iguanito
Forumer storico
E siamo in tre ad averlo allora.
cmq poi l'ho anche "bissato" recentemente a 90
adesso non lo avessi, ora lo prenderei
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
nik.sala
Money Never Sleeps
anche il bond, speriamo che ormai sia andato...Ormai è andata
C.Bonacieux
Forumer attivo
segnalo
ARISTON Real Estate AG
volume fino a 25 Milioni €
Emessa il 14. Marzo 2011
Scadenza 13. Marzo 2016
cedola 7,25% annuale
taglio minimo 1.000 Euro
ISIN DE000A1H3Q84
ARISTON Real Estate AG
volume fino a 25 Milioni €
Emessa il 14. Marzo 2011
Scadenza 13. Marzo 2016
cedola 7,25% annuale
taglio minimo 1.000 Euro
ISIN DE000A1H3Q84
iguanito
Forumer storico
fa anch'essa parte di tutta quella serie di emissioni delle piccole-medie imprese tedesche che vengono proposte in collocamento al retail prima di andare sul secondario. E' un pò difficile trovarle stante l'esiguità delle emissioni, ma danno buone cedole. C'è un sito (purtroppo in tedesco) nel quale sono raccolte tutte insieme; è fatto molto bene: www.fixed-income.org
Ultima modifica:
iguanito
Forumer storico
Heidelbergcement
Fitch alza il rating di lungo termine da "BB" a "BB +", l'outlook è stabile. Il del rischio di insolvenza a breve termine è stato confermato a "B".
L'aumento si basa sul miglioramento delle condizioni di mercato negli Stati Uniti, Europa occidentale e, in particolare in Asia, ed altresì sul miglioramento delle condizioni di liquidità.
Fitch alza il rating di lungo termine da "BB" a "BB +", l'outlook è stabile. Il del rischio di insolvenza a breve termine è stato confermato a "B".
L'aumento si basa sul miglioramento delle condizioni di mercato negli Stati Uniti, Europa occidentale e, in particolare in Asia, ed altresì sul miglioramento delle condizioni di liquidità.
Ultima modifica:
Ceva
Q1 2011 results review
“Hold” the 8.375% 12/17 at 102.5 or a Z-spread of 570 bps. Prefer to stay away from the rest of the structure presently
While Ceva’s earnings seem to be gathering momentum as the year progresses, we continue to remain wary of its high leverage (both on a reported and on an adjusted basis). Revenues at EUR 1.68 bn were 13% up y-o-y and below our expectation of EUR 1.75 bn. For Q1 2011, adjusted EBITDA came in at EUR 72 mn, which was 37% up y-o-y. We calculate a net leverage of 6.4x and an adjusted leverage of 7.1x and expect full year cash flow to be negative, especially burdened by high interest costs. We keep our “High Risk” assessment on the LARA scale. Please refer to our Earnings Flash published yesterday.
Q1 2011 results review
“Hold” the 8.375% 12/17 at 102.5 or a Z-spread of 570 bps. Prefer to stay away from the rest of the structure presently
While Ceva’s earnings seem to be gathering momentum as the year progresses, we continue to remain wary of its high leverage (both on a reported and on an adjusted basis). Revenues at EUR 1.68 bn were 13% up y-o-y and below our expectation of EUR 1.75 bn. For Q1 2011, adjusted EBITDA came in at EUR 72 mn, which was 37% up y-o-y. We calculate a net leverage of 6.4x and an adjusted leverage of 7.1x and expect full year cash flow to be negative, especially burdened by high interest costs. We keep our “High Risk” assessment on the LARA scale. Please refer to our Earnings Flash published yesterday.
EuropeCar Announces a EUR 100 mn tap of its 9.75% Notes due 01/17
“Hold” EUROCA FRN 05/13
Today, Europcar announced its intention to tap its 9.75% Notes due 01/17 for EUR 100 mn. The new notes will share the same terms and indenture as the original notes issued in June 2010 by EC Finance plc. Use of proceeds will be to finance the fleet and repay a portion of the Junior Notes under the Senior Asset Revolving Facility. Moody’s is maintaining its B2 rating for the instrument. Although we do think opportunistically tapping the capital markets at attractive levels to finance the fleet may be sensible, we are concerned with the overall leverage of the group, with a LTV close to 100% before this tap. We maintain our “High Risk” assessment on the LARA scale.
“Hold” EUROCA FRN 05/13
Today, Europcar announced its intention to tap its 9.75% Notes due 01/17 for EUR 100 mn. The new notes will share the same terms and indenture as the original notes issued in June 2010 by EC Finance plc. Use of proceeds will be to finance the fleet and repay a portion of the Junior Notes under the Senior Asset Revolving Facility. Moody’s is maintaining its B2 rating for the instrument. Although we do think opportunistically tapping the capital markets at attractive levels to finance the fleet may be sensible, we are concerned with the overall leverage of the group, with a LTV close to 100% before this tap. We maintain our “High Risk” assessment on the LARA scale.
Heidelbergcement
Fitch upgrades rating to BB+ and assigns a “stable” outlook
“Buy” long dated paper (e.g. the HEI 7.5% 04/20 offered at 107/Z-spread of 309 bps); “Neutral” on 5Y CDS at 230 bps
Fitch upgraded its rating by one notch to BB+ triggered by the on-going deleveraging of the company and the agencies’ view that credit stats will continue to improve gradually. Clearly, Fitch merely expects a slow improvement of credit stats as it said the expected credit metrics over the next 24 months should provide sufficient headroom for a moderate underperformance. In principal we agree with Fitch and believe the company significantly outperformed its peers in Q1. However, cost inflation and a slow recovery in the US are topics to focus on. Hence, any dynamic deleveraging may be slow unless there is a quicker than anticipated recovery of the US market. Nevertheless we expect net leverage to drop to around 3.3x (3.8x currently) by year-end and believe the company is on track to achieve its leverage target of below 2.8x in the medium term. We continue to see good value in HeidelbergCement’s longer-dated bonds and keep our “buy” recommendation. We keep our “Low Risk” assessment on the LARA scale.
Ancora Su HC
Fitch, HeidelbergCement of "BB" to "BB +" promoted
Rating outlook is stable
Fitch Ratings has upgraded the long-term issuer default risk (IDR) from HeidelbergCement of "BB" to "BB +". The rating outlook is stable. The short-term issuer default risk has been confirmed with "B".
Promotion was founded with an improved market environment in the U.S., Western Europe and particularly Asia. Moreover, the debt maturities and liquidity situation has improved.
Fitch, HeidelbergCement of "BB" to "BB +" promoted
Rating outlook is stable
Fitch Ratings has upgraded the long-term issuer default risk (IDR) from HeidelbergCement of "BB" to "BB +". The rating outlook is stable. The short-term issuer default risk has been confirmed with "B".
Promotion was founded with an improved market environment in the U.S., Western Europe and particularly Asia. Moreover, the debt maturities and liquidity situation has improved.
- Stato
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