captain sparrow
Forumer storico
nuova obbl. Gazprombank 5.25 CHF lt2
acquistata oggi a 100.60
acquistata oggi a 100.60
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Joe Silver
Forumer storico
buongiorno,
per caso avete qualche notizia utile!
1)sono a saldi
TONON Bioenergia SA DL-NOTES 2013 (13/20) Reg.S
I dati anagrafici relativi TONON Bioenergia SA DL-NOTES 2013 (13/20) Reg.S
WKN: A1HE6J | ISIN: USP9T02LAA28 | Tipo: Bond, fissa | Emittente: Tonon Bioenergia SA
Axtel SAB de CV DL-NOTES 2009 (14/19) Reg.S
I dati anagrafici relativi Axtel SAB de CV DL-NOTES 2009 (14/19) Reg.S
WKN: A1AMXN | ISIN: USP06064AB83 | Tipo: Bond, fissa | Emittente: Axtel SAB de CV
2) riguardo questi perfavoreee un parere ,
entrare ora "sono scomesse prese in anticipo.... o si possono considerare con una piccola quota!
OLEO E GAS Participações SA DL-NOTES 2011 (11/18) Reg.S
I dati anagrafici relativi OLEO E GAS Participações SA DL-NOTES 2011 (11/18) Reg.S
WKN: A1GR3W | ISIN: USP7356YAA12 | Tipo: Bond, fissa | Emittente: OGX Petroleo e Gas Participacoes SA
CORPORACIÓN GEO SAB de CV DL-NOTES 2010 (10/20) Reg.S
I dati anagrafici relativi CORPORACIÓN GEO SAB de CV DL-NOTES 2010 (10/20) Reg.S
WKN: A1AYS5 | ISIN: USP3142CDA47 | Tipo: Bond, fissa | Emittente: Corporación Geo SAB de CV.
tonon è brasiliana e attiva nella produzione di biomasse per l'etanolo, hanno acquisito una società concorrente al fine di acquisirne i terreni per la coltivazione
bond taglio 200k -
ogx estrazione di petrolio è praticamente fallita
geo costruttore messicano è fallita insieme ad urbi desarrollos e homex...porcaccia pupazza
AXTEL telecomunicazioni in messico - settore difficile e dagli scarsi margini
però se dovessi scegliere tra le quattro prenderei proprio questa
arkymede74
Forumer storico
in ptf un piccolo cip!
famsa
per gli amanti dei tagli corposi in usd, buona cedola e scadenza breve
http://www.investireoggi.it/forum/3776001-post6698.html
per gli amanti dei tagli corposi in usd, buona cedola e scadenza breve
http://www.investireoggi.it/forum/3776001-post6698.html
CEDOLONE
Forumer storico
cedola petrobras arrivata adesso
Fiuuuuuu
Ne ho diversi lotti...mi avevi messo in agitazione..
Domani controllo l'accredito delle mie...
Sai...stai' petrolieri non c'è' mai da fidarsi
Aragua
Forumer attivo
grazie
stavo prendendo in considerazione
brakem come qualcosa di piu sicuro
RASKEM FINANCE LTD. DL-NOTES 2012 (12/22) Reg.S
I dati anagrafici relativi BRASKEM FINANCE LTD. DL-NOTES 2012 (12/22) Reg.S
WKN: A1G4DU | ISIN: USG1315RAG68 | Tipo: Bond, fissa | Emittente: Braskem Finance Ltd.
grazie
stavo prendendo in considerazione
brakem come qualcosa di piu sicuro
RASKEM FINANCE LTD. DL-NOTES 2012 (12/22) Reg.S
I dati anagrafici relativi BRASKEM FINANCE LTD. DL-NOTES 2012 (12/22) Reg.S
WKN: A1G4DU | ISIN: USG1315RAG68 | Tipo: Bond, fissa | Emittente: Braskem Finance Ltd.
taglio 200k
braskem (prospettive negative) è brasile, che ha seri problemi dopo la sbronza ideologica degli ultimi anni
non è escluso che prenderà delle belle legnate nei prossimi mesi, sia il paese che la società
e non è escluso che a primavera o prima i prezzi potrebbero scendere e parecchio
quindi su un investimento di 200k beccarsi un - 10%/-15% è facile
sempre in brasile potresti valutare
taglio 200k USP84050AB29 SAMARCO MINERACA 2023 5,75% BBB si prende intorno a 100
russia taglio 200k XS0982861287 MMC FINANCE 2020 5,55% Baa2 si prende intorno a 101
Ultima modifica:
zoro-aster
Forumer storico
pure io per ora paga ed il corso tiene, non la vedo male
Banco BMG 8% 2018
Good morning,
We have recently added a few new bonds like two new EDF hybrid bonds in USD and EUR, the Electricity of Portugal 2021 in USD, and the Banco BMG 2018 bond to our Conviction list. We have distributed comments about why we believe that the first three bonds offer value in the past (let us know if you are missing these).
One that we have never wrote about is the Brazilian Banco BMG which we have been following closely since 2012 when the whole mid-sized banking sector struggled. After a few successful quarters we now believe that the bank delivered a successful turnaround. While most of the positives might already be priced into the issuer’s bonds we still consider them as attractive for dedicated “HIGH” risk takers and thus added one of them to our conviction list.
