iguanito
Forumer storico
Io posseggo la 2014.
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Gaudente
Forumer storico
altri 13 milioni di perdite ... magari gli porta fortunaPubblicati i risultati di Yioula
qquebec
Super Moderator
altri 13 milioni di perdite ... magari gli porta fortuna
Ma il bond che fine farà?
qquebec
Super Moderator
Eccolo :vomito:
angy2008
Forumer storico
la ricompro a 105
Ilmigliore
Osserva e agisci
Proposta di modifica del Regolamento della sezione Obbligazioni di IO
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Cat XL
Shizuka Minamoto
Mi sembra un' ottima strategia. Magari prendi Abengoa
Abengoa
ABGSM EUR 6.875% July 2014 CB 99 – 100 YTM 6.98%
ABGSM EUR 9.625% February 2015 102.5 – 103.5 YTM 7.67%
ABGSM EUR 8.5% March 2016 99 – 100 YTM 8.68%
ABGSM EUR 4.5% February 2017 CB 87 – 89 YTP 11.97%
ABGSM USD 8.875% November 2017 96 – 98 YTM 9.43%
ABGSM EUR 8.875% February 2018 96.25 – 97.25 YTM 9.83%
ABGSM EUR 6.25% January 2019 CB 81 – 83 YTM 10.52%
Trading update
Yesterday the company released the figures for the first quarter of 2013. The company recorded revenues of €1.85bn in 1Q13, an increase of 19% compared to 1Q12. EBITDA increased by 20% to €270m and resulted in EBITDA margin of 14.6%, up from 14.4% in 1Q12. Net income increased by just 1% in 1Q13 to €90m compared to 1Q12. At the end of the quarter, total liquidity was €3.23bn while corporate debt was reduced by 0.3x to 2.9x. The company said that geographic diversification continues to be one of the key factors behind its growth and strategy. The company’s international activities account for 81% of total sales, of which 28% comes from the USA, which is now the leading region, 24% from Latin America, 12% from the rest of Europe and 17% from Asia and Africa. Manuel Sánchez Ortega, CEO of Abengoa, said: “The first quarter confirms our estimates for the full year, which is characterized by a good performance in all our business areas except the thermo solar business in Spain”. Abengoa has updated its estimates for 2013 to reflect the agreement to divest Befesa (please check AMC from 22.04.13) Updated revenue target is €7.25- 7.35bn and EBITDA between €1.18bn and €1.23bn for 2013. The midpoints of which represent a 3% and 12% increase, respectively, over the restated 2012 figures. Corporate EBITDA is expected to be between €800m and €825m.
Rating Action: Moody's downgrades J.C. Penney's CFR to Caa1; outlook remains negative
Global Credit Research - 30 Apr 2013
Approximately $2.9 Billion of Debt Securities Affected
New York, April 30, 2013 -- Moody's Investors Service today downgraded the long term ratings of J.C. Penney Company, Inc. ("JCP") including its Corporate Family Rating to Caa1 from B3. The Speculative Grade Liquidity rating of SGL-3 remains unchanged. The rating outlook also remains negative.
The downgrade follows JCP's announcement that it had entered into a commitment letter with Goldman Sachs under which Goldman Sachs has committed to provide a $1.75 billion senior secured term loan. The term loan will be secured by a first lien of real estate and a second lien on inventory and accounts receivable. The proceeds of the term loan will be used to fund ongoing working capital requirements, other general corporate purposes, and to amend, acquire, or satisfy and discharge the outstanding debentures due 2023.
The term loan will bolster JCP's liquidity by increasing its cash balances and reducing its reliance on its revolving credit facility. Although the term loan bolsters JCP's liquidity, it will not solve JCP's longer term performance concerns nor reduce the level of anticipated cash burn at JCP over the next twelve months. The downgrade acknowledges that the term loan will greatly weaken JCP's capital structure at a time when its earnings are at precarious levels. The downgrade reflects Moody's opinion that the position of the existing bondholders has been weakened by the addition of further secured debt ahead of the unsecured notes in the capital structure. It also acknowledges that the additional debt makes it highly unlikely that JCP will be able to bring debt to EBITDA to below 7.0 times and EBITA to interest expense above 1.0 time over the next twelve months, levels more indicative of a low single B rating.
The following ratings are downgraded:
For J.C. Penney Company, Inc.
Corporate Family Rating to Caa1 from B3
Probability of Default Rating to Caa1-PD from B3-PD
For J.C. Penney Corporation, Inc.:
Senior unsecured notes to Caa2 (LGD 5, 78%) from Caa1 (LGD 4, 66%)
Senior unsecured shelf to (P) Caa2 from (P) Caa1
The following rating is unchanged:
Speculative Grade Liquidity rating at SGL-3
RATINGS RATIONALE
JCP's Caa1 Corporate Family Rating reflects the near term significant weakness in JCP's operating performance and credit metrics. It also reflects that JCP is in process of readdressing its operating strategies which will likely result in earnings remaining weak over the next few quarters. The rating is supported by our opinion that JCP's near term liquidity remains adequate, albeit there will be a sizable cash flow burn in 2013 that will be supported by the proposed $1.75 billion term loan and the $1.85 billion revolving credit facility. The rating also acknowledges the lack of near dated debt maturities. JCP's nearest debt maturity is not until 2015 when its $200 million 6.875% medium term notes mature.
