Obbligazioni valute high yield Bond AngloGold Ashanti Holdings plc 2020 8,50% USD US03512TAD37 (1 Viewer)

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Investire in oro con i bond AngloGold-Ashanti 8,50%

 

[Brizione]

La miniera dell’oro offre l’8,5%, con rating BB+ Per chi sia alla ricerca di elevati rendimenti in dollari Usa, segnaliamo un’interessante novità proveniente da Anglogold Ashanti Holdings, multinazionale specializzata nell’estrazione dell’oro, che ha la peculiarità di essere quotata in ben 5 Borse del mondo (New York, Londra, Sidney, Accra e Johannesburg. Una vera e propria leader del settore, che ora offre un’obbligazione senior in dollari Usa dall’importo di 1,25 miliardi USD. Su scadenza 30/7/2020, offre una cedola dell’8,5%, con taglio minimo di 1000 USD (Isin US03512TAD37). Il rating è BB+ da parte di Standard & Poor’s e Baa3 di Moody’s. Come spesso succede per le emissioni nella valuta Usa non si ha una quotazione su mercati regolamentati. La “duration” di 5,4 è molto interessante. Lanciata a 100, l’obbligazione è salita in poche ore oltre 101. La società ha già emesso in passato più volte, sempre in dollari Usa, fra cui alcuni prestiti convertibili. L’impatto del timore di un aumento dei tassi da parte della Fed e i timori di un ulteriore crollo delle quotazioni dell’oro hanno colpito duramente i suoi bond: lo dimostra il 5,125% su scadenza 1/8/2022 (Isin US03512TAC53), sceso dalla quotazione massima a maggio di 102,4 fino agli attuali 83,8, con uno “yield” salito al 7,8%.

ricevo e giro

R:

Dear Sir,
The weakness is due to the announcement of their 2013 guidance (full article below).
As there is some temporary pressure, the weakness may continue this is why for some client who wanted to reduce their risk, we have recommended to make a switch into less volatile issuer.
Kind regards,
Alexis

Latest Announcements from Anglo Gold
Anglo Gold released guidance for 2Q13. Key takeaways:
- ANG announced that it expects to impair $2.2-2.6bn post tax in relation to the revaluation to net realizable value of its mining assets. This follows similar announcements of impairments by some of its peers; e.g. HAR and NCM.
- Anglogold also announced that they will produce 4 million to 4.1 million ounces, less than the 4.1 million to 4.4 million ounces previously expected,
- Anglogold also revised their revenue & income expectations for the years to come due change of assumptions of gold prices
- The company produced 935,000 ounces of gold at cash costs of $900 to $920 an ounce in the second quarter.
Gold Industry
- This has been a general trend in the industry: Gold mining companies have announced at least $11 billion in charges during the past two months, after the precious metal’s steepest quarterly drop in at least 90 years. Barrick Gold Corp., the biggest producer, said June 28 it expects to write down the value of a delayed Latin American project by as much as $5.5 billion and is reviewing other assets for potential charges. Australia’s Newcrest Mining Ltd. said last month it might take a charge of as much as A$6 billion ($5.5 billion).
Downgrades
- Moody’s Investors Service cut AngloGold’s debt rating by one step to Baa3, the lowest investment grade, last week.
- S&P lowered Anglo Gold's rating to BB+ from BBB-
Rating Agency key points
- "We view the company's free operating cash flow (FOCF) and credit metrics as particularly sensitive to a low gold price environment, given its high unit cash cost profile and high capital expenditure (capex) needs in the coming years. Mitigating factors are the weakening of the South African rand and management's aggressive measures to reduce its cash expenses and optimize its investments and asset portfolio." (S&P)
- "Under our base-case scenario, we project that AngloGold's EBITDA will be $1.5 billion in 2013 and about $1.8 billion in 2014. This is half 2012's $3.0 billion in EBITDA, after adding back the $0.3 billion negative impact of the industrial action in South Africa last year." (S&P)
Leverage& Liquidity
- Short term liquidity is adequate. S&P estimates that cash on hand vs. short term debt for the next 24 months stands at 1.2x despite the increased negative free cash flow from operations.
- Cash flow from operations according to S&P projections will stand at $0.7-$0.8 billion over the nine-month period to December 2013, and $1.3-$1.4 billion in 2014.
- Total Debt to EBITDA stands at 1.5 & EBITDA to Interest Expense at 10.1 which are conservative figures and seem healthy but are expected to deteriorate should Gold prices remain under pressure
- Short-term debt of $150 million & $733 million of convertible bonds maturing in May 2014. However, the company has secured a bridge facility for one year, which may refinance and push the maturity to 2015.
- Currently Anglo Gold has sufficient liquidity to service short term debt and maintain Capex according to Moody's and S&P.

