Portafogli e Strategie (investimento) Dall'High Yield al Flight to Quality ... (Vol. IV): Cash is King (1 Viewer)
- Creatore Discussione Imark
- Data di Inizio
- Stato
edo75
Nuovo forumer
Ciao Mark.
Leggo sempre con molto interesse i tuoi interventi, formativi e utili per chi vuole imparare qualcosa come il sottoscritto.
Poiché su internet non sono riuscito a trovare nulla in merito, avresti qualche risorsa in più relativamente al fatto che le emissioni secured incidono sulla gerarchia dei bond già emessi? Se ho capito bene, in sostanza, anche tra le emissioni senior ci sono delle differenze? Non sapevo nulla di simile, per cui chiedo lumi...
Grazie!
Imark
Forumer storico
Ciao Mark.
Leggo sempre con molto interesse i tuoi interventi, formativi e utili per chi vuole imparare qualcosa come il sottoscritto.
Poiché su internet non sono riuscito a trovare nulla in merito, avresti qualche risorsa in più relativamente al fatto che le emissioni secured incidono sulla gerarchia dei bond già emessi? Se ho capito bene, in sostanza, anche tra le emissioni senior ci sono delle differenze? Non sapevo nulla di simile, per cui chiedo lumi...
Grazie!
Ciao Edo, grazie per i complimenti che mi rivolgi.
Circa i bond senior, si distinguono fra secured e unsecured.
Gli unsecured sono bond senior che si giovano della garanzia patrimoniale ordinaria, costituita dal patrimonio dell'emittente oppure, in caso di emissione da parte di società veicolo fiscale, tipo ad. es. le società olandesi o lussemburghesi finalizzate all'emissione di bond, della società operativa che li garantisce incondizionatamente.
La gran parte - direi la quasi totalità - dei bond emessi dalle società Investment Grade (IG), ossia con rating dal BBB- in su, sono senior unsecured.
I secured sono bond senior sostanzialmente appannaggio degli emittenti corporate HY (rating dal BB+ a scendere) e caratterizzati dal fatto di giovarsi della presenza di un cd "collaterale" ossia di un bene o di un complesso di beni sui quali l'obbligazionista si rivale in caso di default con privilegio rispetto a tutti gli altri obbligazionisti, compresi quelli titolari di bond senior unsecured.
La presenza di bond secured, se il collaterale è costituito da beni del patrimonio dell'emittente (talvolta possono essere anche di altre società di un medesimo gruppo), riduce la garanzia patrimoniale per le categorie di bond di rango inferiore, ossia tanto i senior unsecured (che potranno soddisfarsi sul collaterale solo nei limiti del residuo, dopo che i senior secured avreanno trovato piena soddisfazione del proprio credito) quanto ancora di più i subordinati, che a propria volta possono essere di diverso ranking gerarchico.
Imark
Forumer storico
Imark
Forumer storico
Ancora una segnalazione: avevamo parlato un tre settimane fa della possibile cessazione dei movimenti sincronici fra equity e bond HY come di un ennesimo segnale della ripartenza del ciclo del debito, dopo quello consistente nella riapertura del mercato primario alle emissioni HY (mercato rimasto chiuso 1 anno e mezzo, dal luglio 2007 al gennaio 2009) e quello consistente nella ripartenza dei prezzi di alcuni comparti merceologici difensivi dell'HY (si notò per i telefonici) a febbraio del 2009, con l'equity che ancora stornava.
In un primo momento, questa osservazione aveva dato come ritorno ancora movimenti sincroni fra equity ed HY, ma in questi ultimi giorni (dal finire della scorsa settimana ad oggi) l'HY che costituisce going concern (ossia con emittenti non a rischio default per almeno i prossimi 2 anni) si è mosso in controtendenza rispetto all'equity.
Ad una tendente debolezza dell'equity ha fatto fronte infatti un rafforzamento dell'HY pressoché generalizzato.
