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We have just offered Anglo subdebt holders €0.20 per Euro -




ChickenBiryani

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One time offer.....if not accepted we will unilaterally insert clause in contracts offered fixed price of €0.01 per €1,000 face value........
 

HarshBuzz

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it's trading at about that anyway so hardly earth-shattering
 

HarshBuzz

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One time offer.....if not accepted we will unilaterally insert clause in contracts offered fixed price of €0.01 per €1,000 face value........
:roll:

seriously?
 

Sync

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Anglo Irish Offers Exchange of 2014, 2016, 2017 Notes for New 2011 Bonds - Bloomberg

Anglo Irish Bank Corp. offered to exchange 1.6 billion euros ($2.2 billion) of subordinated debt at a discount, paying in new bonds at a rate of 20 cents on the euro as the nationalized lender seeks to generate capital.

Anglo Irish will ask bondholders that don’t take up the exchange offer to accept just 1 cent per 1,000-euro face amount to redeem their floating-rate notes due 2014, 2016 and 2017, the Dublin-based lender said in a statement today.
 

HarshBuzz

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thanks Chicken
 

Chrisco

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Is this what is driving up the yield on our sovereign debt today?
 

Ah Well

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Anglo Irish Bank Corp Ltd
21 October 2010

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES OR TO ANY PERSON LOCATED OR RESIDENT IN OR AT ANY ADDRESS
IN THE UNITED STATES OR THE REPUBLIC OF ITALY OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.
This Site is hosted in the US afaik ... does that matter?
 

Clanrickard

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ChickenBiryani

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Thanks I am deleting as precaution - I am sure it will be summarised elsewhere in the course of time.

@ HB its not earth-shattering, but it does show that at least some of the sub-debt holders are taking pretty big wipeouts, which probably runs a little contrary to popular opinion.

Before anyone says it, I know its a drop in the ocean in the overall context blah, blah blah :)
 

Cruffan

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May 27, 2010
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One time offer.....if not accepted we will unilaterally insert clause in contracts offered fixed price of €0.01 per €1,000 face value........
See it for what it is.... Chickenfeed... compared to the overall cost of clearing up the Anglo mess.
 

Asparagus

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Its a start - can't wait to see the abramovich reaction - will he sue??
will he win??
what will teh costs be??

Can we now offer the senior bond holders 21 cent on the yoyo??
 

LeDroit

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Mar 11, 2010
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They should copy/paste that into an email to the Senior Bondholders too.
 

joeclogs

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May 14, 2007
Messages
32
why pay so much? €300 million is not chicken feed- why pay anything at all? hopeless morons in the Dept of Finance who are p***ing away taxpayers money through ignorance and incompetence. No doubt Bluffer Lenihan was getting impartial advice (the best and most expensive available) from some Merchant Bank who's interests and conflicts of interests don't include an interest in getting the best deal for the taxpayer.
 

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