Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (7 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
nik.sala
Money Never Sleeps
Potevi aspettare a vendere le CEM. La fretta...
No non è questione di fretta.
La questione è che dovevo aver pronta subito la liquidità e non è stato così.
Di vendere CEM a 104.506 non son pentito.
Ultima modifica di un moderatore:
qquebec
Super Moderator
La fregatura di ATU
Il bond TV sub. è emesso da "A.T.U Auto-Teile-Unger Investment GmbH & Co. KG". Il bond secured è emesso da "A.T.U Auto-Teile-Unger Handels GmbH & Co. KG" Sono due società diverse del medesimo gruppo, ma la seconda dovrebbe essere garantita dagli assets di A.T.U, mentre la prima no. Sarà anche un dettaglio, ma c'è qualcosa di strano sotto che rispecchia sicuramente la differenza abissale dei prezzi dei rispettivi bond (ci sono 40 punti di differenza
). Sarà mica come Seat PG e Lighthouse International? 
:sorpresa:
Il bond TV sub. è emesso da "A.T.U Auto-Teile-Unger Investment GmbH & Co. KG". Il bond secured è emesso da "A.T.U Auto-Teile-Unger Handels GmbH & Co. KG" Sono due società diverse del medesimo gruppo, ma la seconda dovrebbe essere garantita dagli assets di A.T.U, mentre la prima no. Sarà anche un dettaglio, ma c'è qualcosa di strano sotto che rispecchia sicuramente la differenza abissale dei prezzi dei rispettivi bond (ci sono 40 punti di differenza
). Sarà mica come Seat PG e Lighthouse International? :sorpresa:Allegati
Ultima modifica:
discipline
Forumer storico
Volevi probabilmente intendere come da correzione in grassetto?Il bond TV sub. è emesso da "A.T.U Auto-Teile-Unger Investment GmbH & Co. KG". Il bond secured è emesso da "A.T.U Auto-Teile-Unger Handels GmbH & Co. KG" Sono due società diverse del medesimo gruppo, ma la seconda dovrebbe essere garantita dagli assets di A.T.U, mentre la prima no. Sarà anche un dettaglio, ma c'è qualcosa di strano sotto che rispecchia sicuramente la differenza abissale dei prezzi dei rispettivi bond (ci sono 40 punti di differenza
qquebec
Super Moderator
Sì, ho corretto, thanks
Questo è quello che si legge dal prospetto:
The Notes will be our senior obligations, guaranteed on a senior subordinated basis by certain of our subsidiaries and secured by third priority liens over shares and partnership interests of certain of our subsidiaries. Each guarantee of the Notes will be subordinated in right of payment to all existing and future senior indebtedness of the relevant guarantors. The guarantees and the liens will be subject to a standstill period on enforcement and may be released under certain circumstances. The Notes and the guarantees will be effectively subordinated to the indebtedness of our subsidiaries that will not guarantee the Notes.
Ultima modifica:
porchetto
la casa non fallisce
forse il contrario la prima quota di più dovrebbe essere garantita la prima
qquebec
Super Moderator
Altra compagnia aerea in bancarotta
Si tratta della danese Cimber Sterling Fallimento: Cimber Sterling ferma i voli | TTG Italia
Si tratta della danese Cimber Sterling Fallimento: Cimber Sterling ferma i voli | TTG Italia
Europcar cut the size of its new bond issue and sweetened the terms for investors at a time when its owner is plowing more money into the continent’s biggest car- hire company.
The operator of more than 1.2 million vehicles in North America and Europe sold 324 million euros of senior, subordinated five-year notes, according to data compiled by Bloomberg. Europcar cut the offering from 335 million euros, three bankers involved in the deal said.
The proceeds will be used to refinance existing debt and, as part of the reorganization, Europcar’s private-equity owner is injecting more equity into the fleet operator. Paris-based Eurazeo SA (RF) will put 110 million euros into the business, up from the 90 million euros announced in a statement last month, two of the bankers on the bond sale said.
“This large original issue discount and all-in yield should get investors comfortable, plus the small additional 20 million euros from the shareholder,” said Tatjana Greil Castro, a portfolio manager at Muzinich & Co. Ltd. in London, which oversees $14 billion of high-yield assets.
