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

[Imark]

Morgan Stanley consiglia di acquistare TUI per la prima volta in dieci anni vendere vendere vendere?

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aO7FUITxB1JA

TUI Rises on Morgan Stanley’s First ‘Buy’ Rating in a Decade

By Holger Elfes

Aug. 25 (Bloomberg) -- TUI AG, the biggest stakeholder in the Hapag-Lloyd container line, rose to a two-month high in German trading after Morgan Stanley analyst Jamie Rollo advised clients to buy the stock for the first time in a decade.
Rollo raised his rating to “overweight” from “equal weight,” saying TUI’s share price “overly compensates” for risks posed by the company’s debt. The analyst has recommended that investors sell the stock for about three quarters of the 10 years he has covered Hanover-based TUI and has otherwise had a “neutral” rating, he said in an interview today.
TUI, the owner of Europe’s largest tour operator, rose as much as 57 cents, or 10 percent, to 5.98 euros in Frankfurt. The shares traded at 5.94 euros at 10:17 a.m. local time, the biggest gainer in Germany’s MDAX index of medium-sized stocks.
On Aug. 14, lenders to Hapag-Lloyd filed an application for state guarantees worth 1.2 billion euros ($1.71 billion) on their loans. Rollo sees an 80 percent probability that the German government will grant the loan guarantees.
“Our upgrading is mostly due to the likeliness of state aid for Hapag-Lloyd, which gives the shipping line more time to recover,” Rollo said.
TUI’s net debt rose to 2.63 billion euros as of June 30, from 2.58 billion euros at the end of the previous quarter.

Sai che c'è ? La metto nel monitoraggio a tempo dei titoli HY...

Ma Hapag Lloyd gli aiuti di stato li ha avuti o no ?

La chiave di volta per sperare di andare avanti è quella... anche perché con il Baltic Dry Index che continua ad esprime debolezza sull'andamento dei noli marittimi del "secco", la strada di Hapag Lloyd continua ad essere tutta in salita...

• AUGUST 13, 2009, 6:16 A.M. ET

2nd UPDATE: TUI 2Q Losses Worsen Due To Hapag-Lloyd

(Adds details.)
By Hilde Arends

Of DOW JONES NEWSWIRES

FRANKFURT (Dow Jones)--German tourism and travel company TUI AG (TUI1.XE) Thursday saw its shares jump after it confirmed its outlook for the fiscal year, despite reporting a sharply wider second quarter loss as losses at container shipping unit Hapag-Lloyd AG worsened due to weak demand and it booked an interest rate adjustment on loans granted to the unit.

The company said it still expects to post a positive result for the shortened fiscal year to end-September, as integration costs at its travel unit will fall and because it has booked gains on the sale of a majority stake in Hapag-Lloyd. The company is changing its fiscal year to bring it in line with that of travel unit TUI Travel PLC (TT.LN), so the current year runs from January to September.

The confirmed outlook and a better-than-expected profit when the interest rate charges and restructuring costs are stripped out, boosted the company's share price, and at 1011 GMT, the stock was up EUR0.66, or 14%, at EUR5.37.Since the beginning of the year, TUI AG shares have dropped almost 45%, clearly underperforming the German mid-cap MDAX index, which rose more than 10%, due to uncertainty about TUI's financial health.

Its net loss for the three months ended June 30 widened to EUR536.9 million, from a loss of EUR56.4 million in the same period a year ago, far worse than the EUR140 million loss expected by analysts. Still, it made a profit of EUR207.4 million for the first half of the year, up from EUR148 million in the whole of 2008, mainly due to a EUR990 million one-time gain booked in the first quarter from the sale of the stake in Hapag-Lloyd.
The second quarter was hit by a EUR371 million adjustment in interest on loans it gave out to Hapag-Lloyd, but it reassured the market the loans will be repaid.

