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crash '65
NEO EAAHN: H'lTP:/ /NEOELLHN.BLOGSPOT.COM
ASS
I Greece
Legal Final Rating
Amount (million)
% of Notes
Maturity Sept. 39
Closln.&:' Date
26 Febr'ufl~ '2009 I.ud ..... ,)'tIt Jennifer .lin
VIoePre6l00rll-SenJorAflaryst
DEFINITIVE
RATINGS Total
A1
€ 5,100 € 5.100
100.00 100.00
.44 17128693 )!Jln'/er,jinOmoooj'S.-com
Bac;kup Anal,st
Etlwanj Manc:he!llel Senltlr Vee President .J.44 7772 5407
Total
The ratIngs address the expected loss posed to investors by the legal final maturity. Moody's ratings address only the credit risks 8ssocfared wIth the tlansactiorl. Other non-cred{t risks have not been addressed, but may have a significant ettec: on yield [0 Investors.
Investor UaJson lonoon
Eoward Bowden 1fwe.$tOflla1SOf1S00clallst -1-44 20 77725454 Edo+ard.~.Cf1frr BretLHEJmmt:lrll1li inveStor Lial!l<l;l Specialist +1212 553-4196 8reu.l-lemmeflhlgOmOOQ'ys,G'OnI Client
OPINION Strengths of the Transaction
-
NatJonaJ Bank of Greece {NBG, (Aa3jPrim.11 Account Bank and Cash Manager. Hedge Agre€ment with NBG compiles Jin~Bge01 r.edge counterllal'ti' risk
The with
ects 65 Hedge- Counlerpany, Moody's published ctteria lor dethat, if
~
The Cash Management Agreement
downgraded below certain rating
.elnQ
Bank Agreement provide
its obligatiooso
NBG Is
to
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Sefll'lee Desk FrciNtturl.: • .49069
thresholds,
shaH be transferred
another suitable entJt)I.
Ii
101JO.-776
reserve fund to
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Ofl-aolne costs of
the
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H Tillos «cnri9nKe Via va eKIl£lIJAAeUT£1 mv npoanagela
Wealrnesses
-
and Mltleants
me EKT
va napaax£1 peucnoTnTa ae tva lpane~IKo aiicnnlla nou eUce nAnvd anOln xpnllalOOIKovOlllKri Kp(an», ava(j)epel n eqlnllep(lia «Wa II Street Journa'l»
There is full exposure to the Hellenic RePIJblK:(A1/PrIme-1), sc tret the fating 0' the Notes is linked to the rating of the Hellenic Republic 01'1a one-tO-Onebasis. The ReiloYatIon mechanism is relatively complex.
Parts:+33153301074 MonK .. ",
11tOJ)Irot.aO$O~.tQm
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Moody's 'nvesfors Service
9 March 2009
