angy2008
Forumer storico
allora mi viene il dubbio che anche la 2021 possa avere l'opzione call, non mi interessai quando la presi a 75 ma ora sarà d'uopo curarmene
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (3 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
piotta99
Nuovo forumer
Glli analisti di Mediobanca spiegano:”Pensiamo che la recente sottoperformance del 40% dell’azione a seguito di un terzo trimestre orribile sia ben giustificata. Sappiamo che la divisione oil&gas attualmente rappresenta un peso notevole per l’utile della società, ma non ci aspettavamo una sottoperformance della divisione delle fondazioni speciali tale da cancellare l’ebitda del gruppo nel trimestre”.
E se il management di Trevi rimane fiducioso nella realizzazione di un debito netto a fine anno ben al di sotto della guidance corrente di 430 milioni di euro, Mediobanca sottolinea che “il rallentamento nel settore oil&gas significa che il leverage ratio del gruppo con ogni probabilità si attesterà tra 6 e 10 volte nel corso dei prossimi due anni, secondo i nostri numeri, un livello che pensiamo sia insostenibile”.
stag lontan!
Fabrib
Forumer storico
RIO DE JANEIRO--Brazilian state-controlled oil company Petróleo Brasileiro SA said Monday it issued $4 billion in debt on international markets at the lowest interest average interest rate since 2013.
The notes are due 2022, 2027 and 2044, and Petrobras said it intends to use their net proceeds to pay down bonds coming due next year. Petrobras, the world's most indebted oil company, has nearly $30 billion in debt coming due in 2017 and 2018, including interest and principal.
Monday's bond sale was priced a week ago, which likely helped Petrobras to lock in the favorable interest rate. Since then, allegations of corruption against Brazilian President Michel Temer have called into question the leader's mandate as well as the future of his economic policies, which have aided Petrobras' deleveraging efforts.
The company's shares in São Paulo have fallen about 14% since Wednesday, when the accusations became public.
Write to Paul Kiernan at [email protected]
The notes are due 2022, 2027 and 2044, and Petrobras said it intends to use their net proceeds to pay down bonds coming due next year. Petrobras, the world's most indebted oil company, has nearly $30 billion in debt coming due in 2017 and 2018, including interest and principal.
Monday's bond sale was priced a week ago, which likely helped Petrobras to lock in the favorable interest rate. Since then, allegations of corruption against Brazilian President Michel Temer have called into question the leader's mandate as well as the future of his economic policies, which have aided Petrobras' deleveraging efforts.
The company's shares in São Paulo have fallen about 14% since Wednesday, when the accusations became public.
Write to Paul Kiernan at [email protected]
zoro-aster
Forumer storico
oggi arrivata cedola petrobras 43 - us71647naa72
impegnativo
Guest
Noble Group: il titolo crolla dopo la serie di downgrade
MILANO (MF-DJ)--Il titolo di Noble Group è scivolato del 28% ai minimi da 16 anni (0,30 dollari), prima che le negoziazioni delle azioni in borsa venissero sospese.
S&P ha effettuato il downgrade di tre notch a CCC+, sottolineando che la struttura di capitale di Noble non è sostenibile e che il flusso di cassa è troppo debole.
Il rischio, per gli analisti, è che nell'arco di 12 mesi il gruppo si ritrovi senza liquidità.
Il putiferio si è scatenato quanto è stata data notizia del rifiuto della società di Stato cinese, Sinochem, di portare a termine l'investimento in Noble (con l'acquisto di una quota del capitale), sulla scorta delle preoccupazioni destate dalle condizioni e dalle prospettive economico-finanziarie della compagnia.
Il trader di materie prime, zavorrato da un pesante debito e da mancanza di redditività, ha raccolto a marzo 750 milioni di dollari con un bond, con cui ha dovuto pagare un debito a maggio.
Altri 620 milioni dovranno essere ripagati a giugno, mentre 1,5 miliardi di debito andranno in scadenza tra un anno.