Lo dico contro i miei convincimenti, in quanto ritengo ci siano ancora molti elementi di rischio, con i fattori alla base della crisi creditizia ancora incombenti e tuttavia, se non vi saranno altri episodi critici (default significativi ed inattesi) una continuazione del miniciclo di ripresa dell'HY potrebbe essere nelle corde del mercato.
In un primo momento, questa osservazione aveva dato come ritorno ancora movimenti sincroni fra equity ed HY, ma in questi ultimi giorni (dal finire della scorsa settimana ad oggi) l'HY che costituisce going concern (ossia con emittenti non a rischio default per almeno i prossimi 2 anni) si è mosso in controtendenza rispetto all'equity.
Ad una tendente debolezza dell'equity ha fatto fronte infatti un rafforzamento dell'HY pressoché generalizzato.
Lo dico contro i miei convincimenti, in quanto ritengo ci siano ancora molti elementi di rischio, con i fattori alla base della crisi creditizia ancora incombenti e tuttavia, se non vi saranno altri episodi critici (default significativi ed inattesi) una continuazione del miniciclo di ripresa dell'HY potrebbe essere nelle corde del mercato.
samantaao
Forumer storico
nel mio piccolo quando cerco di mettermi in denaro sui pochi titoli (hy e non) che riesco a monitorare è praticamente impossibile
negli ultimi gg i prezzi sono saliti di 3-4 punti, mi sembra che ci sia una liquidità pazzesca in giro... del tipo non so dove metterla
non so se avete avuto la stessa sensazione
io piuttosto la tengo sul cc
negli ultimi gg i prezzi sono saliti di 3-4 punti, mi sembra che ci sia una liquidità pazzesca in giro... del tipo non so dove metterla
non so se avete avuto la stessa sensazione
io piuttosto la tengo sul cc
Imark
Forumer storico
Dopo il rally degli ultimi sei mesi dei bond HY, qualcuno comincia a porsi la domanda se i rendimenti, ai prezzi correnti, non siano troppo tirati... altri sono più ottimisti, ma sostengono che il momento dei grossi guadagni (ma anche dei grossi rischi, verrebbe da dire) sia dietro le spalle.
Vedremo come andrà, forse uno storno significativo è nelle corde di questo comparto dell'obbligazionario e qualcuno postula un -5% o un -10%. Non così gli investitori USA, che continuano a gettonare con convinzione i fondi obbligazionari specializzati, con inflows robusti in tali fondi registratisi ad aprile e a maggio 2009.
Statisticamente, lo spazio di salita vi sarebbe ancora, fanno notare gli ottimisti, che rilevano come il valore nella fascia alta dei 70/100 (attorno a 78, avevo visto altrove di recente) dei bond HY nel Merrill Index, sebbene molto superiore al minimo di 56,80/100 registrato a dicembre 2008, risulti di gran lunga inferiore alla media storica di questo indice che vede prezzi attorno ai 91/100 (ed è tuttavia, va aggiunto, un indice vecchio di qualche anno, che non incorpora nelle medie storiche crisi come l'attuale).
Una ipotesi più prudente vedrebbe appunto un calo estivo in misura del 5-10%, seguito da un recupero a dicembre, in concomitanza con il consolidarsi delle aspettative di ripresa economica.
Dal WSI online....
JULY 7, 2009 High-Yield Heyday Has Mostly Passed
But Funds' Returns Won't Be Terrible
High-yield bond funds are enjoying a bumper year, with returns above 20%. But while investors are pouring in billions of dollars, it is likely they have missed the best returns.
High-yield bond funds were up 23% in the first half of the year, according to figures from Morningstar Inc. The high-yield market has seen monthly yields at 18-year highs since October.
But while the numbers are impressive, fund managers say the coming months should see returns fall to more normal levels.
'A Huge Rally'
"There's been a huge rally in high-yield, with everyone repricing out the depression scenario," said Fred Hoff, manager of Fidelity High Income Fund.
Mr. Hoff's fund was up 26% in the first six months of the year. "I don't think we're going to double that return this year, though [it] should be very nice," he said.