.... Eup(o)no'iKric; KeVlpIKric;Tpant~ac;, n onolo OIl(o)C; pVEltlJ1 va anoKaAullltl TO«uuena Ka tplK» nou eupnlloTLKa XpnCJlIIOnoloiiae Ka8e <popa n ollepLKavLKn lpane~a. Unwe; nooxuma onere OlOIXEla me; Eurosta!. TO ElOUMlO tnc Goldman ~E mv EMa5a ~EKlvnoE ana TO2001. H 101EKu~tpvnon lOU nALOK npoxopnos omv npotn ou~<pwv(a aVIaMavn~ (swap) xptoue; nou ElXEEK508£i cnoro 5n~00l0 OE~tva va ~lo~ora (Vlf}-/KaI EA~E!lKOtppaVKO). 01 ETatp£lEe; nou 5n~ ioupvnf nkov ElXOV OAE~ t5po am MEVaAOt.OUKaTOtou /l.OU~E~~OUpVOU Kat KOla neplepvo tpono OAOro t..'i.. TWVElatPElWV aurovtou EMnVlKOU 5n~00lou OUVKPOlOUVIat ana TOUe; 510Ue;. 1 aM05anoue; KUplWe;.Kat OUVKEKpl~Eva ono touc A. Kamarawsky. Federigo Cannizzaro Kat Jean-Marc Oebaty OlElatp£lEe; ntov 01E~ne;: - HellenicSecuritisation: H npotn ou~~aon UnEVpatpn one; 23 NOE~~p[OU 2000 KOlElXEwe;OVIlKElflEVO tnv nrxonolnon rwv ~EMovrlKwv E005wv TOUTcpdou napa Kora8n KWVKOlllavEiwv OUVOAlKOUnooou 740 EKmo~~up[wv EUpW.01 npo~n8Ele:e; nepovrov TOKWVunoAoVl~ovrat OE15.4 EK010~~Upio Kat n M~n rwv nAnpw~wv npooctopiotru« ~Era~u2009 Kat 2011. - Ariadne S.A.: lIn~ louPVn8n KEone 13 MKE~~p[ou 2000 Kat nrxonomoc Eo050 uLjJoue;650 EKatoppuplov eupo ono to KpOTlKa AaXEla. 01 noouri8ElEe;nou nAnpw8nKov ~EnEpooavta 16.3 EKOT.Kat n M~ntwv nAnpw~wv npoo51op(omKE VIa 10 2013. -AtlasS.A.: H ou~~oon unEYpatpn one; 23 OKTW~p(ou 2001 Vla 1l1AOnOlnOEle; Oo5wVOUVOAlKOU E nocou 2 o IOEK010j.Jj.JUplWV UPW.nno ~EMovrlKEe; eiE onpa~e:lC;loU r5n~oo[ou ono to r' Kotvouko nAalolo rlnpl~ne;. Or npo~n8ElEe; avnA8av OE19.2 EKOlo~-
uopm Kat 01M~Ele; TWVnAnpwj.JWVelxov nP005LOPlO1ElVla TO2005 Kat to 2007. - AeolosS.A.: lIn~loupvn8nKE one; 1311EKE~~Plou 2001 Kat llTAOno[nOE soooo uLjJoue;355 EKmo~~UPlWV EUpwano ~EMovrlKEe; ElOnpa~Ele;lOU 5n~OOlOU.ono to Eurocontrol (lEAn oEp05p0)Jlwv). H M~n TOUoxenxou «nootovtcc» opiotn KEVlOn~ 13 lIEKE~~p[ou2019 Kat n npo~n8Elo avnA8E OE17.B EK010~j.JUPta EUpW. To deal TO510xElplomKov 01: Morgan Stanley. Alpha Bank KOl Eurobank. H Eupwna"lKn LranOllKn Ynnpzoio aVOKaAULjJE rEAlKWe;onto EMnvlKo 5n~00lo ElxE npoxropnoa OE13r801Ee; aUl-JtpwvIEe;.pe nc onotec n a~EplKavlKn rpanE~a Ktp510E naKlwM 50Aap[wv. EVWn xwpo KOTOp8woEva «E~wpatoEl" to lin~oolo XpEOe; KaTa 5.3010. EUpW. Ern ~e:yaAn roue nAElovormo, onwe; npoxunret ono to OlOlXElO tnc Eurosta!. OL OU~tpWV[Ee; aU1Ee; <popouoOV tnv avroMoyn oaV£la wv nou Elx£ ouvti tjJEllO 