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Apologies for posting in English but you would not understand if I tried Italian! I am interested in hearing from holders affected by the Old Mutual Exchnage Offer. See my bond forum at:
Old Mutual Perpetual Capital Securities 'coercive' tender offer
And Bloomberg article -
Bondholders See No Choice in Old Mutual Exploding Buyback Offer
2017-01-17 13:25:09.37 GMT
By Katie Linsell
(Bloomberg) -- Old Mutual Plc’s offer to buy back 273
million pounds ($336 million) of bonds early is drawing
criticism from investors who say that it forces them to sell
high-yielding securities and disadvantages smaller holders.
Investors have until 4 p.m in London on Jan. 18 to agree to
sell their bonds back to Africa’s largest insurer for 106 pence
on the pound or be forced to accept 103 pence, according to the
offer on Jan. 10. Old Mutual can impose the terms on all holders
if at least 67 percent vote on the tender offer and 75 percent
of those agree to sell their holdings back to the insurer.
“I feel like I have no choice, because if I opposed this
and the company gets enough bondholders to agree, I would lose
my bonds at a lower level than if I also agreed,” said Craig
Veysey, the London-based head of fixed income at Sanlam Private
Investments, which oversees $45 billion, including the notes Old
Mutual is seeking to repurchase. “It’s clearly coercive.”
While investors would receive more than face value either
way, they may be reluctant to sell because the bonds yield more
than comparable securities. Old Mutual rejected a request by
some bondholders and the London-based Investment Association for
more time to respond to the offer, according to Robert Baltzer,
an Edinburgh-based investment manager at Baillie Gifford & Co.,
which oversees about 148 billion pounds of assets.
Aggressive Offer
“There is some agreement among bondholders that this is an
aggressive offer, but it’s not clear if there are enough of us
to prevent it going through,” said Baltzer, who held out against
the offer and voted against the change to bond terms. “This
could set a precedent for the company to make similar tender
offers on its bonds in the future.”
The tender terms are in line with market standards and the
timeline is longer than an offer to buy back some of the same
notes in 2013, Old Mutual said in an e-mailed statement. The
London-based insurer is seeking to cut debt as it reorganizes
its businesses.
“We believe we are offering a significant premium, which
represents the highest bond price in the last five years and a 6
percent premium to par,” the company said. “The security was
originally sold to institutional investors and not retail
accounts and based on the feedback on the process to date, we
understand the majority to still be held with institutional
investors.”
The notes may also be held by retail investors, who need
more time than institutional holders to consider the offer,
according to Mark Taber, who asked Old Mutual’s advisers to
consider amending the terms. The bonds were issued in small
denominations, not restricted by the original prospectus to
institutional investors and are available to buy from retail
brokers, he said. Initial minimum portions were 1,000 pounds,
Bloomberg data show.
Retail Investors
“This is grossly unfair treatment of retail investors and
it is particularly shocking to see it coming from Old Mutual
whose business is the management of funds sold to retail
investors,” said Taber, a bondholder activist who also helped
retail investors challenge a buyback by Lloyds Banking Group
Plc. “Retail investors should receive the same consideration as
institutional investors, whatever the outcome.”
The 6.376 percent perpetual bonds Old Mutual is seeking to
repurchase were quoted at 103 pence on the pound to yield 5.4
percent at 1:07 p.m. in London, down from 105 pence in
September, data compiled by Bloomberg show. The average yield on
junior subordinated bonds sold by insurers in pounds is 3.9
percent, according to Bank of America Merrill Lynch index data.
“In this low-yield environment, 3 pence on the pound makes
a real difference,” said Veysey, who voted in favor of the offer
to lock in the higher price. “It’s rare to see this kind of
tender offer where you ultimately have no choice but to accept.”
wallner
Gold Standard
Ha scoperto il fuoco ! Ofg e popular non mi sembra abbiano avuto scossoni particolari. Su Ofg sono tranquillo, un po' meno su Popular ma niente di drammatico. Tutti gli accantonamenti necessari sono già stati fatti.
pv78
Forumer attivo
Concordo.Infatti la mia speranza è che grazie a queste notizie possano scendere un pochino per rientrare.....
Cordiali saluti
pv78
Forumer attivo
pv78
Forumer attivo
Tra l' altro,sfrutto la cortesia di Peco,e di chi vorrà spiegarmi,per valutare il seguente derivato nella copertura dal cambio:
Euro FX Option (American) (EUR/USD) Contract Specs - CME Group
Stando alle specifiche,dovrebbe essere sufficiente 1 per coprire 125000 dollari?
Scusate se dico stupidaggini,ma è la prima volta che li guardo.....
Cordiali saluti
Euro FX Option (American) (EUR/USD) Contract Specs - CME Group
Stando alle specifiche,dovrebbe essere sufficiente 1 per coprire 125000 dollari?
Scusate se dico stupidaggini,ma è la prima volta che li guardo.....
Cordiali saluti
sparviero7000
Forumer storico
sperando che non seguano invece il percorso di miller e magnum.... cmq nell'ultimo mese sono salite un bel po' forse ci sn buone speranze
Peco
Forumer storico
Ti viene anche richiesto di versare un margine minimo che può essere di €1450 con Directa, o il 2,49% del controvalore del derivato con Binck. Se apri una posizione short sul dollaro contro l’euro per coprire 125.000$ con un margine per la negoziazione del 3% e il dollaro dovesse rafforzarsi contro l’euro più del 2% perdi il margine versato.
nuvola nera
Forumer storico
Oggi mi pare che tengano alla grande , vedo un bel verde in mezzo a tanti rossi ( almeno su quelle che ho.io.) , chiedo una cortesia vedo che la pref di "vale " sale da tempo ci sono novità che mi sono perso ? Grazie
