Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1

[fabriziof]

The ratings on Poland-based steel producer Zlomrex S.A. reflect Standard&Poor's Ratings Services' opinion that Zlomrex's distressed liquidity position, reflected by high short-term debt being revolved ad-hoc and very weak cash flow, may lead to a default in the next 12 months. The ratings also reflect Zlomrex's vulnerable business risk profile and highly leveraged financial risk profile. At this stage, we do not believe that the planned disposals of distribution operations will bolster Zlomrex's liquidity position because cash flow is likely to remain very weak, insufficient to cover interest expenses and mandatory capital expenditures (capex). In our view, default will be an immediate threat if the company fails to complete the disposals

Mi domando se questi luminari del credito hanno saputo della recente operazione di vendita di Cognor S.A.

un anno fa s&p gli dava pochi mesi di vita .e noi il primo febbraio ci prendiamo la cedola
Abstract: The ratings on Poland-based integrated steel group Zlomrex S.A. reflect Standard and Poor's Ratings Services' opinion that Zlomrex may not meet its near-term interest payments and other liquidity needs, leading to a possible default in the coming months. The ratings also reflect Zlomrex's distressed liquidity position, which exposes the company to ongoing high refinancing and default risks. Zlomrex's vulnerable business risk profile, and highly leveraged financial risk profile (illustrated by negative earnings in the past nine months, volatile working capital, and high short-term debt as a consequence of its past strategy of debt-financed growth), further constrain the ratings. The company's integrated steel operations provide limited benefits in view of the difficult industry conditions at present.

Brief Excerpt: RESEARCH Ratings Definitions Summary: Zlomrex S.A. Publication date: 22-Jan-2010 Primary Credit Analyst: Paulina Grabowiec, London (44) 20-7176-7051; [email protected] Secondary Credit Analyst: Alex Herbert, London...

 

[fabriziof]

interessante che il fondo pioneer hy euro in novembre ha fatto consistenti acquisti di zlomrex che è diventato il 2,2 %del suo portafoglio




http://www.trustnet.hk/Factsheets/F...ypeCode=FE882&pagetype=portfoliobreakdown#top Top Ten Holdings


Rank Holding % of Fund
(30-Nov-2010) % of Fund
(29-Oct-2010) 1(2) GLOBAL CROSSING UK FINANCE 11.75% BDS 15/12/14 GBP 2.70 (2.70) 2(-) INDEPENDENT NEWS & MEDIA PLC 0% 2.30 (0.00) 3(-) ZLOMREX INTERNAT FINANCE 8.5% SNR NTS 01/02/14 EUR 2.20 (0.00) 4(-) POLISH TELEVISION HOLDING 11% 15/05/2017 2.20 (0.00) 5(6) UPC GERMANY 8.125% SNR 01/12/17 2.20 (2.30) 6(-) EN GERMANY HLDGS BV 2.10 (0.00) 7(8) TRAVELPORT LLC/INC 10.875% SNR NTS 01/09/16 EUR100 2.10 (2.20) 8(9) BOATS INV NETHERLANDS 8.38% 15/12/2015 2.10 (2.10) 9(10) NIELSEN COMPANY BV 0% STEP-UP NTS 01/08/16 EUR1000 2.00 (2.10) 10(-) VIRGIN MEDIA FINANCE PLC 7% NTS 15/01/18 GBP1000`1 1.90 (0.00)

 

[ferdo]

The ratings on Poland-based steel producer Zlomrex S.A. reflect Standard&Poor's Ratings Services' opinion that Zlomrex's distressed liquidity position, reflected by high short-term debt being revolved ad-hoc and very weak cash flow, may lead to a default in the next 12 months. The ratings also reflect Zlomrex's vulnerable business risk profile and highly leveraged financial risk profile. At this stage, we do not believe that the planned disposals of distribution operations will bolster Zlomrex's liquidity position because cash flow is likely to remain very weak, insufficient to cover interest expenses and mandatory capital expenditures (capex). In our view, default will be an immediate threat if the company fails to complete the disposals

Mi domando se questi luminari del credito hanno saputo della recente operazione di vendita di Cognor S.A.

per andare dal kiu.lo Zlomrex, a questo punto deve andarci Cognor

finchè c'è Cognor quotata sul listino polacco io sto tranquillo
correggetemi se sbaglio

 

[qquebec]

Eircom, ristrutturazione del debito imminente

Irish Independent reports that the cost of insuring loans to Eircom against default fell on Wednesday, prompting speculation in the market that a debt restructuring proposal could be imminent. But sources involved with the company say the rumours are wide of the mark. One creditor said speculation in London was focused on the possibility of Eircom's owner, STT, injecting up to EUR40 million in cash into the company so that it avoids breaching the covenants on its loans. However, a source at Eircom said there was no evidence that a proposal on the debt was ready to be announced.

