gastronomo
Forumer storico
Fleursdumal ha scritto:avucat in realtà mi son rimpinzato di mozzarelle e burrate
nella foto son dietro dan
Secondo me dan c'è ma non si vede
... 
Bund, TBronx, il fiume giallo, una carryola di debiti (VM91)
- Creatore Discussione gastronomo
- Data di Inizio
Secondo me dan c'è ma non si vede
... 
Fleursdumal
फूल की बुराई
COT su che?
Fleursdumal
फूल की बुराई
f4f ha scritto:
vista ma non mi sembra una domanda calibrata sul cot
Fleursdumal
फूल की बुराई
intanto passato un grosso lotto di più di 2k sul nostrano, controllato e non è un roll contestuale anche se in prima mattinata un migliaio pesanti ce ne son stati
lo spread S&Pmib/eu50xx sta sbracando, rotti i -100 come temevo poteva sprofondare e ora i primi appigli sono tra -250 e -300 , certo che sto novello differenziale qualcosa starà a significale :smile: quando fallì parmalat ci furono un 300 punti di sbalzo, italease da sola non è assimilabile... oppure il nostrano sta cercando l'anticipo
lo spread S&Pmib/eu50xx sta sbracando, rotti i -100 come temevo poteva sprofondare e ora i primi appigli sono tra -250 e -300 , certo che sto novello differenziale qualcosa starà a significale :smile: quando fallì parmalat ci furono un 300 punti di sbalzo, italease da sola non è assimilabile... oppure il nostrano sta cercando l'anticipo
gastronomo
Forumer storico
Come analisi mi pare parziale, questa qui. Gipa, tu che ne pensi?
Morgan Stanley, Bain LBO Costs Jump; KKR May Pay More on Bonds
By Edward Evans
June 11 (Bloomberg) -- The cost of financing leveraged buyouts is rising after last week's tumble in U.S. Treasuries pushed yields on 10-year notes above 5 percent.
Hub International Ltd., a Chicago-based insurance broker being purchased by Morgan Stanley and Apax Partners Worldwide LLP, cut the size of a planned $790 million bond sale and boosted the interest rate by a quarter percentage point on June 8. South African retailer Edgars Consolidated Stores Ltd. increased the yield on 1.18 billion euros ($1.58 billion) of notes used to finance its acquisition by Bain Capital LLC the same day.
Bain, based in Boston, Kohlberg Kravis Roberts & Co. in New York and dozens more private equity firms have relied on low-cost debt to finance $1.4 trillion of takeovers since mid-2004. Now, yields are rising just as they sell bonds and loans for some of the biggest deals, including the $32 billion takeover of Dallas- based utility TXU Corp. and the $26 billion purchase of First Data Corp., a Greenwood Village, Colorado-based credit-card payment processor.
``Getting deals done in the short term is going to be harder,'' said Simon Ballard, global credit strategist in London at ABN Amro Asset Management, which manages $280 billion.
The yield on the 4 1/2 percent Treasury note due May 15 reached as high as 5.25 percent on June 8, according to Cantor Fitzgerald LP. Ten-year notes, the benchmark for corporate bonds, had their biggest weekly decline in more than a year as signs of accelerating global growth and inflation eroded demand for fixed- income investments.
`Cheap Money'
Higher rates may not slow the pace of LBOs because faster economic growth means borrowers will have an easier time meeting debt payments. Buyout firms have raised more than $250 billion since the start of 2006, according to London-based Private Equity Intelligence Ltd. They can borrow enough to afford at least $2 trillion of acquisitions, strategists at Credit Suisse Group say.
``Cheap money has allowed firms to chase deals,'' said Scott Moeller, a professor of mergers and acquisitions at City University's Cass Business School in London. ``Rising interest rates will have some impact on the leverage available for buyouts, but there is still so much excess cash in the market that it will still take some time to work out of the system.''
