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Consolidated Bank 5yr 4b bond
theking
#1 Posted : Wednesday, July 04, 2012 8:46:09 AM
Rank: Member


Joined: 1/25/2010
Posts: 344
The bond issue runs from 9th July to 20th July. If interested please hola kingmonster82@gmail.com for details
selah
#2 Posted : Wednesday, July 04, 2012 10:36:55 AM
Rank: Elder


Joined: 10/13/2009
Posts: 1,950
Location: in kenya
theking wrote:
The bond issue runs from 9th July to 20th July. If interested please hola kingmonster82@gmail.com for details


Why not list all the particulars i.e prospectus
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
Ilikeyou
#3 Posted : Wednesday, July 04, 2012 10:52:24 AM
Rank: Member


Joined: 11/21/2007
Posts: 152
Location: Nairobi
@theking
I request you would rather provide the details here or circulate via wazua@google group.
theking
#4 Posted : Wednesday, July 04, 2012 11:18:55 AM
Rank: Member


Joined: 1/25/2010
Posts: 344
Runs from 9th to 20th July
Allocation to be done on 23rd July
Settlement to be done on 30th July
Fixed rate is 12.75%, Floating rate 13.5%
Minimum application is 100,000/= to be done in multiples of 100,000/=
Interest to be paid half yearly

Please advice on how to send details to wazua@googlegroup
Ilikeyou
#5 Posted : Wednesday, July 04, 2012 11:31:21 AM
Rank: Member


Joined: 11/21/2007
Posts: 152
Location: Nairobi
Thanks.

Most wazuans use wazua@googlegroups.com to circulate emails to all instead of sending several emails
theking
#6 Posted : Wednesday, July 04, 2012 11:37:33 AM
Rank: Member


Joined: 1/25/2010
Posts: 344
Ilikeyou wrote:
Thanks.

Most wazuans use wazua@googlegroups.com to circulate emails to all instead of sending several emails


I've done that but getting the response below;

Hello kingmonster82@gmail.com,

We're writing to let you know that the group you tried to contact (wazua) may not exist, or you may not have permission to post messages to the group. A few more details on why you weren't able to post:

* You might have spelled or formatted the group name incorrectly.
* The owner of the group may have removed this group.
* You may need to join the group before receiving permission to post.
* This group may not be open to posting.

If you have questions related to this or any other Google Group, visit the Help Center at http://groups.google.com/support/?hl=en_US.

Thanks,

Google Groups
Ilikeyou
#7 Posted : Wednesday, July 04, 2012 11:55:33 AM
Rank: Member


Joined: 11/21/2007
Posts: 152
Location: Nairobi
You can now be able to post since I have added you as a member
There are other several managers of the group- Pesa Nane, Mwekezaji who could add interested guys
theking
#8 Posted : Wednesday, July 04, 2012 11:59:32 AM
Rank: Member


Joined: 1/25/2010
Posts: 344
Ilikeyou wrote:
You can now be able to post since I have added you as a member
There are other several managers of the group- Pesa Nane, Mwekezaji who could add interested guys



Thanx, i've sent the mail
Wondergirl
#9 Posted : Wednesday, July 04, 2012 2:07:05 PM
Rank: Member


Joined: 9/12/2009
Posts: 312
theking wrote:
Runs from 9th to 20th July
Allocation to be done on 23rd July
Settlement to be done on 30th July
Fixed rate is 12.75%, Floating rate 13.5%Minimum application is 100,000/= to be done in multiples of 100,000/=
Interest to be paid half yearly

Please advice on how to send details to wazua@googlegroup

I'm new to bonds,please enlighten me:
the interest rate , is it on annual or how is it computed?
theking
#10 Posted : Wednesday, July 04, 2012 2:34:47 PM
Rank: Member


Joined: 1/25/2010
Posts: 344
Wondergirl wrote:
theking wrote:
Runs from 9th to 20th July
Allocation to be done on 23rd July
Settlement to be done on 30th July
Fixed rate is 12.75%, Floating rate 13.5%Minimum application is 100,000/= to be done in multiples of 100,000/=
Interest to be paid half yearly