Marine Boulot, a spokeswoman for the car-hire operator, declined to comment, as did Eurazeo spokesman Charles Fleming.
Europcar sold the bond at a yield of 14 percent, boosted from the 12.25 percent to 12.5 percent originally marketed, said a banker on the deal, who declined to be identified because the information is private.
Call Eliminated
The company also eliminated the option to redeem the bonds early. Initially, it proposed a three year so-called call option at investor presentations at the end of April, which was reduced to 2 1/2 years before being scrapped.
In addition to the equity injection, Europcar will set aside 20 million euros of cash from its balance sheet for debt repayment, the bankers said. The new bond will refinance Europcar’s 425 million-euro, second-lien floating-rate note maturing in May 2013, according to an April 24 statement.
The company, in the middle of a program to cut costs and develop new products, reported a 3.5 percent drop in operating profit to 235 million euros in 2011 from a year earlier, according to its earnings statement. Sales were flat at 1.97 billion euros.
The rental company trimmed net debt to 2.9 billion euros from 3 billion euros in 2010. Europcar is rated B3 by Moody’s Investors Service, while Standard & Poor’s grades it one level higher at B.
Deutsche Bank AG, Credit Agricole CIB, Goldman Sachs Group Inc., JPMorgan Chase & Co., Societe Generale SA and Royal Bank of Scotland Group Plc were lead managers of its transaction. BNP Paribas SA and Lloyds Banking Group Plc acted as bookrunners.
To contact the reporter on this story: Patricia Kuo in London at [email protected]
To contact the editors responsible for this story: Paul Armstrong at [email protected]; Faris Khan at [email protected]
The operator of more than 1.2 million vehicles in North America and Europe sold 324 million euros of senior, subordinated five-year notes, according to data compiled by Bloomberg. Europcar cut the offering from 335 million euros, three bankers involved in the deal said.
The proceeds will be used to refinance existing debt and, as part of the reorganization, Europcar’s private-equity owner is injecting more equity into the fleet operator. Paris-based Eurazeo SA (RF) will put 110 million euros into the business, up from the 90 million euros announced in a statement last month, two of the bankers on the bond sale said.
“This large original issue discount and all-in yield should get investors comfortable, plus the small additional 20 million euros from the shareholder,” said Tatjana Greil Castro, a portfolio manager at Muzinich & Co. Ltd. in London, which oversees $14 billion of high-yield assets.
Marine Boulot, a spokeswoman for the car-hire operator, declined to comment, as did Eurazeo spokesman Charles Fleming.
Europcar sold the bond at a yield of 14 percent, boosted from the 12.25 percent to 12.5 percent originally marketed, said a banker on the deal, who declined to be identified because the information is private.
Call Eliminated
The company also eliminated the option to redeem the bonds early. Initially, it proposed a three year so-called call option at investor presentations at the end of April, which was reduced to 2 1/2 years before being scrapped.
In addition to the equity injection, Europcar will set aside 20 million euros of cash from its balance sheet for debt repayment, the bankers said. The new bond will refinance Europcar’s 425 million-euro, second-lien floating-rate note maturing in May 2013, according to an April 24 statement.
The company, in the middle of a program to cut costs and develop new products, reported a 3.5 percent drop in operating profit to 235 million euros in 2011 from a year earlier, according to its earnings statement. Sales were flat at 1.97 billion euros.
The rental company trimmed net debt to 2.9 billion euros from 3 billion euros in 2010. Europcar is rated B3 by Moody’s Investors Service, while Standard & Poor’s grades it one level higher at B.
Deutsche Bank AG, Credit Agricole CIB, Goldman Sachs Group Inc., JPMorgan Chase & Co., Societe Generale SA and Royal Bank of Scotland Group Plc were lead managers of its transaction. BNP Paribas SA and Lloyds Banking Group Plc acted as bookrunners.
To contact the reporter on this story: Patricia Kuo in London at [email protected]
To contact the editors responsible for this story: Paul Armstrong at [email protected]; Faris Khan at [email protected]
- Stato