Martilde
Forumer attivo
Grazie, era quello che anch'io avevo capito.
Obbligazioni MPS (3 lettori)
- Creatore Discussione Trading Stern
- Data di Inizio
Grazie, era quello che anch'io avevo capito.
Cat XL
Shizuka Minamoto
Resa dei conti...
Paschi's Lowest-Ranked Bondholders Ask for $137 Million
Paschi's Lowest-Ranked Bondholders Ask for $137 Million
Sonia Sirletti
Tom Beardsworth
12 Jul 2017, 18:35 pm 12 Jul 2017, 15:21 pm
(Bloomberg) -- Holders of Banca Monte dei Paschi di Siena SpA’s lowest-ranking debt said they want reimbursement equal to twice the market value of the notes.
Owners of 1 billion euros ($1.14 billion) of so-called FRESH bonds are seeking recovery of 120 million euros in the form of new notes paying interest of at least 6 percent, according to a document dated July 10 that was seen by Bloomberg.
A spokesman for Siena-based Monte Paschi declined to comment. The notes, which haven’t paid coupons since 2012, are quoted at 6 cents on the euro compared with almost 20 cents in November, according to data compiled by Bloomberg. Last year Monte Paschi offered holders of FRESH to swap the notes for equity at 23.2 percent of their face value, as part of a rescue deal that collapsed the following month.
Monte Paschi turned to Italy for help after it failed to raise funding from investors in December. Shareholders and the majority of junior bondholders were hit as a condition of the rescue, with Italian taxpayers taking about 70 percent ownership of the bank and higher-ranked junior bondholders being forced to swap their notes for a minority stake.
The government decree on the state’s rescue of Monte Paschi may wipe out the value of the bonds by converting them into equity. A former decree approved in December detailing the treatment of subordinated bonds amid Monte Paschi’s precautionary recapitalization didn’t mention this specific bond, raising uncertainty regarding the terms of its conversion.
Monte Paschi to Reduce 5,500 Jobs, Assets in Rescue Plan
Riccardo Quagliana, general counsel at Monte Paschi, said during a conference call with analysts last month that before taking any specific action on the FRESH bonds, “we are still waiting for the wording that will be issued in the new decree the government is expected to issue by the end of July.”
The July 10 document, in which the holders seek permission to appoint a Luxembourg-based lawyer to represent them, also suggests the bank pay costs to the group and its advisers equivalent to 1.5 percent of the face value of their notes. FRESH bondholders will meet July 26 to vote on the proposal and name a representative to make a formal offer to the bank, according to the document.
Paschi's Lowest-Ranked Bondholders Ask for $137 Million
Paschi's Lowest-Ranked Bondholders Ask for $137 Million
Sonia Sirletti
Tom Beardsworth
12 Jul 2017, 18:35 pm 12 Jul 2017, 15:21 pm
(Bloomberg) -- Holders of Banca Monte dei Paschi di Siena SpA’s lowest-ranking debt said they want reimbursement equal to twice the market value of the notes.
Owners of 1 billion euros ($1.14 billion) of so-called FRESH bonds are seeking recovery of 120 million euros in the form of new notes paying interest of at least 6 percent, according to a document dated July 10 that was seen by Bloomberg.
A spokesman for Siena-based Monte Paschi declined to comment. The notes, which haven’t paid coupons since 2012, are quoted at 6 cents on the euro compared with almost 20 cents in November, according to data compiled by Bloomberg. Last year Monte Paschi offered holders of FRESH to swap the notes for equity at 23.2 percent of their face value, as part of a rescue deal that collapsed the following month.
Monte Paschi turned to Italy for help after it failed to raise funding from investors in December. Shareholders and the majority of junior bondholders were hit as a condition of the rescue, with Italian taxpayers taking about 70 percent ownership of the bank and higher-ranked junior bondholders being forced to swap their notes for a minority stake.
The government decree on the state’s rescue of Monte Paschi may wipe out the value of the bonds by converting them into equity. A former decree approved in December detailing the treatment of subordinated bonds amid Monte Paschi’s precautionary recapitalization didn’t mention this specific bond, raising uncertainty regarding the terms of its conversion.
Monte Paschi to Reduce 5,500 Jobs, Assets in Rescue Plan
Riccardo Quagliana, general counsel at Monte Paschi, said during a conference call with analysts last month that before taking any specific action on the FRESH bonds, “we are still waiting for the wording that will be issued in the new decree the government is expected to issue by the end of July.”
The July 10 document, in which the holders seek permission to appoint a Luxembourg-based lawyer to represent them, also suggests the bank pay costs to the group and its advisers equivalent to 1.5 percent of the face value of their notes. FRESH bondholders will meet July 26 to vote on the proposal and name a representative to make a formal offer to the bank, according to the document.
sandrino
Forumer storico
Io resto dell'idea che ai bondholders non coperti dal ristoro in senior debba essere offerta la possibilità di scelta tra azioni nude e crude o nuove emissioni AT1.
Funzionali alla causa, non stravolgerebbero la ratio dell'investimento, sarebbero comunque utili in ottica cuscinetto.
Cat XL
Shizuka Minamoto
Sandrino
Questo e' un bond con un prospetto e legal opinion poco chiari. Ne abbiamo e no ho parlato parecchio in passato. Mi stupisco che non sia stato convertito. Vediamo che faranno.
sandrino
Forumer storico
marcob77
Moderator
avresti qualche dettaglio "legale" da condividere?
io mi sono fatto questo film...
T1 non sono intaccabili, ma se non li converto e li escludo dalla procedura della brrd allora devo coinvolgere i senior...ma NON voglio coinvolgere i senior quindi faccio cmq un decreto che converte tutti e poi se qualcuno fara ricorso e vincerà...l'importante è che non ho coinvolto gli obbligazionisti senior..
io mi sono fatto questo film...
T1 non sono intaccabili, ma se non li converto e li escludo dalla procedura della brrd allora devo coinvolgere i senior...ma NON voglio coinvolgere i senior quindi faccio cmq un decreto che converte tutti e poi se qualcuno fara ricorso e vincerà...l'importante è che non ho coinvolto gli obbligazionisti senior..
sandrino
Forumer storico
marcob77
Moderator
sì scusami, non ti ho quotato.
lagonzaga
Forumer attivo
Il totale in circolazione dell t1 sono 402 mil se vogliono trovare una soluzione credo che la possano trovare.
Imporre la conversione e allo stesso tempo imporre un haircut del 25% mi sembra che vogliono invitare a nozze gli uffici legali di mezzo continente.
Nella precedente offerta fatta nel Novembre 2016 il prezzo era 85 + veniva pagato un determinato ammontare di cedole che in pratica portava vicino al nominale.
Stiamo a vedere i decreti attuativi entro fine mese si avrà ben chiaro tutto il dettaglio.
