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Datum: Heute, 14:19
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Meinung der UBS zum Plan bei BTA:
Second restructuring terms agreed Terms better than expected We place BTASKZ’18 on a HOLD following today’s BTA announcement that an agreement was made on a non-binding term sheet on restructuring of US$11.2 bn of financial debt with a steering committee excluding Nomura. Holders of Senior notes, Recovery notes and Original Issue Discount notes are to receive new notes and cash. New notes are to have US$750 mn notional, 5.5% coupon and maturity in 2022. There is currently no clarity as to the ranking of the New notes. Holders of US$2,247 mn senior notes would receive US$957.8 mn in cash plus US$88.6 mn of New notes or 42.6 c/US$ in cash plus 3.95 c/US$ in new notes a total payout of 46.6 c/US$. Holders of US$5,107 mn of recovery notes would receive US$660.2 mn in cash plus US$61.2 mn in new notes or 12.9 c/US$ in cash and 1.2 c/US$ in new notes a total payoff of 14.1 c/US$. The amounts to be repaid to subordinated noteholders are to be determined by the bank and would not change the entitlements of other creditors. Currently the total cash payment is US$1,618 mn or 14.4 c/US$ and total new notes are US$750 mn or 6.7 c/US$ implying a total payoff of 21.1 c/US$ on the US$ 11.2 bn financial debt being restructured. This might change once the restructuring terms of subordinated notes are announced. Samruk-Kazyna provided a generous support package of conversion of deposits into equity increasing its shareholding of the bank, increasing coupons to 6% from 4% on its bonds which are held by BTA and providing a US$1.592 bn loan at up to 4% p.a. coupon to BTA which is subordinated to new notes. We note that SK’s deposit as of 9M11 IFRS stood at US$2.1 bn We note that total cash payoff of US$1618 mn is US$26 mn above SK loan. This US$26 mn is to be paid to recovery note holders from the existing recovery units collection account. Post restructuring the bank would restore its T1 capital ratio above 10% under BASEL II with profitability to be restored after 2014. The restructuring is expected to be completed by end of FY12. Ich bleibe vorerst mal drin. Die gebotenen 37 erscheinen mir noch zu wenig |
Mittwoch, 3. Oktober 2012
BTA // We place BTASKZ’18 on a HOLD following today’s BTA announcement that an agreement was made on a non-binding term sheet on restructuring of US$11.2 bn of financial debt with a steering committee
Montag, 1. Oktober 2012
Belize Didn't Default On Superbond
Belize Didn't Default On Superbond
posted (September 20, 2012)
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posted (September 20, 2012)
When we left you last night - the conclusion was that Belize had defaulted on its Superbond debt - but tonight, it seems not. A press release coming from the Coordinating Committee of Belize Bondholders - which represents the owners of more than 50% of the Superbond - issued a release today saying two important things: One, that they've given a 60 day extension on the payment due date for talks to progress, and two, that the Government has made a partial payment of the interest payment that was due on August 20th. That partial payment is 23.4 million Belize dollars, half of the 46 million that was due.And the release from the Committee also shows a marked change of tone. Whereas in the past they complained about lack of information and dialogue, today's release says quote, "conversations with the GOB are progressing towards a mutually agreeable restructuring of the Bonds and both sides have identified an appropriate framework to advance negotiations."
The Committee welcomes the partial payment and in exchanges co-chair AJ Mediratta offers, quote "the Committee has agreed not to seek legal remedies for a period of 60 days…The Committee is recommending that other bondholders refrain from seeking legal remedies during this period."
So, no legal action and where it once complained about a lack of information, the release now says, quote, "The Committee takes note of the debt servicing challenges facing Belize."
It's a Kumbaya moment for sure, but there are tough days ahead and a press release from the government of Belize says negotiations will advance on quote, a "workable approach to accounting for the effect on Belize's debt servicing capacity."With the breathing room that this agreement gives, the next major development are expected in October when government starts to formally offer to exchange the existing bonds.
The Committee welcomes the partial payment and in exchanges co-chair AJ Mediratta offers, quote "the Committee has agreed not to seek legal remedies for a period of 60 days…The Committee is recommending that other bondholders refrain from seeking legal remedies during this period."
So, no legal action and where it once complained about a lack of information, the release now says, quote, "The Committee takes note of the debt servicing challenges facing Belize."
