Perpetuals, Steepeners « Terug naar discussie overzicht

Griekse Perps en Steepeners, o.a Eurobank's EFG 6% En Alpha steepener

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Omlaag ↓

shaai 16 april 2014 21:25

EFG HELLAS FUNDING 6% 2005-49
fondscode 104221 , ISIN XS0234821345
(coupon in ieder geval laatste paar kwartalen overgeslagen)

Alpha Group non cum pref 2005
fondscode 15187 , ISIN DE000A0DX3M2
uit steepener draadje 2010:
"Rente tot 18/2/10 6%, daarna 4 * (10yr – 2yr CMS) met min. 3,25% en max. 10%;
Noncumulative preferred, perpetual; callable 18/2/15;"
toen een tijd niet verhandeld op A'dam:
"dus zeer illiquide!; iets beter verhandelbaar in Frankfurt)"

beide bij Alex verkrijgbaar en op Euronext Amsterdam gelist
disclaimer: ik heb de EFG, gekocht tussen eind oktober en begin maart.

shaai 16 april 2014 21:29

Eurobank perp stijgt flink, internationale beleggers van naam zijn van plan in te stappen. Wilbur Ross, (succesrijk met Bank of Ireland) en 'de Canadese Warren Buffett'

www.reuters.com/article/2014/04/15/gr...

www.eurobank.gr/Uploads/pdf/Press_Rel...

Tuesday, April 15, 2014

PRESS RELEASE

Eurobank Ergasias S.A. (“Eurobank”) announces that, following the approval by the Hellenic
Financial Stability Fund, Eurobank has signed an agreement with a group of investors (the
“Investors” and each an “Investor”) comprising of Fairfax Financial Holdings Limited
(“Fairfax”), WLR Recovery Fund V, L.P. and/or other investment vehicles managed by WL
Ross & Co. LLC (the “WLR Funds”), Capital Research and Management Company, acting in
its capacity as a discretionary investment manager for and on behalf of certain funds that it
manages (“Capital Research and Management Funds”), Mackenzie Financial Corporation,
acting in its capacity as discretionary investment manager for and on behalf of certain funds
that it manages (“Mackenzie Funds”), certain funds managed by Fidelity Management &
Research Company (together “Fidelity Funds”) and Brookfield International Bank Inc
(“Brookfield”), in relation to its capital increase to raise Euro 2,864 million as approved by the
Extraordinary General Meeting of its shareholders held on April 12th, 2014 (the “Capital
Increase”).

Under the terms of such agreement, each Investor, severally and not jointly and not in concert
with any other Investor, agreed to commit to subscribe for newly issued ordinary shares of
Eurobank at a price of Euro 0.30 per newly issued ordinary share (the “Investor Price”). The
aggregate commitments of all Investors amount to approximately Euro 1,332 million
(representing approximately 46.5% of the Capital Increase at the Investor Price), as set out in
the table below (the “Commitment Amount”):

Name of Investor Individual Investor Commitment
Amount

Fairfax €400,000,000
WLR Funds €37,500,000
Capital Research and Management Funds €556,801,260
Mackenzie Funds €172,000,000
Fidelity Funds €115,500,000
Brookfield €50,000,000

Total Investor Commitment Amount €1,331,801,260

Subject to the aggregate Commitment Amount not being reduced, any Investor (other than
Fairfax or WLR Funds) may assign its Individual Investor Commitment Amount to another
Investor.

The Investors will acquire the newly issued shares pursuant to, and as part of, the Institutional
Offering.

The following main terms and conditions will apply (for further detail relating to the Investor
commitment, please refer to the Greek Prospectus, which will be made public following its
approval by the Hellenic Capital Market Commission in advance of the Greek public offering):

p. 2 of 3
Allocation

• Should the final offering price resulting from the bookbuilding process be equal to the
Investor Price, each Investor has a guaranteed allocation for its own Commitment
Amount.

• Should the final offering price be higher than the Investor Price, each Investor has a right
to match for an amount up to its own Commitment Amount with guaranteed allocation.
Should any Investor decide not to exercise such right, a commitment fee of 1.5% of its
respective Individual Investor Commitment Amount will be paid to such Investor, to the
extent such shares are not taken up by one or more of the other Investors.

Corporate Governance

• Fairfax and WLR Fund declared their intention to actively participate in the corporate
governance of Eurobank.

• Based on Law 3864/2010, as amended by Law 4254/2014, should private participation
cover 50% or more of the Capital Increase, the Hellenic Financial Stability Fund will have
restricted voting rights on the existing Eurobank shares it owns.

• Should private participation cover 50% or more of the Capital Increase, the Hellenic
Financial Stability Fund agreed to commit to a 6-month lock-up period.

• The commitment agreement is not intended to render the Investors as persons acting in
concert for the purposes of Greek law.

Investors’ lock-up

Fairfax and WLR Funds committed to a 6 month lock-up period following completion of the
Capital Increase.

