forzaroma
Forumer attivo
Con i membri togati nominati praticamenti dai politici che hanno organizzato lo burla... la vedo dura cari sodali di sventura!!!
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 2
- Creatore Discussione tommy271
- Data di Inizio
- Stato
Con i membri togati nominati praticamenti dai politici che hanno organizzato lo burla... la vedo dura cari sodali di sventura!!!
robinson
Forumer storico
tratto da "il sole 24 ore":
"" E quindi scatterebbero i rimborsi dei Cds che Atene vuole evitare. Una mossa punitiva soprattutto in momento in cui tutti gli stati stanno corteggiando i retail per vendere direttamente a loro i bond come sta pensando l'Italia e già fa il Belgio.""
scusate,
ma neanche più il senso del ridicolo è rimasto loro.
CHE CI SPERINO PURE, NEL RETAIL
"" E quindi scatterebbero i rimborsi dei Cds che Atene vuole evitare. Una mossa punitiva soprattutto in momento in cui tutti gli stati stanno corteggiando i retail per vendere direttamente a loro i bond come sta pensando l'Italia e già fa il Belgio.""
scusate,
ma neanche più il senso del ridicolo è rimasto loro.
CHE CI SPERINO PURE, NEL RETAIL
bamboccione
finalmente libero
si... quello è sempre ottimista... basta che se magna... poi a panza piena gli scappa na botta di ottimismo...
de quandè questo scub?
Ataru98
Nuovo forumer
Finora abbiamo sempre letto il contrario, ossia che l'holdouter potrebbe farla franca in caso di swap al 90%. Possibilista in tal senso é anche l'articolo del sole 24 ore postato sopra. Altri, come le banche nelle loro informative, si limitano a dire che non si sa cosa accade agli "holdouters" in caso di partecipazione superiore al 90%, quindi senza attivazione delle CAC.
Qual è la tua fonte?
Nobody's
Γένοιο οἷος εἷ
Appena arrivata....ma come sai il panzone è sempre ottimista..
tommy271
Forumer storico
Di intraprendere un'azione legale contro la Grecia per PSI che alcuni hedge fund
Pubblicato: Mercoledì, 7 Marzo 2012
Alcuni hedge fund ha rifiutato di aderire al PSI, minacciando di fare appello se il governo greco non migliorare la sua offerta.
In particolare, come rilevato dalla Reuters, alcuni hedge fund che detengono circa un decimo del legame in cambio mantenere atteggiamento rigido.
Se si sceglie di non partecipare al programma non si prevede di far deragliare gli sforzi di PSI, ma potrebbe coinvolgere la Grecia nel contenzioso lungo e costoso, mentre dovrebbe concentrarsi sulla ricostruzione della sua economia.
"So che diversi investitori sul serio e prendere attivamente in considerazione tutte le loro opzioni, inclusi i giudici," ha detto Steven Friel di Brown Rudnick, uno dei diversi studi legali coinvolti nelle discussioni relative.
Un altro studio legale, il McCutchen Binghmam, ha annunciato Lunedi che fornisce supporto legale ai titolari di obbligazioni greche denominate in franchi svizzeri, per un valore 707 milioni di dollari. Il quarto di questi titoli è stimato essere in possesso degli hedge fund.
Hedge fund e alcune hanno un legame piccolo di 450 milioni di euro, che scade a maggio, una velocità sufficiente a bloccare ogni tentativo da parte del governo di imporre perdite su obbligazionisti, secondo alcuni banchieri e avvocati.
"E 'abbastanza ovvio che i titolari di queste obbligazioni non sono ben disposti alla partecipazione possibile", ha detto una fonte vicina ai colloqui sul PSI.
Se il governo non migliora la sua offerta, gli obbligazionisti possono ricorrere ai tribunali internazionali, come hanno fatto con successo contro l'Argentina.
(Ta Nea)
Pubblicato: Mercoledì, 7 Marzo 2012
Alcuni hedge fund ha rifiutato di aderire al PSI, minacciando di fare appello se il governo greco non migliorare la sua offerta.
In particolare, come rilevato dalla Reuters, alcuni hedge fund che detengono circa un decimo del legame in cambio mantenere atteggiamento rigido.
Se si sceglie di non partecipare al programma non si prevede di far deragliare gli sforzi di PSI, ma potrebbe coinvolgere la Grecia nel contenzioso lungo e costoso, mentre dovrebbe concentrarsi sulla ricostruzione della sua economia.
