Greece restructuring


GR_EU_FlaggeBuying government bonds with “secure” yields

2012 the first exchan­ge of Greece debt took place which redu­ced the pri­va­te tran­che of debt by 2/3. The new­ly issued bonds whoch at issue tra­ded near 100% of nomi­nal rapidly lost value as inves­tors lost con­fi­dence again and some tra­ded even below 14% of nomi­nal. A second exchan­ge fol­lo­wed as it was to jui­cy for Greece to not redu­ce its debt fur­ther. The­se low levels were clo­se to risk less as it was high­ly pro­bable that the rich nort­hern Europ­pean coun­tries would not let this oppor­tu­ni­ty pass by. The second exchan­ge took place at around 30% of nomi­nal, 100% more than the lows and the non-par­ti­ci­pa­ting bonds after the exchan­ge even tra­ded up to 90% again.

GAMAG Black + White Ltd. profi­ted by way of its par­ti­ci­pa­ti­on with a lea­ding Dis­tres­sed Asset funds hand­some­ly.