Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (28 lettori)

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Zorba

Bos 4 Mod
PS l'unica cosa che non ho approfondito è cosa succede se Oevag diventa statale, se secondo le leggi austriache c'è qualcosa di simile a quelle tedesche
E' un punto delicato. Se l'Austria ha un resolution regime, i T1 delle austriache (step up e non) rischiano di qualificarsi come T2 perpetui.
 

ferdo

Utente Senior
According to this opinion everyone who bought a bond during the issue he will take back 100%.
Everyone who bought a bond from the market he will take back 100% only up to 100K face value. Above this amount it would be applied the PSI+.

Now i am reading that Mr. Venizelos stated that:

- There will be special mechanisms of protection classes of citizens who have invested in bonds, indicating a limit of 100,000 euros, indicating that in this category from 9500 to 11,000 individuals - investors, but added that the mechanisms will not bond related categories but categories of citizens .

Could you please better clarify? Thanks
Also for purchasing on the secundary market?
I suppose you will run to buy up to 100k of greek bonds tomorrow morning
 

discipline

Forumer storico
According to this opinion everyone who bought a bond during the issue he will take back 100%.
Everyone who bought a bond from the market he will take back 100% only up to 100K face value. Above this amount it would be applied the PSI+.

Now i am reading that Mr. Venizelos stated that:

- There will be special mechanisms of protection classes of citizens who have invested in bonds, indicating a limit of 100,000 euros, indicating that in this category from 9500 to 11,000 individuals - investors, but added that the mechanisms will not bond related categories but categories of citizens .
Thanks, keep us informed about it. A few questions:

Is there any information about how they are going to identify individuals/investors vs other categories?

Do you think they are going to force the swap over all categories and then balance losses of individuals through a tax-compensation mechanism?

Did they ever mention purchase date as a factor to be eligible for this exemption? (ie. excluding those who're buying in these days or after a certain date)

Any information whether the 100k face value is referred to a single issue or to whole stock of GGBs an individual holds?

Following these statements, are small Greek investors accumulating loads of GGBs in 100k cuts at current prices? :)
 
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angy2008

Forumer storico
Bawag

nella tender offer parla di pagare anche il rateo maturando su ognuna delle preference shares quindi, secondo me, pagano anche sulla 966.
 

akis63

Forumer attivo
Could you please better clarify? Thanks
Also for purchasing on the secundary market?
I suppose you will run to buy up to 100k of greek bonds tomorrow morning

Thanks, keep us informed about it. A few questions:

Is there any information about how they are going to identify individuals/investors vs other categories?

Do you think they are going to force the swap over all categories and then balance losses of individuals through a tax-compensation mechanism?

Did they ever mention purchase date as a factor to be eligible for this exemption? (ie. excluding those who're buying in these days or after a certain date)

Any information whether the 100k face value is referred to a single issue or to whole stock of GGBs an individual holds?

Following these statements, are small Greek investors accumulating loads of GGBs in 100k cuts at current prices? :)

Nothing is clear right now.
Just theories and opinions.
The only sure is what Mr Venizelos said that there will be a special mechanism of protection classes of the citizens who have invested in greek bonds.

On primary or secondary market this is not clear yet.
It isn't also clear how could they be paid these special categories of citizens.
A few weeks ago i read that all the retail investors they have first to accept PSI+ and next the Greek state will return them the rest of their initial capital.
On my opinion nothing is sure right now and this the reason that GR0110021236 is in Stuttgart at 33,20 which is an ever low!
 
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maxolone

Forumer storico
***sns***

Censimento:
XS0468954523 Euro 1,675,000
XS0310904155 Euro 2,471,000
Totale: piú di 4 mio Euro


Abbiamo giá risposto alla sua risposta:

********************************************************
Dear Mr Bosscha,

Thanks for your prompt reply.

We appreciate the attention you are giving us and the fact you are bringing our concerns to the CFO and the Director of Financial Markets.


The aim of our emails was not obviously to get insider knowledge as we do not want to know if something is being discussed or not within your organization in relation to such an operation.

What is important to us is to know if there are any impediments to such an operation. This should be considered a public information.

Impediments can be of regulatory nature ( the DE Nederlansche Bank might oppose it unless same quantity/quality of capital replaces the amount boughtback ( i.e. this is happening in Austria ), the EC might oppose it before SNS pays back 565 million Euros of state aid, plus a 50 percent premium, as well as 435 million euros of aid from a foundation ( i.e. this is happening in UK )) or economic reason ( for an unknown reason to us SNS might not able to book a capital ratio improvement or for other reasons the buyback would worsen and not improve the capital ratio itself).


Thanking you in advance for you reply,


With best regards,

********************************************************

Dear all,

Thank you all for your email(s) and the suggestions made. Good to see that we also have Italian debtholders.

You may well believe that within our overall policy to arrive at a strong solvency position and adequate funding structure we consider all venues and market opportunities that come our way, including possible exchange offers or buy-backs.

That said, I am not in a position to discuss why we would or would not consider a buy-back operation of specific debt outstanding because this would be regarded providing you with insider knowledge. What I can and will do is bring your email(s) to the attention of our CFO and our director Financial Markets.

Thanks for investing in SNS REAAL and I hope that you will have a good return on your investment.

Best regards,

Jacob Bosscha

SNS REAAL
Investor Relations
T: +31 30 291 4246
M: +31 6 41 47 03 06
E: [email protected]

Croeselaan 1
P.O. Box 8444
3503 RK Utrecht
The Netherlands
 
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