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

[fabriziof]

Questa, secondo me, è una delle rare perle del 2011 con ricavi e utili in esplosione per i prossimi anni. Non credo che il bond arriverà al 2017, lo toglieranno di mezzo prima. Assomiglia un po' alla nostra Brembo (anche se si tratta di impianti frenanti), leader mondiale del settore. Peccato, solo, averla strapagata (109) , ma spero ne sia valsa la pena

pensi che possa salire ancora?

 

[mb1]

Buon gorno a tutti, cosa ne pensate delle Cogeme cv 2014 ?

 

[fabriziof]

Buon gorno a tutti, cosa ne pensate delle Cogeme cv 2014 ?

su fol ne parlano nel 3d apposito dove si possono seguire le vicissitudini di quest'azienda in pieno riassetto azionario e dalla trasparenza scarsissima.al momento sembra solvibile.io ne ho in quantità che non fa male alla salute e non penso di incrementare a breve .il 23 dovrebbe esserci un cda con i conti credo

 

[discipline]

Settimana di ribassi sull'HY, qualche titolo torna a farsi interessante, allego il file aggiornato a giovedì 17

 

[fabriziof]

Settimana di ribassi sull'HY, qualche titolo torna a farsi interessante, allego il file aggiornato a giovedì 17

ciao discipline.si sta sgonfiando un poco la minibolla.tra i ribassi spicca il mio lighthouse

 

[fabriziof]

Settimana di ribassi sull'HY, qualche titolo torna a farsi interessante, allego il file aggiornato a giovedì 17

da notare la discesa dei titoli edcon

 

[fabriziof]

Moody's assigns a B2 rating to Edcon's proposed notes

Moody's Investors Service has affirmed Edcon Holdings' B2 corporate family rating (CFR) and probability of default (PDR) ratings.

The ratings agency also assigned a B2 to the proposed EUR500 million issuance of senior secured notes due 2018 to be issued by Edcon's main operating subsidiary, Edcon (Pty) Ltd. but guaranteed by Edcon, Edcon Acquisition and Edgars Consolidated Stores. Concurrently, Moody's changed Edcon's rating outook to stable from negative.
Rating Assignments:
- EUR500 million senior secured notes due 2018 - B2 (LGD4, 53%) - issued by Edcon (Pty) Ltd.
Rating Actions:
Edcon Holdings (Proprietary) Ltd:
- EUR 378 million senior unsecured notes due 2015 - affirmed at Caa1; (LGD6, 93%) changed from (LGD5, 89%)
- Corporate Family Rating: B2
- Probability of Default: B2
Edcon (Pty) Ltd:
- EUR1,180 million senior secured notes due 2014 - affirmed at B2; (LGD4, 53%) changed from (LGD4, 57%)
Outlook for all ratings changed from negative to stable.
"The change in outlook is based on the expectation that the proposed transactions will be completed as proposed resulting in Edcon's debt maturity and overall liquidity profile improving as a result of addressing its near-term maturities, including the substantial current mark to market liability due to its foreign exchange hedges," stated Moody's Vice-President Senior Analyst, Soummo Mukherjee.
"Furthermore, the change in outlook also recognizes Edcon's improved operating performance over the past year with like-for-like sales growth and market share recovery in some key categories, reduced bad debt accounts and improved leverage, although still considered high for the rating category," added Mukherjee.
The proposed senior secured notes will be issued by Edcon and guaranteed on a senior secured basis by virtually all of the group's revenues, assets and EBITDA. The proposed notes have provisions to be redeemed in part or in full at any time prior to 2014 at 100% of their principal amounts plus a make-whole premium and accrued and unpaid interest or up to 35% with proceeds from certain equity offerings. After 2014, the notes may also be redeemed based on redemption prices specied in the bond documents.
Simultaneously, Edcon (Pty) Ltd. is also issuing a super senior 3-year ZAR issuance in the range of 1.0-1.5 billion rand that will rank pari passu with the company's revolving credit facility and have the same guarantee structure as the 2018 senior secured notes and be secured by virtually all of the material assets of the group.
Edcon is also in the process of extending the maturity of its current revolving credit facilities from 2012 to 2014, which will also help extend its debt maturity profile further.
The use of proceeds of both the super senior ZAR loan and the 2018 senior secured notes will be to first settle the company's significant mark to market liability (approximately ZAR5 billion), and for general corporate purposes, depending on the final size of both issuances.

 

[fabriziof]

IFR:Emerging markets remains reslient as MENA violence escalates

Mon Feb 21, 2011 10:02am GMT



LONDON, Feb 21 (IFR) - EM bonds are facing conflicting signals this morning as escalating violence across North Africa and beyond lends itself to risk aversion plays although in truth non-MENA sovereigns continue to resist contagion from the troubled region.
In fact the latest mark up in oil prices provides obvious comfort to leading energy exporters like Russia, Kazakhstan and Venezuela while European equities are holding up well this morning.
With traditional Monday lethargy exacerbated by the US Presidents' Day holiday activity is likely to be subdued over the session although price action could be choppy given low volumes and the potential for negative headlines out of MENA.
In the primary market Ukraine's 100% state-owned savings bank, Oschadbank (B3/NR/B) is due to release price talk early this week for a debut Reg S only five-year bond with Credit Suisse and Morgan Stanley. Oschadbank's obvious comp is the Ukreximbank 8.375% April 2015s that were yielding 7.60% last Friday.
South-Africa based retailer Edcon is due to launch a dual tranche Eurobond transaction this week. The company has been marketing a two-part EUR400m-equivalent senior secured seven-year non-call three note, denominated in dollars and euros, which will be used to refinance existing debt and hedging obligations. Deutsche bank and Goldman Sachs are the leads. Having finally agreed the structures for its debut Eurorouble transaction the Russian Federation (Baa1/BBB/BBB) may be ready to open a book as early as this week for the groundbreaking offering. Other potential sovereign issuers this week include Turkey while Croatia's next dollar bond is slated for March.
[email protected]


© Thomson Reuters 2011 All rights reserved

 

[discipline]

ciao discipline.si sta sgonfiando un poco la minibolla.tra i ribassi spicca il mio lighthouse

Stiamo a vedere cosa succede, i rendimenti erano diventati veramente non proporzionati.. il lighthouse settimana dopo settimana cerca sempre di distinguersi.. in bocca al lupo

 

[fabriziof]

Stiamo a vedere cosa succede, i rendimenti erano diventati veramente non proporzionati.. il lighthouse settimana dopo settimana cerca sempre di distinguersi.. in bocca al lupo

grazie l'ho preso 2 mesi fa a 37,25 e spero di macinare rateo prima del giorno del giudizio