Bond:
· Banco BMG 8% 15.04.2018, yield 7.45%, ISIN USP07785AF85.
The issuer will repay 1/3 of the nominal in 2016, another 1/3 in 2017 and the remainder at final maturity.
The average maturity is 2017 and at 102.50 the yield to this date is 7.1%.
Banco BMG:
· The mid-size Banco BMG, founded in 1930, is better known to investors as being one of the pioneers in granting loans to civil servants with repayments taken from monthly paychecks - a business which per definition implies lower risk than pure unsecured lending since public sector employees usually keep their jobs until retirement. In addition the bank also grants car loans, leasing and other kind of financing services. The bank is privately-owned by the Guimaraes family.
· Loans to civil servants: While all the major banks have been active in this business in the past, especially the smaller banks were attracted by the low risk, high potential and aggressively grew their “sales force” in order to reach as many clients as possible. The growth strategy went well until the Brazilian regulator eventually changed several accounting rules in 2012 in order to slow down consumer credit growth. The changes had severe negative impacts and led to high industry write-downs, followed by an increase in bond yields of the smaller lenders and ultimately led to bailouts of Banco Schahin (by BMG), Banco Panamericano (by BTG Pactual) and even to one default in the case of Banco Cruzeiro do Sul. The investor base suddenly realized about the very intransparent accounting methods and the high dependency on the monoline business and wholesale funding. That initiated the start of a consolidation in this sector.
· Banco BMG also ran into troubles but managed to survive also thanks to Itau Unibanco with whom it created a BRL 1 billion joint-venture (JV) called BMG Consignado which belongs 30% to Banco BMG and 70% to Banco Itau. Itau Unibanco (rated Opportunistic HOLD at JB Research) is Brazil’s largest non-government-owned bank. In terms of market capitalization (USD 62 billion) it ranks something in between of Credit Suisse and UBS. So there is no doubt about potential positive impact that a collaboration with such a big bank can have.
· Banco BMG continues to operate under its sole brand but will also be the sole operator for acquiring clients and granting new loans to BMG Consignado. New loans will be randomly allocated 70% to BMG Consignado (the JV) while the remaining 30% of new loans will be booked onto Banco BMG’s own balance sheet. Since funding remains expensive for Banco BMG and this would threaten the plan of the JV to reach a loan book of BRL 20 billion by 2017, Itau Unibanco decided to provide up to BRL 300 million of funding per month to BMG at favourable funding rates until 2018. This cheap funding is the main advantage that BMG now has compared to its mid-sized peers and this will reduce costs and increase profitability going forward.
· After a brutal shrinkage of its loan book, loan restructurings and losses in 2012, Banco BMG has started to deliver profits again in 2013. During the first 9 months of 2013 it generated a net income of BRL 415 million and received about BRL 20 million in the form of dividends out of the JV, whose loan book increased from zero to BRL 5.6 billion already. Currently BMG’s capital adequacy ratio is 14%, the net interest margin 9.9%, return on equity was 17.3% and non-performing loans stood at 3.8% while its interest earning loan book was BRL 20 billion. Apart from Itau Unibanco related funding Banco BMG today also has BRL 6.9 billion in term deposits with roughly 50% being guaranteed by the depositor insurance fund. So its funding base is more diversified than before.
Investment rationale:
· The JV created good potential for BMG on a standalone basis due to access to cheap funding and the benefit from increasing dividend income from the joint-venture going forward. After outlook revisions from both S&P (positive) and Moody’s (stable), which acknowledged the favourable trend in the bank’s credit profile and the fact that the business will benefit from lower operating costs and growing business due to the leverage with Itau Unibanco, an upgrade could be in the cards which is also expected by the bank’s CEO. There is no kind of guarantee from Itau Unibanco or the JV company for any of Banco BMG's debt and after the strong rally of the bonds since mid-2012 further spread tightening in the same way as before can no longer be expected.
We nevertheless would consider the 7.1% yield to the average 3 years maturity as interesting for “HIGH RISK TAKERS” on a buy-and-hold basis and, as the bond’s credit spread might still not fully reflect potential positive impacts of the joint-venture, there could still be some price appreciation driven by further spread tightening.
· The comparison with bonds from other EM consumer loan companies (like Tinkoff Credit Systems, Russian Standard Bank, African Bank, Tanner Servicios Financieros, Credito Real, etc.) show that BMG’s bonds indeed trade at a juicy yield especially when taking into consideration that its business is less risky and it has access to cheap funding for as long as Itau Unibanco remains solvent (which is our base case). Last but not least the yields are also above the average of bonds included in the JPMorgan Corporate EM Brazil and EM HY Index and above the BofAML’s 3-5 year B US HY index.
Good morning,
We have recently added a few new bonds like two new EDF hybrid bonds in USD and EUR, the Electricity of Portugal 2021 in USD, and the Banco BMG 2018 bond to our Conviction list. We have distributed comments about why we believe that the first three bonds offer value in the past (let us know if you are missing these).