 

[Joe Silver]

Anglogold

99.55

Direi che si sta comportando meglio del previsto Temevo potesse scendere sui 95, ma se tiene i 99 direi che non abbiamo sbagliato ad entrare subito.

Tu che ne pensi, Brizio?

 

[Brizione]

vero

presa la 8.50% a 99.30

US03512TAD37 anglogold 8.50% stamani 98.80

 

[Brizione]

Buongiorno.

chiedo a voi esperti ,un aiutino di consiglio.

tra

US03512TAA97

Anglogold 2020 8,5%

US03512TAD37

grazie

la US03512TAA97 oggi si prende a 85 circa
sul finire di settimana prossima andrà tra 80/82 e incomincerà a diventare interessante per fare dei piccoli ingressi scadenzati e avere un buon pmc

vero che poi potrebbe scendere ancora ma è da valutare secondo me

 

[Aragua]

quella è la vendita

i motivi dovrebbero essere: calo della quotazione del gold
bilanci con qualche sofferenza
emissione di nuovo bond medesima scadenza ma con tasso superiore del 3.125%

buongiorno!
stavo per fare l'acquisto ieri......mi hanno chiesto se ero sicura.

July 15 (Bloomberg) -- AngloGold Ashanti Ltd., the world’s third-biggest producer of the metal, cut its output guidance for this year and will write down its assets by as much as $2.6 billion after reducing gold-price forecasts.

The company will produce 4 million ounces to 4.1 million ounces, less than the 4.1 million to 4.4 million ounces previously expected, Johannesburg-based AngloGold said in a statement today. It will also take an impairment of $2.2 billion to $2.6 billion after revaluing its assets and ore stockpiles, it said.

Gold operators in South Africa, the world’s sixth-biggest producer of the metal, have faced demands from some labor unions to at least double pay of entry-level workers after the precious metal’s steepest quarterly price slump on record.

“Over the remainder of 2013, all business plans, associated reserves and resources will be revised and optimized to reflect lower gold-price assumptions, associated mitigation measures and management initiatives to improve margins and cash flow,” the company said.

AngloGold has asked Citigroup Inc., Deutsche Bank AG and Goldman Sachs Inc. to arrange meetings with bond investors in Europe and the U.S. as the company plans to sell dollar- denominated debt in 2013, it said in a separate statement.

aspetto la prox set.

 

[Brizione]

anchio ho accantonato l`idea di operare su questo titolo.... ci sono troppe similitudini con NWR ( battage per sostenere buy in questo momento e poi ..."el camino de la amargura")

alcune banche consigliano sell sui titoli Anglogold

a onor del vero Anglogold ha appena comprato degli assets come barrikgold
in quanto disponeva di liquidità

 

[Brizione]

speriamo mai ma se dovesse andare in default voglio vedere quel secured (miniere) cosa vale

con la anglogold magari un dente d'oro salta fuori

ma con NWR .... carbone per un grill al massimo

 

[Brizione]

prese stamane a 100,50, vabbe!!

si va sui 96

 

[arkymede74]

si va sui 96

per forza me la devi far comprare