Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (3 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
qquebec
Super Moderator
Eircom rischia il default
http://www.rte.ie/news/2011/0926/presswatch-business.html?RTEMAILID
... There has also been much speculation that the company might seek to implement a form of examinership or administration, possibly in Britain, where the legal environment might be more favourable. ...Breathless Eircom on the run - The Irish Times - Fri, Sep 16, 2011
http://www.rte.ie/news/2011/0926/presswatch-business.html?RTEMAILID
... There has also been much speculation that the company might seek to implement a form of examinership or administration, possibly in Britain, where the legal environment might be more favourable. ...Breathless Eircom on the run - The Irish Times - Fri, Sep 16, 2011
Ultima modifica:
nik.sala
Money Never Sleeps
e t pareva.
Qua ci vuole cat per dare un occhio a quanto gira il bond.
Cmq la possibilità di trasferirsi a Londra era una notizia che girava igà da tempo...
Ultima modifica:
Camajan
Forumer storico
Io non la guardo neanche più... non fa' testo e si muove a strappi. Passo all'incasso il 26 gennaio a 100
oggi era a 82/85
Ultima modifica di un moderatore:
qquebec
Super Moderator
Cmq la possibilità di trasferirsi a Londra era una notizia che girava già da tempo...
Potrebbe anche non essere così. Altrimenti non si spiegherebbe tutto questo tempo passato alla ricerca di un compromesso con i creditori senior e la recente consent da 11 milioni per derogare ai covenants. Se volevano defaultare in Inghilterra potevano farlo anche prima (vedi caso Hellas Telecom)
Tui orders cruise ship, sees strong demand
“Hold” senior bonds; “Neutral” on its hybrid TUIGR 8.625% trading at c. 75 and yielding 35% to its first call; “Sell” 1Y CDS at 750 bps (however, rather illiquid and hold to maturity)
Tui Cruises, a JV between Tui (holding a 50% stake) and Royal Caribbean Cruises, signed a contract with Finnish shipyard STX for the delivery of a new cruise ship in 2014. Further, Tui Cruises may exercise an option for a second ship within the next 12 months, subject to the supervisory board’s approval. While no details about the purchase price or the respective financing were released (we expect lease financing), the new 97,000 gross registered tons ship will be approximately 295 meters long and span across 15 decks. We estimate a total cost of c. EUR 300-500 mn, depending on the particular features of the ship. Tui Cruises currently operates two cruise ships (subsidiary Hapag-Lloyd Kreuzfahrten operates four cruise ships). The announcement should not come as a surprise and is in line with Tui’s strategy to expand its cruise segment. However, the segment is highly cyclical and capital intensive and results have been mixed in our view. We believe short term CDS is attractive (albeit slightly illiquid and hold to maturity) and keep our “High Risk” assessment on the LARA scale.
“Hold” senior bonds; “Neutral” on its hybrid TUIGR 8.625% trading at c. 75 and yielding 35% to its first call; “Sell” 1Y CDS at 750 bps (however, rather illiquid and hold to maturity)
Tui Cruises, a JV between Tui (holding a 50% stake) and Royal Caribbean Cruises, signed a contract with Finnish shipyard STX for the delivery of a new cruise ship in 2014. Further, Tui Cruises may exercise an option for a second ship within the next 12 months, subject to the supervisory board’s approval. While no details about the purchase price or the respective financing were released (we expect lease financing), the new 97,000 gross registered tons ship will be approximately 295 meters long and span across 15 decks. We estimate a total cost of c. EUR 300-500 mn, depending on the particular features of the ship. Tui Cruises currently operates two cruise ships (subsidiary Hapag-Lloyd Kreuzfahrten operates four cruise ships). The announcement should not come as a surprise and is in line with Tui’s strategy to expand its cruise segment. However, the segment is highly cyclical and capital intensive and results have been mixed in our view. We believe short term CDS is attractive (albeit slightly illiquid and hold to maturity) and keep our “High Risk” assessment on the LARA scale.
nik.sala
Money Never Sleeps
drbs315
Forumer storico
Cemex, per rientrare nei covenant, prova a deleveraggiare progettando vendite di assets. I prezzi dei bonds non sono male, ma il settore è fortemente ciclico e il taglio minimo, su un hy, mi fa desistere...