Yields on the high-yield, high-risk bonds that buyout firms typically use to finance their LBOs ended last week at 7.86 percent, up from the low this year of 7.58 percent in February, according to Merrill Lynch & Co. index data. That's still 0.05 percentage point below the 7.91 percent high this year set on Jan. 2, data from New York-based Merrill show.
Junk bonds are rated below Baa3 by Moody's Investors Service and BBB- by Standard & Poor's.
Hub, Edgars Costs
The increase means it costs an extra $2.45 million a year in interest for every $1 billion borrowed. Buyout firms typically rely on debt to fund about two thirds of what they pay for their targets. More than half of the junk bonds sold this year were used to pay for LBOs and mergers and acquisitions, Barclays Capital said in report last month.
Hub's sale was split between $305 million of 9 percent notes due in 2014 and $395 million of 10.25 percent subordinated debt due in 2015. Hub's bankers sought yields of 8.5 percent to 8.75 percent for the seven-year notes and 9.75 percent to 10 percent for the eight-year securities, according to high-yield research firm KDP Investment Advisors Inc. in Montpelier, Vermont. The size of the sale was cut from $790 million.
Morgan Stanley Principal Investments, the private equity unit of New York-based securities firm Morgan Stanley, and Apax of London are acquiring Hub for $1.8 billion.
Johannesburg-based Edgars will pay a premium of 3.25 percentage points over the euro interbank offered rate on seven- year floating-rate notes due in 2014, said a banker involved in the transaction who declined to be identified because the sale isn't completed. The notes were first offered at a spread of 2.75 percentage points to 3 percentage points.
Outback Steakhouse
OSI Restaurant Partners Inc., the owner of the Outback Steakhouse chain, canceled a $550 million bond sale in May after the company failed to drum up shareholder support for its sale to Bain and Catterton Partners, based in Greenwich, Connecticut.
Tampa, Florida-based OSI won over shareholders and sold the 10 percent senior notes due 2015 on June 8, paying about $2 million in extra interest a year because of the rise in borrowing costs.
While bond yields are rising, rates on the speculative-grade loans that buyout firms also use to finance takeovers have barely budged.
The three-month London interbank offered rate, a benchmark for loans, has held at 5.36 percent for the past month. U.S. companies rated four or five levels below investment grade pay an average spread of 2.38 percentage points on loans, according to S&P. That compares with the record low of 2.12 percentage points in February and more than 4 percentage points in 2003.
TXU said in March that it plans to raise about $24.6 billion in loans and bonds to fund its purchase by KKR of New York and TPG Inc. in Fort, Worth, Texas, for about $44 billion in the largest LBO on record when including debt.
KKR last month said in a U.S. Securities and Exchange Commission filing that it would seek $24 billion in debt, including a record $8 billion of junk bonds, to finance its purchase of First Data.
To contact the reporter on this story: Edward Evans in London at at [email protected] .
Last Updated: June 10, 2007 19:10 EDT
Morgan Stanley, Bain LBO Costs Jump; KKR May Pay More on Bonds
By Edward Evans
June 11 (Bloomberg) -- The cost of financing leveraged buyouts is rising after last week's tumble in U.S. Treasuries pushed yields on 10-year notes above 5 percent.
Hub International Ltd., a Chicago-based insurance broker being purchased by Morgan Stanley and Apax Partners Worldwide LLP, cut the size of a planned $790 million bond sale and boosted the interest rate by a quarter percentage point on June 8. South African retailer Edgars Consolidated Stores Ltd. increased the yield on 1.18 billion euros ($1.58 billion) of notes used to finance its acquisition by Bain Capital LLC the same day.
Bain, based in Boston, Kohlberg Kravis Roberts & Co. in New York and dozens more private equity firms have relied on low-cost debt to finance $1.4 trillion of takeovers since mid-2004. Now, yields are rising just as they sell bonds and loans for some of the biggest deals, including the $32 billion takeover of Dallas- based utility TXU Corp. and the $26 billion purchase of First Data Corp., a Greenwood Village, Colorado-based credit-card payment processor.
