zoro-aster
Forumer storico
credo che ISIN sia errato. Secondo me dovrebbe essere USC10602AY36 comunque ben prese
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
credo che ISIN sia errato. Secondo me dovrebbe essere USC10602AY36 comunque ben prese
Welsberg
Forumer attivo
e avevi ragione da vendere, purtroppo dati i troppi fronti traballanti aperti mi sono fatto prendere dall'emotività ed è scattato il si salvi chi può.
La lezione da trarre è andare per gradi, me ne ricorderò...
grazie cmq Fabri, mi sta bene...
ginestra
Forumer attivo
e' quello che penso anche io
il report di db ( agosto) e' benevolo , per quel che vale,
un lotto lo prendo. certo che se aumentano i tassi usa.... od anche se solo il mercato ne intravvede la possibilita' ...
se non sbaglio la prima scadenza del debito e' 3/2018 .
Orlando 27
Forumer attivo
ok queste sono sul carbone , credo che come sale il petrolio queste beneficano di un apprezzamento sapete se la 2017 è comprabile
Orlando 27
Forumer attivo
iguanito
Forumer storico
Perchè basta che una mattina qualunque un fondo, una banca o un istituzionale che possiede una percentuale di una discreta rilevanza decida di venderne la totalità o una parte e il prezzo crolla e tu resti incastrato. Con queste quantità molto basse di outstanding basta una vendita relativamente bassa per fare oscillare notevolmente il prezzo. Inoltre vi sono problemi di liquidità e, quindi, potresti avere difficoltà a comprarle e anche a venderle qualora tu decida in tal senso. Nel corso di questi anni qui abbiamo visto decine e decine di queste situazioni
fedro10
è la somma che fa il totale...
Xs0501195480 repubblica argentina 8.75% 02.06.2017 usd
Grazie mille hai perfettamente ragione avevo preso un bel abbaglio confondendolo con altre cedole accreditate, mi scuso e vi ringrazio della sveglia.
Grazie mille hai perfettamente ragione avevo preso un bel abbaglio confondendolo con altre cedole accreditate, mi scuso e vi ringrazio della sveglia.
zoro-aster
Forumer storico
a parte quello già detto..... io considero che anche se USA alza i tassi come probabilmente farà non sarà un rialzo macroscopico per cui l`incidenza sui tassi/corsi dai livelli odierni non credo sarà la fine del mondo , quindi come titolo da cassettare lo vedo bene....... sempre che non succeda un cataclisma
Oi Would Benefit from Offer of $4 Billion Investment to Merge with Rival
On Monday, Oi S.A. (Ba3 negative) said that it had received an offer of up to $4 billion from investment
group LetterOne (unrated) if Oi successfully pursues a merger with TIM Participações S.A. (unrated), the
Brazilian subsidiary of Telecom Italia S.p.A. (Ba1 negative). The proposed merger and the capital injection
would be credit positive for Oi’s bondholders and creditors.
TIM has a stronger balance sheet than Oi, and a merger would offer synergies, especially in cost savings and
capital-spending plans, and the larger scale would help Oi compete with its stronger, well-financed
competitors Vivo, the Brazilian subsidiary of Spain’s Telefonica S.A. (Baa2 stable), and Claro, the Brazilian
unit of Mexico’s America Movil S.A.B. de C.V. (A2 stable). Oi’s main competitors are investing heavily in
Brazil for growth, both organically by spending capital on spectrum and through M&A activity. Vivo finalized
the acquisition of GVT earlier this year and America Movil merged its subsidiaries into Claro to create
Brazil’s second-largest integrated telecom company.
The LetterOne investment appears to be a long shot for the near future, since it would also require the
approval of Brazil’s federal regulators and the shareholders of both companies. Still, LetterOne’s offer
improves the merger’s appeal to shareholders. It also significantly reduces Oi’s need to seek financing for a
multi-billion-dollar deal, which would be unlikely without the funding given Oi’s high leverage, tight
maturity schedule and annual cash needs.
