Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
fabrifede
Forumer storico
FLUD1
Nuovo forumer
arkymede74
Forumer storico
Chi è interessato allo scambio bond cliffs e le ha con iw, è meglio fare un po' di pressione, altrimenti si rischia di arrivare lunghi....
Io più che mandare mail, telefonare o chat, altro non so che fare
che ti hanno detto per telelfono??
ps. li sto chiamando...
mi hanno detto, dopo 10 minuti di attesa, di richiamare domani mattina...
Ultima modifica:
arkymede74
Forumer storico
l'operazione è tutta in dollari....
fabrifede
Forumer storico
Per telefono gliel'ho data su, ho iniziato a scrivere mail e anche chat, alla fine stasera mi hanno mandato via mail la documentazione, scrivendo che avrebbero caricato anche nella pagina "operazioni sul capitale", ma non ho ancora visto niente.
In definitiva bisogna mandare fax con indicato il dossier titoli e quali titoli portare in scambio.
Domattina lo mando.
seneca
Forumer attivo
Consolante ho aperto stamattina il conto con DB approfittando dell'offerta 1% premio sui titoli trasferiti cmq ho comprato un manciata di Petrobrás la settimana scorsa con B.Sella spese banca 5,50 14,80 commissione valutaria oltre alle nornali commissioni
iguanito
Forumer storico
maxinblack
Forumer storico
Qualcuno di voi segue questo sito ? Bond-Yields.com
Ha una serie di portafogli HY e raccomandazioni di bond, di cui forse sarebbe interessante discutere, pubblicano una newsletter. ecco un copia incolla qui sotto:
Presented below is a summary of the 29 bond reviews and recommendations that we have given to our clients over the past twelve months, from January 1, 2014 through December 31, 2014. Shown below are the yield indications at the time when these securities were added to our FX1, FX2, and FX3 Fixed Income Portfolios. This does not reflect any gains or losses that might result from exchange rate currency changes, nor does it indicate or account for any fluctuations in bond valuations.
Twenty three of these global corporate debt instruments were Yankee Bonds (foreign corporation debt denominated in US dollars), and seven were issued in other currencies, including, Canadian dollars, Australian Dollars, Brazilian realis and British Pound Sterling.
Each summary that follows lists the issuer, coupon rate, maturity, credit rating, the yields at the time of acquisition, the portfolio (FX1, FX2, or FX3) each was added to, as well as a brief update of the issuer. Many of the companies hold dominant positions within their respective countries. It is not uncommon, however, to find credit ratings that are constrained by a national sovereign credit rating.
· 22 US dollar debt additions, with average indications of 9.64%*, were made to FX1.
· 29 mixed currency debt additions, with average indications of 9.48%*, were made to FX2.
· 7 foreign currency debt additions, with average indications of 8.96%*, were made to FX3.
The bonds in the portfolios had (at the time of purchase) an average outstanding maturity of just under 45 months (3 years, 9 months) at an overall indicated average yield of about 9.10% at the time they were added to the FX1, FX2, and/or FX3 portfolios.
9% Yield, Trade and Development Bank of Mongolia US Dollar Bond
Issuer: Trade & Development Bank of Mongolia
Coupon: 8.5
Maturity: 10/15/2015
Ratings: B3
Pays: Semi-annually
Price: 99.50 (as of 12/17/14)
Yield to Maturity: ~9.17%
Portfolios: FX1 and FX2
Trade and Development Bank has continued to increase its market share in the Mongolian banking industry claiming 38.3% corporate lending and 51.9% trade financing market shares. These bonds have a short 8 month maturity, maturing in October 2015. More on Trade and Development Bank of Mongolia
7.75% Yield, Hidroelectrica Piedra del Aguila US Dollar Bonds
Issuer: Hidroelectrica Piedra del Aguila
Coupon: 9.0%
Maturity: 7/11/2017 (average remaining life 7/02/2016.)
Sink Factor: currently .75 (returned .25 on 7/11/2014)
Scheduled Sink: second ¼ on 7/11/2015, third ¼ on 7/11/2016, final ¼ on 7/11/2015.
Ratings: B-
Pays: Semi-annually
Price: 101.8 (as of 12/9/14)
Yield to Worst Call: ~6% (at par, 7/11/2015)
Yield to Average Life Maturity: ~7.75% (7/02/2016)
This Argentina based issuer, rated at B- by S&P, has already paid back the first 25% of this bond’s debt, the remainder of which is callable at par in July 2015. Hidroeléctrica Piedra del Águila S.A (HPDA) was recently been absorbed (along with two other electric generating companies) by Central Puerto SA, a subsidiary of Sociedad Argentina de Energía S.A (SADESA). More on Hidroelectrica Piedra del Aguila
10.23% Yield, MNC Investama US Dollar Bonds
Issuer: Ottawa Holdings Pte. Ltd/PT Bhakti Investama Tbk
Coupon: 5.875%
Ratings: B2/BB-
Maturity: 5/16/2018
Pays: Semi-annually
Price Target: 87.5 (as of 11/18/14)
Yield to Maturity: ~10.23
Portfolios: FX1 and FX2
For the nine months ending September 30, 2014, MNC’s total comprehensive income increased by 54% over the same time period in 2013. More on MNC Investama.
