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

[Imark]

Il commento alla rating action con cui S&P ha downgradato Yioula nei giorni scorsi ... premettendo che cmq si tratta di emittente ciofeca, la ragione principale della riduzione del rating discende dai problemi di liquidità e dal rischio rottura dei covenant ad inizio 2011 (per il quale mi preoccuperei meno, visto che un accordo di rinegoziazione dei covenant oggigiorno non si nega a nessuno...)

 

[qquebec]

Il fondo Carlyle vende i loans di Eircom

La notizia, passata un po' inosservata , è di oggi, ma il fondo Carlyle, uno dei più grossi al mondo, potrebbe aver agito prima. In pratica il fondo ha venduto in asta 750 milioni di euro di loans bancari di Eircom e Virgin Media (la metà dell'offerta inizialmente preventivata) a soggetti istituzionali di cui non si conosce il nome.

Carlyle Sells 750 Million Euros of Loans in Auction
June 29 (Bloomberg) -- Carlyle Group, the world’s second- largest private-equity firm, has sold about 750 million euros ($915 million) of leveraged loans in an auction, according to two people with knowledge of the sale. The firm was seeking bidders for a total of 1.5 billion euros of debt to actively-traded borrowers such as Irish phone company Eircom Group Ltd. and U.K. pay-television company Virgin Media Inc., one of the people said. The people declined to be identified because the information is private. Rosanna Konarzewski, a Carlyle spokeswoman in London, declined to comment. “Loan prices are likely to remain suppressed until the portfolio clears,” Babson Capital Management LLC analysts wrote in a note to clients yesterday, without disclosing the seller. Loan bids ended the week down about 25 basis points June 25. Leveraged loans are rated below BBB- by Standard & Poor’s and Baa3 by Moody’s Investors Service. Private-equity firms pay for takeovers by loading a target company with debt and using its cash flow to repay lenders, causing the company’s ratings to fall below investment grade.

 

[Zorba]

Il commento alla rating action con cui S&P ha downgradato Yioula nei giorni scorsi ... premettendo che cmq si tratta di emittente ciofeca, la ragione principale della riduzione del rating discende dai problemi di liquidità e dal rischio rottura dei covenant ad inizio 2011 (per il quale mi preoccuperei meno, visto che un accordo di rinegoziazione dei covenant oggigiorno non si nega a nessuno...)

La notizia, passata un po' inosservata , è di oggi, ma il fondo Carlyle, uno dei più grossi al mondo, potrebbe aver agito prima. In pratica il fondo ha venduto in asta 750 milioni di euro di loans bancari di Eircom e Virgin Media (la metà dell'offerta inizialmente preventivata) a soggetti istituzionali di cui non si conosce il nome.

Carlyle Sells 750 Million Euros of Loans in Auction
June 29 (Bloomberg) -- Carlyle Group, the world’s second- largest private-equity firm, has sold about 750 million euros ($915 million) of leveraged loans in an auction, according to two people with knowledge of the sale. The firm was seeking bidders for a total of 1.5 billion euros of debt to actively-traded borrowers such as Irish phone company Eircom Group Ltd. and U.K. pay-television company Virgin Media Inc., one of the people said. The people declined to be identified because the information is private. Rosanna Konarzewski, a Carlyle spokeswoman in London, declined to comment. “Loan prices are likely to remain suppressed until the portfolio clears,” Babson Capital Management LLC analysts wrote in a note to clients yesterday, without disclosing the seller. Loan bids ended the week down about 25 basis points June 25. Leveraged loans are rated below BBB- by Standard & Poor’s and Baa3 by Moody’s Investors Service. Private-equity firms pay for takeovers by loading a target company with debt and using its cash flow to repay lenders, causing the company’s ratings to fall below investment grade.

Grazie mille sempre aggiornamenti preziosi from your side

 

[Zorba]

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.

CMQ nonostante le rassicurazioni di Jyske, Eircom 2016 continua a scendere. Sui siti tedeschi fa 35-37,5

https://www.boerse-stuttgart.de/rd/en/anleihen/factsheet?sSymbol=XS0264261974.FSE

 

[ferdo]

CMQ nonostante le rassicurazioni di Jyske, Eircom 2016 continua a scendere. Sui siti tedeschi fa 35-37,5

https://www.boerse-stuttgart.de/rd/en/anleihen/factsheet?sSymbol=XS0264261974.FSE

questa te la sei presa?

 

[Zorba]

questa te la sei presa?

Ho il PIK 2017. Roba da brividi. Però vedo che tiene
In questo momento è da girare alla larga da Eircom. Magari valutare un ingresso quando si sapranno i termini della ristrutturazione.

 

[Imark]

La notizia, passata un po' inosservata , è di oggi, ma il fondo Carlyle, uno dei più grossi al mondo, potrebbe aver agito prima. In pratica il fondo ha venduto in asta 750 milioni di euro di loans bancari di Eircom e Virgin Media (la metà dell'offerta inizialmente preventivata) a soggetti istituzionali di cui non si conosce il nome.