"This doesn't have anything to do with maybe not getting the loans back," Chief Executive Officer Rainer Feuerhake said. If the shipping industry is performing poorly, the company needs to adjust the risk adequacy rate of the interest on the loans, but the adjustment could be reversed when the shipping industry starts to recover, he said.

TUI sold a majority stake sale in Hapag-Lloyd in March, and it is now listed as an asset on its balance sheet rather than being fully consolidated. Still, it contributed a EUR121 million loss to TUI's net earnings.

The EUR3.25 billion disposal, initially announced in October last year, gave TUI a EUR990 million one-time gain in the first quarter and allowed it to unload EUR1.2 billion in debt. TUI took a 43.33% stake in the buyer, Albert Ballin, for EUR910 million and received EUR1.6 billion in cash from the sale.
However, struggling Hapag-Lloyd needs EUR1.95 billion in fresh financing to stay afloat. Hapag-Lloyd's shareholders have agreed to pump EUR330 million into the company, of which TUI provided EUR215 million. In addition, TUI wants to get EUR1.2 billion in bank loans guaranteed by the German state for Hapag-Lloyd.

TUI was also hit by falling sales at TUI Travel PLC (TT.LN), in which it holds a 51.7% stake. TUI's total sales contracted to EUR4.18 billion, from EUR4.74 billion a year earlier, as sales at TUI travel, Europe's biggest travel company, dropped 12.4% to EUR4 billion.

The travel company Wednesday warned that the economic downturn and fears about job losses will make the upcoming winter holiday season a lot tougher than recent winter seasons. But it reported higher fiscal third-quarter profits as it cut capacity to meet reduced demand for travel due to the economic downturn, keeping prices and margins up, and also stripped out costs.

TUI AG said it expects operating earnings at TUI Travel - which now makes up the bulk of its earnings - to be slightly down this year, but to be "satisfactory."

"In our view, tourism is well on track to cope with the difficult environment," said Equinet analyst Jochen Rothenbacher, who rates TUI AG at buy. He said TUI's earnings before interest and taxes from its tourism unit, excluding one-off costs, of EUR106.6 million beat his estimates of EUR103.1 million.

TUI Travel was created in September 2007 through the merger of TUI's tourism assets with U.K. travel company First Choice Holidays. TUI has been hit by integration costs related to the merger, but those costs are now falling.

 

[solenoide]

Ciao,
ho trovato solo una notizia del 13 agosto ma nulla di definitivo.

http://www.tui-group.com/en/pressemedien/press_releases/2009/20090813_hl_longterm_support.html

Shareholders agree on long-term support for Hapag-Lloyd AG


Hamburg/Hanover, August 13, 2009
The shareholders of Hapag-Lloyd AG today agreed on what their long-term contribution would be for supporting and consolidating the shipping company. It is intended to have a cash capital increase funded proportionally by the shareholders as well as to convert existing credit lines into equity and/or hybrid funding structures. The agreement is subject to approval by the respective supervisory bodies.
The shareholders assume that with the agreement reached today an application for a government guarantee could be submitted immediately.

http://209.85.129.132/search?q=cach...aid&cd=7&hl=it&ct=clnk&gl=it&client=firefox-a

 

[Imark]

Il leverage risulta effettivamente ridotto, ma il rating resta fortemente compresso perché, pur alleggerita del peso del debito e del servizio del debito (ridotto a soli 3 mln euro l'anno) HTM dispone di scarsissima liquidità. per una sua eventuale sopravvivenza, saranno cruciali i prossimi due trimestri, secondo S&P.

Personalmente, la seguo per mera curiosità: ribadisco che non ne ho.

[FONT=Arial, Helvetica, sans-serif]Head Long-Term Rating Raised to 'CCC-'; Outlook Negative; HTM Issue Rating Up To 'CC' On Completion Of Exchange Offer[/FONT]

-- The private exchange offer by sports equipment maker Head to HTM Sport's noteholders has been completed.
-- We are raising the long-term rating on Head to 'CCC-' from 'SD' and the issue rating on HTM Sport's existing notes to 'CC' from 'D'.
-- The negative outlook reflects our view of continuing volatile operating conditions and associated liquidity risks.

