Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1

[discipline]

a me è accaduto mesi fa con iw.ho venduto un bond grohe dieci giorni prima dello stacco e non ho avuto il rateo maturato.poi pur non avendo più in portafoglio il bond mi è stata pagata la cedola il giorno della scadenza.mi hanno spiegato che alcune controparti con bond a rischio si comportano così.

Per esperienza personale, molti MM fanno i furbi e addebitano il rateo. Io non mi scompongo più ormai, compro cmq il bond con rateo, poi scrivo una mail alla mia banca con cui do evidenza che il titolo quota flat e mi faccio stornare il rateo. La procedura dura 5/7 gg. L'unico neo è dover sborsare i soldi del rateo il giorno 1, per vedermeli riaccreditati dopo 5 gg.

capisco, ma nel caso specifico si parte dagli 0.05 che uno vede sulla piazza di francoforte, e si finisce con l'avere un'eseguito da 10k euro, tra quotazione otc e rateo improprio... non mi pare questo il caso adatto, ecco..

 

[paologorgo]

Cosa ne pensate? Si fara?
VimpelCom's Main Shareholders Back Bid for Orascom Assets, Vedomosti Says

By Anastasia Ustinova - Sep 1, 2010 7:26 AM GMT+0200
OAO VimpelCom’s main shareholders, Alfa Group’s Altimo unit and Norway’s Telenor ASA, support “in principle” the Russian cellular company’s plan to acquire assets from Egyptian billionaire Naguib Sawiris, Vedomosti said.
Board members representing Altimo and Telenor gave their tentative approval for the plan at a meeting in Amsterdam last week, the Moscow-based newspaper said today, citing two unidentified people familiar with the results of that meeting.
VimpelCom, Russia’s second-largest mobile-phone operator, is seeking to acquire all of Italy’s Wind and Egypt’s Telecomunicazioni SpA and 51 percent of Orascom Telecom Holding AE, according to Vedomosti.
To contact the reporter on this story: Anastasia Ustinova in St. Petersburg at [email protected]

Haim Israel – Bank of America
I am quite sure you were expecting to be asked this question, so I will be the first one to ask it. But can you comment, or give us any kind of color on the recent announcement, or the recent news flow, regarding VimpelCom acquisition of whether Wind or Orascom or anything or any other assets?
Alexander Izosimov
And I guess you could expect the answer that we have no comment on the rumors.

...

Alexander Izosimov
And as far as Western Europe is concerned, it’s a simple question but unfortunately I have to give you a long and winding answer to that.
Alex Kazbegi – Renaissance Capital
I expected that.
Alexander Izosimov
And the long and winding answer will be related basically to our view on how the industry will be evolving. In general when we think about our strategic buys or assumptions which we are making, we are of a thought that the growing opportunities in voice whether it’s in the emerging markets or the mature markets, basically not fully exhausted by not far off that. And therefore, to expect a growth which would significantly exceed that of economic growth probably would be too optimistic. However, the next wave of growth in the industry is likely to happen around data, and data can function.
While everybody agrees that there is a massive pent-up demand and all of the operators reporting increases in data traffic threefold, fivefold, tenfold, which confirms that, but everybody equally struggles how to monetize on their growth. And therefore the reason a little bit of a gap, a little bit of a conundrum that we have a massive demand, but not clear monetization strategy for that. And here, we believe that the industry will figure out, otherwise industry will arrive to a situation where capacity will become scarce and we will experience bottlenecks and then automatically capacity will be repriced and treated differently then. It would take that view that the growth to be captured and the money to be made on data consumption predominantly driven by our computing and video and so on then it’s also very logical to assume that like GSM story, probably we will develop from the West and more developed markets towards emerging markets. So, the first wave of that growth will come there.
Then also you can look at how market currently values the cash flows. If we look at the industry at large, we will see that telecom industry is the industry with the highest dividend yield among whatever we could find and compare to as well as low SPs. And so, the industry is just general, not valuing any growth, not pricing any growth. I am not surprised because when the pricing model is virtually absent, it creates huge uncertainty and the market, by the virtue of that becomes fairly short optimistic in its way to pricing. But again, if you look globally, telecom market development and apply what imply in the valuations of the telecom companies, the market is expected to shrink in real terms anywhere between 5% and 7% per year, which is highly illogical given the demand and given the need in the broadband assets and what potential revenues can be generated there.
I am, frankly speaking, not aware of any other industry which would save demand, which is measured in 20-fold, 30-fold even in the next five years and at the same time projecting revenue decline of 5%, 7% in real terms. So, that brings us to a conclusion that probably again we cannot put our head on the block entirely on this, but it's a hypothesis which we incorporate it into our strategic thinking, that probably industry is systematically undervalued at the moment. And given the fact that industry will to go out have surprised and as soon as that happens and we see actually early moves in the U.S., whether AT&T moving into the pricing and so on, if that happens, then the market will re-rate. Hence, if we take this assumption, we can say that western operators and western operations would be attractive not only from the potential growth perspective, but probably undervalue the cash flows as well.
And in that sense to say that we will dismiss out of hand and say that we will dispose or will put outside of the perimeter western operations, probably would be incorrect. It’s more correct to say that our strategy now is more expanded and probably more open towards inclusion of the operations in the mature countries, in the mature markets.
Alex Kazbegi – Renaissance Capital
Okay. Can I just rephrase it? As far as I understand, the answer is that you will not specifically look for the let's say developed market operator to buy even though it might be cheap, but if it comes your way, you believe it could be a good investment even for this reason that it might re-rate in a couple of years and you will be able to resell it sometime later on if that would be the strategy, is that correct?
Alexander Izosimov
Absolutely, that’s correct.
Alex Kazbegi – Renaissance Capital
Okay. Thank you very much.

