Imark
Forumer storico
Infatti, notavo che è una società che dovrebbe assistere chi è impegnato nel recovery, appunto su incarico di quest'ultimo. Ma come possono essere arrivati a contattare il bondholder direttamente ? Questo mi sembra strano.
Obbligazioni bancarie KAZAKISTAN e banche kazake
- Creatore Discussione Massimo S.
- Data di Inizio
Infatti, notavo che è una società che dovrebbe assistere chi è impegnato nel recovery, appunto su incarico di quest'ultimo. Ma come possono essere arrivati a contattare il bondholder direttamente ? Questo mi sembra strano.
maxinblack
Forumer storico
i98mark;[URL="javascript:void(0)" ha scritto:
Ovviamente hanno ricevuto le info tramite la mia banca. ma non capisco che dovrei fare? ma se e' una ditta privata che intende speculare faccio un cazziaotone alla banca che se ne ricordano per un bel pezzo, inoltre la Kazcommertz come fatto osservare prima non e' in ristrutturazione.
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Imark
Forumer storico
E' una società privata che vanta una conoscenza approfondita del mercato kazako e chiede i tuoi dati personali per - dice - poterti fare una offerta riservata circa il recupero di quanto investito nei bond di alcune banche kazake.
Peraltro si raccomanda di non passare per tramite della tua banca, ma di comunicare i dati direttamente a loro.
Messa così, mi viene da dire che questi stiano andando a caccia di incarichi, e starei anche attento ai dati che fornisco, nulla sapendo su come potrebbero essere utilizzati e da chi...
Ribadisco tuttavia il mio stupore per essere riusciti a raggiungere i singoli possessori dei bond, anche perché credo che le banche siano alquanto restie a fornire dati di questo tipo attinenti ai loro clienti.
Su questo punto, chiederei intanto chiarimenti in banca...
maxinblack
Forumer storico
i98mark;[URL="javascript:void(0)" ha scritto:
Vicenda curiosa, cosa che approfondiro e vi faro' sapere', del resto immagino che se verra' proposta una ristrutturazione ufficiale per tutti i "bondholders" lo faranno tramite la banca depositaria, e non attraverso canali"privati" che mi "puzzano" un po' anche per il modo di procedere.
Grazie Mark
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lucailmoro
Nuovo forumer
BTA Creditors Face Losses Up to 82.25% in Restructure (Update3)
By Nariman Gizitdinov
Sept. 7 (Bloomberg) -- BTA Bank creditors face losses of as much as 82.25 percent after Kazakhstan’s biggest bank offered to restructure $10.3 billion of debts following its default earlier this year.
The bank proposed four options, including paying a maximum of $1 billion to buy back debt at 17.75 percent of face value. The debt reorganization plan, posted on the bank’s Web site today, was presented to creditors last week, a spokeswoman for Almaty-based BTA said.
“At least this is better than nothing,” said Damir Seisebayev, director of research at Asyl Invest, an Almaty- based brokerage that holds BTA debt, in an e-mail. “The BTA proposal is quite acceptable taking into account the lender’s negative capital and huge losses.”
Kazakhstan, central Asia’s biggest energy producer, took control of BTA Bank in February as it spent more than $13 billion to prop up the nation’s banks and economy. BTA was one of three Kazakh lenders to default this year, ending principal payments in April after some creditors demanded accelerated settlement.
The restructuring proposal is part of a broader business plan for BTA that assumes Samruk Kazyna, the state bailout fund, will convert 683 billion tenge ($4.53 billion) of deposits and subordinated debt into equity. The plan includes a proposal for a so-called bad bank that will hold 2.1 trillion tenge of loans to retail, corporate and small and mid-size business customers.
Profit Forecast
BTA forecast net income of 76 billion tenge next year, after a net loss of 1.12 trillion tenge in 2009, according to the business plan. Profit may increase to 160 billion tenge in 2014, the bank said.
A separate presentation indicates the bank plans to sell units, including BTA Bank Armenia and BTA Bank Georgia. Three other units, Sekerbank TAS in Turkey, Temirbank and BTA Ipoteka, are “under strategic review,” the bank said in the document.
“My confidence in BTA and the country’s reliable political management remains the same as when I bought the bank’s bonds,” Renzo Palmucci, a private investor in Italy who owns BTA bonds maturing in 2011, said by e-mail. “I plan to hold out for a better offer.”
Palmucci said he would accept the conversion of bonds into new securities with the term extended for seven years. The new bonds should have the same yield until the original maturity date, then pay a rate equal to German bunds plus 5 percent, he said.
