As is known, the Abanka at the request abces of the Bank of Slovenia by the end of June to carry ou

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May 30, 2013 (last modified: 0:00 May 30, 2013)
Invited her to hybrid bonds prior to recapitalize the bank converted into subordinated bonds with a fixed maturity, otherwise it announced other measures to protect their own interests. Among the investors who have Abanka by buying bonds in 2007 loaned 120 million euros, but now they are stuck with illiquid bonds, which are traded at prices abces that do not exceed 30 per cent of its nominal value, the more famous names. In addition to the funds of Darius the South, MIF Invest company abces owned by entrepreneur Danilo Dujovića and unfortunate owner Rogaska Glassworks Mateja Krušnika also one of the most successful Slovenian athletes of all time Primoz Kozmus, former world and Olympic champion in hammer throw. "This is bad news for the domestic banking system. What should be the most safe investment, this is no longer, which is unacceptable, "we abces said yesterday Kozmus and confirmed that the hybrid bonds Abanka invested a significant part of the savings.
The bone of contention between investors and Abanko the future position of these bonds. They are on the Luxembourg Stock Exchange, where they were granted, for many years practically not traded. The last known official price of hybrid bonds ABVIP from the middle of last year amounted to almost abces 40 per cent of the nominal value, according to our information, the current transactions are concluded even at values between 15 and 30 per cent of the nominal value. At the same time Abanka bond holders do not pay more interest because it no longer has the distributable profit. The bond that is degrading abces rating agency Fitch on the level of C, so deep into "junk" territory, has no maturity period. This means that you can Abanka 2017 or recalled or not. In the past, hybrid bonds, which were taken into account in the calculation of capital adequacy issued a number of other domestic banks, including NLB and Nova KBM. The latter end of last year has recalled about 100 million of its hybrid bonds, the owners abces of these bonds are then obtained abces between abces 60 and 75 percent of funds invested.
"Not running away from a reasonable depreciation on our portfolio, we are willing to negotiate on the quiet expropriation, nor wait for a solution in the hazy future. You are in a prospectus on issue of bonds in the fine print stated abces that under certain circumstances they will not pay everything, the Governor of the Bank of Slovenia is Abanko praised as the best, "said Peter Žigante, Director SAVAPROJEKT, one of the bondholders ABVIP. Management Board, led by Jože Lenič are so called for the replacement of hybrid bonds in the five-year subordinated bonds at a 30 percent discount and eight-percent abces half yearly interest rate. A Lenič yesterday refused to answer questions about what decisions will be taken in respect of hybrid bonds in Abanka. "We have not yet taken any decision regarding the redemption of these bonds," was the brief.
According to our sources Abanka before you complete the recapitalization actually can not afford abces early redemption of hybrid abces bonds. Advance purchase discount on the one hand indeed increased the ratio of highest quality capital (Core Tier 1), but on the other hand decreased the capital adequacy of banks, which at the end of March stood at 9.9 percent. Late last year, the Core Tier 1 Abanka amounted to only 5.4 percent, while the Bank of Slovenia requires that you Abanka no later than the end of July to strengthen to 9.2 percent. According to unofficial information, the Core Tier 1 Abanka in the case of redemption of subordinated bonds with a 50 percent discount up to around seven per cent if they had been purchased at the current market price of around 7.5 percent.
As is known, the Abanka at the request abces of the Bank of Slovenia by the end of June to carry out a 90-million dollar recapitalization, but according to our information, the Bank has still not started nor diligence reviews. "We are looking for investors and are talking with various financial funds, strategic investors and large shareholders. I reckon that we will be able to raise the capital adequacy of the deadline given to us by the Bank of Slovenia has set, "after yesterday's Assembly Abanka said Lenič, but does not exclude the possibility that the capital strengthening Abanka occurred in the context of a merger with Gorenjska banka or transfer of bad assets to the bad bank.
This certainly will not reassure investors dissatisfied. Their pr