Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
NoWay
It's time to play the game
La USG5814RAA61 scadenza 2016 ha taglio minimo 2000 dollari.
Sulla società c'è un post di Brizione a pag. 1207.
Altre notizie su www.marfrig.com.br
Ultima modifica:
bia06
Listen other's viewpoint avoid conflicts & wars.
Stavo per scrivener la stessa cosa. Discesina per Ora...
...discesina
per discesona deve fare altri numeri ...
CEDOLONE
Forumer storico
Schmolz Gains as Billionaire Vekselberg May Invest: Zurich Mover - Bloomberg
sottopongo questo link i cui contenuti sono stati per me fonte di gain proprio ieri, +11%
a seguito di questo annuncio le azioni e il bond hanno subito un bel rialzo SCHMOLZ + BICKENBACH AG | Equity | 905370 | CH0005795668 | Börse Frankfurt (Frankfurt Stock Exchange)
se l'accordo dovesse fallire o quanto meno ritardare ci saranno delle ampie oscillazioni dei prezzi
Ai primi di gennaio 2013 sulla scorta di rumors che davano come prossima l'acquisizione da parte del fondo Apollo di una rilevante quota azionaria il titolo subì un rialzo vistoso per poi precipitare.
Se anche questa volta non andasse in porto l'operazione da parte di RENOVA o quanto meno ritardasse potrebbe aprirsi un'altra finestra speculativa
grazie Brizione , sei un Bloomberg vivente
io sono dentro con un paio di lotti presi nel 2012...
i bilanci sono veramente ottimi, 10.000 dipendenti ,
il business e' in pochino in crisi come tutti ma mi sembrano solidissimi ..
ed infatti risulta appetibile per i private equity...
sono curioso di vedere cosa succedera' al bond in caso di acquisizione..
per il momento grande gain
una cosa pero' che non sapevo e che non ho capito e' :
"Schmolz is also being sued by U.S. hedge fund GoldenTree Asset Management LP, which accused the Swiss company of fraudulently marketing bonds in May 2012"
Ultima modifica:
grazie Brizione , sei un Bloomberg vivente
io sono dentro con un paio di lotti presi nel 2012...
i bilanci sono veramente ottimi, 10.000 dipendenti ,
il business e' in pochino in crisi come tutti ma mi sembrano solidissimi ..
ed infatti risulta appetibile per i private equity...
sono curioso di vedere cosa succedera' al bond in caso di acquisizione..
per il momento grande gain
una cosa pero' che non sapevo e che non ho capito e' :
"Schmolz is also being sued by U.S. hedge fund GoldenTree Asset Management LP, which accused the Swiss company of fraudulently marketing bonds in May 2012"
perdonami ma i bilanci fanno schifo
hanno ottenuto per il rotto della cuffia una nuova linea di credito unicamente perché le banche hanno preteso e ottenuto garanzie personali del capofamiglia
il 50% del fatturato è dato dall'acciaio per il mercato dell'auto che è in profondo rosso senza accenni di ripresa
so per certo che a febbraio/marzo hanno cercato un nuovo accordo sindacale ma miseramente naufragato in quanto volevano che il maggiore azionista (svizzero) cedesse il controllo del pacchetto azionario
il fondo in questione, sulla scorta dell'emissione del bond e per via di alcune voci che davano per certo l'ingresso di un nuovo socio e quindi capitali freschi, avevano acquistato 48 mil di $ in azioni il cui valore è poi precipitato (e lì le ho comprate io
)ora ritengono di essere stati frodati ma questo varrebbe se la Schmolz fosse americana e quindi soggetta alle regole della SEC.
Al contrario essendo europea il fondo in questione lo piggerà 'n do culo
in quanto l'azienda è svizzero/tedesca e quindi soggetta a regole meno rigide.grazie per i complimenti ma sono solo un buon cercatore di info varie
memore di esperienze passate
per curiosità a quanto le hai in carico le azioni?
appena dovessero stornare ne prenderò ancora un po'
ma non come l'altra volta che invece di passare un ordine per 2000 avevo erroneamente scritto 20000 e mi son ritrovato a dormire preoccupato e il C/C vuoto
Ultima modifica:
Ohio Edison Company
OHIO EDISON 2015 | Bond | A0BAYY | US677347CB02 | Börse Frankfurt (Frankfurt Stock Exchange)
non capisco lo spread così ampio
qualcuno può dare info?
grazie
OHIO EDISON 2015 | Bond | A0BAYY | US677347CB02 | Börse Frankfurt (Frankfurt Stock Exchange)
non capisco lo spread così ampio
qualcuno può dare info?
grazie
Downgrade di GOL Linhas Aereas Inteligentes S.A.
