Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (8 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Camajan
Forumer storico
menagramooooooose ci arriva
accorciamo al 2018
ISIN: US922646AT10 ... questa è davvero HY
Gaudente
Forumer storico
Questo bond e' subordinato e l'equity di Ceva e' negativa per 482 milioni, ai quali si aggiungono 1.908 milioni dei soliti "intangibles" che in realta' non valgono una mazza .... dovrebbe quotare zero.Ceva 65/70 giù in picchiata
http://www.cevalogistics.com/en-US/Financial reports/CEVA_Group_Plc-Q22011IFS.pdf
tomcat
Forumer attivo
ma gaudente, in cosa investe?
Norske
S&P places the B- CFR on credit watch Negative
“Neutral” on CDS (both 5Y and 3Y). Avoid the notes given potential covenant breaches on its RCF facility amidst weak operations
Yesterday, S&P placed all of Norske Skog’s ratings, including its CFR, on credit watch Negative, mainly reflecting the tight headroom under the group's EUR 140 mn (NOK 1.1 bn) RCF. This further reflects S&P’s assessment of a potential “material” risk of breach on Norske’s covenants, which would prevent the group from drawing on the facility. In turn, this may cause a liquidity shortage for the group (as early as Q1/2012), unless additional liquidity is made available. That said, the agency maintains that cashflow should improve in H2/11 on the back of better price pass throughs; however, this may not be sufficient to prevent a breach. S&P will resolve the credit watch over the next two months and will be actively monitoring headroom and efforts to secure additional liquidity. We suspect that S&P was waiting for Euro-area economic stabilisation (which has obviously not occurred), since Moody’s had already downgraded Norske by two notches in August. Following Q2 results, Lucror moved Norske from “High Risk” to “Very High Risk” on the LARA scale due to our expectation that faltering business conditions and tightening liquidity may bring Norske close to a breach. While we agree that there could be positive cashflows from price increases and the return of magazine volumes (following the fire at Saugbrugs in Q2), the inherent business is still very weak. We expect Norske to seek liquidity elsewhere, including potential securitisation and asset sales, but the timing and the size/proceeds of such facility/sale is uncertain, especially given the current unfavourable business conditions. We therefore maintain our “Very High Risk” assessment on the LARA scale while keeping a close eye on both macro and the group’s developments.
S&P places the B- CFR on credit watch Negative
“Neutral” on CDS (both 5Y and 3Y). Avoid the notes given potential covenant breaches on its RCF facility amidst weak operations
Yesterday, S&P placed all of Norske Skog’s ratings, including its CFR, on credit watch Negative, mainly reflecting the tight headroom under the group's EUR 140 mn (NOK 1.1 bn) RCF. This further reflects S&P’s assessment of a potential “material” risk of breach on Norske’s covenants, which would prevent the group from drawing on the facility. In turn, this may cause a liquidity shortage for the group (as early as Q1/2012), unless additional liquidity is made available. That said, the agency maintains that cashflow should improve in H2/11 on the back of better price pass throughs; however, this may not be sufficient to prevent a breach. S&P will resolve the credit watch over the next two months and will be actively monitoring headroom and efforts to secure additional liquidity. We suspect that S&P was waiting for Euro-area economic stabilisation (which has obviously not occurred), since Moody’s had already downgraded Norske by two notches in August. Following Q2 results, Lucror moved Norske from “High Risk” to “Very High Risk” on the LARA scale due to our expectation that faltering business conditions and tightening liquidity may bring Norske close to a breach. While we agree that there could be positive cashflows from price increases and the return of magazine volumes (following the fire at Saugbrugs in Q2), the inherent business is still very weak. We expect Norske to seek liquidity elsewhere, including potential securitisation and asset sales, but the timing and the size/proceeds of such facility/sale is uncertain, especially given the current unfavourable business conditions. We therefore maintain our “Very High Risk” assessment on the LARA scale while keeping a close eye on both macro and the group’s developments.
Fitch revises outlook to Positive; affirms ratings
‘’Hold” the RIFP 4.875% 03/16 at 101.5 or a Z-spread of 269 bps and the RIFP 5% 03/17 at 100.75 or a Z-spread of 287 bps
Yesterday, Fitch revised Pernod’s outlook from Stable to Positive while simultaneously affirming the ratings. The positive outlook reflects Pernod's steady progress in reducing net debt and a move towards credit metrics consistent with an investment grade rating since completing the EUR 5.7 bn Vin & Spirit (makers of Absolut vodka) transaction in July 2008. We remind investors that very recently Moody’s upgraded Pernod to IG with a Stable outlook. Further, Fitch believes that in the absence of M&A activity, Pernod's credit metrics (which remain weak by comparison to similarly rated alcoholic beverages, tobacco and leisure companies) should continue to strengthen in FY 2012 and support an upgrade. The agency notes that while Pernod's profit growth maintained momentum, with a resilient performance even during the crisis (given the emerging markets exposure), its liquidity profile is burdened by a heavy concentration of debt maturities in July 2013. The company then faces EUR 4.3 bn of term debt maturities on top of maturing undrawn committed lines. This, according to Fitch, should be mitigated by Pernod’s proactive debt management and we concur with this assessment. We have a “Low Risk” assessment on the LARA scale.
‘’Hold” the RIFP 4.875% 03/16 at 101.5 or a Z-spread of 269 bps and the RIFP 5% 03/17 at 100.75 or a Z-spread of 287 bps
Yesterday, Fitch revised Pernod’s outlook from Stable to Positive while simultaneously affirming the ratings. The positive outlook reflects Pernod's steady progress in reducing net debt and a move towards credit metrics consistent with an investment grade rating since completing the EUR 5.7 bn Vin & Spirit (makers of Absolut vodka) transaction in July 2008. We remind investors that very recently Moody’s upgraded Pernod to IG with a Stable outlook. Further, Fitch believes that in the absence of M&A activity, Pernod's credit metrics (which remain weak by comparison to similarly rated alcoholic beverages, tobacco and leisure companies) should continue to strengthen in FY 2012 and support an upgrade. The agency notes that while Pernod's profit growth maintained momentum, with a resilient performance even during the crisis (given the emerging markets exposure), its liquidity profile is burdened by a heavy concentration of debt maturities in July 2013. The company then faces EUR 4.3 bn of term debt maturities on top of maturing undrawn committed lines. This, according to Fitch, should be mitigated by Pernod’s proactive debt management and we concur with this assessment. We have a “Low Risk” assessment on the LARA scale.
http://www.solarworld.de/fileadmin/downloads/ir/2011//solarworld_interim_report_2011_q2_en.pdf
Il secondo semestre è un bagno di sangue, sono tutti meno, l'unica cosa che è aumentata è il numero dei dipendenti.
In questo settore io ho 3w power che devo dire nel secondo semestre ha avuto una "strong performance" i dati sono ottimi
Il settore è interessante, anche se è molto vincolato agli incentivi statali, nello specifico il bond in oggetto non l'ho mai seguito, per via della cedola bassa.
Il tracollo coincide con il rilascio della semestrale, anche l'azione è in un downtrend, anche se dura da più di un anno, ma si è accentuato con il rilascio della semestrale.
Che pmc hai? Prova magari a pensare ad uno switch su un altro bond con cedola maggiore e stesso prezzo di mercato per recuperare il loss.
- Stato