Monday 2 April 2012

Results on the Foreign law voting

Finally the Hell.Republic decided to publish the results of the bondholder's meeting with respect to the Foreign law (mainly English) bonds. There were 36 bonds at stake with a total value of  20.4billion in nominal. The Hell.Republic's amendments were passed in 16 of the 36 with a total face value of 11.4billion. The majority of those passed (10 out of the 16) had a 75% majority rule and six had a 2/3. This points to a very friendly to the issuer bondholder mix.

For the rest 20 bonds of total face value 8.9 billion, 11 bonds voted against the amendment while 2 were postponed and 7 failed to reach a quorum.

May 2012
The one bond that would be of interest is the 450million that matures on the 15th May this year. So far Greece has said that is not going to pay any bonds but doing so in this particular bond would trigger a failure to pay. Now, you might ask what is the big deal. Greece defaulted few weeks ago anyway. One more would not be a significant event. The issue is the following. Greece triggered the CDS due to a restructuring event not because it failed to pay. We could say that Greece defaulted on technicalities rather than a real event. If Greece decides not to pay this one it would be the first European country that fails payment and it also means that any dispute would have to be resolved in English courts. If the bondholders remain solid it would mean a lot of trouble for Greece for many years to come in the future. This may not be market sensitive result but it certainly is important to Greece.

Issuer ISIN Currency Amount Left EUR CAC Majority Result
GREECE XS0147393861 EUR        450,000,000 66% Not Passed
Hellenic Railways FR0000489676 EUR        190,000,000 66% Not Passed
Hellenic Railways XS0208636091 EUR        250,000,000 66% Inquorate
OASA XS0354223827 EUR        240,000,000 100% Not Passed
Hellenic Railways XS0165688648 EUR        412,500,000 66% Not Passed
GREECE XS0372384064 USD     1,083,917,611 75% Adjourned
GREECE CH0021839524 CHF        538,436,050 0% Inquorate
Hellenic Railways XS0142390904 EUR        197,000,000 66% Not Passed
GREECE XS0097596463 EUR          69,000,000 66% Passed
OASA XS0198741687 EUR        160,000,000 66% Inquorate
Hellenic Railways FR0010027557 EUR        200,000,000 66% Not Passed
GREECE XS0165956672 EUR        400,000,000 66% Passed
GREECE XS0357333029 EUR     5,547,200,000 75% Passed
Hellenic Railways XS0193324380 EUR        250,000,000 66% Inquorate
GREECE XS0071095045 JPY        376,576,916 66% Not Passed
Hellenic Railways XS0215169706 EUR        450,000,000 66% Inquorate
GREECE XS0078057725 JPY        282,432,687 66% Not Passed
OASA XS0308854149 EUR        200,940,000 66% Passed
GREECE XS0079012166 JPY        470,721,145 66% Not Passed
Hellenic Railways XS0160208772 EUR        165,000,000 66% Inquorate
GREECE XS0260024277 EUR     2,086,000,000 75% Passed
GREECE XS0286916027 EUR        280,000,000 75% Passed
GREECE XS0097010440 JPY        235,360,572 66% Passed
GREECE XS0097598329 EUR        110,000,000 66% Passed
Hellenic Railways XS0280601658 EUR        255,000,000 66% Passed
GREECE XS0224227313 EUR        250,000,000 75% Adjourned
GREECE XS0251384904 EUR        250,000,000 75% Passed
GREECE XS0255739350 EUR        100,000,000 75% Passed
GREECE XS0256563429 EUR        150,000,000 75% Passed
GREECE XS0223870907 EUR        250,000,000 75% Passed
GREECE XS0223064139 EUR        400,000,000 75% Passed
GREECE XS0260349492 EUR        130,000,000 75% Passed
GREECE XS0110307930 EUR        200,000,000 66% Not Passed
GREECE XS0192416617 EUR     1,000,000,000 75% Passed
GREECE XS0191352847 EUR     1,000,000,000 75% Not Passed
GREECE XS0292467775 EUR     1,778,352,000 75% Inquorate