Gol Linhas Aereas Inteligentes S.A. 'B' Rating Placed On CreditWatch Negative On Poor Performance
Publication date: 28-Mar-2013 17:19:44 EST
View Analyst Contact Information
We believe Brazil-based airline GOL's financial risk profile improvement
may take longer than expected due to its weaker operating performance and
negative cash flow in the fourth quarter of 2012.
We have placed the 'B' rating on GOL on CreditWatch with negative
implications.
In resolving the CreditWatch placement, we will review prospects for
GOL's financial performance in 2013, the effectiveness of its
cost-cutting strategies, and sources of liquidity for the next 12 months.
SAO PAULO (Standard & Poor's) March 28, 2013--Standard & Poor's Ratings
Services placed its 'B' corporate credit rating on Gol Linhas Aereas
Inteligentes S.A. (GOL) on CreditWatch with negative implications. The
CreditWatch is based on our view that GOL's financial risk profile may not
recover as previously expected because of its weaker performance and resulting
negative cash flow generation, which we now expect to continue at least
throughout the first half of 2013.
The CreditWatch placement follows the announcement of GOL's results for the
fourth quarter of 2012 and its guidance for 2013. We believe GOL's performance
will remain weak, especially in the first half of 2013 due to both seasonal
reasons--as the first half of the year is weaker for airlines--and difficult
market and competitive conditions overall, limiting the company's ability to
raise fares and improve yields. These negative factors may last longer than we
previously expected. In addition, GOL's efforts to streamline operations may
not be enough to reverse soft cash flow trends in the next year, resulting in
a more permanent, highly-leveraged financial profile.
While the company has improved load factors by cutting capacity, this has not
been enough to offset higher fuel costs. Also, the company continues to lose
market share following its attempt to reduce its fleet and cancel routes,
resulting in lower passenger traffic. These factors will likely lead to
negative cash flows and weak credit metrics.
We believe GOL's liquidity remains adequate, with cash reserves of R$1.4
billion as of December 2012 (net of restricted cash) and short-term debt
maturities of R$700 million in the next 12 months (excluding R$1.1 billion of
debentures that were reported due to a covenant breach that has already been
waived by debenture holders in early 2013). GOL's cash reserves provide the
company with a significant liquidity cushion and its access to bank lines
remains adequate, allowing it to rollover its bank debt, mitigating
refinancing risks in the short term. However, negative free cash flows may
last longer than we originally expected, which will keep depleting cash
reserves, absent other positive liquidity events, such as the announced IPO of
the company's mileage program Smiles.
We aim to resolve the CreditWatch placement after fully revising our
projections for GOL's performance in 2013 and beyond. We could downgrade the
company by one or two notches if we conclude that it will not be able to
reverse its losses and improve cash flows in 2013, resulting in stronger
credit metrics such as total debt to EBITDA closer to 6x in the next 12-18
months.
Gol Linhas Aereas Inteligentes S.A. 'B' Rating Placed On CreditWatch Negative On Poor Performance
Publication date: 28-Mar-2013 17:19:44 EST
View Analyst Contact Information
We believe Brazil-based airline GOL's financial risk profile improvement
may take longer than expected due to its weaker operating performance and
negative cash flow in the fourth quarter of 2012.
We have placed the 'B' rating on GOL on CreditWatch with negative
implications.
In resolving the CreditWatch placement, we will review prospects for
GOL's financial performance in 2013, the effectiveness of its
cost-cutting strategies, and sources of liquidity for the next 12 months.
SAO PAULO (Standard & Poor's) March 28, 2013--Standard & Poor's Ratings
Services placed its 'B' corporate credit rating on Gol Linhas Aereas
Inteligentes S.A. (GOL) on CreditWatch with negative implications. The
CreditWatch is based on our view that GOL's financial risk profile may not
recover as previously expected because of its weaker performance and resulting
negative cash flow generation, which we now expect to continue at least
throughout the first half of 2013.
