Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1

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discipline ha scritto:
Mi sono aggiornato il file con i titoli del portafoglio dell'ETF High Yield Bond agli ultimi valori disponibili (giovedì 3/3).
Ci sono due new entry rispetto alla settimana precedente:
ALLIED IRISH BANK MTN 5.625 11/12/2014 XS0465876349
FOODCORP LTD RegS 8.75 03/01/2018 XS0596538818

C'è poi questo titolo che ha perso oltre 10 punti in una settimana:
CEDC FINANCE CORPORATION INTERNATI RegS 8.875 XS0468883672

Nelle ultime 2 colonne ho ricavato il prezzo al giovedì precedente e la relativa variazione percentuale, il file è allegato. Buona serata
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per conto mio ti ringrazio per il lavoro utilissmo e spero che tu continui ogni fine settimana.
cedc dovrebbe essere un produttore di vodka .pane per i denti di qquebec se vuole studiare un po la situazione
 
fabriziof ha scritto:
per conto mio ti ringrazio per il lavoro utilissmo e spero che tu continui ogni fine settimana.
cedc dovrebbe essere un produttore di vodka .pane per i denti di qquebec se vuole studiare un po la situazione
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Market comments
Friday was yet another day with focus on the CEDC bonds which, like the preceding days, once again dipped from the morning. On Friday, the decline was no less than 10 points, from slightly above 90 to slightly above 80. However, the strong movement soon rallied again to above 90, whereupon sellers re-entered the market forcing the bond to slightly below 90, at which it stabilised for the rest of the day. It is still lack of communication from the company’s management which continues to cause unrest in the market. Except for the CEDC bonds it was a quiet day with a direction towards the weak side. Moody’s puts CEDC on negative watch The rating agency Moody’s has, unsurprisingly decided to put EDC on watch for a possible downgrade following the highly disappointing accounts for 2010. Moody’s will now review CEDC and expects to make a conclusion on the rating within the next 3 months. Moody’s substantiates the negative watch referring to the company’s negative results for 2010 as well as expectations of increased marketing costs from CEDC, which may adversely affect profitability. The negative watch was Expected after highly disappointing accounts for 2010. However, we find that the 2010 accounts were influenced by various one-off events and thus that the longterm investment case will remain intact. It is certain that in the short term increased marketing costs will affect profitability but we find it essential for CEDC to maintain and increase market shares in the key markets and maintain the brand value of the products. We
still clearly find that the market has overreacted following the poor accounts and we still recommend investors to pick up at these attractive levels. We maintain our Strong BUY recommendation for CEDC €8.875% 2016 and CEDC $9.125% 2016.CEDC has announced that a conference call will be held later this week and potential investor meetings in London to regain confidence in the market.


CEDC - we reiterate our Strong BUY recommendation

CEDC's bonds are under pressure due to high volatility. Within one hour this morning, the prices fell to 81 (bid) and were back above 90 again.
In our view, the market is still overreacting due to the poor accounts which can be ascribed to a number of one-off events, as we see it. Some London analysts have lowered their recommendation on the bonds to SELL, which puts the bonds under vehement pressure.
Moreover, rumours about accounting irregularities have been cumulative and have contributed to the negative sentiment. We see no reason to believe that these rumours are true.

There is no doubt that for the short term the bonds will be under pressure since the positive price triggers are scarce – on the other hand we still believe that the CEDC case is unchanged. Therefore, we reiterate our Strong BUY recommendation.
 
Ultima modifica:
gionmorg ha scritto:
[/B]

Market comments
Friday was yet another day with focus on the CEDC bonds which, like the preceding days, once again dipped from the morning. On Friday, the decline was no less than 10 points, from slightly above 90 to slightly above 80. However, the strong movement soon rallied again to above 90, whereupon sellers re-entered the market forcing the bond to slightly below 90, at which it stabilised for the rest of the day. It is still lack of communication from the company’s management which continues to cause unrest in the market. Except for the CEDC bonds it was a quiet day with a direction towards the weak side. Moody’s puts CEDC on negative watch The rating agency Moody’s has, unsurprisingly decided to put EDC on watch for a possible downgrade following the highly disappointing accounts for 2010. Moody’s will now review CEDC and expects to make a conclusion on the rating within the next 3 months. Moody’s substantiates the negative watch referring to the company’s negative results for 2010 as well as expectations of increased marketing costs from CEDC, which may adversely affect profitability. The negative watch was Expected after highly disappointing accounts for 2010. However, we find that the 2010 accounts were influenced by various one-off events and thus that the longterm investment case will remain intact. It is certain that in the short term increased marketing costs will affect profitability but we find it essential for CEDC to maintain and increase market shares in the key markets and maintain the brand value of the products. We
still clearly find that the market has overreacted following the poor accounts and we still recommend investors to pick up at these attractive levels. We maintain our Strong BUY recommendation for CEDC €8.875% 2016 and CEDC $9.125% 2016.CEDC has announced that a conference call will be held later this week and potential investor meetings in London to regain confidence in the market.


CEDC - we reiterate our Strong BUY recommendation

CEDC's bonds are under pressure due to high volatility. Within one hour this morning, the prices fell to 81 (bid) and were back above 90 again.
In our view, the market is still overreacting due to the poor accounts which can be ascribed to a number of one-off events, as we see it. Some London analysts have lowered their recommendation on the bonds to SELL, which puts the bonds under vehement pressure.
Moreover, rumours about accounting irregularities have been cumulative and have contributed to the negative sentiment. We see no reason to believe that these rumours are true.

There is no doubt that for the short term the bonds will be under pressure since the positive price triggers are scarce – on the other hand we still believe that the CEDC case is unchanged. Therefore, we reiterate our Strong BUY recommendation.
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Fonte dei commenti?
 
B05956 CEDC EUR 8,875 01-12-2016 01-12-2013@104,438 B1 /*- / B+ 88 / 92 11,7 / 11,2 897 / 845 450 23,6% High Strong BUY
B06186 CEDC USD 9,125 01-12-2016 01-12-2013@104,563 B1 /*- / B+ 88 / 92 11,6 / 11 909 / 859 450 24,3% High Strong BUY
 
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