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

[bosmeld]

rede ferroviaria

Butto qui un titolo, che per me é da approfondire.

rede ferroviaria
PTCPED0M0000

ultimamanete il titolo e crollato da 70 a 50


paga 4,25% scade nel 2021 rating B+



se qualcuno mi vuol dare una mano ad approfondirla é il benvenuto

 

[fabriziof]

Butto qui un titolo, che per me é da approfondire.

rede ferroviaria
PTCPED0M0000

ultimamanete il titolo e crollato da 70 a 50


paga 4,25% scade nel 2021 rating B+



se qualcuno mi vuol dare una mano ad approfondirla é il benvenuto

LONDON (Dow Jones)--Standard and Poor's Corp. Thursday downgraded its rating on Portuguese rail infrastructure company Rede Ferroviaria Nacional, or REFER, saying the company might have trouble in April paying its debt obligations due to the further deterioration of the company's cash flow.
REFER needs to repay a EUR300 million guaranteed loan on April 11, according to S&P.
The company, whose debt is guaranteed by Portugal, announced plans in early February to possibly issue a euro-denominated benchmark bond, although any such deal has yet to emerge. Barclays Capital, BBVA SA, BNP Paribas SA, Caixabi, Citigroup Inc., Banco Santander SA and Societe Generale SA were mandated as lead managers on the deal.
"We believe that the mounting refinancing challenges for 2011, especially in April, and the lack of visibility regarding funding and contingency plans, heighten near-term pressure on the ratings," said Standard & Poor's credit analyst Juliana Gallo.
The downgrade to B+ from BB was S&P's second negative move on REFER this month, having dropped it to BB from BBB on March 3 due to the unfavorable funding conditions facing Portugal.
Further downgrades are possible if the company and the Portuguese government don't find a solution to REFER's impending refinancing needs, S&P warned.
A review of the rating will happen within the next week.
"We continue to assess the likelihood of extraordinary government support to REFER as 'very high'," the report said. "This assessment is predicated on our assumption that necessary support will be provided on a timely basis and ahead of the point at which the funding is needed."
S&P downgraded Portugal on Tuesday to BBB-, citing fears the country may have to restructure its debt and force bond holders to accept losses after 2013.
The ratings company had only last week downgraded Portugal by two notches. The latest move put the country on the verge of losing its investment-grade status for the first time.
Debt issued by REFER is wholly guaranteed by the southern European country. The move came amid similar downgrades on other Portuguese government-related entities.

isin corretto PTCPEDOM0000.se si crede che il portogallo non defaulti e che continuerà a supportare l'ente ferroviario è un'opportunità.io per ora sto alla larga

 

[bosmeld]

titolo sicuramente rischioso.

peró devo dire che é da seguire Refer.

peraltro quotando 50 anche in caso di grossi problemi, potrebbe essere un po difensivo.



peraltro pensavo a una cosa.

ma é possibile che fallisca una ferrovia???

poi che ci danno i vagoni dei treni???

 

[iguanito]

LONDON (Dow Jones)--Standard and Poor's Corp. Thursday downgraded its rating on Portuguese rail infrastructure company Rede Ferroviaria Nacional, or REFER, saying the company might have trouble in April paying its debt obligations due to the further deterioration of the company's cash flow.
REFER needs to repay a EUR300 million guaranteed loan on April 11, according to S&P.
The company, whose debt is guaranteed by Portugal, announced plans in early February to possibly issue a euro-denominated benchmark bond, although any such deal has yet to emerge. Barclays Capital, BBVA SA, BNP Paribas SA, Caixabi, Citigroup Inc., Banco Santander SA and Societe Generale SA were mandated as lead managers on the deal.
"We believe that the mounting refinancing challenges for 2011, especially in April, and the lack of visibility regarding funding and contingency plans, heighten near-term pressure on the ratings," said Standard & Poor's credit analyst Juliana Gallo.
The downgrade to B+ from BB was S&P's second negative move on REFER this month, having dropped it to BB from BBB on March 3 due to the unfavorable funding conditions facing Portugal.
Further downgrades are possible if the company and the Portuguese government don't find a solution to REFER's impending refinancing needs, S&P warned.
A review of the rating will happen within the next week.
"We continue to assess the likelihood of extraordinary government support to REFER as 'very high'," the report said. "This assessment is predicated on our assumption that necessary support will be provided on a timely basis and ahead of the point at which the funding is needed."
S&P downgraded Portugal on Tuesday to BBB-, citing fears the country may have to restructure its debt and force bond holders to accept losses after 2013.
The ratings company had only last week downgraded Portugal by two notches. The latest move put the country on the verge of losing its investment-grade status for the first time.
Debt issued by REFER is wholly guaranteed by the southern European country. The move came amid similar downgrades on other Portuguese government-related entities.

isin corretto PTCPEDOM0000.se si crede che il portogallo non defaulti e che continuerà a supportare l'ente ferroviario è un'opportunità.io per ora sto alla larga

Anche io sto alla larga visto anche il taglio minimo 50K. Piuttosto fabrizio ma perchè a.t.u. auto tv non decolla? Quota sugli 85 eppure per il prossimo trimestre la cedola sarà dell'8,48%.Boh....

