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

[qquebec]

Obbligazionisti Eircom PIK alla carica

Gli obbligazionisti Eircom PIK, esclusi dalla ristrutturazione del debito, hanno formato un comitato che riunisce il 50% del bond junior, pronti a dar battaglia alla società.

Eircom lenders form group - The Irish Times - Wed, Jun 22, 2011

 

[nik.sala]

Novasep

The board of France-based pharmaceutical services company Novasep has opted to use its 30-day grace period for the interest payment on its senior secured notes due 2016. Under Standard&Poor's criteria, we view this payment deferral as tantamount to a selective default. We are therefore lowering the long-term corporate credit rating on Novasep to 'SD'. We are also lowering the debt rating on Novasep's senior secured notes to 'D'. On June 22, 2011, Standard&Poor's Ratings Services lowered to 'SD' (Selective Default) from 'CCC+' its long-term corporate credit rating on France-based pharmaceutical services company Novasep Holding S.A.S. (Novasep).

 

[fabriziof]

ti ricordi che mi avevi segnalato che avrebbero richiamato il pik ardagh a 100?io allora l'ho venduto a 102,75 prezzo giusto perchè comprendeva anche il rateo maturato.oggi mi son visto invece arrivare la cedola maturata ,che io avevo già presa vendendola a 102,75.peccato erano solo 596 pezzi

mi hanno stornato la cedola giusto così

 

[qquebec]

mi hanno stornato la cedola giusto così

 

[fabriziof]

giusto così intendo perchè in realtà vendendo a 102.75 io la cedola l'ho già presa.e non perchè la procedura di iw sia giusta ma non ho voglia di questionare (anche perchè li conosco magari tra qualche giorno me la riaccreditano.andando bene a rivedere mi avevano accreditato un importo del tutto errato :addirittura sei mesi ,invece di tre e mezzo e calcolati su 567 pezzi mentre io ne avevo 597!).intanto zlomrex non arriva

 

[qquebec]

The board of France-based pharmaceutical services company Novasep has opted to use its 30-day grace period for the interest payment on its senior secured notes due 2016. Under Standard&Poor's criteria, we view this payment deferral as tantamount to a selective default. We are therefore lowering the long-term corporate credit rating on Novasep to 'SD'. We are also lowering the debt rating on Novasep's senior secured notes to 'D'. On June 22, 2011, Standard&Poor's Ratings Services lowered to 'SD' (Selective Default) from 'CCC+' its long-term corporate credit rating on France-based pharmaceutical services company Novasep Holding S.A.S. (Novasep).

Semplici formalità burocratiche Certo che se il 15 Luglio non dovessero pagare, sarebbero dolori

 

[fabriziof]

Semplici formalità burocratiche Certo che se il 15 Luglio non dovessero pagare, sarebbero dolori

comunque resiste alla grande quando scende un po c'è sempre qualcuno che compra

 

[nik.sala]

Semplici formalità burocratiche Certo che se il 15 Luglio non dovessero pagare, sarebbero dolori

Il bond, inoltre, è stato downgradato a "D"
Il prezzo, cmq, fa pensare ad una strada diversa dal default vero e proprio, per il momento...

 

[gionmorg]

Norske Skog: Saugbrugs mill back on line after long lull
Reiterate “Sell” on 5Y CDS at 1015 bps; Switch from the 7% NSINO 06/17 EUR notes into the new 11.75% 06/16 notes. “Sell” protection on 3Y CDS at 893 bps
In April, Norske had announced that a fire at its Saugbrugs mill on February 4th would halt production on the affected machines until June. Yesterday, it released a press statement that the mill was back in full throttle, with only one machine pending for restart, which should be back on line no later than June 27th. Deliveries have already resumed at the restarted machines. The mill has an annual production of 545,000 tonnes of super calendared magazine paper. Property damages and business interruption are covered by insurance, wherein Norske Skog's self retention is NOK 15mn, as reported earlier. We continue to maintain a “High Risk” assessment on the LARA scale.

 

[gionmorg]

FT Deuschland reports CEO Frenzel’s contract likely to be renewed
“Hold” Tui short term bonds; “Sell” its hybrid TUIGR 8.625% 01/13 at 99.25 or a Z-spread to its next call of 705 bps; “Neutral” on 5Y CDS at 585 bps
According to the FTD, Tui’s supervisory board most likely will appoint Tui’s CEO Frenzel for another term on Monday. Mr. Frenzel who’s contract would end in March 2012 has been CEO of Tui for 16 years now and has been repeatedly criticised for his strategy, particularly with regards to the disposal of Hapag Lloyd and the transformation of Tui into a pure tourism player. However, according to the FTD, it is likely that the supervisory board will grant him another term as the company currently is in the midst of the transformation into a pure tourism player. While we believe the disposal of the remaining Hapag Lloyd stake will remain challenging under current choppy market conditions, liquidity at the AG level (issuer of the bonds) is strong and Tui’s short term bonds should be safe. However, we stick to our “sell” recommendation on its hybrid bonds but remain neutral on its CDS. CDS have widened by c. 200 bps since their lows and the hybrid has held in fairly well. We maintain our “High Risk” assessment on the LARA scale.