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

[fabriziof]

son proprio dei cioccolatai danesi...empre in prima linea anticipano gli eventi...

se cedono pure i cioccolatai...qualcuno ha trovato su internet notizia di questo report di merrill lynch di cui parla jiske?

 

[nik.sala]

se cedono pure i cioccolatai...qualcuno ha trovato su internet notizia di questo report di merrill lynch di cui parla jiske?

no, maq non cambia nulla, a mio modo di vedere...si paventava la ristrutturazione già da tempo, secondo noi...

 

[Imark]

Anche l'irresistibile Jyske è costretta ad ammettere che il debito di Eircom verrà ristrutturato

Eircom bonds on the decline
Eircom’s bonds (BCMAU) have over the past two days fallen by about 10 points. Apparently, a very negative research report from Bank of America/Merrill Lynch has prompted several major investors to sell their Eircom bonds. The research report states that the risk of restructuring is relatively high. The assessment of the report is that in the event of a restructuring Eircom’s bonds will be heavily written down. There is nothing new in the research report but apparently the report prompted many investors to sell which squeezes prices. It is still not our main scenario that Eircom will be forced to restructure the debt, but the likelihood is very high. Investment in Eircom bonds is still associated with a very high risk.

I mitici cazzari del nord, avevano fatto centro ancora una volta... e poi dicono a noi, che siamo mediterranei...

Cmq loro non sbagliano, sono in malafede, IMHO...

 

[Zorba]

Anche l'irresistibile Jyske è costretta ad ammettere che il debito di Eircom verrà ristrutturato

Eircom bonds on the decline
Eircom’s bonds (BCMAU) have over the past two days fallen by about 10 points. Apparently, a very negative research report from Bank of America/Merrill Lynch has prompted several major investors to sell their Eircom bonds. The research report states that the risk of restructuring is relatively high. The assessment of the report is that in the event of a restructuring Eircom’s bonds will be heavily written down. There is nothing new in the research report but apparently the report prompted many investors to sell which squeezes prices. It is still not our main scenario that Eircom will be forced to restructure the debt, but the likelihood is very high. Investment in Eircom bonds is still associated with a very high risk.

I mitici cazzari del nord, avevano fatto centro ancora una volta... e poi dicono a noi, che siamo mediterranei...

Cmq loro non sbagliano, sono in malafede, IMHO...

Per me sono in malafede tutti, ML compresa. Il sell su questi titoli era da dare anni fa.

 

[lorenzo63]

I mitici cazzari del nord, avevano fatto centro ancora una volta... e poi dicono a noi, che siamo mediterranei...

Cmq loro non sbagliano, sono in malafede, IMHO...

Eh si si .... Ancora mi ricordo quel buy su Ineos...che era da comprare si, ma per ben ben ma ben altri motivi... ...

 

[qquebec]

Prezzi dei bond in caduta libera per Eircom

Market reacts to Eircom debt fears

(Bloomberg Saturday, June 26, 2010) - The price of debts issued by subsidiaries of Eircom fell yesterday amid concern that the company may breach loan covenants. The €350 million floating-rate notes of ERC Ireland Finance Ltd fell to a record low at 37 per cent of face value, according to Royal Bank of Scotland. The second-lien loans of ERC Ireland Holdings Ltd were quoted at 70 per cent of face value, down from 73.5 last week, according to Mizuho Financial Group. The company’s senior loans were quoted at between 77 per cent and 79 per cent of face value yesterday, compared with 80 per cent from last week, according to Cantor Fitzgerald. “The market is telling the company and their bankers how much spread Eircom’s debt should be paying to reflect the credit’s risk,” said Alex Moss, a fund manager at Insight Investment Management in London. At current prices, investors are indicating the company would need to increase the interest margin on the senior loans to at least 6 percentage points over benchmark rates, from about 2 percentage points, if it wants to amend conditions of its debt, said Mr Moss. In January, Standard and Poor’s said Eircom group may breach debt covenant in about a year. SP expects investors in the second-lien loans to recover less than 30 per cent of face value, while the floating-rate notes may get less than 10 per cent in the event of a payment default. In May, Moody’s Investors Service cut the rating of the telecoms group’s €3.3 billion senior secured loans by one level to four steps below investment grade at B1. The €350 million of second-lien debt due in 2016 was cut to Caa1, seven rungs below investment grade, after the company’s operating performance weakened amid intensifying competition. Eircom has been cutting capital expenditure to help generate positive cash flow, Moody’s said. If it continues cutting spending, it may lose market shares to its rivals Vodafone and O2, Moody’s said. –

