SanderW123 schreef op 30 januari 2025 10:11:
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Toch wel, tenzij inderdaad het maximum bereikt is:
The Group entered into interest-bearing credit facilities with ABN AMRO Clearing
Bank N.V. (AACB), totalling €3,650 million per period end, comprising of a EUR
denominated facility of €3,150 million and a USD denominated facility of $540
million. In addition, the Group has interest-bearing credit facilities for portfolio
margin financing with Bank of America (BofA), Goldman Sachs and Barclays
Bank. These facilities can be modified or terminated at any time. The facilities are
exclusively for the financing of positions of the financial instruments traded in
the ordinary course of the trading activities using the various prime brokers.
Our prime brokers require the Group to post cash to cover the haircut or margin
requirements (representing a minor portion of our portfolio’s size, which is
variable and calculated on a daily basis depending on portfolio size and
composition) in cash or securities as security for our positions held with the
relevant prime broker. The positions are subject to pledge and collateral
arrangements.
Covenants
Pursuant to the main covenants included in our facilities, the Group is required
to comply with a net trading capital balance that exceeds the haircut calculated
by the prime broker. Both the net trading capital balance and haircut are
variable and calculated on a daily basis, depending on portfolio size and
composition.
The main covenants prescribe certain maximum portfolio-to loan
size (variable and calculated on a daily basis, depending on portfolio
composition). In addition, it require us to maintain a solvency ratio of at least 4%,
calculated by shareholders equity divided by credit limit.