It's a Kumbaya moment for sure, but there are tough days ahead and a press release from the government of Belize says negotiations will advance on quote, a "workable approach to accounting for the effect on Belize's debt servicing capacity."With the breathing room that this agreement gives, the next major development are expected in October when government starts to formally offer to exchange the existing bonds.
Dienstag, 21. August 2012
EMTA has recommended flat trading for the 2029 Bonds. EMTA Members may Click Here for the full text of this Market Practice recommendation;
As
you may be aware, Belize did not make the coupon payment on August 20
on its U.S. Dollar Step-Up Bonds due 2029. EMTA Members may Click Here
for the Belize Finance Minister announcement to this effect.
Accordingly, EMTA has recommended flat trading for the 2029 Bonds. EMTA
Members may Click Here for the full text of this Market Practice recommendation; or you may copy and paste the following links into your internet browser: http://www.emta.org/WorkArea/linkit.aspx?LinkIdentifier=id&ItemID=7499, http://www.emta.org/WorkArea/linkit.aspx?LinkIdentifier=id&ItemID=7500.
EMTA offers a wide range of Emerging Markets information. Please see our website at:http://www.emta.org/.
This e-mail was sent from EMTA, Trade Association For The Emerging Markets (eramirez@emta.org) to rolfjkoch@web.de.
EMTA offers a wide range of Emerging Markets information. Please see our website at:http://www.emta.org/.
This e-mail was sent from EMTA, Trade Association For The Emerging Markets (eramirez@emta.org) to rolfjkoch@web.de.
Mittwoch, 15. August 2012
EMTA Members may access the Statement from Belize Coordinating Committee in connection with the Belize Release of Indicative Restructuring Scenarios
EMTA Members may access the Statement from Belize
Coordinating Committee in connection with the Belize Release of Indicative
Restructuring Scenarios by clicking the aforementioned links; or you may copy and paste the following links into your internet browser: http://www.emta.org/WorkArea/linkit.aspx?LinkIdentifier=id&ItemID=7493, http://www.emta.org/WorkArea/linkit.aspx?LinkIdentifier=id&ItemID=7494
EMTA offers a wide range of Emerging Markets information. Please see our website at: www.emta.org.
This e-mail was sent from EMTA, Trade Association For The Emerging Markets (eramirez@emta.org) to rolfjkoch@web.de.
EMTA offers a wide range of Emerging Markets information. Please see our website at: www.emta.org.
This e-mail was sent from EMTA, Trade Association For The Emerging Markets (eramirez@emta.org) to rolfjkoch@web.de.
Donnerstag, 9. August 2012
UPDATE 1-Belize lays out 'superbond' restructuring options // Belize geht wohl die Luft aus und überlegt die A0LNPG zu restrukturieren …
UPDATE 1-Belize lays out 'superbond' restructuring options
By Mike McDonald
GUATEMALA CITY, Aug 9 (Reuters) - Investors in Belize's
so-called superbonds will be asked to take a haircut of up to 45
percent on the investments under restructuring options put
forward by the country's government this week.
Prime Minister Dean Barrow has said the small Central
American country cannot afford to service the $550 million
dollar bond, which started with a coupon payment
of 4.25 percent but steps up this year to 8.5 percent.
Restructuring options include cutting the principal to be
repaid by 45 percent and extending the maturity date to 2042
from the current 2029, according to a document on the Belize
central bank's website, dated Aug. 8.
The interest rate on the bond, which accounts for about half
Belize's government debt, would be cut to either a flat 3.5
percent throughout the term of the loan or step up from 1
percent in 2019 to 4 percent by 2042.
A third option would involve extending the term to 2062, no
discount on the principal, a 15-year grace period on principal
payments and a flat interest rate of 2 percent.
Godwin Hulse, a senior member of the government's
restructuring team, said the haircut was an option given the
bonds were trading below 50 cents but no final decision had been
taken.
"We've just posted those scenarios on the website and are
reviewing some of the responses that are coming in," he said in
a telephone interview.
Exotix economist Stuart Culverhouse said the proposal was
even more negative for bondholders than expected.
"We retain our 'Sell' recommendation on Belize's super
bond," he said in a research note.
The yield on the bond jumped 3.5 percentage points after the
announcement to 23.4 percent, according to Reuters pricing.
Investors are due to receive a $25 million interest payment
on the bond on Aug. 20 and Belize has said it has budgeted to
make it.
