Obbligazioni perpetue e subordinate SNS Reeal in diretta: storia di un esproprio - Notizie, informazioni e commenti (9 lettori)

Quante SNS T1 + Lt2 Nominale Sub oggetto del furto avete in portafoglio

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  • 30k

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  • 50k

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  • 75k

    Votes: 6 4,0%
  • 100k

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  • 150k

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  • 200k

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  • 300k

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  • Total voters
    149

ascot

Forumer attivo
Vediamo quanto offriranno da 30 in su per la lt2 potrei anche rinunciare alla causa

i termini per presentare ricorso scadono PRIMA della pronuncia definitiva della Corte d'appello olandese circa la congruità o meno dell'indennizzo proposto da JD, se non sbaglio.
quindi se è così, bisognerebbe cautelativamente presentare ricorso.
occorrerebbe il parere di Zorba in merito a ciò....
 

belindo

Guest
L' espropiazione non perde tempo ecco 2 documenti con cui mi espropriano i titoli dal deposito titoli inviatemi dalla banca


Interessante il trafiletto finale

Compensation:
The Minister of Finance will very shortly (within 7 days from 01-02-2013) announce what compensation, if any, will be offered to expropriated parties. Subsequently, the Enterprise Chamber of the Court of Appeal in Amsterdam will determine whether such offer is appropriate, and this court will then determine the amount of compensation to be awarded.


La data sembra il 1/2/2013 confermata, quindi credo sia valuta
 

CristianF

Nuovo forumer
SNS Reaal to test CDS auction process

LONDON, Feb 5 (IFR) - The nationalisation of SNS Reaal looks set to test the robustness of the process for determining payouts on credit default swap protection, after the International Swaps and Derivatives Association Determinations Committee accepted a credit event question on Monday.

The Dutch Ministry of Finance announced last Friday it was expropriating various SNS Reaal bonds, including Tier 1 and Lower Tier 2 securities that will be fully written down.

While this should be a clear-cut CDS trigger once the bondholders have been wiped out, there is a danger that inherent flaws in the restructuring credit event could lead to CDS holders not receiving appropriate payouts on the protection they've bought.

"Based on the information available, the CDS should not have triggered at this point in time. All that has happened is the sub debt has been expropriated and there has been a non-binding announcement that it will be converted into equity," said one London-based derivatives lawyer.

"As and when the debt is written down the CDS should trigger. The problem with that is that the bond won't then exist, meaning it won't be deliverable into a CDS auction."

In the normal course of events, SNS Reaal's sub bonds would be used in an auction process to determine a CDS payout that should compensate for losses sustained on bond positions.

This works well for most CDS credit events except for debt restructurings. There is a good chance the bonds in question will already have been exchanged or written down before the CDS auction can take place. This exposes a crucial flaw in CDS, as protection holders are unlikely to receive a fair payout.

In the most high profile example, Greece's EUR100bn restructuring last year, the payout on CDS following the auction was in line with bondholder losses. Credit experts admitted this result was a complete fluke because at the time of the auction the new bonds traded at the same, depressed level (around 20) as where the old bonds had been prior to the restructuring.

The new bonds have since rallied sharply.

ISDA has since vowed to fix the bond deliverability issue as part of its overhaul of its credit definitions.

GOVERNMENT'S CHOICE

As the Dutch government will own the bonds, it will have the final decision on how to handle a potential CDS trigger and auction. It may well be a secondary consideration: in stark contrast to the USD3.2bn of net notional outstanding at the time of the Greek CDS trigger, SNS Reaal does not even figure in the top 1000 CDS names, according to the DTCC.

"Beyond the credit event, there remains uncertainty on the subordinated deliverable, given the bonds are no longer held by investors," BNP Paribas analysts wrote in an investor note last Friday.

"However, they are owned by the Dutch government, unless converted into equity or cancelled, on which we do not have any information."

ISDA may try to follow a tactic deployed in the restructuring of some of the Irish banks, which it also tried in Greece, but which was rejected by the authorities. This involved ensuring that at least one liquid bond was not exchanged in the restructuring until after a CDS auction could be held, in order to provide a potential "old" bond that would be deliverable.

The London-based lawyer said delivering senior debt into the auction may be another option, although this would be unlikely to give an appropriate payout on the CDS as it will be trading at a much higher price than the sub debt. (Reporting By Christopher Whittall; editing by Alex Chambers and Julian Baker.)
 

belindo

Guest
Nessuno ha avuto comunicazione simile da Binck?
Allucinante l'incertezza che regna :-(

io ho visto che mi hanno contabilizzato l'operazione con valuta 4/2/2013, adesso cominciamo a leggere di persone che hanno avuto l'esproprio venerdi 1/2/2013.
Non so come si comporterà la banca.
Ho telefonato e loro credo correttamente dicono che fino a che non avranno ordini diversi da Euronext tratterano il titolo come hanno sempre fatto.
 

bamboccione

finalmente libero
Io ho venduto le perpetual il 30... non le ho più in ptf e nessuno mi ha detto niente.
Penso che l'operazione sia andata a buon fine.
 

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