sexta-feira, 22 de julho de 2011

O programa para a participação "voluntária" dos investidores privados

De acordo com um documento divulgado pelo Institute of International Finance, o programa para a participação "voluntária" dos privados envolverá a troca dos títulos de dívida gregos por uma combinação de quatro instrumentos:

"1) A Par Bond Exchange into a 30 year instrument
2) A Par Bond offer involving rolling-over maturing Greek government bonds into 30 year instruments
3) A Discount Bond Exchange into a 30 year instrument
4) A Discount Bond Exchange into a 15 year instrument

For instruments, 1, 2 and 3 the principal is fully collateralized by 30 year zero coupon AAA Bonds. For instrument 4, the principal is partially collateralized through funds held in an escrow account.

It is assumed that investors will select among the four instruments in equal proportions of 25% of total participation.

All instruments will be priced to produce a 21% Net Present Value (NPV) loss based on an assumed discount rate of 9%. The terms outlined in the Term Sheet are broadly comparable to those of the official sector. The interest rates are structured to maximize the benefits to Greece in the early years of the program as Greece regains access to global capital markets. For example, the coupon on the Par Bond will be 4% during the first five years, 4.5% during the next five years, and 5% for years 2011-2030. Based on a target participation rate of 90%, the private sector investors through this program will contribute €54 billion from mid-2011 through mid-2014 and a total of €135 billion to the financing of Greece from mid-2011 to end-2020. In addition to this assured financing, this program will also improve significantly the maturity profile of Greece’s debt, increasing the average maturity from an average of 6 years to 11 years."

O documento contém no anexo 2 a lista das entidades que  terão aceitado participar no programa.

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