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

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Un interessante articolo sulla compagnia francese di shipping
http://www.soldi-web.com/investire/...operatore-nel-trasporto-di-container-via-mare

Il bond da 325 mln di euro 8,875% scadenza 8 anni, emesso tre mesi fa a 100, (XS0618676190) si compra a 83 e rende il 12,75% :eek:
...mi son fatto scappare il bond 5,50% 2012 a prezzi infimi, a 50 circa, anche se la società mi piaceva. Il problema è che si riuscivano a reperire poche informazioni, il rating era stato tolto e non s sapeva niente di niente...cmq il bond, se fosse da 50k, sarebbe nel mirino :abbocca:
così, invece, aspetto di vedere le evoluzioni novasep ed eircom :sad:
 
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Greif Luxembourg successfully places EUR 200 mn of 10Y HY bonds
“Hold” the GEF 7.375% 07/21 at 100 or a Z-spread of 420 bps
US-based industrial packaging manufacturer Greif successfully issued EUR 200 mn of 10Y bonds at 100 with a coupon of 7.375%. Considering the weak markets on Friday, pricing was in line with our expectations. We view Greif as “Medium Risk” on the LARA scale. We like the company’s dominant market position in the rigid industrial packaging & services segment, solid cash flow generation and in our view decent leverage. However, the company is exposed to cyclical swings. This is somewhat mitigated by the fact that a cyclical downturn usually leads to a release of working capital. Furthermore, Greif follows an aggressive expansion strategy and remunerates shareholders generously. We are also cautious of the on-going high restructuring charges, which in our view are inherent in the industry. We believe that documentation does not provide good protection for bondholders, particularly as major HY covenants - including the restricted payment test and the limitation on additional indebtedness - are not included, and as the notes are guaranteed by only Greif Inc. with no other security granted. In our view bonds offer fair value at the moment. For more details please refer to our “New Issue Assessment” from Friday.
 
Sotto i 30 oggi :eek:
Extends agreement with Google
“Hold” PGIM 10.5% 01/17; “Speculative Buy” of LIGHTH 8% 04/14 at a price lower than 30

Yesterday, Seat Pagine announced the extension of its previously announced agreement with Google, whereby Seat acts as a strategic re-seller of AdWords in Italy. This forms part of Seat’s online strategy of transforming into a ‘local marketing communications agency’. We hope to hear details of the commercial success of this strategy at the upcoming quarterly earnings release. This quarter is the first in which the Google partnership has been operational. We expect to see an improvement in the EBITDA trend, however it is not clear if this partnership will be enough to bring solid growth. Further, this comes at a time of increasing uncertainty in Italian credit markets following fears of a spill-over of the sovereign debt crisis, exactly when Seat has engaged directly with its senior bank lenders regarding restructuring options of its debt. In our view, it is too early to say if the sovereign crisis will cause current talks to fail, however we do expect increased market nervousness and volatility, which may very well translate into a higher cost of capital for the company (and hence lower debt capacity). Also, an Italian sovereign default would be disastrous for the Italian economy and hence for Seat, which is heavily dependent on more fragile SME customers. As such, we would recommend caution. That said, following a nearly 5 point fall in the price of LIGHTH notes yesterday, we continue to believe a speculative bid would be attractive at a price below 30. We maintain our “Very High Risk ” assessment on the LARA scale.

Stando a loro è il momento di acquistare.
 
Travelport 10,875%

Fra le varie ciofeche in circolazione, segnalo Travelport in euro XS0302343917 con scadenza 2016 che è scesa dai 100 e rotti e ora viaggia sugli 85/87. Ne avevamo già parlato in passato, si tratta del leader americano dell'industria dei viaggi, attiva più che altro nel segmento nel segmento B2B (la versione USA della TUI tedesca, tanto per intenderci). La società riflette il periodo congiunturale negativo degli USA e la contrazione dei margini dovuti alla debolezza del dollaro, ma il debito era già stato ristrutturato in parte due anni fa con successo, mentre il Q1 2011 si è chiuso con l'ebitda in crescita e ricavi sostanzialmente stabili. Da seguire e verificare se è trattabile data la scarsità del flottante (160 mln).
Per gli amanti del TV c'è anche questa, sempre in euro, stesso prezzo, euribor + 6% 2014, XS0302343164
 

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