I manager pensano ora a una vendita di asset.
Dopo il tracollo azionario, i regolatori di Singapore hanno chiesto a Noble spiegazioni sugli anomali movimenti del titolo in borsa.
La capitalizzazione del gruppo è crollata dai 9,9 miliardi di dollari di Singapore del primo trimestre a 550 milioni.
(END) Dow Jones Newswires
May 23, 2017 02:39 ET (06:39 GMT)
MILANO (MF-DJ)--Il titolo di Noble Group è scivolato del 28% ai minimi da 16 anni (0,30 dollari), prima che le negoziazioni delle azioni in borsa venissero sospese.
S&P ha effettuato il downgrade di tre notch a CCC+, sottolineando che la struttura di capitale di Noble non è sostenibile e che il flusso di cassa è troppo debole.
Il rischio, per gli analisti, è che nell'arco di 12 mesi il gruppo si ritrovi senza liquidità.
Il putiferio si è scatenato quanto è stata data notizia del rifiuto della società di Stato cinese, Sinochem, di portare a termine l'investimento in Noble (con l'acquisto di una quota del capitale), sulla scorta delle preoccupazioni destate dalle condizioni e dalle prospettive economico-finanziarie della compagnia.
Il trader di materie prime, zavorrato da un pesante debito e da mancanza di redditività, ha raccolto a marzo 750 milioni di dollari con un bond, con cui ha dovuto pagare un debito a maggio.
Altri 620 milioni dovranno essere ripagati a giugno, mentre 1,5 miliardi di debito andranno in scadenza tra un anno.
I manager pensano ora a una vendita di asset.
Dopo il tracollo azionario, i regolatori di Singapore hanno chiesto a Noble spiegazioni sugli anomali movimenti del titolo in borsa.
La capitalizzazione del gruppo è crollata dai 9,9 miliardi di dollari di Singapore del primo trimestre a 550 milioni.
(END) Dow Jones Newswires
May 23, 2017 02:39 ET (06:39 GMT)
fabriziof
Forumer storico
aggiornaci su pdvsanoi si aspetta pdvsa 35 e Affinion.
Vallo a dire a Joe silver
bia06
Listen other's viewpoint avoid conflicts & wars.
Not good.....
(Bloomberg 22/5) -- Noble Group Ltd.’s deepened crisis after S&P Global Ratings flagged a risk of default for the commodity trader within a year, triggering a rout in the company’s already-battered shares, an exchange query, and a trading halt before an announcement. Its 2020 bonds plunged to a record.
There’s potential the company will face non-payment of obligations over the next 12 months, S&P said in a statement late Monday as it cut the company’s ratings by three steps to
CCC+. On Tuesday, the shares plunged as much as 32 percent to 40
Singapore cents, and were at 42 cents as the halt kicked in after just 36 minutes of trade. The 2020 bonds sank to 39.7 cents on the dollar.
Noble Group declined to comment on S&P’s assessment in response to a request from Bloomberg News.
The Hong-Kong based trader’s troubles are deepening after two turbulent years that have been marked by losses, asset sales, and accusations of improper accounting that it has denied. Since surprising investors two weeks ago with a quarterly loss, the shares have tumbled to multiyear lows and the price of its bonds has fallen by more than half. S&P’s warning follows downgrades from Moody’s Investors Service and Fitch Ratings Ltd. in recent days.
“We downgraded Noble because we believe the company’s capital structure is not sustainable,” S&P said. The “refinancing of its large upcoming maturities will depend on the willingness of its lenders and counterparties,” it said.
On Monday, the shares lost 6.4 percent in Singapore before the S&P downgrade, and its bonds fell as Reuters reported Sinochem Group is no longer pursuing an investment. Earlier on Tuesday, the 2018 notes dropped 4.3 cents to 52.3 cents on the dollar as of 11:30 a.m. in Hong Kong, after an 8.1 cent slump a day earlier, according to Bloomberg-compiled prices.
