I don't think they will call them! but usually when preferred are very close to a call date the price go up to 25!!! you can more than double from here. When in at 13 and 10 hope they start to go up:)
gourdjess, These days I have a lot of distressed security I just don't want to rush in. Feb 17 is when they announce the numbers and they may be bad! at that point I'll probably get in... I'll probably get the TOO-A because they have a 4/2018 call. but thanks for your input.
Hey Jack, are you buying today -6% or you are waiting for the low of year at $11?
The price proved realistic and beneficial for the National bank - ejects the capital adequacy ratio
(upd5) In a historic decision of paramount importance for the capital and the liquidity of the National Bank proceeded selling the National Bank of Qatar QNB the Finansbank versus 2.75 billion euros while Qatar repay the subordinated debt of 910 million dollars or 830 million euro of Finansbank to the National Bank thus increasing the total deal at 3.5 billion. euros.
The decision of the National is historic because
1) It is the strongest bank capital base in Greece to 19.6% after repayment of cocos.
2 ) will redeem the cocos debenture convertible into shares 2 billion. received from the FSF
3) will reduce the dependency on ELA and especially the expensive Pillar II What says the official announcement bankingnews
On December 21, 2015, on Monday submitted bids for Finansbank.
According to a source of the three parties interested in Finansbank plans to bid about 3.35 billion. Euro below 3.5 billion. Euro but over 3 billion. euros as reported authoritative source.
Asked the National declined to comment on the information "expect bids can not comment once the beginning of the new week will know the value of applicants'
Until now it seems that there are three parties are both known in Qatar is the favorite, the Turkish bank Garanti and a surprise third candidate Bankingnew.
Finansbank is valued in the Turkish stock market 17.25 billion. Turkish Liras which means 5.28 billion. Euros and the funds amounted to 3.1 bn. Euro
On 21 or 22 December 2015 submitted bids for Finansbank according crossbred information.
Based on authoritative source has decided not sold the National under 1 time boon value meaning that can not be sold under 3 billion.
But an element that has not been evaluated and the National will negotiate with DGCom is that by selling 100% of Finansbank ceases to have exposure to Turkey and this means that 1 billion. who had borne only because of exposure to Turkey ceases.
The National we will seek to get rid of this burden of 1 billion. and this practically what it would save 1 billion. Euro.
It's like paying the cocos 2 billion. about 1 billion. Euro.
With this development, the National will eventually found with more funds than originally planned. Finansbank is valued in the Turkish stock market 17.25 billion. Turkish Liras which means 5.28 billion. euro market capitalization - and had reached 6.2 billion. euro recently - while the capital amount to 3.1 billion. Under the restructuring plan, the National has estimated that by Finansbank will catch once the book value that is about 3 billion. euro Bankingnew
Preference shares yet Rated .... As we approach the funds the greater the haircut.
Too early for weeks we present detailed analyzes because the haircut on preferred shares of the National was 70% in both privileged by law Alogoskoufis 1.35 billion. And by preference in the US.
In fact some of the media - then - faced the increasingly critical issue ....
Who is responsible and lost much capital the Greek State as 1.35 billion. reached 405 million euros.
The answer is simple.
The preference shares are a balance sheet of assets and liabilities are added to capital.
The preference shares However Rated ....
As we approach the funds the greater the haircut.
To put it simply.
The senior bond in LME process exchanged at 100% of par value shares.
Hybrid but suffered great haircut.
The preferred shares is lower classification from hybrids so there could be no haircut at a very high rate of 70%.
who will sell it next week? I still think that next week a lot of people will crash the stock price but after that it is a possibility to see the price go to 0.6.
Moody's upgraded its assessment of senior unsecured bank bonds to CCC + from D, but also the evaluation of subordinated securities to CC.In upgrading the rating of National Bank of Greece NBG + 10.43% in SD (selective default) from D (Default) upgraded the National Bank the agency Standard and Poor's.
The upgrade follows the completion of the recapitalization of the National Bank EIF + 10.43%.
The evaluation reflects the assessment of the house that the bank may not even cover entirely the customer deposit liabilities in a timely manner because of the capital controls.
Also the firm upgraded its assessment of senior unsecured bank bonds to CCC + from D, but also the evaluation of subordinated securities to CC.