Obbligazioni societarie La saga della famiglia Espírito Santo: cosa succederà alle obbligazioni BES ed ESFG?

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Robert Smith 54 MINUTES AGO Portugal’s Novo Banco has successfully completed its first new bond sale since prominent investors such as BlackRock and Pimco were burnt in a controversial debt transfer at the end of 2015. Novo Banco, the lender created out of the failure of Portugal’s Banco Espírito Santo (BES) in 2014, raised €400m of risky subordinated Tier 2 bonds at a yield of 8.5 per cent on Friday, in line with a minimum yield it set on the deal earlier in the week. The bulk of the money came from investors exchanging existing Novo Banco senior debt for the new bonds. €141m of the deal was placed with so-called “new money” investors that do not hold existing bonds. The bond sale saw €400m of demand from these new money investors, according to a message from the deal’s bookrunners, JPMorgan and Morgan Stanley. Novo Banco is the subject of l ong-running litigation from a group of international investors that lost money in 2015, when the Bank of Portugal “re-transferred” some of its bonds into the so-called “bad bank” that was set up to run down the toxic assets from failed lender BES. The aggrieved bondholder group — spearheaded by BlackRock, Pimco, CQS and Attestor Capital — has publicly snubbed a number of debt sales in Portugal over the past two years. “Novo Banco has had to rely on a contingent capital agreement that leaves Portuguese taxpayers worse off, and an offer to exchange a variety of old senior debt instruments for the new notes,” the group said in a statement on Friday. “This is yet another example of the inconsistent and discriminatory treatment of Novo Banco bondholders, as some of the notes up for tender are pari passu to those that were unlawfully retransferred from Novo Banco to Banco Espirito Santo in late 2015.” The “contingent capital agreement” is similar to an asset protection scheme and means that Portugal’s resolution fund can compensate Novo Banco for up to €3.8bn of losses linked to a bad debt portfolio over the next eight years. The resolution fund also effectively backstopped the bank’s bond sale this week, stating that it would provide the €400m Tier 2 bond if Novo Banco was unable to raise it from the market. Novo Banco faced a fresh challenge from a London hedge fund earlier this week, which says the bank has unwittingly defaulted on certain bonds. Winterbrook Capital is arguing that the bonds are in default due to unintended consequences of the Bank of Portugal’s rescue of BES, which saw the central bank carve up its assets into a surviving good bank and a run-off bad bank in 2014 and 2015.
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Subscribe to read | Financial Times
Robert Smith 54 MINUTES AGO Portugal’s Novo Banco has successfully completed its first new bond sale since prominent investors such as BlackRock and Pimco were burnt in a controversial debt transfer at the end of 2015. Novo Banco, the lender created out of the failure of Portugal’s Banco Espírito Santo (BES) in 2014, raised €400m of risky subordinated Tier 2 bonds at a yield of 8.5 per cent on Friday, in line with a minimum yield it set on the deal earlier in the week. The bulk of the money came from investors exchanging existing Novo Banco senior debt for the new bonds. €141m of the deal was placed with so-called “new money” investors that do not hold existing bonds. The bond sale saw €400m of demand from these new money investors, according to a message from the deal’s bookrunners, JPMorgan and Morgan Stanley. Novo Banco is the subject of l ong-running litigation from a group of international investors that lost money in 2015, when the Bank of Portugal “re-transferred” some of its bonds into the so-called “bad bank” that was set up to run down the toxic assets from failed lender BES. The aggrieved bondholder group — spearheaded by BlackRock, Pimco, CQS and Attestor Capital — has publicly snubbed a number of debt sales in Portugal over the past two years. “Novo Banco has had to rely on a contingent capital agreement that leaves Portuguese taxpayers worse off, and an offer to exchange a variety of old senior debt instruments for the new notes,” the group said in a statement on Friday. “This is yet another example of the inconsistent and discriminatory treatment of Novo Banco bondholders, as some of the notes up for tender are pari passu to those that were unlawfully retransferred from Novo Banco to Banco Espirito Santo in late 2015.” The “contingent capital agreement” is similar to an asset protection scheme and means that Portugal’s resolution fund can compensate Novo Banco for up to €3.8bn of losses linked to a bad debt portfolio over the next eight years. The resolution fund also effectively backstopped the bank’s bond sale this week, stating that it would provide the €400m Tier 2 bond if Novo Banco was unable to raise it from the market. Novo Banco faced a fresh challenge from a London hedge fund earlier this week, which says the bank has unwittingly defaulted on certain bonds. Winterbrook Capital is arguing that the bonds are in default due to unintended consequences of the Bank of Portugal’s rescue of BES, which saw the central bank carve up its assets into a surviving good bank and a run-off bad bank in 2014 and 2015.
Copyright The Financial Times Limited 2018. All rights reserved.
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Dunque ricapitolando risultato ottimo: tutto esaurito con 400 kk di sub e circa 260 kk in meno de senior.
Ora aspettiamo moodys
 
captain sparrow ha scritto:
secondo il comunicato della 35 sono stati rimborsati 9.5 milioni e convertiti 54.761 milioni. poca cosa tutto sommato
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Beh poca roba non direi.
Di 250 milioni dell'emissione, mi sa che erano rimasti circa (vado a memoria) 220-230 milioni dopo il precedente swap.
Tolti questi altri 65 milioni andiamo poco sopra i 150 milioni.

Purtroppo diventerà meno liquida.
 
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