 

[Zorba]

Market reacts to Eircom debt fears

(Bloomberg Saturday, June 26, 2010) - The price of debts issued by subsidiaries of Eircom fell yesterday amid concern that the company may breach loan covenants. The €350 million floating-rate notes of ERC Ireland Finance Ltd fell to a record low at 37 per cent of face value, according to Royal Bank of Scotland. The second-lien loans of ERC Ireland Holdings Ltd were quoted at 70 per cent of face value, down from 73.5 last week, according to Mizuho Financial Group. The company’s senior loans were quoted at between 77 per cent and 79 per cent of face value yesterday, compared with 80 per cent from last week, according to Cantor Fitzgerald. “The market is telling the company and their bankers how much spread Eircom’s debt should be paying to reflect the credit’s risk,” said Alex Moss, a fund manager at Insight Investment Management in London. At current prices, investors are indicating the company would need to increase the interest margin on the senior loans to at least 6 percentage points over benchmark rates, from about 2 percentage points, if it wants to amend conditions of its debt, said Mr Moss. In January, Standard and Poor’s said Eircom group may breach debt covenant in about a year. SP expects investors in the second-lien loans to recover less than 30 per cent of face value, while the floating-rate notes may get less than 10 per cent in the event of a payment default. In May, Moody’s Investors Service cut the rating of the telecoms group’s €3.3 billion senior secured loans by one level to four steps below investment grade at B1. The €350 million of second-lien debt due in 2016 was cut to Caa1, seven rungs below investment grade, after the company’s operating performance weakened amid intensifying competition. Eircom has been cutting capital expenditure to help generate positive cash flow, Moody’s said. If it continues cutting spending, it may lose market shares to its rivals Vodafone and O2, Moody’s said. –

Grazie qquebec per gli aggiornamenti. E' inquietante che il debito senior prezzi in area 70

 

[qquebec]

Ristrutturazione Eircom? Per Jyske è una bufala

Rimane impassibile sulle sue posizioni Jyske: la ristrutturazione del debito colossale di Eircom è fuori discussione. Il fatto che il bond TV senior 2016 venga scambiato intorno al 39% è - secondo Jyske - frutto di notizie tendenziose e del report negativo di Goldman Sachs.

Eircom
These past few days Eircom has seen the prices of its bond series fall sharply. This is primarily due to two factors: a negative report from Goldman Sachs and the bearish market sentiment chiefly surrounding bonds with low credit quality and negative news flow. Our opinion is still that there will be no restructure (this was announced by the management at the latest teleconference at the end of May), and that STT will back up the company. However, concern is mounting because no information has yet been given to the market about the future strategy of the company.

 

[fabriziof]

Rimane impassibile sulle sue posizioni Jyske: la ristrutturazione del debito colossale di Eircom è fuori discussione. Il fatto che il bond TV senior 2016 venga scambiato intorno al 39% è - secondo Jyske - frutto di notizie tendenziose e del report negativo di Goldman Sachs.

Eircom
These past few days Eircom has seen the prices of its bond series fall sharply. This is primarily due to two factors: a negative report from Goldman Sachs and the bearish market sentiment chiefly surrounding bonds with low credit quality and negative news flow. Our opinion is still that there will be no restructure (this was announced by the management at the latest teleconference at the end of May), and that STT will back up the company. However, concern is mounting because no information has yet been given to the market about the future strategy of the company.

se il mio pik va in default faccio causa a jyske

 

[Imark]

se il mio pik va in default faccio causa a jyske

Poi, dovesse succedere, facci sapere come è andata...