nik.sala
Money Never Sleeps
Che tutti, ma dico tutti, prima o poi, passano a miglior vita.E cosa c'è di giusto a questo mondo?
Di altro non c'è.
Titoli di Stato paesi-emergenti Obbligazioni UCRAINA
- Creatore Discussione Gaudente
- Data di Inizio
Di altro non c'è.
bosmeld
Forumer storico
come ci aspettavamo è arrivata la richiesta di estensione per il bond privatbank ukraino
PrivatBank has invited creditors to extend maturity of Eurobonds - Press releases
he largest Ukrainian bank – PrivatBank – has made available a consent solicitation memorandum to holders of Eurobonds due in fall 2015 and in 2016 regarding amendment of the terms of two series of the Eurobonds of PrivatBank. In particular, the Memorandum offers to extend maturity of the Eurobonds for the amount of USD200 mln due in fall 2015 (issued by UK SPV CREDIT FINANCE PLC) until 2018. Maturity of the Eurobonds for the amount of USD150 mln due in 2016 (issued by ICBC STANDARD BANK PLC) is offered to be extended until 2021.
As part of extension of PrivatBank’s Eurobonds, if approved, the interest rate under Eurobonds will be increased in accordance with the agreement with the holders of such Eurobonds. Furthermore, the holders of such Eurobonds that will agree to the proposed extension of PrivatBank’s Eurobonds will be paid a fee in the amount of USD20 for every USD1,000 of Eurobonds, terms of repayment under which will be amended.
The extension of maturities of Eurobonds was initiated by PrivatBank in light of the economic situation in Ukraine, as well as in accordance with the requirements of the National Bank of Ukraine on necessity of taking measures by Ukrainian banks for increase of the capitalization and reduction of the pressure on the currency market of Ukraine. Earlier, similar decisions were made by the state-owned banks “UkrEximBank” and “Oschadbank”.
Extension of maturity of external obligations of PrivatBank will allow the largest Ukrainian bank – PrivatBank – to increase capitalization and fully perform its obligations to individual depositors, which is the main priority for PrivatBank. Focus of PrivatBank’s efforts on unconditional performance of its obligations to individuals allows PrivatBank to be the largest financial institution in Ukraine with the highest proportion of retail deposits, which evidences high level of trust that the population of Ukraine has in PrivatBank.
PrivatBank has invited creditors to extend maturity of Eurobonds - Press releases
he largest Ukrainian bank – PrivatBank – has made available a consent solicitation memorandum to holders of Eurobonds due in fall 2015 and in 2016 regarding amendment of the terms of two series of the Eurobonds of PrivatBank. In particular, the Memorandum offers to extend maturity of the Eurobonds for the amount of USD200 mln due in fall 2015 (issued by UK SPV CREDIT FINANCE PLC) until 2018. Maturity of the Eurobonds for the amount of USD150 mln due in 2016 (issued by ICBC STANDARD BANK PLC) is offered to be extended until 2021.
As part of extension of PrivatBank’s Eurobonds, if approved, the interest rate under Eurobonds will be increased in accordance with the agreement with the holders of such Eurobonds. Furthermore, the holders of such Eurobonds that will agree to the proposed extension of PrivatBank’s Eurobonds will be paid a fee in the amount of USD20 for every USD1,000 of Eurobonds, terms of repayment under which will be amended.
The extension of maturities of Eurobonds was initiated by PrivatBank in light of the economic situation in Ukraine, as well as in accordance with the requirements of the National Bank of Ukraine on necessity of taking measures by Ukrainian banks for increase of the capitalization and reduction of the pressure on the currency market of Ukraine. Earlier, similar decisions were made by the state-owned banks “UkrEximBank” and “Oschadbank”.
