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

[iguanito]

Ovviamente c'è anche l'altra faccia della medaglia (anche se dubito che ciò accadrà, almeno per i prossimi anni): viene previsto l'esatto inverso. Se il rating aumenta la cedola cala ma mai sotto il 6,95%.
Ecco che dice il prospetto:

If at any time the interest rate on the Notes has been adjusted upward and either Moody’s or S&P (or, in either case, a substitute rating agency therefor), as the
case may be, subsequently increases its rating of the Notes to any of the threshold ratings set forth above, the interest rate on the Notes will be decreased such that the
interest rate for the Notes equals the interest rate payable on the Notes on the date of their issuance plus the percentages set forth opposite the ratings from the tables
above in effect immediately following the increase in rating. If Moody’s (or any substitute rating agency therefor) subsequently increases its rating of the Notes to Baa3
(or its equivalent, in the case of a substitute rating agency) or higher, and S&P (or any substitute rating agency therefor) increases its rating to BBB- (or its equivalent, in
the case of a substitute rating agency) or higher, the interest rate on the Notes will be decreased to the interest rate payable on the Notes on the date of their issuance. In
addition, the interest rates on the Notes will permanently cease to be subject to any adjustment described above (notwithstanding any subsequent decrease in the ratings
by either or both rating agencies) if the Notes become rated Baa1 (stable outlook) and BBB+ (stable outlook) (or the equivalent of either such rating, in the case of a
substitute rating agency) or higher by Moody’s and S&P (or, in either case, a substitute rating agency therefor), respectively (or one of these ratings if the Notes are only
rated by one rating agency)

 

[iguanito]

Tuttavia la stranezza esiste ed io non sono in grado di comprenderla esattamente.
Guardate cosa dice il prospetto in seguito:

Each adjustment required by any decrease or increase in a rating set forth above, whether occasioned by the action of Moody’s or S&P (or, in either case, a
substitute rating agency therefor), shall be made independent of any and all other adjustments. In no event shall (1) the interest rate for the Notes be reduced to below the
interest rate payable on the Notes on the date of their issuance or (2) the total increase in the interest rate on the Notes exceed 2.00% above the interest rate payable on
the Notes on the date of their issuance.

Si parla di indipendenza da altre rettifiche: ma quali?
E poi si chiude dicendo che in ogni caso la cedola non potrà essere aumentata in misura superiore al 2%!! E da qui si potrebbe desumere il perchè la scheda di francoforte indica come cedola attuale l'8,95% (6,95% + 2). Ma che cosa ha portato o potrebbe portare ad un aumento del 2% non è dato capire, perlomeno a me.
Se qualcuno è di lingua madre inglese o lo comprende correntemente, potrebbe cortesemente farci una traduzione alla lettera. Forse mi sfugge qualcosa.

 

[NoWay]

A mio avviso è chiaro che essendo il rating attuale espresso da Moodys di Ba3 (lo possiamo vedere nella scheda di francoforte) la cedola è pari a 6,95% + 0,75%, cioè 7,70%. Ed infatti così è stata corrisposta negli ultimi due semestri.

E non può essere che il 7,7% sia dato dal 6,95% iniziale + lo 0,25% del passaggio a Ba1 + lo 0,50% del passaggio a Ba2?
E che lo 0,75% del passaggio a Ba3 non sia ancora considerato?

 

[iguanito]

Forse la soluzione potrebbe essere qua?

No adjustments in the interest rate of the Notes shall be made solely as a result of a rating agency ceasing to provide a rating of such Notes. If at any time fewer
than two rating agencies provide a rating of the Notes for a reason beyond our control, we will use our commercially reasonable efforts to obtain a rating of such Notes
from a substitute rating agency, to the extent one exists, and if a substitute rating agency exists, for purposes of determining any increase or decrease in the interest rate
on the Notes pursuant to the tables above, (a) such substitute rating agency will be substituted for the last rating agency to provide a rating of such Notes but which has
since ceased to provide such rating, (b) the relative rating scale used by such substitute rating agency to assign ratings to senior unsecured debt will be determined in good faith by us and, for purposes of determining the applicable ratings included in the applicable table above with respect to such substitute rating agency, such ratings will be deemed to be the equivalent ratings used by Moody’s or S&P, as applicable, in such table and (c) the interest rate on the Notes will
increase or decrease, as the case may be, such that the interest rate equals the interest rate payable on the Notes on the date of their issuance plus the appropriate
percentage, if any, set forth opposite the rating from such substitute rating agency in the applicable table above (taking into account the provisions of clause (b) above)
(plus any applicable percentage resulting from a decreased rating by the other rating agency). For so long as only one rating agency provides a rating of the Notes and
no substitute rating agency is offered to replace the other rating agency, any subsequent increase or decrease in the interest rate of such Notes necessitated by a reduction or increase in the rating by the agency providing the rating shall be twice the percentage set forth in the applicable table above. For so long as none of Moody’s, S&P or a substitute rating agency provides a rating of the Notes, the interest rate on the Notes will increase to, or remain at, as the case may be, 2.00% above the interest rate
payable on the Notes on the date of their issuance.

Francamente qui non sono in grado di capire.

 

[iguanito]

E non può essere che il 7,7% sia dato dal 6,95% iniziale + lo 0,25% del passaggio a Ba1 + lo 0,50% del passaggio a Ba2?
E che lo 0,75% del passaggio a Ba3 non sia ancora considerato?

E quindi ora che è Ba3 dovrebbe essere però 8,45%. Manca ancora uno 0,5%

 

[fedro10]

21 Sep 2015 8:00 PM GMT/UTC
Fitch: Weatherford's Equity and Equity-Like Offering Has No Near-Term Rating Impact

Fitch Ratings-Chicago-21 September 2015: Weatherford International plc's (Weatherford) announcement to issue a combined $1 billion in the company's common equity and Weatherford International Ltd, a wholly owned Bermuda subsidiary, mandatorily exchangeable subordinated notes has no near-term rating impact, according to Fitch Ratings. The company intends to use the proceeds to pre-fund potential acquisitions and for general corporate purposes. Proceeds are expected to temporarily reduce borrowings under its revolving credit facility and commercial paper program until potential acquisition funding is needed.

ma c'è una obll sub ???

non saprei

 

[NoWay]

E quindi ora che è Ba3 dovrebbe essere però 8,45%. Manca ancora uno 0,5%

E' per quello che dicevo che non riesco a capire l'8,95%...

 

[NoWay]

Vi chiedo un'altra opinione... ArcelorMittal 2021 US03938LAU89?

 

[gionmorg]

vi chiedo un'altra opinione... Arcelormittal 2021 us03938lau89?

preferisco us03938lap94

 

[NoWay]

preferisco us03938lap94

Ma come emittente?
P.s. Sul dollaro ho scelto da un po' di stare più corto possibile...