Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1

[nik.sala]

Se riesci mi chiedi la quotazione di atu XS0202043898
Grazie

Cmq ho chiesto ieri, siamo ad 80,00/81,00, al momento non si muove.
Io l'ho in ptf e la mantengo

 

[qquebec]

Figa ho appena chiuso e non ero davanti al terminale che qui non mi prende, comunque air berlin niente, un sola controparte che è passata da 97.81 a 98.20 e poi 98.8 ma non le ho prese, riprovo domani, in compenso mi son preso la perpetual di TUI 059 a 100 tondi tondi.

Per QQ Petrol 80/86

Grazie Gion E' una settimana che cerco di prenderle, ma a 86 non passa.

TUI perpetua è un bel bocconcino. L'avevo presa di mira un paio di anni fa, ma poi ho declinato per via del casino che si stava scatenando sui bond subordinati, preferendo altri lidi. La società adesso è ben posizionata, dopo aver messo a posto i conti. E poi è ... tedescaUP!

 

[bulogna]

Figa ho appena chiuso e non ero davanti al terminale che qui non mi prende, comunque air berlin niente, un sola controparte che è passata da 97.81 a 98.20 e poi 98.8 ma non le ho prese, riprovo domani, in compenso mi son preso la perpetual di TUI 059 a 100 tondi tondi.

Per QQ Petrol 80/86

Nessun problema

 

[gionmorg]

Solo roba buona
la petrol mi sa che non si prende però
Tui l'avevo guardata tempo addietro(prezzava 75) ma c'era in ballo il casino sulla società e non mi son fidato.
Certo che se continua a pagare anche dopo il 2013, i cedoloni sono golosi...

Petrol mi sono fatto dare il prezzo che me lo ha chiesto QQ, mentre tui era da un pò che la seguivo, mi sono informato e tutto sommato:

LONDON (Standard & Poor's) Dec. 17, 2010--Standard & Poor's Ratings Services
said today that it revised its outlook on Germany-based tourism and shipping
conglomerate TUI AG to stable from negative. At the same time, the 'B-'
long-term corporate credit rating, along with the 'B-' senior unsecured debt
and 'CCC-' junior subordinated debt ratings, on TUI were affirmed. The
recovery rating of '4' on the senior unsecured debt, and '6' on the junior
subordinated debt, are unchanged.

"The outlook revision reflects our view that improved conditions in the HL
shipping business and recent financing measures by TUI AG and its subsidiaries
and associates, including shareholder loan repayments by both HL and tourism
subsidiary TUI Travel PLC (TTP), have improved TUI's near-term liquidity
position," said Standard & Poor's credit analyst Philip Temme.

Stronger conditions in shipping enabled HL to cancel its former state loan
guarantees and to repay ?507 million of the loans it had received from TUI.
TUI's cash position was further enhanced by ?759 million of shareholder loan
repayments from TTP during calendar 2010.

With lease-adjusted EBITDA in financial 2010 of just under ?800 million, and
debt (adjusted for leases, pensions, contingent liabilities and other
financial commitments) of about ?7.2 billion, TUI's leverage of about 9.0x
remains extremely high, in our opinion.

The ratings on TUI reflect our view of its holding company status, highly
leveraged financial risk profile, short-term debt maturities, reliance on
ongoing refinancing and asset streamlining measures, ongoing significant
exposure to noncore shipping associate HL, and complex structure and cash flow
leakage to minorities. They also reflect the seasonality and cyclicality of
tourism, which faces ongoing margin pressures, threats to discretionary
consumer spending in some markets, and high event risks. Business risks are
mitigated in part by TUI's market-leading position in European tourism, by
geographically well-diversified sales, and by the recovery in shipping.

In our view, recent positive financing momentum and improved performance at HL
strengthen TUI's ability to fund its near-term liabilities. However, liquidity
remains less than adequate over the medium term. In our opinion, TUI is
dependent on the pace of loan repayments from HL (or other measures to extract
capital invested in HL), as well as on asset-streamlining measures.

TUI remains highly leveraged and so susceptible to unexpected operating
shocks. The current rating and outlook assume the group remains committed to
deleveraging and that it will maintain strong discipline over dividends,
capital spending, and mergers and acquisitions. A successful flotation of HL
in 2011, if combined with a partial sale of TUI's stake, could provide rating
upside if proceeds are primarily devoted to deleveraging. We are unlikely to
raise the ratings until medium-term funding is assured and the group brings
lease-adjusted net debt to EBITDA sustainably below 6.0x. Ratings could be
lowered in the event of liquidity-related stress.

Giusto per diversificare, poi nell'eventualità che fra due anni non calli, eur3+7.3 sono davvero tanti

 

[qquebec]

PDF su Eircom
https://jyskebank.com/wps/wcm/conne...ERES&CACHEID=d9d62a00474ed9dcb82df9a69ab04e68

Qui il debito da segare è il seguente:

643 mln sul PIK 2017
350 mln sul senior 2016
343 mln su un loan bancario subordinato

La banca (non so quale) dovrebbe già essere d'accordo per lo swap debt/equity, mentre il PIK sarà rasato almeno del 90%. Resta il senior 2016 che, secondo me, verrà convertito in azioni per circa i 2/3, ma un centinaio di mln dovrebbero continuare a sopravvivere.

 

[gionmorg]

Grazie Gion E' una settimana che cerco di prenderle, ma a 86 non passa.

TUI perpetua è un bel bocconcino. L'avevo presa di mira un paio di anni fa, ma poi ho declinato per via del casino che si stava scatenando sui bond subordinati, preferendo altri lidi. La società adesso è ben posizionata, dopo aver messo a posto i conti. E poi è ... tedescaUP!

