Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
zeta59
Forumer storico
Avevi visto giusto su Antonv
Sì , ero girato di schiena
Invece su SNS 155 , ieri non ho inserito l'ordine a 60,5 poichè aspetto i soldini dell'opa di UBI , ed oggi mi chiedono 62,4 lettera
Sono indeciso se entrare ugualmente , visto che se si raffronta come facevamo una volta con le altre del plotoncino 2017 , dovrebbe correre ancora
Ultima modifica:
bia06
Listen other's viewpoint avoid conflicts & wars.
Repurchasing offer Dexia 572
Ho bisogno di una mano per interpretare quanto scritto nell'offer:
chi non aderisce all'offerta di riacquisto a 25 si ritrova ad essere creditore di Dexia Belgium SA (invece che Dexia group).....ma le obbligazioni continuano ad esistere....
oppure
c'è il rischio che finiscano alla Anglo Irish bank o BOI maniera...prima offerti 25, poi 0,01?
Grazie per l'aiuto, devo decidere in fretta.
The Dexia group acknowledges the announcement by Dexia Bank Belgium SA/NV
("DBB") of its public offer for the purchase of the EUR 500,000,000 Fixed Rate/Floating
Rate Perpetual Non-cumulative Guaranteed Securities (ISIN: XS0273230572) issued by
Dexia Funding Luxembourg S.A. ("DFL") and guaranteed by Dexia SA/NV under the
terms and conditions set out or referred to in the prospectus dated 31 October 2006 (the
"DFL Securities").
DBB was sold by the Dexia group to a nominee holding of the Belgian State in Q4 2011
and, as such, DBB makes the public offer for the purchase of the DFL Securities (the
"Offer") in its own name and for its own account.
As part of that sale, the Dexia group agreed, however, to purchase from DBB the DFL
Securities tendered in, and acquired by DBB pursuant to, the Offer. In turn, DBB agreed
to reimburse the existing EUR 500,000,000 subordinated loan granted by DFL to DBB
(the "Subordinated Loan") and financed by the issue of the DFL Securities, by the
equivalent of the aggregate nominal value of the DFL Securities tendered in, and
acquired by DBB pursuant to, the Offer.
As a result of these transactions, the Dexia group will acquire the DFL Securities
tendered in the Offer and the group's exposure to DBB under the Subordinated Loan will
be reduced by the equivalent of the aggregate nominal value of the DFL Securities so
acquired. The net result of these operations will have no impact on the liquidity of the
Dexia group. There will however be an improvement of its Tier 1 ratio depending of the
nominal amount of the Subordinated Loan that will be reimbursed by DBB. The
Subordinated Loan to DBB will remain outstanding for the balance of its EUR
500,000,000 principal amount not reimbursed pursuant to these transactions,
notwithstanding the divestment of DBB by the Dexia group in Q4 2011.
The group does not intend to resell the DFL Securities so acquired and expects, subject to
obtaining the relevant shareholder and regulatory approvals, to merge DFL into Dexia
SA/NV later this year and, at the occasion of such merger, to cancel the DFL Securities
so acquired by Dexia SA/NV. Upon such merger becoming effective, Dexia SA/NV
would be the sole obligor under the remaining DFL Securities that have not been
tendered in, and acquired by Dexia SA following, the Offer.
Ho bisogno di una mano per interpretare quanto scritto nell'offer:
chi non aderisce all'offerta di riacquisto a 25 si ritrova ad essere creditore di Dexia Belgium SA (invece che Dexia group).....ma le obbligazioni continuano ad esistere....
oppure
c'è il rischio che finiscano alla Anglo Irish bank o BOI maniera...prima offerti 25, poi 0,01?
Grazie per l'aiuto, devo decidere in fretta.
The Dexia group acknowledges the announcement by Dexia Bank Belgium SA/NV
("DBB") of its public offer for the purchase of the EUR 500,000,000 Fixed Rate/Floating
Rate Perpetual Non-cumulative Guaranteed Securities (ISIN: XS0273230572) issued by
Dexia Funding Luxembourg S.A. ("DFL") and guaranteed by Dexia SA/NV under the
terms and conditions set out or referred to in the prospectus dated 31 October 2006 (the
"DFL Securities").