Carlyle Sells 750 Million Euros of Loans in Auction
June 29 (Bloomberg) -- Carlyle Group, the world’s second- largest private-equity firm, has sold about 750 million euros ($915 million) of leveraged loans in an auction, according to two people with knowledge of the sale. The firm was seeking bidders for a total of 1.5 billion euros of debt to actively-traded borrowers such as Irish phone company Eircom Group Ltd. and U.K. pay-television company Virgin Media Inc., one of the people said. The people declined to be identified because the information is private. Rosanna Konarzewski, a Carlyle spokeswoman in London, declined to comment. “Loan prices are likely to remain suppressed until the portfolio clears,” Babson Capital Management LLC analysts wrote in a note to clients yesterday, without disclosing the seller. Loan bids ended the week down about 25 basis points June 25. Leveraged loans are rated below BBB- by Standard & Poor’s and Baa3 by Moody’s Investors Service. Private-equity firms pay for takeovers by loading a target company with debt and using its cash flow to repay lenders, causing the company’s ratings to fall below investment grade.

E figurati che sia i loans di Eircom che quelli di Virgin Media sono senior secured ...

 

[Zorba]

Wind Hellas Will Miss $50 Million of Debt Payments


By Kate Haywood and John Glover - Jun 30, 2010
Wind Hellas Telecommunications SA, the Greek mobile operator that restructured last year, will miss 40.5 million euros ($50 million) of debt payments due in the next two weeks, according to owner Naguib Sawiris.
Creditors are being asked not to push Wind into default as it seeks to reorganize borrowings for the second time in seven months, the Egyptian billionaire said in an interview. The phone company’s business is being hurt by falling consumer confidence and spending after the implementation of austerity measures to ease the Greek budget deficit crisis.
More cash may be put into the Athens-based company “depending on the outcome of negotiations with creditors,” Sawiris, 56, said in the interview.
Wind Hellas faces a 17.5 million-euro payment today on its 250 million-euro revolving-credit facility maturing June 2012, according to Standard & Poor’s. The company must also make a 23 million-euro coupon payment on 1.2 billion euros of floating- rate notes due October 2012 on July 15, according to data compiled by Bloomberg.
Sawiris, who ranked 205th in Forbes magazine’s World’s Richest People list last year, owns Wind Hellas through his Weather Investments SpA holding company. He bought the company from the administrators after it moved its headquarters to London in August to go through a so-called prepackaged bankruptcy under U.K. law.
Competitive Position
“The first restructuring didn’t take out enough debt,” said Alex Moss, head of high yield at Insight Investment Management in London, which oversees the equivalent of $150 billion of assets. “Add in its competitive position in the Greek market and that demand for its services fell off a cliff, and this is what you get.”
Insight doesn’t hold Wind Hellas bonds, Moss said.
Wind’s secured floating-rate notes fell 1 cent on the euro to 29 cents, the lowest ever, according to HSBC Holdings Plc prices on Bloomberg. Its 356 million euros of unsecured 8.5 percent notes due October 2013 were unchanged at 4 cents on the euro, also a record low.

Wind Hellas Will Miss $50 Million of Debt Payments - Bloomberg

 

[fabriziof]

Wind Hellas Will Miss $50 Million of Debt Payments


By Kate Haywood and John Glover - Jun 30, 2010
Wind Hellas Telecommunications SA, the Greek mobile operator that restructured last year, will miss 40.5 million euros ($50 million) of debt payments due in the next two weeks, according to owner Naguib Sawiris.
Creditors are being asked not to push Wind into default as it seeks to reorganize borrowings for the second time in seven months, the Egyptian billionaire said in an interview. The phone company’s business is being hurt by falling consumer confidence and spending after the implementation of austerity measures to ease the Greek budget deficit crisis.
More cash may be put into the Athens-based company “depending on the outcome of negotiations with creditors,” Sawiris, 56, said in the interview.
Wind Hellas faces a 17.5 million-euro payment today on its 250 million-euro revolving-credit facility maturing June 2012, according to Standard & Poor’s. The company must also make a 23 million-euro coupon payment on 1.2 billion euros of floating- rate notes due October 2012 on July 15, according to data compiled by Bloomberg.
Sawiris, who ranked 205th in Forbes magazine’s World’s Richest People list last year, owns Wind Hellas through his Weather Investments SpA holding company. He bought the company from the administrators after it moved its headquarters to London in August to go through a so-called prepackaged bankruptcy under U.K. law.
Competitive Position
“The first restructuring didn’t take out enough debt,” said Alex Moss, head of high yield at Insight Investment Management in London, which oversees the equivalent of $150 billion of assets. “Add in its competitive position in the Greek market and that demand for its services fell off a cliff, and this is what you get.”
Insight doesn’t hold Wind Hellas bonds, Moss said.
Wind’s secured floating-rate notes fell 1 cent on the euro to 29 cents, the lowest ever, according to HSBC Holdings Plc prices on Bloomberg. Its 356 million euros of unsecured 8.5 percent notes due October 2013 were unchanged at 4 cents on the euro, also a record low.

Wind Hellas Will Miss $50 Million of Debt Payments - Bloomberg

ma sawiris cosa propone?

 

[Gaudente]

ma sawiris cosa propone?

verra' fuori con una generosa proposta di concambio in azioni con un modesto haircut del 95%