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Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
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Domani provo a mediare
fabriziof
Forumer storico
Cerca su google alliance bank 23 january.ora non posso postare.
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fabriziof
Forumer storico
Se ci danno 30 perché vuoi mediare?
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UPDATE 1-Kazakhstan's Alliance Bank maps out debt restructuring plan
Thu Jan 23, 2014 3:52pm GMT
(Rewrites first paragraph, adds quotes from Utemuratov representative, writes through)
By Dmitry Solovyov and Mariya Gordeyeva
ALMATY, Jan 23 (Reuters) - Kazakhstan's Alliance Bank has set out terms for a second debt restructuring in the wake of the global financial crisis, potentially paving the way for its acquisition by Kazakh billionaire Bolat Utemuratov.
Alliance is 67 percent owned by local sovereign wealth fund Samruk-Kazyna but needs to find new investors after Kazakh President Nursultan Nazarbayev last year ordered the fund to sell holdings in several local banks which it bailed out in the global crisis.
The bank, the central Asian nation's ninth-largest lender by assets, said its latest proposals applied to debts worth around 127.3 billion tenge ($818 million) and would involve lenders agreeing to take substantial "haircuts" or losses on their investments.
Winning investor approval for the proposed restructuring is also crucial to quickly achieve a planned integration between Alliance and smaller Temirbank, also controlled by Samruk-Kazyna.
Utemuratov, in the process of acquiring a sizeable minority stake in Alliance Bank and a majority of Temirbank, is looking for all parties to come together to agree a deal, his spokesman said.
"We understand that the capital shortfall is significant but all the parties need to continue to work together and find an equitable solution for everyone," Guram Andronikashvili, a representative of Utemuratov, told Reuters.
He said the first restructuring of Alliance had failed to create value and "maybe assumptions used in the first restructuring were too optimistic ... So we want to make sure it gets done properly this time."
Utemuratov is widely expected to eventually acquire the state's entire stake in Alliance.
INJECTION FROM CREDITORS
Alliance said it needed an injection of 95.6 billion tenge from creditors - effectively the aggregate value of haircuts on its various tranches of debt - for its adequate recapitalisation.
Alliance, which previously restructured its debt in 2010, said it was offering to exchange senior notes due 2020 for new securities with a 65.3 percent "haircut", or discount.
It is also offering to exchange dollar bonds due 2017 for new debt with a 71.2 percent haircut. The bonds fell 16 points to 34 cents on the dollar, according to Tradeweb.
Alliance offered to exchange subordinated notes maturing in 2030 for new debt or a cash buyback with an 88 percent haircut.
The bank also proposed a cash buyback of its so-called "recovery" notes with a 90 percent haircut. Recovery notes are issued to creditors during some debt restructurings and are supposed to pay out whenever the issuing company manages a certain level of asset recovery.
Alliance had already said last month it had decided not to make full payment on its recovery notes.
Under the terms of the deal, the bank's shareholders will also contribute a total of 57.1 billion tenge to help recapitalise it.
The bank said it aimed to complete negotiations with investors by June.
Alliance said it expected creditors and their advisers would complete due diligence in April and to sign a preliminary term sheet with its creditors' committee in the same month, in a bid to complete restructuring negotiations in June.
But reaching a compromise may not be easy.
"The creditors are likely to try and bargain," said Bakay Madybayev, analyst at investment company Halyk Finance.
($1 = 155.10 tenge) (Additional reporting by Sujata Rao and Carolyn Cohn in London; Editing by David Holmes)
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Come perché? Un conto è perdere 70 di cento e un altro 70 di 50!
qquebec
Super Moderator
Orca :sorpresa:
070162
Bond..... solo BOND
comprato a 100 ......arriva a 30 ... vendo.....perdo 70
comprato a 100
poi ricomprato a 30 (con altri 100)
investito 200 ...... pmc uguale a 0,65
anche in questo caso vendo a 30 (sui primi 100 perdo 70 sui secondi perdo 0)
perdita totale anche in questo secondo caso 70
oppure lo calcolo sul pmc ... vendo a 30 .... a 65... ci sono 35 di perdita ma su 200.... quindi perdita totale .... sempre... 70 .....
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CEDOLONE
Forumer storico
mercati High Yield 2014
strategie......la vostra per il 2014 ?
M&G: La ?guida Tomlins? per ottenere il massimo dall?high yield nel 2014
strategie......la vostra per il 2014 ?
M&G: La ?guida Tomlins? per ottenere il massimo dall?high yield nel 2014
fabriziof
Forumer storico
appunto non capisco gion che intendacomprato a 100 ......arriva a 30 ... vendo.....perdo 70
comprato a 100
poi ricomprato a 30 (con altri 100)
investito 200 ...... pmc uguale a 0,65
anche in questo caso vendo a 30 (sui primi 100 perdo 70 sui secondi perdo 0)
perdita totale anche in questo secondo caso 70
oppure lo calcolo sul pmc ... vendo a 30 .... a 65... ci sono 35 di perdita ma su 200.... quindi perdita totale .... sempre... 70 .....
stefmas
Forumer storico
Forse pensa di poter incrementare sotto 30...
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