Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
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nik.sala
Money Never Sleeps
di niente GionNik, grazie per gli interessanti articoli che posti
E' interessante vedere che, ogni tanto, anche gli "specialisti" riportano e parlano di argomenti e bond che trattiamo sia su questo 3D che su quello delle perpetue.
p.s. ieri x me il prezzo di Fage era fasullo : mi hanno eseguito a 94,54
Infatti è da qualche giorno che la vedo sui 90 sulle borse tedesche, e stavo pensando di abbassare il mio pmc, quindi è farlocco 90???di niente Gion
E' interessante vedere che, ogni tanto, anche gli "specialisti" riportano e parlano di argomenti e bond che trattiamo sia su questo 3D che su quello delle perpetue.
p.s. ieri x me il prezzo di Fage era fasullo : mi hanno eseguito a 94,54
fabriziof
Forumer storico
nik ti ringrazio dei prezzi che posti.sono prezzi di iw?di niente Gion
E' interessante vedere che, ogni tanto, anche gli "specialisti" riportano e parlano di argomenti e bond che trattiamo sia su questo 3D che su quello delle perpetue.
p.s. ieri x me il prezzo di Fage era fasullo : mi hanno eseguito a 94,54
p.s. hai saputo che sono salito su petrol a 83,5?
nik.sala
Money Never Sleeps
Ieri mi han dato 90/92, poi su altra banca ho inserito 93,00 e mi han dato l'ineseguito, quindi controparte fasulla, o cmq che ha spostato la lettera più in su. Poi ho inserito 95,00, eseguito a 94,54. Stesso identico prezzo di esecuzione dell'ultimo mio acquisto del 13.06, quindi nessun cambiamento. Ho incrementato di 10k
Figurati
Ho letto su Petrol, grande, però troppo facile adesso ci son più certezze
In questi ultimi gg. so che la controparte ad 86 son che non le molla più(ING) e non sposta neanche più in alto l'asticella, proprio non le da e basta...a questo punto, salvo bad news, con il mio pmc a 72,60, con tutta la fifa che ho avuto, me le tengo fino al 26.10
Quella che mi preoccupa più di altre e che ho in ptf è eircom
, in seconda battuta novasep, che però sta rimbalzando e la vedo meglio impostata...
Ultima modifica:
fabriziof
Forumer storico
già eircom e novasep sono state le nostre scelte sfortunatei.Ieri mi han dato 90/92, poi su altra banca ho inserito 93,00 e mi han dato l'ineseguito, quindi controparte fasulla, o cmq che ha spostato la lettera più in su. Poi ho inserito 95,00, eseguito a 94,54. Stesso identico prezzo di esecuzione dell'ultimo mio acquisto del 13.06, quindi nessun cambiamento. Ho incrementato di 10k
Figurati
Ho letto su Petrol, grande, però troppo facile adesso ci son più certezze
In questi ultimi gg. so che la controparte ad 86 son che non le molla più(ING) e non sposta neanche più in alto l'asticella, proprio non le da e basta...a questo punto, salvo bad news, con il mio pmc a 72,60, con tutta la fifa che ho avuto, me le tengo fino al 26.10
Quella che mi preoccupa più di altre e che ho in ptf è eircom
Moody's upgrades Brazil to Baa2 from Baa3, retains positive outlook
New York, June 20, 2011 -- Moody's Investors Service has upgraded the government bond ratings of Brazil to Baa2 from Baa3 on account of a sovereign credit profile consistent with ratings in the higher Baa range, recent policy adjustments that should result in a more sustainable macroeconomic scenario, and prospects for improving medium-term fiscal and growth indicators. The outlook on the ratings remains positive.
Brazil's foreign currency country ceilings were also upgraded as part of this rating action. The corresponding bond ceiling went to Baa1 from Baa2, while the deposit ceiling went to Baa2 from Baa3. The local currency country ceilings were not affected.
RATINGS RATIONALE
The upgrade reflects the following considerations:
• Credit fundamentals consistent with ratings placed in the middle-to-upper range of the Baa rating category and moderate susceptibility to financial (credit boom-related) event risk.
• Willingness on the part of the government to reverse expansionary policies and adopt a conservative policy stance that appears more consistent with a sustainable growth path.
• Moody's expectation that government debt ratios will report a declining trend as compliance with the fiscal targets incorporated in the medium-term budgetary guidelines are likely to be observed.