The CreditWatch placement follows the announcement of GOL's results for the
fourth quarter of 2012 and its guidance for 2013. We believe GOL's performance
will remain weak, especially in the first half of 2013 due to both seasonal
reasons--as the first half of the year is weaker for airlines--and difficult
market and competitive conditions overall, limiting the company's ability to
raise fares and improve yields. These negative factors may last longer than we
previously expected. In addition, GOL's efforts to streamline operations may
not be enough to reverse soft cash flow trends in the next year, resulting in
a more permanent, highly-leveraged financial profile.
While the company has improved load factors by cutting capacity, this has not
been enough to offset higher fuel costs. Also, the company continues to lose
market share following its attempt to reduce its fleet and cancel routes,
resulting in lower passenger traffic. These factors will likely lead to
negative cash flows and weak credit metrics.
We believe GOL's liquidity remains adequate, with cash reserves of R$1.4
billion as of December 2012 (net of restricted cash) and short-term debt
maturities of R$700 million in the next 12 months (excluding R$1.1 billion of
debentures that were reported due to a covenant breach that has already been
waived by debenture holders in early 2013). GOL's cash reserves provide the
company with a significant liquidity cushion and its access to bank lines
remains adequate, allowing it to rollover its bank debt, mitigating
refinancing risks in the short term. However, negative free cash flows may
last longer than we originally expected, which will keep depleting cash
reserves, absent other positive liquidity events, such as the announced IPO of
the company's mileage program Smiles.
We aim to resolve the CreditWatch placement after fully revising our
projections for GOL's performance in 2013 and beyond. We could downgrade the
company by one or two notches if we conclude that it will not be able to
reverse its losses and improve cash flows in 2013, resulting in stronger
credit metrics such as total debt to EBITDA closer to 6x in the next 12-18
months.
NEW YORK (Standard & Poor's) March 20, 2013--Standard & Poor's Ratings
Services today assigned its 'CCC+' corporate credit rating to Boise,
Idaho-based supermarket chain New Albertson's Inc. (NAI), under its new
ownership. The outlook is stable.
Concurrently, we are raising the issue-level rating on subsidiary America
Stores Co. (ASC)'s notes one notch to 'B' from 'B-', and changing the recovery
rating to '1' from '5'. The '1' recovery rating indicates our expectation of
very high (90% to 100%) recovery of principal in the event of payment default.
The change in the recovery rating reflects that ASC will place in escrow the
principal amount of the notes, as stipulated between SUPERVALU Inc.
(SUPERVALU), which guarantee those notes, and the purchasing parties.
We are also lowering the rating on NAI's senior unsecured notes to 'CCC' from
'B-'. The recovery rating on those notes remains '5', which indicates our
expectation of modest (10% to 30%) recovery of principal in the event of
default. The lower rating on the notes reflects the lower corporate credit
rating of NAI relative to the current rating on SUPERVALU.
We expect AB Acquisition LLC, an entity owned by a consortium of investors led
by Cerberus Capital Management L.P. (Cerberus), to purchase NAI from
SUPERVALU. The NAI purchase will include the operating assets of the
Jewel-Osco, Shaw's, Star, ACME, and Albertson's banners. At the same time, we
expect Albertson's LLC, which is also owned by AB Acquisition LLC, to purchase
the Albertson's stores and associated assets from NAI. We expect these
transitions to close simultaneously before the end of the month.
"The rating on NAI reflects our view of the company's financial risk profile
as 'highly leveraged,, based on what we expect to be weak credit protection
measures over the next year and our assessment of a 'vulnerable' business risk
profile," said Standard & Poor's credit analyst Charles Pinson-Rose. The
financial risk profile incorporates our view of credit metric erosion over the
next year based on the company's substantial debt and debt-like obligations
coupled with performance declines. It also reflects our expectation that the
company will be free operating cash flow neutral, though mainly because
capital spending will be depressed, in our view. We also believe NAI will
maintain "adequate" liquidity because of a likely substantial cash balance
after it receives cash considerations from the sale of the Albertson's stores
and associated assets from Albertson's LLC.
We also view the company's business risk profile as "vulnerable," which
incorporates the historically weak sales trends at the acquired stores,
operating measures that will likely be worse than industry peers, and the
intense competition in the food retail industry.