Please advice on how to send details to wazua@googlegroup

I'm new to bonds,please enlighten me:
the interest rate , is it on annual or how is it computed?


yes it's annual,prorated to the time the bond is held that is if one sells before the 5yr period
maka
#11 Posted : Wednesday, July 11, 2012 1:54:52 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,247
Location: Nairobi
@theking is the floating rate...based on the 364 T-bill rate and some percentage or??
possunt quia posse videntur
youcan'tstopusnow
#12 Posted : Wednesday, July 11, 2012 2:10:34 PM
Rank: Chief


Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
maka wrote:
@theking is the floating rate...based on the 364 T-bill rate and some percentage or??

2 percent above the 182 day T-Bill with a minimum of 10 percent and maximum of 13.75.
http://www.businessdaily...1/-/ip5fw4/-/index.html
GOD BLESS YOUR LIFE
theking
#13 Posted : Wednesday, July 11, 2012 4:40:32 PM
Rank: Member


Joined: 1/25/2010
Posts: 344
maka wrote:
@theking is the floating rate...based on the 364 T-bill rate and some percentage or??


The rates i had given earlier were tentative, the confirmed rates are as below;

•Senior Notes:Fixed Rate-13.25%; Floating Rate-182 day T-Bill Rate +2% (The floor (minimum) is 10% and Cap (maximum)is 13.75%)
•Subordinated Notes: Fixed Rate-13.50%
maka
#14 Posted : Thursday, July 12, 2012 1:19:55 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,247
Location: Nairobi
Thanks theking and YCSN...The fixed rate looks really good that's a good return.You must be very brave if you will go for the FRN unless they have some other unknown incentive like lower tax rates etc
possunt quia posse videntur
Ericsson
#15 Posted : Wednesday, February 20, 2019 10:11:34 AM
Rank: Elder


Joined: 12/4/2009
Posts: 7,719
Location: NAIROBI
https://kenyanwallstreet...ated-bank-for-ksh2-8bn/

The Lake Region Economic bloc comprised of 14 counties has received approval from Treasury to acquire government-owned Consolidated Bank. Negotiations to buy the Bank have been ongoing since April 2018.

The Lake region counties – Kisumu, Kakamega, Kisii, Nandi, Bomet, Kericho, Migori, Trans Nzoia, Homabay, Siaya, Nyamira, Busia, Bungoma, and Vihiga – have agreed to acquire Consolidated Bank to help them in their development agendas.

LREB’s chief executive Abala Wanga said, “..a development bank is designed to provide medium and long-term capital for productive investment, for example, infrastructure projects or industrial projects.”

The counties will contribute Ksh200 million each toward the project which cost Ksh2.8 billion. Mr Wanga said that acquiring the Bank was one of five key pillars for the region as it will enable them acquire long-term financing, which was unavailable from commercial banks due to the high risk associated with such projects.

Kenya is in the process of forming regional economic blocs which are meant to spur economic growth in the country. The proposed regional blocs are; Jumuiya ya Kaunti za Pwani, Frontier Counties Development Council, Narok-Kajiado Economic Bloc, Central Kenya Economic Bloc, North Rift Economic Bloc, South East Kenya Economic Bloc and the Lake Region Economic Bloc.

Consolidated Bank joins a list of Kenyan Banks that have been acquired by other banks or non-bank institutions in recent months. In 2018, analysts predicted that more Kenyan banks would merge due to the newly established capital requirements.
Ericsson
#16 Posted : Monday, July 29, 2019 1:59:48 PM
Rank: Elder


Joined: 12/4/2009
Posts: 7,719
Location: NAIROBI
https://www.theeastafric...3646-p7d2ysz/index.html
A cloud of uncertainty hangs over holders of a corporate bond issued by Kenya’s troubled Consolidated Bank seven years ago, as it emerged that a bailout plan on which the lender has placed all its hopes has not been endorsed by Treasury.

BAILOUT PLAN

The bank last week announced that it had applied for a Ksh1.6 billion ($16 million) bailout to help repay Ksh1.7 billion ($17 million) to its creditors. It was on the strength of this plan that it successfully applied for an extension of the repayment period of the debt, which matured on July 22, for three months.