Brazil's credit fundamentals validate sovereign ratings in the higher Baa range. High economic strength stems from large and relatively diversified productive and export bases. Policy continuity as well as a government debt structure associated with moderate exchange rate, rollover, and interest risks are integral elements of Brazil's sovereign credit profile. Prospective elements are encouraging. Our baseline expectation is for relatively favorable and more sustained economic growth in coming years.
These credit attributes are counterbalanced by recent evidence of rapid credit growth, increased inflationary pressures and signs of overheating.
Policy efforts to ward off these conditions have, to date, been effective in mitigating potential credit risks.
Through a combination of fiscal and monetary measures, the authorities are in the process of defusing conditions that have caused overheating in the economy. Although too early to tell if current actions will be sufficient, they appear strongly committed to addressing the problem and containing its impact with additional measures, if required.
The resilience of the economy to adverse shocks continues to be supported by (i) a high level of international reserves, (ii) robust bank capital ratios , and (iii) a government debt structure with limited foreign-currency exposure and reduced participation by non-residents.
A track record of effective policy management under adverse conditions provides important support to Brazil's sovereign ratings, as well.
Budgetary guidelines that incorporate medium-term fiscal projections for the 2012-2014 period represent an important move toward a multi-year budgetary process. Compliance with a primary surplus target of 3% of GDP during the four-year term of the current administration -- an assumption implicit in the current rating action -- should support a declining trend in government debt ratios.
Concerns about an ongoing credit boom have dominated discussions concerning Brazil's economic outlook in recent months. Moody's view on this subject is that, even if a bubble-like event were to materialize, its impact on the government's balance sheet is not likely to be substantial. This is because (a) high capital ratios in Brazilian banks provide a sturdy first-line-of-defense against any such event, significantly reducing the need for official (government) financial support, and (b) a low credit-to-GDP ratio implies that, compared to European countries that experienced credit bubbles, the potential magnitude of a systemic credit event would be considerably smaller.
TRIGGERS FOR FUTURE RATING ACTIONS
The positive outlook captures the possibility of a further upgrade within the next 12-18 months. This would be possible if: (i) economic growth moderates and remains at lower - but more sustainable - rates; and (ii) the authorities are willing and able to comply with medium-term budgetary targets.
Alternatively, if there is no evidence of substantive progress in these areas, the potential upside associated with the positive outlook could be removed, leaving Brazil's ratings at the current Baa2 level.
The last rating action on Brazil was on September 22, 2009 when the country's government bond rating was upgraded to Baa3 from Ba1 and a positive outlook was assigned.
The principal methodology used in this rating was "Moody's Sovereign Bond Methodology," published in September 2008.
"Key Drivers for Moody's Upgrade of Brazil," a report which offers a more detailed discussion of the reasons for the upgrade, was also published today and is available at moodys.com.
Cbonds pages:
Issuer profile:
Brazil is a country in South America.
Area – 8 514 877 sq.km (5th).
Population – 191,2 mln. (5th)
The capital is Brasilia.
Official language – Portuguese.
Local currency – Real (BRL).
Government – Presidential Federal republic.
Outstanding issues:
22 issue(s) outstanding worth USD 52 064 336 274
3 issue(s) outstanding worth EUR 2 187 342 670
3 issue(s) outstanding worth BRL 11 287 500 000
Issuer's rating:
Moody's Investors Service Baa2/Positive Int. Scale (foreign curr) 20.06.2011
Standard & Poor's BBB-/Positive Int. Scale (foreign curr.) 23.05.2011
Fitch Ratings BBB/Stable Int. Scale (foreign curr.) 04.04.2011
New York, June 20, 2011 -- Moody's Investors Service has upgraded the government bond ratings of Brazil to Baa2 from Baa3 on account of a sovereign credit profile consistent with ratings in the higher Baa range, recent policy adjustments that should result in a more sustainable macroeconomic scenario, and prospects for improving medium-term fiscal and growth indicators. The outlook on the ratings remains positive.
Brazil's foreign currency country ceilings were also upgraded as part of this rating action. The corresponding bond ceiling went to Baa1 from Baa2, while the deposit ceiling went to Baa2 from Baa3. The local currency country ceilings were not affected.
