Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (6 lettori)

[SempreFranco]

RPLC-Bonistas de Codere podrían sufrir quita de hasta el 50%









Reuters
Miércoles, 19 de Junio de 2013 - 19:11 h.
Por Sandrine Bradley
LONDRES, 19 jun (Reuters) - Los bonistas del grupo de juego Codere se enfrentan a una quita de hasta el 50 por ciento en la primera fase del proceso de reestructuración de una deuda de 1.000 millones de euros.
La semana pasada, Codere, con gran presencia en Argentina y México, alcanzó un acuerdo con sus acreedores para transferir parte de su deuda a Canyon Capital Finance Sarl y a diversos fondos gestionados por GSO Capital Partners además de lograr con éstos una financiación de hasta 100 millones a un plazo de 6 meses.
Codere explicó entonces que el instrumento de financiación senior, por un importe máximo de 100 millones, tendría una comisión de apertura del 5 por ciento del importe puesto a disposición, con un tipo de interés de Libor más un 7,50 por ciento anual.
Esto contribuiría a refinanciar créditos por valor de unos 140 millones de euros que vencerían este mes.
En mayo, Codere dio mandato a Perella Weinberg como asesor financiero. Según una fuente con conocimiento de las negociaciones, Perella se mostró dispuesto a negociar una propuesta en la que los bancos refinanciaban la deuda. Al final, en vez de ello, los bancos vendieron a los fondos al precio nominal.
Perella no hizo comentarios.
El plan de reestructuración contempla un canje de deuda por acciones que podría llevar a la familia fundadora a reducir su participación desde el 68 por ciento hasta entre el 10 y el 20 por ciento, mientras que los bonistas sufrirían una quita de hasta el 50 por ciento, según la fuente. (Editado por Christopher Mangham; traducido por Jesús Aguado)

 

[fabriziof]

qualcuno ha venduto solarworld 6,125 ieri? non mi hanno dato il rateo

 

[CEDOLONE]

Norske Skogindustrie 11.75% 2011-16

cedola regolarmente accreditata in Binck ...
prezzo in picchiata ma cedola assicurata
per questo giro di giostra .....vedremo il prossimo....

 

[Cat XL]

Codere

Codere

CODERE EUR 8.25% June 2015 60 – 63 YTM 39.23%
CODERE USD 9.25% February 2019 59 – 61 YTM 21.5%
BOATS EUR float PIK December 2015 10 – 12

High risk of default

Rating agency Moody’s yesterday announced that it lowered Probability of Default Rating (PDR) to Ca from Caa3. The move follows the decision of the company to suspend the payment of the coupon on its euro notes that was due on 15 June 2013, and instead, use the 30 day grace period available under the terms. The rating agency thinks that that the probability of default will remain very high even if the coupon on the notes is paid before the end of the grace period. Moody’s added that “it is unlikely that Codere will be able to avoid restructuring its balance sheet, which could result in a loss for current debtholders, given the company's inadequate liquidity position, its highly leveraged capital structure and its large exposure to Argentina”.
Furthermore, Moody’s says that the six months maturity extension recently agreed by the company and the RCF holders (the hedge funds Canyon and GSO check AMC of June 12 for more) avoided payment default on the senior facility, due in june 15th , “does not alleviate the company's near-term liquidity pressure”. “In Moody's view, it is unlikely that the company will pay the coupon due in August, even if it pays the June coupon at the end of the grace period, since it does not have sufficient liquidity sources to pay the coupons and the facility” (the new terms include a mandatory prepayment clause if interest on the dollar or euro notes due on 15 August 2013 is made on or prior to 15 September 2013).
Bond prices remain under pressure as many sellers are scrambling to get out and not many buyers around until there will be more clarity in the situation.

