Camajan
Forumer storico
la mia è la solita banketta di provincia ... mi pare ke si rivolgano ad Akros ... ma devo verificare
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
la mia è la solita banketta di provincia ... mi pare ke si rivolgano ad Akros ... ma devo verificare
bulogna
Forumer storico
ok grazie
fabriziof
Forumer storico
intanto con la tua banketta sei riuscito a prendere petrol
Camajan
Forumer storico
intanto con la tua banketta sei riuscito a prendere petrol
ma non mi acquistano le nuove emissioni di Ono
iguanito
Forumer storico
Eccolo. Io non ho trovato nulla che dica che il taglio è 1K, nè nel sommario nè nella parte riguardante la descrizione del bond
fabriziof
Forumer storico
a pagina 98 del prospetto leggo taglio minimo 100k
qquebec
Super Moderator
Secondo me sì
Senz'altro perché ne hanno già ricomperato una bella fetta e mi pare ci sia un coefficiente di rettifica del 64% per cui su 50.000 nominali andresti a spendere poco più di 32.000 euro. Fra un anno e mezzo circa, la rimborsano, forse prima. Guarda bene però il prezzo di acquisto e l'eventuale incidenza che avrebbe l'esercizio della call (suppongo a 100). Faccio un esempio: se acquisti oggi a 101,50 e dopo 30 giorni scatta la call o un rimborso anticipato, guadagneresti il 5,8% che con le commissioni si ridurrebbe ulteriormente. Senza contare eventuali tasse sul disaggio di emissione (se emesso sotto 100). Purtroppo, per i titoli in scadenza bisogna fare questi conti, che su grandi importi sono bei soldi, ma su piccolo tagli incide relativamente. 
lorenzo63
Age quod Agis
Lorenzo, io ringrazio te per lo splendido lavoro
Grazie .. sto pensando di fare qualcosa del genere anche per gli altri titoli...pensa: è una fonte di dati gratuita ed affidabile. (spero)
Clondalkin
Retain “Hold” on the FRNs. Move to “Buy” on the fixed notes
Clondalkin released a good set of Q1 FY 2011 results yesterday. Revenues were 8.3% higher at EUR 221.7 mn, supported by growth in both its segments. Volumes were higher, particularly in the foil and laminate packaging sub-division and in the Specialist packaging division, whereas pricing was higher in the Polymer and Plastics Products division, which managed to pass on higher resin costs relatively well. EBITDA was EUR 20.8 mn, 4.7% higher y-o-y, as savings across other cost functions helped substantially offset higher raw material costs. Historically, in Q1 there is a working capital outflow and this quarter was no different. That said, Clondalkin managed its working capital very well despite the pressure of high resin costs. Net leverage, though higher sequentially due to seasonality, improved 0.3x y-o-y to 5.9x. Net secured leverage was 3.9x. We will comment in further detail in our Earnings flash following the conference call today. We keep our “Medium Risk” assessment on the LARA scale and move to “buy” on the fixed notes while retaining our “hold” on the floaters.
Retain “Hold” on the FRNs. Move to “Buy” on the fixed notes
Clondalkin released a good set of Q1 FY 2011 results yesterday. Revenues were 8.3% higher at EUR 221.7 mn, supported by growth in both its segments. Volumes were higher, particularly in the foil and laminate packaging sub-division and in the Specialist packaging division, whereas pricing was higher in the Polymer and Plastics Products division, which managed to pass on higher resin costs relatively well. EBITDA was EUR 20.8 mn, 4.7% higher y-o-y, as savings across other cost functions helped substantially offset higher raw material costs. Historically, in Q1 there is a working capital outflow and this quarter was no different. That said, Clondalkin managed its working capital very well despite the pressure of high resin costs. Net leverage, though higher sequentially due to seasonality, improved 0.3x y-o-y to 5.9x. Net secured leverage was 3.9x. We will comment in further detail in our Earnings flash following the conference call today. We keep our “Medium Risk” assessment on the LARA scale and move to “buy” on the fixed notes while retaining our “hold” on the floaters.
Norske Skog
New notes priced to yield 13%
Reiterate “Sell” on 5Y CDS at 884 bps; Switch from the 7% NSINO 06/17 EUR notes into the new notes. “Sell” protection on 3Y CDS at 753 bps
Yesterday, Norske Skog priced the EUR 150 mn 5-year bond offering to yield 13% with a coupon of 11.75%. Earlier, Norske had halved the size of its intended bond offering from EUR 300 mn to EUR 150 mn citing volatile and challenging market conditions. We think that while the business remains structurally weak and begging for consolidation, dynamics definitely improved compared to the lows of FY 2010. Both Q4/10 and Q1/11 showed remarkable improvements in pricing and internal cost efforts. Despite higher costs, at least for H2 we think the benefits of re-contracting, which are yet to accrue on European newsprint contracts, should mostly offset these costs. That said, the inability to pass on intended price increases remains a risk. We view the current widening as slightly overdone and maintain our “sell” on 3Y and 5Y CDS. We recommend to switch from the existing 06/17 notes into the new notes given the shorter maturity and higher yields currently on offer. We have a “High Risk” assessment on the LARA scale.
New notes priced to yield 13%
Reiterate “Sell” on 5Y CDS at 884 bps; Switch from the 7% NSINO 06/17 EUR notes into the new notes. “Sell” protection on 3Y CDS at 753 bps
Yesterday, Norske Skog priced the EUR 150 mn 5-year bond offering to yield 13% with a coupon of 11.75%. Earlier, Norske had halved the size of its intended bond offering from EUR 300 mn to EUR 150 mn citing volatile and challenging market conditions. We think that while the business remains structurally weak and begging for consolidation, dynamics definitely improved compared to the lows of FY 2010. Both Q4/10 and Q1/11 showed remarkable improvements in pricing and internal cost efforts. Despite higher costs, at least for H2 we think the benefits of re-contracting, which are yet to accrue on European newsprint contracts, should mostly offset these costs. That said, the inability to pass on intended price increases remains a risk. We view the current widening as slightly overdone and maintain our “sell” on 3Y and 5Y CDS. We recommend to switch from the existing 06/17 notes into the new notes given the shorter maturity and higher yields currently on offer. We have a “High Risk” assessment on the LARA scale.
- Stato
Similar threads
Obbligazioni societarie
HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