5n~aOlO OEylEV ~E ioonooo OEEUpW. H npOVO~LaKn oxronrnc Goldman ue ro EMnvlKo 5n~oOlo ouvcxkrtnxe lOUAaXl010V ~ExPl to 2009. W01000 nopc ro oo<pn 5Ely~ma at opuo51E~ Eupwna"lKEe; apXEe; oofvetm on EKovavlO O1pa~a ~{J1la. ElVat ~aAl010 EV5ElKllKOon TO2008. otov n Eurastat 5lE~nvaYE pto lUnLKn noveupcmolsri EpEuva VIa to POAOrwv napovwvwv OUIWV npolovnov O1n 51aXElplOn rou 5n~60l0u xpeouc. OLTEXVOKpdrE~ me; ElxOV (I PKEOl£l otnv Eyvpatp n ola~E~ alwon TOU tore unoupvou E8vlKne; Oucovoutoc r AAOVOOKOUtpn. j.J Etnv one [a YVWOlOnoiouoc on n EMd lia OEV ElxE npaV~OlonOlnoElT8010U £lOOUe; uvaMavte;. o IUjJrpwva J.lem «WaHStreetJoumal.», nou £01KaA,£llal av~vulI£C; nnyic;, n Goldman Sachs «py.iKE» ana m aUIICflWvia TOUeRltoKLIJKOU aUtOu
swap to 2005, Olav 0 Uloll tla plpaatnKt alnv E8vLKn Tpan£~a ..LTOlEAn TOU2008. nou n OlKOVO~IKn Kp(on ~PlOKOlOV010 anoVElo me; KOI01tpcne(Ee; ava(nrouoav EVavwVlWe; peuorornto. n Goldman Sachs Kat n E8vlKn TpanE~a «~pnKOV tpono VIa va KaVOUVourri tnv enrtoxioxri ouvoMavn 0101XE[OlOU svspvnnxoc (0.0.: me; rpanE~Oe;) TOonolo 8a unopouoc va xpnouronomdei oav Eyyunon omv EKT ~E avr6MaVj.Ja pEU010mlO" 010 nAalOlO OXEllKOUnpovpou uotoc me; EKT VIa rn xoprivnon tp8nYOUPEUOlOUOlIe;TpanE(Ee;. AKoAou8noE n E~aVOpaTWV swaps (ouvaMavj.lOTlKWVKatEnlTOK[WV)anomvE8vlKn. To 2DOBEVlVEVEOavo ~op<pwon lWV opwv TWVaUf.!tpWVlWVauTWV.VIa va KaraM~ouvro 2009. ~E rn ~oP<PrlmAonOln8tvtwv o~oMvwv. OE~IO eroipeto El5lKOU OKOnou mvTitlos. nonolo Kmt~aAE O1nvEBvlKn TpnnE~o neplnou 5.3510. EUpW.
H unci9£on Titlos Kal n anoKciAul!Jn ,.n~ aAri9£La~
£ paaIKO.lnc; e. EIJO lie dtAo «H GOld.man Sa.chs Kal n IEAAai5a auvovt.,8n Kav atnv Titlos Pic» n e<pnll£pli5a WSJ :ava(j)tp8nK£ a£ ilia etalpelD nou A.eltOU PVouae at tva 111KpOYPDrp£lO atO Aovi5ivo. IUIlCflWva lie TOi5nllOaiEulla. «ntav 0 KOPPoc;'{lO aUv9£l£C; auvaMoVic; ax£610aJ.lEvtC;Va Kpuljlouvxptn». EVwYIVetDI Kal avo<popa at vt£c; atEVec; enarpie; nou unri~avlo 20091l£lC1~u lOU £nEVi5UllKou olKou KaL lnc; E8v1Knc; rpcinE~ac; npoK£lllivou va unap~ouv ocptM VIa 6AEC;nc; M&upie;. 'Onwe; Vpa<pEl n «Wall Street Journal". TO2009 n E8vlKI"l TpanE~o xm n Goldman Sachs Kavovloav oiots n Tilles, nou !pEPElOl vn sivm EnEv5utlKO oxnuo me; EBvlKne; TpanE(Oe;. va ~ErmptLjJEl napaywyo npolovto nou elxcv npoKuLjJEl ana tn OU~<PWVlOswap ~E EAAnVlKa KpanKa Ol-JoAoVa nou sixc KOv£1 n Goldman Sachs ~E TOEAAnvlKo r5n~omo to 2001. OErllAOUI:; nou 8a unopoucovvo o08ouv we; EVVunon otnv Eupwno'iKn KEV1PlKrl Tpc'in£l;a a 8nvl'i xpnporocotncn me; TpanEl;ae;. 