Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
nik.sala
Money Never Sleeps
...bella domanda...stesso problema...
Wind – new consent needed
Wind has issued a new request for consent from
the bondholders in respect of the change-ofcontrol covenant. The original consent expires
on 28 February, and an acquisition by
VimpelCom must be completed prior to this
date. However, this is not possible due to
Telenor’s resistance to the acquisition and a
new consent is therefore needed.
Accordingly, investors of the 2017 bonds are
requested to consider whether they can accept:
1) abandonment of the change-of-control
covenant in connection with the
divestment of Wind Telecom to
VimpelCom
2) transfer of funds to Wind Acquisition
Holdings Finance S.A., which has
issued Pay-In-Kind bonds, since these
bondholders must also consent to the
above.
The payment has been raised from the former
0.25% to 0.30%, which will be paid in two
tranches if consent is provided. 0.10% will be
paid 10 days after expiry of the offer on 25
February. The remaining 0.20% will be paid on
the earlier date of 1) completion of the
acquisition or 2) 30 June 2011.
We recommend investors to accept the offer
which, in practice, is merely an extension. Most
investors formerly consented to this so we also
expect consent this time.
The official expiry of the offer is on 25 February.
However, customers of Jyske Bank must
communicate their decisions to their advisers
not later than on 23 February (at 1 p.m.).
We maintain our HOLD recommendation for
Winds 2017 and BUY recommendation for the
2018 bonds.
Wind has issued a new request for consent from
the bondholders in respect of the change-ofcontrol covenant. The original consent expires
on 28 February, and an acquisition by
VimpelCom must be completed prior to this
date. However, this is not possible due to
Telenor’s resistance to the acquisition and a
new consent is therefore needed.
Accordingly, investors of the 2017 bonds are
requested to consider whether they can accept:
1) abandonment of the change-of-control
covenant in connection with the
divestment of Wind Telecom to
VimpelCom
2) transfer of funds to Wind Acquisition
Holdings Finance S.A., which has
issued Pay-In-Kind bonds, since these
bondholders must also consent to the
above.
The payment has been raised from the former
0.25% to 0.30%, which will be paid in two
tranches if consent is provided. 0.10% will be
paid 10 days after expiry of the offer on 25
February. The remaining 0.20% will be paid on
the earlier date of 1) completion of the
acquisition or 2) 30 June 2011.
We recommend investors to accept the offer
which, in practice, is merely an extension. Most
investors formerly consented to this so we also
expect consent this time.
The official expiry of the offer is on 25 February.
However, customers of Jyske Bank must
communicate their decisions to their advisers
not later than on 23 February (at 1 p.m.).
We maintain our HOLD recommendation for
Winds 2017 and BUY recommendation for the
2018 bonds.
We maintain our SELL recommendation for
Carlsberg bonds
Carlsberg has released its accounts for the
accounting year 2010. The accounts were
slightly below market expectations.
Relative to the peer group, we still find that
Carlsberg’s bonds trade at high multiples. We
therefore maintain our SELL recommendation
for €6% 2014 and £7.25% 2016.
The full recommendation will be available in
an English version shortly.
Carlsberg bonds
Carlsberg has released its accounts for the
accounting year 2010. The accounts were
slightly below market expectations.
Relative to the peer group, we still find that
Carlsberg’s bonds trade at high multiples. We
therefore maintain our SELL recommendation
for €6% 2014 and £7.25% 2016.
The full recommendation will be available in
an English version shortly.
angy2008
Forumer storico
mi pareva altino come tasso se fosse China, in effetti dovrebbe essere bond di catena di supermercati, magari ottimo ma non China stato
angy2008
Forumer storico
hai chiesto i commenti e te li faccio
questa è la più originale proposta, x chi capisce a cosa serve la thenardite il bond fà al caso suo, ma senza cercarla in Chna la thenardite stà anche sull'Etna e non so se la sfruttiamo
angy2008
Forumer storico
questo mi sembra ottimo, non capisco cosa possa giustificare il prezzo così basso, bisognerebbe indagare meglio, specie visto il taglio da 100k, certo che ha comunque uno spread esorbitante
angy2008
Forumer storico
il Venezuela è una bella scommessa, ogni giorno ci sono notizie non buone, l'unica positiva, per loro, è che il petrolio sale
Chavez?s Currency Market Takeover Spurs Lines for Dollars - Bloomberg
ora stanno facendo fuggire le aziende straniere, quelle che non sono state già nazionalizzate, bloccando i cambi
bosmeld
Forumer storico
Country: Federative Republic of Brazil
Currency: United States Dollar (USD)
Maturity date: Mar-31-15
Coupon: 15.0000 %
Coupon freqency: semiannual
Issue size: 165,000,000
ISIN: USG4756WAC40
PREVIOUS CLOSE: 58.8637 / 69.2738 (Feb-18)
Qua ci vogliono minimo 100k balbettoni
emittente é indpendencia internatio dovrebbe essere produttore cibo
Currency: United States Dollar (USD)
Maturity date: Mar-31-15
Coupon: 15.0000 %
Coupon freqency: semiannual
Issue size: 165,000,000
ISIN: USG4756WAC40
PREVIOUS CLOSE: 58.8637 / 69.2738 (Feb-18)
Qua ci vogliono minimo 100k balbettoni
emittente é indpendencia internatio dovrebbe essere produttore cibo
Ultima modifica:
- Stato
Similar threads
Obbligazioni societarie
HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