 

[gionmorg]

LONDON (Standard & Poor's) March 31, 2011--Standard & Poor's Ratings Services
said today that it lowered its long-term corporate credit and nonguaranteed
issue ratings on Portuguese state-owned railway infrastructure manager Rede
Ferroviaria Nacional REFER, E.P.E. (REFER) to 'B+' from 'BB'. The issue rating
on the debt that is guaranteed by the Republic of Portugal is unchanged at
'BBB-'.

All ratings on REFER, except that on the guaranteed debt, remain on
CreditWatch, where they were originally placed with negative implications on
Dec. 3, 2010.

The rating actions follow our revision of REFER's stand-alone credit profile
(SACP) to 'ccc' from 'b-'. This revision reflects further deterioration in
REFER's liquidity and a funding gap in April 2011, when REFER needs to repay a
€300 million guaranteed loan (on April 11).

"We believe that the mounting refinancing challenges for 2011, especially in
April, and the lack of visibility regarding funding and contingency plans,
heighten near-term pressure on the ratings," said Standard & Poor's credit
analyst Juliana Gallo.

We assess REFER's financial risk profile as highly leveraged. We consider that
the deteriorating funding conditions in the Republic of Portugal
(BBB-/Negative/A-3) have reduced REFER's ability to tap the markets and to
renew its credit facilities. "This has created a significant potential
dependence on the Portuguese government's financial support to meet REFER's
April 2011 debt maturity and thereby avoid a default," added Ms. Gallo.

We continue to assess the likelihood of extraordinary government support to
REFER as "very high". This assessment is predicated on our assumption that
necessary support will be provided on a timely basis and ahead of the point at
which the funding is needed. Our assessment of a "very high" likelihood of
government support is based on our assessment on REFER's:

"Very important" role for the Portuguese government, given REFER's
natural-monopoly position as the manager of Portugal's national rail
infrastructure.
"Very strong" link with the Portuguese government, given REFER's 100%
state ownership and its strong legal status as a public entity, which
prevents bankruptcy and privatization.
There is a possibility of us lowering the ratings further if REFER and the
government do not find a solution to REFER's imminent refinancing needs. We
aim to review the CreditWatch placement, and to reassess REFER's SACP and the
likelihood of government support, within the next week. As a result of our
review, we could lower the rating on REFER further.

The degree to which the government proactively makes necessary arrangements in
anticipation of the April 11 loan maturity could cause us to reassess the SACP
and the likelihood of support. We will continue to monitor the actions taken
by REFER and the government and we will adjust our assessments of government
support to reflect those actions.

Our review of the CreditWatch placement will incorporate an assessment of the
aforementioned actions, together with REFER's and government's funding and
contingency plans for REFER in light of ongoing political and capital market
developments. The review will also examine the mechanisms and timeline by
which potential funding will be provided and will gauge the execution risk in
these plans. If we deem execution risk to have risen to a level that we
consider to be no longer commensurate with the current likelihood of support,
we could lower the likelihood of support. This would result in a downgrade.

Furthermore, additional weakening in the financial and economic conditions in
Portugal could further reduce the government's ability to provide
extraordinary support to distressed GREs. If we believed this to be the case,
we could lower our assessment of the likelihood of extraordinary government
support to REFER.

Conversely, we could affirm the ratings on REFER if our assessment of the
likelihood of extraordinary government support were to remain unchanged and if
the government were to find a durable solution to the company's refinancing
risks.

 

[iguanito]

Sempre in tema di portogallo ci sarebbe anche il bond del banco comercial portugues, isin
PTBCSKOM0019, rating A3, che scade tra 10 mesi. A francoforte danno 93/97, ma sarebbe interessante sapere il prezzo operativo. Se fosse 94 sarebbe una grossa opportunità visto che sta scadendo. Taglio minimo 50K

 

[fabriziof]

Anche io sto alla larga visto anche il taglio minimo 50K. Piuttosto fabrizio ma perchè a.t.u. auto tv non decolla? Quota sugli 85 eppure per il prossimo trimestre la cedola sarà dell'8,48%.Boh....

io atu non l'ho mai avuta però considera che ti riferisci al bond unsecured quindi più a rischio degli altri atu in circolazione

 

[fabriziof]

Sempre in tema di portogallo ci sarebbe anche il bond del banco comercial portugues, isin
PTBCSKOM0019, rating A3, che scade tra 10 mesi. A francoforte danno 93/97, ma sarebbe interessante sapere il prezzo operativo. Se fosse 94 sarebbe una grossa opportunità visto che sta scadendo. Taglio minimo 50K

si potrebbe chiedere ma al momento penso il prezzo sia più vicino a 97

 

[bia06]

se non erro in acquisto tra 96 e 97....

Sempre in tema di portogallo ci sarebbe anche il bond del banco comercial portugues, isin
PTBCSKOM0019, rating A3, che scade tra 10 mesi. A francoforte danno 93/97, ma sarebbe interessante sapere il prezzo operativo. Se fosse 94 sarebbe una grossa opportunità visto che sta scadendo. Taglio minimo 50K

 

[iguanito]

io atu non l'ho mai avuta però considera che ti riferisci al bond unsecured quindi più a rischio degli altri atu in circolazione

Ok; mi sembrava di ricordare che l'avessi presa. Forse era nick allora.