VimpelCom CEO Discusses Q2 2010 Results - Earnings Call Transcript -- Seeking Alpha

 

[jamesbiss]

Haim Israel – Bank of America
I am quite sure you were expecting to be asked this question, so I will be the first one to ask it. But can you comment, or give us any kind of color on the recent announcement, or the recent news flow, regarding VimpelCom acquisition of whether Wind or Orascom or anything or any other assets?
Alexander Izosimov
And I guess you could expect the answer that we have no comment on the rumors.

...

Alexander Izosimov
And as far as Western Europe is concerned, it’s a simple question but unfortunately I have to give you a long and winding answer to that.
Alex Kazbegi – Renaissance Capital
I expected that.
Alexander Izosimov
And the long and winding answer will be related basically to our view on how the industry will be evolving. In general when we think about our strategic buys or assumptions which we are making, we are of a thought that the growing opportunities in voice whether it’s in the emerging markets or the mature markets, basically not fully exhausted by not far off that. And therefore, to expect a growth which would significantly exceed that of economic growth probably would be too optimistic. However, the next wave of growth in the industry is likely to happen around data, and data can function.
While everybody agrees that there is a massive pent-up demand and all of the operators reporting increases in data traffic threefold, fivefold, tenfold, which confirms that, but everybody equally struggles how to monetize on their growth. And therefore the reason a little bit of a gap, a little bit of a conundrum that we have a massive demand, but not clear monetization strategy for that. And here, we believe that the industry will figure out, otherwise industry will arrive to a situation where capacity will become scarce and we will experience bottlenecks and then automatically capacity will be repriced and treated differently then. It would take that view that the growth to be captured and the money to be made on data consumption predominantly driven by our computing and video and so on then it’s also very logical to assume that like GSM story, probably we will develop from the West and more developed markets towards emerging markets. So, the first wave of that growth will come there.
Then also you can look at how market currently values the cash flows. If we look at the industry at large, we will see that telecom industry is the industry with the highest dividend yield among whatever we could find and compare to as well as low SPs. And so, the industry is just general, not valuing any growth, not pricing any growth. I am not surprised because when the pricing model is virtually absent, it creates huge uncertainty and the market, by the virtue of that becomes fairly short optimistic in its way to pricing. But again, if you look globally, telecom market development and apply what imply in the valuations of the telecom companies, the market is expected to shrink in real terms anywhere between 5% and 7% per year, which is highly illogical given the demand and given the need in the broadband assets and what potential revenues can be generated there.
I am, frankly speaking, not aware of any other industry which would save demand, which is measured in 20-fold, 30-fold even in the next five years and at the same time projecting revenue decline of 5%, 7% in real terms. So, that brings us to a conclusion that probably again we cannot put our head on the block entirely on this, but it's a hypothesis which we incorporate it into our strategic thinking, that probably industry is systematically undervalued at the moment. And given the fact that industry will to go out have surprised and as soon as that happens and we see actually early moves in the U.S., whether AT&T moving into the pricing and so on, if that happens, then the market will re-rate. Hence, if we take this assumption, we can say that western operators and western operations would be attractive not only from the potential growth perspective, but probably undervalue the cash flows as well.
And in that sense to say that we will dismiss out of hand and say that we will dispose or will put outside of the perimeter western operations, probably would be incorrect. It’s more correct to say that our strategy now is more expanded and probably more open towards inclusion of the operations in the mature countries, in the mature markets.
Alex Kazbegi – Renaissance Capital
Okay. Can I just rephrase it? As far as I understand, the answer is that you will not specifically look for the let's say developed market operator to buy even though it might be cheap, but if it comes your way, you believe it could be a good investment even for this reason that it might re-rate in a couple of years and you will be able to resell it sometime later on if that would be the strategy, is that correct?
Alexander Izosimov
Absolutely, that’s correct.
Alex Kazbegi – Renaissance Capital
Okay. Thank you very much.