 

[Brizione]

NEW WORLD RES. 10/18 REGS (Reg.S) | Bond | A1AWPB | XS0504814509 | Börse Frankfurt (Frankfurt Stock Exchange)

era gia' stato segnalato il crollo qualche settimana fa'...
ma come mai ?
c'e qualche notizia "brutta-brutta" ?

fatturato in calo, utili in calo, anche per il 2014
e quindi...boommm

 

[Hobbit64]

Ho circa 40k di obbligazioni Clondalkin che verranno rimborsate l' 1 luglio ieri quotavano 100,75 ma allora è meglio venderle 10 gg prima della scadenza?

 

[Brizione]

NEW WORLD RES. 10/18 REGS (Reg.S) | Bond | A1AWPB | XS0504814509 | Börse Frankfurt (Frankfurt Stock Exchange)

era gia' stato segnalato il crollo qualche settimana fa'...
ma come mai ?
c'e qualche notizia "brutta-brutta" ?

da Bloomberg
A panel of European Union lawmakers approved a watered-down rescue plan for the world’s biggest carbon market, after a record surplus of emission permits pushed prices to an all-time low.
Carbon allowances for December fell after the European Parliament’s environment committee voted for a change to EU law that would allow delaying the sale of some carbon permits in an effort to support prices. It was the committee’s second opinion on the emergency measure, known as backloading, after the proposal was rejected by the full assembly in April.

3:41

June 10 (Bloomberg) -- International Energy Agency Executive Director Maria van der Hoeven discusses the IEA's view that the European Union needs to think of other ways to prevent new coal-fired power because its carbon market won't achieve that target through 2020. She talks with Bloomberg's Mathew Carr in London. (Source: Bloomberg)



The panel recommended the whole Parliament support the restricted version of the measure after the original plan to intervene in the EU’s $72 billion cap-and-trade program divided policy makers and industry. Opponents of the fix, ranging from Poland to steelmaker ArcelorMittal, say it pushes up energy costs, while advocates such as Royal Dutch Shell Plc (RDSA) say it’s needed to boost investment in pollution-cutting technology.
“The support for the compromise in the environment committee suggests that the odds for passage of backloading in the plenary are better than they were ahead of the last vote in April,” said Itamar Orlandi, an analyst at Bloomberg New Energy Finance in London. “The market will now increasingly look for indications whether member states will also be willing to support the compromise.”
Carbon Falls

Carbon slumped to an unprecedented 2.46 euros a metric ton on April 17 after the Parliament rejected the European Commission’s rescue proposal. The price was 7.93 euros in April 2012 when EU Climate Commissioner Connie Hedegaard first floated the idea of fixing the surplus. The contracts dropped 7.2 percent today to close at 4.36 euros on the ICE Futures Europe exchange in London.
The euro area’s second recession since 2008 has cut demand for emissions permits, worsening a glut that swelled to almost 2 billion tons in 2012, almost equal to the EU’s annual limit. Europe’s trading system imposes emissions caps on about 12,000 power plants and factories, which must surrender allowances to cover their discharges of carbon dioxide or pay fines. The pollution limits were set before the economic slowdown.
Quick Fix

While backloading was intended as a quick fix toward a deeper overhaul of the EU carbon market, debate over the measure has turned into a “never-ending story” and a vote on European competitiveness, said Ingo Ramming, co-head of commodity solutions at Commerzbank AG in London.
The environment committee’s decision “should support the market,” he said by e-mail. “Backloading alone will provide, in the mid-term, only limited upside taking into account the current supply and demand balance.”
The compromise approved today was struck on June 12 by negotiators from the European People’s Party, the Alliance of Liberals and Democrats for Europe, and the Socialists and Democrats group after almost two months of talks. The three account for 544 of the 754 votes in plenary meetings. Members of the assembly aren’t bound by party lines.
Under the compromise, the postponed permits would start to be returned, or backloaded, to the market one year after the allowances are set aside. The groups also agreed on a one-time intervention and to earmark 600 million permits for a fund to develop clean technologies. The commission, the EU’s regulatory arm, originally proposed delaying 900 million allowances in the three years through 2015 and returning them in 2019-2020.
Rescue Plan

