Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA (2 lettori)
- Creatore Discussione Imark
- Data di Inizio
frankiemachine
Mr. Tentenna
popoff
m'embro
io osservo quanto segue:
se la sorte di GMAC fosse davvero legata a quella di GM, allora i bond GMAC dovrebbero quotare pochi spiccioli
se invece la sorte di GMAC non fosse legata a quella di GM, allora i bond GMAC - soprattutto quelli vicinissimi alla scadenza - dovrebbero quotare molto vicini al nominale.
tuttavia, le attuali quotazioni dei bond GMAC non rispecchiano ne' l'uno ne' l'altro scenario.
e francamente, faccio fatica a capire.
se la sorte di GMAC fosse davvero legata a quella di GM, allora i bond GMAC dovrebbero quotare pochi spiccioli
se invece la sorte di GMAC non fosse legata a quella di GM, allora i bond GMAC - soprattutto quelli vicinissimi alla scadenza - dovrebbero quotare molto vicini al nominale.
tuttavia, le attuali quotazioni dei bond GMAC non rispecchiano ne' l'uno ne' l'altro scenario.
e francamente, faccio fatica a capire.
Invece no, secondo me è chiaro. Il mercato (o meglio chi investe) è esattamente indeciso tra queste due strade e la gmac 2010 quota intorno ai 55. E' esattamente la media tra chi pensa che gmac non venga influenzata in modo decisivo dai risultati di GM (e allora quelle brevi dovrebbero tendere verso la parità), e quelli che invece pensano il contrario(e quindi dovrebbero tendere all'opposto).
Quindi sarà un'affarone se si avvera la prima pista, oppure una cantonata se si avvera la seconda....io la vedo così...ma non sono un esperto come altri....
paologorgo
Chapter 11
GM Expected To Offer New, Tougher Deal To Bondholders
The auto task force, lead by Steven Rattner, wants GM to emerge with as little debt as possible once the restructuring process is done, according to numerous sources familiar with the situation. As a result, GM is expected to offer its bondholders a much tougher offer than the one they rescinded last week.
General Motors Headquarters
CNBC has learned exclusively the new offer could include no cash, no new debt, and far less equity than was previously offered by General Motors last month; perhaps as little as 10 to 20% of the company.
No new terms have been offered officially, and the parties involved are still hammering out the details.
Also currently under negotiation right now—if the government is willing to take a haircut on the money it has loaned the company so far, or at least move lower in the capital structure, becoming an unsecured debt holder rather than a secured debt holder.
When the US government agreed to loan $13 billion to GM back in December, one of its requirements was that GM must convince its bondholders to accept 2/3 of what they are owed in GM stock, rather than cash.
GM has $27.5 billion in outstanding debt held by pension funds, individuals, and firms like John Hancock Investment Management, Legg Mason, Loomis Sayles, Northwestern Mutual Life Insurance, PIMCO, Union Fidelity Life Insurance, and Western Asset Management.
GM originally offered the bondholders 8 cents in cash, 16 ½ cents in new debt, and stock equaling 90% of the company. The two parties did not reach agreement before the March 31st deadline imposed by the terms of the government loan.
Upon expiration of the deadline, the auto task force told GM executives their offer to the bondholders was too generous and they must reduce it further.
The task force’s rationale: auto sales are even worse than expected when the loan was extended and the company must have an even leaner balance sheet to survive in this environment. Many assumed car sales would rebound to at least 11 million per year, but so far are only running at a pace of 9 million cars a year.
The Unions will also face a tougher offer than they were previously given say parties familiar with the process.
http://www.cnbc.com/id/30137169/site/14081545?__source=yahoo|headline|quote|text|&par=yahoo
The auto task force, lead by Steven Rattner, wants GM to emerge with as little debt as possible once the restructuring process is done, according to numerous sources familiar with the situation. As a result, GM is expected to offer its bondholders a much tougher offer than the one they rescinded last week.
General Motors Headquarters
CNBC has learned exclusively the new offer could include no cash, no new debt, and far less equity than was previously offered by General Motors last month; perhaps as little as 10 to 20% of the company.
No new terms have been offered officially, and the parties involved are still hammering out the details.
Also currently under negotiation right now—if the government is willing to take a haircut on the money it has loaned the company so far, or at least move lower in the capital structure, becoming an unsecured debt holder rather than a secured debt holder.
When the US government agreed to loan $13 billion to GM back in December, one of its requirements was that GM must convince its bondholders to accept 2/3 of what they are owed in GM stock, rather than cash.
GM has $27.5 billion in outstanding debt held by pension funds, individuals, and firms like John Hancock Investment Management, Legg Mason, Loomis Sayles, Northwestern Mutual Life Insurance, PIMCO, Union Fidelity Life Insurance, and Western Asset Management.
GM originally offered the bondholders 8 cents in cash, 16 ½ cents in new debt, and stock equaling 90% of the company. The two parties did not reach agreement before the March 31st deadline imposed by the terms of the government loan.
Upon expiration of the deadline, the auto task force told GM executives their offer to the bondholders was too generous and they must reduce it further.
The task force’s rationale: auto sales are even worse than expected when the loan was extended and the company must have an even leaner balance sheet to survive in this environment. Many assumed car sales would rebound to at least 11 million per year, but so far are only running at a pace of 9 million cars a year.
