Please post the current values here, with the dates. Also, indicate the source of the information, e.g. website.
The note-holders will be receiving the offer of compensation from the financial institution soon. They will need to compare the offer with the market values, to make sure that the offer is at least higher.
If I have sufficient information, I shall organise them in an easy to read format. Please share your information for the benefit of all.
9 comments:
A recent check with DBS website, HN2 is worth only about 20%.
http://portal.iocbc.com/PDF/BidPinnacle.pdf
Check for weekly update of Redemption bid prices for Pinnacle Notes.
Here is the webpage showing the prices for for DBS High Notes
http://www.dbs.com.sg/ratesonline/structuredinvestments/Pages/default.aspx
Can someone give the URL for Minibond prices?
http://www.dbs.com/ratesonline/structuredinvestments/Pages/default.aspx
to look for
The Indicative Values of DBS Structured Investments include DBS High Notes
Just received a letter from HSBC. It saidmy minibond series 2 underlying securities are secured by "US$78,400,000 in principal amount of Floatinf Rate Notes due 2012 issued by General Electric Capital Coporation".
It also said other parties such as the paying agent and amounts owing to Lehman as swap counterparty will take priority for any claims on liquidation value of the underlying securities.
I don't have the Singapore Minibond valuation. I do have an announcement and write up based on Hong Kong's valuation.
http://www.lioninvestor.com/estimated-minibond-values/
My very high level summary of that is:
If it is subprime mortgage based, valuation is about 12% of amount invested; other series 55%. The ceveat here is: that is before that objection letter from the U.S. bandruptcy lawyer and also before the receiver terminated the swaps (which could be very expensive to terminate insurance after things went sour). Of course, this also assumes no credit reference (like 6 entities) landmine blowing up.
How do I know if I bought subprime mortgage or not? Here is the info based on Lehman, I heard "The synthetic collateralized debt obligations that are the Underlying Securities for Minibond Limited's Notes are not linked to subprime mortgages, MBS or ABS CDOs, but rather are linked to the creditworthiness of a reference portfolio of corporate and sovereign credits."
Young Steve moved to Texas and bought a donkey from a farmer for $100.00.
The farmer agreed to deliver the donkey the next day.
The next day he drove up and said, 'Sorry son, but I have some bad news, the donkey died.'
Steve replied, 'Well, then just give me my money back.'
The farmer said, 'Can't do that. I went and spent it already.'
Steve said, 'OK, then, just bring me the dead donkey.'
The farmer asked, 'What ya gonna do with him?
Steve said, 'I'm going to raffle him off.'
The farmer said 'You can't raffle off a dead donkey!'
Steve said, 'Sure I can. Watch me. I just won't tell anybody he's dead.'
A month later, the farmer met up with Steve and asked, 'What happened with that dead donkey?'
Steve said, 'I raffled him off. I sold 500 tickets at two dollars apiece and made a profit of $898.00.'
The farmer said, 'Didn't anyone complain?'
Steve said, 'Just the guy who won. So I gave him his two dollars back.'
Steve now works for Citigroup.
Is this the sort of talent we want to engage in our financial hub?
Steve might profit for a while but he has a high price to pay for his deception and wrongdoings. What happened to Madoff?
Steve has outsmarted the law of justice, seemingly getting away doing wrong. But his reputation and integrity will be marked and marred.
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