Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
montecarlo
Nuovo forumer
no cedola 4,95% PER EFFETTO DEL downgrade (0,25% bps fino max 100 bps per ogni downgrade ...ha perso due notches sia per Moodys -da Baa1 a Ba1-sia per S&P-da BBB a BB-)
fabriziof
Forumer storico
Excuse me ,non conosco il titolo.taglio 2k?
montecarlo
Nuovo forumer
2k si
Cat XL
Shizuka Minamoto
Takko vs CMA CGM Quando i rating sono misleading
Non posso postare le pagine di BBG ma faccio notare come il CMA CGM XS0618662562 8.875% identica scadenza di Takko (15 Aprile 2019) quindi identico basis risk con call il 15 Aprile 2015 (call di Takko 15 aprile 2016) e con rating di Caa1 di Moody's e B- di S&P (vs B3 di Moody's e B- di S&P di Takko) tradi tra le 25 figure sopra. Anche gli altri parametri sintetici (tipo ASW asset swap spread per esempio) indicano un rischio quesi doppi per Takko (786bp vs 1444bp).
Non posso postare le pagine di BBG ma faccio notare come il CMA CGM XS0618662562 8.875% identica scadenza di Takko (15 Aprile 2019) quindi identico basis risk con call il 15 Aprile 2015 (call di Takko 15 aprile 2016) e con rating di Caa1 di Moody's e B- di S&P (vs B3 di Moody's e B- di S&P di Takko) tradi tra le 25 figure sopra. Anche gli altri parametri sintetici (tipo ASW asset swap spread per esempio) indicano un rischio quesi doppi per Takko (786bp vs 1444bp).
Ultima modifica:
Joe Silver
Forumer storico
T-Mobile
Acquistato T-Mobile US87264AAD72 cedola 6,633% USD scadenza 2021 (call a premio dal 2017) a 103,5. Rendimento interessante. Il prezzo è in calo da qualche giorno, ma non ho trovato notizie negative.
Si è solo parlato di un possibile interessamento di Iliad (operatore telecom francese). T-Mobile è controllata da Deutsche Telekom.
Acquistato T-Mobile US87264AAD72 cedola 6,633% USD scadenza 2021 (call a premio dal 2017) a 103,5. Rendimento interessante. Il prezzo è in calo da qualche giorno, ma non ho trovato notizie negative.
Si è solo parlato di un possibile interessamento di Iliad (operatore telecom francese). T-Mobile è controllata da Deutsche Telekom.
arkymede74
Forumer storico
cliffs resourse
possessore di due k della 2040... l'analisi fatta dal collega forumista non fa una grinza..che si fa?
Fabry..fatti sentire!
possessore di due k della 2040... l'analisi fatta dal collega forumista non fa una grinza..che si fa?
Fabry..fatti sentire!
iguanito
Forumer storico
Ottimo acquisto! le seguo da parecchie settimane sperando che qualcuna scenda un po'. La prossima settimana penso di entrare.
Cat XL
Shizuka Minamoto
Takko Fashion Bonds Fall to Record Amid Sluggish German Economy
Takko Fashion Bonds Fall to Record Amid Sluggish German Economy - Bloomberg
Takko Fashion GmbH’s bonds plummeted to the lowest on record as the German clothing retailer struggles to grow in a stagnant economy.
The company’s 380 million euros ($482 million) of 9.875 percent notes fell for a fifth day to 74.8 cents on the euro at 12:56 p.m. in London, according to data compiled by Bloomberg. That compares with 88.1 cents on Sept. 24, when the retailer owned by private-equity firm Apax Partners LLC reported earnings growth stalled in the last fiscal quarter.
Retailers are feeling the pinch as Germany struggles to rebound from a contraction in the second quarter, with factory orders and industrial production in August declining by the most since January 2009, the Economy Ministry in Berlin said this week. Takko operates in the value segment of the apparel market which faces “fierce competition,” according to a document marketing the company’s first bond sale last year.
Officials at Telgte, Germany-based Takko declined to comment on the company’s earnings and bond performance.
Takko reported 35 million euros of earnings before interest, tax, depreciation and amortization for the three months to July, unchanged from the same period in 2013, according to the company’s website. Like-for-like sales, a measure of growth, dropped 0.4 percent.
The retailer debuted the 380 million euros of fixed-rate notes along with 145 million euros of floating-rate securities in March 2013 to repay loans, data compiled by Bloomberg show. The floating-rate bonds fell to a record 81 cents yesterday.
Apax Partners raised 850 million euros of leveraged loans to fund its buyout of Takko in December 2010, according to a statement from lenders at the time.
To contact the reporter on this story: Julie Miecamp in London at [email protected]
To contact the editors responsible for this story: Shelley Smith at [email protected] Jennifer Joan Lee, Michael Shanahan
Takko Fashion Bonds Fall to Record Amid Sluggish German Economy - Bloomberg
Takko Fashion GmbH’s bonds plummeted to the lowest on record as the German clothing retailer struggles to grow in a stagnant economy.
The company’s 380 million euros ($482 million) of 9.875 percent notes fell for a fifth day to 74.8 cents on the euro at 12:56 p.m. in London, according to data compiled by Bloomberg. That compares with 88.1 cents on Sept. 24, when the retailer owned by private-equity firm Apax Partners LLC reported earnings growth stalled in the last fiscal quarter.
Retailers are feeling the pinch as Germany struggles to rebound from a contraction in the second quarter, with factory orders and industrial production in August declining by the most since January 2009, the Economy Ministry in Berlin said this week. Takko operates in the value segment of the apparel market which faces “fierce competition,” according to a document marketing the company’s first bond sale last year.
Officials at Telgte, Germany-based Takko declined to comment on the company’s earnings and bond performance.
Takko reported 35 million euros of earnings before interest, tax, depreciation and amortization for the three months to July, unchanged from the same period in 2013, according to the company’s website. Like-for-like sales, a measure of growth, dropped 0.4 percent.
The retailer debuted the 380 million euros of fixed-rate notes along with 145 million euros of floating-rate securities in March 2013 to repay loans, data compiled by Bloomberg show. The floating-rate bonds fell to a record 81 cents yesterday.
Apax Partners raised 850 million euros of leveraged loans to fund its buyout of Takko in December 2010, according to a statement from lenders at the time.
To contact the reporter on this story: Julie Miecamp in London at [email protected]
To contact the editors responsible for this story: Shelley Smith at [email protected] Jennifer Joan Lee, Michael Shanahan
- Stato