Average yield on the Merrill Lynch High Yield Master II Index, a high-yield benchmark index, peaked at 21.7% in November. From October through April, yields were above 15% each month. The last time yields topped 15% was March 1991.
But monthly yields have fallen each month since February, as fears of high default rates subside. Yields were down to 13% in June, lower than recent levels but still at historic highs.
High-yield funds saw monthly net outflows until December, according to research firm Lipper Inc., including $106 million of net outflows in November. But in the six months through May, net inflows peaked in April, at $4 billion -- the highest net inflows since April 2003. May saw $3.3 billion of net inflows.
Last Year's Yields Are Gone
The question is whether investors, who have started jumping into high-yield funds, realize that the yields seen late last year and early this year are likely a thing of the past.
"Anybody with outsized expectations is likely to be disappointed," said Jeff Tjornehoj, senior research analyst at Lipper. "There have been some fantastic returns, but those were historical high marks. It's unlikely we'll see those again."
Still, Bill Eigen, manager of J.P. Morgan Strategic Income Opportunities Fund, said that while the high-yield bond market has recovered and yields are coming down, "high-quality, high-yield still has room to run."
Mr. Eigen pointed to data that showed the average dollar price of bonds, which reflects how much investors are paying for bonds in relation to $100 face value, on the Merrill index currently trading in the high $70 range.
While that is higher than the record-low $56.80 average seen in December, it remains at historically low levels. The long-term dollar average for high-yield bonds is $91, he said.
Mr. Eigen said that while he expects high-yield default rates to rise from the current single digits into the teens, the bonds still represent attractive values.
Room for Upside
Lawrence Jones, senior mutual fund analyst at Morningstar, said that some high-yield managers have told him yields could rise in the next few months as institutional investors seek to cash in their gains and the market fundamentals are strained by a flailing economic recovery.
Lipper's Mr. Tjornehoj said that while yields could rise in the summer, he expects them to come down later in the year, when the economic recovery is in full swing.
Morningstar recommends Pimco High Yield Fund (ticker symbol: PHDAX), which was up 17.4% during the first half, and T. Rowe Price High-Yield Fund (PRHYX), which was up 25.3%.
Mr. Jones said that while not recommended by Morningstar, he likes Harbor High-Yield Bond Fund (HYFAX), partly because it has a very defensive strategy. The fund was down 13.7% last year, beating 98% of funds in its category, and was up 14.1% as of June 30.
"While I expect some fits and starts in high-yield -- including the possibility of a 5% to 10% loss over the short term -- I still like high yield," given the rewards on offer, Mr. Eigen said.
Vedremo come andrà, forse uno storno significativo è nelle corde di questo comparto dell'obbligazionario e qualcuno postula un -5% o un -10%. Non così gli investitori USA, che continuano a gettonare con convinzione i fondi obbligazionari specializzati, con inflows robusti in tali fondi registratisi ad aprile e a maggio 2009.
Statisticamente, lo spazio di salita vi sarebbe ancora, fanno notare gli ottimisti, che rilevano come il valore nella fascia alta dei 70/100 (attorno a 78, avevo visto altrove di recente) dei bond HY nel Merrill Index, sebbene molto superiore al minimo di 56,80/100 registrato a dicembre 2008, risulti di gran lunga inferiore alla media storica di questo indice che vede prezzi attorno ai 91/100 (ed è tuttavia, va aggiunto, un indice vecchio di qualche anno, che non incorpora nelle medie storiche crisi come l'attuale).
Una ipotesi più prudente vedrebbe appunto un calo estivo in misura del 5-10%, seguito da un recupero a dicembre, in concomitanza con il consolidarsi delle aspettative di ripresa economica.
Dal WSI online....
JULY 7, 2009 High-Yield Heyday Has Mostly Passed
But Funds' Returns Won't Be Terrible
High-yield bond funds are enjoying a bumper year, with returns above 20%. But while investors are pouring in billions of dollars, it is likely they have missed the best returns.
High-yield bond funds were up 23% in the first half of the year, according to figures from Morningstar Inc. The high-yield market has seen monthly yields at 18-year highs since October.
