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Breakingviews: BES will lure the bulls

Tuesday, Jul 15, 2014 - 03:02

July 15 - BES stock has fallen sharply again. Banco Espirito Santo probably still has a sliver of equity which suggests opportunity for a private-sector saviour, says Breakingviews.

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Bank says spears has suntech could hit periphery -- headline on breaking -- today Neil I'm not joins me now. Yeah thank you so much joining us. This has Downey yet that's up a fourteen shots and today. Is actually down into the -- that the going to be losses Nolan -- how big these. Opportunity. I think it's it's a combination of factors or some combination of the of their restructuring and from what what is going to happen is that Tenet that the parent companies of the but the bank holding companies that the previously in the back. We'll be restructured now being extremely complicated and messy process. We're seeing already some forced selling of sense from those holding companies. But but the -- -- of -- -- depressing you know kind bookstore principles listen only knows what the instructional book it'll be pregnancy. Compounds. -- of -- then you put the banks and exposure to those holding companies. A -- that that. That's more or less manageable it's direct -- say that the bank has lent to Paris holding companies that the previously and it bothers. Tom has about one point two billion here it's an accountant quite easily missed on his looks has even if you seem to -- and levels of a loss say that. Particular aspect of it is will be messy but it -- And then you've got the sort of -- situation beyond nuts and his fists than that and that's also a whole level of indirect exposure to potential for litigation risks because of debt issued by the holding companies so by the bank and that's about enough to keep -- -- -- explosion but most of them Mano -- and easily and then it got into an explosion which could be. Another two billion now. Dual listings together if you seemed to clean situations for a place in the bank is in real trouble but this unit if if you take a view to dent in the situation -- result. Suspect truly evil or at least without potential write down and two billion of loans than than the banks Austin look a little less. You know it was a little more healthy I mean say it. We -- screamed into my next question says you're very optimistic you think that. They -- -- sort of problems -- -- is not going to be as bad as -- -- -- then. This is a ball in the bank is insanely cheap amendments on on that basis and trading and open two times about -- is trading at no point four times the value Friday. That already crisis and a lot of losses sided so if you think. Certain things to think that -- institution to be resolved keeping the litigation can be managed -- indirect. On the on the on the debt consultant declines. Then yes -- OK contests and make money on -- conspiracy isn't it but in the meantime there's just so much uncertainty that's people standing there. Thank you thank you very much Daniel -- plant from breaking these explaining alliance. Bank has spirited son tape could be at blocking and things and optimistically. Yeah agenda setting an actor inside what I US breaking each and every day at twelve that -- -- 1730 GMT. I'm and seeing all this is what's news.

Breakingviews: BES will lure the bulls

Tuesday, Jul 15, 2014 - 03:02

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