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

[fabriziof]

E DT come ci arriva a Magyar Telecom?

ci arriva perchè controlla magyar telekom col k

 

[Cat XL]

ci arriva perchè controlla magyar telekom col k

Sono due societa' diverse. Una e' Magyar Telecom BV e l'altra Magyar telekom. Cmq la Magyar Telecom non e' poi malaccio anche se B2 e i dati finanziari non sono poi cosi' mal messi. Direi che presa a tra 75-80 con una cedola del 9.5% e' attraente.

 

[qquebec]

Sono due societa' diverse. Una e' Magyar Telecom BV e l'altra Magyar telekom. Cmq la Magyar Telecom non e' poi malaccio anche se B2 e i dati finanziari non sono poi cosi' mal messi. Direi che presa a tra 75-80 con una cedola del 9.5% e' attraente.

Sono d'accordo, anche perchè è rimasta un po' indietro per via della crisi ungherese. Su questo bond poi è stata emessa una seconda tranche da 80 mln un anno fa che ha depresso leggermente le quotazioni. Se si considera che paga regolarmente i dividendi, non dovrebbero esserci problemi all'orizzonte. I margini si stanno assottigliando (ma questo succede in tutta Europa), ma i ricavi da broadband mobile dovrebbe compensare fra qualche anno.

 

[qquebec]

S&P su Zlomrex (settembre 2011)

ZLOMREX SA: S&P Raises Long-Term Corp. Credit Rating to 'CCC+'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Poland-based steel maker Zlomrex S.A. to 'CCC+'
from 'CCC-'. "At the same time, we raised the short-term
corporate credit rating on Zlomrex to 'B' from 'C'. In addition,
we revised the outlook to stable from negative," S&P related.

"The upgrades reflect our view that Zlomrex's default risk has
decreased thanks to improved profitability. The improvement in
profitability is a result of supportive conditions in the steel
industry, as well as the company's improving liquidity following
the completion of the disposal of its distribution activities,"
S&P stated.

"Zlomrex received EUR62 million in proceeds from the disposal of
its distribution businesses in the first half of 2011. This is to
be followed by deferred installments amounting to EUR21 million
until 2013. The disposals have allowed the company to repay its
short-term bank debt and improve its liquidity to the extent that
we no longer consider it to be in a distressed state," S&P
related.

"At the moment, we still qualify Zlomrex's liquidity as less than
adequate, because we believe that the company still needs to
rebuild working capital and re-establish its relationships with
Polish banks. In that respect, we view Zlomrex's recent
establishment of a new revolving credit facility (RCF), although
small, at PLN25 million, as the first step in re-establishing
bank support. As of June 30, 2011, Zlomrex reported outstanding
debt of PLN535 million (about EUR135 million), most of which is
due in 2014," S&P related.

"In our view, Zlomrex will be able to meet its financial
obligations over the next 12 months, given recent improvements in
its liquidity position. We anticipate that free cash flow will be
breakeven under our relatively prudent assumption of about PLN90
million EBITDA a year. In addition, we understand that some of
the proceeds from the disposals have been set aside to cover the
February 2012 interest payment on the senior secured notes. As a
result, Zlomrex's next financial hurdle will be the August 2012
interest payment on the notes," S&P stated.

"We do not see any upward rating potential given our assessment
of the company's vulnerable business and highly leveraged
financial risk profile. At the very least, upside would require
re-established banking relationships, sustainably stronger credit
metrics, and better visibility on Zlomrex's ability to meet the
hefty maturities in 2014," S&P related.

Downward rating pressure could arise if demand for steel were to
weaken substantially in Poland and result in negative free cash
flow, or if Zlomrex had difficulty establishing short- and
medium-term credit facilities.

 

[qquebec]

Moody's su Europcar

Investor service

 

[Camajan]

ATU 48/75 su Francoforte. Ormai sta delirando Comunque con queste nevicate (anche in Germania) dovrebbero aver venduto abbastanza per chiudere il Q1 2012 alla grande

possano le tonnellate di sale sparse sulle autobahn teteske sbriciolare filtri, guarnizioni, giunti cardanici, differenziali in modo ke nessuno si faccia male ma ke ATU venda tanti ricambi

 

[Camajan]

io vendute a 102.01 pochi minuti fa il market maker si è abbassato
però preso la SNS 11.25% perpetua ad 84.00

gradirei conoscere l'isin di questa SNS per unirmi, come ultima carrozza, a questo trenino dell'amore .. danke

 

[qquebec]

gradirei conoscere l'isin di questa SNS per unirmi, come ultima carrozza, a questo trenino dell'amore .. danke

XS0468954523 io però su questa non ci sono salito.

 

[qquebec]

New Reclam

Entro il 28 Febbraio devono essere rinegoziate linee di credito con NedBank. Forse il motivo dell'ingessatura del titolo è questo. Comunque qui sotto ho allegato la faccia del presidente di New Reclam . Non mi pare che abbia una bella cera e gli altri direttori non sono certo più presentabili di questo qui (http://www.reclam.co.za/ar_directors.php). Spero che almeno sia affidabile sennò poveri noi

 

[fabriziof]

ZLOMREX SA: S&P Raises Long-Term Corp. Credit Rating to 'CCC+'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Poland-based steel maker Zlomrex S.A. to 'CCC+'
from 'CCC-'. "At the same time, we raised the short-term
corporate credit rating on Zlomrex to 'B' from 'C'. In addition,
we revised the outlook to stable from negative," S&P related.

"The upgrades reflect our view that Zlomrex's default risk has
decreased thanks to improved profitability. The improvement in
profitability is a result of supportive conditions in the steel
industry, as well as the company's improving liquidity following
the completion of the disposal of its distribution activities,"
S&P stated.

"Zlomrex received EUR62 million in proceeds from the disposal of
its distribution businesses in the first half of 2011. This is to
be followed by deferred installments amounting to EUR21 million
until 2013. The disposals have allowed the company to repay its
short-term bank debt and improve its liquidity to the extent that
we no longer consider it to be in a distressed state," S&P
related.

"At the moment, we still qualify Zlomrex's liquidity as less than
adequate, because we believe that the company still needs to
rebuild working capital and re-establish its relationships with
Polish banks. In that respect, we view Zlomrex's recent
establishment of a new revolving credit facility (RCF), although
small, at PLN25 million, as the first step in re-establishing
bank support. As of June 30, 2011, Zlomrex reported outstanding
debt of PLN535 million (about EUR135 million), most of which is
due in 2014," S&P related.

"In our view, Zlomrex will be able to meet its financial
obligations over the next 12 months, given recent improvements in
its liquidity position. We anticipate that free cash flow will be
breakeven under our relatively prudent assumption of about PLN90
million EBITDA a year. In addition, we understand that some of
the proceeds from the disposals have been set aside to cover the
February 2012 interest payment on the senior secured notes. As a
result, Zlomrex's next financial hurdle will be the August 2012
interest payment on the notes," S&P stated.

"We do not see any upward rating potential given our assessment
of the company's vulnerable business and highly leveraged
financial risk profile. At the very least, upside would require
re-established banking relationships, sustainably stronger credit
metrics, and better visibility on Zlomrex's ability to meet the
hefty maturities in 2014," S&P related.

Downward rating pressure could arise if demand for steel were to
weaken substantially in Poland and result in negative free cash
flow, or if Zlomrex had difficulty establishing short- and
medium-term credit facilities.

Al Bano & Romina Power - Nostalgia Canaglia