Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (7 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Cat XL
Shizuka Minamoto
Io uscito a 38 con 2 lotti in pesante loss, siamo sui 44/45
Niente, il piano prevede il 47% in bond e resto equity, i prezzi si sono allineati con un minimo sconto.
Sono uscito pensando o ad un default x il mancato pagamento della cedola, nel caso avessero pagato sarei rientrato x fare holdout...invece, non si può fare holdout, la cedola la swappano in equity e rientrare non ha più senso.
A questi prezzi, io uscirei...44 ora meglio di 47 nel 2016 con questi tre anni di mezzo...bond pik...
Sei sicuro 44/45? Mi sembrano prezzi un po alti. BBG, inutilericordarlo, non e' il vangelo.
nik.sala
Money Never Sleeps
capt.harlock
MENA IL CAMMELLO FAN CLUB
penso siano corretti
alla mattina su lux c' era parecchio denaro a 42
(quando c' e' denaro consistente su lux di solito il denaro otc e' piu' alto)
Ultima modifica:
Argentina’s Energy Decree Is Credit Positive for Upstream Producers
Last Monday, the Argentine government announced a new decree allowing oil and gas companies to export
up to 20% of their production without incurring export duties in exchange for a minimum investment over
five years. The decree will result in higher realized prices on oil and gas exports and is credit positive for
companies within Argentina’s heavily regulated energy sector, giving companies, including YPF Sociedad
Anonima (Caa1 stable), Pan American Energy LLC(B1 negative) and Petrobras Argentina S.A. (B1
negative), a pathway to higher returns on their upstream investments.
The news that Argentina would lift the duty on certain exports came a day before Chevron Corporation
(Aa1 stable) announced a $1.2 billion deal to partner with YPF to develop the Vaca Muerta oil and natural
gas shale formation in the Neuquén province.
The Chevron agreement marks Argentina’s first major upstream foreign investment since April 2012, when
the government nationalized YPF, then majority-owned by Spain’s Repsol YPF, which is now called Repsol
S.A. (Baa3 stable).
1
That move further stalled Argentina’s oil and gas development, and raised questions
about the security of foreign corporate investments in the country.
The new decree requires that producers meet local demand for oil and gas, and invest a minimum of $1
billion in Argentina’s oil and gas development over the next five years.
Without incurring export duties on up to 20% of their exports, upstream producers can achieve much
higher realized prices on a significant portion of their production, assuming international crude prices
remain as high as they are today, which we expect to be the case for at least the next couple of years. Higher
realized prices will support higher returns on the producers’ invested capital.
Today, Argentina allows producers to realize a maximum of $70/barrel of oil equivalent (boe) on their
exported production. Companies must pay anything above this amount to the government in the form of
export duties. This requirement renders realized prices on oil exports roughly $40/barrel below the
international market price for crude.
Oil and gas producers in Argentina will not benefit from the new decree until after the end of the required
five-year investment period. In the meantime, the Argentine energy sector faces labor unrest, high inflation,
low realized prices and heavy government interference.
Nevertheless, the government hopes the decree will spur additional investment in the country’s energy
sector, which has suffered from years of under-investment following the economic crisis of 2000-01.
Chevron’s agreement with YPF for Vaca Muerta hints at a resurgence of energy development in the
country
Last Monday, the Argentine government announced a new decree allowing oil and gas companies to export
up to 20% of their production without incurring export duties in exchange for a minimum investment over
five years. The decree will result in higher realized prices on oil and gas exports and is credit positive for
companies within Argentina’s heavily regulated energy sector, giving companies, including YPF Sociedad
Anonima (Caa1 stable), Pan American Energy LLC(B1 negative) and Petrobras Argentina S.A. (B1
negative), a pathway to higher returns on their upstream investments.
The news that Argentina would lift the duty on certain exports came a day before Chevron Corporation
(Aa1 stable) announced a $1.2 billion deal to partner with YPF to develop the Vaca Muerta oil and natural
gas shale formation in the Neuquén province.
The Chevron agreement marks Argentina’s first major upstream foreign investment since April 2012, when
the government nationalized YPF, then majority-owned by Spain’s Repsol YPF, which is now called Repsol
S.A. (Baa3 stable).
1
That move further stalled Argentina’s oil and gas development, and raised questions
about the security of foreign corporate investments in the country.
The new decree requires that producers meet local demand for oil and gas, and invest a minimum of $1
billion in Argentina’s oil and gas development over the next five years.
Without incurring export duties on up to 20% of their exports, upstream producers can achieve much
higher realized prices on a significant portion of their production, assuming international crude prices
remain as high as they are today, which we expect to be the case for at least the next couple of years. Higher
realized prices will support higher returns on the producers’ invested capital.
Today, Argentina allows producers to realize a maximum of $70/barrel of oil equivalent (boe) on their
exported production. Companies must pay anything above this amount to the government in the form of
export duties. This requirement renders realized prices on oil exports roughly $40/barrel below the
international market price for crude.