LONDON (Standard & Poor's) Aug. 24, 2009--Standard & Poor's Ratings Services said today that it raised its long-term corporate credit rating on Netherlands-based and Austria-managed sports equipment manufacturer Head N.V. (Head) to 'CCC-' from 'SD' (Selective Default). The outlook is negative.

At the same time, we raised the issue rating on the 8.5% senior unsecured notes due February 2014 issued by related entity HTM Sport und Freizeitgeraete AG (HTM) to 'CC' from 'D' (Default). In addition, we assigned a 'CCC-' issue
rating to the €43.7 million of new 10% senior secured notes due August 2012, issued by HTM, the same level as the corporate credit rating on Head N.V.

The upgrade reflects the completion of a private offer to exchange HTM's existing notes for new 10% senior secured notes due 2012. "The completion of the exchange offer affects about 75% of the outstanding principal amount of the notes and results in a meaningfully lower debt burden for the group and lower ongoing interest costs," said Standard &
Poor's credit analyst Diego Festa.

The group can opt to pay interest on the new notes of either 10.0% in cash or 8.5% in cash and 3.5% through the issuance of payment-in-kind notes. The par value of the notes on Head's balance sheet has fallen by nearly
€42.0 million. The annual interest cost relating to these notes has dropped by nearly €3.0 million, although the cash benefit to Head in the immediate future has been lessened by the costs of the exchange. In 2009, there will also be a
further one-off reduction in interest payments of €3.6 million due to the nonpayment of the accrued interest on the notes that have been tendered.

The negative outlook reflects the likelihood that Head's cash resources will weaken further, to the point where its available cash headroom could fall close to zero at the low point in its 2009 working capital cycle. This would
leave it seriously exposed to further negative developments. These include the risk of weakness in demand owing to recessionary pressures and further pressure on margins as a result of declining production volumes.

"Existing committed funding is likely to enable Head to continue trading through the low point of its 2009 working capital cycle," said Mr. Festa. However, unless there is an improvement in profitability, the group might again face the risk of insufficient cash to take it through the next working capital cycle. The ratings remain highly sensitive to the trading outcome in the third and fourth quarters of 2009. We see no possibility of any positive rating action in the short term.

 

[Imark]

Pare che abbiano fatto qualche passo avanti sul capitolo degli aiuti di stato ad Hapag-Lloyd, e tuttavia lo stato tedesco ha chiesto quale collaterale in garanzia del proprio credito (che quindi è secured, soddisfacendosi prioritariamente sull'asset in questione) la quota del 25,1% della società che gestisce il porto container di Amburgo quota che una società formata gli azionisti di H-L avevano acquistato da H-L stessa a luglio per 315 mln.

La negoziazione sarebbe tuttavia ancora in corso, sebbene - sembrerebbe - con buone prospettive di andare a buon fine ... risolto il problema contingente della liquidità, si aggrava tuttavia il profilo debitorio di H-L, con le probabilità di uscire dalla crisi legate all'andamento dei corsi dei noli marittimi.

A parte il dettaglio di cui sopra, non sono noti i termini della trattativa con lo Stato tedesco.

• SEPTEMBER 3, 2009, 8:24 A.M. ET

UPDATE: Hapag-Lloyd To Recover Terminal Stake - Source


(Adds details, background.)
By Eyk Henning
Of DOW JONES NEWSWIRES

HAMBURG (Dow Jones)--Container shipping company Hapag-Lloyd AG (GD-HPL) will get back its 25.1% stake in the Hamburg Container-Terminal Altenwerder, or CTA, in order to meet requirements for state aid, a person familiar with the matter told Dow Jones Newswires Thursday.