 

[nik.sala]

Irish Independent reports that the cost of insuring loans to Eircom against default fell on Wednesday, prompting speculation in the market that a debt restructuring proposal could be imminent. But sources involved with the company say the rumours are wide of the mark. One creditor said speculation in London was focused on the possibility of Eircom's owner, STT, injecting up to EUR40 million in cash into the company so that it avoids breaching the covenants on its loans. However, a source at Eircom said there was no evidence that a proposal on the debt was ready to be announced.

tengo duro con pmc a 57,95
Ristrutturazione imminente = default (x il momento) scampato
Quella che mi preoccupa un pò è la PETROL.
E' ancora sotto gli 80 e mancano 9 mesi esatti (26/10/2011).
Se qualcuno chiama il proprio desk può chiedere il prezzo ???
Sembra sia 73/77 ma senza carta, quindi non acquistabile nè vendibile
ISIN XS0271812447

 

[angy2008]

miniere australiane

Qualcuno sa cos'è questa: Australian mining finance 8/15 isin DE000A0T41B2 quotazione francoforte 57/58. Ha addirittura i tagli da 1k (così dice la scheda)

avrei un'altra mineraria australiana GRIFFIN COAL 9,5% 1/12/2016 che però sta impantanata e defaultata con azienda in commissariamento e probabilmente prossimamente venduta agli indiani, USQ3671AA64 parlavano di recupero possibile intorno al 80/85% ma non ho quotazioni aggiornate e volumi trattati

 

[gionmorg]

avrei un'altra mineraria australiana GRIFFIN COAL 9,5% 1/12/2016 che però sta impantanata e defaultata con azienda in commissariamento e probabilmente prossimamente venduta agli indiani, USQ3671AA64 parlavano di recupero possibile intorno al 80/85% ma non ho quotazioni aggiornate e volumi trattati

Bond in USD, oltre al rischio emittente c'è anche quello del cambio, quindi per me da starne alla larga.

 

[gionmorg]

Qualcuno sa cos'è questa: Australian mining finance 8/15 isin DE000A0T41B2 quotazione francoforte 57/58. Ha addirittura i tagli da 1k (così dice la scheda)

Allego risposta IR Australian Mining, sembra che il 31/12/2010 abbiano pagato gli interessi dovuti a tale data, unitamente a quelli dovuti al 30/06/2010 e al 31/12/2009. In effetti il grafico riflette il pagamento degli interessi con un balzo in due giorni di 20 punti, passando da 60 ad 80 per poi ripiombare nel baratro, ma da quello che mi risponde l'ir sembra che gli interessi li pagheranno normalmente quest'anno:

Prima email
Dear Mr. xxx,
the issuer has paid according to the revised terms and conditions of the note all outstanding interest on 31.12.2010. That interest payment included, next to the regular payment for 31.12.2010, the deferred interest payments originally due on 31.12.2009 and 30.06.2010.
Pricing for the note is a result of supply, demand and market sentiment and therfore the issuer is unfortunately unable to provide a definite explanation for the volatility.

Kind regards
Australian Mining Finance Lux. S.A.

Investor Relations

Seconda email
Dear Mr. xxx,
according to the current terms and conditions of the 2015 Note, the next regular interest payment is scheduled for 30.06.2011. Interest payments are scheduled twice a year, 30.06. and 31.12. respectively.

Kind regards
Australian Mining Finance Lux. S.A.

Investor Relations

Forse una scommessa con qualche spiccio si potrebbe fare, nik, iguanito, qquebec, discipline, voi che dite?

 

[fabriziof]

Allego risposta IR Australian Mining, sembra che il 31/12/2010 abbiano pagato gli interessi dovuti a tale data, unitamente a quelli dovuti al 30/06/2010 e al 31/12/2009. In effetti il grafico riflette il pagamento degli interessi con un balzo in due giorni di 20 punti, passando da 60 ad 80 per poi ripiombare nel baratro, ma da quello che mi risponde l'ir sembra che gli interessi li pagheranno normalmente quest'anno:

Prima email
Dear Mr. xxx,
the issuer has paid according to the revised terms and conditions of the note all outstanding interest on 31.12.2010. That interest payment included, next to the regular payment for 31.12.2010, the deferred interest payments originally due on 31.12.2009 and 30.06.2010.
Pricing for the note is a result of supply, demand and market sentiment and therfore the issuer is unfortunately unable to provide a definite explanation for the volatility.

Kind regards
Australian Mining Finance Lux. S.A.

Investor Relations

Seconda email
Dear Mr. xxx,
according to the current terms and conditions of the 2015 Note, the next regular interest payment is scheduled for 30.06.2011. Interest payments are scheduled twice a year, 30.06. and 31.12. respectively.

Kind regards
Australian Mining Finance Lux. S.A.

Investor Relations

Forse una scommessa con qualche spiccio si potrebbe fare, nik, iguanito, qquebec, discipline, voi che dite?

io dico che con iw non la prendi.facci sapere se chiedi

 

[gionmorg]

io dico che con iw non la prendi.facci sapere se chiedi

Scusa fabrizio se ti ho omesso dall'elenco , è mia intenzione chiamare più tardi per avere alcuni prezzi tra cui questa, ti faccio sapere dopo.