Seeking Alpha

Greece says €172B of bonds were tendered by private investors in the debt swap, making the...

Greece says €172B of bonds were tendered by private investors in the debt swap, making the participation rate about 86%. (PR)
From other sites
Comments (9)
  • Josh Krause
    , contributor
    Comments (1361) | Send Message
     
    Below the 95% threshold for CACs to not be needed, so they will likely be implemented. Should be a credit event but knowing the ISDA they might just say "not a credit event".

     

    They better have the CDS trigger, not triggering will cause more damage in the long run.
    9 Mar 2012, 01:06 AM Reply Like
  • Julius Ferraro
    , contributor
    Comments (495) | Send Message
     
    It wasn't 103%!!!!!. /outraged
    9 Mar 2012, 01:08 AM Reply Like
  • SA reader
    , contributor
    Comments (176) | Send Message
     
    86% is pretty low considering that NONE of the English Law bonds were involved (until April). I'm sure those won't be tendered, not after the new bonds trade at such a huge discount. CACs should trigger and we are onto the next chapter, a much worse one. It was funny to see all the idiotic news sites claim 95% participation though.
    9 Mar 2012, 01:08 AM Reply Like
  • Josh Krause
    , contributor
    Comments (1361) | Send Message
     
    There will be 100% participation (after CACs are imposed).
    9 Mar 2012, 01:12 AM Reply Like
  • thechas7
    , contributor
    Comments (48) | Send Message
     
    My auto insurance carrier has asked ISDA to rule on the rear-ender that totaled my Corvette - and of course they have ruled that this was not an accident.
    9 Mar 2012, 01:16 AM Reply Like
  • Dr. V
    , contributor
    Comments (1179) | Send Message
     
    As we said, the "big one" is on the horizon.

     

    SA reader is right about the impending difficulty with the English-Law bonds as well.

     

    Strange how the news sites are trying to hold the lemmings at bay with their downplay of the situation.

     

    Greece has openly said they intend to employ the CAC's.
    9 Mar 2012, 02:32 AM Reply Like
  • DougRk
    , contributor
    Comments (1623) | Send Message
     
    Europe will pay for this. Bondholders will get their revenge.
    9 Mar 2012, 02:35 AM Reply Like
  • Dr. V
    , contributor
    Comments (1179) | Send Message
     
    We hope Europe pays for it.

     

    Next time, maybe they will wake up and pay attention.

     

    They (TROIKA) should have had a Bankruptcy Manager onsite in 2010 when this started, that is the level of stupidity we are dealing with here. When someone wants to borrow BILLIONS, get more than a phone number from them as due diligence,.... just a suggestion.

     

    Under European Supervisory Authority, the EBA could step in AT ANY TIME and have ALL FINANCES SEIZED, this is of course WITHOUT REASON OR PRIOR NOTICE.

     

    That goes for ANY EU State, be advised, read the documents you sign.
    9 Mar 2012, 02:43 AM Reply Like
  • lostagain
    , contributor
    Comments (38) | Send Message
     
    Listen to this!! According to reports if the participation on the whole process is over 90% the process is deemed successful but the bonds not rendered for exchange are paid in full.
    Two of the Greek Funds that have refused to include their bonds to the PSI are 1)the fund of the Greek Finance Ministry workers (some of the highest paid Greek civil servants) and 2) the journalists fund.
    This is the definition of insider information. I am starting to lose hope that anything will ever change in my beautiful country.
    Justice is never served for the little guy
    9 Mar 2012, 03:10 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs