nik.sala
Money Never Sleeps
vuol dire che mi devo sbrigare, porca paletta
garzie per gli aggiornamenti
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
vuol dire che mi devo sbrigare, porca paletta
garzie per gli aggiornamenti
Zorba
Bos 4 Mod
vuol dire che mi devo sbrigare, porca paletta
garzie per gli aggiornamenti
Non credo che si riuscisse a comprare OTC a 41 il 15/6 (era uno dei giorni che la seguivo da vicino). Cmq non cambia molto
.Imark
Forumer storico
Non credo che si riuscisse a comprare OTC a 41 il 15/6 (era uno dei giorni che la seguivo da vicino). Cmq non cambia molto
Lo vedo riportato come minimo su Xtrakter in quella data...
ma insomma, ora 40 o 41, in effetti sposta poco...
nik.sala
Money Never Sleeps
Lo vedo riportato come minimo su Xtrakter in quella data...
veo.
l'importante è che resti ancora un pochino sui 44/45, ancora un paio di settimane...fatemi salire sul carro...
dove andrà poi il carro. lo sanno solo gli dei...
nik.sala
Money Never Sleeps
Lo vedo riportato come minimo su Xtrakter in quella data...
mark, ti chiedo troppo se mi dai bid/ask di questa ???
E' talmente poco liquida che non riesco a capire se in questi gg. si è mossa
XS0271812447 PETROL A.D.
se riesci ovviamente grazie !!!
Zorba
Bos 4 Mod
Lo vedo riportato come minimo su Xtrakter in quella data...
non era per polemizzare
, è che mi fa incaxxare che OTC la forchetta den/lett è sempre più ampia rispetto ai prezzi Xtrakter...I MM OTC sono dei bei ladri...:bleah:
Gaudente
Forumer storico
I minimi sono sempre fatti da qualche disperato che vende, mai da qualche fortunato che compraNon credo che si riuscisse a comprare OTC a 41 il 15/6 (era uno dei giorni che la seguivo da vicino). Cmq non cambia molto
qquebec
Super Moderator
Eircom: gli obbligazionisti si rivolgono a uno studio legale
La maggioranza degli obbligazionisti senior 2016 ha nominato uno studio legale specializzato di New York che li rappresenti nel caso Eircom voglia ristrutturare il proprio debito. Quindi, delle due, l'una: o i bondholders sono estremamente previdenti oppure hanno annusato che qualcosa sta bollendo in pentola. Da parte di Eircom, nessun commento, ma rumors insistono per una iniezione di capitale fresco da parte del socio di maggioranza STT, cosa che coinvolgerebbe anche i dipendenti e dirigenti della compagnia (Esot) che detengono una quota minoritaria di Eircom (35%).
Eircom debt holders appoint NY law firm
A GROUP OF Eircom debt holders has appointed a leading New York law firm to represent it in the event of the Irish company seeking to refinance its €3.3 billion net debt. Wall Street law firm Cadwalader has been chosen by holders of 56 per cent of Eircom’s floating-rate note (FRN) holders to advise them ahead of any debt management exercise by Eircom. It is understood that these FRNs – bonds that have a variable coupon or interest rate – represent €350 million of Eircom’s debt. This money is due to be repaid in 2016.
To date, Eircom has not indicated publicly its intention to restructure its hefty debt pile, but its long-term financial structure is being looked at closely by management at the company. Reports have suggested that an equity injection by shareholders, including the employee share ownership trust (Esot), which owns 35 per cent of the business, could be on the cards. The Esot recently told its members that it would not make any further tax-free distributions until it had clarity on a new business plan being drafted by Eircom’s management team, led by chief executive Paul Donovan. Speculation is mounting that Eircom will seek either to reschedule or reduce its debt by negotiating with its banks and bondholders. This could involve debt holders being asked to take a haircut on their loans or a possible debt-for-equity swap.
The Irish company is believed to have chosen JPMorgan and Gleacher Shacklock, a boutique advisory firm that specialises in debt restructurings, to advise it on its long-term financial strategy. This followed a “beauty parade” involving a number of leading international investment banks.
No comment was available from Eircom yesterday. The FRN debt holders are considered to be mid-ranking in terms of Eircom’s liability – sitting between senior debt and those with PIK (payment-in-kind) notes. Eircom had €280 million in cash on its balance sheet at the end of December 2009.
Its next major debt repayment is not due until 2014 when it must repay €1.2 billion to investors. Reports, however, have suggested it is under pressure to meet financial covenants with its lenders. Eircom is one of the most indebted telecom companies in Europe, something that places a drain on its finances at a time when it needs to invest heavily in upgrading its copper network to fibre, thereby allowing it to offer “lightning-speed broadband”.
The Irish telco this week announced plans to invest €20 million in early 2011 in fibre network trials in Sandyford, Co Dublin, and in Wexford town.
Eircom said these trials would be opened up to its rivals. The company also reiterated its view that there should be industry collaboration in building a countrywide fibre-based network, which consultants have priced at more than €2.5 billion.
Tackling the debt was seen as key issue for Singapore-based ST Telemedia when it took ownership of the Irish business at about the turn of the year
The Irish Times - Saturday, June 19, 2010
La maggioranza degli obbligazionisti senior 2016 ha nominato uno studio legale specializzato di New York che li rappresenti nel caso Eircom voglia ristrutturare il proprio debito. Quindi, delle due, l'una: o i bondholders sono estremamente previdenti oppure hanno annusato che qualcosa sta bollendo in pentola. Da parte di Eircom, nessun commento, ma rumors insistono per una iniezione di capitale fresco da parte del socio di maggioranza STT, cosa che coinvolgerebbe anche i dipendenti e dirigenti della compagnia (Esot) che detengono una quota minoritaria di Eircom (35%).
Eircom debt holders appoint NY law firm
A GROUP OF Eircom debt holders has appointed a leading New York law firm to represent it in the event of the Irish company seeking to refinance its €3.3 billion net debt. Wall Street law firm Cadwalader has been chosen by holders of 56 per cent of Eircom’s floating-rate note (FRN) holders to advise them ahead of any debt management exercise by Eircom. It is understood that these FRNs – bonds that have a variable coupon or interest rate – represent €350 million of Eircom’s debt. This money is due to be repaid in 2016.
To date, Eircom has not indicated publicly its intention to restructure its hefty debt pile, but its long-term financial structure is being looked at closely by management at the company. Reports have suggested that an equity injection by shareholders, including the employee share ownership trust (Esot), which owns 35 per cent of the business, could be on the cards. The Esot recently told its members that it would not make any further tax-free distributions until it had clarity on a new business plan being drafted by Eircom’s management team, led by chief executive Paul Donovan. Speculation is mounting that Eircom will seek either to reschedule or reduce its debt by negotiating with its banks and bondholders. This could involve debt holders being asked to take a haircut on their loans or a possible debt-for-equity swap.
The Irish company is believed to have chosen JPMorgan and Gleacher Shacklock, a boutique advisory firm that specialises in debt restructurings, to advise it on its long-term financial strategy. This followed a “beauty parade” involving a number of leading international investment banks.
No comment was available from Eircom yesterday. The FRN debt holders are considered to be mid-ranking in terms of Eircom’s liability – sitting between senior debt and those with PIK (payment-in-kind) notes. Eircom had €280 million in cash on its balance sheet at the end of December 2009.
Its next major debt repayment is not due until 2014 when it must repay €1.2 billion to investors. Reports, however, have suggested it is under pressure to meet financial covenants with its lenders. Eircom is one of the most indebted telecom companies in Europe, something that places a drain on its finances at a time when it needs to invest heavily in upgrading its copper network to fibre, thereby allowing it to offer “lightning-speed broadband”.
The Irish telco this week announced plans to invest €20 million in early 2011 in fibre network trials in Sandyford, Co Dublin, and in Wexford town.
Eircom said these trials would be opened up to its rivals. The company also reiterated its view that there should be industry collaboration in building a countrywide fibre-based network, which consultants have priced at more than €2.5 billion.
Tackling the debt was seen as key issue for Singapore-based ST Telemedia when it took ownership of the Irish business at about the turn of the year
The Irish Times - Saturday, June 19, 2010
Ultima modifica:
Zorba
Bos 4 Mod
Grazie mille qquebec
Notizia molto interessante. Certo che con questi HY è un lottery business
Almeno così dovrebbe essere esclusa l'inkiulata alla Wind Hellas...
Zorba
Bos 4 Mod
Lusinghiero articolo dell'Irish Indipendent su Eircom...
*.*.*
Eircom has fifth riskiest debt levels in the world
By Emmet Oliver
Monday June 21 2010
Eircom is now the fifth riskiest company in the world in terms of the chances it will default on, or restructure, its debt, bond market data shows.
The cost of insuring some forms of Eircom debt is now the fifth most expensive in the world. The cost has been surging this year and spiked alarmingly in May, around the time of the company's last quarterly results.
Analysts of the company have expressed disappointment at the lack of detail on how it plans to service and reduce its debt load which amounts to €3.5bn. Some bondholders are reported to have appointed advisers.
The company's debt is held through ERC Ireland Finance Limited, which has denied market suggestions that a restructuring, or even a default, is on the cards. But the market appears to take a different view based on credit default swaps (CDSs) for the company.
These show that only debt belonging to Belgian directories publisher Truvo; US bond insurer Ambac Financial; Japanese consumer-loans company Takefuji; and New York-based insurer MBIA cost more to insure than Eircom.
CDS spreads are a key indicator of financial stress and market concern over the sustainability of a company's debt load. Eircom, which is ultimately owned by Temasek Holdings of Hong Kong and an Employee Share Ownership Trust, has only said it is considering ideas for altering its capital structure.
"The company retains a strong cash balance and positive headroom in servicing its debt,'' it said in May when announcing its nine-month results to March 31.
While claiming that it had "headroom'' to service its debts, the company embarked on a major cost-cutting drive and slashed a €407m pension deficit.
The company remains the largest provider of fixed lines in Ireland and has 703,000 customers, but both fixed-line and mobile-phone revenues have been falling. Debt levels, meanwhile, remain high and Eircom is believed to be the most highly geared telco in Europe.
Leeway
The majority of the debt falls more than five years from now, giving Eircom some leeway. However, much of the debt has been downgraded and is trading well below par value in the secondary market.
The company is actually guaranteeing "indebtedness'' of €3.7bn, which comes in the form of a senior credit facility, a floating rate note and another revolving credit facility.
- Emmet Oliver
Irish Independent
Eircom has fifth riskiest debt levels in the world - Irish, Business - Independent.ie
*.*.*
Eircom has fifth riskiest debt levels in the world
By Emmet Oliver
Monday June 21 2010
Eircom is now the fifth riskiest company in the world in terms of the chances it will default on, or restructure, its debt, bond market data shows.
The cost of insuring some forms of Eircom debt is now the fifth most expensive in the world. The cost has been surging this year and spiked alarmingly in May, around the time of the company's last quarterly results.
Analysts of the company have expressed disappointment at the lack of detail on how it plans to service and reduce its debt load which amounts to €3.5bn. Some bondholders are reported to have appointed advisers.
The company's debt is held through ERC Ireland Finance Limited, which has denied market suggestions that a restructuring, or even a default, is on the cards. But the market appears to take a different view based on credit default swaps (CDSs) for the company.
These show that only debt belonging to Belgian directories publisher Truvo; US bond insurer Ambac Financial; Japanese consumer-loans company Takefuji; and New York-based insurer MBIA cost more to insure than Eircom.
CDS spreads are a key indicator of financial stress and market concern over the sustainability of a company's debt load. Eircom, which is ultimately owned by Temasek Holdings of Hong Kong and an Employee Share Ownership Trust, has only said it is considering ideas for altering its capital structure.
"The company retains a strong cash balance and positive headroom in servicing its debt,'' it said in May when announcing its nine-month results to March 31.
While claiming that it had "headroom'' to service its debts, the company embarked on a major cost-cutting drive and slashed a €407m pension deficit.
The company remains the largest provider of fixed lines in Ireland and has 703,000 customers, but both fixed-line and mobile-phone revenues have been falling. Debt levels, meanwhile, remain high and Eircom is believed to be the most highly geared telco in Europe.
Leeway
The majority of the debt falls more than five years from now, giving Eircom some leeway. However, much of the debt has been downgraded and is trading well below par value in the secondary market.
The company is actually guaranteeing "indebtedness'' of €3.7bn, which comes in the form of a senior credit facility, a floating rate note and another revolving credit facility.
- Emmet Oliver
Irish Independent
Eircom has fifth riskiest debt levels in the world - Irish, Business - Independent.ie
- Stato
Similar threads
Obbligazioni societarie
HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
