Welsberg
Forumer attivo
Grazie Fabri,
a sto punto tanto vale aspettare la proposta di ristrutturazione o mollare di corsa?
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Grazie Fabri,
a sto punto tanto vale aspettare la proposta di ristrutturazione o mollare di corsa?
fabriziof
Forumer storico
Boh...
Welsberg
Forumer attivo
Welsberg
Forumer attivo
Ultimamente solo mazzate pesanti...confesso di essere bloccato psicologicamente su ipotesi di nuovi acquisti
lagonzaga
Forumer attivo
teniamo duro.. chi vivra' vedra'
Anche io tengo, eventualmente aderisco per tentare di ricomprarle ad un prezzo inferiore.
Norske Skog Said to Work With Houlihan Lokey on Debt Review
Norske Skogindustrier ASA is working with Houlihan Lokey Inc. to conduct a review of its debt structure, which may lead to a restructuring, according to two people with knowledge of the matter.
By Luca Casiraghi - 21 set 2015, 13:38:16
Norske Skogindustrier ASA is working with Houlihan Lokey Inc. to conduct a review of its debt structure, which may lead to a restructuring, according to two people with knowledge of the matter.
The investment bank will assess options for the Norwegian papermaker, said the people, who asked not to be identified because the matter is private. The appointment came after bondholders approached management about reviewing debt maturities, they said.
Carsten Dybevig, a spokesman for Lysaker, Norway-based Norske Skog, and John Gallagher, a spokesman for Houlihan Lokey in New York, declined to comment on the matter.
Blackstone Group LP’s GSO Capital Partners, which owns Norske Skog’s bonds, is working on proposals to reduce the papermaker’s 1 billion euros ($1.1 billion) of debt, people familiar with the matter said earlier this month. A group of holders of bonds due 2019 hired law firm Akin Gump Strauss Hauer & Feld to create an alternative plan, according to other people familiar with the matter.
More articles on Debt
Norske Skogindustrier ASA is working with Houlihan Lokey Inc. to conduct a review of its debt structure, which may lead to a restructuring, according to two people with knowledge of the matter.
By Luca Casiraghi - 21 set 2015, 13:38:16
Norske Skogindustrier ASA is working with Houlihan Lokey Inc. to conduct a review of its debt structure, which may lead to a restructuring, according to two people with knowledge of the matter.
The investment bank will assess options for the Norwegian papermaker, said the people, who asked not to be identified because the matter is private. The appointment came after bondholders approached management about reviewing debt maturities, they said.
Carsten Dybevig, a spokesman for Lysaker, Norway-based Norske Skog, and John Gallagher, a spokesman for Houlihan Lokey in New York, declined to comment on the matter.
Blackstone Group LP’s GSO Capital Partners, which owns Norske Skog’s bonds, is working on proposals to reduce the papermaker’s 1 billion euros ($1.1 billion) of debt, people familiar with the matter said earlier this month. A group of holders of bonds due 2019 hired law firm Akin Gump Strauss Hauer & Feld to create an alternative plan, according to other people familiar with the matter.
More articles on Debt
Oi Bonds Decline After Hiring Rothschild for Advice on Finances
Oi SA’s bonds tumbled to the lowest price since they were issued in 2012 after Brazil’s most-indebted phone company said it hired Rothschild for advice on how to make its finances more efficient.
By Paula Sambo - 21 set 2015, 14:55:07
Oi SA’s bonds tumbled to the lowest price since they were issued in 2012 after Brazil’s most-indebted phone company said it hired Rothschild for advice on how to make its finances more efficient.
Oi’s $1.5 billion of notes due 2022 sank 9.6 percent to 57.98 cents on the dollar at 2:14 p.m. in Sao Paulo after the company said Rothschild will assess how it should use funds from the sale of Portugal Telecom assets as it looks to extend debt maturities and improve its financial profile. The notes earlier fell as low as 42.5 cents after Veja columnist Lauro Jardim reported Sunday that the company was seeking a debt restructuring. Oi shares reversed earlier gains and declined 6.7 percent to 3.6 0reais, the worst performance in the Ibovespa.
