Cat XL
Shizuka Minamoto
Tenere...per me
Ultima modifica:
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Tenere...per me
Cat XL
Shizuka Minamoto
Q3 2013 un disastro
Bond in rialzo su BBG di un punto.
Ammettendo che il valore di Property, Plant and Equipment, net 277.8 sia corretto si potrebbe avere un recovery rate di circa 88% che si ricava da
277.8/valore del bond di 316.5
Il mio e' un calcolo molto approssimativo...
Ultima modifica:
Cat XL
Shizuka Minamoto
Gira @ 77/78 Cat ???
Piu' o meno
qquebec
Super Moderator
Forse hanno già scontato il peggio. Ormai siamo entratin nel quarto trimestre. Se riesco, seguo la conference call
qquebec
Super Moderator
High yield bond prices edge up despite Middle-East, Greece worries
The average bid of LCD’s European high-yield flow-name bonds gained 14 bps over the past three trading sessions, to 100.13% of par, according to Bloomberg data. The average yield tightened five basis points, to 7.78%. The average bid is up 1,166 bps in the year to date, having ended 2011 at 88.47, and is now 77 bps below the 2012 peak of 100.9, recorded on Oct. 18.
The downgrade of France on Tuesday, an impending war in the Middle East, and the political fiasco over Greece have together failed to have any substantial effect on the European secondary high-yield market so far this week. Indeed the tone has improved slightly, with the iTraxx Crossover tightening from around 540 on Monday to 514 today, and the FTSE 100 grinding higher.
The small gain in LCD’s flow-name composite reflects these dynamics. Half of the constituents gained, led by Ineos, which added 102 bps, to 96.18. Codere gained 47 bps, to 79.27.
There were five decliners in the composite, which all fell by less than a quarter of a point. The decliners were led by Ardagh, which slipped 25 bps, to 107.02.
Unitymedia was unchanged this week, at 108.04. Meanwhile fellow Liberty Global subsidiary, UPC, this week completed a $500 million term loan via J.P. Morgan, Citi, and Scotia Capital. The loan priced at L+300 with a 1% LIBOR floor, and carries a 101 soft-call premium in the first year.
The average spread for the composite tightened by 10 bps to B+734, or E+687, swap-adjusted.
LCD’s European high-yield bond flow name composite consists of Codere 8.25% notes due 2015; Labco 8.5% notes due 2018; HeidelbergCement 7.5% notes due 2020; Ineos 7.875% notes due 2016; Campofrio 8.25% notes due 2016; Edcon E+325 notes due 2014; Europcar 9.375% notes due 2018; Smurfit Kappa 7.25% notes due 2017; Unitymedia 8.125% notes due 2017; Ziggo 8% notes due 2018; Ardagh Glass 7.375% notes due 2017; and Wind Telecomunicazioni 7.375% notes due 2018.
The average bid of LCD’s European high-yield flow-name bonds gained 14 bps over the past three trading sessions, to 100.13% of par, according to Bloomberg data. The average yield tightened five basis points, to 7.78%. The average bid is up 1,166 bps in the year to date, having ended 2011 at 88.47, and is now 77 bps below the 2012 peak of 100.9, recorded on Oct. 18.
The downgrade of France on Tuesday, an impending war in the Middle East, and the political fiasco over Greece have together failed to have any substantial effect on the European secondary high-yield market so far this week. Indeed the tone has improved slightly, with the iTraxx Crossover tightening from around 540 on Monday to 514 today, and the FTSE 100 grinding higher.
The small gain in LCD’s flow-name composite reflects these dynamics. Half of the constituents gained, led by Ineos, which added 102 bps, to 96.18. Codere gained 47 bps, to 79.27.
There were five decliners in the composite, which all fell by less than a quarter of a point. The decliners were led by Ardagh, which slipped 25 bps, to 107.02.
Unitymedia was unchanged this week, at 108.04. Meanwhile fellow Liberty Global subsidiary, UPC, this week completed a $500 million term loan via J.P. Morgan, Citi, and Scotia Capital. The loan priced at L+300 with a 1% LIBOR floor, and carries a 101 soft-call premium in the first year.
The average spread for the composite tightened by 10 bps to B+734, or E+687, swap-adjusted.
LCD’s European high-yield bond flow name composite consists of Codere 8.25% notes due 2015; Labco 8.5% notes due 2018; HeidelbergCement 7.5% notes due 2020; Ineos 7.875% notes due 2016; Campofrio 8.25% notes due 2016; Edcon E+325 notes due 2014; Europcar 9.375% notes due 2018; Smurfit Kappa 7.25% notes due 2017; Unitymedia 8.125% notes due 2017; Ziggo 8% notes due 2018; Ardagh Glass 7.375% notes due 2017; and Wind Telecomunicazioni 7.375% notes due 2018.
bigmac
Nuovo forumer
Alpine AT0000A0V834, AT0000A0PJJ0, AT0000A0JDG2
Good News für Alpine Bau:
torna il rating per Alpine che finora è stato sospeso.
Notizia importantissima per ditte di costruzioni che lavorano in Austria e Germania perché senza rating di KSV1870 rimangono escluse da appalti pubblici!
