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Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
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qquebec
Super Moderator
Eircom vuole ridurre il debito del 21%
Col passare dei giorni, sembra che la ristrutturazione del debito di Eircom stia giungendo a una conclusione. Rumors sempre più frequenti indicano una riduzione del debito di 800 mln di euro dei 3,2 mln netti sul gobbo della compagnia telefonica irlandese con contestuale iniezione di liquidità da parte dei soci per oltre 300 mln. A pagare saranno soprattutto gli obbligazionisti subordinati PIK, ma anche i senior si vedranno tagliati il nominale del 50%.
Eircom looks for 21% debt reduction, reports Irish Times
The Irish Times reports that Eircom is looking to reduce its debt by €800 million or more from €3.8 billion as it embarks on talks with its debt holders. As Jonathan Moore from Evolution Securities notes, this could imply wiping out the telco’s €630 million of PIK notes and reducing the face value of the €350 million by half. Eircom’s debt negotiations are widely expected to result in some kind of restructuring, likely to be one of the biggest by a European corporate this year. The majority of the triple C borrower’s debt consists of loans, which are widely distributed. Eircom’s loans are owned by 72% of European CLOs, according to Creditflux’s CLO Master. The company, which is being advised on its debt talks by JP Morgan and Gleacher Shacklock, is also in talks with shareholders about a possible equity injection.
Col passare dei giorni, sembra che la ristrutturazione del debito di Eircom stia giungendo a una conclusione. Rumors sempre più frequenti indicano una riduzione del debito di 800 mln di euro dei 3,2 mln netti sul gobbo della compagnia telefonica irlandese con contestuale iniezione di liquidità da parte dei soci per oltre 300 mln. A pagare saranno soprattutto gli obbligazionisti subordinati PIK, ma anche i senior si vedranno tagliati il nominale del 50%.
Eircom looks for 21% debt reduction, reports Irish Times
The Irish Times reports that Eircom is looking to reduce its debt by €800 million or more from €3.8 billion as it embarks on talks with its debt holders. As Jonathan Moore from Evolution Securities notes, this could imply wiping out the telco’s €630 million of PIK notes and reducing the face value of the €350 million by half. Eircom’s debt negotiations are widely expected to result in some kind of restructuring, likely to be one of the biggest by a European corporate this year. The majority of the triple C borrower’s debt consists of loans, which are widely distributed. Eircom’s loans are owned by 72% of European CLOs, according to Creditflux’s CLO Master. The company, which is being advised on its debt talks by JP Morgan and Gleacher Shacklock, is also in talks with shareholders about a possible equity injection.
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fabriziof
Forumer storico
eircom 2016 si prende sui 35.siamo sicuri che l'haircut non scenda sotto questa soglia?
qquebec
Super Moderator
fabriziof
Forumer storico
sicuro?oggi siti tedeschi 34
qquebec
Super Moderator
Andrebbe bene anche a 40 se fossimo certi che per gli italiani ci sarà la possibilità di holding out. Diversamente potrebbe essere più conveniente acquistare dopo la ristrutturazione del bond. Credo comunque che gli interessi a tasso variabile spariranno.
Ultima modifica:
buongiorno baldi giovani
mi trovo HeidelbergCement 7,5 XS0478803355 con un gain del 6.4 a fronte di una cedola netta del 6.56 quindi vicini al mio take profit derivante dalla regola che se ho la cedola annuale in gain, vendi e potresti star liquido per un anno con quell'importo, ma il problema è se vendo che si compra di rendimento pari o superiore?
mi trovo HeidelbergCement 7,5 XS0478803355 con un gain del 6.4 a fronte di una cedola netta del 6.56 quindi vicini al mio take profit derivante dalla regola che se ho la cedola annuale in gain, vendi e potresti star liquido per un anno con quell'importo, ma il problema è se vendo che si compra di rendimento pari o superiore?
discipline
Guest
Comunicato di H&K sul loro sito, uscito il giorno stesso del downgrade
Heckler & Koch expects increased revenue & profit in 2010
Read more 2010 was another successful year. Close Brothers Seydler Bank mandated with refinancing of high yield bond.
