Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (5 lettori)

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Trinseo 2019

presa a 99

8.75% NOTES TRINSEO MAT
29.01.2013-01.02.2019
USL9339WAA73
semestrale B1/B+ USD​
 

Dandst

Forumer storico
incrementare? no


la Commissione europea ha approvato i (bassi) dazi per i produttori di pannelli extra-ue nonostante la Germania sia contraria


inoltre
nulla di fatto finora nei colloqui per la ristrutturazione del debito
nuovi incontri previsti giorni 8 e 9 luglio

i dazi son bassi per passare sopra il 40% in un paio di mesi se non si trova accordo...

cmq me ne rimarrò alla finestra
 

cumulate

Forumer storico
New world resources 2018

Ho rispolverato un vecchio articolo uscito su reuters nell'estate 2012 dove nel downgrade della società e dei bond si diceva
The issue rating on the senior secured notes is 'BB-', in line with the
corporate credit rating on NWR. The notes are secured by first-ranking share
pledges on NWR's three main mining operating subsidiaries, OKD, a.s., OKK
Koksovny, a.s. (OKK), and NWR Karbonia S.A. In addition, the three operating
subsidiaries provide upstream guarantees, which put the secured notes at least
pari passu with unsecured liabilities at the operating level. We view the
security package as relatively weak because the noteholders have no security
over any fixed or current assets.
we anticipate a covenant breach if the price of hard coking coal remains under 200 $

The issue rating on the senior secured notes is 'BB-', in line with the
corporate credit rating on NWR. The notes are secured by first-ranking share
pledges on NWR's three main mining operating subsidiaries, OKD, a.s., OKK
Koksovny, a.s. (OKK), and NWR Karbonia S.A. In addition, the three operating
subsidiaries provide upstream guarantees, which put the secured notes at least
pari passu with unsecured liabilities at the operating level. We view the
security package as relatively weak because the noteholders have no security
over any fixed or current assets.

The issue rating on the senior unsecured notes is 'B', two notches below the
corporate credit rating on NWR. This reflects the notes' subordinate position
in the capital structure. The notes are secured by second-ranking share
pledges over the mining subsidiaries, with no upstream guarantees.

In terms of the insolvency jurisdiction, any insolvency proceedings against
NWR would most likely originate in the Czech Republic and Poland. Although the
various notes have issue ratings, we have not assigned recovery ratings
because our review of the insolvency regimes in the Czech Republic and Poland
is not complete.

Chi studiò disse di non conoscere il rapporto di recovery, io non l'ho trovato.
Chi lo conosce ?
 
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