Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
bulogna
Forumer storico
oggi iw 100/101.50
Capzo, bel titolo, speriamo che lo possa prendere sui 100.
Capzo, bel titolo, speriamo che lo possa prendere sui 100.
Rumours about issue of new HY bonds from
Ineos
Rumours in the market have it that Ineos has
hired Barclays to head a new high-yield issue
from the company. We assess that it is in
connection with the refinancing of the
company’s bank debt following the joint
venture with PetroChina that Ineos expects to
issue bonds. As it is likely to be the bank debt
that Ineos will refinance we find that it may
very well be senior secured bonds in Ineos.
We expect the coming refinancing to be very
positive for Ineos. Ineos refinanced the
company’s bank debt in the summer of 2009
following the financial crisis and the company’s
breach of several covenants of the bank debt.
The refinancing implied that Ineos saw sharp
increases of the interest-rate margin on the
company’s bank debt. This is the debt that the
company will now refinance. We find that Ineos
will be able to save interest expenses of EUR
110-130m refinancing the bank debt. A
refinancing will therefore be very positive for
Ineos. Hence, we maintain our BUY
recommendation for €7.875% 2016 and €9.25%
2015.
Ineos
Rumours in the market have it that Ineos has
hired Barclays to head a new high-yield issue
from the company. We assess that it is in
connection with the refinancing of the
company’s bank debt following the joint
venture with PetroChina that Ineos expects to
issue bonds. As it is likely to be the bank debt
that Ineos will refinance we find that it may
very well be senior secured bonds in Ineos.
We expect the coming refinancing to be very
positive for Ineos. Ineos refinanced the
company’s bank debt in the summer of 2009
following the financial crisis and the company’s
breach of several covenants of the bank debt.
The refinancing implied that Ineos saw sharp
increases of the interest-rate margin on the
company’s bank debt. This is the debt that the
company will now refinance. We find that Ineos
will be able to save interest expenses of EUR
110-130m refinancing the bank debt. A
refinancing will therefore be very positive for
Ineos. Hence, we maintain our BUY
recommendation for €7.875% 2016 and €9.25%
2015.
nik.sala
Money Never Sleeps
Prezzi
DUBAI 89,50/90,50
INEOS 100,40/101,00
SAVCIO no carta
VAC FINANZIERUNG 91,00/96,00
CEDC 91,50/92,00 questa è da prendere
NOVASEP 59,60/61,50
PETROL 74,00/76,00
DUBAI 89,50/90,50
INEOS 100,40/101,00
SAVCIO no carta
VAC FINANZIERUNG 91,00/96,00
CEDC 91,50/92,00 questa è da prendere
NOVASEP 59,60/61,50
PETROL 74,00/76,00
nik.sala
Money Never Sleeps
qquebec
Super Moderator
ATU: strong buy di Jyske
Alla faccia della tempestività... quei cioccolatai di Jyske hanno scoperto che sul mercato esistono anche i bond ATU Auto
. Non solo, hanno pure emesso uno "strong buy". La cosa non può che farci piacere. Ma dove cavolo erano quando il bond 2014 valeva 40 e si diceva che ATU era da comprare? 
https://jyskebank.com/wps/wcm/conne...ERES&CACHEID=7ae2ee0046cad23d8635cfa69ab04e68
ATU: Meeting with management confirms the case
We have visited ATU’s headquarters in Weiden, Germany. We met with the company’s management represented by the CFO, Mr Christian Sailer. One of the main points from our meeting was that the implementation of and return to the original strategy are proceeding as planned and are increasingly showing signs of success. This is decisive for the company’s success in the long term. Since ATU is reintroducing the original, thoroughly tested strategy, we see the execution risk as limited.
The management pointed out that the guidance of revenue growth of 1%-2% in both 2011 and 2012 is set on the assumption of an unchanged market share. For several reasons, we see this guidance as slightly conservative. Among other things this is supported by the fact that a strong fourth quarter (like in 2010) is typically followed by a strong second quarter in the following year since more customers than usual will change back to summer tyres.
In future, the dependence on the weather conditions in the winter season will be reduced since a new law from late 2010 requires all cars – regardless of the weather – to change to winter tyres every year.
The meeting with the management confirms our generally bullish view of the company. The recommendation for €11% 2014 is Strong BUY and the 12-month expected return is no less than 13.5%.
Alla faccia della tempestività... quei cioccolatai di Jyske hanno scoperto che sul mercato esistono anche i bond ATU Auto
. Non solo, hanno pure emesso uno "strong buy". La cosa non può che farci piacere. Ma dove cavolo erano quando il bond 2014 valeva 40 e si diceva che ATU era da comprare? https://jyskebank.com/wps/wcm/conne...ERES&CACHEID=7ae2ee0046cad23d8635cfa69ab04e68
ATU: Meeting with management confirms the case
We have visited ATU’s headquarters in Weiden, Germany. We met with the company’s management represented by the CFO, Mr Christian Sailer. One of the main points from our meeting was that the implementation of and return to the original strategy are proceeding as planned and are increasingly showing signs of success. This is decisive for the company’s success in the long term. Since ATU is reintroducing the original, thoroughly tested strategy, we see the execution risk as limited.
The management pointed out that the guidance of revenue growth of 1%-2% in both 2011 and 2012 is set on the assumption of an unchanged market share. For several reasons, we see this guidance as slightly conservative. Among other things this is supported by the fact that a strong fourth quarter (like in 2010) is typically followed by a strong second quarter in the following year since more customers than usual will change back to summer tyres.
In future, the dependence on the weather conditions in the winter season will be reduced since a new law from late 2010 requires all cars – regardless of the weather – to change to winter tyres every year.
The meeting with the management confirms our generally bullish view of the company. The recommendation for €11% 2014 is Strong BUY and the 12-month expected return is no less than 13.5%.
Ultima modifica:
fabriziof
Forumer storico
isin, che questa me la sono persa forse
Zinc Capital 8,875%
Finalmente un taglio da 1K
Immagini allegate
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bulogna
Forumer storico
DUBAI 89,50/90,50
INEOS 100,40/101,00
SAVCIO no carta
VAC FINANZIERUNG 91,00/96,00
CEDC 91,50/92,00 questa è da prendere
NOVASEP 59,60/61,50
PETROL 74,00/76,00
Quella in rosso taglio 50K?
- Stato
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