E' uscita la rinegoziazione della alliance. Mi sembra interessante valutarla in quanto propadeutica a quella più grossa che arriverà presto della Turanalem, che credo, seguirà probabilmente la stessa linea. Chiedo a chi ha padronanza dell'inglese di verificare meglio i termini dello scambio, le opzioni sono:
1. Taglio nominale del 77,5% e pagamento cash
2. Nuove notes con durata di 7 anni, con cedola del 5,8% e taglio nominale del 50%
3. Nuove notes con durata decennale e cedola al 4,7% senta taglio. Ma non ho capito bene se dall' ottavo anno incominciano a rimborsare qualcosa
"Lenders can alternatively be repaid all of what they’re owed in 10 years’ time, with principal repayments starting after seven years. This option pays interest of 4.7 percent for the first seven years. From years eight to 10, creditors will receive principal and capitalized payments."
4. Il debito subordinato viene ripagato per intero in 13 anni con cedole crescenti dal 5% in su
5. possibiltà di prenedere quote azionarie con forte haircut
"Creditors opting to get new debt will also receive 33 percent of Alliance in preferred and common stock, taking a haircut of 75 percent or 80 percent, according to the statement."
Kazakhstan Creditors ‘Driven by Greed’ Face 80% Alliance Losses
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By Nariman Gizitdinov and Denis Maternovsky
July 8 (Bloomberg) -- Kazakhstan bank creditors face losses of as much as 80 percent in the first restructuring deal by the central Asian nation’s defaulted lenders.
Alliance Bank, which owes $4.19 billion in bonds and loans, said in a statement today it’s offering creditors options for swapping their holdings into mostly smaller amounts of cash, stock and debt to be repaid after as long as 13 years. Central bank Chairman
Grigori Marchenko said bondholders had wrongly assumed the state would cover the debt and were paying the price for being “driven by greed.”
“These are people who thought that the state will pay for it all,” Marchenko told reporters in Almaty today. “This attitude was wrong and creditors must now pay for it by offering significant discounts for the debt.”
Kazakhstan’s government ousted Alliance’s management team, seized control of BTA Bank, the largest lender, and spent more than 716 billion tenge ($4.8 billion) to avoid a banking implosion as the global credit squeeze left institutions unable to roll over their foreign-currency bonds and loans. BTA’s effort to restructure as much as $15 billion of debt may slow after Goldman Sachs Group Inc. resigned as an adviser, according to a July 1 statement from the Kazakh lender.
Lenders are faced with defaults after pouring money into the former Soviet state as crude oil rose to a record and the economy grew 10 percent annually for eight years. Investment in Kazakhstan, which holds 3.2 percent of the world’s oil reserves according to BP Plc, increased 25 percent last year to $10.7 billion, the fifth-biggest gain among 21 developing nations tracked by New York-based CEIC Data Co.
Riskiest Nations
Investors exited as crude prices tumbled, leaving banks struggling to refinance. Kazakhstan’s lenders must repay almost 40 percent of their $41 billion in debt in the next 12 months, data compiled by Bloomberg show.
The banking crisis has made Kazakhstan the eighth-riskiest credit in the world, according to CMA DataVision prices for credit-default swaps on Bloomberg. Default swaps tied to Kazakhstan were unchanged at 495 basis points today, according to CMA, meaning it costs $495,000 a year to protect $10 million of the nation’s bonds from default for five years, more than for Russia or Lebanon.
“People who thought the government would bail creditors of the Kazakh banking sector out en masse weren’t paying attention to their investment,” said
Paul McNamara, who helps manage $1.6 billion of emerging-market debt at Augustus Asset Managers Ltd. in London. Augustus owns the equivalent of about $3 million of BTA’s zloty-denominated bonds due 2011, based on the current market value, McNamara said.
Cash Payout
BTA and Alliance, the fourth-biggest bank, jointly account for 40 percent of outstanding debt from Kazakh lenders, according to the central bank. Almaty-based Alliance stopped paying creditors April 13 after discovering $1.1 billion of liabilities that weren’t reflected on its balance sheet.
Alliance is the first of three defaulted banks to strike an agreement with creditors, as BTA and
Astana Finance continue talks. Under a memorandum of understanding with creditors, it’s offering a cash payout of as much as $500 million in return for creditors taking a 77.5 percent loss, or haircut. Alliance said it expects to retire a minimum $1.85 billion of debt under this option.
Creditors can also swap their holdings for seven-year debt paying annual interest of 5.8 percent, in exchange for taking a haircut of 50 percent, and will receive so-called recovery notes.
‘Better Than Expected’
Lenders can alternatively be repaid all of what they’re owed in 10 years’ time, with principal repayments starting after seven years. This option pays interest of 4.7 percent for the first seven years. From years eight to 10, creditors will receive principal and capitalized payments.
Holders of subordinated debt will be repaid in full in 13 years at interest of 5 percent rising to 10 percent, the statement said.
Creditors opting to get new debt will also receive 33 percent of Alliance in preferred and common stock, taking a haircut of 75 percent or 80 percent, according to the statement.
While the terms offered are “better than expected,” investors will be “reluctant to significantly extend their Alliance exposure as the Kazakh banking industry is still absorbing worrisome credit losses,” said
Luis Costa, an emerging-market debt strategist at Commerzbank AG in London.
Creditor Committee
Alliance Bank’s agreement follows meetings with a creditor committee in London on June 29 to 30 and July 6 to 7, Alliance said in the statement. The committee includes the Asian Development Bank, Calyon, Commerzbank AG, DEG Deutsche Investitions- und Entwicklungsgesellschaft, ING Asia Private Bank, HSBC Holding Plc, JPMorgan Chase & Co., Sumitomo Mitsui Banking Corp. and Wachovia Bank, the statement said.
Alliance will present the plan to Kazakh regulators on July 15. Pending the “successful completion of the restructuring,” the state’s National Wellbeing Fund Samruk-Kazyna will seek to buy a majority stake in Alliance, according to today’s statement.
“The market got ahead of itself in regards to the whole Kazakh banking sector and this is the price to pay,” said
Max Wolman, a money manager at Aberdeen Asset Management Plc in London, where he helps oversee $4 billion of emerging-market debt. Aberdeen held debt by BTA Bank before selling it in 2006, he said.
To contact the reporters on this story:
Nariman Gizitdinov in Almaty at
[email protected];
Denis Maternovsky in Moscow at
[email protected]
) ed il Belize USP16394AF89 che sto cercando di comprare a 43 (ma a quanto pare la miglior offer sta a 52 
