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Cerca su google alliance bank 23 january.ora non posso postare.
Obbligazioni bancarie Ristrutturazione JSC Alliance Bank XS0495755562 (2 lettori)
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Cerca su google alliance bank 23 january.ora non posso postare.
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UPDATE 1-Kazakhstan's Alliance Bank maps out debt restructuring plan
Thu Jan 23, 2014 3:52pm GMT
(Rewrites first paragraph, adds quotes from Utemuratov representative, writes through)
By Dmitry Solovyov and Mariya Gordeyeva
ALMATY, Jan 23 (Reuters) - Kazakhstan's Alliance Bank has set out terms for a second debt restructuring in the wake of the global financial crisis, potentially paving the way for its acquisition by Kazakh billionaire Bolat Utemuratov.
Alliance is 67 percent owned by local sovereign wealth fund Samruk-Kazyna but needs to find new investors after Kazakh President Nursultan Nazarbayev last year ordered the fund to sell holdings in several local banks which it bailed out in the global crisis.
The bank, the central Asian nation's ninth-largest lender by assets, said its latest proposals applied to debts worth around 127.3 billion tenge ($818 million) and would involve lenders agreeing to take substantial "haircuts" or losses on their investments.
Winning investor approval for the proposed restructuring is also crucial to quickly achieve a planned integration between Alliance and smaller Temirbank, also controlled by Samruk-Kazyna.
Utemuratov, in the process of acquiring a sizeable minority stake in Alliance Bank and a majority of Temirbank, is looking for all parties to come together to agree a deal, his spokesman said.
"We understand that the capital shortfall is significant but all the parties need to continue to work together and find an equitable solution for everyone," Guram Andronikashvili, a representative of Utemuratov, told Reuters.
He said the first restructuring of Alliance had failed to create value and "maybe assumptions used in the first restructuring were too optimistic ... So we want to make sure it gets done properly this time."
Utemuratov is widely expected to eventually acquire the state's entire stake in Alliance.
INJECTION FROM CREDITORS
Alliance said it needed an injection of 95.6 billion tenge from creditors - effectively the aggregate value of haircuts on its various tranches of debt - for its adequate recapitalisation.
Alliance, which previously restructured its debt in 2010, said it was offering to exchange senior notes due 2020 for new securities with a 65.3 percent "haircut", or discount.
It is also offering to exchange dollar bonds due 2017 for new debt with a 71.2 percent haircut. The bonds fell 16 points to 34 cents on the dollar, according to Tradeweb.
Alliance offered to exchange subordinated notes maturing in 2030 for new debt or a cash buyback with an 88 percent haircut.
The bank also proposed a cash buyback of its so-called "recovery" notes with a 90 percent haircut. Recovery notes are issued to creditors during some debt restructurings and are supposed to pay out whenever the issuing company manages a certain level of asset recovery.
Alliance had already said last month it had decided not to make full payment on its recovery notes.
Under the terms of the deal, the bank's shareholders will also contribute a total of 57.1 billion tenge to help recapitalise it.
The bank said it aimed to complete negotiations with investors by June.
Alliance said it expected creditors and their advisers would complete due diligence in April and to sign a preliminary term sheet with its creditors' committee in the same month, in a bid to complete restructuring negotiations in June.
But reaching a compromise may not be easy.
"The creditors are likely to try and bargain," said Bakay Madybayev, analyst at investment company Halyk Finance.
($1 = 155.10 tenge) (Additional reporting by Sujata Rao and Carolyn Cohn in London; Editing by David Holmes)
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fabriziof
Forumer storico
Non si parla della 10,5
concordo con Fabrizio, meglio recuperare poco che prendere un calcione tra un anno
non ho seguito la vicenda alliance bank ma se mi fossi accontentato con NWR ora avrei in tasca il 50% o più invece di un siluro là dove non batte il s
ole 
Alliance proposes a plan for the second restructuring
Bakai Madybaev — January 24, 2014
PDF version
On January 23, Alliance Bank presented a restructuring plan in a meeting between the creditors and shareholders in London. Alliance's shareholders, the National Fund Samruk-Kazyna and Bulat Utemuratov, offered a 70% haircut on senior debt and 90% on subordinated debt as a way to close a $1bn capital gap. The bondholders are expected to vote on the offer in April.
The management admitted that the bank needs to create additional provisions of T78bn ($500mn) against the non-performing loans. The bank also sees a need to devaluate the deferred taxes by T17.3bn to reflect lower expectations of future profits. After these adjustments are made capital will be in deficit by T67.9bn. In order to restore capital from that level to the targeted 20% for the tier-1 ratio, or T84.8bn, the bank needs recapitalization by T152.7bn ($1bn).