A company formed by Hapag-Lloyd shareholders bought the 25.1% CTA stake in July for EUR315 million to help ease the shipping company's tight liquidity situation.

The company will now transfer the stake back to Hapag-Lloyd, the person said, but declined to comment on any financial details of the transaction.

The German government requires Hapag-Lloyd to hold the stake as collateral to secure its bid for state-backed loan guarantees, the person added.

The German Economics Ministry declined to comment Thursday.

A spokesman for TUI AG (TUI1.XE), which holds 43.33% in Hapag-Lloyd, said Thursday the negotiations for state aid for Hapag-Lloyd are on track. The Albert Ballin consortium, which owns 56.67% of the shipping company, couldn't immediately be reached for comment.

Struggling Hapag-Lloyd needs EUR1.95 billion in fresh financing to stay afloat and has requested EUR1.2 billion in state-backed loan guarantees, with the remainder to come from its owners

 

[cicciotokyo]

TUi

Qualcuno la segue?
Carissimi, leggevo proprio oggi sulla sueddeutsche che il governo dovrebbe dargli una liquidita di 1.2 B Euro (molto probabilmente) e i corsi delle obbligazioni sono saliti.

A questo punto fino al 2011 dovrebbe poter reggere

TUI refinancing paves way for expansion

 

[Imark]

Qualcuno la segue?
Carissimi, leggevo proprio oggi sulla sueddeutsche che il governo dovrebbe dargli una liquidita di 1.2 B Euro (molto probabilmente) e i corsi delle obbligazioni sono saliti.

A questo punto fino al 2011 dovrebbe poter reggere

TUI refinancing paves way for expansion

Ciao Ciccio... infatti, è molto probabile che H-L riceva le garanzie governative su un prestito, nell'ambito di un pacchetto di aiuti più ampio che comprende tuttavia ulteriori oneri in capo a TUI... Ci sarà poi da vedere se il loan rispetto al quale il governo tedesco è garante sarà secured (Moody's lo dà per certo)...

Con tutto questo tuttavia la scadenza del 2011 pare più agevolmente raggiungibile...

Hapag-Lloyd’s Owners Will Provide 1.86 Billion Euros in Aid

By Brian Parkin and Holger Elfes

Sept. 29 (Bloomberg) -- The owners of Hapag-Lloyd AG will give 1.86 billion euros ($2.7 billion) to the container-shipping company as part of a rescue package comprising cash injections, loans and credit guarantees.

The financial help for Hapag comprises 923 million euros ($1.34 billion) pledged last month by the owners and additional help of about 940 million euros in hybrid loans from TUI AG and suspended interest and debt repayments to shareholder TUI, government officials said.

Hamburg-based Hapag’s owners, including the port city and tour operator TUI, had previously not said they were prepared to provide aid beyond the 923 million euros in cash injections and loans. The Berlin-based Economy Ministry indicated yesterday in an e-mailed statement that aid was in fact double the owners’ stated pledge.

Hanover-based TUI spokesman Robin Zimmermann declined to comment today. Daniel Stricker, a spokesman for the state finance ministry in Hamburg, also declined to comment, as did spokespeople for the Economy Ministry in Berlin.

The federal government represented by the Economy Ministry yesterday agreed to share with Hamburg 90 percent of guarantee costs for a 1.2 billion euro loan that Hapag needs after a drop in German exports hurt its business. Parliament’s budget committee will vote on the guarantee provision tomorrow. The rescue package comprising public guarantees and stakeholders’ aid still needs European Union approval.

Hapag, Germany’s biggest container shipper and the fifth- biggest worldwide, sought the rescue after the recession and a glut of new vessels led to a slump in freight rates. The container line expects to post a loss of about 900 million euros this year and as much as 500 million euros in 2010, Frankfurter Allgemeine Zeitung reported Sept. 16, without saying where it got the information.