The committee voted 44 to 23, with one abstention, against a measure to reject the rescue plan today. Members of the panel cast 38 votes in favor of the compromise deal, with 27 lawmakers objecting the deal and one abstaining.
“We had a positive outcome in the committee and I hope the market will react in a positive way,” Matthias Groote, chairman of the environment panel and the lawmaker in charge of the carbon fix in the Parliament, told reporters. “I hope we will also be able to reach a compromise in the plenary.”
Eija-Riitta Korhola, who is in charge of the measure in the EPP, the biggest group in the Parliament, said she remained against backloading even as most of her party members in the committee backed it. The EPP, which opposed the market fix in April, will decide its position for the plenary vote next week.
“Many of my colleagues are furious about what happened and they will vote against the measure in July,” she said. “I’m not sure if this group will be strong enough to block it.”
Final Wording

A vote in favor of backloading in the assembly on July 3 would authorize Groote to start talks with representatives of national governments on the final wording of the legislation. The outcome of the talks will need official approval by the Parliament and EU ministers.
While the plenary is likely to approve the compromise version, the restrictions the Parliament is seeking will make talks with the council of ministers more difficult, according to Bas Eickhout, a Dutch member of the Greens group in the EU Parliament.
“We’ll have complicated negotiations with the council,” he told a briefing in Brussels today. “They can start in September and take a while.”
In the second stage of the regulatory process, member states will decide on the details of backloading in a separate regulation, which will set the amount of allowances to be postponed and the schedule of auction delays.
Europe’s steel industry called backloading “unnecessary intervention into a functioning market for carbon allowances,” according to a statement today from Eurofer, the lobby group that includes ArcelorMittal. (MT) The Hague-based Shell, as a member of the Prince of Wales’s Corporate Leaders Group on Climate Change, backs efforts to support the carbon market.
The temporary supply curbs are the first step toward a deeper overhaul of the cap-and-trade program, according to the commission. The regulator outlined options for a reform of the market in November and is planning to take further steps later this year, Jos Delbeke, director general for climate at the commission, said last month.

 

[negusneg]

Ultima chiamata : chi intendesse partecipare al meeting del 22/6 è pregato di segnalarlo nel 3D dedicato

http://www.investireoggi.it/forum/c...ting-degli-obbligazionisti-di-io-vt77297.html

 

[iguanito]

Ho circa 40k di obbligazioni Clondalkin che verranno rimborsate l' 1 luglio ieri quotavano 100,75 ma allora è meglio venderle 10 gg prima della scadenza?

Paghi le commissioni però; tuttavia al prezzo da te indicato conviene. Tieni presente che la tua quantità produce circa 7 euro di cedola giornaliera.

 

[CEDOLONE]

da Bloomberg
A panel of European Union lawmakers approved a watered-down rescue plan for the world’s biggest carbon market, after a record surplus of emission permits pushed prices to an all-time low.
Carbon allowances for December fell after the European Parliament’s environment committee voted for a change to EU law that would allow delaying the sale of some carbon permits in an effort to support prices. It was the committee’s second opinion on the emergency measure, known as backloading, after the proposal was rejected by the full assembly in April.

3:41

June 10 (Bloomberg) -- International Energy Agency Executive Director Maria van der Hoeven discusses the IEA's view that the European Union needs to think of other ways to prevent new coal-fired power because its carbon market won't achieve that target through 2020. She talks with Bloomberg's Mathew Carr in London. (Source: Bloomberg)



The panel recommended the whole Parliament support the restricted version of the measure after the original plan to intervene in the EU’s $72 billion cap-and-trade program divided policy makers and industry. Opponents of the fix, ranging from Poland to steelmaker ArcelorMittal, say it pushes up energy costs, while advocates such as Royal Dutch Shell Plc (RDSA) say it’s needed to boost investment in pollution-cutting technology.
“The support for the compromise in the environment committee suggests that the odds for passage of backloading in the plenary are better than they were ahead of the last vote in April,” said Itamar Orlandi, an analyst at Bloomberg New Energy Finance in London. “The market will now increasingly look for indications whether member states will also be willing to support the compromise.”
Carbon Falls