Cemex CEO: Asset sales to yield $1 billion
By Anthony Harrup
MEXICO CITY -(MarketWatch)- The chairman and chief executive of Mexican cement and building materials company Cemex SAB (CX, CEMEX.MX), Lorenzo Zambrano, said Thursday he expects the company to raise $1 billion from asset sales by the end of next year in order to continue lowering its debt, including $180 million this year.
In a webcast meeting with investors, Zambrano said that highly leveraged Cemex doesn't want to own assets that produce less than 10% return on capital.
"We will only sell assets that will improve our return on capital and help us to delever our balance sheet," he said.
Cemex's heavy debt load--$18.4 billion in total debt plus perpetual notes at the end of June--coupled with a slow recovery in key markets, has contributed to investor pessimism that has knocked Cemex's share price down sharply in recent months.
Zambrano said Cemex hadn't anticipated the extent of the effects of the recession in the U.S., one of its largest markets along with Mexico, but he expects Cemex's U.S. operations to be profitable next year.
He also addressed investor concerns about covenants on Cemex's refinanced debt, saying the company will continue to comply with the covenants this year and next. He reiterated his confidence of complying when pressed by analysts, and said Cemex isn't renegotiating the covenants.
"I'm sure we will do it, otherwise I wouldn't be saying it here," Zambrano said.
Cemex refinanced $15 billion in mostly bank debt in 2009, and has since paid down about half of it. Its next major amortizations are in late 2013.
Asked about the recent sharp depreciation of the Mexican peso, related to recent global market turmoil and risk aversion, Zambrano said Cemex expects the peso to return to its "equilibrium level" by year end. The peso recently traded n Mexico City at MXN13.4515 to the U.S. dollar, compared with around MXN11.74 at the end of July.
Last week the currency had reached MXN14 to the dollar, its weakest level in 2 1/2 years.
Cemex CPO shares traded on the Mexican stocks exchange were up 3% at MXN4.87 around 10:05 a.m. EDT.
Cemex CEO: Asset sales to yield $1 billion
By Anthony Harrup
MEXICO CITY -(MarketWatch)- The chairman and chief executive of Mexican cement and building materials company Cemex SAB (CX, CEMEX.MX), Lorenzo Zambrano, said Thursday he expects the company to raise $1 billion from asset sales by the end of next year in order to continue lowering its debt, including $180 million this year.
In a webcast meeting with investors, Zambrano said that highly leveraged Cemex doesn't want to own assets that produce less than 10% return on capital.
"We will only sell assets that will improve our return on capital and help us to delever our balance sheet," he said.
Cemex's heavy debt load--$18.4 billion in total debt plus perpetual notes at the end of June--coupled with a slow recovery in key markets, has contributed to investor pessimism that has knocked Cemex's share price down sharply in recent months.
Zambrano said Cemex hadn't anticipated the extent of the effects of the recession in the U.S., one of its largest markets along with Mexico, but he expects Cemex's U.S. operations to be profitable next year.
He also addressed investor concerns about covenants on Cemex's refinanced debt, saying the company will continue to comply with the covenants this year and next. He reiterated his confidence of complying when pressed by analysts, and said Cemex isn't renegotiating the covenants.
"I'm sure we will do it, otherwise I wouldn't be saying it here," Zambrano said.
Cemex refinanced $15 billion in mostly bank debt in 2009, and has since paid down about half of it. Its next major amortizations are in late 2013.
Asked about the recent sharp depreciation of the Mexican peso, related to recent global market turmoil and risk aversion, Zambrano said Cemex expects the peso to return to its "equilibrium level" by year end. The peso recently traded n Mexico City at MXN13.4515 to the U.S. dollar, compared with around MXN11.74 at the end of July.
Last week the currency had reached MXN14 to the dollar, its weakest level in 2 1/2 years.
Cemex CPO shares traded on the Mexican stocks exchange were up 3% at MXN4.87 around 10:05 a.m. EDT.
Cat XL
Shizuka Minamoto
fabriziof
Forumer storico
- Stato