VimpelCom CEO Discusses Q2 2010 Results - Earnings Call Transcript -- Seeking Alpha

Perche non c e voce che la Vimpelcom potrebbe comprare la Weather Investments anche con Wind Hellas?

 

[Imark]

Circa eircom, e anche se un po' datata, posto questa rating action con cui S&P a luglio aveva ridotto l'outlook a negative, indicando giugno 2011 come termine entro il quale i risultati trimestrali di Eircom evidenzieranno una forte riduzione del cd. covenant headroom, ossia del margine di cui la società dispone rispetto alle performance minime imposte dagli accordi con le banche detentrici del debito senior secured, indicando poi settembre e dicembre 2011 come date possibili per un concretizzarsi della violazione di tali performance.

Una rottura dei covenant teoricamente implica un default tecnico sul debito senior, sebbene di fatto nel post-Lehman sia invalsa la pratica, nei rapporti fra i debitori HY e le banche creditrici" degli accordi del tipo cd. "amend & extend".

Tali accordi consistono nella rinegoziazione dei covenant, in una sospensione e/o un ampiamento delle performance minime ammesse senza che le banche possano esigere l'immediato ripagamento dei finanziamenti, così da ccordare maggior fiato ai debitori, a fronte in genere di una commissione una tantum (upfront fee) e di un incremento del costo di servizio del debito stesso.

La rating action dunque individua uno spazio temporale entro il quale Eircom dovrà aver trovato una qualche soluzione che sia di soddisfazione tanto per la proprietà quanto per le banche creditrici.

Di solito, si tende a reperire una tale soluzione già alcuni mesi prima che si giunga ad avere un rischio concreto di rottura dei covenant, il che significa che probabilmente al più tardi nei primi mesi del 2011 la situazione sarà stata definita in termini che sicuramente incideranno anche sulle prospettive dei debitori juniores.

 

[qquebec]

Zlomrex Q2 in sintesi

Q2 e outlook

 

[fabriziof]

Q2 e outlook

prezzo del bond sui massimi dal luglio 2008

 

[qquebec]

Intanto il Suday Times riporta che i sindacati non cederanno oltre sui tagli richiesti da Eircom ai dipendenti.

The Sunday Times reports that Eircom will face opposition from its staff union on any attempts to make workers redundant on a compulsory basis. The Communications Workers Union said it would consider a cut in pay rates, expenses and overtime to achieve the EUR90 million saving the company is seeking to make over the next three years, but warned that a 1983 law gave Eircom workers the same employment rights as civil servants.

 

[nik.sala]

Intanto il Suday Times riporta che i sindacati non cederanno oltre sui tagli richiesti da Eircom ai dipendenti.

The Sunday Times reports that Eircom will face opposition from its staff union on any attempts to make workers redundant on a compulsory basis. The Communications Workers Union said it would consider a cut in pay rates, expenses and overtime to achieve the EUR90 million saving the company is seeking to make over the next three years, but warned that a 1983 law gave Eircom workers the same employment rights as civil servants.

e intanto il bond 2016 incredibilmente sale...

 

[fabriziof]

e intanto il bond 2016 incredibilmente sale...

anche il pik sembra dare timidissimi segni di risveglio

 

[discipline]

pare che su francoforte la hellas telecom 8.5 2013 ora scambi flat, vedo un "Payments paused" alla voce "Interest and dividend payments"
Bond | HELLAS TEL.(LU)III 05/13 | A0GGM0 | XS0231415588