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

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qquebec ha scritto:
sono tutte senior, subordinate rispetto alla 2016 in euro
Clicca per allargare...


Mi sono letto le clausole delle emissioni 2014, 2016 e 2017 e leggo ovunque che sono pari passu con altre emissioni simili alle loro e unsecured come loro.
Ammetto di non essere riuscito a capire perchè la 2016 sia sovraordinata alle altre, però mi fido della tua analisi.

Se la 2016 è quindi la meno rischiosa delle varie emissioni si potrebbe tentare un acquisto, con un okkio però anche alle 2 in scadenza nel 2014, se non altro per una questione temporale e perchè le aziende sane norvegesi rendono attorno al 3% l'anno mentre questa rende dal 14% al 19% :titanic:
 
cumulate ha scritto:
Mi sono letto le clausole delle emissioni 2014, 2016 e 2017 e leggo ovunque che sono pari passu con altre emissioni simili alle loro e unsecured come loro.
Ammetto di non essere riuscito a capire perchè la 2016 sia sovraordinata alle altre, però mi fido della tua analisi.

Se la 2016 è quindi la meno rischiosa delle varie emissioni si potrebbe tentare un acquisto, con un okkio però anche alle 2 in scadenza nel 2014, se non altro per una questione temporale e perchè le aziende sane norvegesi rendono attorno al 3% l'anno mentre questa rende dal 14% al 19% :titanic:
Clicca per allargare...

:up:

...io ogni tanto butto l'okkio sulla MPS 2017 LT 2

...certo che un giro a 85 potrebbe rifarlo in 1 anno ...quasi quasi ...:mumble:

c'è un sacco di roba ...il problema è capire quella giusta ...se sbagli timing come sempre ...perdi il ritmo e tocca stare fermi poi ...:D in trincea
 
bond nok

rimanendo in norvegia, avrei visto due società.
questa si occupa di trasporti in mare. nel prox msg posto una che si occupa di oil e non capisco come fa a stare in passivo.
se ci buttate un occhiata, poi ci possiamo confrontare.

Havila Shipping ASA 11/17 8,60% C
HAVI06
Havila Shipping - Havila Shipping

Havila Shipping ASA
Industry and commercial
Havila's goal is a leading provider of quality-assured supply services to offshore companies, both national and international. The fleet consists of 28 PSV/AHTS/SubSea vessels.
Questa rende l’8,60% a scadenza 08.11.2016
Havila Shipping ASA achieved a profit before tax of NOK 11.0 m in Q4 2012, compared with NOK -8.8 m in Q4 last year. Year to date, the profit before tax was NOK 17.8m, compared with NOK -91.2m per 31/12/11.
Total operating income and gains was NOK 340.8m in the Q4 of 2012. Total operating income for corresponding period last year was NOK 380.4m. Year to date, total operating income and gain was NOK 1,412.7 m whereof NOK 1.7 mill was profit from sale of vessel. Compared with NOK 1,372.3m per 31/12/11, whereof NOK 54.0m was profit from sale of vessel.
The group had 28 vessels in operation per 31/12/2012. Four of the vessels are operated by the 50 % owned company in Singapore, Posh Havila Pte Ltd. One vessel is still leased through a bareboat contract.
In the fourth quarter, the Group has through the subsidiary Havila Ships AS exercised its options to repurchase the ownership interests in the two AHTS vessels Havila Mars and Havila Mercury. These vessels have to and including third quarter been hired through bareboat contracts. The transactions were financed by a combination of equity raised through a Private Placement and debt financing. The companies accounts are consolidated into the group accounts from 1 October 2012. The quarterly effect of the repurchase is improved EBITDA of approximately NOK 27m and increased financing expenses of approximately NOK 9m.
In December, the Group sold its 50% interest in the joint venture company Acergy Havila Limited which owns the diving support vessel Seven Havila. The transaction had a positive cash effect of approximately NOK 150 million. The result which is incorporated from this company in 2012 amounted to NOK 9.6m, and the sale gave a gain of NOK 1.7m.
In December, a 50% owned company of the Group took delivery of the PSV vessel Havila Charisma.
In December, Havila Shipping ASA raised NOK 200m in gross proceeds through private placement. Related to the repurchase of the ownership interests in Havila Mars and Havila Mercury, additional loans on these two vessels of total NOK 150m were raised. In December, an unsecured bond loan of NOK 100m was raised.
The spot market for offshore service vessels has in the fourth quarter been nearly on the same level as in the third quarter. The activity has been good, but the rates have not been as expected since there are too many available vessels in the market.
The utilisation was 91% in Q4 for the fleet, with average day rates for vessels in the spot market almost in line with the average market rates.
 
noreco

NORECO ASA 11/16 10,25% C
NOR06
Hjem - Noreco
Norwegian Energy Company ASA
Industry and commercial

Noreco is an independent Norwegian oil company. The company's focus is
to explore, develop and produce oil and gas in the North Sea region.
Since incorporation in 2005, the company has grown through license
rounds, successful exploration and acquisitions. Noreco operates in
Norway, Denmark and United Kingdom, and employs around 70 oil and gas
professionals. Noreco is listed on the Oslo Børs (ticker NOR).

questa rende a scadenza il 10% e ha un'altra emissione molto più liquida che scade a nov 2014 che rende il 12%

Stavanger, 22 November 2012: Norwegian Energy Company ASA (Noreco) today
presents its third quarter 2012 results, with a negative EBITDA of NOK
32 million and a net loss of NOK 243 million.
The Noreco Group had revenues of NOK 240 million in the third quarter
2012, an increase of 23 percent compared to third quarter 2011 for
continued operations.
Production in the third quarter was 4,384 boe per day, up from 3,428 boe
per day for the same period last year (excluding divested fields). The
achieved average oil, gas and NGL price adjusted for the cost and income
from put options expiring in the third quarter was USD 102 per boe,
compared to USD 110 per boe in the third quarter 2011.