01 TllAOl oIJml uLjJoue;5.1 010. EUPW. ou~tpwva ~E 10 OnIrlOOiEuIJO. opxucd nwAr'i8nKov otnv cvopri KDl am OuvExELOEnovovopcotn KOVano tnv EBvlKrl Tpt:inE(o. n onoio TOt5wOE ctnv EKTw<; EVyUno a va OOVElO1Eltp8nva. H linos "atn8nKe Via va £KII£loAA£ut£l tnv npocmlige.la me; EKT va napaoxel peucnOlnTa a&
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66 crash
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ucn Titles, H eroipclo a U1I" «stmpzfn El(51KOU OKOnou» (SPV- Special Purpose Vehicle) onoc ovouo~E1Ql,(5nAoM )JlO srrnpelo nou (5n~loupyn8nKEYlo va (51EVEpyn8Eiuro OIKovo~IKn ouvaMayn, EKO[(5El vpopuono utlJoue; 5 (51a.nspmou £upw. ooo oxpt~we; onAaM xptoorouos 10 on~oalO amy E8vlKIl Tpdn£~a. H Titlos Aomov "ayopa~£l» j.JEouro to ypajJjJana ana tnv E8vlKrlla olKOlw~ma nou nutri £LXEam XpW01OlJ~EValOU onuoolou aMo~ovme;lO
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ivalllpocpaviC;Otln[owanoauTic;nc;ou,llcpwvi£c; onllavtlKOIIlE:p[610 EuBwnc; iXE'1 0 K. InlJhnc; aUa KalO IK.nanai!irilloc;. cnl TWVnllEpWVtWV onolwv ouvt;~noClv autic; 01 cAXnlle:lec; nou aiij.lEpa oi!iriynaavTII xwpa aE uurri TIIY Kataataon. ITO Kai!ipO. wataao. j.I na [VEL Ka I iva TpiTO npoawllo. 0 lIepilpllllOC; nttpoc; XPlatOi!iouAou. tva ilia, npwnv atiA£xac;me; Goldman
1
Ilaxou swa P. 0 onoioe; onllEpa iilaXElpi~£TaITO EAAIiIVlKa xpioc;. 'Onwe; avmpEpEl n yaMlKn £ql n jJ<::p[(5a «Le Monde», a VEOe; nlKapaMe; TOU E OMHX. ntlpoe;XplO105auAou. ~p(aKETOlO1o£n[K£V1porne; EPEUVO~ nou 0laTax8nK£ ono tn FED. ylone; oUjJ~ao£le; nou unoypac.pnKOVj.JE10~UEMnvlKou onpoo(ou Kat Goldman Sachs. To on~oo(wjJo ~Era~u oMwv ovmpEp£l: "Ilnv Eupomn n Goldman Sachs npoai\a~~avE\ laxUpOU~ YlO vo EopmWOOuy tnv E~ouofa tnc. 0 nbpoC; XPlorooouxou o£v Evolac.pEpETat YlO TOKo~nAlj.JEV1Q ana 6nou KOl va npOEpXOV1m cute. Ana orov rirnv £c.pn~oe;, otoc a npcrror; ~o8mne;me; To~ne;.OKOUYE c 10 KOAUl£pa ylO TOnp6awno IOU. Ine; 19 <DE~pouaplo u opromxc we; £ntKEc.poAr'ie; OUOMHX Kat ~p(T OKE10I. on~Epo otnv npcrm ypo u ~Il. OaTooo, a npconv EmK£c.paMc;m~ olax£fpLOne; (51Q8£(J(~cov me; E8vlKne; T pen