sai che non lo so..
sto usando un broker intermediario indipendente ultimamente
, io gli passo l'elenco e quantità e lui si occupa del resto.
devo fare i conti a fine semestre ma tra tutto mi costa meno a quel che ho visto, spero
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (9 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
sai che non lo so..
sto usando un broker intermediario indipendente ultimamente
, io gli passo l'elenco e quantità e lui si occupa del resto.
devo fare i conti a fine semestre ma tra tutto mi costa meno a quel che ho visto, spero
Begli acquisti e bei prezziLa Donnelley con chi l'hai presa? Immagino OTC, ma conosci la controparte?
Grazie
sai che non lo so..
sto usando un broker intermediario indipendente ultimamente
, io gli passo l'elenco e quantità e lui si occupa del resto.
devo fare i conti a fine semestre ma tra tutto mi costa meno a quel che ho visto, spero
Alcoa Inc. (AA), the largest U.S. aluminum producer, had its credit rating cut to one level below investment grade by Moody’s Investors Service after the metal’s price fell amid a global oversupply.
The long-term rating on Alcoa’s $8.6 billion of debt was lowered by one step to Ba1 from Baa3, Moody’s said in a statement today. The outlook is stable, indicating the rating won’t be reduced again soon.
“While we are disappointed by Moody’s decision today, we remain committed to maintaining our investment-grade rating and will continue to execute on our strategy and our 2013 goal of generating positive free cash flow,” Alcoa said in a separate statement.
Alcoa faces higher borrowing costs and losing bond investors who are restricted to lending to investment-grade companies. Its largest bondholders include Vanguard Group Inc., Allianz Life Insurance Co. and Loomis Sayles & Co., according to data compiled by Bloomberg.
Since 2002, New York-based Alcoa has lost its position as the world’s most valuable materials company to Australia’s BHP Billiton Ltd., while Rio Tinto Group and Russian and Chinese aluminum producers took a greater share of the aluminum market.
Aluminum is the third-worst performer on the UBS Bloomberg CMCI index of commodities in the past five years, with a negative return of 47 percent. Global production has exceeded demand for the past eight years, according to data compiled by Bloomberg. Growth has slowed in China, the biggest consumer of the metal.
Output Cuts
Alcoa has responded to falling prices and the supply glut by paring costs at its least efficient plants. Earlier this month, the company said it will shut two production lines at its Baie-Comeau smelter in Quebec and postpone construction of a new line at the plant until 2019. The company said May 1 it’s evaluating 460,000 metric tons, or about 11 percent, of annual smelting capacity for curtailment or permanent closure by the end of next year. Alcoa reduced smelting capacity by 13 percent in 2012 with cutbacks in Tennessee, Texas, Italy and Spain.
Chairman and Chief Executive Officer Klaus Kleinfeld is looking to add lower-cost capacity with a new 740,000-ton smelter that’s part of a joint venture with Saudi Arabian Mining Co.
Alcoa is also boosting sales at its engineered- and rolled-products divisions, which sell aluminum and aluminum alloys to the automotive, aerospace and energy industries. Kleinfeld is betting that record backlogs at aircraft manufacturers replacing aging jets and carmakers using more aluminum will shift Alcoa’s product mix to complex, higher-profit products.
On April 8, the company reported a 59 percent increase in first-quarter net income, exceeding analysts’ expectations, after it cut $247 million in costs through productivity gains and increased sales at its engineered-products division.
To contact the reporter on this story: Sonja Elmquist in New York at [email protected]
To contact the editor responsible for this story: Simon Casey at [email protected]
The long-term rating on Alcoa’s $8.6 billion of debt was lowered by one step to Ba1 from Baa3, Moody’s said in a statement today. The outlook is stable, indicating the rating won’t be reduced again soon.
“While we are disappointed by Moody’s decision today, we remain committed to maintaining our investment-grade rating and will continue to execute on our strategy and our 2013 goal of generating positive free cash flow,” Alcoa said in a separate statement.
Alcoa faces higher borrowing costs and losing bond investors who are restricted to lending to investment-grade companies. Its largest bondholders include Vanguard Group Inc., Allianz Life Insurance Co. and Loomis Sayles & Co., according to data compiled by Bloomberg.
Since 2002, New York-based Alcoa has lost its position as the world’s most valuable materials company to Australia’s BHP Billiton Ltd., while Rio Tinto Group and Russian and Chinese aluminum producers took a greater share of the aluminum market.
Aluminum is the third-worst performer on the UBS Bloomberg CMCI index of commodities in the past five years, with a negative return of 47 percent. Global production has exceeded demand for the past eight years, according to data compiled by Bloomberg. Growth has slowed in China, the biggest consumer of the metal.