Oman sovereign fund confirming interest in Hapag Lloyd; rumours about bid for outstanding stake in Tui travel
According to the FTD, Oman’s sovereign fund confirmed to Tui its intention to purchase Tui’s stake in Hapag Lloyd. Further, rumours that Tui would bid for the 45% stake of Tui Travel it does not own hit the screens. The Daily Mail had previously reported that Tui may post a bid for the outstanding shares of Tui Travel at 350p per share vs. its current share price of 213.9p. Markets were not too impressed by the rumours and Tui Travel shares ended the day 0.5% lower after a strong start. In our view, Tui will not make an attempt to purchase Tui Travel before it has disposed of Hapag Lloyd. However, with weakening equity markets and more clouds on the horizon for the shipping industry, an IPO is currently not an option. Moreover, we believe process from a sale to a strategic buyer or sovereign fund (like the Oman state fund) will take time to materialize. While liquidity is strong and Tui’s short term bonds should be safe, we believe its hybrid bonds and CDS may be vulnerable to the current environment. CDS have widened by c. 200 bps since their lows and the hybrid has held in fairly well. Thus, we change our recommendation for the hybrid to “sell”.

 

[nik.sala]

Qui il debito da segare è il seguente:

643 mln sul PIK 2017
350 mln sul senior 2016
343 mln su un loan bancario subordinato

La banca (non so quale) dovrebbe già essere d'accordo per lo swap debt/equity, mentre il PIK sarà rasato almeno del 90%. Resta il senior 2016 che, secondo me, verrà convertito in azioni per circa i 2/3, ma un centinaio di mln dovrebbero continuare a sopravvivere.

Speriamo, in quel centinaio dovrebbero rimanere anche i miei

 

[gionmorg]

After the first half of the financial year, the TUI Group is on track. In the second quarter of financial year 2010/11, TUI AG continued to grow and achieved substantial improvements in the Group result. Turnover rose by around 7 per cent to almost 3.1 billion euro (previous year 2.9 billion euro). In the second quarter, operating earnings (underlying EBITA by Tourism and Central Operations) de-creased by around 6 per cent to -256 million euro (previous year -240 million euro), driven partly by the crisis in North Africa. Nevertheless, the Group result improved by 21 per cent to a seasonal loss of 209 million euro (previous year -266 million euro).
Earnings per share accounted for -0.60 euro (previous year -0.73 euro) in the second quarter, a year-on-year improvement of around 18 per cent. The net debt position showed a significantly positive development. Overall, net debt was reduced by around 730 million euro to 2.7 billion euro in the second quarter (previous year 3.4 billion euro).
TUI also recorded an improvement in accumulated results for the first six months of the financial year. Turnover grew by 9 per cent year-on-year to around 6.4 billion euro (previous year 5.8 billion euro). Operating earnings (underlying EBITA) improved by almost 2 per cent to -375 million euro (previous year -384 million euro). The Group result, which is traditionally negative in the first half of the year due to the seasonality of the business, improved by almost 130 million euro to -304 million euro (previous year -432 million euro). This is an improvement of 30 per cent.
Despite the impact of events in North Africa on the Tourism business, TUI has confirmed its outlook for the full year. For financial year 2010/11, TUI expects growth in turnover (previous year around 16.3 billion euro) and a slight improvement in operating earnings (underlying EBITA previous year around 590 million euro). Against this background, TUI AG’s Executive Board continues to expect a positive Group result for the year.

 

[qquebec]

Oman sovereign fund confirming interest in Hapag Lloyd; rumours about bid for outstanding stake in Tui travel
According to the FTD, Oman’s sovereign fund confirmed to Tui its intention to purchase Tui’s stake in Hapag Lloyd. Further, rumours that Tui would bid for the 45% stake of Tui Travel it does not own hit the screens. The Daily Mail had previously reported that Tui may post a bid for the outstanding shares of Tui Travel at 350p per share vs. its current share price of 213.9p. Markets were not too impressed by the rumours and Tui Travel shares ended the day 0.5% lower after a strong start. In our view, Tui will not make an attempt to purchase Tui Travel before it has disposed of Hapag Lloyd. However, with weakening equity markets and more clouds on the horizon for the shipping industry, an IPO is currently not an option. Moreover, we believe process from a sale to a strategic buyer or sovereign fund (like the Oman state fund) will take time to materialize. While liquidity is strong and Tui’s short term bonds should be safe, we believe its hybrid bonds and CDS may be vulnerable to the current environment. CDS have widened by c. 200 bps since their lows and the hybrid has held in fairly well. Thus, we change our recommendation for the hybrid to “sell”.

In effetti Hapag Lloyd c'entra un po' come i cavoli a merenda nel business di TUI. Per cui la quota sarà presto ceduta. La cessione della quota di maggioranza servì per ridurre il debito di TUI che poi fu spalmato su fondi e investitori istituzionali con un'operazione di LBO attraverso l'emissione di due bond HY da complessivi 550 mln euro.

 

[fabriziof]

Qui il debito da segare è il seguente:

643 mln sul PIK 2017
350 mln sul senior 2016
343 mln su un loan bancario subordinato

La banca (non so quale) dovrebbe già essere d'accordo per lo swap debt/equity, mentre il PIK sarà rasato almeno del 90%. Resta il senior 2016 che, secondo me, verrà convertito in azioni per circa i 2/3, ma un centinaio di mln dovrebbero continuare a sopravvivere.

finirà che avrò sbagliato a vendere il pik a 7.tui l'ho tradata con successo tra 2009 e 2010 ma poco prima si era parlato di default,ora non la seguo.invece ho da qualche mese questo perpetuo bancario tedesco dal bel cedolone 10% DE000A1APTA4 il prezzo non si muove mai di un millimetro