10% Yield, Cimento Tupi US Dollar Bonds
Issuer: Cimento Tupi SA
Coupon: 9.75%
Maturity: 5/11/2018
Ratings: NA
Pays: Semi-annually
Price: 99.0 (as of 10/21/14)
Yield to Maturity: ~10.09%
Portfolios: FX1 and FX2
For the nine months ending September 30, 2014, the company’s net sales reached BRL$ 351,467,000 as compared to BRL$ 292,131,000 in the same prior-year period, representing an increase of 20.31%. More about Cimento Tupi
8.05% Yield, Kuwait Energy US Dollar Bonds
Issuer: Kuwait Energy
Coupon: 9.5%
Maturity: 8/4/2019
Ratings: -/B-/B-
Pays: Semi-annually
Price: 105.5 (as of 10/21/14)
Yield to Maturity: ~8.05%
Portfolios: FX1 and FX2
For the Q3 2014, Kuwait Energy had a production increase of 5.1% over Q2 2014. Revenues fell 3.5% between Q2 and Q3 2014, mainly due to lower oil prices. More about Kuwait Energy.
12.4% Yield, Edcon US Dollar Bond
Issuer: Edcon Holdings (Proprietary) Limited
Coupon: 9.50%
Maturity: 3/01/2018 (callable at par 2016 and thereafter)
Ratings: B/B3
Pays: Semi-annually
Rank: Senior Secured
Price: 92.0 (as of 9/18/2014)
Yield to Maturity: ~12.42%
Portfolios: FX1 and FX2
Edcon announced in early February 2015, that is plans to cut jobs at its head office in order to reduce costs. More about Edcon.
7.5% Yield, TransGlobe Energy Convertible Notes in Canadian dollar bonds
Issuer: TransGlobe Energy
Coupon: 6.00%
Maturity: 3/31/2017
Ratings: NA
Pays: Semi-annually
Price: 96.5 (as of 9/12/2014)
Yield to Maturity: ~7.55%
Portfolios: FX2 and FX3
Transglobe paid a total of USD $3.8 million ($0.05 / share) in dividends to its common shareholders during the third quarter of 2014. The company intends to continue paying a quarterly dividend and a fourth quarter dividend of $0.05 / share was approved and paid on December 31, 2014. More about TransGlobe.
8.75% Yield, IAMGold US Dollar Bonds
Issuer: IAMGOLD Corporation
Coupon: 6.75%
Maturity: 10/1/2020
Ratings: B1/BB-
Pays: Semi-annually
Price: 90.75 (as of 9/12/14)
Yield to Maturity: ~8.75%
Portfolios: FX1 and FX2
For 2014, IAMGold decreased all-in cash costs (AISC) per ounce of mined gold by 12%, while increasing its production by 40%. In early 2015, it finalized the sale of its Niobec mine for a total of $530 million, bringing is cash and cash equivalents balance to $833 million. More about IAMGold.
9.6% Yield, Copeinca US Dollar Bonds
Issuer: Copeinca S.A. (Corp Pesquera Inca SAC)
Coupon: 9.0%
Maturity: 2/10/2017
CUSIP: R15893AA9
Ratings: B2/B/B+
Pays: Semi-annually
Price: 98.75 (as of 9/8/14)
Yield to Maturity: ~9.6%
Portfolios: FX1 and FX2
In November 2014, China Fishery Group, Copeinca’s parent company, was granted an extension to redeem the $250 million Copeinca bonds it took on as part of the Copeinca acquisition. Pacific Andes, owner of China Fishery Group stated last November that it was looking to raise cash to redeem the Copeinca bonds. More about Copeinca.
7.3% Yield, Nitrogenmvek US Dollar Bonds
Issuer: Nitrogénművek, Zrt.
Coupon: 7.875%
Maturity: 5/21/2020.
Ratings: BB-
Pays: Semi-annually
Price: 102.65 (as of 8/22/14)
Yield to Maturity: ~7.3%
Portfolios: FX1 and FX2
In October 2014, Nitrogénművek announced it is branching out by adding sales of planting seeds, insecticides and pesticides, and crops to its product palette. More about Nitrogenmvek.
12.25% Yield, Transener Sinking US Dollar Bond
Issuer: Compania de Transporte Energia (Transener)
Coupon: 8.875%
Maturity: sinks an additional ¼ on 12/15/14, another ¼ on 12/15/15, remainder on 12/15/2016. Average life 12/15/2015. Callable at par after 12/15/14.
Ratings: CCC-
Pays: Semi-anually
Price: 96.0 (as of 8/13/14)
Yield to Average Life: ~12.25%
Portfolios: FX1 and FX2
For Q3 2014, Transener recorded gross profit of ARS 93.06 million, as compared to ARS 27.26 million for Q3 2013, an increase of 241%. More on Transener.
5.85% Yield, R & R Ice Cream Bond in British Pounds
7.8% Yield, R & R Ice Cream in Australian Dollars
Issuer: R&R Ice Cream, PLC
Coupon: 5.5%, in British Pound Sterling (GBP)
Maturity: 5/15/2020
Pays: Semi-annually
Rating: B2
Rank: Senior Unsecured
Price: 98.25 (as of 8/12/14)
Yield to Maturity: ~5.85%
Portfolio: FX2 and FX3
Issuer: R&R Ice Cream, PLC
Coupon: 8.5%, in Australian Dollars (AUD)
Maturity: 5/15/2020
Pays: Semi-annually
Rating: B2
Bank: Senior Unsecured
Price: 102 (as of 8/12/14)
Yield to Maturity: ~7.8%
Portfolios: FX2 and FX3
R&R Ice Cream had a revenue increase of €87.8 million (+15.1%) to €668.6 million for the nine months to September 30, 2014. Also, adjusted EBITDA for the nine months ended September 30, 2014, was €116.6 million (2013: €90.7 million), an increase of 28.6%. More on R&R Ice Cream.
9.5% Yield, Autopistas Del Sol Sinking US Dollar Bond
Issuer: Autopistas Del Sol
Coupon: 6.5%, steps up to 7.0% Dec 2014 and 8.25% after Dec 2015.