But while the numbers are impressive, fund managers say the coming months should see returns fall to more normal levels.
'A Huge Rally'
"There's been a huge rally in high-yield, with everyone repricing out the depression scenario," said Fred Hoff, manager of Fidelity High Income Fund.
Mr. Hoff's fund was up 26% in the first six months of the year. "I don't think we're going to double that return this year, though [it] should be very nice," he said.
Average yield on the Merrill Lynch High Yield Master II Index, a high-yield benchmark index, peaked at 21.7% in November. From October through April, yields were above 15% each month. The last time yields topped 15% was March 1991.
But monthly yields have fallen each month since February, as fears of high default rates subside. Yields were down to 13% in June, lower than recent levels but still at historic highs.
High-yield funds saw monthly net outflows until December, according to research firm Lipper Inc., including $106 million of net outflows in November. But in the six months through May, net inflows peaked in April, at $4 billion -- the highest net inflows since April 2003. May saw $3.3 billion of net inflows.
Last Year's Yields Are Gone
The question is whether investors, who have started jumping into high-yield funds, realize that the yields seen late last year and early this year are likely a thing of the past.
"Anybody with outsized expectations is likely to be disappointed," said Jeff Tjornehoj, senior research analyst at Lipper. "There have been some fantastic returns, but those were historical high marks. It's unlikely we'll see those again."
Still, Bill Eigen, manager of J.P. Morgan Strategic Income Opportunities Fund, said that while the high-yield bond market has recovered and yields are coming down, "high-quality, high-yield still has room to run."
Mr. Eigen pointed to data that showed the average dollar price of bonds, which reflects how much investors are paying for bonds in relation to $100 face value, on the Merrill index currently trading in the high $70 range.
While that is higher than the record-low $56.80 average seen in December, it remains at historically low levels. The long-term dollar average for high-yield bonds is $91, he said.
Mr. Eigen said that while he expects high-yield default rates to rise from the current single digits into the teens, the bonds still represent attractive values.
Room for Upside
Lawrence Jones, senior mutual fund analyst at Morningstar, said that some high-yield managers have told him yields could rise in the next few months as institutional investors seek to cash in their gains and the market fundamentals are strained by a flailing economic recovery.
Lipper's Mr. Tjornehoj said that while yields could rise in the summer, he expects them to come down later in the year, when the economic recovery is in full swing.
Morningstar recommends Pimco High Yield Fund (ticker symbol: PHDAX), which was up 17.4% during the first half, and T. Rowe Price High-Yield Fund (PRHYX), which was up 25.3%.
Mr. Jones said that while not recommended by Morningstar, he likes Harbor High-Yield Bond Fund (HYFAX), partly because it has a very defensive strategy. The fund was down 13.7% last year, beating 98% of funds in its category, and was up 14.1% as of June 30.
"While I expect some fits and starts in high-yield -- including the possibility of a 5% to 10% loss over the short term -- I still like high yield," given the rewards on offer, Mr. Eigen said.
Ultima modifica:
Imark
Forumer storico
I più recenti dati di Moody's sul default rate dell'HY. Continua la risalita verso il picco di ciclo: perl'HY europeo, il Q2/2009 si conclude con un default rate a quota 5,6% (Q1: 4,5%) per gli USA siamo all'11% (Q1: 8%) e worldwide siamo al 10,1% (Q1: 7,4%).
Fin qui, verrebbe da dire, niente di nuovo.
La novità interessante viene dalle stime sulle percentuali di picco e sull'andamento del default rate a 12 mesi, in deciso caso rispetto a quelle di pochi mesi fa (che per l'europa avevano visto Moody's postulare picchi nell'ordine di un massimo del 24%).
L'ultima stima prevede che il picco si faccia nel Q4/2009, ma per l'Europa attorno a quota 15% (a 12 mesi calo al 12,5%) per gli USA a quota 12,8% (a 12 mesi, crollo al 5%) e worldwide al 12,8% (a 12 mesi, prevedono vada al 6%)
Se queste stime dovessero rivelarsi realistiche, la crescita di prezzi dell'HY dovrebbe ancora proseguire nelle prossime settimane, salvo eventi "traumatici" per i mercati.