Investor Expectations
BTA estimates that it needs 55 percent of creditors to accept the cash buyback option for the debt restructuring plan to be successful, according to the business plan. The bank said it plans to add $8 billion to its equity by cancelling some debts and converting bonds into equity.
“The cash buyback option is coming in at around current market prices,” said Milena Ivanova-Venturini, director of Equity Research Banking & Finance, a Kazakh unit of Moscow-based Renaissance Capital, in an e-mail. “Our impression is that many market participants were expecting an offer in the lower 20s.”
The bank’s $350 million of 8.5 percent bonds maturing in 2015 trade at 16.5 cents, down 65 percent this year. BTA Bank shares fell 109 tenge, or 4 percent, to 2,591 tenge today in Almaty, pushing their 2009 decline to 95 percent.
Restructuring Options
The other options available to creditors include swapping their holdings for seven-year debt at a 60 percent discount and reduced interest. BTA said it needed 15 percent of creditors to accept this option.
Creditors can also roll over their holdings into 15- year subordinated debt at no discount and a reduced interest rate. About 10 percent of creditors would need to accept this option.
Finally, BTA offered to convert debt into equity at an 80 percent discount. BTA said 20 percent participation was needed for this option. BTA must submit restructuring plan to the Kazakh financial watchdog by Sept.18.
Creditors of Alliance Bank, the London-listed Kazakh lender that also defaulted in April, agreed in July to restructure $4.19 billion of debts. The deal will be completed by Nov. 1, according to the bank.
Negotiations between creditors and Astana Finance, the third Kazakh bank to default, are continuing.
BTA’s financial position was weakened by “dubious loans” to companies outside Kazakhstan that have sparked investigations into corporate governance abuses by former management, BTA said in the management presentation.
Kazakh prosecutors issued international arrest warrants for former Chairman Mukhtar Ablyazov and former Chief Executive Officer Roman Solodchenko in March on suspicion that they embezzled money and laundered it through loans to fictitious companies. Ablyzov and Solodchenko have denied the charges.
“The Kazakh government destroyed the independent bank and is now desperate to blame me and my management team for the disarray at BTA,” Ablyazov said in a statement last month.
By Nariman Gizitdinov
Sept. 7 (Bloomberg) -- BTA Bank creditors face losses of as much as 82.25 percent after Kazakhstan’s biggest bank offered to restructure $10.3 billion of debts following its default earlier this year.
The bank proposed four options, including paying a maximum of $1 billion to buy back debt at 17.75 percent of face value. The debt reorganization plan, posted on the bank’s Web site today, was presented to creditors last week, a spokeswoman for Almaty-based BTA said.
“At least this is better than nothing,” said Damir Seisebayev, director of research at Asyl Invest, an Almaty- based brokerage that holds BTA debt, in an e-mail. “The BTA proposal is quite acceptable taking into account the lender’s negative capital and huge losses.”
Kazakhstan, central Asia’s biggest energy producer, took control of BTA Bank in February as it spent more than $13 billion to prop up the nation’s banks and economy. BTA was one of three Kazakh lenders to default this year, ending principal payments in April after some creditors demanded accelerated settlement.
The restructuring proposal is part of a broader business plan for BTA that assumes Samruk Kazyna, the state bailout fund, will convert 683 billion tenge ($4.53 billion) of deposits and subordinated debt into equity. The plan includes a proposal for a so-called bad bank that will hold 2.1 trillion tenge of loans to retail, corporate and small and mid-size business customers.
Profit Forecast
BTA forecast net income of 76 billion tenge next year, after a net loss of 1.12 trillion tenge in 2009, according to the business plan. Profit may increase to 160 billion tenge in 2014, the bank said.
A separate presentation indicates the bank plans to sell units, including BTA Bank Armenia and BTA Bank Georgia. Three other units, Sekerbank TAS in Turkey, Temirbank and BTA Ipoteka, are “under strategic review,” the bank said in the document.
“My confidence in BTA and the country’s reliable political management remains the same as when I bought the bank’s bonds,” Renzo Palmucci, a private investor in Italy who owns BTA bonds maturing in 2011, said by e-mail. “I plan to hold out for a better offer.”
Palmucci said he would accept the conversion of bonds into new securities with the term extended for seven years. The new bonds should have the same yield until the original maturity date, then pay a rate equal to German bunds plus 5 percent, he said.
Investor Expectations
BTA estimates that it needs 55 percent of creditors to accept the cash buyback option for the debt restructuring plan to be successful, according to the business plan. The bank said it plans to add $8 billion to its equity by cancelling some debts and converting bonds into equity.