Maturity: sinks ⅓ on 6/01/2018, ⅓ on 6/01/2019, remainder on 6/1/2020. Average life 4/18/2019.
Ratings: -/-
Pays: Semi-annually
Price: 93.625 (as of 7/23/14)
Yield to Maturity: ~9.5%
Portfolios: FX1 and FX2
Operating profit for the first nine months of 2014 grew by 23.5% as compared to the first nine months of 2013. It’s stock price continues to climb, going from ARS 3.90 six months ago to its current trading level of ARS 6.70. More on Autopistas Del Sol.
10% Yield, Mironivsky HilboProduct US Dollar Bond
Issuer: Mironovsky Hilboproduct (MHP)
Coupon: 8.25%%
Maturity: April 2, 2020
Pays: Semi-annually
Rating: CCC (Fitch)
Rank: Senior Unsecured
Price: 92.75 (as of 7/9/14)
Yield to Maturity: ~10%
Portfolios: FX1 and FX2
Mironivsky HilboProduct had operating profit of USD $381 million for the nine months ending September 30, 2014. This represents a 61% increase year-over-year. For the same time period, production volumes also increased by 16%. More on Mironivsky HilboProduct.
9% Yield, China XD Plastics US Dollar Bond
Issuer: Favor Sea Limited/China XD Plastics
Coupon: 11.75%
Ratings: -/-
Maturity: 2/4/2019
Pays: Semi-annually
Price: 110.375 (as of 6/30/14)
Yield to Maturity: ~9%
Portfolios: FX1 and FX2
For the third quarter 2014, China XD Plastics had a year-over-year revenue increase 7.7% and revenue growth of 19.5% over the second quarter of 2014. More on China XD Plastics.
10.5% Yield, Petroleos de Venezuela US Dollar Bond
Issuer: Petroleos de Venezuela S.A. (PDVSA)
Coupon: 8.5
Maturity: 11/2/2017, average life of this sinking bond is 10/17/2016
Pays: Semi-annually
Rating: B-
Price: 95.75 (as of 6/30/14)
Yield to Maturity: ~10.5%
Portfolios: FX1 and FX2
The Dominican Republic paid $1.9 billion on a debt owed to Petroleos de Venezuela for past oil shipments after raising funds through a bond sale in January 2015. PDVSA now has reserves of $22.5 billion.
More on Petroleos de Venezuela.
9.58% Yield, Rolta US Dollar Bonds
Issuer: Rolta LLC
Coupon: 10.75%
Maturity:5/16/2018
Ratings: BB-
Pays: Semi-annually
Price: 103.7 (as of 6/30/14)
Yield to Maturity: ~9.58%
Portfolios: FX1 and FX2
Consolidated EBITDA for the first six months of FY-2015 was Rs. 6.21 Billion as compared to Rs. 4.67 Billion in previous year, registering a Y-o-Y growth of 33.1%.
More on Rolta.
9.0% Yield, Lake Shore Gold – Canadian Bonds
Issuer: Lake Shore Gold
Ticker: LSG
TSX: 0.77
Debenture (Bond):
Coupon: 6.25%
Maturity: 9/30/2017
Rating: NA
Conversion Price: 1.40 (CAD)
Pays: Semi-annually
Price: 92.25 (CAD) (as of 6/17/14)
Yield to Maturity: ~9.0%
Portfolios: FX2 and FX3
Lake Shore Gold had record annual gold production in 2014 of 185,600 ounces, exceeding the company’s target range of 160,000 to 180,000 ounces. In 2014, the company also reduced its debt by $45 million. More on LakeShore.
12.25% Yield, Brasil Foods in Brazilian Real
Issuer: Brazil Foods
Coupon: 7.75%
Maturity: 5/22/2018
Pays: Semi-annually
Rating: Baa3 (Moody’s)
Rank: Senior Unsecured
Price: 86.25 (as of 6/6/2014)
Yield to Maturity: ~12.25%
Portfolios: FX2 and FX3
For the first nine months of 2014, Brasil Foods had net profit of BRL 1.2 billion, compared to BRL 853.9 million for the first nine months of 2013, an increase of 41%. Brasil Foods is also set to open a new production factory in Kizad, United Arab Emirates, creating 1,400 local jobs. More on Brasil Foods.
8% Yield, Ceagro Agricola US Dollar Bonds
Issuer: Ceagro Agricola, Ltd.
Coupon: 10.75%
Ratings: B
Maturity: 5/16/2016
Pays: Semi-annually
Price: 105 (as of 6/5/2014)
Yield to Maturity: ~8%
Portfolios: FX1 and FX2
In 2014, Ceagro expanded its grain storage capacity in the Mato Grosso region of Brazil from 6,000 tons to 24,000 tons. This is part of a larger plan to expand its company-wide storage capacity from 420,000 tons of grain to 925,000 over the next three years. . More on Ceagro Agricola.
8.67% Yield, Eastcomtrans US Dollar Bonds
Issuer: EastComTrans LLP
Coupon: 7.75%
Ratings: B3/-/B
Maturity: 4/22/18
Pays: Semi-annually
Price: 97.0 (as of 5/27/14)
Yield to Maturity: ~8.67%
Portfolios: FX1 and FX2
In December, 2014 Eastcomtrans LLP signed loan agreements with the European Bank for Reconstruction and Development (EBRD) in amount of up to $140 mil. These funds will be used in the purchase of capital equipment as well as partial refinancing of the company’s current outstanding debt. More on EastComTrans.