The Unions will also face a tougher offer than they were previously given say parties familiar with the process.
http://www.cnbc.com/id/30137169/site/14081545?__source=yahoo|headline|quote|text|&par=yahoo
Imark
Forumer storico
GM Expected To Offer New, Tougher Deal To Bondholders
The auto task force, lead by Steven Rattner, wants GM to emerge with as little debt as possible once the restructuring process is done, according to numerous sources familiar with the situation. As a result, GM is expected to offer its bondholders a much tougher offer than the one they rescinded last week.
General Motors Headquarters
CNBC has learned exclusively the new offer could include no cash, no new debt, and far less equity than was previously offered by General Motors last month; perhaps as little as 10 to 20% of the company.
No new terms have been offered officially, and the parties involved are still hammering out the details.
Also currently under negotiation right now—if the government is willing to take a haircut on the money it has loaned the company so far, or at least move lower in the capital structure, becoming an unsecured debt holder rather than a secured debt holder.
When the US government agreed to loan $13 billion to GM back in December, one of its requirements was that GM must convince its bondholders to accept 2/3 of what they are owed in GM stock, rather than cash.
GM has $27.5 billion in outstanding debt held by pension funds, individuals, and firms like John Hancock Investment Management, Legg Mason, Loomis Sayles, Northwestern Mutual Life Insurance, PIMCO, Union Fidelity Life Insurance, and Western Asset Management.
GM originally offered the bondholders 8 cents in cash, 16 ½ cents in new debt, and stock equaling 90% of the company. The two parties did not reach agreement before the March 31st deadline imposed by the terms of the government loan.
Upon expiration of the deadline, the auto task force told GM executives their offer to the bondholders was too generous and they must reduce it further.
The task force’s rationale: auto sales are even worse than expected when the loan was extended and the company must have an even leaner balance sheet to survive in this environment. Many assumed car sales would rebound to at least 11 million per year, but so far are only running at a pace of 9 million cars a year.
The Unions will also face a tougher offer than they were previously given say parties familiar with the process.
http://www.cnbc.com/id/30137169/site/14081545?__source=yahoo|headline|quote|text|&par=yahoo
Vado di là ad aprire il 3D: "GM: lercia azienda canaglia, Vol I" ...
paologorgo
Chapter 11
Imark
Forumer storico
io pensavo scherzassi...
Macché, ero serissimo: vedrai che sarà il primo volume di una lunga serie ...
paologorgo
Chapter 11
WASHINGTON, April 9 (Reuters) - President Barack Obama, saying he was committed to a strong U.S. auto industry, announced on Thursday the government would buy 17,600 new fuel-efficient vehicles from ailing American automakers by June 1.
Obama said the vehicles, part of the U.S. government fleet, would be purchased from General Motors (GM.N), Chrysler and Ford (F.N), all of which had an existing contract with the federal government's General Services Administration.
The president said the GSA would spend about $285 million in funds from the $787 billion dollar Recovery Act approved by Congress earlier this year to buy the 17,600 commercially available fuel-efficient vehicles.
"As a part of our commitment to the American auto industry, I charged my administration with using Recovery Act funds to purchase a new fleet of fuel-efficient government vehicles to increase demand for our American auto companies and stimulate the economy," Obama said in a statement announcing the decision.
"This is only a first step, but I will continue to ensure that we are working to support the American auto industry during this difficult period of restructuring," he said.
The president on March 30 directed the administration to speed up planned purchases of vehicles for the U.S. government's fleet of cars.
The announcement on Thursday includes the purchase of 2,500 hybrid sedans that will be ordered by April 15, the largest one-time purchase of hybrid vehicles for the government fleet in history, the White House said.
Swapping older federal cars for hybrids and fuel-efficient vehicles will reduce gasoline consumption by 1.3 million gallons per year and cut carbon dioxide emissions by 26 million pounds, the White House said.
The GSA also will spend $15 million to buy advanced technology vehicles for the government fleet, including compressed natural gas and hybrid buses as well as electric vehicles. (Editing by Jackie Frank)
http://www.reuters.com/article/marketsNews/idAFN0930165620090409?rpc=44
Obama said the vehicles, part of the U.S. government fleet, would be purchased from General Motors (GM.N), Chrysler and Ford (F.N), all of which had an existing contract with the federal government's General Services Administration.
The president said the GSA would spend about $285 million in funds from the $787 billion dollar Recovery Act approved by Congress earlier this year to buy the 17,600 commercially available fuel-efficient vehicles.
"As a part of our commitment to the American auto industry, I charged my administration with using Recovery Act funds to purchase a new fleet of fuel-efficient government vehicles to increase demand for our American auto companies and stimulate the economy," Obama said in a statement announcing the decision.
"This is only a first step, but I will continue to ensure that we are working to support the American auto industry during this difficult period of restructuring," he said.
The president on March 30 directed the administration to speed up planned purchases of vehicles for the U.S. government's fleet of cars.
The announcement on Thursday includes the purchase of 2,500 hybrid sedans that will be ordered by April 15, the largest one-time purchase of hybrid vehicles for the government fleet in history, the White House said.
Swapping older federal cars for hybrids and fuel-efficient vehicles will reduce gasoline consumption by 1.3 million gallons per year and cut carbon dioxide emissions by 26 million pounds, the White House said.
The GSA also will spend $15 million to buy advanced technology vehicles for the government fleet, including compressed natural gas and hybrid buses as well as electric vehicles. (Editing by Jackie Frank)
http://www.reuters.com/article/marketsNews/idAFN0930165620090409?rpc=44