Carbon slumped to an unprecedented 2.46 euros a metric ton on April 17 after the Parliament rejected the European Commission’s rescue proposal. The price was 7.93 euros in April 2012 when EU Climate Commissioner Connie Hedegaard first floated the idea of fixing the surplus. The contracts dropped 7.2 percent today to close at 4.36 euros on the ICE Futures Europe exchange in London.
The euro area’s second recession since 2008 has cut demand for emissions permits, worsening a glut that swelled to almost 2 billion tons in 2012, almost equal to the EU’s annual limit. Europe’s trading system imposes emissions caps on about 12,000 power plants and factories, which must surrender allowances to cover their discharges of carbon dioxide or pay fines. The pollution limits were set before the economic slowdown.
Quick Fix

While backloading was intended as a quick fix toward a deeper overhaul of the EU carbon market, debate over the measure has turned into a “never-ending story” and a vote on European competitiveness, said Ingo Ramming, co-head of commodity solutions at Commerzbank AG in London.
The environment committee’s decision “should support the market,” he said by e-mail. “Backloading alone will provide, in the mid-term, only limited upside taking into account the current supply and demand balance.”
The compromise approved today was struck on June 12 by negotiators from the European People’s Party, the Alliance of Liberals and Democrats for Europe, and the Socialists and Democrats group after almost two months of talks. The three account for 544 of the 754 votes in plenary meetings. Members of the assembly aren’t bound by party lines.
Under the compromise, the postponed permits would start to be returned, or backloaded, to the market one year after the allowances are set aside. The groups also agreed on a one-time intervention and to earmark 600 million permits for a fund to develop clean technologies. The commission, the EU’s regulatory arm, originally proposed delaying 900 million allowances in the three years through 2015 and returning them in 2019-2020.
Rescue Plan

The committee voted 44 to 23, with one abstention, against a measure to reject the rescue plan today. Members of the panel cast 38 votes in favor of the compromise deal, with 27 lawmakers objecting the deal and one abstaining.
“We had a positive outcome in the committee and I hope the market will react in a positive way,” Matthias Groote, chairman of the environment panel and the lawmaker in charge of the carbon fix in the Parliament, told reporters. “I hope we will also be able to reach a compromise in the plenary.”
Eija-Riitta Korhola, who is in charge of the measure in the EPP, the biggest group in the Parliament, said she remained against backloading even as most of her party members in the committee backed it. The EPP, which opposed the market fix in April, will decide its position for the plenary vote next week.
“Many of my colleagues are furious about what happened and they will vote against the measure in July,” she said. “I’m not sure if this group will be strong enough to block it.”
Final Wording

A vote in favor of backloading in the assembly on July 3 would authorize Groote to start talks with representatives of national governments on the final wording of the legislation. The outcome of the talks will need official approval by the Parliament and EU ministers.
While the plenary is likely to approve the compromise version, the restrictions the Parliament is seeking will make talks with the council of ministers more difficult, according to Bas Eickhout, a Dutch member of the Greens group in the EU Parliament.
“We’ll have complicated negotiations with the council,” he told a briefing in Brussels today. “They can start in September and take a while.”
In the second stage of the regulatory process, member states will decide on the details of backloading in a separate regulation, which will set the amount of allowances to be postponed and the schedule of auction delays.
Europe’s steel industry called backloading “unnecessary intervention into a functioning market for carbon allowances,” according to a statement today from Eurofer, the lobby group that includes ArcelorMittal. (MT) The Hague-based Shell, as a member of the Prince of Wales’s Corporate Leaders Group on Climate Change, backs efforts to support the carbon market.
The temporary supply curbs are the first step toward a deeper overhaul of the cap-and-trade program, according to the commission. The regulator outlined options for a reform of the market in November and is planning to take further steps later this year, Jos Delbeke, director general for climate at the commission, said last month.

BRIZIONE ! sei un Bloomberg vivente