7.5% Yield, CanWel Canadian Dollar Convertible Bonds
Issuer: CanWel Building Materials Group
Stock Ticker: CWX.TO
Price: 2.77 (4/4/14)
Bond Coupon: 5.85%
Ratings: NA
Maturity: 4/30/2017
Conversion price: 6.40 (anytime prior at bondholder’s option)
Pays: Semi-annually
Price: ~95.5 (as of 5/9/14)
Yield to Maturity: ~7.5%
Portfolios: FX2 and FX3
For the nine months YTD to September 30, 2014, EBITDA was $25.8 million compared to $20.1 million in 2013, an increase of 28.3%. Additionally, Canwel continues to pay its shareholders healthy dividends, a total of CAD $0.42 / share for 2014. More on CanWel.
10% Yield, Aeropuertos Argentina 2000 US Dollar Bonds
Issuer: Aeropuertos Argentina 2000
Coupon: 10.75%
Maturity: 12/1/2020
Ratings: CAA1/CCC+
Pays: Quarterly
Price: ~101.5% (as of 5/1/14)
Yield to Maturity: ~10.2%
Operating profit for the nine months ended September 30, 2014 nearly doubled from the same period a year earlier. Among the 34 terminals operated by Aeropuertos, passenger traffic grew 8.9% in October 2014 over October 2013. More on Aeropuertos Argentina 2000.
10.6% yield, AmBev Brazillian Real Based bonds
Issuer: AmBev/Anheuser-Busch Inbev SA/NV
Coupon: 9.5%
Maturity: 7/24/2017
Ratings: A2/A
Pays: Semi-annually
Price: 97 (as of 4/17/14)
Yield to Maturity: ~10.6%
Portfolios: FX2 and FX3
Year-to-date as of September 30, 2014, normalized EBITDA for AmBev was up 3.5% over 2013. AmBev also recently declared a special dividend for its shareholders of approximately .04 / share. More on AB InBev.
12% Yield, MNC Investama US Dollar Bonds
Issuer: Ottawa Holdings Pte. Ltd/PT Bhakti Investama Tbk
Coupon: 5.875%
Ratings: B2/BB-
Maturity: 5/16/2018
Pays: Semi-annually
Price Target: ~80.5 (as of 4/1/14)
Yield to Maturity: ~12%
Portfolios: FX1 and FX2
For the nine months ending September 30, 2014, MNC’s total comprehensive income increased by 54% over the same time period in 2013. More on MNC Investama.
10.75% Yield, Rolta US Dollar Bonds
Issuer: Rolta LLC
Coupon: 10.75%
Maturity:5/16/2018
Ratings: BB-
Pays: Semi-annually
Price: 100 (as of 2/19/14)
Yield to Maturity: ~10.75%
Portfolios: FX1 and FX2
Consolidated EBITDA for the first six months of FY-2015 was Rs. 6.21 Billion as compared to Rs. 4.67 Billion in previous year, registering a Y-o-Y growth of 33.1%.
More on Rolta.
8.25% Yield, HudBay Minerals US Dollar bonds
Issuer: HudBay Minerals
Coupon: 9.5 %
Maturity: 10/1/2020
Pays: Semi-annually
Rating: B3/B-
Price: 104.8 (as of 2/13/14)
Yield to Maturity: ~8.23%
Portfolios: FX1 and FX2
For the nine months ended September 30, 2014, operating cash flow before change in non-cash working capital had more than doubled from the same period in 2013, growing from CAD $9,095,000 to CAD $18,870,000. In January 2015, HudBay began producing copper concentrate from its newest mine, Constancia, in Peru. Full commercial production is expected at that mine in Q2 2015. More on HudBay Minerals.
6.5% – 9% Yields, Temple Hotels Canadian Dollar bonds
Debenture (Bond): TPH.DB.E
Coupon: 7.25%
Maturity: 09/30/2017
Conversion Price: $ 8.00
Rating: none
Pays: Semi-annually
Price: 95.0 (as of 1/16/14)
Yield to Maturity: ~9%
Portfolios: FX2 and FX3
In comparison to the third quarter of 2013, operating income for Q3 2014 increased by $1.3 million or 8%. During the second and third quarters of 2014, Temple Hotels acquired eight additional hotel properties in various locations in the province of Ontario. With these hotel acquisitions, Temple has established a strong base for 2015 earnings growth from their high quality and geographically diversified hotel portfolio. More on Temple Hotels.
8.8% Yield Avangardco Holdings US Dollar bonds
Issuer: AvangardCo
Coupon: 10.0%
Ratings: B- (Fitch)
Maturity: 10/29/2015
Price: 101.9 (as of 1/15/14)
Yield to Maturity: ~8.8%
Portfolios: FX1 and FX2
Revenue for the first nine months of 2014 decreased by 24% as compared to the same time period for 2013. This was mainly due to the Ukrainian hryvnia devaluation against the US dollar by approximately 38%. However, the company continues to grow its export sales, recently receiving a certificate of Kosher status for its eggs and egg products, enabling shipments to proceed to Israel. For the first nine months of 2014, 82% of Avangardco’s egg products were sold for export. More on Avangardco.
We hope you enjoy our high yield income approach!
To learn more about these FX1, FX2 and FX3 portfolios please call our fixed income specialist at 971-327-8847.
__________________________________________________
* Yield indications at the time of recommendations for addition to individual portfolios are not presented as year to date performance averages. Also, please note that all yield and price indications are shown from the time of our research, and our reports are never an offer to buy or sell any security. We are not a broker/dealer, and reports are intended for distribution to our clients. As a result of our institutional association, we may obtain better yield/price executions for our clients than is initially indicated in our reports. We welcome inquiries from other advisors that may also be interested in our work and the possibilities of achieving higher yields for retail clients.
To know more about these bonds call our fixed income specialist at 971-327-8847
We hope you enjoy our high yield income approach!
To learn more about these FX1, FX2 and FX3 portfolios please call our fixed income specialist at 971-327-8847.