DBB was sold by the Dexia group to a nominee holding of the Belgian State in Q4 2011
and, as such, DBB makes the public offer for the purchase of the DFL Securities (the
"Offer") in its own name and for its own account.
As part of that sale, the Dexia group agreed, however, to purchase from DBB the DFL
Securities tendered in, and acquired by DBB pursuant to, the Offer. In turn, DBB agreed
to reimburse the existing EUR 500,000,000 subordinated loan granted by DFL to DBB
(the "Subordinated Loan") and financed by the issue of the DFL Securities, by the
equivalent of the aggregate nominal value of the DFL Securities tendered in, and
acquired by DBB pursuant to, the Offer.
As a result of these transactions, the Dexia group will acquire the DFL Securities
tendered in the Offer and the group's exposure to DBB under the Subordinated Loan will
be reduced by the equivalent of the aggregate nominal value of the DFL Securities so
acquired. The net result of these operations will have no impact on the liquidity of the
Dexia group. There will however be an improvement of its Tier 1 ratio depending of the
nominal amount of the Subordinated Loan that will be reimbursed by DBB. The
Subordinated Loan to DBB will remain outstanding for the balance of its EUR
500,000,000 principal amount not reimbursed pursuant to these transactions,
notwithstanding the divestment of DBB by the Dexia group in Q4 2011.
The group does not intend to resell the DFL Securities so acquired and expects, subject to
obtaining the relevant shareholder and regulatory approvals, to merge DFL into Dexia
SA/NV later this year and, at the occasion of such merger, to cancel the DFL Securities
so acquired by Dexia SA/NV. Upon such merger becoming effective, Dexia SA/NV
would be the sole obligor under the remaining DFL Securities that have not been
tendered in, and acquired by Dexia SA following, the Offer.
Ultima modifica:
zeta59
Forumer storico
ANT 236 bid 70
Rettifico , il 70 non operativo , si esegue a 68,86......mantengo , vediamo se si arriva ai 75 , intanto MPS azione +5%
Ultima modifica:
ferdo
Utente Senior
Ieri si prendevano a 17,11
lo so ma ieri non avevo più soldi e stanotte ho dovuto stampare
cmq è bello il mestiere del MM ...
mi offro come inseritore ordini mercato OTC
maxolone
Forumer storico
camaleonte
Forumer storico
Buy SNS 155 @ 62,45 .....
80 no?
maxolone
Forumer storico
***Risposta IR SNS***
Se non fanno una tender dopo questa risposta ( come dice Zorba
)
********************************************************
Dear Mr ,
In answer to your question: for a buy-back of or exchange offer for tier 1 and tier 2 debt in the Netherlands permission is required from the Dutch Central Bank. The Dutch Central Bank will decide on a case-by-case basis and takes into account factors such as the solvency level after the buy back and whether the capital is replaced or not by comparable securities. However, there are no public guidelines in this field: the Central bank has a discretionary power.
To the best of my knowledge, the EC has not imposed any restrictions on SNS REAAL and its subsidiaries regarding buy-backs or exchange offers. On the contrary, I believe that if debt is bought back at a discount, this is seen by the EC as a form of burden sharing by bond holders, which is seen in a favourable light.
Best regards,
Jacob Bosscha
Se non fanno una tender dopo questa risposta ( come dice Zorba
)********************************************************
Dear Mr ,
In answer to your question: for a buy-back of or exchange offer for tier 1 and tier 2 debt in the Netherlands permission is required from the Dutch Central Bank. The Dutch Central Bank will decide on a case-by-case basis and takes into account factors such as the solvency level after the buy back and whether the capital is replaced or not by comparable securities. However, there are no public guidelines in this field: the Central bank has a discretionary power.
To the best of my knowledge, the EC has not imposed any restrictions on SNS REAAL and its subsidiaries regarding buy-backs or exchange offers. On the contrary, I believe that if debt is bought back at a discount, this is seen by the EC as a form of burden sharing by bond holders, which is seen in a favourable light.
Best regards,
Jacob Bosscha
Ultima modifica:
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