Conditions

The commitment of each Investor is subject to obtaining all necessary regulatory approvals
and consents and subject to the offering to international institutional investors in connection
with the Capital Increase not having been terminated and expires on 16 May 2014.

Hoover 18 april 2014 02:11

Dank je Shaai, deze draad had ik veel eeder willen zien

shaai 24 april 2014 18:39

Lang op ge-aast: aandelen Eurobank, maar ik wou ze niet boven de 40ct hebben.
vandaag een flinke dip (omdat de emissie-prijs ook voor de gewone Griek, en gewone institutionelen ze voor 30ct kunnen krijgen, denk ik?;
aha, ik zie nu Reuters: 0.30-0.33ct price range)
in.reuters.com/article/2014/04/24/gre...

Bleek dat ik ze bij Rabo en ING niet kan krijgen, bij Alex ook niet op Athene, niet op de erg illiquide Frankfurt notering, maar alleen OTC in de VS de ADRs (verhouding 2ADRs=1 aandeel).

vandaag in sonderangebot.

als je met de emissie mee kan doen is het wel NOG goedkoper (30ct), maar dat is erg beperkt.

seekingalpha.com/article/2153603-euro...

op de OTC waren de ADRs helemaal goedkoop bij opening, zoals ik hoopte en verwachtte (want ca -7% in Athene, dus paniek bij opening in de VS)
Alex fondscode 202488
www.otcmarkets.com/stock/EGFEY/quote

shaai 29 april 2014 18:37

de aandelen waren overtekend:

www.ft.com/intl/cms/s/0/65a81d72-cfa8...

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. www.ft.com/cms/s/0/65a81d72-cfa8-11e3...

April 29, 2014 3:35 pm
Eurobank rights issue returns Greek lender to private hands
By Robin Wigglesworth in London and Kerin Hope in Athens
©Bloomberg
Eurobank has pulled off one of the biggest capital raisings in Greek history, attracting more than €7bn of orders from big institutional investors and hedge funds for a €2.9bn rights issue that will return the country’s third-biggest bank to mostly private hands.
Eurobank’s recapitalisation follows those of Piraeus Bank and Alpha Bank, but their rights issues were heavily dependent on hedge funds, and they remain majority-owned by the Greek government.
More
ON THIS STORY
Greeks warned of €14.9bn financing gap
Greek bank borrowing costs fall
Creditors to begin Greek debt talks
National Bank of Greece plans bond launch
Greece to spend surplus on handouts for the poorest
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IN CAPITAL MARKETS
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Meanwhile, Eurobank attracted blue-chip cornerstone investors that include Fairfax Financial, Fidelity, Capital Group and famed distressed debt investor WL Ross, which was also a big investor in Bank of Ireland, and two Canadian pension funds, Brookfield and Mackenzie.
“It’s been a bumpy ride but we’re back, we’re well capitalised and we’re looking forward to contributing to the Greek recovery,” said Christos Megalou, Eurobank chief executive.
He said that members of the anchor investor group led by Fairfax and Capital Group would have seats on the bank’s board, marking the first time a foreign group will participate in corporate governance at a Greek bank.
Capital Group is the biggest single investor with €550m, while Fairfax put in €400m.
The capital raising makes Eurobank the first of Greece’s four big lenders to be largely privatised, with the stake held by the Hellenic Financial Stability Fund shrinking to 35 per cent.
Some of Eurobank’s new shareholders are expected to make further investments in Greece. Fairfax has already poured in more than €1bn, acquiring stakes in Eurobank Properties, the bank’s real estate subsidiary, and Mytilineos Holdings, a contractor and aluminium producer, as well as taking over the German DIY chain Praktiker’s Greek operation.
The presence of big-hitting “long-only” mutual funds as anchor investors triggered a scramble among hedge funds to get a slice of the action, leading the order book to overflow with bids. That allowed bankers on the deal – JPMorgan, Deutsche Bank and Barclays – to lift the price by 1 cent to 31 cents a share.
“Whilst the Greek economy faces considerable challenges on the road ahead, in our view the valuation being put on Eurobank makes this the most compelling investment case amongst Greek lenders,” said Achilles Risvas of Dromeus Capital, one of the hedge funds that participated.
The next Greek bank to tap the market will be National Bank of Greece, which is planning a €2.5bn share issue next month.

