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

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iguanito ha scritto:
Ok, comunque tengo tutto e vado a scadenza con grande gain. ne ho 15k pmc 88
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Anche io penso di non aderire, pur se tuttavia un quinquennale al 12 % mi ingolosisce, certo per darti il 12 % però.....

commento di moodys
Rating Action:
Moody's says Toys "R" Us proposed exchange is a distressed exchange; PDR downgraded to Caa3

Global Credit Research - 15 Jun 2016
New York, June 15, 2016 -- Moody's Investors Service ("Moody's") stated that if the exchange offer announced by Toys "R" Us, Inc. on 14 June 2016 proceeds as outlined, it will constitute a distressed exchange, which is an event of default under Moody's definition of default. As a result, the Probability of Default rating is downgraded to Caa3-PD from B3-PD.



"We view Toys' proposed exchange as opportunistic and driven by a confluence of factors, and believe it enhances liquidity as it takes two meaningful maturities off the table for the next five years," stated Moody's Vice President Charlie O'Shea. "The company's B3 corporate family rating is unaffected, and it is our expectation that if this exchange closes as outlined in the 8K filed yesterday, the PDR will return to the B3-PD rating level shortly thereafter."

The B3 rating primarily considers Toys' weak, though improving, quantitative credit profile, which is hamstrung by the significant levels of LBO debt that still remain, with improvements in debt/EBITDA to 5.7 times at FYE January 2016 offset to a degree by still-weak EBITA/interest of 1 time. The rating also relies on the company's market position, which while challenged by a formidable set of core competitors such as Walmart, Target, and Amazon, remains a key positive rating factor, as are its relationships with key vendors such as Mattel and Hasbro. Financial sponsor ownership by affiliates of Kohlberg, Kravis, Roberts; Bain Capital, and Vornado is also a rating factor due to the inherent financial policy issues that can arise. The company's good liquidity, reflected in the SGL-2 rating, is another key factor driving the B3 rating. We note maintenance of the current SGL-2 rating is dependent on the timing of the execution of the upcoming debt maturities. The stable outlook recognizes the significant improvement in Toys' operating performance during 2015, and our expectation that at least current levels of performance will continue regardless of product cycles, as well as our view that consistent with past practice, the company will expeditiously and economically address the upcoming 2017 maturities. Ratings could be upgraded if debt/EBITDA is maintained around current levels with EBITA/interest maintained above 1.25 times. Ratings could be downgraded if debt/EBITDA was sustained above 7 times or if the pending 2017 refinancings are not handled smoothly and economically.



Headquartered in Wayne, New Jersey, Toys "R" Us, Inc. is a leading toy retailer, with annual revenues of around $12 billion.
 
gionmorg ha scritto:
Anche io penso di non aderire, pur se tuttavia un quinquennale al 12 % mi ingolosisce, certo per darti il 12 % però.....

commento di moodys
Rating Action:
Moody's says Toys "R" Us proposed exchange is a distressed exchange; PDR downgraded to Caa3

Global Credit Research - 15 Jun 2016
New York, June 15, 2016 -- Moody's Investors Service ("Moody's") stated that if the exchange offer announced by Toys "R" Us, Inc. on 14 June 2016 proceeds as outlined, it will constitute a distressed exchange, which is an event of default under Moody's definition of default. As a result, the Probability of Default rating is downgraded to Caa3-PD from B3-PD.



"We view Toys' proposed exchange as opportunistic and driven by a confluence of factors, and believe it enhances liquidity as it takes two meaningful maturities off the table for the next five years," stated Moody's Vice President Charlie O'Shea. "The company's B3 corporate family rating is unaffected, and it is our expectation that if this exchange closes as outlined in the 8K filed yesterday, the PDR will return to the B3-PD rating level shortly thereafter."

The B3 rating primarily considers Toys' weak, though improving, quantitative credit profile, which is hamstrung by the significant levels of LBO debt that still remain, with improvements in debt/EBITDA to 5.7 times at FYE January 2016 offset to a degree by still-weak EBITA/interest of 1 time. The rating also relies on the company's market position, which while challenged by a formidable set of core competitors such as Walmart, Target, and Amazon, remains a key positive rating factor, as are its relationships with key vendors such as Mattel and Hasbro. Financial sponsor ownership by affiliates of Kohlberg, Kravis, Roberts; Bain Capital, and Vornado is also a rating factor due to the inherent financial policy issues that can arise. The company's good liquidity, reflected in the SGL-2 rating, is another key factor driving the B3 rating. We note maintenance of the current SGL-2 rating is dependent on the timing of the execution of the upcoming debt maturities. The stable outlook recognizes the significant improvement in Toys' operating performance during 2015, and our expectation that at least current levels of performance will continue regardless of product cycles, as well as our view that consistent with past practice, the company will expeditiously and economically address the upcoming 2017 maturities. Ratings could be upgraded if debt/EBITDA is maintained around current levels with EBITA/interest maintained above 1.25 times. Ratings could be downgraded if debt/EBITDA was sustained above 7 times or if the pending 2017 refinancings are not handled smoothly and economically.



Headquartered in Wayne, New Jersey, Toys "R" Us, Inc. is a leading toy retailer, with annual revenues of around $12 billion.
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Guarda, sto pensando da mesi di vendere visto che il prezzo è quasi alla pari. Non l'ho fatto perchè la cedola è alta e in fondo l'azienda è un colosso del settore. Mi riservavo la decisione dopo la cedola di agosto. Non mi fido più di chi propone cedole oltre l'8%
 
iguanito ha scritto:
Guarda, sto pensando da mesi di vendere visto che il prezzo è quasi alla pari. Non l'ho fatto perchè la cedola è alta e in fondo l'azienda è un colosso del settore. Mi riservavo la decisione dopo la cedola di agosto. Non mi fido più di chi propone cedole oltre l'8%
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allora vendi di corso ,questi propongono il 12%
 
NoWay ha scritto:
Questa come vi sembra?

Obbligazioni domestiche: Kinetic Concepts, 12.50% 1nov2019, USD (US49461BAE48, 49461BAE4)
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Informazioni su KCI



interessante direi pero non ha il rating moody
Kinetic Concepts, Inc. (Old) Credit Rating - Moody's

metre su quote.net porta Caa1 segnato dalla stessa moody

sara un errore ?

Spirito di innovazione
Per oltre 35 anni, KCI è stata all'avanguardia nelle tecnologie di cura avanzate. Le terapie, i prodotti ed il supporto di KCI fanno la differenza in tutti gli ambiti di cura in molti paesi in tutto il mondo. KCI progetta, produce, commercializza e fornisce assistenza per un'ampia gamma di prodotti innovativi, concepiti per migliorare i risultati clinici ed aiutare a ridurre i costi complessivi di cura, il tutto sostenuto da una rete mondiale di servizio e supporto clinico.

KCI continua a sviluppare ed a ricercare nuove tecnologie e terapie per fornire una gestione avanzata dei problemi clinici più impegnativi, aiutando a ridurre i costi della cura. Il nostro impegno è incentrato sul fare la differenza nelle vite dei pazienti di oggi e di domani.

Le attività principali di KCI sono le seguenti:

Piattaforma tecnologica per terapia a pressione negativa: rappresentata dal Vacuum Assisted Closure® o V.A.C. Therapy System, che ha dimostrato clinicamente di promuovere la guarigione delle ferite mediante un meccanismo d'azione unico, riducendo il costo complessivo del trattamento dei pazienti con ferite complesse;

L'azienda commercializza i suoi prodotti in più di 20 paesi.
 
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