Re: Participaciones preferentes serie c de la cam, ¿que pasará con ellas ahora?
Malas noticias:
Ya son accesibles las condiciones impuestas por Bruselas:
http://ec.europa.eu/competition/state_aid/cases/243405/243405_1344573_85_1.pdf
Valor de mercado cero de las preferentes
The treatment of hybrid capital
(44) Preference Shares have been issued by CAM for a total amount of EUR
1.31 billion and Banco CAM's subordinated debt amounts to EUR 548.94
million20. Those which remain outstanding are both held mainly by retail
investors ("Hybrid Securities"). Coupons on the Hybrid Securities are
paid quarterly or half-yearly, provided Banco CAM has enough
distributable profits.
(45) Coupon payments have been made since the Hybrid Securities were first
issued, including payments made up to 3Q11.
(46) Following Banco CAM's rescue by the BOS and in light of the Rescue
Measures, the Commission requested, in its Rescue Decision, to be
consulted prior to: a) further coupon payments and b) any buy-backs on
the Hybrid Securities.
As a result, on 24 February 2012, the Commission agreed to a buy-back of
a total amount of EUR 167.25 million of subordinated debt held by
institutional investors for a price over nominal of 75%.
(48) Banco CAM announced on 23 September 2011, through the National
Stock Market Commission ("CNMV"), that the coupon payment on the
Hybrid Securities due on 25 September 2011 would be suspended. Spain
has agreed to suspend any payment of coupons until the Commission has
decided on the restructuring aid to Banco CAM.
(49) Finally, as a consequence of the rescue of Banco CAM by BOS, CAM's
preference shares have a market value of 0.
(159) Following Banco CAM's rescue by the BOS and in light of the Rescue
Measures, the Commission requested, in its Rescue Decision, to be
consulted prior to: a) further coupon payments and b) any buy-backs on
the Hybrid Securities. As a result, on 24 February 2012, the Commission
agreed to a buy-back of a total amount of EUR 167.25 million of
subordinated debt held by institutional investors for a price over nominal
of 75%. Banco CAM announced on 23 September 2011 through the
CNMV that the coupon payment on the Hybrid Securities due on 25
September 2011 would be suspended. Spain has agreed to suspend any
payment of coupons until the Commission has decided on the restructuring
aid. Finally, as a consequence of the rescue of Banco CAM by BOS,
CAM's Preference Shares have a market value of 0. Therefore, burdensharing
has also been applied to the holders of the Hybrid Securities.