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Channel: value and opportunity » Exotische Wertpapiere
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Exotische Wertpapiere: Bertelsmann Genußschein (alt, WKNR 522990)

Bertelsmann hat ja 2 Genußscheine ausstehend. Einmal den “alten Genußschein” von 1992 (WKNR 522990) und einmal den “Neuen”, der aus einem Umtauschangebot aus dem Jahr 2001 entstanden ist (WKNR 522994)....

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Exotische Wertpapiere: DEPFA LT2 Floater 2015 (ISIN XS0229524128 )

Achtung: Das vorgestellte Wertpapier ist sehr markt eng und der Verfasser hält selber Stücke dieser Anleihe !!! Jeder potentiell interessierte Investor sollte bitte seine eigenen Recherchen...

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Gute Nachrichten bei IVG

Ausnahmsweise mal positive Nachrichten von IVG (nach unserer Erstanalyse hatte ich ja erst im August eine halbe Portion gekauft): Zum einen hatte man schon gestern gemeldet, dass man 2 Mrd. Kredite...

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Exotic securities: (True) perpetual Portuguese Government bonds

As some readers know, I have a weakness for “exotic” securities. Those are usually fixed income securities with some uncommon features. As now Portugal looks like the next Greece, I just had a quick...

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Exotic securities: “Detachable GDP linked Greek warant” (ISIN GRR000000010)

Yiiihaaa, this Monday was the first day this “beauty” is trading. As mentioned before, this is a security which is part of the “PSI package”. As one could expect, this security is mind boggingly...

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Exotic securities: “Detachable GDP linked Greek warrant” – Valuation approach

In the first post i quickly looked at the features of the “Detachable GDP linked Greek warrant” (ISIN GRR000000010) With securities like this, there are usually many ways to try to value this. You...

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Quick news: WestLB results 2011 are out

Yesterday, West LB released its consolidated 2011 results. On a Group level, the show a slightly negative result after tax. As discussed in the post about the Genußscheine, the relevant result for the...

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Efficient markets – WestLB Genußschein edition

As a quick follow up to the previous post, a quick reminder how innefficient the markets in those securities can be: WestLB came out with their press release at 11 am CET yesterday. As discussed in the...

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A bond camouflaged as stock: Societé D’Edition de Canal+ (ISIN FR0000125460)...

Following the first post about Societé D’Edition de Canal+ (“SECP”), let’s look how our “camouflaged” bond trades before we move to the valuation: It is quite amazing to see this security trading so...

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Update Greek GDP Linker (ISIN GRR000000010) – research mistake or by-product...

Last year I had a couple of posts about the (in)famous Greek GDP linker (introduction, valuation approach) a result of the “restructuring” of Greek debt last year. I concluded that the security is...

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Exotic Securities: Piraeus Bank Warrants (ISIN GRR000000044)

Background: First of all a hat tip to Profitlich & Schmidtlin which had mentioned this idea in their first quarterly letter. Piraeus Bank is one of the “survivors” of the Greek Banking sector. As...

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Depfa: No sale, LT2 and the “Kebab Zerobond” (ISIN XS0221762932)

Warning: The securities discussed are illiquid and/or risky and the author might have bought them already before publishing the posts. Please do your own research and if you decide to invest...

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Exotic securities: Gabriel Finance 2% 2016 Evonik Exchangeable (ISIN...

Background / Evonik Evonik is a German specialty chemical company with a total market cap of ~12 bn EUR. The company went public in 2013, however the majority is still Government owned via RAG...

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