March 7, 2012 / 5:18 PM / 6 years ago

Factbox: Private sector take-up of Greek debt swap

ATHENS (Reuters) - Major holders of Greek bonds have pledged to sign up for the country’s bond swap, making it increasingly likely that the deal will go through.

Banks and other investors which say they will commit to the offer hold nearly 120 billion euros out of a total 206 billion euros of Greek bonds in private hands.

For the deal to progress, Athens needs to secure at least a 50 percent response rate from its creditors and for two-thirds of those to accept the deal.

BONDHOLDERS WHO SAY THEY WILL ACCEPT:

A total of 32 companies, who are members of bank lobby IIF which negotiated on their behalf said they will accept the offer. They hold about 84 billion euros of Greek debt, or 40.8 percent of the total 206 billion euros eligible for the debt swap.

As least two other Greek banks holding about 10 billion euros worth of bonds will also participate.

Greek social security funds and other state organisations - holding about 22 billion euros of the bonds, most managed by the country’s central bank — have signed up.

Most German banks, who hold about 15 billion euros of Greek bonds, will accept the deal, sources have said. It was not immediately clear how many of these banks have already declared their interest through the IIF.

CREDITORS WHO MAY HOLD OUT:

While most Greek pension funds holding Greek sovereign debt have agreed to take part, four have refused to do so having come under pressure from workers’ unions worried the writedown on Greek debt holdings will affect the viability of their funds.

Investors in a Swiss-law governed Greek government bond who hold a chunk of its 650 million Swiss francs ($707 million) have teamed up to challenge the terms of Athens’ proposed bond swap.

Some hedge funds are refusing to join Greece’s bond swap, threatening legal action if the government does not come up with a better offer, which could drag the Greek government into a legal battle, although they are unlikely to be able to derail the deal.

WHO HOLDS GREEK BONDS:

INVESTOR HOLDINGS (euros billion)

Greek banks 42

Greek social security funds 20

Other Greek domestic accounts 10

Other European banks 30

European insurers 10

Other European institutions 15

Hedge funds, retail investors 53.5

Other overseas, miscellaneous, etc 25.1

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Greek law bonds 177.3

Foreign law titles 19.9

Exchange only securities 7.9

One Swiss franc bond 0.5

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source: Reuters sources/estimates, Deutsche Bank

TOP GREEK BANKS:

Hellenic Post Bank: 4.5 bln eur

ATEbank: 5.9 bln eur

Eurobank: 7.3 bln eur

National Bank: 13.8 bln eur

Piraeus Bank: 6.6 bln eur (end-Sept)

Alpha Bank: 3.9 bln eur ($1 = 0.9190 Swiss francs)

Reporting by Lefteris Papadimas and Harry Papachristou; editing by Ron Askew

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