Output Cuts
Alcoa has responded to falling prices and the supply glut by paring costs at its least efficient plants. Earlier this month, the company said it will shut two production lines at its Baie-Comeau smelter in Quebec and postpone construction of a new line at the plant until 2019. The company said May 1 it’s evaluating 460,000 metric tons, or about 11 percent, of annual smelting capacity for curtailment or permanent closure by the end of next year. Alcoa reduced smelting capacity by 13 percent in 2012 with cutbacks in Tennessee, Texas, Italy and Spain.
Chairman and Chief Executive Officer Klaus Kleinfeld is looking to add lower-cost capacity with a new 740,000-ton smelter that’s part of a joint venture with Saudi Arabian Mining Co.
Alcoa is also boosting sales at its engineered- and rolled-products divisions, which sell aluminum and aluminum alloys to the automotive, aerospace and energy industries. Kleinfeld is betting that record backlogs at aircraft manufacturers replacing aging jets and carmakers using more aluminum will shift Alcoa’s product mix to complex, higher-profit products.
On April 8, the company reported a 59 percent increase in first-quarter net income, exceeding analysts’ expectations, after it cut $247 million in costs through productivity gains and increased sales at its engineered-products division.
To contact the reporter on this story: Sonja Elmquist in New York at [email protected]
To contact the editor responsible for this story: Simon Casey at [email protected]
SempreFranco
Nuovo forumer
Bond Matterhorn 9% 15/4/2019. Qualcuno ne sa qlcosa? E' praticamente immobile dal collocamento...mi aspettavo qlcosa di piu'...
potresti indicare l'isin?
Grazie.
qquebec
Super Moderator
Mi sembra sia un Pik. Hai l'Isin?
iguanito
Forumer storico
ULTERIORI PROBLEMI PER SOLARWORLD: la Germania è contraria all'imposizione di dazi doganali contro la Cina.
La situation reste tendue pour le fabricant allemand de panneaux photovoltaïques SolarWorld AG. Les derniers chiffres trimestriels publiés virent au rouge tandis que l’Allemagne s’est déclarée contre l’imposition de taxes antidumping à l’encontre de la Chine.
La concurrence chinoise est régulièrement invoquée pour expliquer l’hécatombe de la filière solaire en Europe. Cette situation, qui dure depuis trois ans, a déjà eu raison de plusieurs acteurs du secteur, à l’instar de Q-Cells. Quant à SolarWorld, en difficultés financières, il a fait de l’obtention de mesures antidumping l’un des axes de sa stratégie de redressement.
Après avoir remporté une victoire aux Etats-Unis, le fabricant de panneaux solaires avait décidé il y a quelques mois d’agir au niveau européen, à travers EU ProSun. Ce groupement représente la majorité des grands groupes du secteur.
En septembre dernier, « EU ProSun demandait à la Commission européenne d’imposer des taxes antidumping, afin de restaurer une concurrence et des règles du jeu équitables avec la Chine, le plus rapidement possible. Si la Commission européenne agit rapidement, nous avons encore la possibilité de conserver une industrie du solaire en Europe » commentait alors Milan Nitzschke, président d’EU ProSun.
L’Allemagne a cependant rejeté au début de cette semaine la proposition de la Commission européenne d’imposer une taxation (à hauteur de 47%) des panneaux solaires importés de Chine. Motif invoqué par Berlin : la crainte de mesures de rétorsion que pourrait prendre la Chine, un marché essentiel pour l’industrie allemande.
Une mauvaise nouvelle donc pour SolarWord qui, outre la pression sur les prix, a encaissé une baisse de ses commandes en raison d’un hiver rigoureux et prolongé. Le chiffre d’affaires des trois premiers mois de l’année s’établit à 112,2 millions d’euros. Il était de 170,5 millions d’euros sur la même période un an avant. Le résultat d’exploitation atteint -36 millions d’euros au premier trimestre (26,6 millions d’euros un an avant) tandis que la perte s'élève à -40 millions d’euros (-0,3 million d’euros un an avant).
Comment la direction et les créanciers de SolarWorld intègreront-ils cette nouvelle donne dans le processus de restructuration de la dette du groupe ? C’est un mystère au stade actuel. Le 22 mai dernier, SolarWorld a rencontré ses créanciers obligataires. Mais faute d’une participation suffisante au vote des détenteurs de l’obligation 2016, une nouvelle réunion a été programmée au mois d'août.
Pendant ce temps-là sur le marché obligataire, l’emprunt SolarWorld AG d’une maturité égale au 13 juillet 2016 se négocie ce jeudi aux alentours des 26% du nominal, alors que l’emprunt d’une maturité égale au 21 janvier 2017 affiche pour sa part un prix indicatif de 27%. A noter qu’il n’y a désormais plus d’intérêt couru à débourser pour se procurer ces titres de dette, les intérêts étant désormais inclus dans le prix.
