Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
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Glencore Buys Back $400 Million of Bonds Following Market Rout
By Sally Bakewell - 04 nov 2015, 13:47:51
Glencore Plc said it has repurchased about $400 million of bonds since Sept. 30, after a market rout drove yields on some of its securities to junk levels.
The mining and trading company bought back debt maturing mainly in 2016 and 2017, it said today in a statement, without specifying which securities. The company also repaid three bonds amounting to $1.95 billion.
Yields on some Glencore bonds surged in late September and the stock plunged to a record low on investor concern that a commodity slump would impede its ability to curb $30 billion of debt. The Baar, Switzerland-based company today outlined a goal to trim borrowings to $25 billion by year-end.
“I would be reasonably comforted by this because it seems the company has enough liquidity,” said Chris Bowie, a London-based money manager at TwentyFour Asset Management, which oversees about 5 billion pounds ($7.7 billion), and doesn’t hold Glencore bonds. “They obviously believe these bonds are trading well beyond fair economic value if they wish to buy them back.”
The yield on Glencore’s 1.25 billion euros ($1.4 billion) of 1.5 percent bonds due in May 2016 was quoted as falling 1.4 percentage points to 3.59 percent on Wednesday. It rose to a record 15.6 percent on Sept. 29, Bloomberg data show.
That on the company’s 1.75 billion of 2.45 percent bonds due October 2017 was quoted at 13.6 percent on Sept. 29 before falling to 6.1 percent on Wednesday, the data show.
Investors demand an average yield of 7.7 percent to hold dollar-denominated sub-investment grade debt and 4.9 percent for similarly rated euro bonds, according to Bank of America Merrill Lynch indexes. Glencore is rated BBB, the second lowest investment grade, by Standard & Poor’s.
Gunvor Group Ltd., another commodity trader, in September completed the repurchase of its $500 million debut bonds.
Peter Grauer, the chairman of Bloomberg LP, the parent of Bloomberg News, is a senior independent non-executive director at Glencore.
More articles on Bonds
By Sally Bakewell - 04 nov 2015, 13:47:51
Glencore Plc said it has repurchased about $400 million of bonds since Sept. 30, after a market rout drove yields on some of its securities to junk levels.
The mining and trading company bought back debt maturing mainly in 2016 and 2017, it said today in a statement, without specifying which securities. The company also repaid three bonds amounting to $1.95 billion.
Yields on some Glencore bonds surged in late September and the stock plunged to a record low on investor concern that a commodity slump would impede its ability to curb $30 billion of debt. The Baar, Switzerland-based company today outlined a goal to trim borrowings to $25 billion by year-end.
“I would be reasonably comforted by this because it seems the company has enough liquidity,” said Chris Bowie, a London-based money manager at TwentyFour Asset Management, which oversees about 5 billion pounds ($7.7 billion), and doesn’t hold Glencore bonds. “They obviously believe these bonds are trading well beyond fair economic value if they wish to buy them back.”
The yield on Glencore’s 1.25 billion euros ($1.4 billion) of 1.5 percent bonds due in May 2016 was quoted as falling 1.4 percentage points to 3.59 percent on Wednesday. It rose to a record 15.6 percent on Sept. 29, Bloomberg data show.
That on the company’s 1.75 billion of 2.45 percent bonds due October 2017 was quoted at 13.6 percent on Sept. 29 before falling to 6.1 percent on Wednesday, the data show.
Investors demand an average yield of 7.7 percent to hold dollar-denominated sub-investment grade debt and 4.9 percent for similarly rated euro bonds, according to Bank of America Merrill Lynch indexes. Glencore is rated BBB, the second lowest investment grade, by Standard & Poor’s.
Gunvor Group Ltd., another commodity trader, in September completed the repurchase of its $500 million debut bonds.
Peter Grauer, the chairman of Bloomberg LP, the parent of Bloomberg News, is a senior independent non-executive director at Glencore.
More articles on Bonds
Orlando 27
Forumer attivo
OB.GLENCORE FUNDING 1.7% $ 27MAG16 MW C
(XS0938722070)
io ho queste in portafoglio . a fine mese staccano cedola .
Orlando 27
Forumer attivo
Data l'indebitamento aggiuntivo necessario per completare diversi progetti, tra cui Port Pirie, il profilo finanziario si indebolirà nei prossimi trimestri, con debito lordo / EBITDA in aumento sopra 4x per i prossimi 6 a 12 mesi, da 3.2x su un giugno 2015 ultimi dodici mesi ( LTM) Base, e (CFO-dividendi) / debito diventando negativo durante lo stesso orizzonte. Tuttavia, Nyrstar dovrebbe iniziare a recuperare la sua posizione finanziaria quando Port Pirie rampe di produzione e inizia contribuire ai flussi di cassa, in particolare dal 2017 in poi. Tenendo conto ancora notevoli rischi operativi e la capacità piuttosto debole generazione di cassa mentre il progetto Port Pirie è dilagare-up, (P) Valutazione B3 di Nyrstar richiederà la gestione della liquidità proattiva per affrontare le esigenze di finanziamento con un picco durante 2016.
iguanito
Forumer storico
E' arrivato tutto. Esatto al centesimoNon si chiedono gli anni ad una donna...Esperia
angy2008
Forumer storico
direi che il rischio non vale la candela su questa durata a pagarla sopra il nominale.
Avevo la perpetua ma l'ho venduta tempo fà XS0274618247, rende bene ma è illiquida perciò i prezzi li fanno loro ma se la callano sarebbe un'affare.
bia06
Listen other's viewpoint avoid conflicts & wars.
