As well as firm updates, we occasionally provide commentary on securities, credits and markets that we are active in.
2023 03 – Offer to holders of the HSBC MSCI Russia Capped UCITS ETF IE00B5LJZQ16
Holders of the HSBC tracker ETF issued by HSBC might have been surprised by the recent announcement to de-list and close the ETF. As a result prior to the closure of the fund Southey Capital has made available an offer to purchase them from holders.
2021 07 – LBHI and Lehman Brothers Holdings Subordinated creditors
After c. 14 years a major creditor of Lehman Brothers Holding and the UK Sub-debt bonds (the LB UK ECAPS) appear to have signed an agreement to settle payments between them the complicated agreement is available on our website here
2021 04 – Madoff feeder fund offers
Southey Capital is one of Europes most active parties in the trading of Madoff related product. In 2021 we aim to further capitalise on our deep understanding of the credit by making various offers to holders of various feeder funds.
2020 10 – Trading of ABLV Bank, AS in Liquidation
Southey Capital has traded ABLV Bank claims, and is in a position to purchase more claims from Bona Fide sellers.
ABLV Bank, AS in Liquidation
2020 02 – Launch of Offer to purchase Tristan Oil Bonds
Southey Capital has launched an offer in conjunction with a leading EM Debt hedge fund that focusses on purchasing Expropriated Debt, an offer to purchase the recovery notes of Tristan Oil
Tristan Oil offer
2019 11 – Launch of SNS Bank N.V. and SNS REAAL N.V. offer
Southey Capital has launched an offer to purchase the notes of SNS Bank and SNS REAAL that were expropriated for the benefit of the State of Netherlands the Offer will end on the 31st of December 2019
SNS BANK and SNS REAAL offer
2019 06 – Succesful closing of EEA offer to Continuing Shareholders
Southey Capital has successfully closed the first part of an ongoing Voluntary Tender to holders of EEA Life Settlements Fund continuing share class. EEA Offer
2018 10 – Renewed offer to holders of EEA Life Settlements Fund
Following on from the success of the last Tender Offer we have updated pricing and per the 2018 10 NAV’s from EEA Life are looing to purchase more shares from holders that are seeking liquidity. More details are available here: https://southeycapital.com/EEAinvestors/
2018 05 – Update on EEA Life Settelments voluntary Offer and update on EEA
At the beginning of the year, Southey Capital offered investors via voluntary tender a process to sell their shares in the EEA Life Settlements Fund, settlement of those shares is now in progress. The fund itself has had a difficult start to the year with a substantial difference in maturities, from plan. We expect further reductions/writedowns during the year if maturities lag, and corresponding reduction in NAV.
2017 10 – Noble’s Next Battle Will be Over $3bn in Debt
Bloomberg reported the ongoing struggles of Noble Group to cope with its Debt burden of c. $3bn, in the near term, quoting Southey Capital on our view of Noble to manage asset sales and short term cashflow.
2017 02 – Hanjin Shipping
In Tradewinds most recent update on Hanjin shipping we re-interated that a liquidation of the Hanjin would most likely see no change in the secondary market price of claims.