Brazil’s fourth-biggest mobile carrier is forecast to post losses through 2017 after it agreed to merge with Portugal Telecom in 2013 to compete against Telefonica SA and Carlos Slim’s America Movil SAB. It’s imperative that the company reduces the risk of having debt in dollars and euros while most of its revenue is in reais, according to David Tawil, the co-founder of hedge fund Maglan Capital in New York.
"The current capital structure is not viable, even in the medium-term," Tawil said from New York. "I would think that a debt restructuring, sooner rather than later, would be best as the current capital structure will continue to sap the company of vital capital resources."
The carrier said last month that it is evaluating the sale of telecommunications towers and call centers to trim costs as it seeks to push out maturities on its debt. Earlier this month, shareholders approved a restructuring plan that includes the option to convert preferred shares into voting shares and a new board, according to regulatory filing Sept. 1.
Standard & Poor’s and Fitch Ratings stripped the telephone company of its investment grade earlier this year after Rioforte Investments SA, a subsidiary of Lisbon-based Espirito Santo International, defaulted on 897 million euros ($1 billion) in commercial notes in July to Portugal Telecom SGPS -- the company Oi was in the midst of merging with.
Oi has been working to improve operations and help refinance debt since Chief Executive Officer Bayard Gontijo took over in October 2014 to become the third CEO of the company in less than two years.
More articles on Bonds, Debt
Oi SA’s bonds tumbled to the lowest price since they were issued in 2012 after Brazil’s most-indebted phone company said it hired Rothschild for advice on how to make its finances more efficient.
By Paula Sambo - 21 set 2015, 14:55:07
Oi SA’s bonds tumbled to the lowest price since they were issued in 2012 after Brazil’s most-indebted phone company said it hired Rothschild for advice on how to make its finances more efficient.
Oi’s $1.5 billion of notes due 2022 sank 9.6 percent to 57.98 cents on the dollar at 2:14 p.m. in Sao Paulo after the company said Rothschild will assess how it should use funds from the sale of Portugal Telecom assets as it looks to extend debt maturities and improve its financial profile. The notes earlier fell as low as 42.5 cents after Veja columnist Lauro Jardim reported Sunday that the company was seeking a debt restructuring. Oi shares reversed earlier gains and declined 6.7 percent to 3.6 0reais, the worst performance in the Ibovespa.
Brazil’s fourth-biggest mobile carrier is forecast to post losses through 2017 after it agreed to merge with Portugal Telecom in 2013 to compete against Telefonica SA and Carlos Slim’s America Movil SAB. It’s imperative that the company reduces the risk of having debt in dollars and euros while most of its revenue is in reais, according to David Tawil, the co-founder of hedge fund Maglan Capital in New York.
"The current capital structure is not viable, even in the medium-term," Tawil said from New York. "I would think that a debt restructuring, sooner rather than later, would be best as the current capital structure will continue to sap the company of vital capital resources."
The carrier said last month that it is evaluating the sale of telecommunications towers and call centers to trim costs as it seeks to push out maturities on its debt. Earlier this month, shareholders approved a restructuring plan that includes the option to convert preferred shares into voting shares and a new board, according to regulatory filing Sept. 1.
Standard & Poor’s and Fitch Ratings stripped the telephone company of its investment grade earlier this year after Rioforte Investments SA, a subsidiary of Lisbon-based Espirito Santo International, defaulted on 897 million euros ($1 billion) in commercial notes in July to Portugal Telecom SGPS -- the company Oi was in the midst of merging with.
Oi has been working to improve operations and help refinance debt since Chief Executive Officer Bayard Gontijo took over in October 2014 to become the third CEO of the company in less than two years.
More articles on Bonds, Debt
Abengoa Bonds Fall to Records After Report HSBC Withdrew Support
Abengoa SA’s bonds fell to records after a report that HSBC Holdings Plc withdrew support for the company’s planned capital increase.
By Katie Linsell - 21 set 2015, 13:10:55
Abengoa SA’s bonds fell to records after a report that HSBC Holdings Plc withdrew support for the company’s planned capital increase.
