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CED2 Close Enh Ii

141.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Close Enh Ii LSE:CED2 London Ordinary Share GG00B1WT2P00 ORD NPV DESIGNATED AS PART SHS
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 141.25 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Close Enh Ii Share Discussion Threads

Showing 151 to 169 of 325 messages
Chat Pages: 13  12  11  10  9  8  7  6  5  4  3  2  Older
DateSubjectAuthorDiscuss
07/8/2012
15:10
Little tick up ?
jaws6
19/7/2012
08:15
Tks for that info.
jaws6
19/7/2012
08:10
Last reported wind up value £1.20 Corn might be doing well but check out the start and current values of some of the other commodities. I'm long but suggest caution.
praipus
19/7/2012
07:53
small tick up !!
jaws6
18/7/2012
09:36
Weiss up to 25.56 percent in CED2.
sharpshare
13/7/2012
12:25
CED2 winds up end May 2013.
With corn and wheat surging the estimated redemption amount is around 150p.
Redemption amount currently crystallizing in final 12 months to maturity.
Share price today 115p.
Floor price 100p (assuming no default)
Risks include commodity price changes and potential counterparty default risk.

That 30% potential gain over the next 10 months does look tempting.

sharpshare
26/6/2012
14:28
Agricultural commodities are jumping at the moment but no movement here.
davebowler
21/5/2012
08:57
Uncertain outlook at Caisse Centrale du Credit Immobilier de France
Is there a potential risk of non payment?

sharpshare
07/3/2012
16:34
Hi Sharpshare, Weiss have been holding these since April 2010 as far as I can tell. I'm attempting to track all their holding in post_3 of the WAM thread below. Many are close end funds and or liquidations.
praipus
07/3/2012
14:31
Latest estimated redemption price at 29 Feb 2012 of 162p per RNS today.
Price now around 114p so that's a potential 42% gain.
Redemption date around end May 2013 which is about 1.23 years to go from today.
The gap between the share price and redemption price should quickly converge as payout amount certainty increases and Mario EUR printing gift to EUR banks may reduce potential counterparty risk.

sharpshare
27/2/2012
10:56
Hi davebowler, please could you revise the website link in the header when you have a moment?
praipus
07/2/2012
14:56
Still holding.

Just got the pay out for JAC hoping the liqidators are able to recover something from the bust banks, what chance/probabiility I wonder?

praipus
14/7/2011
08:44
Thanks erstwhile2. So why isnt the discount closer to 60%?
praipus
07/7/2011
12:10
How many of these are unreliable counterpaties based on current information?

...........................................................................NOMINAL
DEBT SECURITIES PORTFOLIO..................................................HOLDINGS
...........................................................................GBP

Caisse Centrale du Credit Immobilier de France EMTN 14 June 2013...........9,050,000

Erste Bank EMTN 14 June 2013...............................................9,050,000

Irish Life & Permanent Plc EMTN 14 June 2013...............................9,050,000

Mediobanca SpA EMTN 14 June 2013...........................................9,050,000

SNS Bank NV EMTN 14 June 2013..............................................9,050,000

TOTAL
GBP.......................................................................45,250,000

Is a notional discount of 20% reasonable? or should it be 40%?

praipus
02/6/2011
10:17
Irish Times article;
State forces bondholders to share in bank losses
In this section »

Greek aid talks to be separate from bailout discussion
Energy U-turn may cause price hikes
€12bn decline in bank deposits in April is smallest since September

LAURA SLATTERY

BANK OF Ireland, Irish Life & Permanent and EBS have joined AIB in announcing plans to impose losses of as much as 90 per cent on junior bondholders.

Minister for Finance Michael Noonan said the move to "burn" the junior, or subordinated, bondholders was in line with Government policy to achieve "appropriate" contributions to the recapitalisation of the banks from investors.

"These financial institutions are remaining solvent due to the ongoing overwhelming financial support of the State. Without this support, subordinated bondholders' entire investment would have been irrecoverable," he said.

The offers propose bigger haircuts on bondholders than had been expected by market analysts.

Although the offers are voluntary, Mr Noonan warned that the levels of burden-sharing proposed by the banks were "the minimum acceptable". If they did not help recapitalise the banks as expected, the Government would take alternative steps under the existing legislation to ensure that haircuts were imposed on the bondholders. This would result in "severe measures" being taken in respect of the subordinated debt, he warned.

Mr Noonan is already facing a High Court challenge by two investors against a subordinated liability order in relation to AIB. The order allows him to change terms, conditions and maturity dates on its subordinated bonds.

The case taken by Aurelius Capital Management and Abadi Co – both New York-based fund managers – will be heard tomorrow. Yesterday, Mr Noonan reiterated his view that the challenges were "entirely unfounded".

Bank of Ireland said it would launch a liability management exercise covering €2.6 billion of its subordinated debt. The plan will be structured so that subordinated bondholders contribute around €2 billion of its regulatory requirement to maintain Core Tier 1 capital of €4.2 billion.

The bank was ordered earlier this year to raise €5.2 billion, including €1 billion in contingent capital. The bank said its expectation was that it would offer subordinated bondholders 10 per cent of the nominal value of Tier 1 securities and 20 per cent of the nominal value of Tier 2 securities, in exchange for cash, with no settlement for accrued interest.

The bank said it might also offer an equity-swap alternative at a premium to the cash offer, with a payment of accrued interest.

"We were expecting the terms of the offer to be bad, but this is worse than expected," said Stephen Lyons, fixed-income analyst with stockbroking firm Davy.

"Another approach would have to been to engage with subordinated bondholders and not leave such a bad taste in the mouths."

The Irish Life & Permanent plan involves a cash offer in respect of €840 million of its subordinated debt. It said it expected to offer 20 per cent of the nominal value of most of the securities, with no settlement for accrued interest. Holders of one security will be offered just under 9 per cent. The lender needs to raise €4 billion to satisfy regulatory thresholds.

EBS Building Society, which must raise €1.5 billion, said it would offer to buy back €160 million in junior securities due in 2014 and 2016, as well as £30 million in fixed-rate subordinated securities due in 2019. The haircut imposed will be 80 per cent.

EBS said it will seek to pass an extraordinary resolution to amend terms of bonds so that holders who refuse to take up the offer may be paid just 1 cent in the future for every $1,000 of debt.

The success of the exchange offer will determine how much banks need to raise from a share sale. – (Additional reporting: Bloomberg)

davebowler
04/5/2011
14:06
erstwhile2
many thanks for your well considered post. I sold at 10:15 am for 114p. Will keep an eye on this for any overshoot if/when ILP debt restructurings occur.

papy02
03/5/2011
15:41
Posts 127 onwards by Erstwhile2 are helpful.
davebowler
28/4/2011
11:59
Will CED2 investors get a haircut on the Irish Life and Permanent bond?
sharpshare
26/4/2011
12:43
Based on the values of the commodities as at 31 March 2011, and assuming these values were to remain unchanged through to the end of the life of the Company, the redemption proceeds per Share on the Redemption Date would be 180 pence( ) .
davebowler
Chat Pages: 13  12  11  10  9  8  7  6  5  4  3  2  Older

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