"So che diversi investitori sul serio e prendere attivamente in considerazione tutte le loro opzioni, inclusi i giudici," ha detto Steven Friel di Brown Rudnick, uno dei diversi studi legali coinvolti nelle discussioni relative.
Un altro studio legale, il McCutchen Binghmam, ha annunciato Lunedi che fornisce supporto legale ai titolari di obbligazioni greche denominate in franchi svizzeri, per un valore 707 milioni di dollari. Il quarto di questi titoli è stimato essere in possesso degli hedge fund.
Hedge fund e alcune hanno un legame piccolo di 450 milioni di euro, che scade a maggio, una velocità sufficiente a bloccare ogni tentativo da parte del governo di imporre perdite su obbligazionisti, secondo alcuni banchieri e avvocati.
"E 'abbastanza ovvio che i titolari di queste obbligazioni non sono ben disposti alla partecipazione possibile", ha detto una fonte vicina ai colloqui sul PSI.
Se il governo non migliora la sua offerta, gli obbligazionisti possono ricorrere ai tribunali internazionali, come hanno fatto con successo contro l'Argentina.
(Ta Nea)
Ataru98
Nuovo forumer
Non so in che contesto si é espresso questo figuro, ma sapendo che i micro bondholders sono in tutta europa e che le sue dichiarazioni varcano i confni nazionali, o é proprio fetente oppure dovrebbe riferirsi a tutti.
Propendo per la prima possibilità.
Nobody's
Γένοιο οἷος εἷ
DERIVATIVES: ISDA preps for Greek CDS auction
07 March 2012 | By Christopher Whittall
The International Swaps and Derivatives Association is busy preparing behind the scenes for potentially the highest-profile auction for credit default swaps the organisation has overseen.
There are still doubts over whether the plan to haircut €206bn of privately-held Greek debt to 53.5% of face value will go ahead, with Thursday’s deadline for participation swiftly approaching. But presuming it proceeds and collective actions clauses are exercised, it is widely expected that Greek CDS will trigger by the exchange’s settlement on March 12.
This process can be complicated in restructuring events, because outstanding bonds may be altered – or even disappear – prior to the auction date.
The EMEA Determinations Committee of 10 banks and five buyside firms will have the final say on a Greek credit event. For its part, ISDA has been carefully reviewing (or scrubbing) which bonds will be deliverable into a potential auction and determining the likely timeframe it would take place within.
“This is obviously a huge potential credit event. People are especially focused on this one to make sure we can iron out issues in advance,” said one person close to the process, who declined to be named due to the sensitivity of the issue.
“We have been scrubbing the list of deliverable bonds for some time now. We do that for any auction, but we’ve obviously started in advance here, because we would want to get this auction done as quickly as possible,” he said.
Greek bonds will be delivered into a CDS auction to determine a settlement price for recovery payouts. If a CDS trigger is ruled to have taken place, ISDA will publish a list of deliverable bonds, which CDS users will have the right to challenge.
This process can be complicated in restructuring events, because outstanding bonds may be altered – or even disappear – prior to the auction date. There have been some notable corporate restructurings without enough bonds for the CDS auction. Some observers have raised concerns similar pitfalls may hamper a successful Greek auction, although practitioners predict the auction should run smoothly.
Deliverables
ISDA originally looked to ensure at least one liquid Greek-law bond was not exchanged until after a CDS auction to provide a potential “old” bond that would be deliverable. This tactic was deployed successfully in the restructuring of some of the Irish banks, but Greek authorities rejected the proposal.
“They didn’t want to do that because they have their own timetable, which is driven by other factors than the convenience of the CDS market,” the person close to the process explained.
As a result, the main deliverables look likely to be the €64.89bn of “new” Greek bonds that will have been exchanged, and the €18.5bn of international-law Greek bonds, whose proposed settlement date of April 11 is later than a likely auction. “We’d want to ensure any auction was well within the window of international law bonds existing, although we haven’t set a date for it,” added the person close to the process.
Participants underlined the availability of foreign-law bonds could be constrained if, as expected, some investors try to hold out against the restructuring (“Vulture prepare for Greek battle”, IFR 1921 p8). But traders remain sanguine the large rump of “new” bonds should still provide ample deliverables for the net notional of US$3.2bn of Greek CDS to be settled.
There will be 20 “new” Greek bonds of maturities between 11 and 30 years. Traders reckon they will be valued at around 25% of par – more or less mirroring CDS protection levels – and said the “new” bond with the longest tenor should be the cheapest to deliver in the auction.
“The new bonds will be relatively large issues of around €3bn each, so we’ll have a good price on them. The only unknown is how many bonds will be for sale in the auction, but I think the market has the depth to swallow anything,” said one head of sovereign CDS trading at a major house.
