Friday, 6 April 2012

Bondholder's "changed" their mind. May12 has been tendered

Looking at the new communication (4 April) issued by the Hell.Republic and comparing it with the old one (2 April)we find some interesting differences. First the and foremost we see that the 450million of the May12 bondholders somehow changed their vote. In the first communique bondholders voted down the proposed amendments while in this one it show the bond tendered. What happened and how and why bondholders changed their mind? The only think that we can assume is that either they were forced by some higher force to change their mind or that the Hell.Republic through some if its friends offered to buy them out at their price and then the new buyer submitted the bonds to PSI. If this is the case then it would destroy the myth that Greece does not pay hold outs and does not have the money to pay them. It means simply that the victims of this exercise are the retail bondholders and those outside the European magic circle of Banks (recapitalised). Most of the others have either been compensated through recapitalizations or exempted or given like in the case of Greek pension funds were promised assets to make good what they have lost.

The list of the bonds that changed their minds!

XS0147393861 15 May 2012          450,000,000 Not Passed PASSED
XS0354223827 26 March 2013          240,000,000 Not Passed PASSED
XS0165688648 02 April 2013          412,500,000 Not Passed PASSED
XS0142390904 30 January 2014          197,000,000 Not Passed PASSED
FR0010027557 29 October 2015          200,000,000 Not Passed PASSED
XS0071095045 08 November 2016          376,576,916 Not Passed PASSED
XS0078057725 03 July 2017          282,432,687 Not Passed PASSED
XS0079012166 08 August 2017          470,721,145 Not Passed PASSED
XS0110307930 14 April 2028          200,000,000 Not Passed PASSED
XS0191352847 17 July 2034       1,000,000,000 Not Passed PASSED
XS0292467775 25 July 2057       1,778,352,000 Inquorate PASSED