Wednesday, 28 March 2012

No quorum on the CHF meeting. Results for other bonds

 Here is the result of the bondholder's meeting list so far. A total of 3billion have either rejected the amendment or failed to reach a quorum. Only 2 bonds voted yes to the exchange thus far totalling 456million. These are the results of the voting on the 27th as published by the Greek government.

Issuer Category ISIN  Result
Hellenic Railways ForLawGuar  FR0000489676  Not Passed
Hellenic Railways ForLawGuar  XS0208636091  Inquorate
OASA ForLawGuar  XS0354223827 Not Passed
Hellenic Railways ForLawGuar  XS0165688648  Not Passed
GREECE CHF  CH0021839524  Inquorate
Hellenic Railways ForLawGuar  XS0142390904  Not Passed
OASA ForLawGuar  XS0198741687 Inquorate
Hellenic Railways ForLawGuar  FR0010027557 Not Passed
Hellenic Railways ForLawGuar  XS0193324380 Inquorate
Hellenic Railways ForLawGuar  XS0215169706 Inquorate
OASA ForLawGuar  XS0308854149 Passed
Hellenic Railways ForLawGuar  XS0160208772 Inquorate
Hellenic Railways ForLawGuar  XS0280601658 Passed

With regards to the CHF bond Apparently (link here the bondholder's meeting (10am today in Zurich) to decide the fate of the CHF Greek bond failed to reach a quorum (Report is unconfirmed). The Swiss stock exchange report is here In this case the extraordinary resolution was not passed. This means that they will try again in the next few days/weeks. If the result is again negative then either Greece would have to keep on servicing the bonds or they will declare a stop in payments. Namely, a moratorium. This obviously is more seriously than the restructuring event due to the CAC.

This is what is been reported:

Official Notice

Nr: 76748
Title: Hellenic Republic CHF 650,000,000 2.125% Bonds due 5 July 2013
Valor-No.: 2183952
ISIN: CH0021839524

Subject: Results of Meeting

of the holders (the Bondholders ) of the outstanding
CHF 650,000,000 2 1/8% Bonds Due 5 July 2013 (ISIN: CH0021839524)

issued by

The Hellenic Republic
NOTICE IS HEREBY GIVEN to the Bondholders that no quorum was present at the meeting of such holders convened by the Notice
dated 24 February 2012 published on the website of the SIX Swiss Exchange ( (the Notice of
Meeting ) and held on 28 March 2012 (the Meeting ) at which the Extraordinary Resolution set out in such Notice of Meeting
relating to amendments to the Bonds was to be considered.
Since a quorum was not present at the Meeting for the Extraordinary Resolution, the Extraordinary Resolution was not
considered at the Meeting, which was dissolved.
Accordingly, the modifications referred to in the Extraordinary Resolution in respect of the Bonds will not be implemented.
The Hellenic Republic emphasized that it has, from the outset, advised its creditors that its economic programme does not
contemplate the availability of funds to make payments to private creditors that decline to participate in the Private Sector
Involvement (PSI) in excess of the amounts they would otherwise have received and will continue to pursue the objectives of
This Notice is given by:

The Hellenic Republic
Ministry of Finance
Public Debt Management Agency
8 Omirou Street
10564 Athens
The Hellenic Republic

Dated: 28 March 2012