Monday, 3 June 2013

Rhode Island Firm to open bid for ..outstanding Greek debt

Posted by in Economy
Rhode Island Firm to open bid for ..outstanding Greek debtA private investor has announced a tender in order to buy less than 9.9% of all Greek bonds. “Japonica Partners & Co. announces an invitation by its indirect wholly-owned subsidiary Yerusalem Hesed, Ltd.  for eligible holders of certain series of bonds issued by Greece in 2012 to sell the bonds for cash. The amount to be purchased will be up to €2.9 billion in face value which represents less than 9.9% of the total outstanding €29.6 billion of Greece government bonds. The purchase of the bonds by the acquirer would permit existing holders to monetize their Greece government bonds.” said the firm in a statement.
According to BusinessInsider, Japonica Partners was founded in the late 80′s by former Goldman Sachs banker, investor, financier and philathropist  Paul Kazarian.

Rhode Island Based Firm Announces Bid For Massive Amount Of Outstanding Greek Debt
A firm called Japonica Partners has announced a tender offer for 10% of all Greek government bonds.
FT Alphaville reports that the firm, which is based in Rhode Island, was founded in the late 80s by former Goldman banker Paul Kazarian.
Full statement here and here.
According to Greek bank treasurers express reservations about the success of the bid.
PS Who are these people? Why do they want to buy Greek bond? I can’t comment on things I don’t understand….

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