E~ac;~p (oKElm OTO en lK£V1pOme; epeuvcc nou olmox8nKE an6 Tn FEOYla nc aUJ.l~ao£le; nou /' ,/ unoypac.pnKOY vio 10 £MnVlK6 XpEOe; xm axET[~OV1mj.JErnv Gold man Sachs KOlaM.oue; O[KOUe;.0 VEOjjPKi~'lKOC; eiK0C;cpa[vEta l OlL IIAn pwVOtaYY'lunv ina poxri ,aull~ouAeutlKWv unnpeolWY atnVEUnVIKii KU~i:pvnall. KEpliooKOnWvtac; CJtO xplfoc;tne; xwpac;. IUYK£KPI~EvO, n FED EV(5tac.pEpE1m 10 POAOno u vtn Enm1;E 0 nt1poe; Xpl01000UAOU. a onotoc 011e; pXEe; a TOU2.009 £LXErnv enorrreio me; (opuane; tnc -auyy£vlKne;me; Goldman Sachs- AOVopE~IKnc;EIOlpdac; Titles. ~E oxono tn j.JE1aqlOpaTOUxpeoucrnc EMd5ae; ornv E8vlKn TponE~a. Kat npiv npooAnep8d mnv lEAEum[o 10 1998. a aUYKEKplPEVOC;rtcv IpOr n£~lme; otnv ... Gold man Sachs. H IUllogeoll aUTn qliPVEI atO 1pt.IC;n iiuvCllln tOU t EUPWIIQ'iKO(i IilKtUOU Emp,poriC;Tnc; Goldman Sachs nou txElllayLwBdallOto 1985. Kal ~pala au-
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Ol tl,alpdte; nou ~nJJloupy!n8nKaV dxav aAte; E~pa OlO MtyaAo 110UKal'O' TOUAOU~£I.I'poupyou Kal Kala ntpl£pyO lp6no 6Aa Ta 11.1:.lWV £talptlW'V aUlWV TOUtAAnVlKOU ~nlJoal[ou aUYKpolOuvtal ana lOUe;[~lOUe;. a'AAo~anoue;KUp[WC;. al aUYKtKpllJEVa ana lOUe;A. K Kamarowsky. Federigo Ca!nnizzar,o Kal Jean-Marc Debaty
vEpb. txtllOUC; lilQJ.lEoo).Q~mtc; K'Q\TOUC; mota"c; reuc, 01 ono[ol, xapn atl-; enalp£-; lOUC;.avOLYOUV tl-; noptee; 'WYKu~£pYiiaEWV, AUIOl 0 I au~~ouAO I nou npooxou ~ovovml uc ~£yoAn eppoV1[oaKOl nAnPWVOV1Olue XpUaoqll yvwp[~ouv nOA0 KaAa TO puOlIKO TWVolaopo~wv me; £~ouala~ moue; KoAnoue; me; E.E. AnoH:AouVlO aepll TWV noAl1lKwv. roue onolouc unopouvvc KOAOUVanw8£iae; OTOmM!\luND OE allY'f.l£~Kp(on~. [ ... J Fro my Goldman Sachs EVa an6m nAEOVEktriuotc curoo IOU OIKTUOU£[VOl n ouvorornto va np oxupuei no po IJ EVOVlOe;Kpuc.p6.Etoi. moue; "FInancial Times'imc 15ne;<DAE~opn 0 Otmarlssing unoypoqlElEVO op8po - Kmoms EnLXEipnansi510awane; me; EMooae; ana tnv Eupwna'lKn 'Evwon. o EVi\6yw KUplOe;unovporperro K£i~EYO. napaAdnoV1ae; va 01£uKpWlaE161l ono to 2006 sfvc I 01£Bvne;OlJP~OUAOe;tnc; oldman Sachs. Krn on nrpnG nE~a nou EXElKEpoooKonnoEl KOTO svunou '10IOU ~[Oj.JD10e; XOVEITOnOV1aDE nzplrmoon Eupwna'lKne; napE~~oone;».
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MaPTIOC;/2012
crash 67
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