Significativo in chiave previsionale il calo del distressed index a quota 36,7% (era sopra il 51% nel Q1), a significare che i bond HY a rischio 50% di default nel prossimo biennio sono calati appunto da oltre la metà a poco più di un terzo.
[FONT=verdana,arial,helvetica]Moody's: European spec-grade defaults increase in Q2[/FONT]
[FONT=verdana,arial,helvetica]New York, July 08, 2009 -- The European speculative-grade default rate increased to 5.6% in Q2 2009 from 4.5% in Q1, says Moody's Investors Service in its monthly default report. On an annual comparison, the rate increased considerably, from 0.7% in Q2 2008. [/FONT]
[FONT=verdana,arial,helvetica]Similarly, the US rate rose to 11.0% in Q2 2009 from 8.0% in Q1 (and from 2.4% in Q2 2008). The global rate also continued its upward path in Q2, rising to 10.1% from Q1's level of 7.4%. A year ago, the global default rate stood at only 2.0%. [/FONT]
[FONT=verdana,arial,helvetica]The rating agency's default rate forecasting model now predicts that the European speculative-grade default rate will reach a peak of 15.0% in the fourth quarter of 2009 before edging lower to 12.5% by the end of Q2 2010. [/FONT]
[FONT=verdana,arial,helvetica]In comparison, the US rate is expected to peak at 12.8% in Q4 and then fall to 5.0% a year from now. The higher forecasted European default rates are mainly due to weaker economics reflected in higher spreads and a relatively higher unemployment rate. [/FONT]
[FONT=verdana,arial,helvetica]Globally, the rating agency forecasts a speculative-grade default rate climbing to a 12.8% peak in Q4 2009, followed by a sharp decline to 6.0% by June 2010. [/FONT]
[FONT=verdana,arial,helvetica]"Moody's model-based default rate forecasts have fallen in recent months as high yield bond spreads have continued to narrow. Looking forward into 2010, under the model's baseline economic scenario, default rates are expected to decline significantly as many of the weakest rated credits going into this cycle will have defaulted, leaving a pool of relatively stronger issuers," says Moody's Director of Default Research Kenneth Emery. [/FONT]
[FONT=verdana,arial,helvetica]Across industries over the coming year, Moody's expects default rates to be highest in the Durable Consumer Goods sector in Europe and the Automotive sector in the US. [/FONT]
[FONT=verdana,arial,helvetica]A total of 76 Moody's-rated corporate debt issuers defaulted in Q2 2009, which increases the year-to-date default count to 163. In comparison, only 36 defaults were recorded in H1 2008, 16 of which were in Q1 and 20 of which were in Q2. [/FONT]
[FONT=verdana,arial,helvetica]Across regions, 64 of the second quarter's defaults were by North American issuers, while European companies accounted for another four. Across industries, the Media and Automotive sectors had the largest number of defaulters. [/FONT]
[FONT=verdana,arial,helvetica]Measured on a dollar volume basis, the European speculative-grade bond default rate edged higher to 4.2% in Q2 2009 from 4.0% in Q1. Moody's notes that the European dollar-weighted default rate was much lower in Q2 2008, at only 0.6%. [/FONT]
[FONT=verdana,arial,helvetica]Among U.S. speculative-grade issuers, the dollar-weighted bond default rate closed at 18.2% at the end of Q2 2009, up from Q1's level of 11.8%. The comparable rate was 1.5% in Q2 2008. Globally, the dollar-weighted speculative-grade bond default rate rose to 16.3% in Q2 2009 from 10.6% in Q1. A year ago, the global speculative-grade bond default rate was 1.3%. [/FONT]
[FONT=verdana,arial,helvetica]Moody's distressed index improved to 36.7% at the end of Q2 2009 from Q1's level of 51.3%. A year ago, however, the index was considerably lower, at 15.6%. [/FONT]
[FONT=verdana,arial,helvetica]In the leveraged loan market, a total of 41 Moody's-rated loan defaulters were recorded in Q2 2009, taking the year-to-date loan default count to 69. Of the Q2 loan defaulters, 37 were North American issuers, while the remaining four were from Europe (two) and Asia (two). Last year, only six loan issuers defaulted in Q2; all of which were North American. The trailing 12-month US leveraged loan default rate rose to 8.2% in Q2 2009 from 5.0% in Q1. A year ago, the loan default rate stood at 2.1%. [/FONT]
Fin qui, verrebbe da dire, niente di nuovo.