The negative rating outlook acknowledges Moody's expectation that JCP's earnings continue to face downward pressure until the company stabilizes the sales and gross margin trends. It also acknowledges the sizable level of free cash flow burn that is anticipated in 2013 and the current weakness in credit metrics.
Ratings could be downgraded should JCP's liquidity erode, should its sales and earnings not begin to evidence signs of stability by the fourth quarter of 2013, or should the overall probability of default increase.
Given the negative outlook, an upgrade is unlikely at the present time. In time, the outlook could return to stable should the company evidence stability in sales while showing an improvement in earnings and maintaining adequate liquidity. Ratings could be upgraded should earnings improve such that it become likely that debt to EBITDA will remain below 7.25 times and EBITA to interest expense approaches 1.0 time.
The principal methodology used in this rating was the Global Retail Industry Methodology published in June 2011. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of these methodologies.
J.C. Penney Company, Inc. is one of the U.S.'s largest department store operators with about 1,100 locations in the United States and Puerto Rico. It also operates a website, jcpenney - Women's Clothing, Men's Clothing, Boy's & Girl's Clothing, Furniture - jcpenney. Revenues are about $13 billion.
Global Credit Research - 30 Apr 2013
Approximately $2.9 Billion of Debt Securities Affected
New York, April 30, 2013 -- Moody's Investors Service today downgraded the long term ratings of J.C. Penney Company, Inc. ("JCP") including its Corporate Family Rating to Caa1 from B3. The Speculative Grade Liquidity rating of SGL-3 remains unchanged. The rating outlook also remains negative.
The downgrade follows JCP's announcement that it had entered into a commitment letter with Goldman Sachs under which Goldman Sachs has committed to provide a $1.75 billion senior secured term loan. The term loan will be secured by a first lien of real estate and a second lien on inventory and accounts receivable. The proceeds of the term loan will be used to fund ongoing working capital requirements, other general corporate purposes, and to amend, acquire, or satisfy and discharge the outstanding debentures due 2023.
The term loan will bolster JCP's liquidity by increasing its cash balances and reducing its reliance on its revolving credit facility. Although the term loan bolsters JCP's liquidity, it will not solve JCP's longer term performance concerns nor reduce the level of anticipated cash burn at JCP over the next twelve months. The downgrade acknowledges that the term loan will greatly weaken JCP's capital structure at a time when its earnings are at precarious levels. The downgrade reflects Moody's opinion that the position of the existing bondholders has been weakened by the addition of further secured debt ahead of the unsecured notes in the capital structure. It also acknowledges that the additional debt makes it highly unlikely that JCP will be able to bring debt to EBITDA to below 7.0 times and EBITA to interest expense above 1.0 time over the next twelve months, levels more indicative of a low single B rating.
The following ratings are downgraded:
For J.C. Penney Company, Inc.
Corporate Family Rating to Caa1 from B3
Probability of Default Rating to Caa1-PD from B3-PD
For J.C. Penney Corporation, Inc.:
Senior unsecured notes to Caa2 (LGD 5, 78%) from Caa1 (LGD 4, 66%)
Senior unsecured shelf to (P) Caa2 from (P) Caa1
The following rating is unchanged:
Speculative Grade Liquidity rating at SGL-3
RATINGS RATIONALE
JCP's Caa1 Corporate Family Rating reflects the near term significant weakness in JCP's operating performance and credit metrics. It also reflects that JCP is in process of readdressing its operating strategies which will likely result in earnings remaining weak over the next few quarters. The rating is supported by our opinion that JCP's near term liquidity remains adequate, albeit there will be a sizable cash flow burn in 2013 that will be supported by the proposed $1.75 billion term loan and the $1.85 billion revolving credit facility. The rating also acknowledges the lack of near dated debt maturities. JCP's nearest debt maturity is not until 2015 when its $200 million 6.875% medium term notes mature.
The negative rating outlook acknowledges Moody's expectation that JCP's earnings continue to face downward pressure until the company stabilizes the sales and gross margin trends. It also acknowledges the sizable level of free cash flow burn that is anticipated in 2013 and the current weakness in credit metrics.
Ratings could be downgraded should JCP's liquidity erode, should its sales and earnings not begin to evidence signs of stability by the fourth quarter of 2013, or should the overall probability of default increase.
Given the negative outlook, an upgrade is unlikely at the present time. In time, the outlook could return to stable should the company evidence stability in sales while showing an improvement in earnings and maintaining adequate liquidity. Ratings could be upgraded should earnings improve such that it become likely that debt to EBITDA will remain below 7.25 times and EBITA to interest expense approaches 1.0 time.
The principal methodology used in this rating was the Global Retail Industry Methodology published in June 2011. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of these methodologies.
J.C. Penney Company, Inc. is one of the U.S.'s largest department store operators with about 1,100 locations in the United States and Puerto Rico. It also operates a website, jcpenney - Women's Clothing, Men's Clothing, Boy's & Girl's Clothing, Furniture - jcpenney. Revenues are about $13 billion.
- Stato
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HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
