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

So far, Banco Santander declined to comment on this issue and, from our point of view, it seems not reasonable to assume that any institution will be interested in BES under the current uncertainty regarding ES Group, including the situation in BES Angola.

Remember that yesterday it was reported that two large international PE funds, namely KKR and Appolo Global Management, have been analysing a potential investment in BES, including the possibility of assuming a control position. Apollo has been referred in the last months as one of the potential buyers of Tranquilidade, the insurance unit of BES group. On the other hand, the press also reports that, given the current uncertainty, those funds should only be willing to assume that risk after a detailed analysis of BES accounts (likely by an external auditor).

This newsflow is consistent with Bank of Portugal Governor statement on 15 July (Tv interview) stating that some (current and new) shareholders should be able and willing to participate in a potential (but unlikely) capital increase of BES. In this context, it is likely that this kind of news will continue to appear in the press in the coming days.
 
[Reuters] Bank of Portugal sees private solution if BES needs capital
[BES.LS ESF.LS] LISBON, July 18 (Reuters) - Portugal's Banco Espirito Santo
(BES) <BES.LS> should have no problems raising capital by
bringing in new investors should additional cash become
necessary, the Bank of Portugal's governor said on Friday,
reiterating that the bank has a capital cushion to meet a range
of risks and uncertainties.
Carlos Costa told a parliament committee that "preliminary
contact between BES and international investment banks, as well
as interest shown by various entities, investment funds and
European banks show that it is very probable that there could be
a private solution to reinforcing capital."
Recent disclosures of financial irregularities at a web of
holding companies owned by the bank's founding family have
raised questions about potentially destabilising losses at BES,
Portugal's largest listed lender, in which the family is the
largest shareholder.

(Reporting by Andrei Khalip; Editing by David Holmes)
(([email protected])(351)(213-509-209)(Reuters
Messaging: andrei.khalip.thomso
 

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