edesmo
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spesso sulle varie discussioni che riguardano la grecia, leggo richieste di informazioni su questo particolare warrant,premessa: le informazioni che riporto, sono state acquisite dalle rete, quindi non posso fornire alcuna garanzia sull'attendibilità
date in cambio dei vecchi GGB nel marzo 2012,
ritengo utile parlarne su una discussione specifica, per non disperdere le informazioni relative, ed evitare ricorrenti ripetizioni
GDP -linked securities
ISIN GRR000000010 scadenza 2042
per ogni 1000,00 euro nominali dei vecchi titotoli, ne sono stati assegnati 350,00 euro nominali quotati 1,00 all'emissione
vale a dire che i 350 euro nominali valevano virtualmente a mercato 3,50 euro nel momento dell'assegnazione
in conclusione, per ogni 1000,00 euro nominali dei vecchi titoli, si è ricevuto circa 3,50 euro di valore a mercato del GDP 2042
la promessa fatta dalla grecia, è quella di pagare una cedola del 1% a partire dal 2015,
solo se il PIL greco colpisce determinati obiettivi e riprende la crescita positiva del PIL in termini reali,
cosa poi da valutare di anno in anno
il valore di mercato, attestato intorno a 1,20 nei primi giorni di quotazione (aprile 2010),
è sceso rapidamente fino a quota 0,30 nei mesi estivi del 2012, per poi ripartire,
come un po' tutti i nuovi e vecchi GGB, e portarsi fino alla quotazione attuale di circa 1,15/1,20 euro
il valore nominale decresce nel tempo con questa sequenza:
anno - valore nominale
2012 - 100
2013 - 100
2014 - 100
2015 - 100 - (possibile evento pagamento massimo euro 1,00)
2016 - 100 - (possibile evento pagamento massimo euro 1,00)
2017 - 100 - (possibile evento pagamento massimo euro 1,00)
2018 - 100 - (possibile evento pagamento massimo euro 1,00)
2019 - 100 - (possibile evento pagamento massimo euro 1,00)
2020 - 100 - (possibile evento pagamento massimo euro 1,00)
dopo questa data (2020) il governo greco può, in qualsiasi momento,
attraverso una call option, decidere di ricomprarli al prezzo di mercato
2021 - 100 - (possibile evento pagamento massimo euro 1,00)
2022 - 100 - (possibile evento pagamento massimo euro 1,00)
2023 - 100 - (possibile evento pagamento massimo euro 1,00)
2024 - 095 - (possibile evento pagamento massimo euro 0.95)
2025 - 090 - (possibile evento pagamento massimo euro 0,90)
2026 - 085 - (possibile evento pagamento massimo euro 0.85)
2027 - 080 - (possibile evento pagamento massimo euro 0,80)
2028 - 075 - (possibile evento pagamento massimo euro 0.75)
2029 - 070 - (possibile evento pagamento massimo euro 0,70)
2030 - 065 - (possibile evento pagamento massimo euro 0.65)
2031 - 060 - (possibile evento pagamento massimo euro 0,60)
2032 - 055 - (possibile evento pagamento massimo euro 0.55)
2033 - 050 - (possibile evento pagamento massimo euro 0,50)
2034 - 045 - (possibile evento pagamento massimo euro 0.45)
2035 - 040 - (possibile evento pagamento massimo euro 0,40)
2036 - 035 - (possibile evento pagamento massimo euro 0.35)
2037 - 030 - (possibile evento pagamento massimo euro 0,30)
2038 - 025 - (possibile evento pagamento massimo euro 0.25)
2039 - 020 - (possibile evento pagamento massimo euro 0,20)
2040 - 015 - (possibile evento pagamento massimo euro 0.15)
2041 - 010 - (possibile evento pagamento massimo euro 0,10)
2042 - 005 - (possibile evento pagamento massimo euro 0,05)
ovviamente non c'è alcun rimborso del nominale alla scadenza
che io sappia, con le nostre banche è trattabile solo OTC, e neanche con tutte
per seguire le quotazioni, su alcune borse europee, visionate il link seguente:
GDP 2042
nel documento Exchange_Offer_Memorandum, le condizioni del GDP, sono descritte a pag 52/62
per ulteriori approfondimenti riservati ad appassionati matematici,Titoli PIL
The GDP-linked Securities will be (a) authorised and issued by the Republic pursuant to: (i) Law 2187/1994 (Government Gazette A 16/1994) of the Republic, as amended and in force, (ii) Law 2362/1995 (Government Gazette A 247/1995) of the Republic as amended and in force, (iii) Law 4050/2012 (Government Gazette A 36/2012) of the Republic, and (iv) a ministerial decision which will approve the terms and conditions of the GDP-linked Securities and the Trust Deed, and (b) constituted by the Trust Deed.