__________________________________________________
* Yield indications at the time of recommendations for addition to individual portfolios are not presented as year to date performance averages. Also, please note that all yield and price indications are shown from the time of our research, and our reports are never an offer to buy or sell any security. We are not a broker/dealer, and reports are intended for distribution to our clients. As a result of our institutional association, we may obtain better yield/price executions for our clients than is initially indicated in our reports. We welcome inquiries from other advisors that may also be interested in our work and the possibilities of achieving higher yields for retail clients.
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Ha una serie di portafogli HY e raccomandazioni di bond, di cui forse sarebbe interessante discutere, pubblicano una newsletter. ecco un copia incolla qui sotto:
Presented below is a summary of the 29 bond reviews and recommendations that we have given to our clients over the past twelve months, from January 1, 2014 through December 31, 2014. Shown below are the yield indications at the time when these securities were added to our FX1, FX2, and FX3 Fixed Income Portfolios. This does not reflect any gains or losses that might result from exchange rate currency changes, nor does it indicate or account for any fluctuations in bond valuations.
Twenty three of these global corporate debt instruments were Yankee Bonds (foreign corporation debt denominated in US dollars), and seven were issued in other currencies, including, Canadian dollars, Australian Dollars, Brazilian realis and British Pound Sterling.
Each summary that follows lists the issuer, coupon rate, maturity, credit rating, the yields at the time of acquisition, the portfolio (FX1, FX2, or FX3) each was added to, as well as a brief update of the issuer. Many of the companies hold dominant positions within their respective countries. It is not uncommon, however, to find credit ratings that are constrained by a national sovereign credit rating.
· 22 US dollar debt additions, with average indications of 9.64%*, were made to FX1.
· 29 mixed currency debt additions, with average indications of 9.48%*, were made to FX2.
· 7 foreign currency debt additions, with average indications of 8.96%*, were made to FX3.
The bonds in the portfolios had (at the time of purchase) an average outstanding maturity of just under 45 months (3 years, 9 months) at an overall indicated average yield of about 9.10% at the time they were added to the FX1, FX2, and/or FX3 portfolios.
9% Yield, Trade and Development Bank of Mongolia US Dollar Bond
Issuer: Trade & Development Bank of Mongolia
Coupon: 8.5
Maturity: 10/15/2015
Ratings: B3
Pays: Semi-annually
Price: 99.50 (as of 12/17/14)
Yield to Maturity: ~9.17%
Portfolios: FX1 and FX2
Trade and Development Bank has continued to increase its market share in the Mongolian banking industry claiming 38.3% corporate lending and 51.9% trade financing market shares. These bonds have a short 8 month maturity, maturing in October 2015. More on Trade and Development Bank of Mongolia
7.75% Yield, Hidroelectrica Piedra del Aguila US Dollar Bonds
Issuer: Hidroelectrica Piedra del Aguila
Coupon: 9.0%
Maturity: 7/11/2017 (average remaining life 7/02/2016.)
Sink Factor: currently .75 (returned .25 on 7/11/2014)
Scheduled Sink: second ¼ on 7/11/2015, third ¼ on 7/11/2016, final ¼ on 7/11/2015.
Ratings: B-
Pays: Semi-annually
Price: 101.8 (as of 12/9/14)
Yield to Worst Call: ~6% (at par, 7/11/2015)
Yield to Average Life Maturity: ~7.75% (7/02/2016)
This Argentina based issuer, rated at B- by S&P, has already paid back the first 25% of this bond’s debt, the remainder of which is callable at par in July 2015. Hidroeléctrica Piedra del Águila S.A (HPDA) was recently been absorbed (along with two other electric generating companies) by Central Puerto SA, a subsidiary of Sociedad Argentina de Energía S.A (SADESA). More on Hidroelectrica Piedra del Aguila
10.23% Yield, MNC Investama US Dollar Bonds
Issuer: Ottawa Holdings Pte. Ltd/PT Bhakti Investama Tbk
Coupon: 5.875%
Ratings: B2/BB-
Maturity: 5/16/2018
Pays: Semi-annually
Price Target: 87.5 (as of 11/18/14)
Yield to Maturity: ~10.23
Portfolios: FX1 and FX2
For the nine months ending September 30, 2014, MNC’s total comprehensive income increased by 54% over the same time period in 2013. More on MNC Investama.
10% Yield, Cimento Tupi US Dollar Bonds
Issuer: Cimento Tupi SA
Coupon: 9.75%
Maturity: 5/11/2018
Ratings: NA
Pays: Semi-annually
Price: 99.0 (as of 10/21/14)
Yield to Maturity: ~10.09%
Portfolios: FX1 and FX2
For the nine months ending September 30, 2014, the company’s net sales reached BRL$ 351,467,000 as compared to BRL$ 292,131,000 in the same prior-year period, representing an increase of 20.31%. More about Cimento Tupi
8.05% Yield, Kuwait Energy US Dollar Bonds
Issuer: Kuwait Energy
Coupon: 9.5%
Maturity: 8/4/2019
Ratings: -/B-/B-
Pays: Semi-annually
Price: 105.5 (as of 10/21/14)
Yield to Maturity: ~8.05%
Portfolios: FX1 and FX2
For the Q3 2014, Kuwait Energy had a production increase of 5.1% over Q2 2014. Revenues fell 3.5% between Q2 and Q3 2014, mainly due to lower oil prices. More about Kuwait Energy.