La novità interessante viene dalle stime sulle percentuali di picco e sull'andamento del default rate a 12 mesi, in deciso caso rispetto a quelle di pochi mesi fa (che per l'europa avevano visto Moody's postulare picchi nell'ordine di un massimo del 24%).
L'ultima stima prevede che il picco si faccia nel Q4/2009, ma per l'Europa attorno a quota 15% (a 12 mesi calo al 12,5%) per gli USA a quota 12,8% (a 12 mesi, crollo al 5%) e worldwide al 12,8% (a 12 mesi, prevedono vada al 6%)
Se queste stime dovessero rivelarsi realistiche, la crescita di prezzi dell'HY dovrebbe ancora proseguire nelle prossime settimane, salvo eventi "traumatici" per i mercati.
Significativo in chiave previsionale il calo del distressed index a quota 36,7% (era sopra il 51% nel Q1), a significare che i bond HY a rischio 50% di default nel prossimo biennio sono calati appunto da oltre la metà a poco più di un terzo.
[FONT=verdana,arial,helvetica]Moody's: European spec-grade defaults increase in Q2[/FONT]
[FONT=verdana,arial,helvetica]New York, July 08, 2009 -- The European speculative-grade default rate increased to 5.6% in Q2 2009 from 4.5% in Q1, says Moody's Investors Service in its monthly default report. On an annual comparison, the rate increased considerably, from 0.7% in Q2 2008. [/FONT]
[FONT=verdana,arial,helvetica]Similarly, the US rate rose to 11.0% in Q2 2009 from 8.0% in Q1 (and from 2.4% in Q2 2008). The global rate also continued its upward path in Q2, rising to 10.1% from Q1's level of 7.4%. A year ago, the global default rate stood at only 2.0%. [/FONT]
[FONT=verdana,arial,helvetica]The rating agency's default rate forecasting model now predicts that the European speculative-grade default rate will reach a peak of 15.0% in the fourth quarter of 2009 before edging lower to 12.5% by the end of Q2 2010. [/FONT]
[FONT=verdana,arial,helvetica]In comparison, the US rate is expected to peak at 12.8% in Q4 and then fall to 5.0% a year from now. The higher forecasted European default rates are mainly due to weaker economics reflected in higher spreads and a relatively higher unemployment rate. [/FONT]
[FONT=verdana,arial,helvetica]Globally, the rating agency forecasts a speculative-grade default rate climbing to a 12.8% peak in Q4 2009, followed by a sharp decline to 6.0% by June 2010. [/FONT]
[FONT=verdana,arial,helvetica]"Moody's model-based default rate forecasts have fallen in recent months as high yield bond spreads have continued to narrow. Looking forward into 2010, under the model's baseline economic scenario, default rates are expected to decline significantly as many of the weakest rated credits going into this cycle will have defaulted, leaving a pool of relatively stronger issuers," says Moody's Director of Default Research Kenneth Emery. [/FONT]
[FONT=verdana,arial,helvetica]Across industries over the coming year, Moody's expects default rates to be highest in the Durable Consumer Goods sector in Europe and the Automotive sector in the US. [/FONT]
[FONT=verdana,arial,helvetica]A total of 76 Moody's-rated corporate debt issuers defaulted in Q2 2009, which increases the year-to-date default count to 163. In comparison, only 36 defaults were recorded in H1 2008, 16 of which were in Q1 and 20 of which were in Q2. [/FONT]
[FONT=verdana,arial,helvetica]Across regions, 64 of the second quarter's defaults were by North American issuers, while European companies accounted for another four. Across industries, the Media and Automotive sectors had the largest number of defaulters. [/FONT]
