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JPMorgan Re-Opens Its Proposed Offer To Repurchase Greek Structured Bonds


ondon,– JPMorgan announced that it would re-open until 5:00 p.m. London time today its previously proposed offer to repurchase from pension fund investors the €280 million of structured bonds issued on 22 February 2007 by The Hellenic Republic. This deadline is final.

JPMorgan, which acted as underwriter of the bonds, noted that it has now made two separate, good-faith offers to repurchase the bonds over a period of seven weeks and has granted two extensions of the deadline to the pension funds’ managements.

The terms of its proposed offer remain unchanged and would see the pension fund investors in the bonds recover 100% of the amount they paid for the bonds less any interest that had already been paid on the bonds. Together with the government’s reported proposal, this would see the pension fund investors in the bonds recover 100% plus interest.

“We are proposing an offer that goes well beyond what any responsible underwriter could reasonably be expected to make. The pension funds’ managements have shown complete disregard with respect to the interests of their stakeholders not only in their original investment processes but also in their repeated decisions to reject a generous proposal. They would be ill-advised to reject this proposal now.”

JPMorgan stated that it did not deal with the pension funds when underwriting and selling the bond and was unaware of any commissions paid by any party in this transaction.

The spokesman further expressed JPMorgan’s deep appreciation to the Greek government for working tirelessly to bring this matter to a conclusion that serves the best interest of the pension fund stakeholders.

All of the pension funds must indicate their willingness to accept the proposed offer by 5:00 p.m. London time today by sending an e-mail to All of the pension funds must accept.


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