RATINGS RATIONALE
The upgrade reflects the following considerations:
• Credit fundamentals consistent with ratings placed in the middle-to-upper range of the Baa rating category and moderate susceptibility to financial (credit boom-related) event risk.
• Willingness on the part of the government to reverse expansionary policies and adopt a conservative policy stance that appears more consistent with a sustainable growth path.
• Moody's expectation that government debt ratios will report a declining trend as compliance with the fiscal targets incorporated in the medium-term budgetary guidelines are likely to be observed.
Brazil's credit fundamentals validate sovereign ratings in the higher Baa range. High economic strength stems from large and relatively diversified productive and export bases. Policy continuity as well as a government debt structure associated with moderate exchange rate, rollover, and interest risks are integral elements of Brazil's sovereign credit profile. Prospective elements are encouraging. Our baseline expectation is for relatively favorable and more sustained economic growth in coming years.
These credit attributes are counterbalanced by recent evidence of rapid credit growth, increased inflationary pressures and signs of overheating.
Policy efforts to ward off these conditions have, to date, been effective in mitigating potential credit risks.
Through a combination of fiscal and monetary measures, the authorities are in the process of defusing conditions that have caused overheating in the economy. Although too early to tell if current actions will be sufficient, they appear strongly committed to addressing the problem and containing its impact with additional measures, if required.
The resilience of the economy to adverse shocks continues to be supported by (i) a high level of international reserves, (ii) robust bank capital ratios , and (iii) a government debt structure with limited foreign-currency exposure and reduced participation by non-residents.
A track record of effective policy management under adverse conditions provides important support to Brazil's sovereign ratings, as well.
Budgetary guidelines that incorporate medium-term fiscal projections for the 2012-2014 period represent an important move toward a multi-year budgetary process. Compliance with a primary surplus target of 3% of GDP during the four-year term of the current administration -- an assumption implicit in the current rating action -- should support a declining trend in government debt ratios.
Concerns about an ongoing credit boom have dominated discussions concerning Brazil's economic outlook in recent months. Moody's view on this subject is that, even if a bubble-like event were to materialize, its impact on the government's balance sheet is not likely to be substantial. This is because (a) high capital ratios in Brazilian banks provide a sturdy first-line-of-defense against any such event, significantly reducing the need for official (government) financial support, and (b) a low credit-to-GDP ratio implies that, compared to European countries that experienced credit bubbles, the potential magnitude of a systemic credit event would be considerably smaller.
TRIGGERS FOR FUTURE RATING ACTIONS
The positive outlook captures the possibility of a further upgrade within the next 12-18 months. This would be possible if: (i) economic growth moderates and remains at lower - but more sustainable - rates; and (ii) the authorities are willing and able to comply with medium-term budgetary targets.
Alternatively, if there is no evidence of substantive progress in these areas, the potential upside associated with the positive outlook could be removed, leaving Brazil's ratings at the current Baa2 level.
The last rating action on Brazil was on September 22, 2009 when the country's government bond rating was upgraded to Baa3 from Ba1 and a positive outlook was assigned.
The principal methodology used in this rating was "Moody's Sovereign Bond Methodology," published in September 2008.
"Key Drivers for Moody's Upgrade of Brazil," a report which offers a more detailed discussion of the reasons for the upgrade, was also published today and is available at moodys.com.
Cbonds pages:
Issuer profile:
Brazil is a country in South America.
Area – 8 514 877 sq.km (5th).
Population – 191,2 mln. (5th)
The capital is Brasilia.
Official language – Portuguese.
Local currency – Real (BRL).
Government – Presidential Federal republic.
Outstanding issues:
22 issue(s) outstanding worth USD 52 064 336 274
3 issue(s) outstanding worth EUR 2 187 342 670
3 issue(s) outstanding worth BRL 11 287 500 000
Issuer's rating:
Moody's Investors Service Baa2/Positive Int. Scale (foreign curr) 20.06.2011
Standard & Poor's BBB-/Positive Int. Scale (foreign curr.) 23.05.2011
Fitch Ratings BBB/Stable Int. Scale (foreign curr.) 04.04.2011
Ultima modifica:
nik.sala
Money Never Sleeps
già eircom e novasep sono state le nostre scelte sfortunatei.
fabri ma tu sei fuori giusto ???
fabriziof
Forumer storico
si ma con laute perdite
- Stato
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