``Getting deals done in the short term is going to be harder,'' said Simon Ballard, global credit strategist in London at ABN Amro Asset Management, which manages $280 billion.
The yield on the 4 1/2 percent Treasury note due May 15 reached as high as 5.25 percent on June 8, according to Cantor Fitzgerald LP. Ten-year notes, the benchmark for corporate bonds, had their biggest weekly decline in more than a year as signs of accelerating global growth and inflation eroded demand for fixed- income investments.
`Cheap Money'
Higher rates may not slow the pace of LBOs because faster economic growth means borrowers will have an easier time meeting debt payments. Buyout firms have raised more than $250 billion since the start of 2006, according to London-based Private Equity Intelligence Ltd. They can borrow enough to afford at least $2 trillion of acquisitions, strategists at Credit Suisse Group say.
``Cheap money has allowed firms to chase deals,'' said Scott Moeller, a professor of mergers and acquisitions at City University's Cass Business School in London. ``Rising interest rates will have some impact on the leverage available for buyouts, but there is still so much excess cash in the market that it will still take some time to work out of the system.''
Yields on the high-yield, high-risk bonds that buyout firms typically use to finance their LBOs ended last week at 7.86 percent, up from the low this year of 7.58 percent in February, according to Merrill Lynch & Co. index data. That's still 0.05 percentage point below the 7.91 percent high this year set on Jan. 2, data from New York-based Merrill show.
Junk bonds are rated below Baa3 by Moody's Investors Service and BBB- by Standard & Poor's.
Hub, Edgars Costs
The increase means it costs an extra $2.45 million a year in interest for every $1 billion borrowed. Buyout firms typically rely on debt to fund about two thirds of what they pay for their targets. More than half of the junk bonds sold this year were used to pay for LBOs and mergers and acquisitions, Barclays Capital said in report last month.
Hub's sale was split between $305 million of 9 percent notes due in 2014 and $395 million of 10.25 percent subordinated debt due in 2015. Hub's bankers sought yields of 8.5 percent to 8.75 percent for the seven-year notes and 9.75 percent to 10 percent for the eight-year securities, according to high-yield research firm KDP Investment Advisors Inc. in Montpelier, Vermont. The size of the sale was cut from $790 million.
Morgan Stanley Principal Investments, the private equity unit of New York-based securities firm Morgan Stanley, and Apax of London are acquiring Hub for $1.8 billion.
Johannesburg-based Edgars will pay a premium of 3.25 percentage points over the euro interbank offered rate on seven- year floating-rate notes due in 2014, said a banker involved in the transaction who declined to be identified because the sale isn't completed. The notes were first offered at a spread of 2.75 percentage points to 3 percentage points.
Outback Steakhouse
OSI Restaurant Partners Inc., the owner of the Outback Steakhouse chain, canceled a $550 million bond sale in May after the company failed to drum up shareholder support for its sale to Bain and Catterton Partners, based in Greenwich, Connecticut.
Tampa, Florida-based OSI won over shareholders and sold the 10 percent senior notes due 2015 on June 8, paying about $2 million in extra interest a year because of the rise in borrowing costs.
While bond yields are rising, rates on the speculative-grade loans that buyout firms also use to finance takeovers have barely budged.
The three-month London interbank offered rate, a benchmark for loans, has held at 5.36 percent for the past month. U.S. companies rated four or five levels below investment grade pay an average spread of 2.38 percentage points on loans, according to S&P. That compares with the record low of 2.12 percentage points in February and more than 4 percentage points in 2003.
TXU said in March that it plans to raise about $24.6 billion in loans and bonds to fund its purchase by KKR of New York and TPG Inc. in Fort, Worth, Texas, for about $44 billion in the largest LBO on record when including debt.
KKR last month said in a U.S. Securities and Exchange Commission filing that it would seek $24 billion in debt, including a record $8 billion of junk bonds, to finance its purchase of First Data.
To contact the reporter on this story: Edward Evans in London at at [email protected] .
Last Updated: June 10, 2007 19:10 EDT