12.4% Yield, Edcon US Dollar Bond
Issuer: Edcon Holdings (Proprietary) Limited
Coupon: 9.50%
Maturity: 3/01/2018 (callable at par 2016 and thereafter)
Ratings: B/B3
Pays: Semi-annually
Rank: Senior Secured
Price: 92.0 (as of 9/18/2014)
Yield to Maturity: ~12.42%
Portfolios: FX1 and FX2
Edcon announced in early February 2015, that is plans to cut jobs at its head office in order to reduce costs. More about Edcon.
7.5% Yield, TransGlobe Energy Convertible Notes in Canadian dollar bonds
Issuer: TransGlobe Energy
Coupon: 6.00%
Maturity: 3/31/2017
Ratings: NA
Pays: Semi-annually
Price: 96.5 (as of 9/12/2014)
Yield to Maturity: ~7.55%
Portfolios: FX2 and FX3
Transglobe paid a total of USD $3.8 million ($0.05 / share) in dividends to its common shareholders during the third quarter of 2014. The company intends to continue paying a quarterly dividend and a fourth quarter dividend of $0.05 / share was approved and paid on December 31, 2014. More about TransGlobe.
8.75% Yield, IAMGold US Dollar Bonds
Issuer: IAMGOLD Corporation
Coupon: 6.75%
Maturity: 10/1/2020
Ratings: B1/BB-
Pays: Semi-annually
Price: 90.75 (as of 9/12/14)
Yield to Maturity: ~8.75%
Portfolios: FX1 and FX2
For 2014, IAMGold decreased all-in cash costs (AISC) per ounce of mined gold by 12%, while increasing its production by 40%. In early 2015, it finalized the sale of its Niobec mine for a total of $530 million, bringing is cash and cash equivalents balance to $833 million. More about IAMGold.
9.6% Yield, Copeinca US Dollar Bonds
Issuer: Copeinca S.A. (Corp Pesquera Inca SAC)
Coupon: 9.0%
Maturity: 2/10/2017
CUSIP: R15893AA9
Ratings: B2/B/B+
Pays: Semi-annually
Price: 98.75 (as of 9/8/14)
Yield to Maturity: ~9.6%
Portfolios: FX1 and FX2
In November 2014, China Fishery Group, Copeinca’s parent company, was granted an extension to redeem the $250 million Copeinca bonds it took on as part of the Copeinca acquisition. Pacific Andes, owner of China Fishery Group stated last November that it was looking to raise cash to redeem the Copeinca bonds. More about Copeinca.
7.3% Yield, Nitrogenmvek US Dollar Bonds
Issuer: Nitrogénművek, Zrt.
Coupon: 7.875%
Maturity: 5/21/2020.
Ratings: BB-
Pays: Semi-annually
Price: 102.65 (as of 8/22/14)
Yield to Maturity: ~7.3%
Portfolios: FX1 and FX2
In October 2014, Nitrogénművek announced it is branching out by adding sales of planting seeds, insecticides and pesticides, and crops to its product palette. More about Nitrogenmvek.
12.25% Yield, Transener Sinking US Dollar Bond
Issuer: Compania de Transporte Energia (Transener)
Coupon: 8.875%
Maturity: sinks an additional ¼ on 12/15/14, another ¼ on 12/15/15, remainder on 12/15/2016. Average life 12/15/2015. Callable at par after 12/15/14.
Ratings: CCC-
Pays: Semi-anually
Price: 96.0 (as of 8/13/14)
Yield to Average Life: ~12.25%
Portfolios: FX1 and FX2
For Q3 2014, Transener recorded gross profit of ARS 93.06 million, as compared to ARS 27.26 million for Q3 2013, an increase of 241%. More on Transener.
5.85% Yield, R & R Ice Cream Bond in British Pounds
7.8% Yield, R & R Ice Cream in Australian Dollars
Issuer: R&R Ice Cream, PLC
Coupon: 5.5%, in British Pound Sterling (GBP)
Maturity: 5/15/2020
Pays: Semi-annually
Rating: B2
Rank: Senior Unsecured
Price: 98.25 (as of 8/12/14)
Yield to Maturity: ~5.85%
Portfolio: FX2 and FX3
Issuer: R&R Ice Cream, PLC
Coupon: 8.5%, in Australian Dollars (AUD)
Maturity: 5/15/2020
Pays: Semi-annually
Rating: B2
Bank: Senior Unsecured
Price: 102 (as of 8/12/14)
Yield to Maturity: ~7.8%
Portfolios: FX2 and FX3
R&R Ice Cream had a revenue increase of €87.8 million (+15.1%) to €668.6 million for the nine months to September 30, 2014. Also, adjusted EBITDA for the nine months ended September 30, 2014, was €116.6 million (2013: €90.7 million), an increase of 28.6%. More on R&R Ice Cream.
9.5% Yield, Autopistas Del Sol Sinking US Dollar Bond
Issuer: Autopistas Del Sol
Coupon: 6.5%, steps up to 7.0% Dec 2014 and 8.25% after Dec 2015.
Maturity: sinks ⅓ on 6/01/2018, ⅓ on 6/01/2019, remainder on 6/1/2020. Average life 4/18/2019.
Ratings: -/-
Pays: Semi-annually
Price: 93.625 (as of 7/23/14)
Yield to Maturity: ~9.5%
Portfolios: FX1 and FX2
Operating profit for the first nine months of 2014 grew by 23.5% as compared to the first nine months of 2013. It’s stock price continues to climb, going from ARS 3.90 six months ago to its current trading level of ARS 6.70. More on Autopistas Del Sol.
10% Yield, Mironivsky HilboProduct US Dollar Bond
Issuer: Mironovsky Hilboproduct (MHP)
Coupon: 8.25%%
Maturity: April 2, 2020
Pays: Semi-annually
Rating: CCC (Fitch)
Rank: Senior Unsecured
Price: 92.75 (as of 7/9/14)
Yield to Maturity: ~10%
Portfolios: FX1 and FX2
Mironivsky HilboProduct had operating profit of USD $381 million for the nine months ending September 30, 2014. This represents a 61% increase year-over-year. For the same time period, production volumes also increased by 16%. More on Mironivsky HilboProduct.