Oi, Brazil’s largest incumbent local exchange carrier, serves nearly 48 million mobile customers and nearly
17 million fixed-line customers, generating about BRL28.1 billion (about $7.4 billion) in revenues for the 12
months through June 2015 pro forma for the sale of Portugal Telecom’s assets. TIM had 74.6 million
wireless customers and generated almost BRL19 billion in net revenues for the 12 months through June 2015.
Any company interested in the consolidation of Brazil’s telecom sector today would benefit from the
renewal of the operators’ existing fixed-line concessions. Brazil’s telecom operators are waiting for the
federal telecom regulator to disclose its policy on the value and reversibility of assets at the end of the
concession periods. Once the new policy on assets becomes clear, we would expect more moves toward
asset sales and exchanges or consolidation.
Meanwhile, the merger’s appeal for shareholders of both Oi and TIM will depend on the terms of the
transaction, especially on what role a capital injection of up to $4 billion would play. After Oi revealed
LetterOne’s offer, TIM insisted that it has no ongoing negotiations with Oi or LetterOne regarding a merger
or takeover.
But a merger would help the combined company compete in Brazil against Vivo and Claro, and the prospect
of a capital injection would make the prospect of a merger more attractive to shareholders at both
companies. The capital injection would also benefit Oi’s credit quality by significantly reducing its need to
raise financing.
On Monday, Oi S.A. (Ba3 negative) said that it had received an offer of up to $4 billion from investment
group LetterOne (unrated) if Oi successfully pursues a merger with TIM Participações S.A. (unrated), the
Brazilian subsidiary of Telecom Italia S.p.A. (Ba1 negative). The proposed merger and the capital injection
would be credit positive for Oi’s bondholders and creditors.
TIM has a stronger balance sheet than Oi, and a merger would offer synergies, especially in cost savings and
capital-spending plans, and the larger scale would help Oi compete with its stronger, well-financed
competitors Vivo, the Brazilian subsidiary of Spain’s Telefonica S.A. (Baa2 stable), and Claro, the Brazilian
unit of Mexico’s America Movil S.A.B. de C.V. (A2 stable). Oi’s main competitors are investing heavily in
Brazil for growth, both organically by spending capital on spectrum and through M&A activity. Vivo finalized
the acquisition of GVT earlier this year and America Movil merged its subsidiaries into Claro to create
Brazil’s second-largest integrated telecom company.
The LetterOne investment appears to be a long shot for the near future, since it would also require the
approval of Brazil’s federal regulators and the shareholders of both companies. Still, LetterOne’s offer
improves the merger’s appeal to shareholders. It also significantly reduces Oi’s need to seek financing for a
multi-billion-dollar deal, which would be unlikely without the funding given Oi’s high leverage, tight
maturity schedule and annual cash needs.
Oi, Brazil’s largest incumbent local exchange carrier, serves nearly 48 million mobile customers and nearly
17 million fixed-line customers, generating about BRL28.1 billion (about $7.4 billion) in revenues for the 12
months through June 2015 pro forma for the sale of Portugal Telecom’s assets. TIM had 74.6 million
wireless customers and generated almost BRL19 billion in net revenues for the 12 months through June 2015.
Any company interested in the consolidation of Brazil’s telecom sector today would benefit from the
renewal of the operators’ existing fixed-line concessions. Brazil’s telecom operators are waiting for the
federal telecom regulator to disclose its policy on the value and reversibility of assets at the end of the
concession periods. Once the new policy on assets becomes clear, we would expect more moves toward
asset sales and exchanges or consolidation.
Meanwhile, the merger’s appeal for shareholders of both Oi and TIM will depend on the terms of the
transaction, especially on what role a capital injection of up to $4 billion would play. After Oi revealed
LetterOne’s offer, TIM insisted that it has no ongoing negotiations with Oi or LetterOne regarding a merger
or takeover.
But a merger would help the combined company compete in Brazil against Vivo and Claro, and the prospect
of a capital injection would make the prospect of a merger more attractive to shareholders at both
companies. The capital injection would also benefit Oi’s credit quality by significantly reducing its need to
raise financing.
- Stato
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Obbligazioni societarie
HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