La situation reste tendue pour le fabricant allemand de panneaux photovoltaïques SolarWorld AG. Les derniers chiffres trimestriels publiés virent au rouge tandis que l’Allemagne s’est déclarée contre l’imposition de taxes antidumping à l’encontre de la Chine.
La concurrence chinoise est régulièrement invoquée pour expliquer l’hécatombe de la filière solaire en Europe. Cette situation, qui dure depuis trois ans, a déjà eu raison de plusieurs acteurs du secteur, à l’instar de Q-Cells. Quant à SolarWorld, en difficultés financières, il a fait de l’obtention de mesures antidumping l’un des axes de sa stratégie de redressement.
Après avoir remporté une victoire aux Etats-Unis, le fabricant de panneaux solaires avait décidé il y a quelques mois d’agir au niveau européen, à travers EU ProSun. Ce groupement représente la majorité des grands groupes du secteur.
En septembre dernier, « EU ProSun demandait à la Commission européenne d’imposer des taxes antidumping, afin de restaurer une concurrence et des règles du jeu équitables avec la Chine, le plus rapidement possible. Si la Commission européenne agit rapidement, nous avons encore la possibilité de conserver une industrie du solaire en Europe » commentait alors Milan Nitzschke, président d’EU ProSun.
L’Allemagne a cependant rejeté au début de cette semaine la proposition de la Commission européenne d’imposer une taxation (à hauteur de 47%) des panneaux solaires importés de Chine. Motif invoqué par Berlin : la crainte de mesures de rétorsion que pourrait prendre la Chine, un marché essentiel pour l’industrie allemande.
Une mauvaise nouvelle donc pour SolarWord qui, outre la pression sur les prix, a encaissé une baisse de ses commandes en raison d’un hiver rigoureux et prolongé. Le chiffre d’affaires des trois premiers mois de l’année s’établit à 112,2 millions d’euros. Il était de 170,5 millions d’euros sur la même période un an avant. Le résultat d’exploitation atteint -36 millions d’euros au premier trimestre (26,6 millions d’euros un an avant) tandis que la perte s'élève à -40 millions d’euros (-0,3 million d’euros un an avant).
Comment la direction et les créanciers de SolarWorld intègreront-ils cette nouvelle donne dans le processus de restructuration de la dette du groupe ? C’est un mystère au stade actuel. Le 22 mai dernier, SolarWorld a rencontré ses créanciers obligataires. Mais faute d’une participation suffisante au vote des détenteurs de l’obligation 2016, une nouvelle réunion a été programmée au mois d'août.
Pendant ce temps-là sur le marché obligataire, l’emprunt SolarWorld AG d’une maturité égale au 13 juillet 2016 se négocie ce jeudi aux alentours des 26% du nominal, alors que l’emprunt d’une maturité égale au 21 janvier 2017 affiche pour sa part un prix indicatif de 27%. A noter qu’il n’y a désormais plus d’intérêt couru à débourser pour se procurer ces titres de dette, les intérêts étant désormais inclus dans le prix.
SempreFranco
Nuovo forumer
ISIN di Matterhorn: XS0916768343
nik.sala
Money Never Sleeps
...da non credere...
Eircom is likely to pay a borrowing rate of 9.5pc to return to the bond markets, the Independent has learned. The planned €310m deal is scheduled to close today, according to sources involved.
That is more than double what Eircom pays in interest on its €2.36bn of senior loans.
Eircom's current rate is a mix of 3pc paid in cash and 1pc in rolled-up interest, known as payment in kind; plus euribor, the interbank borrowing rate. At today's rates of a mere 0.2pc, euribor is a relatively minor part of the pricing.
Eircom plans to use the bulk of the €310m bond issue to repay part of its much cheaper senior loans. The firm will benefit because the new bonds due in 2020 have a longer maturity than the current loans.
After fees of €10m, the rest of the cash will be used to redeem €326m of the outstanding loans at 92c in the euro. It ultimately goes to Eircom shareholders. That is because Eircom's loans are owed to the same group of lenders who took ownership of the company last year.
Eircom is likely to pay a borrowing rate of 9.5pc to return to the bond markets, the Independent has learned. The planned €310m deal is scheduled to close today, according to sources involved.
That is more than double what Eircom pays in interest on its €2.36bn of senior loans.
Eircom's current rate is a mix of 3pc paid in cash and 1pc in rolled-up interest, known as payment in kind; plus euribor, the interbank borrowing rate. At today's rates of a mere 0.2pc, euribor is a relatively minor part of the pricing.
Eircom plans to use the bulk of the €310m bond issue to repay part of its much cheaper senior loans. The firm will benefit because the new bonds due in 2020 have a longer maturity than the current loans.
After fees of €10m, the rest of the cash will be used to redeem €326m of the outstanding loans at 92c in the euro. It ultimately goes to Eircom shareholders. That is because Eircom's loans are owed to the same group of lenders who took ownership of the company last year.
Ultima modifica:
- Stato