Oil and gas producers in Argentina will not benefit from the new decree until after the end of the required
five-year investment period. In the meantime, the Argentine energy sector faces labor unrest, high inflation,
low realized prices and heavy government interference.
Nevertheless, the government hopes the decree will spur additional investment in the country’s energy
sector, which has suffered from years of under-investment following the economic crisis of 2000-01.
Chevron’s agreement with YPF for Vaca Muerta hints at a resurgence of energy development in the
country
Mexico Launches $100 Billion Transport and Telecom Investment Program, a Credit
Positive
Last Monday, Mexico President Enrique Peña Nieto introduced the Investment Program for Transport and
Telecommunication 2013-18, which contains about $100 billion (MXN1.3 trillion) of infrastructure
projects sponsored by the federal government. This initiative is credit positive because it will jumpstart
activity in Mexico’s weak construction sector and provide it with much-needed certainty during the
program.
The plan will spur revenues of the leading construction companies and concessionaries, such as Empresas
ICA, S.A.B. de C.V. (B2 review for downgrade), IDEAL (Baa3 stable), OHL Mexico, the local subsidiary
of Spain’s Obrascon Huarte Lain S.A. (Ba2 negative), Promotora y Operadora de Infraestructura, S.A.B. de
C.V. (unrated) and Grupo Mexicano de Desarrollo (unrated). At thesame time, the multi-year program
will determine their medium-term financing requirements.
The program emphasizes transport infrastructure by dedicating $44 billion to transportation, 47% more
than the National Infrastructure Plan for 2007-12 had. Investments in roads and trains, including Mexico’s
first high-speed rail, account for more than 80% of the transport program.
Mr. Peña Nieto also announced that total investments for infrastructure will be at least $300 billion
(MXN4 trillion), with state oil company Petroleos Mexicanos (Baa1 stable), state energy company
Comision Federal de Electricidad (Baa1 stable) and the national water commission, Comision Nacional del
Agua (unrated), all participating.
We expect the ambitious program to reverse the deceleration of Mexico’s (Baa1 stable) economy by
boosting the construction industry, which accounts for 6% of the sovereign’s GDP and positively influences
all other sectors. Earlier this month, the International Monetary Fund cut its 2013 GDP growth projection
for Mexico to 2.9% from 3.4%. In 2012, the country’s economy grew by 3.9%.
We note that Mexico’s construction activity was significantly affected by the political cycle. Since the
presidential elections in July 2012, the investment trend in construction has been negative (see exhibit), and
in March construction activity fell 2.3% from a year earlier.
Positive
Last Monday, Mexico President Enrique Peña Nieto introduced the Investment Program for Transport and
Telecommunication 2013-18, which contains about $100 billion (MXN1.3 trillion) of infrastructure
projects sponsored by the federal government. This initiative is credit positive because it will jumpstart
activity in Mexico’s weak construction sector and provide it with much-needed certainty during the
program.
The plan will spur revenues of the leading construction companies and concessionaries, such as Empresas
ICA, S.A.B. de C.V. (B2 review for downgrade), IDEAL (Baa3 stable), OHL Mexico, the local subsidiary
of Spain’s Obrascon Huarte Lain S.A. (Ba2 negative), Promotora y Operadora de Infraestructura, S.A.B. de
C.V. (unrated) and Grupo Mexicano de Desarrollo (unrated). At thesame time, the multi-year program
will determine their medium-term financing requirements.
The program emphasizes transport infrastructure by dedicating $44 billion to transportation, 47% more
than the National Infrastructure Plan for 2007-12 had. Investments in roads and trains, including Mexico’s
first high-speed rail, account for more than 80% of the transport program.
Mr. Peña Nieto also announced that total investments for infrastructure will be at least $300 billion
(MXN4 trillion), with state oil company Petroleos Mexicanos (Baa1 stable), state energy company
Comision Federal de Electricidad (Baa1 stable) and the national water commission, Comision Nacional del
Agua (unrated), all participating.
We expect the ambitious program to reverse the deceleration of Mexico’s (Baa1 stable) economy by
boosting the construction industry, which accounts for 6% of the sovereign’s GDP and positively influences
all other sectors. Earlier this month, the International Monetary Fund cut its 2013 GDP growth projection
for Mexico to 2.9% from 3.4%. In 2012, the country’s economy grew by 3.9%.
We note that Mexico’s construction activity was significantly affected by the political cycle. Since the
presidential elections in July 2012, the investment trend in construction has been negative (see exhibit), and
in March construction activity fell 2.3% from a year earlier.
Sti ca....
Urbi Desarrollos Urbanos SAB, a Mexican real-estate developer, failed to persuade a New York judge to dismiss a suit over financial derivatives filed by Barclays Plc. (BARC)
Barclays’s Mexican unit sued Urbi for breach of contract in state court in Manhattan, saying the builder failed to pay $3 million that was due March 15 after the bank had to terminate a 2010 swaps and derivatives agreement.