[FONT=verdana,arial,helvetica]Measured on a dollar volume basis, the European speculative-grade bond default rate edged higher to 4.2% in Q2 2009 from 4.0% in Q1. Moody's notes that the European dollar-weighted default rate was much lower in Q2 2008, at only 0.6%. [/FONT]
[FONT=verdana,arial,helvetica]Among U.S. speculative-grade issuers, the dollar-weighted bond default rate closed at 18.2% at the end of Q2 2009, up from Q1's level of 11.8%. The comparable rate was 1.5% in Q2 2008. Globally, the dollar-weighted speculative-grade bond default rate rose to 16.3% in Q2 2009 from 10.6% in Q1. A year ago, the global speculative-grade bond default rate was 1.3%. [/FONT]
[FONT=verdana,arial,helvetica]Moody's distressed index improved to 36.7% at the end of Q2 2009 from Q1's level of 51.3%. A year ago, however, the index was considerably lower, at 15.6%. [/FONT]
[FONT=verdana,arial,helvetica]In the leveraged loan market, a total of 41 Moody's-rated loan defaulters were recorded in Q2 2009, taking the year-to-date loan default count to 69. Of the Q2 loan defaulters, 37 were North American issuers, while the remaining four were from Europe (two) and Asia (two). Last year, only six loan issuers defaulted in Q2; all of which were North American. The trailing 12-month US leveraged loan default rate rose to 8.2% in Q2 2009 from 5.0% in Q1. A year ago, the loan default rate stood at 2.1%. [/FONT]
Imark
Forumer storico
Altra nuova emissione di un'altra "vecchia conoscenza" del comparto HY: si tratta della danese ISS, oggetto di LBO nel 2005, con un bond da 525 mln euro, a rating "B" da parte di S&P.
Un bond che solo 3 mesi fa sarebbe stato impensabile vedere emettere sul mercato. Rendimento previsto attorno all'11-11,25%. Scadenza 2014, callable fra 2 anni e sei mesi.
ISS guidance talk on high-yield euro bond -lead
Thu Jul 16, 2009 3:10am EDT
LONDON, July 16 (Reuters) - Guidance on the planned 525 million euro ($740 million) high-yield bond by ISS Financing, part of Danish facilities services provider ISS Global, is a yield of 11 to 11.25 percent, one of the banks managing the sale said on Thursday.
The bond will have a final maturity of June 2014 but is callable after two-and-a-half years and is being managed by Deutsche Bank and Goldman Sachs.
Guidance follows a roadshow, which started in London this week. Books close at 1100 GMT, although extra time will be allowed for investors attending a roadshow in Frankfurt, the bank said.
The new senior unsecured bonds will be rated B by Standard & Poor's. (Reporting by Natalie Harrison; Editing by Dan Lalor) ($1 = 0.7099 euro)
Un bond che solo 3 mesi fa sarebbe stato impensabile vedere emettere sul mercato. Rendimento previsto attorno all'11-11,25%. Scadenza 2014, callable fra 2 anni e sei mesi.
ISS guidance talk on high-yield euro bond -lead
Thu Jul 16, 2009 3:10am EDT
LONDON, July 16 (Reuters) - Guidance on the planned 525 million euro ($740 million) high-yield bond by ISS Financing, part of Danish facilities services provider ISS Global, is a yield of 11 to 11.25 percent, one of the banks managing the sale said on Thursday.
The bond will have a final maturity of June 2014 but is callable after two-and-a-half years and is being managed by Deutsche Bank and Goldman Sachs.
Guidance follows a roadshow, which started in London this week. Books close at 1100 GMT, although extra time will be allowed for investors attending a roadshow in Frankfurt, the bank said.
The new senior unsecured bonds will be rated B by Standard & Poor's. (Reporting by Natalie Harrison; Editing by Dan Lalor) ($1 = 0.7099 euro)
- Stato