Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
iguanito
Forumer storico
Una storia simile era uscita qualche mese fa sui bond jamaicani. Due giorni di grande casino e poi tutto è tornato più caro di prima. peccato non avere osato di più. tuttavia, come giustamente dice brizione, di sudamericani trattasi (con tutto il rispetto) per cui qualcosa potrebbe esserci.
rockytamtam
Forumer storico
Beh , dai anche noi quanto a porcate ci difendiamo bene .....se fossero europei ma son sud americani......
cumulate
Forumer storico
sì vero
ma se è vero come era vero di urbi desarrollos....
mi rifarò con il venezuela e pdvsa
spero
qquebec
Super Moderator
Zlomrex 8,5% 2014
LONDON (Standard & Poor's) April 10, 2013--Standard & Poor's Rating Services said today that it lowered its long-term corporate rating on Poland-based steel maker Cognor S.A. to 'CCC' from 'CCC+'. The outlook is negative.
At the same time, we lowered to 'CCC-' from 'CCC' our issue rating on Cognor's outstanding €118 million (about Polish zloty [PLN] 485 million) senior secured notes.
In addition, we corrected our short-term corporate credit rating on Cognor by lowering it to 'C'. The short-term rating was previously incorrect in our systems as 'B'.
The downgrades reflect our view that Cognor's ability to execute a refinancing program over the coming months is highly uncertain in light of its weak" liquidity, large debt maturities, and weak conditions in the Polish steel industry. In our view, the likelihood of a near-term default or distressed exchange offer has therefore increased. We understand that Cognor's debt maturities include short-term credit facilities of more than PLN80 million to be repaid in the third and fourth quarters of 2013, and €118 million senior secured notes due in February 2014. This compares with unrestricted available cash of PLN48 million as of Dec. 31, 2012.
We understand that Cognor is formulating a refinancing plan that includes an equity injection of less than PLN100 million and the issuance of new notes of at least PLN370 million. However, the equity injection is more than Cognor's
current market value of PLN85 million and therefore we are uncertain that Cognor would succeed in raising this amount. Moreover, we estimate that the
main shareholder's ability to maintain his 65% stake as part of the proposed
refinancing is low. According to the company, the equity injection should take place in the second quarter of 2013. Even if Cognor executes the equity issue, we believe that its capital structure would remain weak, with debt to EBITDA of more than 6x and no prospect of deleveraging quickly.
In our view, Cognor's weakening liquidity may lead to further downgrades and
ultimately to a default in the coming quarters if there is a lack of progress on the refinancing of its €118 million senior secured notes due February 2014.
We could revise the outlook to stable if Cognor presents a refinancing plan
that we consider to be achievable, including a material equity injection. However, we believe that the success of the company's refinancing plan is uncertain, particularly in the context of challenging conditions in the Polish steel market.
LONDON (Standard & Poor's) April 10, 2013--Standard & Poor's Rating Services said today that it lowered its long-term corporate rating on Poland-based steel maker Cognor S.A. to 'CCC' from 'CCC+'. The outlook is negative.
At the same time, we lowered to 'CCC-' from 'CCC' our issue rating on Cognor's outstanding €118 million (about Polish zloty [PLN] 485 million) senior secured notes.
In addition, we corrected our short-term corporate credit rating on Cognor by lowering it to 'C'. The short-term rating was previously incorrect in our systems as 'B'.
The downgrades reflect our view that Cognor's ability to execute a refinancing program over the coming months is highly uncertain in light of its weak" liquidity, large debt maturities, and weak conditions in the Polish steel industry. In our view, the likelihood of a near-term default or distressed exchange offer has therefore increased. We understand that Cognor's debt maturities include short-term credit facilities of more than PLN80 million to be repaid in the third and fourth quarters of 2013, and €118 million senior secured notes due in February 2014. This compares with unrestricted available cash of PLN48 million as of Dec. 31, 2012.
We understand that Cognor is formulating a refinancing plan that includes an equity injection of less than PLN100 million and the issuance of new notes of at least PLN370 million. However, the equity injection is more than Cognor's
current market value of PLN85 million and therefore we are uncertain that Cognor would succeed in raising this amount. Moreover, we estimate that the
main shareholder's ability to maintain his 65% stake as part of the proposed
refinancing is low. According to the company, the equity injection should take place in the second quarter of 2013. Even if Cognor executes the equity issue, we believe that its capital structure would remain weak, with debt to EBITDA of more than 6x and no prospect of deleveraging quickly.
In our view, Cognor's weakening liquidity may lead to further downgrades and
ultimately to a default in the coming quarters if there is a lack of progress on the refinancing of its €118 million senior secured notes due February 2014.
We could revise the outlook to stable if Cognor presents a refinancing plan
that we consider to be achievable, including a material equity injection. However, we believe that the success of the company's refinancing plan is uncertain, particularly in the context of challenging conditions in the Polish steel market.
Ultima modifica:
il gold sembra essersi stabilizzato con tendenza al rialzo...peccato
una delle concause che ha contribuito all'effetto valanga degli ultimi giorni potrebbe essere una massiccia vendita da parte di un singolo cliente (un fondo?) che ha immesso sul mercato 8.000.000 di once;
da lì tutti quelli che ne avevano anche in opzioni hanno venduto aumentando il trend ribassista
ad oggi non si sono più verificate massicce immissioni e pertanto si è moderatamente invertita la tendenza
domani mattina da osservare alla riapertura dei mercati
cumulate
Forumer storico
warren baffo
Forumer storico
mi sa che hai frinteso qualcosa, non è così (potrebbe essere il costo di estrazione ...)
altrementi i minatori andrebbero tutti a vender al "compro oro"
- Stato
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