The Spanish renewable energy company’s 500 million euros ($564 million) of 6 percent notes due March 2021 fell 12.6 cents on the euro to 27.7 cents, pushing the yield to 38.5 percent, according to data compiled by Bloomberg. Credit-default swaps insuring Abengoa’s debt signal a 93 percent probability of default within five years, CMA prices show.
HSBC retracted an agreement to back 120 million euros of the Seville-based company’s 650 million-euro share sale last week, Spanish news website El Confidencial reported today without saying where it got the information. HSBC, Banco Santander SA and Credit Agricole SA had agreed to be standby underwriters of the increase last month, according to people familiar with the matter.
Abengoa declined to comment on El Confidencial’s article.
The company is struggling to convince investors that its plan to raise capital and sell assets will succeed after forecasting that free cash-flow will be lower than previously estimated. The share sale is critical for Abengoa’s near-term liquidity, according to Navann Ty, a credit analyst at Bank of America Corp., who has an underweight recommendation on the bonds.
Radical Plans
“If working capital deteriorates and the capital increase is not executed, liquidity could become tight” as soon as this year, Ty wrote in a note to investors today. “Irrespective of the capital increase, which would be positive for near-term liquidity, we think Abengoa may look to engage in a more radical plan.”
While Abengoa’s focus is on the share sale, it may also consider a debt restructuring in the future, Bloomberg reported on Sept. 4. Abengoa is discussing a variety of options with financial advisory firm Lazard Ltd. and banks, according to people familiar with the matter.
The risk of a ratings downgrade has increased because Abengoa hasn’t yet achieved the capital increase, Moody’s Investors Service said last week. Banks are finding it difficult to sell loans even at a 60 percent discount to face value, people familiar with the matter said last week.
It costs 6.8 million euros in advance and 500,000 euros annually to insure 10 million euros of Abengoa’s bonds for five years, CMA prices show. Abengoa’s Class B shares fell 5.7 percent to 86 euro cents, the lowest in more than two weeks.
More articles on Bonds
Abengoa SA’s bonds fell to records after a report that HSBC Holdings Plc withdrew support for the company’s planned capital increase.
By Katie Linsell - 21 set 2015, 13:10:55
Abengoa SA’s bonds fell to records after a report that HSBC Holdings Plc withdrew support for the company’s planned capital increase.
The Spanish renewable energy company’s 500 million euros ($564 million) of 6 percent notes due March 2021 fell 12.6 cents on the euro to 27.7 cents, pushing the yield to 38.5 percent, according to data compiled by Bloomberg. Credit-default swaps insuring Abengoa’s debt signal a 93 percent probability of default within five years, CMA prices show.
HSBC retracted an agreement to back 120 million euros of the Seville-based company’s 650 million-euro share sale last week, Spanish news website El Confidencial reported today without saying where it got the information. HSBC, Banco Santander SA and Credit Agricole SA had agreed to be standby underwriters of the increase last month, according to people familiar with the matter.
Abengoa declined to comment on El Confidencial’s article.
The company is struggling to convince investors that its plan to raise capital and sell assets will succeed after forecasting that free cash-flow will be lower than previously estimated. The share sale is critical for Abengoa’s near-term liquidity, according to Navann Ty, a credit analyst at Bank of America Corp., who has an underweight recommendation on the bonds.
Radical Plans
“If working capital deteriorates and the capital increase is not executed, liquidity could become tight” as soon as this year, Ty wrote in a note to investors today. “Irrespective of the capital increase, which would be positive for near-term liquidity, we think Abengoa may look to engage in a more radical plan.”
While Abengoa’s focus is on the share sale, it may also consider a debt restructuring in the future, Bloomberg reported on Sept. 4. Abengoa is discussing a variety of options with financial advisory firm Lazard Ltd. and banks, according to people familiar with the matter.
The risk of a ratings downgrade has increased because Abengoa hasn’t yet achieved the capital increase, Moody’s Investors Service said last week. Banks are finding it difficult to sell loans even at a 60 percent discount to face value, people familiar with the matter said last week.
It costs 6.8 million euros in advance and 500,000 euros annually to insure 10 million euros of Abengoa’s bonds for five years, CMA prices show. Abengoa’s Class B shares fell 5.7 percent to 86 euro cents, the lowest in more than two weeks.
More articles on Bonds
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HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
