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  1. #11
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    Default Interest payment

    I found that interest payment to CASHA note holders would be made on September 19.

    The HY financial review released to NZX this morning shows (on page 100) that Credit Agricole S.A. have 7.377 billion euros of deeply subordinated notes (on June 30) which include NZ$250m CASHA notes. I have NOT found any announcement that interest payment to these 7.377 billion notes would be suspended.

    I think some analysts worried about interest suspension or haircut (to notes) too much and too earlier.

    CASHA is traded at 44 cents today, much lower than the price for similar notes on European markets.

  2. #12
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    The price of CASHA notes jumped from $0.43 on Monday to $0.50 now.

  3. #13
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    Not really into Credite Agricole.. Just spotted this thread in passing.. I do know that they are in a little bit of trouble...

    Check out Credite Agricole and Emporiki Bank.. !!..

  4. #14
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    Looser Basel rules boost European banks
    http://www.ft.com/cms/s/0/405d4be6-5...#axzz2HKS2H3ac

    CASHA becomes much safer than a few months ago. At the interest rate of 5.04% p.a. and current price of 54 cents for a dollar, the annual return (5.04/0.54 = 9.33%) seems attractive and potential to get back $1/bond in 2017 is even more attractive.

  5. #15
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    CASHA now is 59 cents/bond

  6. #16
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    I'm tempted to sell the clip I picked up in December. I suppose at 59 they are still yielding over 8.5% for investment grade paper. And the bank's senior issues are still rated A by S&P. Probably about a fair price for them given the subordination. May turn out to be cheap if they all them l at 60c+ soon... they seem to have done this in other cases recently.

  7. #17
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    Quote Originally Posted by Penfold View Post
    I'm tempted to sell the clip I picked up in December. I suppose at 59 they are still yielding over 8.5% for investment grade paper. And the bank's senior issues are still rated A by S&P. Probably about a fair price for them given the subordination. May turn out to be cheap if they all them l at 60c+ soon... they seem to have done this in other cases recently.
    Equivalents of CASHA were recently traded at much higher prices in Europe. For example, FR0000475790 at 0.82, FR0010291997 at 0.83, and FR0010248641 at 0.92.

    If you bought CASHA in December, you have already gained 10% in a month.

    I compares CASHA with IFTHA. They are traded at similar prices. IFTHA, I think, is not rated, and pays an interest of 3.97% pa.

    I would think on long-term Credit Agricole would be more reliable than Infratil. It is difficult to imagine Credit Agricole would collapse in 5 years.

  8. #18
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    CASHA rose to 62 cents. Too good to believe. Sold out my holdings.

  9. #19
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    Wish I had been more patient. Sold at 58... I am a bit surprised to be honest it has risen so much. This is Junior Sub-debt in a European Bank.

    Nicely played Newman... 62 looks to be a great price.

  10. #20
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    Share price of Credit Agricole S.A. could be found by clicking the link below:

    http://uk.finance.yahoo.com/q?s=ACA.PA

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