Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (3 lettori)

[fabriziof]

dall'euforia su windreich deduco che ce l'ha fatta a pagare la cedola di ieri

 

[nik.sala]

Ho dato una occhiata al comunicato e questo e' in sintesi quanto ho capito
Verranno emesse nuove obbl al 7% di cui il 2% puo essere pagato con nuove obbl. E un ulteriore 2% (pik) di ulteriori obbl. E quindi fra interessi in contanti e pik fa un totale del 9.
Questo x i 155 mil. (Reinsted obbl.) Sono con il e pad non riesco a vedere il comunicato in contemporanea, ma il resto di ........milioni viene trasformato in azioni al 49% ?????? E qui e' assolutamente non chiaro e quindi prendete con beneficio di inventario. Questo piano e' stato approvato da un gruppo che rappresenta il 40% ed e' aperto a partecipazione volontaria di altri obbligazionisti. Non dicono niente circa coloro che non aderiscono, ma potrebbe essere che con il 40% sia obbligatoria per tutti, bisogna guardare il prospetto. Gli interessi dovuti dovrebbero essere aggiunti alle nuove obbligazioni. Prendete tutto con beneficio di inventario piu tardi guardo meglio e mi informo via banca.

Under the terms of the Proposed Restructuring, €155 million of Existing Notes will be
retained or exchanged into new notes (the “Reinstated Notes”). The Reinstated Notes will bear cash
interest at 7% (subject to a PIK toggle) and PIK interest of 2%, which shall accrue from 15 June 2013
and be paid semi-annually in arrears on 15 December and 15 June. The PIK toggle will allow the
Company to capitalise a portion of the cash interest at a rate of 9% to the extent necessary to maintain
a minimum liquidity level of €10 million.

in sostanza le nuove obbligazioni avranno una cedola del 9%,pagabile il 2% in nuove obbligazioni e il 7% a scelta di magyar in cash o nuove obbligazioni

Sembrerebbe che :
1) Non c'è possibilità di fare holdout;
2) la cedola è persa;
3) il coupon del nuovo bond sarà o 7,00% in cash, oppure se di danno nuovi bond sarà 9,00%;
4) se passa il piano, ipotizzando un nominale di 50k vecchio bond, avrai 23.500 euro nominali di quello nuovo (dubito quoti 100) + azioni non quotate della società, che valgono poco o nulla.

 

[Cat XL]

Sembrerebbe che :
1) Non c'è possibilità di fare holdout;
2) la cedola è persa;
3) il coupon del nuovo bond sarà o 7,00% in cash, oppure se di danno nuovi bond sarà 9,00%;
4) se passa il piano, ipotizzando un nominale di 50k vecchio bond, avrai 23.500 euro nominali di quello nuovo (dubito quoti 100) + azioni non quotate della società, che valgono poco o nulla.

Effettivamente non si capisce molto...

Bond in lieve rialzo, sembra, su BBG

 

[Cat XL]

S&P su CMA-CGM

French Ship Operator CMA CGM Rating Raised To 'B' On Improved Liquidity Position; Outlook Positive

 

[arkymede74]

dall'euforia su windreich deduco che ce l'ha fatta a pagare la cedola di ieri

si Fabrizio.. ieri girava qualche news a riguardo

 

[Brizione]

French Ship Operator CMA CGM Rating Raised To 'B' On Improved Liquidity Position; Outlook Positive

ciao, potresti fare il copia e incolla del testo?

 

[Cat XL]

ciao, potresti fare il copia e incolla del testo?

French Ship Operator CMA CGM Rating Raised To 'B' On Improved Liquidity Position; Outlook Positive

Publication date: 15-Jul-2013 05:35:20 EST


View Analyst Contact Information

France-based container ship operator CMA CGM S.A.'s liquidity has improved since it completed the disposal of its stake in Terminal Link and an equity deal with Fonds Strategique d'Investissement.
We believe that CMA CGM's improved financial performance and cash flow measures are consistent with a higher rating.
We are raising our corporate credit rating on CMA CGM to 'B' from 'B-' and the issue rating on the company's senior unsecured notes to 'CCC+' from 'CCC'.
The positive outlook reflects our view that we could raise the ratings if CMA CGM demonstrated what we consider to be a prudent financial policy.
FRANKFURT (Standard & Poor's) July 15, 2013--Standard & Poor's Ratings Services said today that it has raised its long-term corporate credit rating on France-based container ship operator CMA CGM S.A. to 'B' from 'B-'. The outlook is positive. We also raised our issue rating on the company's senior unsecured notes to 'CCC+' from 'CCC'. The recovery rating on the notes remains at '6', indicating our expectation of negligible (0%-10%) recovery in the event of a payment default. The rating action reflects CMA CGM's improved capital structure and liquidity position, after the completion of the disposal of its 49% stake in Terminal Link to China Merchants Holdings for €400 million in cash and an equity deal with Fonds Strategique d'Investissement (FSI). FSI has subscribed to bonds redeemable in shares of CMA CGM for $150 million, which CMA CGM received in June 2013. These cash-accretive transactions follow CMA CGM's completion of its financial restructuring earlier this year, which has improved the distribution of the company's debt maturity profile and the covenant package to ensure sufficient headroom. It also follows an equity deal with Turkish holding company Yildirim Group. The Yildirim Group subscribed to bonds redeemable in shares of CMA CGM for $100 million, which CMA CGM received in February 2013.We note that the company's credit ratios and liquidity position are further underpinned by its significantly improved operating performance and, therefore, cash flow generation, largely thanks to the realized cost efficiencies. In 2012, CMA CGM reported positive operating cash flow (after interest paid) of about $600 million compared with negative $55 million in 2011. This improving trend continued in the first quarter of 2013, when the company reported operating cash flow of about $200 million compared with about negative $190 million a year earlier.According to our base-case operating scenario, CMA CGM could continue reducing debt in 2013 thanks to solid cash flow generation and balanced capital expenditures. We believe the company's operating performance could benefit from a stabilization of its carried trade volumes on the back of a gradually recovering global economy, and additional cost savings, further underpinned by lower bunker fuel price. However, we forecast lower EBITDA of $1.1 billion in 2013, compared with about $1.3 billion in 2012. This is mainly due to our estimate of weaker freight rates.The positive outlook reflects our view that CMA CGM could maintain credit measures and liquidity coverage that are commensurate with a higher rating over the next 12 months, despite volatile trading conditions.We could raise the ratings if CMA CGM's recently moderated financial policies continued to support its improved liquidity, and if the company maintained its prudent expansionary spending and treasury management.We could revise the outlook to stable or lower the rating in the event of unexpected negative operating momentum.

