be de minimis, or between €25 and €40 billion of the total as estimated before, this is still a massive amount when considering that any difference between the non-UK law bonds and par for this class could amount to an additional €20-€35 to the barely agreed upon €135 billion rescue package.
So have the creditors once again succeeded in pulling a fast one on Greece which continues to stun the world with its unbelievable misundestanding of bond law?


As Greece Deems 66% CAC Bondholder Acceptance Sufficient, Has It Threatened To Scuttle Its Bailout All Over Again? | ZeroHedge