Tuesday 6 March 2012

The Swiss bond. Bondholders are getting organised.

The Hellenic Republic has made 3 invitations in parallel. One of them concerns the one and only Swiss bond. Issued by the Hellenic Republic and under Swiss law. It seems however that there are many legal constraints and issues with this bond and bondholders are getting organised. Here is their press release:

The Hellenic Republic Swiss Law-Governed Bondholders Invited To Join Ad Hoc Group
CHF 650,000,000 of 2 1/8% Bonds due 2013
ISIN CH0021839524

NEW YORK (MARCH 5, 2012) -- Holders of the 2 1/8% Bonds 2005-2013 of CHF 650,000,000 (the “Bonds”) issued by The Hellenic Republic (the “Republic”) have formed an Ad Hoc Group (the “Group”) in response to the Republic’s recent Solicitation of Consents (the “Solicitation”). The Group’s members hold a material portion of the Bonds. The Group is concerned by the terms proposed in the Solicitation, and the Group is exploring means to address its concerns and to protect the rights of holders of the Bonds. Interested holders of the Bonds are invited to contact the Group before acting on the Solicitation, through the Group’s legal advisor Bingham McCutchen LLP. Given that 8 March is the deadline for submitting a Participation Instruction, holders are urged to contact the Group’s legal advisor quickly.
Contact details are as follows:
Bingham McCutchen LLP
399 Park Avenue
New York NY 10022
Attn: Tim DeSieno
Email: tim.desieno@bingham.com
Tel: +1 212 705 7426