Asked to confirm the August payment, Hulse said: "We are
going (one) step at a time ... we are having a (meeting) next
week where we will discuss all the details. Next week we will
have responses from bondholders and institutions."
Donnerstag, 2. August 2012
10 1/4 % (ex 7 3/4 %) Notes:China Forestry Holdings Co Ltd:2010-17.11.15 Sr Reg S
10.25 CN For15SrN-S (XTR) - 17.11.2015 Price: 62.5 USD Chg. (in%): ±0 USD (±0.00% ) Volume: -
10 1/4 % (ex 7 3/4 %) Notes:China Forestry Holdings Co Ltd:2010-17.11.15 Sr Reg S
10 1/4 % (ex 7 3/4 %) Notes:China Forestry Holdings Co Ltd:2010-17.11.15 Sr Reg S
| Symbol: | Type: | Floating Rate Note | Industry: | Papier/Holz | |
| Valor: | 12009694 | Domicile: | Kaimaninseln | Exchange: | Xtrakter |
11 3/4 % Notes:Renhe Commercial Holdings Company Ltd:2010-18.5.15 Sr Reg S
| 11.75 Renhe15 SrN-S (XTR) - 18.05.2015 Price: 54.72 USD Chg. (in%): 11 3/4 % Notes:Renhe Commercial Holdings Company Ltd:2010-18.5.15 Sr Reg S
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Sonntag, 15. Juli 2012
Belize’s bondholders have formed a creditors committee out of concern that the Central American country will become the next sovereign to default on its debts.
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http://www.ft.com/cms/s/0/70a497c6-b...#ixzz1xl2unuVC
By Robin Wigglesworth Belize’s bondholders have formed a creditors committee out of concern that the Central American country will become the next sovereign to default on its debts. The ad hoc committee, representing holders of more than $200m of the $547m bond due in 2029, said it had been formed after the government indicated it could “amend certain terms” of the bond. · The bond has been trading at a subdued price for some time, as investors have widely expected a debt restructuring. Moody’s this month cut Belize’s credit rating for a second time this year, down to Ca, citing a likely restructuring and the country’s weak economic growth. The bond was approved in 2007 in an effort to consolidate the country’s debt, which totals about $1bn, more than 70 per cent of Belize’s $1.4bn gross domestic product, according to the central bank. “While we are sympathetic to the challenges facing Belize, any proposed amendment that results in a net present value or principal loss to creditors would not, based on the committee’s current understanding of the situation in Belize, be considered acceptable or, for that matter, necessary,” said AJ Mediratta, a partner at Greylock Capital Management and chairman of the creditors committee. Greylock Capital was one of the hedge funds that sat on Greece’s creditors committee this year. Belize’s creditors committee is advised by BroadSpan Capital, a Latin America-focused investment banking boutique that also advised international creditors to Saint Kitts and Nevis, the Caribbean island federation, in debt restructuring this year. Dean Barrow, Belize’s prime minister, said last week that the government’s debt restructuring team had met officials from the International Monetary Fund and the Inter-American Development Bank and feedback had been positive. “In the case of the IDB, we’re also asking them to partially guarantee the restructured bonds and those conversations, as I understand it, went well, very well indeed,” he told reporters, according to Reuters. “It’s important to get the IDB and the IMF on board, number one, so that the figures we put out to the bondholders can be certified as being real and legitimate.” |
Gläubiger der Australian-Mining-Anleihen A0DHP9, Laufzeit 2004/2009/2011 sowie A0T41B Laufzeit 2008/2015 und A1AQSU Laufzeit 2009/2013.
