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

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Figurati, sono dentro anch'io. Mi sembra capire che ti scambiano 1000 della emissione 2017 per 1000 di una nuova 2019 + 50$ in cash. Il nuovo bond 2019 cedola così:

Adjusted LIBOR (as defined in the Term Loan Credit Agreement) plus 5.50% per annum or ABR (as defined in the Term Loan Credit Agreement) plus 4.50% per annum. Adjusted LIBOR shall be deemed to be not less than 1.00% per annum and ABR shall be deemed to be not less than 2.00% per annum.
sì ,a me il nuovo bond non interessa ,mi accontento se vendo 100 o anche qualcosa meno.
 
Chesapeake Energy Bonds Plunge to the Lowest Ever as Oil Falls
By Laura J Keller - 19 nov 2015, 18:23:55

Debt of Chesapeake Energy Corp. tumbled to a record low on Thursday as the price of oil plunged.

Nine of the energy producer’s unsecured notes plummeted, some losing more than 12 cents on the dollar, as it was the most actively traded company in the junk-debt market. Credit-default swaps, which are used by investors to protect against defaults, rose to the highest ever.


The company’s $1.1 billion of unsecured notes due 2017 dropped 12.2 cents to 70.75 cents on the dollar at 11:48 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. One of its biggest bonds, the $1.5 billion of floating-rate notes due 2019, fell 7.4 cents to 43.6 cents at 11:48 a.m. in New York, the data show.

Five-year CDS contracts rose 5.5 percentage points to 53.5 percent upfront, according to S&P Capital IQ. Swaps are used to protect investors against losses on company debt, and the price increases along with doubt about a firm’s creditworthiness.

Chesapeake Energy Corp. recorded a $5.4 billion writedown in the value of oil and natural gas fields that wiped out third-quarter profits when it reported its earnings earlier this month. It said more charges are coming because the company sees no sign of a rebound in energy prices.

The Oklahoma City-based company’s shares declined 9 percent to $5.46 at 12:12 p.m. in New York, and had been down as much as 12 percent earlier Thursday.

More articles on Bonds, Oil
 
CGG Euro Bonds Drop to Record After Dollar-Debt Swap Offer
By Katie Linsell - 19 nov 2015, 14:32:44

CGG SA’s euro-denominated bonds fell to a record low after being excluded from a debt-exchange offer designed to give the troubled oil-field surveyor more time to pay liabilities.

The French company’s 400 million euros ($427 million) of 5.875 percent bonds maturing in May 2020 dropped as much as 9 cents on the euro to 65 cents, the lowest since they were issued in April 2014, according to data compiled by Bloomberg. CGG is offering to package $135 million of unsecured bonds due in 2017 and as much as $135 million of dollar-denominated notes maturing in 2021 and 2022, into a secured 2019 loan, according to a statement on Thursday.

CGG wants to extend the repayment date of its 2017 debt after reporting a $1.07 billion loss in the third quarter as oil explorers reduced budgets and deferred orders amid a slump in crude-oil prices. The company is seeking to dispose of non-core assets and raise equity, or sell a minority interest, to fund a reorganization.

“CGG’s offer is making bondholders look more closely at the company,” said Marc Pierron, a credit analyst at Spread Research, an independent credit research firm based in Lyon, France. “For the euro bondholders, and some of the holders of the 2021 and 2022 dollar notes, a small amount of debt will be made senior to them.”

Less Attractive

CGG’s 2017 notes jumped 17 cents on the dollar Thursday and were quoted at 100 cents, according to data compiled by Bloomberg.

The euro notes may look less attractive to bondholders because they pay lower yields than the dollar securities, said Pierron. The yield on CGG’s dollar notes due in 2021 was quoted at 20 percent, compared with 16 percent on the euro securities, according to Bloomberg data.

Holders of the 2021 and 2022 notes will only be able to exchange them if they offer an equal or greater amount of the 2017 bonds as well, the statement shows. Holders may also be entitled to cash as part of the swap.

CGG pulled a $350 million loan earlier this year even after boosting the proposed rate to 7.5 percentage points more than benchmarks and increasing its discount, according to people with knowledge of the deal at the time. The term loan in the exchange will pay minimum interest of 6.5 percent a year, according to today’s statement.
 
Che 2017

Stavo considerando la convenienza del cambio. Scadenza più lunga, cedola più bassa. Secondo me conviene tenere la 2017 . Se riescono a scambiare anche 50/100 milioni, vuoi che non paghinoi nel 2017 il rimanente circolante? Anche in prospettiva di un aumento dei tassi americani, meglio scadenze corte . Cosa ne pensate?
 
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