9% Yield, China XD Plastics US Dollar Bond
Issuer: Favor Sea Limited/China XD Plastics
Coupon: 11.75%
Ratings: -/-
Maturity: 2/4/2019
Pays: Semi-annually
Price: 110.375 (as of 6/30/14)
Yield to Maturity: ~9%
Portfolios: FX1 and FX2
For the third quarter 2014, China XD Plastics had a year-over-year revenue increase 7.7% and revenue growth of 19.5% over the second quarter of 2014. More on China XD Plastics.
10.5% Yield, Petroleos de Venezuela US Dollar Bond
Issuer: Petroleos de Venezuela S.A. (PDVSA)
Coupon: 8.5
Maturity: 11/2/2017, average life of this sinking bond is 10/17/2016
Pays: Semi-annually
Rating: B-
Price: 95.75 (as of 6/30/14)
Yield to Maturity: ~10.5%
Portfolios: FX1 and FX2
The Dominican Republic paid $1.9 billion on a debt owed to Petroleos de Venezuela for past oil shipments after raising funds through a bond sale in January 2015. PDVSA now has reserves of $22.5 billion.
More on Petroleos de Venezuela.
9.58% Yield, Rolta US Dollar Bonds
Issuer: Rolta LLC
Coupon: 10.75%
Maturity:5/16/2018
Ratings: BB-
Pays: Semi-annually
Price: 103.7 (as of 6/30/14)
Yield to Maturity: ~9.58%
Portfolios: FX1 and FX2
Consolidated EBITDA for the first six months of FY-2015 was Rs. 6.21 Billion as compared to Rs. 4.67 Billion in previous year, registering a Y-o-Y growth of 33.1%.
More on Rolta.
9.0% Yield, Lake Shore Gold – Canadian Bonds
Issuer: Lake Shore Gold
Ticker: LSG
TSX: 0.77
Debenture (Bond):
Coupon: 6.25%
Maturity: 9/30/2017
Rating: NA
Conversion Price: 1.40 (CAD)
Pays: Semi-annually
Price: 92.25 (CAD) (as of 6/17/14)
Yield to Maturity: ~9.0%
Portfolios: FX2 and FX3
Lake Shore Gold had record annual gold production in 2014 of 185,600 ounces, exceeding the company’s target range of 160,000 to 180,000 ounces. In 2014, the company also reduced its debt by $45 million. More on LakeShore.
12.25% Yield, Brasil Foods in Brazilian Real
Issuer: Brazil Foods
Coupon: 7.75%
Maturity: 5/22/2018
Pays: Semi-annually
Rating: Baa3 (Moody’s)
Rank: Senior Unsecured
Price: 86.25 (as of 6/6/2014)
Yield to Maturity: ~12.25%
Portfolios: FX2 and FX3
For the first nine months of 2014, Brasil Foods had net profit of BRL 1.2 billion, compared to BRL 853.9 million for the first nine months of 2013, an increase of 41%. Brasil Foods is also set to open a new production factory in Kizad, United Arab Emirates, creating 1,400 local jobs. More on Brasil Foods.
8% Yield, Ceagro Agricola US Dollar Bonds
Issuer: Ceagro Agricola, Ltd.
Coupon: 10.75%
Ratings: B
Maturity: 5/16/2016
Pays: Semi-annually
Price: 105 (as of 6/5/2014)
Yield to Maturity: ~8%
Portfolios: FX1 and FX2
In 2014, Ceagro expanded its grain storage capacity in the Mato Grosso region of Brazil from 6,000 tons to 24,000 tons. This is part of a larger plan to expand its company-wide storage capacity from 420,000 tons of grain to 925,000 over the next three years. . More on Ceagro Agricola.
8.67% Yield, Eastcomtrans US Dollar Bonds
Issuer: EastComTrans LLP
Coupon: 7.75%
Ratings: B3/-/B
Maturity: 4/22/18
Pays: Semi-annually
Price: 97.0 (as of 5/27/14)
Yield to Maturity: ~8.67%
Portfolios: FX1 and FX2
In December, 2014 Eastcomtrans LLP signed loan agreements with the European Bank for Reconstruction and Development (EBRD) in amount of up to $140 mil. These funds will be used in the purchase of capital equipment as well as partial refinancing of the company’s current outstanding debt. More on EastComTrans.
7.5% Yield, CanWel Canadian Dollar Convertible Bonds
Issuer: CanWel Building Materials Group
Stock Ticker: CWX.TO
Price: 2.77 (4/4/14)
Bond Coupon: 5.85%
Ratings: NA
Maturity: 4/30/2017
Conversion price: 6.40 (anytime prior at bondholder’s option)
Pays: Semi-annually
Price: ~95.5 (as of 5/9/14)
Yield to Maturity: ~7.5%
Portfolios: FX2 and FX3
For the nine months YTD to September 30, 2014, EBITDA was $25.8 million compared to $20.1 million in 2013, an increase of 28.3%. Additionally, Canwel continues to pay its shareholders healthy dividends, a total of CAD $0.42 / share for 2014. More on CanWel.
10% Yield, Aeropuertos Argentina 2000 US Dollar Bonds
Issuer: Aeropuertos Argentina 2000
Coupon: 10.75%
Maturity: 12/1/2020
Ratings: CAA1/CCC+
Pays: Quarterly
Price: ~101.5% (as of 5/1/14)
Yield to Maturity: ~10.2%
Operating profit for the nine months ended September 30, 2014 nearly doubled from the same period a year earlier. Among the 34 terminals operated by Aeropuertos, passenger traffic grew 8.9% in October 2014 over October 2013. More on Aeropuertos Argentina 2000.