Trigger time
The CDS market is showing further signs of an approaching trigger. At 20% of face value, Greek-law bonds are trading below recovery swaps at 23 points upfront. It’s very rare for bonds to trade below recovery levels, indicating the market does not believe these bonds will be deliverable into a CDS auction. At the same time Greek five-year CDS has pushed out over the past few days and is now trading in line with recovery swaps at a bid-offer spread of 75/78 points upfront.
“I don’t think there is going to be an issue with the auction. For people outside it seems very complex, but it’s relatively straightforward for those who have done their homework. The biggest issue is whether it actually triggers, not the actual settlement of it, and the CDS and recovery market tell you people expect it to trigger,” said one European head of credit trading at a major house.
The decision over the trigger will be closely scrutinised by market observers. Two questions on Greek CDS triggers were rejected by the DC last week, although participants said this result had been expected.
There have also been further calls for increased transparency around the DC’s decision-making process. ISDA is currently drawing up best practice guidelines for DC members, although there is no indication these will ring wholesale changes such as requiring DC members to disclose their positions on a given name (“Dealers slam CDS committee ‘bias”, IFR 1913 p10).
07 March 2012 | By Christopher Whittall
The International Swaps and Derivatives Association is busy preparing behind the scenes for potentially the highest-profile auction for credit default swaps the organisation has overseen.
There are still doubts over whether the plan to haircut €206bn of privately-held Greek debt to 53.5% of face value will go ahead, with Thursday’s deadline for participation swiftly approaching. But presuming it proceeds and collective actions clauses are exercised, it is widely expected that Greek CDS will trigger by the exchange’s settlement on March 12.
This process can be complicated in restructuring events, because outstanding bonds may be altered – or even disappear – prior to the auction date.
The EMEA Determinations Committee of 10 banks and five buyside firms will have the final say on a Greek credit event. For its part, ISDA has been carefully reviewing (or scrubbing) which bonds will be deliverable into a potential auction and determining the likely timeframe it would take place within.
“This is obviously a huge potential credit event. People are especially focused on this one to make sure we can iron out issues in advance,” said one person close to the process, who declined to be named due to the sensitivity of the issue.
“We have been scrubbing the list of deliverable bonds for some time now. We do that for any auction, but we’ve obviously started in advance here, because we would want to get this auction done as quickly as possible,” he said.
Greek bonds will be delivered into a CDS auction to determine a settlement price for recovery payouts. If a CDS trigger is ruled to have taken place, ISDA will publish a list of deliverable bonds, which CDS users will have the right to challenge.
This process can be complicated in restructuring events, because outstanding bonds may be altered – or even disappear – prior to the auction date. There have been some notable corporate restructurings without enough bonds for the CDS auction. Some observers have raised concerns similar pitfalls may hamper a successful Greek auction, although practitioners predict the auction should run smoothly.
Deliverables
ISDA originally looked to ensure at least one liquid Greek-law bond was not exchanged until after a CDS auction to provide a potential “old” bond that would be deliverable. This tactic was deployed successfully in the restructuring of some of the Irish banks, but Greek authorities rejected the proposal.
“They didn’t want to do that because they have their own timetable, which is driven by other factors than the convenience of the CDS market,” the person close to the process explained.
As a result, the main deliverables look likely to be the €64.89bn of “new” Greek bonds that will have been exchanged, and the €18.5bn of international-law Greek bonds, whose proposed settlement date of April 11 is later than a likely auction. “We’d want to ensure any auction was well within the window of international law bonds existing, although we haven’t set a date for it,” added the person close to the process.
Participants underlined the availability of foreign-law bonds could be constrained if, as expected, some investors try to hold out against the restructuring (“Vulture prepare for Greek battle”, IFR 1921 p8). But traders remain sanguine the large rump of “new” bonds should still provide ample deliverables for the net notional of US$3.2bn of Greek CDS to be settled.
There will be 20 “new” Greek bonds of maturities between 11 and 30 years. Traders reckon they will be valued at around 25% of par – more or less mirroring CDS protection levels – and said the “new” bond with the longest tenor should be the cheapest to deliver in the auction.
“The new bonds will be relatively large issues of around €3bn each, so we’ll have a good price on them. The only unknown is how many bonds will be for sale in the auction, but I think the market has the depth to swallow anything,” said one head of sovereign CDS trading at a major house.