 

[nik.sala]

French Ship Operator CMA CGM Rating Raised To 'B' On Improved Liquidity Position; Outlook Positive

Publication date: 15-Jul-2013 05:35:20 EST


View Analyst Contact Information

France-based container ship operator CMA CGM S.A.'s liquidity has improved since it completed the disposal of its stake in Terminal Link and an equity deal with Fonds Strategique d'Investissement.
We believe that CMA CGM's improved financial performance and cash flow measures are consistent with a higher rating.
We are raising our corporate credit rating on CMA CGM to 'B' from 'B-' and the issue rating on the company's senior unsecured notes to 'CCC+' from 'CCC'.
The positive outlook reflects our view that we could raise the ratings if CMA CGM demonstrated what we consider to be a prudent financial policy.
FRANKFURT (Standard & Poor's) July 15, 2013--Standard & Poor's Ratings Services said today that it has raised its long-term corporate credit rating on France-based container ship operator CMA CGM S.A. to 'B' from 'B-'. The outlook is positive. We also raised our issue rating on the company's senior unsecured notes to 'CCC+' from 'CCC'. The recovery rating on the notes remains at '6', indicating our expectation of negligible (0%-10%) recovery in the event of a payment default. The rating action reflects CMA CGM's improved capital structure and liquidity position, after the completion of the disposal of its 49% stake in Terminal Link to China Merchants Holdings for €400 million in cash and an equity deal with Fonds Strategique d'Investissement (FSI). FSI has subscribed to bonds redeemable in shares of CMA CGM for $150 million, which CMA CGM received in June 2013. These cash-accretive transactions follow CMA CGM's completion of its financial restructuring earlier this year, which has improved the distribution of the company's debt maturity profile and the covenant package to ensure sufficient headroom. It also follows an equity deal with Turkish holding company Yildirim Group. The Yildirim Group subscribed to bonds redeemable in shares of CMA CGM for $100 million, which CMA CGM received in February 2013.We note that the company's credit ratios and liquidity position are further underpinned by its significantly improved operating performance and, therefore, cash flow generation, largely thanks to the realized cost efficiencies. In 2012, CMA CGM reported positive operating cash flow (after interest paid) of about $600 million compared with negative $55 million in 2011. This improving trend continued in the first quarter of 2013, when the company reported operating cash flow of about $200 million compared with about negative $190 million a year earlier.According to our base-case operating scenario, CMA CGM could continue reducing debt in 2013 thanks to solid cash flow generation and balanced capital expenditures. We believe the company's operating performance could benefit from a stabilization of its carried trade volumes on the back of a gradually recovering global economy, and additional cost savings, further underpinned by lower bunker fuel price. However, we forecast lower EBITDA of $1.1 billion in 2013, compared with about $1.3 billion in 2012. This is mainly due to our estimate of weaker freight rates.The positive outlook reflects our view that CMA CGM could maintain credit measures and liquidity coverage that are commensurate with a higher rating over the next 12 months, despite volatile trading conditions.We could raise the ratings if CMA CGM's recently moderated financial policies continued to support its improved liquidity, and if the company maintained its prudent expansionary spending and treasury management.We could revise the outlook to stable or lower the rating in the event of unexpected negative operating momentum.

gira a quanto cat ???

 

[fabriziof]

Qualcuno segue praktiker?quale ricovery si può immaginare?sono uscito a 10,oggi la vedo a 11 ,a quanto può arrivare?

 

[Tobia]

mi sto interessando di questa UBM

UBM REALITAETEN. 10-15 | Bond | A0VT3V | AT0000A0G231 | Börse Frankfurt (Frankfurt Stock Exchange)

yeld sulla lettera attorno al 6%...due anni alla scadenza....prezzo molto stabile nel tempo....bilanci piuttosto buoni...
l'avete già valutata?


p.s. vedo che ha un debito netto molto alto se rapportato ai margini operativi