Extension of maturity of external obligations of PrivatBank will allow the largest Ukrainian bank – PrivatBank – to increase capitalization and fully perform its obligations to individual depositors, which is the main priority for PrivatBank. Focus of PrivatBank’s efforts on unconditional performance of its obligations to individuals allows PrivatBank to be the largest financial institution in Ukraine with the highest proportion of retail deposits, which evidences high level of trust that the population of Ukraine has in PrivatBank.
fabriziof
Forumer storico
bosmeld
Forumer storico
Già
era sicuramente meglio se pagavano a ottobre ma io non sarei cosi negativo.
Scadenza slitta di 3 anni, aumenta cedola e pagano 2 usd ogni 100 di nominale per consentire le modifiche.
Intanto dobbiamo trovare il pdf dell'offer, poi tocca studiarsi bene il prospetto e vedere se ce la possibilità di ....... (ci siamo capiti)
da notare poi che i termini dell'offerta di privatank sono migliori rispetto a quelli della banca pubblica che ha ristrutturato da poco
Ukreximbank proposes repayment of 50% of '15 LPNs in April 2019, another 50% in April 2022 in six equal 6-month installments with rate increased to 9.625%
qui si parla di 3 anni di allungamento... ben di piu per controparte pubblica
Ultima modifica:
fabriziof
Forumer storico
era sicuramente meglio se pagavano a ottobre ma io non sarei cosi negativo.
Scadenza slitta di 3 anni, aumenta cedola e pagano 2 usd ogni 100 di nominale per consentire le modifiche.
Intanto dobbiamo trovare il pdf dell'offer, poi tocca studiarsi bene il prospetto e vedere se ce la possibilità di ....... (ci siamo capiti)
Ho cercato sul sito loro ,rimandano a un memorandum che però non trovo.
Chi trova qualcosa lo posta .
bosmeld
Forumer storico
fabriziof
Forumer storico
Bravo grazie
bosmeld
Forumer storico
offerta su bond XS0543744535
Vi riassumo in poche righe l'offerta:
modifica scadenza:
30% scadenza 23/09/2017
70% scadenza 23/01/2018
Modifica cedola: va a 10%
cosa si può fare?
si può votare per modifica SI (pagano 2 usd ogni 100 usd) come consent fee
si può votare NO o non si fa nulla (in questo caso non si riceve nulla)
Se la modifica passa, varrà per tutti perchè verrà modificato il prospetto quindi purtroppo sembra da una prima lettura non ci siano possibilità di holdout.
per modificare il prospetto serve che al primo meeting ci siano i 2/3 del nominale del bond e che voti a favore il 75% dei presenti.
nel secondo metting è necessario ci sia 1/3 del nominale e che il 75% voti a favore
oltre a questo bond c'è offerta anche su emissione sub 2016 che prevede aumento cedola da meno di 6% a 11% e scadenza che va da 2016 a 2021
http://www.investegate.co.uk/pjsc-c.../rns/launch-announcement/201506261615004141R/
nel complesso mi sembra cmq un offerta equilibrata
Vi riassumo in poche righe l'offerta:
modifica scadenza:
30% scadenza 23/09/2017
70% scadenza 23/01/2018
Modifica cedola: va a 10%
cosa si può fare?
si può votare per modifica SI (pagano 2 usd ogni 100 usd) come consent fee
si può votare NO o non si fa nulla (in questo caso non si riceve nulla)
Se la modifica passa, varrà per tutti perchè verrà modificato il prospetto quindi purtroppo sembra da una prima lettura non ci siano possibilità di holdout.
per modificare il prospetto serve che al primo meeting ci siano i 2/3 del nominale del bond e che voti a favore il 75% dei presenti.
nel secondo metting è necessario ci sia 1/3 del nominale e che il 75% voti a favore
oltre a questo bond c'è offerta anche su emissione sub 2016 che prevede aumento cedola da meno di 6% a 11% e scadenza che va da 2016 a 2021
http://www.investegate.co.uk/pjsc-c.../rns/launch-announcement/201506261615004141R/
nel complesso mi sembra cmq un offerta equilibrata
Ultima modifica:
fabriziof
Forumer storico
notare l'ultimo paragrafo:
Ukraine’s leading lender Privatbank (PRBANK) offered its bondholders to reschedule the USD 200 mln Eurobond maturing on Sept. 23 and USD 150 mln Eurobond maturing on Feb. 9, 2016, according to its June 26 press release. The bank has scheduled the bondholder meetings to vote for the proposal for July 13, offering holders a 2% consent fee to facilitate the rescheduling.