Good News fr Alpine Bau: KSV-Rating ist wieder verfgbar • format.at
Good News für Alpine Bau:
torna il rating per Alpine che finora è stato sospeso.
Notizia importantissima per ditte di costruzioni che lavorano in Austria e Germania perché senza rating di KSV1870 rimangono escluse da appalti pubblici!
Good News fr Alpine Bau: KSV-Rating ist wieder verfgbar • format.at
discipline
Guest
Dagli scarni dati di ariva oggi sulla 2015 sembrava essersi fermata l'emorragia.. vediamo domani..
qquebec
Super Moderator
Dalla conference call di Magyar Telecom è venuto fuori che il problema grosso è causato dall'incremento della tassazione operata dal governo a partire dallo scorso mese di luglio sulle compagnie telefoniche. Invitel precisa che sarà portato avanti regolarmente il programma di cablatura mediante fibra e che non vi sono problemi di liquidità per i prossimi 12 mesi.
Cat XL
Shizuka Minamoto
Magyar Telekom
HTC EUR 9.25% December 2016 48.5 – 51.5 YTM 35.23%
Investor call + new utility tax
Magyar Telekom, Hungary’s largest telecommunications group, published it 3Q12 and 9M12 operating and financial results. In the last quarter, the company’s revenue decreased 1.3%, to HUF 150.15m (mostly as a result of lower fixed-line sales), while EBITDA and profit grew 9.7% and 10.8% respectively. The company’s performance has been weighed down by a telecommunication tax introduced by the Hungarian Parliament in May (and effective since July): the new tax led to tax payments for 3Q12 of HUF 1.5bn. Free cash flow for 9M12 declined by HUF 41bn to HUF 44.8bn (a 47.7% reduction), a change mostly attributable to lower operating cash flow and higher CAPEX. As of September 30th 2012, the company’s net debt had risen to HUF 296.8bn (a 36.4% net debt ratio). In the investor call, which took place yesterday afternoon, much attention was given to another tax that was approved by the Hungarian parliament in the last two days: a tax on utility networks to be applied by the central government with effect from January 1st 2013 and with an indefinite term. There isn’t much information about this tax yet. According to the company’s management, the amount to be paid would be HUF 125 per meter. Magyar expects to be hit strongly by the new tax. Payments will depend on what portion of Magyar’s network will be considered: according to the CFO, the tax base will likely fall in the 20,000-32,000km range, with total payments in the HUF 2.5bn – HUF 4.0 bn range. The company’s management said it is still assessing the impact the new taxes will have on the liquidity position of Magyar Telekom. In 3Q the company generated a positive free cash flow, but it didn’t have to face any interest payment (it will have to in the next quarter). The management did not provide any information regarding potential sales of company assets. Nonetheless, the management confirmed it is considering all available options for enhancing the company’s liquidity.
nik.sala
Money Never Sleeps
S&P cuts Norske Skogindustrier to 'CCC+/C'; on watch neg
Nov 21 -
Overview
-- Norway-based forest products group Norske Skogindustrier ASA (Norske Skog) has bought back bonds at significantly below par prices throughout 2012, and we think it likely that it will continue doing so in the near term.
-- Although the individual transactions were small, the cumulative amount of debt repurchased is close to a level we regard as substantial, which would lead us to view the buybacks as a debt restructuring.
-- We are lowering our long-term rating on Norske Skog to 'CCC+' from 'B-' and placing it on CreditWatch negative.
-- The CreditWatch placement reflects the possibility of a downgrade to 'SD' (Selective Default) if the bond repurchases continue at below par prices.
Rating Action
On Nov. 21, 2012, Standard & Poor's Ratings Services lowered to 'CCC+/C' from 'B-/B' its long- and short-term corporate credit ratings on Norway-based forest products group Norske Skogindustrier ASA (Norske Skog). At the same time, we placed the ratings on CreditWatch with negative implications.
We also lowered our issue ratings on Norske Skog's senior unsecured debt to 'CCC+' from 'B-' and placed them on CreditWatch negative.
Nov 21 -
Overview
-- Norway-based forest products group Norske Skogindustrier ASA (Norske Skog) has bought back bonds at significantly below par prices throughout 2012, and we think it likely that it will continue doing so in the near term.
-- Although the individual transactions were small, the cumulative amount of debt repurchased is close to a level we regard as substantial, which would lead us to view the buybacks as a debt restructuring.
-- We are lowering our long-term rating on Norske Skog to 'CCC+' from 'B-' and placing it on CreditWatch negative.
-- The CreditWatch placement reflects the possibility of a downgrade to 'SD' (Selective Default) if the bond repurchases continue at below par prices.
Rating Action
On Nov. 21, 2012, Standard & Poor's Ratings Services lowered to 'CCC+/C' from 'B-/B' its long- and short-term corporate credit ratings on Norway-based forest products group Norske Skogindustrier ASA (Norske Skog). At the same time, we placed the ratings on CreditWatch with negative implications.
We also lowered our issue ratings on Norske Skog's senior unsecured debt to 'CCC+' from 'B-' and placed them on CreditWatch negative.
- Stato
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Obbligazioni societarie
HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