There are material differences between the Designated Securities and the GDP-linked Securities. Bondholders should consider carefully all such differences before any decision is made with respect to the Invitation and are urged to read the terms and conditions of the GDP-linked Securities in their entirety. The GDP-linked Securities contain the following features, including, without limitation:
(A)
the GDP-linked Securities will be issued in dematerialised and uncertificated form registered within the System for Monitoring Transactions in Book-Entry Securities of Law 2198/1994, a system which is subject to Greek law and managed by the Bank of Greece;
(B)
certain actions in relation to the GDP-linked Securities such as enforcement and modification can only be taken with the consent or direction of the holders of the requisite majority of the GDP-linked Securities. Subject to the Trust Deed, the Trustee shall (subject in each case to being indemnified and/or secured and/or prefunded to its satisfaction by the relevant holders), if so requested in writing by the holders of the requisite majority of GDP-linked Securities, take such proceedings against the Republic to enforce the payment of any amounts due under the GDP-linked Securities if the Republic fails to make such payment before the day falling 30 days after the due date for such payment; and
(C)
the GDP-linked Securities contain a purchase option which provides that the Republic may at its option on any one or more occasions elect to re-purchase any or all of the GDP-linked Securities on the terms set out therein as to price and where the Republic re-purchases some but not all of the GDP-linked Securities this will be effected on a pro-rata basis; and
(D)
all payments on the GDP-linked Securities will be made by the Republic without withholding or deduction for, or on account of, any present or future taxes, levies or duties of whatever nature imposed, levied, collected or assessed by or on behalf of the Republic or any political subdivision or taxing authority thereof ( Greek Withholding Taxes ), unless such withholding or deduction is required by law. In such event, the Republic will pay such additional amounts as may be necessary in order that the net payment made in respect of the GDP-linked Securities after such withholding or deduction for or on account of Greek Withholding Taxes is not less than the amount that would have been receivable in respect of the GDP-linked Securities in the absence of such withholding or deduction, subject to certain exceptions as set out in the terms and conditions of the GDP-linked Securities.
Terms and conditions of the GDP-linked Securities
The terms and conditions of the GDP-linked Securities set out below are subject to completion. The terms and conditions of the GDP-linked Securities set forth below should be read together with the Trust Deed, which will be entered into on or before the issue date of the GDP-linked Securities. When used in the terms and conditions of the GDP-linked Securities and this section “—GDP-linked Securities”, unless the context requires otherwise the term “GDP-linked Securities” means the GDP-linked Securities.
Terms used in this section “—GDP-linked Securities” shall have the meanings given them herein.
These securities (each Security of this Series, a GDP-linked Security , and collectively, the GDP-linked Securities , which expression shall, in these Conditions, unless the context otherwise requires, include any further GDP-linked securities issued and forming a single Series with the GDP-linked Securities) are:
(A)
authorised and issued by The Hellenic Republic (the Republic ) pursuant to: (i) Law 2187/1994 (Government Gazette A 16/1994) of the Republic, as amended and in force, (ii) Law 2362/1995 (Government Gazette A 247/1995) of the Republic, as amended and in force, (iii) Law 4050/2012 (Government Gazette A 36/2012) of the Republic, and (iv) a ministerial decision which approves these Conditions and the trust deed dated [●] 2012 (the Trust Deed ) made between the Republic and Wilmington Trust (London) Limited (the Trustee , which expression shall include its successor(s)) as trustee for the Holders of the GDP-linked Securities; and
(B)
constituted by the Trust Deed.
The GDP-linked Securities shall be Securities for the purposes of the Trust Deed. Terms used but not defined herein shall have the respective meanings given to them in the Trust Deed. The Holders are entitled to the benefit of, are bound by, and are deemed to have notice of, all the provisions of the Trust Deed applicable to them.
The only amounts payable in respect of this GDP-linked Security are the payments contingent upon and determined on the basis of the performance of the gross domestic product of the Republic referred to herein. The Notional Amount of this GDP-linked Security will be used only to calculate payments payable to Holders of this GDP-linked Security and for certain other purposes described herein and in the Trust Deed. Holders of this GDP-linked Security are not entitled to receive principal in the amount of, or interest based on, such Notional Amount.
The Trust Deed is available for inspection, during normal business hours at the office for the time being of the Trustee at 1 King's Arms Yard, London EC2R 7AF, United Kingdom.
consultare questo utile articolo nel link a seguire:
GRR000000010 | valueandopportunity