“The cash buyback option is coming in at around current market prices,” said Milena Ivanova-Venturini, director of Equity Research Banking & Finance, a Kazakh unit of Moscow-based Renaissance Capital, in an e-mail. “Our impression is that many market participants were expecting an offer in the lower 20s.”
The bank’s $350 million of 8.5 percent bonds maturing in 2015 trade at 16.5 cents, down 65 percent this year. BTA Bank shares fell 109 tenge, or 4 percent, to 2,591 tenge today in Almaty, pushing their 2009 decline to 95 percent.
Restructuring Options
The other options available to creditors include swapping their holdings for seven-year debt at a 60 percent discount and reduced interest. BTA said it needed 15 percent of creditors to accept this option.
Creditors can also roll over their holdings into 15- year subordinated debt at no discount and a reduced interest rate. About 10 percent of creditors would need to accept this option.
Finally, BTA offered to convert debt into equity at an 80 percent discount. BTA said 20 percent participation was needed for this option. BTA must submit restructuring plan to the Kazakh financial watchdog by Sept.18.
Creditors of Alliance Bank, the London-listed Kazakh lender that also defaulted in April, agreed in July to restructure $4.19 billion of debts. The deal will be completed by Nov. 1, according to the bank.
Negotiations between creditors and Astana Finance, the third Kazakh bank to default, are continuing.
BTA’s financial position was weakened by “dubious loans” to companies outside Kazakhstan that have sparked investigations into corporate governance abuses by former management, BTA said in the management presentation.
Kazakh prosecutors issued international arrest warrants for former Chairman Mukhtar Ablyazov and former Chief Executive Officer Roman Solodchenko in March on suspicion that they embezzled money and laundered it through loans to fictitious companies. Ablyzov and Solodchenko have denied the charges.
“The Kazakh government destroyed the independent bank and is now desperate to blame me and my management team for the disarray at BTA,” Ablyazov said in a statement last month.
maxinblack
Forumer storico
Chi mi aiuta a decifrare questo documento? allegato.
Mi e' stato inviato dalla mia banca depositaria e tratta del default di ALB finance che ho in portafoglio, barla prima di "blocco" bond. Non so a cosa serva,???? e perche' dovrei bloccarli.
Poi sembra che per partecipare alla ristrutturazione ci sia bisogno di compilate un questionario da inviare alla banca Lazard in Kazachistan con deadline 22 ottobre, e il qustionario in oggetto dov'e'? si puo'avere su richiesta,,,...ma sono impazziti questi?
Mi e' stato inviato dalla mia banca depositaria e tratta del default di ALB finance che ho in portafoglio, barla prima di "blocco" bond. Non so a cosa serva,???? e perche' dovrei bloccarli.
Poi sembra che per partecipare alla ristrutturazione ci sia bisogno di compilate un questionario da inviare alla banca Lazard in Kazachistan con deadline 22 ottobre, e il qustionario in oggetto dov'e'? si puo'avere su richiesta,,,...ma sono impazziti questi?
METHOS
Forumer storico
Siccome sono incagliato con la turanalem, ti capisco e condivido con te questa brutta esperienza.
In ogni caso ti dico:
1. ma la tua banca non ti aiuta in niente? Parlane con il direttore o con qualche funzionario resp. ti devono assistere durante la procedura del claim, con la mia al momento è sempre successo per qualunque titolo andato in default
2. il blocco dei titoli è una procedura che viene adottata sempre più frequentemente, serve a imobbilizzare il bond durante la ristrutturazione per eviatre che il cliente li venda nel mentre le pratiche del claim sano avviate. A me è successo con le landesbanki. Qui è importante l'aiuto della banca
3. quella del questionario è una bella rottura. Se non hai aiutpo dalla banca prova a contattare questo [email protected] e vedi se ti rimanda a qualcuno della lazard che ti può girare il questionario.
Ciao
Imark
Forumer storico
Ciao Maxinblack, contatterei senza indugio la banca: quantomeno devono darti indicazioni precise sul questionario... la tempistica è semplicemente assurda, ma almeno provarci....
Imark
Forumer storico
Infatti ... Il blocco durante la procedura è un vincolo che tu accetti insinuandoti al passivo, ma il punto qui è che sei quasi fuori tempo massimo per l'adesione ... l'alternativa, se non sei certo di farcela entro il 22 ottobre (con garanzia di consegna del form compilato al destinatario entro quella data ed ora), c'è da valutare se ti meriti vendere sul mercato o correre il rischio di restare tagliato fuori....
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