past anni si è sviluppata una nuova forma di emissione dei titoli obbligazionari con la quale i grossi gruppi industriali possono facilmente procurarsi i fondi necessari per poter avviare progetti industriali. Queste emissioni obbligazionarie societarie presentano le seguenti caratteristiche:
- le emissioni sono effettuate in un mercato estero con quotazione alla borsa locale;
- sono effettuate attraverso società estere ad hoc.
- sono soggette al diritto inglese;
- sono oggetto di collocamento sull’euromercato secondo tecniche operative standard attraverso offerte destinate esclusivamente ad investitori istituzionali;
- la mancanza di attuazione di procedure di “sollecitazione del pubblico risparmio” (artt. 94 e ss. TUF);
- presentano un documento informativo destinato solo alle banche, la circolare di offerta, contenente tutti i rischi di investimento;
- sono prive di rating.
In generale, queste emissioni di titoli obbligazionari are aimed at raising cash on the market in order to develop industrial projects.
Indeed, in recent years the issue of European bonds (Eurobonds) was made by big industrial groups in order to cover the debts accumulated by the banking system.
happens, in fact, that the big industrial groups seeking access to bank credit was imposed by banks, as decisive conditions for the granting of new credit lines, the condition to guarantee the loan by issuing bonds .
Securities placed on the secondary market, or venduti ai piccoli risparmiatori.
Questi titoli tossici circolavano fino al momento in cui il soggetto emittente, non più in grado di coprire i debiti accumulati, dichiarava la propria impossibilità di ripagare gli obbligazionisti (c.d default), con successiva dichiarazione di fallimento della del soggetto emittente.
Tra i casi di dissesto finanziario più importanti, vale la pena ricordare le vicende Cirio e Giacomelli.
Il caso Cirio, ossia i risparmiatori pelati alla meta
Il Gruppo societario Cirio is famous throughout the world for tomato jam, for oil and other foodstuffs.
the late '90s, the group did not have a great credit finance, and decided to launch a pre-issuance of bonds aimed - as declared by the directors of the company - from new acquisitions and corporate restructuring.
The bonds were issued on the Luxembourg market, through companies created specifically to perform this work. The Group, through the system of Chinese boxes, came to issue bonds with 6 which, in a few years, could buffer the accumulated debt with the banks.
Ogni singola emissione obbligazionaria era accompagnata da un documento informativo, la offering circular, con la quale Cirio rendeva note le criticità delle obbligazioni offerte sul mercato.
Il Gruppo Cirio comunicava al mercato che l'emissione del titolo era finalizzata alla copertura dei debiti bancari “ il rifinanziamento dell’indebitamento esistente di Cirio al fine di prorogare il debito del gruppo ”.
Cirio, infatti, presentava dei grossi problemi di natura economico – finanziaria, conosciuti dall'intero mondo finanziario, tant'è che nel documento informativo si potevano trovare tutti i richi di investimento. Cirio, in particolare, avvertiva che “ Non esiste CIRIO no assurance that the future will generate sufficient cash from operations to cover its debt and allow it to make necessary capital expenditures. If CIRIO not be able to generate sufficient liquidity in the near future, may be required to refinance all or part of its debt by selling assets or through additional (further) funding. In addition, the ability to CIRIO to generate sufficient liquidity to repay the principal amount of the bonds will depend on the ability to dispose of its capital. There is no assurance that such financing is possible and that such sale of assets or additional financing will be obtained.
The high level of indebtedness of Cirio and its subsidiaries and will have many important effects on its future operations, including the following:
1. The future cash liquidity should be increased to cover the debt ("debt service") with the consequent reduction in available funds intended for future financial opportunities, increasing vulnerability to adverse economic conditions than CIRIO / industrial
2. CIRIO could be further limited to be able to obtain additional financing; for acquisitions, working capital or current use for other purposes .
Cirio, in short, was a dangerous way, highly speculative and is not intended for small investors. Too bad that they were the only ones who do not know the actual level of danger of Cirio bonds.
The extreme risk of the title, derived from its own characteristics and by the issuer, was exacerbated by a coefficient of risk determined by specific and independent agencies that usually accompanies the issuance of stocks and bonds: the cd rating.