Alliance shareholders, Samruk-Kazyna and Bulat Utemuratov, are ready to provide T57.1bn of that amount, but ask the bondholders to supply the rest. Samruk-Kazyna's support comes only in the form of restructuring of its deposits in Alliance and Temirbank (term extension to 10 years and interest rate cuts). The conversion of a T65bn deposit in Alliance should increase its tier-1 capital by T24bn, while the conversion of a T70bn deposit in Temirbank should bring additional tier-1 equity of about T13.2bn, we estimate. Mr. Utemuratov's contribution comes in the form of excess capital at Temirbank, which Mr. Utemuratov would merge with Alliance bank under the plan. After the conversion of Samruk-Kazyna's deposit, Temirbank would have an excess capital of, according to our estimates, T21.8bn. Alliance management also vaguely stated that the merger "would likely lead to recognition of additional Deferred Tax Assets of T11.3bn, although Deferred Tax Assets of Temirbank itself would be written off". This part of the transaction remains unclear to us. Mr. Utemuratov bought Temirbank from Samruk-Kazyna last Fall for an undisclosed amount.
Bondholders are requested to make a T95.6bn contribution by accepting the following haircuts:
Security classMaturityCurrencyOutstanding principal value, KZT bnIFRS amount, KZT bnRecovery value, % of principalHaircutContribution, KZT bnForm of compensationSenior2017USD67.270.430.2%71.2%50.5Debt exchange KZT0.50.52020USD22.619.630.2%65.3%13.5Debt exchange KZT1.31.2Subordinated2030KZT24.920.910.1%88.0%18.4Debt exchange or cashRecovery notes USD 14.7$10 per unit90.0%13.2Cash Total contribution95.6 Our view
The terms of restructuring are worse than the terms of the second restructuring adopted by BTA creditors a year ago:
Offer of the second restructuring by Alliance BankSecond restructuring of BTA BankCompensation formDebt exchangeMostly cash with some debt exchangeRecovery value30.20%42.6% of cash + debt of about 3%Samruk-Kazyna's contributionExtension of terms and decrease of interest rates of T135bn deposits
Samruk-Kazyna has reasons to be tougher this time. With less resources after a series of restructurings, Samruk-Kazyna may try to wring out the legal agreement from creditors by aiming at 'just-enough' votes to count as qualified majority. It might perceive the decisive majority that it achieved in previous restructurings as wasteful and the political risks associated with the holdouts as worth taking.
Given that a day before the restructuring plan release Alliance's senior bonds traded at 47% (Fig. 1), substantially above the proposed 30% recovery value, the offer made by Samruk-Kazyna and Mr. Utemuratov grossly missed market expectations. This suggests that creditors are unlikely to accept the proposed deal termsand would try to negotiate a much larger contribution at least from Samruk-Kazyna. We believe Mr. Utemuratov's negotiating position is quite strong as his involvement in the Alliance's equity should not have cost him much, if anything. Given a high probability of the current deal terms to be rejected, we expect the restructuring process to extend beyond the planned June 2014 period.
Alliance shareholders, Samruk-Kazyna and Bulat Utemuratov, are ready to provide T57.1bn of that amount, but ask the bondholders to supply the rest. Samruk-Kazyna's support comes only in the form of restructuring of its deposits in Alliance and Temirbank (term extension to 10 years and interest rate cuts). The conversion of a T65bn deposit in Alliance should increase its tier-1 capital by T24bn, while the conversion of a T70bn deposit in Temirbank should bring additional tier-1 equity of about T13.2bn, we estimate. Mr. Utemuratov's contribution comes in the form of excess capital at Temirbank, which Mr. Utemuratov would merge with Alliance bank under the plan. After the conversion of Samruk-Kazyna's deposit, Temirbank would have an excess capital of, according to our estimates, T21.8bn. Alliance management also vaguely stated that the merger "would likely lead to recognition of additional Deferred Tax Assets of T11.3bn, although Deferred Tax Assets of Temirbank itself would be written off". This part of the transaction remains unclear to us. Mr. Utemuratov bought Temirbank from Samruk-Kazyna last Fall.
Fig. 1. Alliance and Temirbank Eurobond prices, cents on a dollar
Bakai Madybaev — January 24, 2014
On January 23, Alliance Bank presented a restructuring plan in a meeting between the creditors and shareholders in London. Alliance's shareholders, the National Fund Samruk-Kazyna and Bulat Utemuratov, offered a 70% haircut on senior debt and 90% on subordinated debt as a way to close a $1bn capital gap. The bondholders are expected to vote on the offer in April.
The management admitted that the bank needs to create additional provisions of T78bn ($500mn) against the non-performing loans. The bank also sees a need to devaluate the deferred taxes by T17.3bn to reflect lower expectations of future profits. After these adjustments are made capital will be in deficit by T67.9bn. In order to restore capital from that level to the targeted 20% for the tier-1 ratio, or T84.8bn, the bank needs recapitalization by T152.7bn ($1bn).
