viernes, 27 de febrero de 2009

Citi: La Aritmética del Rescate

En Baseline Scenario hay una nota Citigroup Arithmetic Explained que resulta muy didáctica de la acción de rescate a Citi. Destaco
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Right now, according to Google Finance, Citi has 5.45 billion common shares outstanding. It is offering to convert up to $27.5 billion of preferred shares held by “private” investors other than the U.S. government (like the government of Singapore and Prince Alwaleed) into common shares, at a conversion price of $3.25. That would create another 8.46 billion shares. For every dollar that is converted, the U.S. government will also convert one dollar of its preferred stock, up to $25 billion; that is the $25 billion from the first round of recapitalization back in October, which is paying a 5% dividend. (Fortunately someone realized we should convert that before converting the second chunk, which pays 8%.) That would create another 7.69 billion shares. So if everyone converts as much as possible, there will be 21.60 billion shares outstanding, of which the U.S. government will own 7.69, for an ownership stake of 36%, the number you read in the papers. (Actually, if the private investors convert exactly $25 billion and not $27.5 billion, the government would own 37%, but that’s a detail.) The other private investors would own 39%, and current shareholders would own 25%.

1 comentario:

Anónimo dijo...

En Mayo del 2007, Robert Hernandez tenia 14.6M de acciones de C, con valor de 803M de dolares. Ahora, las mismas acciones tienen valor de 22M. Claro, pudo haber comprado una cobertura, pero, espero que no. Despues de lo que le hizo a AMLO y la causa de la CentroIzquierda en el 2006. (no pudo haber vendido las acciones, ya que no salio en los reportes de ventas de "insiders", ya que era un miembro del Consejo, y esto lo obliga a reportar ventas de acciones.)