----------------

TUI AG may lend further support to Hapag -sources

Tue Sep 29, 2009 9:13pm IST

HANOVER, Germany, Sept 29 (Reuters) - German tourism group TUI AG (TUIGn.DE: Quote, Profile, Research) may need to provide container shipping company Hapag-Lloyd [HPLG.UL] further support to secure state aid for the ailing shipper, sources close to the matter told Reuters.

On top of the 900 million euros ($1.31 billion) that Hapag-Lloyd's owners -- TUI AG and the Albert Ballin investor group -- have already agreed to put forward, TUI could be asked to convert a further 700 million euros of loans into hybrid capital by 2014 if needed, the sources said on Tuesday.
TUI may also have to forgive 227 million euros in interest and principal, the sources added.

TUI declined to comment.

The German government's budget committee will discuss Hapag-Lloyd's request for 1.2 billion euros in state loan guarantees at a meeting on Wednesday.

(Reporting by Arno Schuetze)

 

[Imark]

Il Tui 2011 si compra sopra i 95, con un rendimento lordo a scadenza attorno al 10,2- 10,4% (dipendendo fra l'altro dal prezzo). Il rischio è quello di un drastico peggioramento della situazione di Tui di qui al maggio 2011, visto che i rating sono infimi e c'è tanto debito infragruppo ma poca liquidità...

Secondo me, se tengono i mercati finanziari consentendo alle società del gruppo meno compromesse di approvvigionarsi di liquidità (anche questo debito è tuttavia strutturalmente sovraordinato a quello della capogruppo tedesca in caso di default), a questo punto TUI Ag ha maggiori chances di farcela a non defaultare entro il 2011.

Resta tuttavia il problema di debito in scadenza per 1 mld euro nel 2010, che non potrà essere ripagato se non mediante i proventi di dismissioni di asset

Le agenzie guardano alla situazione della liquidità in primis oltre che del debito e abbassano i rating. Il downgrade di Moody's di un paio di settimane fa... mette a fuoco il percorso di TUI sul piano degli impegni finanziari nei prossimi 12 - 18 mesi...

Moody's lowers TUI's corporate family rating to Caa1; outlook negative

Approximately EUR2.6 billion in rated debt instruments affected

London, 17 September 2009 -- Moody's Investors Service has today lowered the Corporate Family Rating (CFR) and Probability of Default Rating (PDR) of TUI AG to Caa1 from B3. At the same time, the unsecured rating and the subordinated rating are lowered from Caa1 to Caa2 and from Caa2 to Caa3, respectively. This concludes the review that was initiated on 28 July 2009. The outlook is negative.

The rating action reflects our view that the liquidity at TUI AG will be significantly strained over the coming 12-18 months due to the requirement for additional financial support for its recently-divested Hapag-Lloyd division, in which it retains a 43.3% stake, as well as the very weak financial position of that entity.

Such support may include equity contributions from current shareholders, as well as EUR215 million for the acquisition of a stake in a Newco to acquire CTA (a container shipping terminal).

In addition, Moody's believes that the financial condition of Hapag-Lloyd will make it largely unable to service its own financial commitments to TUI AG (c.EUR1.46 billion) in a timely manner.

We note also that should state support be forthcoming for Hapag-Lloyd in the form of bank guarantees, these would rank senior to its obligations to TUI AG.

We therefore believe that TUI AG may need to take alternative measures to meet its financial obligations during 2010 and beyond, notably close to EUR1 billion in bond redemptions and private placements in 2010. In this regard, TUI is currently planning to divest certain assets to increase liquidity.

In support of TUI AG's liquidity profile, we note its claim to the remaining c.EUR1 billion inter-company loan to TUI Travel plc, which matures in January 2011, which will be significant for TUI's own liquidity profile.