Australian-Mining: Anleger wollen Geld zurück
| Die Gläubiger der drei Anleihen von Australian-Mining werden in Kürze gebeten zuzustimmen, dass ihr Geld zumindest teilweise weg ist. Es geht um insgesamt 42 Mio. €. Die Gelder der Anleger sind seit 2004 in eine Kohlemine in Australien geflossen. Diese Mine Syntech ist tatsächlich mit zusätzlichen Geldern der amerikanischen Investmentbank Goldman Sachs in Betrieb gegangen; wenn auch mit erheblichen Verzögerungen und Verteuerungen; nicht zuletzt durch das Hochwasser zu Beginn des Jahres 2011. Das erklärt Erik Schäfer, einer der Initiatoren von Australian-Mining. Goldman Sachs war in Folge dieser Verzögerungen und Verteuerungen rechtlich in der Lage, die Mine zu verkaufen. Sie produziert jetzt für Yancoal aus China. Goldman Sachs hat seine Kredite an Australian-Mining aus dem Verkaufserlös weitgehend tilgen können. Die Gläubiger der drei Australian-Mining-Anleihen gehen leer aus. Das bestätigt Erik Schäfer. Er ist gleichzeitig für die Direct Invest AG in Düsseldorf tätig. Kunden der Vermögensverwaltung von Direct Invest haben Australian-Mining-Anleihen übernommen. Die Papiere sind ansonsten über die Freiverkehrsbörse Open Market platziert worden. Zinsen werden nicht mehr gezahlt. Die erste Anleihe sollte bereits 2009 zurückgezahlt sein. Die zweite und dritte Anleihe laufen noch bis 2013 bzw. 2015. Hoffnungen auf ein Wunder aus Australien macht Erik Schäfer den Anlegern nicht. Er will den Schaden in den nächsten Jahren – zumindest ansatzweise – wieder gut machen; durch Abtretung von Erlösen, die aus zwei Minen-Beteiligungen der Familie Schäfer in der Türkei zu erwarten sind. Der Verzicht auf Anleihenennwerte gegen die Abtretung von Erlösen wird Gegenstand der Versammlungen sein, zu denen die Anleihegläubiger nun einberufen werden. Dabei wird es darauf ankommen, dass die Gläubiger sich sachgerecht und vehement vertreten lassen; nicht zuletzt in den zu wählenden Gläubigervertretungen. Die Minenprojekte in der Türkei sind nach Auskunft von Erik Schäfer weit fortgeschritten. Sie sollen aber nicht (Teil)-Eigentum der Anleihegläubiger von Australian-Mining werden: Es ist vorgesehen, den Gläubigern einen Anspruch auf einen Teil der zu erwartenden Erlöse aus den Beteiligungen rechtlich zuzusichern. Das Konzept wird nun in Kürze wirklich vorgestellt, heißt es in Düsseldorf. Eine ähnliche Ankündigung wurde schon früher gemacht, aber nicht verwirklicht. Es wird zu prüfen sein, inwieweit Erik Schäfer und Kollegen zunächst für die eingetretenen Verluste mit den drei Anleihen juristisch in Anspruch genommen werden können. Es wird ferner zu prüfen sein, inwieweit es akzeptabel ist, auf solche Ansprüche und/oder auf die Insolvenz von Australian-Mining zu verzichten, um künftig – wie lange und in welcher Höhe auch immer – Einnahmen aus der Türkei zu erzielen: aus der Förderung von Eisenerz, Mangan und Chrom. Betroffen sind die Gläubiger der Australian-Mining-Anleihen A0DHP9, Laufzeit 2004/2009/2011 sowie A0T41B Laufzeit 2008/2015 und A1AQSU Laufzeit 2009/2013. Düsseldorf, 12.07.2012 Rechtsanwälte Dittke, Schweiger, Kehl, dskp.de http://www.dskp.de/kanzlei/557-australian-mining-anleger-wollen-geld-zurueck.html |
Bonds:Government of Belize:2007-20.2.29 Reg S Step Up (UNSUBORDINATED)
KleinKinderBond min 100 USD
Step Up
.Kupon bis 02/10: 4,25%
bis 02/12: 6,00%
bis 02/29: 8,50%
Finanzinnovation!
Step Up
.Kupon bis 02/10: 4,25%
bis 02/12: 6,00%
bis 02/29: 8,50%
Finanzinnovation!
| USP16394AF89 Belize Govt 29 SU-S (XTR) - 20.02.2029 Price: 52.9 USD Chg. (in%): Bonds:Government of Belize:2007-20.2.29 Reg S Step Up (UNSUBORDINATED)
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Mittwoch, 4. Juli 2012
Anleihen aus Afrika Schwarzer Kontinent weckt das Interesse der Investoren
Anleihen aus Afrika Schwarzer Kontinent weckt das Interesse der Investoren
28.06.2012 · Die Elfenbeinküste profitiert von einem Schuldenerlass und wird auf den Rentenmärkten besser akzeptiert. Investoren entdecken lokale Anleihen aus Schwellenländern.
Von Christian Hiller
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