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)....
View ArticleExotische 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...
View ArticleGute 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...
View ArticleExotic 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...
View ArticleExotic 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...
View ArticleExotic 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...
View ArticleQuick 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...
View ArticleEfficient 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...
View ArticleA 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...
View ArticleUpdate 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...
View ArticleExotic 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...
View ArticleDepfa: 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...
View ArticleExotic 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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