[Pyrinos]

Sono possesore di questa obbligazione ed oggi mi e arrivata dalla banca
communicazione di una offerta publica di aquisto
Quale e la vostra opinione?
Sono in gain di 4 punti





INSTRUCTIONS NO LATER THAN 29/06/2010 14:00 C.E.T.

PUBLIC OFFER COMBINING AN EXCHANGE OFFER AND A TENDER OFFER

The purpose of the Offer is to extend the average maturity of the Issuer s debt and to manage its bond indebtedness by taking advantage of current favorable market conditions in terms of interest rates and credit spreads.
The issuer invites all Qualifying Holders to offer to exchange any or all of outstanding Bonds, for new bonds Euro-denominated fixed rate notes (New notes) with a maturity longer than that of the Existing Notes.


NEW NOTES

The New Notes Maturity will be announced between on 24 June 2010 and on 30 June 2010.
The New Notes Spread Indication will be announced on 30 June 2010.
The Offer Price will be determinate as from 1 July 2010 between 3:00 (p.m.) and 4:00 (p.m.) (Paris time).
The Settlement Date of New Notes, Cash Rounding Amount and Accrued Interest Payment on the Exchange Offer are expected to be 6 July 2010.

CONDITIONS OF THE PUBLIC TENDER OFFER

Each Qualifying Holder will receive an amount equal to the product of the aggregate principal amount of the Existing Notes validly tendered for purchase and the Offer Price, plus any applicable Accrued Interest.
The payment of the tender offer is from 5 July 2010.
Qualifying Holder can participate to the Exchange Offer or the Tender Offer, but cannot mix.

RESTRICTIONS
The Exchange Offer is subject to restrictions in the United States of America; in Italy; in the United Kingdom; in France; in Belgium and in the European Economic Area.
For more details on the Open Offer, a notice is available on a request to this e-mail bk-ESES-corporate-actions@caceis.com in writing the file number and the ISIN code.


ACTION TYPE: BID OFFER ACTION STATUS: VOLUNTARY
SECURITY: VEOLIA ENV 4.7/8 03-13
ISIN CODE: FR0000474975
PERIOD OF ACTION: 2010-06-24 / 2010-06-30
PAY DATE: UNKNOWN
MARKET DEADLINE: 2010-06-30
REVOCABILITY PERIOD: 2010-06-24 / 2010-06-29
MIN AMOUNT: EUR 50,000
OFFER MAXIMUM ACCEPTANCE AMOUNT: EUR 1,000,000,000.
PRO-RATION: NO

[azetaelle]

Originalmente inviato da Pyrinos

Sono possesore di questa obbligazione ed oggi mi e arrivata dalla banca
communicazione di una offerta publica di aquisto
Quale e la vostra opinione?
Sono in gain di 4 punti





INSTRUCTIONS NO LATER THAN 29/06/2010 14:00 C.E.T.

PUBLIC OFFER COMBINING AN EXCHANGE OFFER AND A TENDER OFFER

The purpose of the Offer is to extend the average maturity of the Issuer s debt and to manage its bond indebtedness by taking advantage of current favorable market conditions in terms of interest rates and credit spreads.
The issuer invites all Qualifying Holders to offer to exchange any or all of outstanding Bonds, for new bonds Euro-denominated fixed rate notes (New notes) with a maturity longer than that of the Existing Notes.


NEW NOTES

The New Notes Maturity will be announced between on 24 June 2010 and on 30 June 2010.
The New Notes Spread Indication will be announced on 30 June 2010.
The Offer Price will be determinate as from 1 July 2010 between 3:00 (p.m.) and 4:00 (p.m.) (Paris time).
The Settlement Date of New Notes, Cash Rounding Amount and Accrued Interest Payment on the Exchange Offer are expected to be 6 July 2010.

CONDITIONS OF THE PUBLIC TENDER OFFER

Each Qualifying Holder will receive an amount equal to the product of the aggregate principal amount of the Existing Notes validly tendered for purchase and the Offer Price, plus any applicable Accrued Interest.
The payment of the tender offer is from 5 July 2010.
Qualifying Holder can participate to the Exchange Offer or the Tender Offer, but cannot mix.

RESTRICTIONS
The Exchange Offer is subject to restrictions in the United States of America; in Italy; in the United Kingdom; in France; in Belgium and in the European Economic Area.
For more details on the Open Offer, a notice is available on a request to this e-mail bk-ESES-corporate-actions@caceis.com in writing the file number and the ISIN code.


ACTION TYPE: BID OFFER ACTION STATUS: VOLUNTARY
SECURITY: VEOLIA ENV 4.7/8 03-13
ISIN CODE: FR0000474975
PERIOD OF ACTION: 2010-06-24 / 2010-06-30
PAY DATE: UNKNOWN
MARKET DEADLINE: 2010-06-30
REVOCABILITY PERIOD: 2010-06-24 / 2010-06-29
MIN AMOUNT: EUR 50,000
OFFER MAXIMUM ACCEPTANCE AMOUNT: EUR 1,000,000,000.
PRO-RATION: NO

...non è che brillino per quantità di info sul nuovo bond...

[Imark]

Mi terrei il tiolo corto, visto che l'intento mi sembra quello di allungare le scadenze...

[Gaudente]

INSTRUCTIONS NO LATER THAN 29/06/2010 14:00 C.E.T.
The New Notes Spread Indication will be announced on 30 June 2010.
The Offer Price will be determinate as from 1 July 2010 between 3:00 (p.m.) and 4:00 (p.m.) (Paris time).

e io che credevo di averle gia' viste tutte ... adesso si sono pure inventati gli swap al buio

[Pyrinos]

Grazie a tutti per le risposte.
Aspettavo il commento di Imark.
Mi avevano messo in ansia.
Dovevo decidere entro 1 ora senza sappere il tasso di interesse
e la data della nuova scadenza.
Mi proponevano anche di venderlo ed entrare su «NESTE OIL»᾿
Alla fine ho tenutto il titolo.
Grazie di nuovo

[Imark]

Originalmente inviato da Pyrinos

Grazie a tutti per le risposte.
Aspettavo il commento di Imark.
Mi avevano messo in ansia.
Dovevo decidere entro 1 ora senza sappere il tasso di interesse
e la data della nuova scadenza.
Mi proponevano anche di venderlo ed entrare su «NESTE OIL»᾿
Alla fine ho tenutto il titolo.
Grazie di nuovo

Secondo me, hai fatto bene, visto che la sola cosa chiara delle intenzioni di Veolia è la volontà di allungare le scadenze, e avevano una tale fretta di emettere il nuovo titolo da sostituire al vecchio che non hanno dato agli obbligazionisti neanche il minimo di informazioni occorrente per prendere una decisione.

L'altra eventualità da considerare sarebbe stata quella di vendere e di cambiare emittente, visto che questa fretta non è indicativa di nulla di buono...

Hai fatto bene, sempre per come la penso io, a lasciare perdere Neste Oil.

Non ho seguito la società, però vedo che i titoli sono illiquidi anche OTC e so che il comparto di appartenenza (il drilling & services petrolifero) va incontro ad almeno un paio di anni di andamento molto negativo....