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

[Myskin]

mi sa che tra leoni e co..oni in effetti il passo qui e' molto breve..

sulle senior il rischio era prossimo allo zero
sulle lt2 ...
faccio il tifo per chi e' dentro


sottolineo che le danza delle cifre su bes vann da 2 a 8 billions
fate vobis

eh eh differenza mica da poco, 2 bil magari il mercato li assorbe ma di più?

 

[capt.harlock]

eh eh differenza mica da poco, 2 bil magari il mercato li assorbe ma di più?

il mercato ne assorbirebbe anche 3
il punto che questo adc deve essere fatto velocemente e piu' la cifra e' alta e maggiore e la possibilita' che venga affrontato con un coco/bail in

 

[qquebec]

Espírito Santo Financial Group S.A. announces change in its Board of Directors

Luxembourg/Portugal – 15 July 2014 – Espírito Santo Financial Group S.A. (“The Company”) (NYSE Euronext Lisbon: ESF; Bloomberg: ESF PL; Reuters ESF LS) informs that Mr. António Luís Roquette Ricciardi has resigned from its Board of Directors with immediate effect.

 

[L'AMERIKKIONE]

oggi ho parlato con un famigliare degli Espirito Santo, Gino Espirito Santo, figlio di Pino Espirito Santo e Ida Madonna Immacolata Santa.

è molto preoccupato perchè son 6 gg che mangia spalla cotta e ciccioli.

spero che questa new vi possa servire ad interpretare l'andamento dei bond Bes.

non ringraziatemi, ma queste chicche le passo solo ad IO

 

[Sottolapalma]

Espírito Santo Financial Group S.A. announces change in its Board of Directors

Luxembourg/Portugal – 15 July 2014 – Espírito Santo Financial Group S.A. (“The Company”) (NYSE Euronext Lisbon: ESF; Bloomberg: ESF PL; Reuters ESF LS) informs that Mr. António Luís Roquette Ricciardi has resigned from its Board of Directors with immediate effect.

Se Salgado avesse l'umilta' di prendere un AD con le p@lle,diciamo il Marchionne della situazione,magari lo tira fuori dalle secche.Ma se va avanti lui a svendere un pezzo alla volta,gli rimane la scatola vuota.

 

[solovaloreaggiunto]

Se realmente la realizzassero, chi ha preso a 75 (area) il lt2 ha fatto un gran affare...

July 16 (Bloomberg) -- BES EU2b recapitalization may be
done through EU983m subordinated debt exchange, plus EU1b new
rights issue, fully underwritten by the Bank Solvency Support
Facility, Merrion Stockbrokers Ciaran Callaghan writes in client
note.
* Sub debt investors would hold ~26% of the post EU2b recapped
bank
* Assumes a debt for equity tender at a price of 80 cents
of par to acquire new BES shares at rights issue price
of 22.5 cents, with a 50% discount to current share
price
* Says investors may emerge from debt-for-equity type of
restructuring in a stronger economic position
* Solution would pose difficulties for certain funds whose
mandates don’t allow them to make equity investments
* Exchanges could involve insertion of compulsory call options
at lower cash pricing to encourage take-up and minimize
likelihood of hold-outs
* While sourcing private investment would be a clear positive
for bank, there’s still a risk Portuguese government will be
forced to use the BSSF as backstop
* Existing shareholders would be able to exercise pre-
emptive rights and participate in order to avoid
dilution
* CET1 ratio would rise to 12.1% post recapitalization on 1Q
2014 pro-forma basis, assuming total losses of EU1.5b
relating to ESFG and Angolan exposures
* Sees upside to the equity valuation in this scenario;
estimates shares trade at ~0.6x TERP to TNAV, at a
significant discount to peers (~1x)

 

[darkog]

Se realmente la realizzassero, chi ha preso a 75 (area) il lt2 ha fatto un gran affare...

July 16 (Bloomberg) -- BES EU2b recapitalization may be
done through EU983m subordinated debt exchange, plus EU1b new
rights issue, fully underwritten by the Bank Solvency Support
Facility, Merrion Stockbrokers Ciaran Callaghan writes in client
note.
* Sub debt investors would hold ~26% of the post EU2b recapped
bank
* Assumes a debt for equity tender at a price of 80 cents
of par to acquire new BES shares at rights issue price
of 22.5 cents, with a 50% discount to current share
price
* Says investors may emerge from debt-for-equity type of
restructuring in a stronger economic position
* Solution would pose difficulties for certain funds whose
mandates don’t allow them to make equity investments
* Exchanges could involve insertion of compulsory call options
at lower cash pricing to encourage take-up and minimize
likelihood of hold-outs
* While sourcing private investment would be a clear positive
for bank, there’s still a risk Portuguese government will be
forced to use the BSSF as backstop
* Existing shareholders would be able to exercise pre-
emptive rights and participate in order to avoid
dilution
* CET1 ratio would rise to 12.1% post recapitalization on 1Q
2014 pro-forma basis, assuming total losses of EU1.5b
relating to ESFG and Angolan exposures
* Sees upside to the equity valuation in this scenario;
estimates shares trade at ~0.6x TERP to TNAV, at a
significant discount to peers (~1x)

Direi anche chi ha preso il senior a 80/82.

Rischiamo se lo realizzassero realmente di trovarli a 100..

 

[Myskin]

intanto però la lt2 si prende a 78

 

[russiabond]

intanto però la lt2 si prende a 78

... Che famo?

... La lasciamo li?

 

[Myskin]

... Che famo?

... La lasciamo li?

sarebbe un affare se i 2 bil di ricapitalizzazione fossero veri, per me sono pochi
ma a parte questo qui corri il rischio che una parte del bond te la girino in azioni