The outlook is stable and incorporates our expectation that profits should
decline substantially over the next year, but stabilize from that point
forward. This would allow the company to be approximately cash flow neutral
and maintain adequate liquidity. However, we believe the company will remain
highly leveraged over the next year. Given the company's cash balances, it
should have adequate liquidity sources even if performance is substantially
weaker than our expectations.
We would only consider a positive rating if leverage was in the mid to low 7x
area and coverage in the mid 1x range. We estimate that EBITDA would need to
be about 35% higher than levels forecasted for fiscal 2014 or slightly higher
than current pro-forma levels. We do not believe this likely over the next two
years given the company's strategies and industry competition.
We would likely consider a negative rating action if we felt liquidity
concerns were more acute, and if sources were less than available uses over
the next year. Moreover, any financial policy decision that meaningfully
depletes cash on hand could cause us to reassess the company's rating.
Services today assigned its 'CCC+' corporate credit rating to Boise,
Idaho-based supermarket chain New Albertson's Inc. (NAI), under its new
ownership. The outlook is stable.
Concurrently, we are raising the issue-level rating on subsidiary America
Stores Co. (ASC)'s notes one notch to 'B' from 'B-', and changing the recovery
rating to '1' from '5'. The '1' recovery rating indicates our expectation of
very high (90% to 100%) recovery of principal in the event of payment default.
The change in the recovery rating reflects that ASC will place in escrow the
principal amount of the notes, as stipulated between SUPERVALU Inc.
(SUPERVALU), which guarantee those notes, and the purchasing parties.
We are also lowering the rating on NAI's senior unsecured notes to 'CCC' from
'B-'. The recovery rating on those notes remains '5', which indicates our
expectation of modest (10% to 30%) recovery of principal in the event of
default. The lower rating on the notes reflects the lower corporate credit
rating of NAI relative to the current rating on SUPERVALU.
We expect AB Acquisition LLC, an entity owned by a consortium of investors led
by Cerberus Capital Management L.P. (Cerberus), to purchase NAI from
SUPERVALU. The NAI purchase will include the operating assets of the
Jewel-Osco, Shaw's, Star, ACME, and Albertson's banners. At the same time, we
expect Albertson's LLC, which is also owned by AB Acquisition LLC, to purchase
the Albertson's stores and associated assets from NAI. We expect these
transitions to close simultaneously before the end of the month.
"The rating on NAI reflects our view of the company's financial risk profile
as 'highly leveraged,, based on what we expect to be weak credit protection
measures over the next year and our assessment of a 'vulnerable' business risk
profile," said Standard & Poor's credit analyst Charles Pinson-Rose. The
financial risk profile incorporates our view of credit metric erosion over the
next year based on the company's substantial debt and debt-like obligations
coupled with performance declines. It also reflects our expectation that the
company will be free operating cash flow neutral, though mainly because
capital spending will be depressed, in our view. We also believe NAI will
maintain "adequate" liquidity because of a likely substantial cash balance
after it receives cash considerations from the sale of the Albertson's stores
and associated assets from Albertson's LLC.
We also view the company's business risk profile as "vulnerable," which
incorporates the historically weak sales trends at the acquired stores,
operating measures that will likely be worse than industry peers, and the
intense competition in the food retail industry.
The outlook is stable and incorporates our expectation that profits should
decline substantially over the next year, but stabilize from that point
forward. This would allow the company to be approximately cash flow neutral
and maintain adequate liquidity. However, we believe the company will remain
highly leveraged over the next year. Given the company's cash balances, it
should have adequate liquidity sources even if performance is substantially
weaker than our expectations.
We would only consider a positive rating if leverage was in the mid to low 7x
area and coverage in the mid 1x range. We estimate that EBITDA would need to
be about 35% higher than levels forecasted for fiscal 2014 or slightly higher
than current pro-forma levels. We do not believe this likely over the next two
years given the company's strategies and industry competition.
We would likely consider a negative rating action if we felt liquidity
concerns were more acute, and if sources were less than available uses over
the next year. Moreover, any financial policy decision that meaningfully
depletes cash on hand could cause us to reassess the company's rating.
ciao Gion
non trovo gli isin delle emissioni
non è che li hai sottomano?
grazie
io ho in ptf USG3980PAD71, ma c'è anche USG3980PAA33 taglio 100k
- Stato
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Obbligazioni societarie
HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