Major Maturities
S&P said that Noble Group has three major maturities over the next 12 months, listing $656 million due in 2017, of which
$620 million are borrowing-base facilities due in June 2017;
$379 million under a medium-term note program due in March 2018; and $1.1 billion in revolving credit facilities due in May 2018.
Beyond that, there are bonds due in 2020 and 2022.
“Over the next three years, it’s got huge amounts of debt maturing and right now the company is deeply trapped, unable to make any profit,” Margaret Yang, a strategist at CMC Markets in Singapore, said by phone. A potential default over the coming year is “totally possible,” according to Yang.
Noble Group is seeking a new $2 billion credit facility from its lenders before the $620 million in loans mature under the existing facility next month. “Conversations with the banks are ongoing,” Chief Financial Officer Paul Jackaman said earlier this month.
In its assessment, Moody’s highlighted a $900 million gap between estimated liquidity headroom of about $1.2 billion and the $2.1 billion in debt due by the middle of next year. Fitch said while Noble Group has adequate funds to cover maturities in 2017, it’ll need to source external financing in 2018.
Noble Group’s new chairman, Paul Brough, has been tasked with leading a review after he was named to the post this month, replacing founder Richard Elman. “The new chairman is considering assets sales and other strategic options, but there is limited visibility on the plan,” S&P said.
Troubled Times
While the turmoil at Noble Group stretches back more than two years, there’s been a flurry of developments over the past two weeks following the surprise profit warning for the first- quarter. Below is a timeline of major recent events, according to Bloomberg.
* May 9: Noble Group issues profit warning for first quarter
* May 10: Bonds slump after profit warning
* May 11: Shares sink in Singapore as trading resumes after public holiday
* May 11: S&P says debt load unsustainable
* May 11: Noble Group reports loss, appoints chairman to review options
* May 12: Noble Group shares cap 48 percent weekly loss
* May 15: Moody’s cuts rating, flags $900 million funding gap
* May 16: Singapore Exchange says its ‘closely monitoring developments’
* May 16: Fitch Ratings cuts rating, says external funds needed in 2018
* May 22: S&P cuts rating, warns of risk of default
(Bloomberg 22/5) -- Noble Group Ltd.’s deepened crisis after S&P Global Ratings flagged a risk of default for the commodity trader within a year, triggering a rout in the company’s already-battered shares, an exchange query, and a trading halt before an announcement. Its 2020 bonds plunged to a record.
There’s potential the company will face non-payment of obligations over the next 12 months, S&P said in a statement late Monday as it cut the company’s ratings by three steps to
CCC+. On Tuesday, the shares plunged as much as 32 percent to 40
Singapore cents, and were at 42 cents as the halt kicked in after just 36 minutes of trade. The 2020 bonds sank to 39.7 cents on the dollar.
Noble Group declined to comment on S&P’s assessment in response to a request from Bloomberg News.
The Hong-Kong based trader’s troubles are deepening after two turbulent years that have been marked by losses, asset sales, and accusations of improper accounting that it has denied. Since surprising investors two weeks ago with a quarterly loss, the shares have tumbled to multiyear lows and the price of its bonds has fallen by more than half. S&P’s warning follows downgrades from Moody’s Investors Service and Fitch Ratings Ltd. in recent days.
“We downgraded Noble because we believe the company’s capital structure is not sustainable,” S&P said. The “refinancing of its large upcoming maturities will depend on the willingness of its lenders and counterparties,” it said.
On Monday, the shares lost 6.4 percent in Singapore before the S&P downgrade, and its bonds fell as Reuters reported Sinochem Group is no longer pursuing an investment. Earlier on Tuesday, the 2018 notes dropped 4.3 cents to 52.3 cents on the dollar as of 11:30 a.m. in Hong Kong, after an 8.1 cent slump a day earlier, according to Bloomberg-compiled prices.
