Alpine
Alpine holding
FCCSM EUR 6.25% October 2014 CB 88 – 90 YTM 15%
ALPHOL EUR 5.25% July 2015 52 – 56 YTM 40%
ALPHOL EUR 5.25% June 2016 55 – 60 YTM 26%
ALPHOL EUR 6% May 2017 55 – 60 YTM 23%
Waning support?
On Friday Presse reported that the parent of the recently restructured Austrian construction company FCC, will not provide additional €150m in capital this year, citing a note by Austria’s embassy about a meeting between FCC and top management of the company and Austrian officials in Spain on 13 May. One of the Presse sources said that the process of refinancing Alpine and the sale of assets are on track, however there were earlier reports from Presse speculating that the company is on the brink of bankruptcy (please check AMC from 17.05.13). Also a report from Bloomberg on Friday cited Johannes Gfrerer, a spokesman for the company saying that prices offered for its units are not meeting Alpine’s expectations. This morning there are talks of Alpine and FCC discussing the financing of the company. Bonds dived on the news and are now quoted in the mid fifty.