Imark
Forumer storico
Nel tentativo di attirare gli obbligazionisti retail, alcune grosse emittenti corporate tornano al taglio da 1000 euro e abbandonano il taglio da 50.000. In queste prime settimane del 2009, ben il 40% dei nuovi bond emesso sarebbe stato acquistato direttamente dalla clientela retail, anziché da fondi ed investitori professionali.
Si menzionano recenti emissioni di VW, Daimler, BMW, Deutsche Telekom, Bartlesmann...
VW Turns to Individuals for Bond Sales as Funds Flee (Update1)
By Esteban Duarte
Jan. 21 (Bloomberg) -- Some of Europe’s biggest borrowers are slicing bonds into pieces small enough to lure individual investors as institutions burned by the 18-month seizure in credit markets flee from corporate debt securities.
Volkswagen AG, Daimler AG and Bertelsmann AG, Europe’s largest media company, sold 4 billion euros ($5.2 billion) of bonds this year in denominations as small as 1,000 euros, down from 50,000 euros in 2008, according to data compiled by Bloomberg. So-called retail investors bought as much as 40 percent of European bonds in 2009, double last year’s level, said Deutsche Bank AG, the biggest underwriter of international debt.
Companies are turning to individuals after more than $1 trillion of losses and writedowns at the world’s biggest financial institutions drove investors to the relative safety of government debt. The extra yield investment-grade company bonds pay compared with government securities widened to 4.08 percentage points, from 1.19 percentage points at the end of 2007, according to Merrill Lynch & Co.’s EMU Corporate Index.
The “consistency of the investor community” has “changed dramatically” in the past year and buying by individuals has become “massive,” Dirk Bauer, head of the debt capital markets team at Volkswagen Financial Services AG in Braunschweig, Germany, said in an e-mailed response to questions.
Wolfsburg, Germany-based Volkswagen, Europe’s largest carmaker, sold 1.5 billion euros of five-year notes. Stuttgart- based Daimler, the world’s largest truck manufacturer, offered 2 billion euros of five-year bonds, and Bertelsmann AG issued 500 million euros of notes due 2014. All three companies offered some of the debt in increments as small as 1,000 euros after selling securities for no less than 50,000 euros for at least two years.
‘High Market Demand’
Daimler issued the sale in smaller amounts because of “high market demand for corporate bonds by retail customers,” Brigitte Bertram, a spokeswoman for the company, said in an e-mailed response to questions.
Buying by individual investors has encouraged companies to borrow at a time when European stocks fell and yields on government bonds stayed near all-time lows. The Dow Jones Stoxx 600 Index of European equities dropped 7.8 percent this year, while 10-year German bunds yielded 2.98 percent today, down from 3.91 percent a year ago.
Companies in Europe sold 69.3 billion euros of bonds this year, compared with 34.8 billion euros in the same period of 2008, Bloomberg data show.
“Strong demand from retail clients” is helping drive the increase in sales this year, said Pilar Gomez-Bravo, head of European credit at Lehman Brothers Asset Management in London, where she helps manage about $80 billion of fixed-income assets.
Record Spread
The spread between corporate and government debt yields climbed to an all-time high of 4.38 percentage points on Dec. 26, according to Merrill Lynch indexes.
“For retail investors, current yields are very good,” said Sven Kreitmair, a Munich-based credit analyst at UniCredit SpA. “These investors are mostly buy-and-hold and don’t care if the rating deteriorates as long as the bond gets paid back.”
Purchases by individuals helped to push corporate debt prices to a three-month high last week. The combination of increasing concerns about the worldwide recession and soaring defaults is now pulling prices down.
Moody’s Investors Service forecast on Jan. 14 that defaults will rise to 18.3 percent in Europe this year, from 1.1 percent at the end of 2008. The European Commission said Jan. 19 that the region’s economy will shrink for the first time in a decade. Almost a third of hedge funds will shut or merge, according to London-based IGS Group, which advises funds on raising money.
Bond Rally
The Markit iBoxx Euro Corporates Index, which measures the average price of 1,082 bonds with a face value of 985 billion euros, increased as much as 1.5 percent this year to a three- month high of 83.81. That compares with a record low of 80.39 reached Oct. 14.
The iBoxx index was at 83.41 as of 8:45 a.m. in London today, compared with 83.25 yesterday, the lowest level since Jan. 9. European corporate bonds fell 9.1 percent in 2008, the index shows.
The further into 2009 we get, “the bigger the role of retail investors will be,” said Guido Greim, managing director responsible for credit sales at Deutsche Bank in Frankfurt.
Some companies consistently sell bonds in increments to attract private investors, according to Bloomberg data. Bonn- based Deutsche Telekom AG, Germany’s biggest phone company, electric utility E.ON AG based in Dusseldorf and Munich-based Bayerische Motoren Werke AG, the biggest luxury carmaker, sold bonds in 1,000-euro portions this year and in 2008.
Bertelsmann has “taken advantage” of individual buying to help its sale on Jan. 12, said Henrik Pahls, senior vice- president for corporate finance and investor relations at the Guetersloh, Germany-based company.