"The last and final payment of the outstanding principal payment (together with interest for the extended period) would be made on October 22,” the bank said.

“The proposal for extension of the maturity date has been made in consultation with, and in full support of the National Treasury, the majority shareholder. The extension is necessary to allow National Treasury to finalise the process of capital injection into the bank.”

But the funds the state-owned lender is seeking have not been factored in the budget for the 2019/2020 fiscal year. This means that the National Treasury would have to seek the support of parliament to include them in the supplementary budget.

The lender, which is 85.8 per cent owned by the state, and which is on the market for a strategic investor, has therefore entered into a deal with its creditors to extend the repayment period to allow the National Treasury inject capital.

But Treasury says it has not received any bailout proposal.

“We have not received any request for bailout from Consolidated Bank. As far as I am concerned we have not seen it,” a senior government official who is privy to the matter told The EastAfrican.

While this does not necessarily spell doom for the bondholders, it may cause more anxiety.

STAKE

Attempts to seek comments from the bank proved futile as chief executive Thomas Kiyai did not respond to calls and text messages sent to his mobile phone.

Consolidated Bank is one of three state-owned lenders that are on the market following years of poor performance and rising debt. Others are National Bank of Kenya (NBK) and Development Bank of Kenya.

NBK is at advanced stages of acquisition by the country’s biggest bank — KCB Group. KCB received regulatory approval from the Capital Markets Authority and shareholders approved the deal to swap of 10 ordinary shares of NBK for every ordinary share of KCB at their respective annual general meetings. The government through the National Treasury, owns a 22.5 per cent shareholding in NBK while the National Social Security Fund holds 48.06 a per cent.

The government had initially planned to merge the three banks but South African consulting firm Genetics Analytics advised against it.

In May, Consolidated Bank’s bid to raise Ksh3.5 billion ($35 million) through a rights issue and transfer the government’s majority shareholding to a strategic investor collapsed. The bank created an additional 175 million preference shares valued at Ksh3.5 billion ($35 million) to be allocated to the strategic investors.

The potential investors from the US and UAE, pulled out, reportedly when they learnt that a bloc of counties were interested in the stake. The counties forming the Lake Region Economic Bloc are Bomet, Bungoma, Busia, Homa Bay, Kakamega, Kericho, Kisii, Kisumu, Migori, Nandi, Nyamira, Siaya, Trans Nzoia and Vihiga.

PROPOSED MERGER

In December 2014, the government had injected Ksh500 million ($5 million) into Consolidated Bank in return for a 28 per cent shareholding and the Cabinet proposed its merger with NBK and Development Bank. But in 2016, Genetics Analytics recommended that the government make an exit.

Consolidated is expected to cede a majority stake to a strategic investor through a rights issue. The strategic investor is expected to acquire the preference shares and eventually own a controlling stake in the bank by converting them into ordinary shares. The Privatisation Commission (PC) appointed a consortium led by PKF Consulting Ltd to help the bank with its internal restructuring.

An earlier attempt by the lender to raise cash an estimated at Ksh1.8 billion ($18 million) from the shareholders had also collapsed after the National Treasury withdrew its commitment to support the cash call.

In 2012, the bank issued a seven-year fixed-rate bond with an annual coupon rate of 13.25 per cent per annum. Kenya Reinsurance Corporation (Kenya Re) and Centurion Holdings are reportedly among a host of investors who bought the corporate bond.

Consolidated Bank was incorporated in December 1989, in a takeover of weak banks and non-bank financial institutions and build public confidence by taking over nine insolvent institutions.

These were the Estate Finance Company of Kenya, Estate Building Society of Kenya, Nationwide Finance Company Ltd, Home Savings and Mortgages Ltd, Business Finance Company, Jimba Credit Corporation, Kenya Savings and Mortgages Ltd, Union Bank of Kenya Ltd and Citizen Building Society.
maka
#17 Posted : Tuesday, July 30, 2019 12:11:48 AM
Rank: Elder


Joined: 4/22/2010
Posts: 11,247
Location: Nairobi
Dog poop...
possunt quia posse videntur
obiero
#18 Posted : Tuesday, July 30, 2019 5:41:04 AM
Rank: Elder


Joined: 6/23/2009
Posts: 12,409
Location: nairobi
maka wrote:
Dog poop...