More video
Adding to the buoyant atmosphere, Moody’s on Tuesday lifted its outlook on the Greek banking sector from negative to stable, on expectations that the economy will finally begin to grow again this year after a six-year recession.
“The gradual economic recovery, coupled with Greek banks’ recapitalisations and regained access to interbank and international capital markets, will further ease funding pressures and lead to a gradual recovery of pre-provision profitability in 2015,” the rating agency said.

shaai 6 mei 2014 22:53

quote:
Lk-33 schreef op 6 mei 2014 20:35:

Alleen maar winnaars zou mooi zijn maar dat gaat natuurlijk nooit lukken.

de eurobank aandelen (en hun ADRs: www.otcmarkets.com/stock/EGFEY/quote ) begonnen als een dolle, maar zijn ondertussen geen winnaars meer. Wel een mooie reden om bij te kopen, en zo kreeg ik vaak bij uiteindelijke long-term winnaars erg (achteraf prettig) grote posities. Voorlopig ben ik bij EGFEY dus ook aan het bijkopen, en wellicht is het voor jullie ondertussen ook een mooie instapkoers. Wel nog steeds wat boven de koers waarop Wilbur Ross en anderen in konden stappen.

shaai 7 mei 2014 16:51

wel weer mooie discount van de ADR tov het aandeel in Griekenland:
www.bloomberg.com/quote/EUROB:GA
www.otcmarkets.com/stock/EGFEY/quote
www.adr.com/DRDetails/Overview?cusip=...

shaai 22 mei 2014 10:53

ik zit vol in de Eurobank aandelen, maar de perp er maar helemaal uitgedaan, ondanks aandringen krijg ik geen antwoord wanneer/waardoor getriggerd er weer couponnen komen.

met de laatste mail stuurden ze de meest recente notice, zoals ik die ook op Euronext zag staan dat ze het kwartaal niet betaalden.

Weet iemand er meer van?

---------- Forwarded message --

shaai 22 mei 2014 11:03

het lukt me niet om de mailwisseling te uploaden, ik krijg steeds eeen rare error.

Maar ik heb dus sinds 5 maart een stuk of 5 mails gesturd: of ze wel of niet coupons betalen (toen was trading op Euronext nog niet eens dirty).
Of er condities zijn opgelegd qua niet-betalen, of er condities zijn die betalingen pushen (in prospectus lees ik niet veel meer dan dat een dividend couponnen pusht)
0 antwoorden, totdat ik een hele simpele vraag stelde, vraag naar een persbericht waarop euronext zijn notice baseerde, en die ik kreeg ik zonder tekst als PDF document, waarin ook niet meer staat dan dat de coupon dat kwartaal niet wordt betaald.

slechte zaak, van hun IR.

shaai 6 november 2015 14:12

Hier had ik wel wat meer reuring verwacht ivm de echange offers van perps, prefs (en ook seniors) voor Griekse aandelen, bij bijv de Alpha Bank en Eurobank. je krijgt voor 50% vd nominaal aandelen vd bank, maar je moet wel voor Eur 100,000 aandelen hebben, dus ik wacht nog steeds op antwoord van Alex of dat betekent dat ik zou moeten bijkopen naar 200.000 nominaal, of dat ik moet verkopen omdat ik niet mee mag doen.

shaai 11 november 2015 10:33

Bericht van Alex bank: inderdaad voor Alpha bank deadline 15:00 vandaag. Alleen de dircecte resale optie mogelijk, of je moet >200.000 nominaal hebben om voor 100.000 aandelen te kunnen kopen, als retail belegger.

shaai 11 november 2015 10:45

Nee, net teruggebeld, inmiddels toch net gesloten.

shaai 11 november 2015 11:19

Voor de Eurobank stukken, met latere deadline geldt imo hetzelfde: of 200.000 nominaalin porto, anders alleen de resale optie beschikbaar, waar de aandelen Eurobank waarop wordt ingeschreven automatisch meteen verkocht worden, en je daarvan de opbrengst krijgt.
EFG HELLAS FUNDING 6% 2005-49
fondscode 104221 , ISIN XS0234821345

shaai 19 mei 2016 12:40

Eindelijk eens goed nieuws uit Griekenland...

www.reuters.com/article/greece-euroba...
It was Eurobank's first profitable quarter since the third quarter of 2011.

www.businesswire.com/news/home/201605...

ATHENS, Greece--(BUSINESS WIRE)--Alpha Bank, Eurobank and KKR Credit have reached a binding agreement today by which the banks agree to assign the management of credit and equity exposures to a selected number of Greek companies into a platform managed by Pillarstone.

“We have developed this innovative approach in partnership with Eurobank, Alpha Bank and EBRD, and look forward to the opportunity to make long-term capital available to Greek companies.”
Tweet this
Subject to final Board approval, the European Bank for Reconstruction and Development (EBRD) is considering co-investing in partnership with KKR and the banks.

The platform will provide fresh long-term capital and operational expertise to large Greek corporate borrowers helping them stabilize, recover and grow for the benefit of all stakeholders. The Greek banks will share in the upside as the businesses’ performance recovers.

shaai 25 mei 2016 09:20

www.bloomberg.com/news/articles/2016-...

IMF makes ‘major concession’ in Eurogroup negotiations
First aid payment to be made in June to cover debt servicing

Greece’s creditors reached an agreement that will allow the release of 10.3 billion euros ($11.5 billion) of aid and committed to ease the nation’s 321 billion euros of debt.

Ik heb nog maar weer eens bijgekocht in Eurobank

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