Heckler & Koch is reporting a positive outlook for the results of the financial year 2010 to exceed the results of the previous year. The audited figures are not yet available, but management expects both revenue and profit to be ahead of 2009 revenue (€ 235 million), and above 2009 EBITA (€ 49 million). The shipments to Mexico currently under investigation did not impact results negatively. Shipments to Mexico have been on average less than 1% of company revenue.
Close Brothers Seydler Bank AG mandated with the preparation of a new corporate bond
Close Brothers Seydler Bank AG (CBSB), Frankfurt, has been mandated by Heckler & Koch GmbH to issue of a new corporate bond in Germany. This will be used to refinance the existing 120 million Euro bond, which matures in July 2011. The process is expected to be completed by the end of the second quarter of 2011.
With regard to fundamental data, the company’s positive business development and the amount of cash reserves available at company level, the volume of the new bond will be below the volume of the existing bond. The total volume is currently estimated to be at 100 million Euros, with a term between five and seven years. The company intends to repay a part of the existing bond with its liquid assets. The bond is to be offered to institutional investors in Germany and Europe, and will contain a retail element to German private investors. The refinancing of the existing bond and the issuing of a new corporate bond by the company Heckler & Koch GmbH, is a significant element of the future financial structure of the parent company Heckler & Koch Beteiligungs GmbH (HKB), and is unreservedly supported by the parent company. Today’s downgrade of the company rating by S&P is solely due to the outstanding refinancing of the existing bond. The company expects that leading rating agencies will raise their rating for the company upon completion of the refinancing process.
V.i.S.d.P: HECKLER & KOCH GMBH, Heckler & Koch-Strasse 1, 78727 Oberndorf a.N.
http://www.ariva.de/quote/simple.m?secu=274917
Heckler & Koch expects increased revenue & profit in 2010
Read more 2010 was another successful year. Close Brothers Seydler Bank mandated with refinancing of high yield bond.
Heckler & Koch is reporting a positive outlook for the results of the financial year 2010 to exceed the results of the previous year. The audited figures are not yet available, but management expects both revenue and profit to be ahead of 2009 revenue (€ 235 million), and above 2009 EBITA (€ 49 million). The shipments to Mexico currently under investigation did not impact results negatively. Shipments to Mexico have been on average less than 1% of company revenue.
Close Brothers Seydler Bank AG mandated with the preparation of a new corporate bond
Close Brothers Seydler Bank AG (CBSB), Frankfurt, has been mandated by Heckler & Koch GmbH to issue of a new corporate bond in Germany. This will be used to refinance the existing 120 million Euro bond, which matures in July 2011. The process is expected to be completed by the end of the second quarter of 2011.
With regard to fundamental data, the company’s positive business development and the amount of cash reserves available at company level, the volume of the new bond will be below the volume of the existing bond. The total volume is currently estimated to be at 100 million Euros, with a term between five and seven years. The company intends to repay a part of the existing bond with its liquid assets. The bond is to be offered to institutional investors in Germany and Europe, and will contain a retail element to German private investors. The refinancing of the existing bond and the issuing of a new corporate bond by the company Heckler & Koch GmbH, is a significant element of the future financial structure of the parent company Heckler & Koch Beteiligungs GmbH (HKB), and is unreservedly supported by the parent company. Today’s downgrade of the company rating by S&P is solely due to the outstanding refinancing of the existing bond. The company expects that leading rating agencies will raise their rating for the company upon completion of the refinancing process.
V.i.S.d.P: HECKLER & KOCH GMBH, Heckler & Koch-Strasse 1, 78727 Oberndorf a.N.
http://www.ariva.de/quote/simple.m?secu=274917
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