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

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Enel spagnola = Endesa


On Friday S&P affirmed Abengoa’s rating at B after the sale of Befesa for €1.075bn to Triton, while the outlook remains negative. S&P notes that the sale of Befesa’s which has positive cash flow will slightly weaken Abengoa’s business risk profile but the proceeds can be used to reduce recourse debt. The negative outlook continues to reflect a one-in-three chance of a downgrade if Abengoa's liquidity weakens or if the company does not reduce its consolidated adjusted leverage to below 9x by mid-2014. The proposed transaction is subject to final documentation and regulatory approval, as well as consent from Befesa's bondholders under its €300m indenture's change-of-control clause. S&P added that it can lower Abengoa’s rating if currently adequate liquidity weakens, which can happen due to material unwinding of the sizable working capital deficit. It also noted that the outlook could be revised to stable if Abengoa reduces its capital expenditures and negative free cash flow materially over 2014-2015, after completion of its investment plan and the entry into full operation of projects currently in construction or at early stages of operations.
 
On Friday S&P affirmed Abengoa’s rating at B after the sale of Befesa for €1.075bn to Triton, while the outlook remains negative. S&P notes that the sale of Befesa’s which has positive cash flow will slightly weaken Abengoa’s business risk profile but the proceeds can be used to reduce recourse debt. The negative outlook continues to reflect a one-in-three chance of a downgrade if Abengoa's liquidity weakens or if the company does not reduce its consolidated adjusted leverage to below 9x by mid-2014. The proposed transaction is subject to final documentation and regulatory approval, as well as consent from Befesa's bondholders under its €300m indenture's change-of-control clause. S&P added that it can lower Abengoa’s rating if currently adequate liquidity weakens, which can happen due to material unwinding of the sizable working capital deficit. It also noted that the outlook could be revised to stable if Abengoa reduces its capital expenditures and negative free cash flow materially over 2014-2015, after completion of its investment plan and the entry into full operation of projects currently in construction or at early stages of operations.

grazie per le info
 
non solo ciofeche...

Oggi operazioni stratosferiche...nel senso che ho operato su titoli a prezzi stratosferici :lol:
Venduto MS 6,375% 2042 US617482V925 a 125,7 ed acquistato Vale 6,875% 2036 US91911TAH68 a 117,08 più Petrobras 6,875% 2040 US71645WAQ42 a 116,4 :eek:
Disclaimer : avevo preso le Morgan Stanley all'emissione....troppo poche purtroppo e non so neanche il perchè sono stato così timido :wall::wall:
 
new world resouces

qualcuno ha notizie sulla new World? l'obbligazione 2018 viaggia a 90(taglio 50k) e la 2021 è precipitata a 75 (taglio 100k) sta fallendo?
 
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