Non sembra malvagia (a parte il taglio min)
Commenti?
*** Swiss Re Ltd $ 2050-NC-2025 RegS Sub - IPTs 6% area ***
Issuer: Demeter Investments B.V.
Security: - Swiss Re Ltd ("SRL") Loan Notes
- the Facility
- a portfolio of principal and/or interest strips of USTs
Currency/Size: US$ Benchmark
Expected Rating BBB+ (S&P)
IPTs: 6% area
Ranking: Subordinated
Settlement: [13] November 2015
Maturity: [15] August 2050
Loan Notes Issuer Calls (subject to FINMA approval): On [•] August 2025* and
each interest payment date thereafter; Redemption at par
in case of Special Tax, Recalculation, Regulatory,
Accounting and Ratings Methodology Event
Coupon: Annual, fixed [•]% until [•] August 2025. Then 3mUS$ LIBOR
plus the Margin payable quarterly (no step-up) First Coupon Payment Date: [15] August 2016 Loan Notes Coupon Deferral: Optional subject to Pusher Event (cumulative);
Mandatory upon Solvency Event if required by FINMA
(cumulative)
Payment of Loan Notes Deferred Interest: At SRL's discretion, and required
upon optional exchange, redemption, liquidation,
distribution on or repurchase of shares, junior securities
or parity securities, all subject to no SRL Solvency Event
occurring and FINMA's approval
Pusher Event: 6 months look back with regards to SRL's dividends or
interest payments on or a repurchase of junior or parity
securities of SRL
Solvency Event: Group solvency ratio <100% SST; SRL unable to pay debts to
its senior creditors; or SRL’s assets do not exceed
liabilities
Denominations: US$ 200,000 + US$ 1,000 thereafter
Governing law: English law
Form: Registered
Listing: Irish Stock Exchange (regulated market)
Joint Books: BAML, Citi, CS (B&D), JPM, MS
ISIN: [TBC]
Timing: Today's Business, books open
Selling restrictions: Reg S only (for life), TEFRA not applicable. Any sales
of the Notes must be made in compliance with all
applicable selling restrictions and as per the prospectus,
in particular in Denmark, France, Hong Kong, Italy, The
Netherlands, Norway, Portugal, Singapore, Spain,
Switzerland, United Kingdom and United States
Note:
- Expect re-offer price to be set at par; pricing indications reference the
annual coupon level, rather than a yield
- Term sheet assumes notes are fully drawn. Please refer to the prospectus for
the full and detailed terms.
Commenti?
*** Swiss Re Ltd $ 2050-NC-2025 RegS Sub - IPTs 6% area ***
Issuer: Demeter Investments B.V.
Security: - Swiss Re Ltd ("SRL") Loan Notes
- the Facility
- a portfolio of principal and/or interest strips of USTs
Currency/Size: US$ Benchmark
Expected Rating BBB+ (S&P)
IPTs: 6% area
Ranking: Subordinated
Settlement: [13] November 2015
Maturity: [15] August 2050
Loan Notes Issuer Calls (subject to FINMA approval): On [•] August 2025* and
each interest payment date thereafter; Redemption at par
in case of Special Tax, Recalculation, Regulatory,
Accounting and Ratings Methodology Event
Coupon: Annual, fixed [•]% until [•] August 2025. Then 3mUS$ LIBOR
plus the Margin payable quarterly (no step-up) First Coupon Payment Date: [15] August 2016 Loan Notes Coupon Deferral: Optional subject to Pusher Event (cumulative);
Mandatory upon Solvency Event if required by FINMA
(cumulative)
Payment of Loan Notes Deferred Interest: At SRL's discretion, and required
upon optional exchange, redemption, liquidation,
distribution on or repurchase of shares, junior securities
or parity securities, all subject to no SRL Solvency Event
occurring and FINMA's approval
Pusher Event: 6 months look back with regards to SRL's dividends or
interest payments on or a repurchase of junior or parity
securities of SRL
Solvency Event: Group solvency ratio <100% SST; SRL unable to pay debts to
its senior creditors; or SRL’s assets do not exceed
liabilities
Denominations: US$ 200,000 + US$ 1,000 thereafter
Governing law: English law
Form: Registered
Listing: Irish Stock Exchange (regulated market)
Joint Books: BAML, Citi, CS (B&D), JPM, MS
ISIN: [TBC]
Timing: Today's Business, books open
Selling restrictions: Reg S only (for life), TEFRA not applicable. Any sales
of the Notes must be made in compliance with all
applicable selling restrictions and as per the prospectus,
in particular in Denmark, France, Hong Kong, Italy, The
Netherlands, Norway, Portugal, Singapore, Spain,
Switzerland, United Kingdom and United States
Note:
- Expect re-offer price to be set at par; pricing indications reference the
annual coupon level, rather than a yield
- Term sheet assumes notes are fully drawn. Please refer to the prospectus for
the full and detailed terms.
bia06
Listen other's viewpoint avoid conflicts & wars.
Orlando 27
Forumer attivo
CIAO CE LA 2018 con yeld 11 % perche una scadenza cosi lunga
http://www.trend-online.com/ansa/av...ilioni-di-dollari-nel-terzo-trimestre-215072/
bosmeld
Forumer storico
hai isin? grazie
p.s chiedo cortesemente se possibile di aggiungere sempre isin del titolo di cui si parla, rende la consultazione molto piu rapido.
Anche io a volte lo ho omesso... ma cercherò di metterlo sempre
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