Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (4 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
Fabrib
Forumer storico
corradotedeschi
Forumer storico
a fine novembre hanno pubblicato i dati del 3 trimestre 2019...i prossimi non so quando...sai dove posso trovare quel report criptato?penso anche io che facciano qualcosa sulla 2021...o swtich sulla 2024...o allungamento con cedola più bassa...cmq le obbligazioni sono decisamente sotto pressione e la liquidità della societa' bassissima...
Ultima modifica:
montebar
Forumer storico
ha comprato il 55% della turca inteltek tramite la sua sussidiaria spagnola e ha stretto la collaborazione con la sportrader in usa
le transazioni sono previste entro il primo semestre
i soldi della gamenet evidentemente son serviti per queste operazioni e per diminuire il debito, voluminoso, della 2024
le transazioni sono previste entro il primo semestre
i soldi della gamenet evidentemente son serviti per queste operazioni e per diminuire il debito, voluminoso, della 2024
captain sparrow
Forumer storico
You are receiving this alert because you have clients invested in the bonds of this issuer.
We feel that there is an increasing risk owning the above bonds given the weak macro backdrop for shipping companies and the liquidity issues that CMA CGM will be facing in the near future. Maersk reported weaker than expected 4Q with rev down 3.4% and EBITDA down 4.8% as volumes declined. Outlook was muted with EBITDA guided to USD 5.5bn vs. USD 5.9bn expected and the CEO noted February would be “very very weak” and March “very weak”. Hapag Lloyd delayed its outlook until March 20th with a soft 4Q. Industry volumes are weak and the Coronavirus will have a significant negative impact on volumes on top of the seasonal weakness. Freight rates continue to be disappointing and have not really recovered. In this environment, companies don’t manage to pass their higher costs (energy) to customers. The situation is worrying for highly-levered shippers such as CMA CGM.
CMA has over USD 1.5bn of obligations coming due in the coming months with a legal covenant on its minimum cash on hand at USD 600m (USD 800 if further ratings downgrades occur) vs. USD 1.3bn of cash, implying less than USD 700m of available liquidity. To fund these obligations (principally debt maturities from past M&A transactions) they are selling assets, one of which is consisting of ports / terminals to a JV owned by CMA itself and China Merchant Ports. Neither parties has the requisite liquidity to fund the transaction, so CMP is seeking to raise debt, half of which will be loaned to CMA so it can satisfy its obligations under the JV. We currently are uncertain of the appetite for this given the use of proceeds (half being a loan to a shaky business, CMA) and the current macro environment.
CEVA (acquired by CMA in spring 2019) is currently burning cash, to the extent that CMA had to inject USD 200m of cash into its subsidiary to cure debt covenants. Management note that is will burn cash until 4Q20, however in the current macro environment that is uncertain. Investors continue to question the rationale for this acquisition given that the company has been burning cash for a long time with no margin improvement.
The shipping industry is also facing another headwind with the introduction of IMO 2020 regulation. From January 1st 2020 onwards, all seagoing vessels will have to reduce sulphur oxides by 85%. The new regulation is set by the International Maritime Organisation (IMO) with the aim of cutting sulphur oxide gas emissions, protecting public health and supporting the environment. Vessels must use marine fuels with a maximum sulphur content of 0.5% compared to the current limit of 3.5%. The new regulation will increase the operating costs meaningfully for shippers.
We think that CMA has no margin for error in the evolving Coronavirus situation, compounded by issues of IMO 2020 regulation.
Tactical View: SELL
We feel that there is an increasing risk owning the above bonds given the weak macro backdrop for shipping companies and the liquidity issues that CMA CGM will be facing in the near future. Maersk reported weaker than expected 4Q with rev down 3.4% and EBITDA down 4.8% as volumes declined. Outlook was muted with EBITDA guided to USD 5.5bn vs. USD 5.9bn expected and the CEO noted February would be “very very weak” and March “very weak”. Hapag Lloyd delayed its outlook until March 20th with a soft 4Q. Industry volumes are weak and the Coronavirus will have a significant negative impact on volumes on top of the seasonal weakness. Freight rates continue to be disappointing and have not really recovered. In this environment, companies don’t manage to pass their higher costs (energy) to customers. The situation is worrying for highly-levered shippers such as CMA CGM.
CMA has over USD 1.5bn of obligations coming due in the coming months with a legal covenant on its minimum cash on hand at USD 600m (USD 800 if further ratings downgrades occur) vs. USD 1.3bn of cash, implying less than USD 700m of available liquidity. To fund these obligations (principally debt maturities from past M&A transactions) they are selling assets, one of which is consisting of ports / terminals to a JV owned by CMA itself and China Merchant Ports. Neither parties has the requisite liquidity to fund the transaction, so CMP is seeking to raise debt, half of which will be loaned to CMA so it can satisfy its obligations under the JV. We currently are uncertain of the appetite for this given the use of proceeds (half being a loan to a shaky business, CMA) and the current macro environment.
CEVA (acquired by CMA in spring 2019) is currently burning cash, to the extent that CMA had to inject USD 200m of cash into its subsidiary to cure debt covenants. Management note that is will burn cash until 4Q20, however in the current macro environment that is uncertain. Investors continue to question the rationale for this acquisition given that the company has been burning cash for a long time with no margin improvement.
The shipping industry is also facing another headwind with the introduction of IMO 2020 regulation. From January 1st 2020 onwards, all seagoing vessels will have to reduce sulphur oxides by 85%. The new regulation is set by the International Maritime Organisation (IMO) with the aim of cutting sulphur oxide gas emissions, protecting public health and supporting the environment. Vessels must use marine fuels with a maximum sulphur content of 0.5% compared to the current limit of 3.5%. The new regulation will increase the operating costs meaningfully for shippers.
We think that CMA has no margin for error in the evolving Coronavirus situation, compounded by issues of IMO 2020 regulation.
Tactical View: SELL
captain sparrow
Forumer storico
posto qua per maggior visibilità. se lo staff non lo ritengono corretto lo spostino
https://www.investireoggi.it/econom...er-lfmi-i-creditori-subiranno-grosse-perdite/
https://www.investireoggi.it/econom...er-lfmi-i-creditori-subiranno-grosse-perdite/
captain sparrow
Forumer storico
sul TLX bid per CMA 25 vuoto in questo momento