Privatbank offered to increase the coupon rate of its 2015 notes to 10% (up from 9.375%) and to repay it on Sept. 23, 2017 (30%) and Jan. 23, 2018 (70%).
For the 2016 subordinated notes, the bank offered an 11% coupon rate (up from 5.8%) and postponement of principal repayment by five years.
Alexander Paraschiy: The offered restructuring terms of Privatbank’s 2015 notes are better than what we modeled in our recent fixed income strategy (a 5Y extension with principal repayment in the last two semi-annual coupon periods and no consent fee). The bank has offered the shortest possible maturity extension for the notes to be able to offer a 2% consent fee under a new regulation of the central bank that requires at least a two-year extension.
The offered new repayment schedule of 2015 notes allows bondholders who agree on the restructuring to generate a 32.9% yield to extended maturity (at a bond price of 65 cents per dollar). This is much more attractive than the return of the Eurobonds of state Ukreximbank and Oschadbank, which are also in the process of restructuring (about 16 to 17% YTM). We believe such terms are attractive enough to enter the bank’s 2015 bond.
At the same time, we do not rule out that the bank will have to offer some more attractive terms for the 2015 notes after its July 13 bondholder meetings. At least, it has reserved room for the improved offer, e.g. to increase the coupon rate up to the allowed ceiling of 11% and reschedule the repayment of 70% of principal by a couple of months sooner.
See more: Concorde Capital Research: Privatbank offers soft restructuring terms for its 2015 notes
Ukraine’s leading lender Privatbank (PRBANK) offered its bondholders to reschedule the USD 200 mln Eurobond maturing on Sept. 23 and USD 150 mln Eurobond maturing on Feb. 9, 2016, according to its June 26 press release. The bank has scheduled the bondholder meetings to vote for the proposal for July 13, offering holders a 2% consent fee to facilitate the rescheduling.
Privatbank offered to increase the coupon rate of its 2015 notes to 10% (up from 9.375%) and to repay it on Sept. 23, 2017 (30%) and Jan. 23, 2018 (70%).
For the 2016 subordinated notes, the bank offered an 11% coupon rate (up from 5.8%) and postponement of principal repayment by five years.
Alexander Paraschiy: The offered restructuring terms of Privatbank’s 2015 notes are better than what we modeled in our recent fixed income strategy (a 5Y extension with principal repayment in the last two semi-annual coupon periods and no consent fee). The bank has offered the shortest possible maturity extension for the notes to be able to offer a 2% consent fee under a new regulation of the central bank that requires at least a two-year extension.
The offered new repayment schedule of 2015 notes allows bondholders who agree on the restructuring to generate a 32.9% yield to extended maturity (at a bond price of 65 cents per dollar). This is much more attractive than the return of the Eurobonds of state Ukreximbank and Oschadbank, which are also in the process of restructuring (about 16 to 17% YTM). We believe such terms are attractive enough to enter the bank’s 2015 bond.
At the same time, we do not rule out that the bank will have to offer some more attractive terms for the 2015 notes after its July 13 bondholder meetings. At least, it has reserved room for the improved offer, e.g. to increase the coupon rate up to the allowed ceiling of 11% and reschedule the repayment of 70% of principal by a couple of months sooner.
See more: Concorde Capital Research: Privatbank offers soft restructuring terms for its 2015 notes
capt.harlock
MENA IL CAMMELLO FAN CLUB
ho in ptf qualche lotto della t2 2016 e dico yes
non mi sembra che le quotazioni salgano nel frattempo
dell' adc da 200 milioni nessuna news?
non mi sembra che le quotazioni salgano nel frattempo
dell' adc da 200 milioni nessuna news?