Volkswagen plans to continue tapping private investors following its Jan. 7 bond sale, said Bauer, the capital markets executive. Demand from individuals “influences positively the performance of outstanding bonds and consequently has an impact on the pricing for a potential new issue,” he said.
Si menzionano recenti emissioni di VW, Daimler, BMW, Deutsche Telekom, Bartlesmann...
VW Turns to Individuals for Bond Sales as Funds Flee (Update1)
By Esteban Duarte
Jan. 21 (Bloomberg) -- Some of Europe’s biggest borrowers are slicing bonds into pieces small enough to lure individual investors as institutions burned by the 18-month seizure in credit markets flee from corporate debt securities.
Volkswagen AG, Daimler AG and Bertelsmann AG, Europe’s largest media company, sold 4 billion euros ($5.2 billion) of bonds this year in denominations as small as 1,000 euros, down from 50,000 euros in 2008, according to data compiled by Bloomberg. So-called retail investors bought as much as 40 percent of European bonds in 2009, double last year’s level, said Deutsche Bank AG, the biggest underwriter of international debt.
Companies are turning to individuals after more than $1 trillion of losses and writedowns at the world’s biggest financial institutions drove investors to the relative safety of government debt. The extra yield investment-grade company bonds pay compared with government securities widened to 4.08 percentage points, from 1.19 percentage points at the end of 2007, according to Merrill Lynch & Co.’s EMU Corporate Index.
The “consistency of the investor community” has “changed dramatically” in the past year and buying by individuals has become “massive,” Dirk Bauer, head of the debt capital markets team at Volkswagen Financial Services AG in Braunschweig, Germany, said in an e-mailed response to questions.
Wolfsburg, Germany-based Volkswagen, Europe’s largest carmaker, sold 1.5 billion euros of five-year notes. Stuttgart- based Daimler, the world’s largest truck manufacturer, offered 2 billion euros of five-year bonds, and Bertelsmann AG issued 500 million euros of notes due 2014. All three companies offered some of the debt in increments as small as 1,000 euros after selling securities for no less than 50,000 euros for at least two years.
‘High Market Demand’
Daimler issued the sale in smaller amounts because of “high market demand for corporate bonds by retail customers,” Brigitte Bertram, a spokeswoman for the company, said in an e-mailed response to questions.
Buying by individual investors has encouraged companies to borrow at a time when European stocks fell and yields on government bonds stayed near all-time lows. The Dow Jones Stoxx 600 Index of European equities dropped 7.8 percent this year, while 10-year German bunds yielded 2.98 percent today, down from 3.91 percent a year ago.
Companies in Europe sold 69.3 billion euros of bonds this year, compared with 34.8 billion euros in the same period of 2008, Bloomberg data show.
“Strong demand from retail clients” is helping drive the increase in sales this year, said Pilar Gomez-Bravo, head of European credit at Lehman Brothers Asset Management in London, where she helps manage about $80 billion of fixed-income assets.
Record Spread
The spread between corporate and government debt yields climbed to an all-time high of 4.38 percentage points on Dec. 26, according to Merrill Lynch indexes.
“For retail investors, current yields are very good,” said Sven Kreitmair, a Munich-based credit analyst at UniCredit SpA. “These investors are mostly buy-and-hold and don’t care if the rating deteriorates as long as the bond gets paid back.”
Purchases by individuals helped to push corporate debt prices to a three-month high last week. The combination of increasing concerns about the worldwide recession and soaring defaults is now pulling prices down.
Moody’s Investors Service forecast on Jan. 14 that defaults will rise to 18.3 percent in Europe this year, from 1.1 percent at the end of 2008. The European Commission said Jan. 19 that the region’s economy will shrink for the first time in a decade. Almost a third of hedge funds will shut or merge, according to London-based IGS Group, which advises funds on raising money.
Bond Rally
The Markit iBoxx Euro Corporates Index, which measures the average price of 1,082 bonds with a face value of 985 billion euros, increased as much as 1.5 percent this year to a three- month high of 83.81. That compares with a record low of 80.39 reached Oct. 14.
The iBoxx index was at 83.41 as of 8:45 a.m. in London today, compared with 83.25 yesterday, the lowest level since Jan. 9. European corporate bonds fell 9.1 percent in 2008, the index shows.
The further into 2009 we get, “the bigger the role of retail investors will be,” said Guido Greim, managing director responsible for credit sales at Deutsche Bank in Frankfurt.
Some companies consistently sell bonds in increments to attract private investors, according to Bloomberg data. Bonn- based Deutsche Telekom AG, Germany’s biggest phone company, electric utility E.ON AG based in Dusseldorf and Munich-based Bayerische Motoren Werke AG, the biggest luxury carmaker, sold bonds in 1,000-euro portions this year and in 2008.
Bertelsmann has “taken advantage” of individual buying to help its sale on Jan. 12, said Henrik Pahls, senior vice- president for corporate finance and investor relations at the Guetersloh, Germany-based company.
Volkswagen plans to continue tapping private investors following its Jan. 7 bond sale, said Bauer, the capital markets executive. Demand from individuals “influences positively the performance of outstanding bonds and consequently has an impact on the pricing for a potential new issue,” he said.
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