Obbligazioni perpetue e subordinate SNS Reeal in diretta: storia di un esproprio - Notizie, informazioni e commenti (1 Viewer)

[ferdo]

Burden
Sharing on
Subordinated
Debt
• Prior to completion envisaged that SNS Reaal will announce and complete a tender for all the HoldCo and
Bank Tier I securities at or below 25% of face value
– CVC envisages that a take-up percentage of 75% can be achieved in such a tender offer. To the extent
this is not the case, CVC envisages that it will be compensated by the Dutch State to preserve the
economics of the transaction
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ii. That the tender on Hybrid Tier I instruments takes place successfully on the basis of the terms envisaged
(75% uptake and 75% haircut). Should the tender offer not achieve the 75% threshold, the State is envisaged to
compensate CVC to preserve the economics of the transaction. We consider that the behavior of the
subordinated debt holders is very difficult to predict, and that there is significant risk that the 75% threshold will
not be reached, especially after announcing a transaction with State intervention

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se fosse andato avanti il piano di CVC, opa a 25% sulle t1, nulla sulle lt2 - da quel che leggo facoltativa

 

[Zorba]

altro file su project mercury da René Lukassen

Qua ipotizzano al 10/1 un burden sharing al 50% per T1 e raffrontano l'offerta CVC vs la nazionalizzazione.

 

[bluto]

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se fosse andato avanti il piano di CVC, opa a 25% sulle t1, nulla sulle lt2 - da quel che leggo facoltativa

 

[Odoacre]

chi mai accetterebbe un opa facoltativa al 25%?
comunque la cosa più scandalosa è che nessuno sapesse nulla fino al 1 febbraio.

 

[bluto]

chi mai accetterebbe un opa facoltativa al 25%?
comunque la cosa più scandalosa è che nessuno sapesse nulla fino al 1 febbraio.

uno che teme di perdere TUTTO, se avessero "formulato" bene la cosa, avrebbero ritirato eccome anche a 25

 

[ferdo]

chi mai accetterebbe un opa facoltativa al 25%?
comunque la cosa più scandalosa è che nessuno sapesse nulla fino al 1 febbraio.

chissà che faceva tra dicembre e gennaio MS come MM sulle T1/T2
(notare tra le ultime pagine sul debito sub)

 

[Tobia]

chi mai accetterebbe un opa facoltativa al 25%?
comunque la cosa più scandalosa è che nessuno sapesse nulla fino al 1 febbraio.

sarebbe stato oro...opa, un gruppo sulla via del risanamento, tempo un anno e quei 25 valgono il doppio o più

 

[Cat XL]

altro file su project mercury da René Lukassen

Dove l'hai trovato questo pdf?

 

[Odoacre]

Dove l'hai trovato questo pdf?

dall' account twitter di René Lukassen

 

[bluto]

SNS has the European Central Bank due to the bank-insurer could continue, while the situation is deteriorating by the day.

Over a year had SNS due to rising real estate losses and leakage savings. Thanks to the ECB remained's cash and do not panic broke out.

This is evident from analysis of public documents about the nationalization of SNS and secret documents RTL yesterday published.

Cheap money
A year ago, at the height of the euro crisis, the ECB opened twice a desk for very cheap money . European banks borrowed more than 1 trillion euros at a rate of 1 percent.

SNS at the first opportunity 1.5 billion recorded. The bancassurance has never said how much is borrowed in the second instance. Analysts estimate that the bank in February last year a loan was raised from 3 to 5 billion.

In total borrowed so SNS 4.5 to 6,500,000,000 euros for a period of three years. Additionally borrowed SNS, according to sources, large amounts short-term money from the ECB. The money from Frankfurt turns out to have been of vital importance. There was enough liquidity, making the De Nederlandsche Bank and the Ministry of Finance could take the time for a solution.

No emergency
Already in December 2011 DNB supervisor knew that SNS not without government would come out of trouble. There was a taskforce to investigate whether parts of the bank-insurer could be sold to private parties. At the same time it would be bad property isolated in a so-called bad bank.

The negotiations were difficult. ING and ABN Amro were barred from the European Commission, because they have state. And private parties led by investor CVC Capital Investment offered too little money and securities.

That salvation ultimately could last more than a year, it was thanks to the money from the ECB. In a letter that DNB October 2 last year wrote to Minister of Finance De Jager, the supervisor that it was "partly due to the extraordinary ECB facilities" that no emergency situation existed.

Ultimatum
Only a few months later, the government concluded that the properties of SNS certainly 2.4 billion worth less than the book was. SNS was in a blow with a negative capital position. Normally a company goes bankrupt then.

Under the influence of bad news about SNS, start savers meanwhile more and more money off it. DNB wrote on January 24 at the new Minister Dijsselbloem that "an emergency is imminent". There is likely a "inability to pay" and SNS runs the risk of "no longer have access to the ECB's facilities have".

DNB will hurry and issues an ultimatum: if not for SNS 31 January 18:00 at least 1.9 billion euros gets from private investors, the bank was nationalized.

Scheringa
It would not be the first time that an institution is in trouble by recovery of ECB money. Just before the bankruptcy of DSB in 2009 , the bank had to Scheringa 875 million to repay. Action that went down in history as the "fatal haircut" of the ECB.

DSB came shortly after in acute payment problems when customers in a bank run 685 million from their account pulled. When SNS was the opposite hand. The bank had 4.5-6500000000 to ECB cash on hand and was able to slow his survival struggle. That which eventually led to the nationalization, was at least not to the ECB.

Netherlands is a new way on the map, the Financial Times reported yesterday: "The Netherlands adds the slow-motion collapse Bank to its list of typical cases, as clogs and windmills".
SNS had tijd dankzij ECB - NOS Nieuws