Today’s newspapers said that Novo Banco had ensured more than 3,500 emigrant clients had signed up for the deal that anticipates refunding over six years the capital that was invested.
An official source at Novo Banco told Lusa at the beginning of the month that the 7,000 cases involved an overall amount of about €720 million.
The source said that the solution had to be authorised by the Bank of Portugal and requires the clients to sign so that Novo Banco and Credit Suisse can cancel the financial vehicles. The solution should allow the investors to get back at least 90% of their investment over the six years.
Please check this news as the reality is that not half of the invested amount has been signed in order to be converted to bonds
These bonds have no real value no guaranty
Just check the bond maturity and you will see that's not true
Maturity is in 2049
So the investors would be fully paid at this date
When you see that investors have around 65 years that means never
All investors signed for non risk allocations and now this bank want them to sign a risk product with junk bonds
By Georges from Porto on 27 Aug 2015, 18:48