The loan is subject to mandatory prepayment in case TUI Travel plc raises alternative funding, and as such may be repaid earlier than the final maturity. In addition, we note that EUR200 million in loans to Hapag-Lloyd are guaranteed by the City of Hamburg and repayable in March 2010. Apart from our concerns on longer-term liquidity, however, we note also the general weakness in the group's overall metrics in terms of adjusted leverage.

The negative outlook reflects both the weak operating environment as well as uncertainties concerning liquidity. Given that liquidity is currently the key driver of the rating, the outlook could be stabilised if this were to be comfortably strengthened beyond a twelve month horizon, together with a stable or improved operating performance. Conversely, the rating could be lowered if liquidity does not improve in the short-term, or if credit metrics were to deteriorate.

TUI AG's ratings were assigned by evaluating factors we believe are relevant to the credit profile of the issuer, such as i) the business risk and competitive position of the company versus others within its industry, ii) the capital structure and financial risk of the company, iii) the projected performance of the company over the near to intermediate term, and iv) management's track record and tolerance for risk.

These attributes were compared against other issuers both within and outside of TUI AG's core industry and TUI AG's ratings are believed to be comparable to those of other issuers of similar credit risk. The last rating action for TUI AG was implemented on 28 July 2009, when the CFR was lowered to B3 and all ratings were placed under review for possible downgrade.

TUI, headquartered in Hanover, Germany, is Europe's largest integrated tourism group, and currently retains a 43.3% stake in Hapag-Lloyd, which is a leading provider of container shipping services. In 2008, the group reported revenues and underlying EBITA of EUR24.9 billion and EUR759 million, respectively. Tourism accounted for about 75% of revenues, and shipping and other activities for the remainder.

 

[cicciotokyo]

Il Tui 2011 si compra sopra i 95, con un rendimento lordo a scadenza attorno al 10,2- 10,4% (dipendendo fra l'altro dal prezzo). Il rischio è quello di un drastico peggioramento della situazione di Tui di qui al maggio 2011, visto che i rating sono infimi e c'è tanto debito infragruppo ma poca liquidità...

Non e' disclosed la cifra ma Tuifly ha anche ceduto diversi collegamenti a air berlin.
Mi sa che stanno cominciando a muoversi un po piu seriamente per salvarla sta societa.

Io un cippettino sul 2011 l'ho messo, stiamo a vedere


TUIfly city routes takeover but no cross-holding | FVW - The Magazine for the German Travel and Tourism Industry

http://www.welt.de/wirtschaft/article4486765/Air-Berlin-uebernimmt-zahlreiche-TUIfly-Fluege.html

 

[Imark]

Non e' disclosed la cifra ma Tuifly ha anche ceduto diversi collegamenti a air berlin.
Mi sa che stanno cominciando a muoversi un po piu seriamente per salvarla sta societa.

Io un cippettino sul 2011 l'ho messo, stiamo a vedere


Home | FVW - The Magazine for the German Travel and Tourism Industry
A98C-ED5C-8DC967CB3F471DB9

http://www.welt.de/wirtschaft/article4486765/Air-Berlin-uebernimmt-zahlreiche-TUIfly-Fluege.html

Credo anch'io che possano farcela su quella scadenza, dopo le notizie recenti sul supporto ad H-L ed alla luce della possibilità di un ripagamento anticipato, almeno parziale, del loan di Tui Travel a Tui Ag. Qualche incognita resta, e Tui ha fatto molto per complicarsi la vita negli ultimi anni, però almeno nel breve termine una pezza pare riescano ancora a mettercela...

 

[acro26]

SafiloCI 9,625% 03-13 15/11s ne

SafiloCI 9,625% 03-13 15/11s ne XS0168632890

Ho sentito che continuano a pagare e che sarebbe arrivato il cavaliere bianco , un fondo di investimento .
Sembra che stiano facendo un doppio aumento di capitale , ma non
ho capito, se e come , avrebbero ristrutturato l'obbligazione.

Qualcuno la segue ? o ne sa qualcosa ?

Un cippino forse si potrebbe rischiare