Trigger time
The CDS market is showing further signs of an approaching trigger. At 20% of face value, Greek-law bonds are trading below recovery swaps at 23 points upfront. It’s very rare for bonds to trade below recovery levels, indicating the market does not believe these bonds will be deliverable into a CDS auction. At the same time Greek five-year CDS has pushed out over the past few days and is now trading in line with recovery swaps at a bid-offer spread of 75/78 points upfront.
“I don’t think there is going to be an issue with the auction. For people outside it seems very complex, but it’s relatively straightforward for those who have done their homework. The biggest issue is whether it actually triggers, not the actual settlement of it, and the CDS and recovery market tell you people expect it to trigger,” said one European head of credit trading at a major house.
The decision over the trigger will be closely scrutinised by market observers. Two questions on Greek CDS triggers were rejected by the DC last week, although participants said this result had been expected.
There have also been further calls for increased transparency around the DC’s decision-making process. ISDA is currently drawing up best practice guidelines for DC members, although there is no indication these will ring wholesale changes such as requiring DC members to disclose their positions on a given name (“Dealers slam CDS committee ‘bias”, IFR 1913 p10).
fenox
Forumer storico
ATHENS, March 7 (Reuters) - Greece's domestic banks
and several other investors have pledged to sign up for Greece's
bond swap, suggesting more than half of all the debt-laden
country's private bondholders will take part in the plan,
bringing it closer to success. [nL5E8E73U3]
Banks and other investors which say they will commit to the
offer hold over 110 billion euros out of a total 206 billion
euros of Greek bonds in private hands.
For the deal to progress, Athens needs to secure at least a
50 percent response rate from its creditors and for two-thirds
of those to accept the deal.
BONDHOLDERS WHO SAY THEY WILL ACCEPT:
A total of 30 companies, who are members of bank lobby the
IIF which negotiated on their behalf said they will accept the
offer. They hold about 81 billion euros of Greek debt.
As least two other Greek banks holding about 10 bln euros
worth of bonds will participate.
Greek social security funds and other state organisations -
holding about 22 billion euros of the bonds, most managed by the
country's central bank -- have signed up.
Most German banks, who hold about 15 billion euros of Greek
bonds, will accept the deal, sources have said. It was not
immediately clear how many of these banks have already declared
their interest through the IIF.
CREDITORS WHO MAY HOLD OUT:
While most Greek pension funds holding Greek sovereign debt
have agreed to take part, four have refused to do so having
come under pressure from workers' unions worried the writedown
on Greek debt holdings will affect the viability of their funds.
Investors in a Swiss-law governed Greek government bond who
hold a chunk of its 650 million Swiss francs ($707 million) have
teamed up to challenge the terms of Athens' proposed bond swap.
Some hedge funds are refusing to join Greece's bond swap,
threatening legal action if the government does not come up with
a better offer, which could drag the Greek government into a
legal battle, although they are unlikely to be able to derail
the deal. [nL5E8E62KU]
and several other investors have pledged to sign up for Greece's
bond swap, suggesting more than half of all the debt-laden
country's private bondholders will take part in the plan,
bringing it closer to success. [nL5E8E73U3]
Banks and other investors which say they will commit to the
offer hold over 110 billion euros out of a total 206 billion
euros of Greek bonds in private hands.
For the deal to progress, Athens needs to secure at least a
50 percent response rate from its creditors and for two-thirds
of those to accept the deal.
BONDHOLDERS WHO SAY THEY WILL ACCEPT:
A total of 30 companies, who are members of bank lobby the
IIF which negotiated on their behalf said they will accept the
offer. They hold about 81 billion euros of Greek debt.
As least two other Greek banks holding about 10 bln euros
worth of bonds will participate.
Greek social security funds and other state organisations -
holding about 22 billion euros of the bonds, most managed by the
country's central bank -- have signed up.
Most German banks, who hold about 15 billion euros of Greek
bonds, will accept the deal, sources have said. It was not
immediately clear how many of these banks have already declared
their interest through the IIF.
CREDITORS WHO MAY HOLD OUT:
While most Greek pension funds holding Greek sovereign debt
have agreed to take part, four have refused to do so having
come under pressure from workers' unions worried the writedown
on Greek debt holdings will affect the viability of their funds.
Investors in a Swiss-law governed Greek government bond who
hold a chunk of its 650 million Swiss francs ($707 million) have
teamed up to challenge the terms of Athens' proposed bond swap.
Some hedge funds are refusing to join Greece's bond swap,
threatening legal action if the government does not come up with
a better offer, which could drag the Greek government into a
legal battle, although they are unlikely to be able to derail
the deal. [nL5E8E62KU]
- Stato
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