10.6% yield, AmBev Brazillian Real Based bonds
Issuer: AmBev/Anheuser-Busch Inbev SA/NV
Coupon: 9.5%
Maturity: 7/24/2017
Ratings: A2/A
Pays: Semi-annually
Price: 97 (as of 4/17/14)
Yield to Maturity: ~10.6%
Portfolios: FX2 and FX3
Year-to-date as of September 30, 2014, normalized EBITDA for AmBev was up 3.5% over 2013. AmBev also recently declared a special dividend for its shareholders of approximately .04 / share. More on AB InBev.
12% Yield, MNC Investama US Dollar Bonds
Issuer: Ottawa Holdings Pte. Ltd/PT Bhakti Investama Tbk
Coupon: 5.875%
Ratings: B2/BB-
Maturity: 5/16/2018
Pays: Semi-annually
Price Target: ~80.5 (as of 4/1/14)
Yield to Maturity: ~12%
Portfolios: FX1 and FX2
For the nine months ending September 30, 2014, MNC’s total comprehensive income increased by 54% over the same time period in 2013. More on MNC Investama.
10.75% Yield, Rolta US Dollar Bonds
Issuer: Rolta LLC
Coupon: 10.75%
Maturity:5/16/2018
Ratings: BB-
Pays: Semi-annually
Price: 100 (as of 2/19/14)
Yield to Maturity: ~10.75%
Portfolios: FX1 and FX2
Consolidated EBITDA for the first six months of FY-2015 was Rs. 6.21 Billion as compared to Rs. 4.67 Billion in previous year, registering a Y-o-Y growth of 33.1%.
More on Rolta.
8.25% Yield, HudBay Minerals US Dollar bonds
Issuer: HudBay Minerals
Coupon: 9.5 %
Maturity: 10/1/2020
Pays: Semi-annually
Rating: B3/B-
Price: 104.8 (as of 2/13/14)
Yield to Maturity: ~8.23%
Portfolios: FX1 and FX2
For the nine months ended September 30, 2014, operating cash flow before change in non-cash working capital had more than doubled from the same period in 2013, growing from CAD $9,095,000 to CAD $18,870,000. In January 2015, HudBay began producing copper concentrate from its newest mine, Constancia, in Peru. Full commercial production is expected at that mine in Q2 2015. More on HudBay Minerals.
6.5% – 9% Yields, Temple Hotels Canadian Dollar bonds
Debenture (Bond): TPH.DB.E
Coupon: 7.25%
Maturity: 09/30/2017
Conversion Price: $ 8.00
Rating: none
Pays: Semi-annually
Price: 95.0 (as of 1/16/14)
Yield to Maturity: ~9%
Portfolios: FX2 and FX3
In comparison to the third quarter of 2013, operating income for Q3 2014 increased by $1.3 million or 8%. During the second and third quarters of 2014, Temple Hotels acquired eight additional hotel properties in various locations in the province of Ontario. With these hotel acquisitions, Temple has established a strong base for 2015 earnings growth from their high quality and geographically diversified hotel portfolio. More on Temple Hotels.
8.8% Yield Avangardco Holdings US Dollar bonds
Issuer: AvangardCo
Coupon: 10.0%
Ratings: B- (Fitch)
Maturity: 10/29/2015
Price: 101.9 (as of 1/15/14)
Yield to Maturity: ~8.8%
Portfolios: FX1 and FX2
Revenue for the first nine months of 2014 decreased by 24% as compared to the same time period for 2013. This was mainly due to the Ukrainian hryvnia devaluation against the US dollar by approximately 38%. However, the company continues to grow its export sales, recently receiving a certificate of Kosher status for its eggs and egg products, enabling shipments to proceed to Israel. For the first nine months of 2014, 82% of Avangardco’s egg products were sold for export. More on Avangardco.
We hope you enjoy our high yield income approach!
To learn more about these FX1, FX2 and FX3 portfolios please call our fixed income specialist at 971-327-8847.
__________________________________________________
* Yield indications at the time of recommendations for addition to individual portfolios are not presented as year to date performance averages. Also, please note that all yield and price indications are shown from the time of our research, and our reports are never an offer to buy or sell any security. We are not a broker/dealer, and reports are intended for distribution to our clients. As a result of our institutional association, we may obtain better yield/price executions for our clients than is initially indicated in our reports. We welcome inquiries from other advisors that may also be interested in our work and the possibilities of achieving higher yields for retail clients.
To know more about these bonds call our fixed income specialist at 971-327-8847
We hope you enjoy our high yield income approach!
To learn more about these FX1, FX2 and FX3 portfolios please call our fixed income specialist at 971-327-8847.
__________________________________________________
* Yield indications at the time of recommendations for addition to individual portfolios are not presented as year to date performance averages. Also, please note that all yield and price indications are shown from the time of our research, and our reports are never an offer to buy or sell any security. We are not a broker/dealer, and reports are intended for distribution to our clients. As a result of our institutional association, we may obtain better yield/price executions for our clients than is initially indicated in our reports. We welcome inquiries from other advisors that may also be interested in our work and the possibilities of achieving higher yields for retail clients.
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il sito bond-yelds.com lo aveva segnalato l'ottimo noway tempo fa. A questo proposito è auspicabile che torni ad una partecipazione attiva sul forum in quanto si è ormai risolta, nel senso della unicità, la disputa sulla opportunità o meno di scomporre il 3d.
Già siete pochi quelli bravi, se ve ne andate noi scarsi che facciamo? Grazie
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