Tick
COOP 5,500 ABP12.6; HF 2,000 ABP 5.90; KCB 7,500 ABP 36; KNRE 100,000 ABP 2.90; KQ 392,100 ABP 8.32
Impunity
#19 Posted : Wednesday, July 31, 2019 10:36:13 PM
Rank: Elder


Joined: 3/2/2009
Posts: 26,183
Location: Masada
Ericsson wrote:
https://kenyanwallstreet.com/lake-region-counties-to-purchase-consolidated-bank-for-ksh2-8bn/

The Lake Region Economic bloc comprised of 14 counties has received approval from Treasury to acquire government-owned Consolidated Bank. Negotiations to buy the Bank have been ongoing since April 2018.

The Lake region counties – Kisumu, Kakamega, Kisii, Nandi, Bomet, Kericho, Migori, Trans Nzoia, Homabay, Siaya, Nyamira, Busia, Bungoma, and Vihiga – have agreed to acquire Consolidated Bank to help them in their development agendas.

LREB’s chief executive Abala Wanga said, “..a development bank is designed to provide medium and long-term capital for productive investment, for example, infrastructure projects or industrial projects.”

The counties will contribute Ksh200 million each toward the project which cost Ksh2.8 billion. Mr Wanga said that acquiring the Bank was one of five key pillars for the region as it will enable them acquire long-term financing, which was unavailable from commercial banks due to the high risk associated with such projects.

Kenya is in the process of forming regional economic blocs which are meant to spur economic growth in the country. The proposed regional blocs are; Jumuiya ya Kaunti za Pwani, Frontier Counties Development Council, Narok-Kajiado Economic Bloc, Central Kenya Economic Bloc, North Rift Economic Bloc, South East Kenya Economic Bloc and the Lake Region Economic Bloc.

Consolidated Bank joins a list of Kenyan Banks that have been acquired by other banks or non-bank institutions in recent months. In 2018, analysts predicted that more Kenyan banks would merge due to the newly established capital requirements.


Worsest move ever!!!!!
Ghai!

Pray Pray Pray
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.

Angelica _ann
#20 Posted : Wednesday, July 31, 2019 11:14:45 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,981
Impunity wrote:
Ericsson wrote:
https://kenyanwallstreet.com/lake-region-counties-to-purchase-consolidated-bank-for-ksh2-8bn/

The Lake Region Economic bloc comprised of 14 counties has received approval from Treasury to acquire government-owned Consolidated Bank. Negotiations to buy the Bank have been ongoing since April 2018.

The Lake region counties – Kisumu, Kakamega, Kisii, Nandi, Bomet, Kericho, Migori, Trans Nzoia, Homabay, Siaya, Nyamira, Busia, Bungoma, and Vihiga – have agreed to acquire Consolidated Bank to help them in their development agendas.

LREB’s chief executive Abala Wanga said, “..a development bank is designed to provide medium and long-term capital for productive investment, for example, infrastructure projects or industrial projects.”

The counties will contribute Ksh200 million each toward the project which cost Ksh2.8 billion. Mr Wanga said that acquiring the Bank was one of five key pillars for the region as it will enable them acquire long-term financing, which was unavailable from commercial banks due to the high risk associated with such projects.

Kenya is in the process of forming regional economic blocs which are meant to spur economic growth in the country. The proposed regional blocs are; Jumuiya ya Kaunti za Pwani, Frontier Counties Development Council, Narok-Kajiado Economic Bloc, Central Kenya Economic Bloc, North Rift Economic Bloc, South East Kenya Economic Bloc and the Lake Region Economic Bloc.

Consolidated Bank joins a list of Kenyan Banks that have been acquired by other banks or non-bank institutions in recent months. In 2018, analysts predicted that more Kenyan banks would merge due to the newly established capital requirements.


Worsest move ever!!!!!
Ghai!

Pray Pray Pray


Relax here you are covered by GoK guarantee!!!
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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