Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (9 lettori)

pietro17elettra

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UPDATE 2-Egypt's foreign reserves drop by $4 bln on Ukraine war shock
07/04/2022 18:49 - RSF
(Adds $5 billion Saudi deposit)
CAIRO, April 7 (Reuters) - Egypt's net foreign reserves fell by nearly $4 billion in March, the central bank said on Thursday, after the war in Ukraine caused foreign investors to flee Egyptian treasuries, putting pressure on the currency.

The March reserves figure should have included a $5 billion deposit that Saudi Arabia said it placed with Egypt's central bank just before the end of March, indicating that the scope of the strain on reserves had been even greater. (news)

The pressure on the currency prompted the central bank to devalue the pound by 14% on March 21.

Reserves at the end of March fell to $37.082 billion from $40.994 billion at the end of February, the Central Bank of Egypt (CBE) said. Reserves had been just above $40 billion since November 2020.

Egypt's economy faltered as investors exited emerging markets following Russia's invasion of Ukraine. Egypt is a major importer of wheat from Russia and Ukraine, and both countries are important to Egypt's tourism sector.

"In the wake of the Russia/Ukraine crisis and in line with the CBE's mandate to maintain price stability, the CBE decided to temporarily mobilise its excess foreign currency reserves to calm the markets," a statement from the central bank said.

"Such mobilisation was aimed at covering substantial foreign investor outflows and partially covering local demand in order to ensure the availability of imported strategic goods and to repay external debt obligations in a timely manner."
Gulf Arab states have promised to channel up to $22 billion to Egypt in investments and deposits. (news)


(Reporting by Mahmoud Mourad and Ahmad Elhamy, writing by Aidan Lewis and Patrick Werr, editing by Mark Heinrich, Andrew Heavens and Barbara Lewis)
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captain sparrow

Forumer storico
Io credo che per poter sperare "in meglio" non abbiamo alternativa che aderire
il sig DURR ce lo ha messo proprio dur. quale migliore occasione di questa per procurarsi finanziamenti a tasso più che basso, anche in ottica di probabili futuri aumenti, per un bel pò di anni? ha preso la palla al balzo. ha anche la cittadinanza russa, se i costi sono aumentati anche il prezzo del latte e formaggi è aumentato. e non ha lasciato il business russo come altre aziende occidentali. non credo proprio nella nazionalizzazione. sicuramente non servirà a nulla, ma voterò no. come sempre gli emittenti tedeschi appena possono ......proprio dur.
 

captain sparrow

Forumer storico
As we have received numerous questions over the past few days regarding participation in our noteholders’ meetings on 9 and 10 May 2022, we would like to briefly outline our reasons for holding the noteholders’ meetings and provide an explanation of what documents you will need to participate.

Please note the following: Experience shows that only relatively few noteholders exercise their rights at a noteholders’ meeting, which is why numerous meetings have already failed because the necessary quorum of 50% of the nominal volume of the bond was not represented. For this reason, we urge you to exercise your right to vote and to authorize the company’s proxy or a third party of your choice if you do not plan to attend the meetings yourself. In doing so, you will help us and all noteholders to achieve a quorum, which is necessary for all further steps.

The conflict in Ukraine has confronted us with a new reality that hardly anyone could have foreseen. As a result of recent political and economic developments, including sanctions and counter-sanctions, the economic situation of the Ekosem-Agrar Group as a company operating in Russia has deteriorated considerably, especially with regard to financing. This is compounded by increased raw material prices and acute difficulties in the supply of many input materials, such as spare parts, packaging materials and input materials for arable farming in particular. Added to this are massive disruptions in monetary transactions between Russia and Germany. As we do not currently expect this situation to improve sustainably in the foreseeable future, we feel compelled to extend the two existing Ekosem-Agrar bonds under modified conditions in order to safeguard the company, the bonds and our economic ability to operate.

For the upcoming noteholders’ meetings, we would therefore like to call on all noteholders to make use of their voting rights by means of a proxy or to attend the meetings of the ESA bond 2012/2022 on 9 May 2022 and the ESA bond 2019/2024 on 10 May 2022 in Sinsheim in person.

Below, we would like to explain the necessary steps for both options:

  1. Participation in the meeting by granting power of attorney
    If you are unable to attend the noteholders’ meeting in person, you have the option of being represented at the meeting. This is possible in two different ways:
    1. Representation by a proxy of Ekosem-Agrar AG
      You have the option of issuing a power of attorney with instructions to the proxies designated by the issuer, Ms Maria Salo and Ms Irina Makey, i.e. the proxies will vote on your behalf. On the website of Ekosem-Agrar AG, you will find the corresponding form „Power of Attorney and Instructions to the Company Proxies” (here for the ESA bond 2012/2022 and for the ESA bond 2019/2024), which you are kindly requested to submit (together with the „Special Verification and Blocking Notice“, which you must request from your custodian bank) by mail, fax or e-mail prior to the meeting to the contact details of Link Market Services GmbH provided in the form. A copy of a photo ID is desirable, but not mandatory.

    2. Representation by a third party of your choice
      Alternatively, you have the option to authorize a third party of your choice to attend and vote at the meeting on your behalf. This is a simple power of attorney without instructions. A corresponding sample “Power of Attorney” form can also be found on our website (here for the ESA bond 2012/2022 and for the ESA bond 2019/2024). The granting of a power of attorney as well as a Special Verification and Blocking Notice of the grantor of the power of attorney must be submitted in text form at the latest upon admission to the noteholders’ meeting.
  2. Personal participation in the noteholders’ meeting
    If you would like to attend the noteholders’ meeting in Sinsheim in person, you must provide evidence of your entitlement to attend in the form of a „Special Verification and Blocking Notice“ by the time of admission at the latest. For this purpose, please contact your custodian bank in good time. A corresponding sample form can be found on our website for the bond 2012/2022 and for the bond 2019/2024. If you represent a noteholder at the meeting, you must also provide proof of your power of representation upon admission.

    For organizational reasons and against the background of the still ongoing COVID-19 pandemic, we would like to ask you to register in advance to attend the noteholders’ meeting. The registration form can also be found on our website under the links mentioned above. Although prior registration and mailing of the required documents is not mandatory to attend the noteholders’ meeting, it will facilitate registration and thus prevent waiting times for you and all other bondholders on the day of the meetings.
We look forward to your participation in the first noteholders’ meetings and will be happy to answer your questions at any time.

Kind regards,

Stefan Dürr Wolfgang Bläsi

M
 

gionmorg

low cost high value
Membro dello Staff
Ce l’ho solo io?
Non capisco che importo è stato rimborsato…
 

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