Barclays Bank Mexico SA said in a complaint filed April 8 that it ended the agreement after Urbi didn’t post additional collateral in January “to cover potential losses relating to open transactions with the bank.” Urbi owes the Barclays unit $11.6 million, according to the complaint.
Urbi had asked state Supreme Court Justice Shirley Werner Kornreich in Manhattan to dismiss the suit for lack of personal jurisdiction, saying it’s based on a transaction between two Mexican companies that’s governed by English law. Kornreich denied the request, saying that the parties chose New York as the venue for legal disputes over the agreement.
“When the parties actually engaged in meaningful negotiations over where this lawsuit should be venued, they specifically picked this court,” Kornreich said. “Ultimately, the parties’ intent governs the court’s interpretation of their agreement.”
Arthur Steinberg, an attorney at King & Spalding LLP in New York representing Urbi, didn’t immediately return a voice-mail message seeking comment on the ruling.
Urbi faces lawsuits from banks including Credit Suisse Group AG and Deutsche Bank AG on defaulted loans and missed payments. Mexico’s third-largest homebuilder by sales has seen its cash flow plunge as the nation shifted housing policy to favor urban apartment developments over single-family homes in outlying areas, requiring greater initial investment.
Urbi, based in Mexicali, Mexico, said May 6 it won’t make make an interest payment of 3.9 million pesos ($320,039) on notes due in 2014. The company’s sales plunged 85 percent to 468 million pesos in the first quarter as it limited operations and hired Rothschild as a financial adviser to consider a debt restructuring. Its cash and cash equivalents fell 95 percent in the first quarter from the previous quarter.
The case is Barclays Bank Mexico SA v. Urbi Desarrollos Urbanos SAB (URBI*) de CV, 651226/2013, New York State Supreme Court, New York County (Manhattan). The other cases are Credit Suisse International v. Urbi, 651318/2013, and Deutsche Bank AG v. Urbi, 651676/2013.
Urbi Desarrollos Urbanos SAB, a Mexican real-estate developer, failed to persuade a New York judge to dismiss a suit over financial derivatives filed by Barclays Plc. (BARC)
Barclays’s Mexican unit sued Urbi for breach of contract in state court in Manhattan, saying the builder failed to pay $3 million that was due March 15 after the bank had to terminate a 2010 swaps and derivatives agreement.
Barclays Bank Mexico SA said in a complaint filed April 8 that it ended the agreement after Urbi didn’t post additional collateral in January “to cover potential losses relating to open transactions with the bank.” Urbi owes the Barclays unit $11.6 million, according to the complaint.
Urbi had asked state Supreme Court Justice Shirley Werner Kornreich in Manhattan to dismiss the suit for lack of personal jurisdiction, saying it’s based on a transaction between two Mexican companies that’s governed by English law. Kornreich denied the request, saying that the parties chose New York as the venue for legal disputes over the agreement.
“When the parties actually engaged in meaningful negotiations over where this lawsuit should be venued, they specifically picked this court,” Kornreich said. “Ultimately, the parties’ intent governs the court’s interpretation of their agreement.”
Arthur Steinberg, an attorney at King & Spalding LLP in New York representing Urbi, didn’t immediately return a voice-mail message seeking comment on the ruling.
Urbi faces lawsuits from banks including Credit Suisse Group AG and Deutsche Bank AG on defaulted loans and missed payments. Mexico’s third-largest homebuilder by sales has seen its cash flow plunge as the nation shifted housing policy to favor urban apartment developments over single-family homes in outlying areas, requiring greater initial investment.
Urbi, based in Mexicali, Mexico, said May 6 it won’t make make an interest payment of 3.9 million pesos ($320,039) on notes due in 2014. The company’s sales plunged 85 percent to 468 million pesos in the first quarter as it limited operations and hired Rothschild as a financial adviser to consider a debt restructuring. Its cash and cash equivalents fell 95 percent in the first quarter from the previous quarter.
The case is Barclays Bank Mexico SA v. Urbi Desarrollos Urbanos SAB (URBI*) de CV, 651226/2013, New York State Supreme Court, New York County (Manhattan). The other cases are Credit Suisse International v. Urbi, 651318/2013, and Deutsche Bank AG v. Urbi, 651676/2013.
qquebec
Super Moderator
SempreFranco
Nuovo forumer
US71656MAN92 si tratta di Pemex 5,5% 2044
Una decina di giorni fa comprato a 85 : avevo qui segnalato che a maggio quotava oltre 100, ieri era a 93,3... col petrolio a questi prezzi penso che il titolo possa ancora crescere abbastanza...meditate gente..
Una decina di giorni fa comprato a 85 : avevo qui segnalato che a maggio quotava oltre 100, ieri era a 93,3... col petrolio a questi prezzi penso che il titolo possa ancora crescere abbastanza...meditate gente..
- Stato