Major Maturities
S&P said that Noble Group has three major maturities over the next 12 months, listing $656 million due in 2017, of which
$620 million are borrowing-base facilities due in June 2017;
$379 million under a medium-term note program due in March 2018; and $1.1 billion in revolving credit facilities due in May 2018.
Beyond that, there are bonds due in 2020 and 2022.
“Over the next three years, it’s got huge amounts of debt maturing and right now the company is deeply trapped, unable to make any profit,” Margaret Yang, a strategist at CMC Markets in Singapore, said by phone. A potential default over the coming year is “totally possible,” according to Yang.
Noble Group is seeking a new $2 billion credit facility from its lenders before the $620 million in loans mature under the existing facility next month. “Conversations with the banks are ongoing,” Chief Financial Officer Paul Jackaman said earlier this month.
In its assessment, Moody’s highlighted a $900 million gap between estimated liquidity headroom of about $1.2 billion and the $2.1 billion in debt due by the middle of next year. Fitch said while Noble Group has adequate funds to cover maturities in 2017, it’ll need to source external financing in 2018.
Noble Group’s new chairman, Paul Brough, has been tasked with leading a review after he was named to the post this month, replacing founder Richard Elman. “The new chairman is considering assets sales and other strategic options, but there is limited visibility on the plan,” S&P said.
Troubled Times
While the turmoil at Noble Group stretches back more than two years, there’s been a flurry of developments over the past two weeks following the surprise profit warning for the first- quarter. Below is a timeline of major recent events, according to Bloomberg.
* May 9: Noble Group issues profit warning for first quarter
* May 10: Bonds slump after profit warning
* May 11: Shares sink in Singapore as trading resumes after public holiday
* May 11: S&P says debt load unsustainable
* May 11: Noble Group reports loss, appoints chairman to review options
* May 12: Noble Group shares cap 48 percent weekly loss
* May 15: Moody’s cuts rating, flags $900 million funding gap
* May 16: Singapore Exchange says its ‘closely monitoring developments’
* May 16: Fitch Ratings cuts rating, says external funds needed in 2018
* May 22: S&P cuts rating, warns of risk of default
bia06
Listen other's viewpoint avoid conflicts & wars.
Camaleonte (domanda per tutti....),
vorrei diversificare ed iniziare ad entrare in tds paesi emergenti. Qualche stato arabo da suggerire?
Queste qui sotto sono in collocam. or ora (taglio min impegnativo pero´). Grazie.
SULTANATE OF OMAN - 7YR SUKUK IPTS MS+270A ★★
Issuer: Oman Sovereign Sukuk S.A.O.C.
Obligor: The Government of the Sultanate of Oman represented by the Ministry of Finance
Expected Issue Rating: Baa1 by Moody’s/ BBB by Fitch
Status of the Certificates: Senior Unsecured obligations of Obligor
Sukuk Structure: Sukuk al-Ijara
Format: Rule 144A/Regulation S
Size: Benchmark
Settlement: 31 May 2017; T+5
Tenor: 7-years
Maturity: 31 May 2024
IPT: MS+270bps area = 4.70%
200k
vorrei diversificare ed iniziare ad entrare in tds paesi emergenti. Qualche stato arabo da suggerire?
Queste qui sotto sono in collocam. or ora (taglio min impegnativo pero´). Grazie.
SULTANATE OF OMAN - 7YR SUKUK IPTS MS+270A ★★
Issuer: Oman Sovereign Sukuk S.A.O.C.
Obligor: The Government of the Sultanate of Oman represented by the Ministry of Finance
Expected Issue Rating: Baa1 by Moody’s/ BBB by Fitch
Status of the Certificates: Senior Unsecured obligations of Obligor
Sukuk Structure: Sukuk al-Ijara
Format: Rule 144A/Regulation S
Size: Benchmark
Settlement: 31 May 2017; T+5
Tenor: 7-years
Maturity: 31 May 2024
IPT: MS+270bps area = 4.70%
200k
- Stato