In short, the risk Cirio bonds emerged in several respects, to the extent that the declaration of default on the bonds of November 3, 2002 misses analysts surprised the financial world. The only people surprised are
were (and perhaps still are) the poor savers peeled to the goal.
Where do we stand?
We have seen how they have followed the events that led to the bankruptcy of Cirio group, due to the loss of the savings of many Italian investors.
- Cirio under special administration
Following the crash finanziario di Cirio è stata avviata la procedura di amministrazione straordinaria per tutte le società del Gruppo con possibilità per tutti gli obbligazionisti di accedere alle varie procedure.
Le procedure sono in fase di conclusione e la possibilità di recupero per gli acquirenti di titoli Cirio sono scarse, per non dire nulla.
- Procedura penale
I vertici della Gruppo Cirio (in primis l'Ing. Cragnotti) sono stati coinvolti nella procedura penale per le presunte condotte illegali che avrebbero posto in essere in danno della stessa Cirio.
La procedura is proceeding even if the possibility for the bondholders - ESTABLISHED civil party in criminal proceedings - are less than those who get some of the money invested by the bankruptcy proceedings.
Last week, the prosecutor made the request for condemnation of the vertices of Cirio, but also required the condemnation of Cesare Geronzi, at the head of Banca di Roma issues at the time of Cirio.
In particular, the PM has proposed a sentence of eight years for the former president of the Banco di Roma for six years and Eng. Cragnotti. Too heavy demands for the children of Cragnotti: Elizabeth and Andrew (8 years) and Massimo (6 years). For all the charges are, first, of bankruptcy.
- Legal Action
We have already discussed the possibility that the investor has to sue for the recovery of funds invested in bonds.
The convictions of the Bank for brokering the sale of Cirio bonds are now numerous.
- Eurobonds Giacomelli: the small local is "destroyed" by the financial market
The story
Giacomelli so aptly describes the negative effects of market access to bonds issued by corporate entities without the necessary economic and financial strength necessary to operate in the financial market.
The case shows, from another point of view, as a means of Eurobonds has long been used (and perhaps still is) from the banking system to protect its claim against the big companies turning to retail customers .
The latter, once again, take the part of unsuspecting victims of a system which sees some industry groups to continue research of new liquidity for its operations and financial industry, while other banks provide their own claim against the company by turning it toward the secondary market.
Giacomelli was a chain of stores specializing in sports and leisure abbigliamneto that had developed, with some success, on the Italian territory.
The company had also started selling its products through the digital network, representing one of the first Italian reality of electronic commerce.
Even Giacomelli, like other Italian companies, is at some point back into an sitauzione di ristrettezza econommica e riesce ad ottenere prestiti da parte del sistema bancario solo con la promessa, mantenuta, di emettere successivamente titoli obbligazionari con la medesima modalità già vista per i titoli Cirio.
I prestiti obbligazionari Giacomelli, quindi, venivano collocati sul mercato del Lussemburgo ed erano finalizzati, come dichiarato dall’emittente, alla copertura del debito esistente nel Gruppo Giacomelli:“ L’incasso netto dall’emissione dell’obbligazione […] sarà usato dall’emittente per assistere, direttamente ed indirettamente, altre società del gruppo Giacomelli con obbiettivi generali che includono […] il consolidation of existing debt. "
Titles Giacomelli, therefore, is of great risk to the buyer / investor is in terms of financial product purchased (Eurobonds), both in terms of the issuer.
The delicacy and danger of the investment was felt by the same Giacomelli calling upon any potential buyer of the bonds " read the entire offering circular (offering circular) carefully. Before making any investment decision, potential investors should carefully consider, among other things, certain considerations set below the issuer and bond .. "
Bonds Giacomelli, such as Cirio, had no substantive proceedings (rating) and also this aspect confirms the extreme risk of the securities because they do not undergo proper analysis of independent agencies.
Where do we stand?
Giacomelli The failure of the Group is now closed for some time and the bondholders have recovered little or nothing from the procedure because the debts accumulated by the bankrupt company were not covered by the few claims made by the procedure.
The only option left open to the investor is to take legal action against the intermediary for Contet the breach of disclosure requirements.
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