One that we have never wrote about is the Brazilian Banco BMG which we have been following closely since 2012 when the whole mid-sized banking sector struggled. After a few successful quarters we now believe that the bank delivered a successful turnaround. While most of the positives might already be priced into the issuer’s bonds we still consider them as attractive for dedicated “HIGH” risk takers and thus added one of them to our conviction list.
Bond:
· Banco BMG 8% 15.04.2018, yield 7.45%, ISIN USP07785AF85.
The issuer will repay 1/3 of the nominal in 2016, another 1/3 in 2017 and the remainder at final maturity.
The average maturity is 2017 and at 102.50 the yield to this date is 7.1%.
Banco BMG:
· The mid-size Banco BMG, founded in 1930, is better known to investors as being one of the pioneers in granting loans to civil servants with repayments taken from monthly paychecks - a business which per definition implies lower risk than pure unsecured lending since public sector employees usually keep their jobs until retirement. In addition the bank also grants car loans, leasing and other kind of financing services. The bank is privately-owned by the Guimaraes family.
· Loans to civil servants: While all the major banks have been active in this business in the past, especially the smaller banks were attracted by the low risk, high potential and aggressively grew their “sales force” in order to reach as many clients as possible. The growth strategy went well until the Brazilian regulator eventually changed several accounting rules in 2012 in order to slow down consumer credit growth. The changes had severe negative impacts and led to high industry write-downs, followed by an increase in bond yields of the smaller lenders and ultimately led to bailouts of Banco Schahin (by BMG), Banco Panamericano (by BTG Pactual) and even to one default in the case of Banco Cruzeiro do Sul. The investor base suddenly realized about the very intransparent accounting methods and the high dependency on the monoline business and wholesale funding. That initiated the start of a consolidation in this sector.
· Banco BMG also ran into troubles but managed to survive also thanks to Itau Unibanco with whom it created a BRL 1 billion joint-venture (JV) called BMG Consignado which belongs 30% to Banco BMG and 70% to Banco Itau. Itau Unibanco (rated Opportunistic HOLD at JB Research) is Brazil’s largest non-government-owned bank. In terms of market capitalization (USD 62 billion) it ranks something in between of Credit Suisse and UBS. So there is no doubt about potential positive impact that a collaboration with such a big bank can have.
· Banco BMG continues to operate under its sole brand but will also be the sole operator for acquiring clients and granting new loans to BMG Consignado. New loans will be randomly allocated 70% to BMG Consignado (the JV) while the remaining 30% of new loans will be booked onto Banco BMG’s own balance sheet. Since funding remains expensive for Banco BMG and this would threaten the plan of the JV to reach a loan book of BRL 20 billion by 2017, Itau Unibanco decided to provide up to BRL 300 million of funding per month to BMG at favourable funding rates until 2018. This cheap funding is the main advantage that BMG now has compared to its mid-sized peers and this will reduce costs and increase profitability going forward.
· After a brutal shrinkage of its loan book, loan restructurings and losses in 2012, Banco BMG has started to deliver profits again in 2013. During the first 9 months of 2013 it generated a net income of BRL 415 million and received about BRL 20 million in the form of dividends out of the JV, whose loan book increased from zero to BRL 5.6 billion already. Currently BMG’s capital adequacy ratio is 14%, the net interest margin 9.9%, return on equity was 17.3% and non-performing loans stood at 3.8% while its interest earning loan book was BRL 20 billion. Apart from Itau Unibanco related funding Banco BMG today also has BRL 6.9 billion in term deposits with roughly 50% being guaranteed by the depositor insurance fund. So its funding base is more diversified than before.
Investment rationale:
· The JV created good potential for BMG on a standalone basis due to access to cheap funding and the benefit from increasing dividend income from the joint-venture going forward. After outlook revisions from both S&P (positive) and Moody’s (stable), which acknowledged the favourable trend in the bank’s credit profile and the fact that the business will benefit from lower operating costs and growing business due to the leverage with Itau Unibanco, an upgrade could be in the cards which is also expected by the bank’s CEO. There is no kind of guarantee from Itau Unibanco or the JV company for any of Banco BMG's debt and after the strong rally of the bonds since mid-2012 further spread tightening in the same way as before can no longer be expected.
We nevertheless would consider the 7.1% yield to the average 3 years maturity as interesting for “HIGH RISK TAKERS” on a buy-and-hold basis and, as the bond’s credit spread might still not fully reflect potential positive impacts of the joint-venture, there could still be some price appreciation driven by further spread tightening.
· The comparison with bonds from other EM consumer loan companies (like Tinkoff Credit Systems, Russian Standard Bank, African Bank, Tanner Servicios Financieros, Credito Real, etc.) show that BMG’s bonds indeed trade at a juicy yield especially when taking into consideration that its business is less risky and it has access to cheap funding for as long as Itau Unibanco remains solvent (which is our base case). Last but not least the yields are also above the average of bonds included in the JPMorgan Corporate EM Brazil and EM HY Index and above the BofAML’s 3-5 year B US HY index.
Allegati
- Stato
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Obbligazioni societarie
HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