Alliance shareholders, Samruk-Kazyna and Bulat Utemuratov, are ready to provide T57.1bn of that amount, but ask the bondholders to supply the rest. Samruk-Kazyna's support comes only in the form of restructuring of its deposits in Alliance and Temirbank (term extension to 10 years and interest rate cuts). The conversion of a T65bn deposit in Alliance should increase its tier-1 capital by T24bn, while the conversion of a T70bn deposit in Temirbank should bring additional tier-1 equity of about T13.2bn, we estimate. Mr. Utemuratov's contribution comes in the form of excess capital at Temirbank, which Mr. Utemuratov would merge with Alliance bank under the plan. After the conversion of Samruk-Kazyna's deposit, Temirbank would have an excess capital of, according to our estimates, T21.8bn. Alliance management also vaguely stated that the merger "would likely lead to recognition of additional Deferred Tax Assets of T11.3bn, although Deferred Tax Assets of Temirbank itself would be written off". This part of the transaction remains unclear to us. Mr. Utemuratov bought Temirbank from Samruk-Kazyna last Fall for an undisclosed amount.
Bondholders are requested to make a T95.6bn contribution by accepting the following haircuts:
Security classMaturityCurrencyOutstanding principal value, KZT bnIFRS amount, KZT bnRecovery value, % of principalHaircutContribution, KZT bnForm of compensationSenior2017USD67.270.430.2%71.2%50.5Debt exchange KZT0.50.52020USD22.619.630.2%65.3%13.5Debt exchange KZT1.31.2Subordinated2030KZT24.920.910.1%88.0%18.4Debt exchange or cashRecovery notes USD 14.7$10 per unit90.0%13.2Cash Total contribution95.6 Our view
The terms of restructuring are worse than the terms of the second restructuring adopted by BTA creditors a year ago:
Offer of the second restructuring by Alliance BankSecond restructuring of BTA BankCompensation formDebt exchangeMostly cash with some debt exchangeRecovery value30.20%42.6% of cash + debt of about 3%Samruk-Kazyna's contributionExtension of terms and decrease of interest rates of T135bn deposits
- Conversion of a T150bn* deposit into equity;
- Increase of coupon rate on its bonds held by the bank;
- Provision of a $1.6bn subordinated loan to finance cash repayments to bondholders
Targeted Tier-1 ratio20%10%* Halyk Finance estimate- Increase of coupon rate on its bonds held by the bank;
- Provision of a $1.6bn subordinated loan to finance cash repayments to bondholders
Samruk-Kazyna has reasons to be tougher this time. With less resources after a series of restructurings, Samruk-Kazyna may try to wring out the legal agreement from creditors by aiming at 'just-enough' votes to count as qualified majority. It might perceive the decisive majority that it achieved in previous restructurings as wasteful and the political risks associated with the holdouts as worth taking.
Given that a day before the restructuring plan release Alliance's senior bonds traded at 47% (Fig. 1), substantially above the proposed 30% recovery value, the offer made by Samruk-Kazyna and Mr. Utemuratov grossly missed market expectations. This suggests that creditors are unlikely to accept the proposed deal termsand would try to negotiate a much larger contribution at least from Samruk-Kazyna. We believe Mr. Utemuratov's negotiating position is quite strong as his involvement in the Alliance's equity should not have cost him much, if anything. Given a high probability of the current deal terms to be rejected, we expect the restructuring process to extend beyond the planned June 2014 period.
Alliance shareholders, Samruk-Kazyna and Bulat Utemuratov, are ready to provide T57.1bn of that amount, but ask the bondholders to supply the rest. Samruk-Kazyna's support comes only in the form of restructuring of its deposits in Alliance and Temirbank (term extension to 10 years and interest rate cuts). The conversion of a T65bn deposit in Alliance should increase its tier-1 capital by T24bn, while the conversion of a T70bn deposit in Temirbank should bring additional tier-1 equity of about T13.2bn, we estimate. Mr. Utemuratov's contribution comes in the form of excess capital at Temirbank, which Mr. Utemuratov would merge with Alliance bank under the plan. After the conversion of Samruk-Kazyna's deposit, Temirbank would have an excess capital of, according to our estimates, T21.8bn. Alliance management also vaguely stated that the merger "would likely lead to recognition of additional Deferred Tax Assets of T11.3bn, although Deferred Tax Assets of Temirbank itself would be written off". This part of the transaction remains unclear to us. Mr. Utemuratov bought Temirbank from Samruk-Kazyna last Fall.
Fig. 1. Alliance and Temirbank Eurobond prices, cents on a dollar
fabriziof
Forumer storico
mi riferivo ad alliance bank ,senza rateo però
monica2004
Nuovo forumer
Buonasera; che cosa ti fa essere così sicuro che la ristrutturazione non possa portare a condizioni migliori per gli obbligazionisti?
Grazie.