Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (14 lettori)

[gionmorg]

Seat Pagine Gialle
Lighthouse bondholders in principal agree to debt for equity swap according to Reuters
“Hold” all bonds
According to Reuters, Seat informally agreed with the subordinated Lighthouse bondholders to swap their bonds into equity. Reuters quoted a source saying there was an accord in principle with holders to swap at least part of the bonds. Furthermore, negations will now focus on the amount of bonds to be converted into shares and the swap ratio with an agreement expected in October. While Seat lately posted encouraging numbers in our view, its overall debt load is not sustainable and a debt for equity swap indeed seems like a reasonable solution. Depending on the swap ratio and the amount of debt to be transferred into equity, a potential agreement may well be favourable for senior noteholders whereas the outcome for Lighthouse bondholders depends on the terms negotiated. Given the high uncertainty involved, we keep our “Hold” recommendation and caution that negotiations may well prove difficult. Also, Italian restructuring legislation is not favourable for debt holders in general. We maintain our “Very High Risk” assessment on the LARA scale.

Che cacchio c'entra L'Italia? Il Lighthouse è una società lussemburghese

Secondo me fanno un discorso più in generale su un eventuale default di SPG!

Oggi stacca HTM, confermate?

 

[qquebec]

Secondo me fanno un discorso più in generale su un eventuale default di SPG!

Oggi stacca HTM, confermate?

Direi proprio di sì

 

[fabriziof]

da lunedi in attesa delle cedole di zlomrex e new reclam

arrivata new reclam aspettiamo i polacchi

 

[dicolamia]

Ciao ragazzi,complimenti per l'incredibile lavoro.
Mi piace Ceva Logistics 10% 2016,voi cosa ne pensate?
Grazie del vs parere

 

[gionmorg]

Più spazio ai bond high yield

 

[qquebec]

Ciao ragazzi,complimenti per l'incredibile lavoro.
Mi piace Ceva Logistics 10% 2016,voi cosa ne pensate?
Grazie del vs parere

Noi l'abbiamo in ptf da un bel po'
http://www.cevalogistics.com

 

[gionmorg]

Novasep Agrees with noteholders to extend certain deadlines in the restructuring process
“Hold” the NOVASP 9.625% at a mid price of 55 or a yield of 27.9%
Novasep announced that it agreed with bondholders to extend certain deadlines in the restructuring process. The deadline to meet and negotiate with the involved parties was extended to September 7th, while the deadline to execute a non-binding memorandum of understanding on the principles of the restructuring has been extended to September 15th. The deadline for the execution of a binding term sheet now is October 1st and for the implementation of the restructuring October 15th. Given the complexity of the situation, the extension of the deadlines is not surprising and we believe negotiations will drag on for some time. We keep our assessment of “Default” on the LARA scale and still do not believe the bonds offer much value given the high uncertainty involved.

 

[gionmorg]

Prezzi IW


J.F.BEHRENS AG ANL.11/16 ANN DE000A1H3GE9 8,00 103,75/104,25
SAFILO CAPITAL 03/13 SEM XS0168632890 9,63 - 101/101,5
ECO-BAT FIN. 03/13 SEM XS0161743785 10,13 - 100,25/102
VENEZUELA 08/18 SEM US922646AT10 13,63 101/102,5

 

[fabriziof]

arrivata new reclam aspettiamo i polacchi

 

[qquebec]

Prezzi IW


J.F.BEHRENS AG ANL.11/16 ANN DE000A1H3GE9 8,00 103,75/104,25
SAFILO CAPITAL 03/13 SEM XS0168632890 9,63 - 101/101,5
ECO-BAT FIN. 03/13 SEM XS0161743785 10,13 - 100,25/102
VENEZUELA 08/18 SEM US922646AT10 13,63 101/102,5

La prima è cara, la seconda invece è interessante per piccoli lotti. Magari ci faccio un pensierino Ricordo JSC Alliance 10,50% 2017 in USD (ristrutturata) che è scesa a 85/87 e ha tagli da 1K. Interessante, sempre per modiche somme, sia per un recupero dei corsi che per un apprezzamento del dollaro.