Production expenses in third quarter were NOK 63 million, compared to
NOK 57 million from the same quarter last year for continued operations.
Exploration and evaluation expenses amounted to NOK 162 million, of
which NOK 88 million related to the Albert well, which was completed
before the reporting date. Payroll expenses were NOK 22 million in the
third quarter, down from NOK 51 million in the third quarter last year.
This was driven by a lower number of employees, and a reversal of
accruals from previous periods. Other operating expenses were NOK 24
million for the third quarter, representing a cost reduction of around
20 percent compared to third quarter last year.
EBITDA (earnings before interest, tax, depreciation and writedowns) in
third quarter 2012 amounted to a loss of NOK 32 million, compared to a
loss of NOK 45 million in the third quarter 2011 from continued
operations.
Write-downs amounted to NOK 323 million for the third quarter before
tax. The write-downs are related to the producing fields Oselvar and
Enoch, and impaired goodwill allocated to the company's activities in
Norway. The impact of the write-downs on the net result is offset by a
corresponding change in deferred tax which amounts to NOK 181 million.
Consequently, the net negative impact is NOK 54 million on the net
income for the period.
Net result for the third quarter was a loss of NOK 243 million, compared
to a loss of NOK 393 million for the third quarter 2011 for continued
operations.
The second quarter report and presentation are attached. The documents
are also available for download at NewsWeb and Hjem - Noreco.
Noreco will present the results for second quarter 2012 today at 08:30
CET. The presentation will be held by CEO Einar Gjelsvik, and will take
place at Shippingklubben, Haakon VII's gate 1, Oslo. The presentation
can also be followed by webcast on Noreco's web page Hjem - Noreco both
live and in archived version.
 
cumulate ha scritto:
rimanendo in norvegia, avrei visto due società.
questa si occupa di trasporti in mare. nel prox msg posto una che si occupa di oil e non capisco come fa a stare in passivo.
se ci buttate un occhiata, poi ci possiamo confrontare.

Havila Shipping ASA 11/17 8,60% C
HAVI06
Havila Shipping - Havila Shipping

Havila Shipping ASA
Industry and commercial
Havila's goal is a leading provider of quality-assured supply services to offshore companies, both national and international. The fleet consists of 28 PSV/AHTS/SubSea vessels.
Questa rende l’8,60% a scadenza 08.11.2016
Havila Shipping ASA achieved a profit before tax of NOK 11.0 m in Q4 2012, compared with NOK -8.8 m in Q4 last year. Year to date, the profit before tax was NOK 17.8m, compared with NOK -91.2m per 31/12/11.
Total operating income and gains was NOK 340.8m in the Q4 of 2012. Total operating income for corresponding period last year was NOK 380.4m. Year to date, total operating income and gain was NOK 1,412.7 m whereof NOK 1.7 mill was profit from sale of vessel. Compared with NOK 1,372.3m per 31/12/11, whereof NOK 54.0m was profit from sale of vessel.
The group had 28 vessels in operation per 31/12/2012. Four of the vessels are operated by the 50 % owned company in Singapore, Posh Havila Pte Ltd. One vessel is still leased through a bareboat contract.
In the fourth quarter, the Group has through the subsidiary Havila Ships AS exercised its options to repurchase the ownership interests in the two AHTS vessels Havila Mars and Havila Mercury. These vessels have to and including third quarter been hired through bareboat contracts. The transactions were financed by a combination of equity raised through a Private Placement and debt financing. The companies accounts are consolidated into the group accounts from 1 October 2012. The quarterly effect of the repurchase is improved EBITDA of approximately NOK 27m and increased financing expenses of approximately NOK 9m.
In December, the Group sold its 50% interest in the joint venture company Acergy Havila Limited which owns the diving support vessel Seven Havila. The transaction had a positive cash effect of approximately NOK 150 million. The result which is incorporated from this company in 2012 amounted to NOK 9.6m, and the sale gave a gain of NOK 1.7m.
In December, a 50% owned company of the Group took delivery of the PSV vessel Havila Charisma.
In December, Havila Shipping ASA raised NOK 200m in gross proceeds through private placement. Related to the repurchase of the ownership interests in Havila Mars and Havila Mercury, additional loans on these two vessels of total NOK 150m were raised. In December, an unsecured bond loan of NOK 100m was raised.
The spot market for offshore service vessels has in the fourth quarter been nearly on the same level as in the third quarter. The activity has been good, but the rates have not been as expected since there are too many available vessels in the market.
The utilisation was 91% in Q4 for the fleet, with average day rates for vessels in the spot market almost in line with the average market rates.
Clicca per allargare...

cumulate ha scritto:
NORECO ASA 11/16 10,25% C
NOR06
Hjem - Noreco
Norwegian Energy Company ASA
Industry and commercial

Noreco is an independent Norwegian oil company. The company's focus is
to explore, develop and produce oil and gas in the North Sea region.
Since incorporation in 2005, the company has grown through license
rounds, successful exploration and acquisitions. Noreco operates in
Norway, Denmark and United Kingdom, and employs around 70 oil and gas
professionals. Noreco is listed on the Oslo Børs (ticker NOR).

questa rende a scadenza il 10% e ha un'altra emissione molto più liquida che scade a nov 2014 che rende il 12%

Stavanger, 22 November 2012: Norwegian Energy Company ASA (Noreco) today
presents its third quarter 2012 results, with a negative EBITDA of NOK
32 million and a net loss of NOK 243 million.
The Noreco Group had revenues of NOK 240 million in the third quarter
2012, an increase of 23 percent compared to third quarter 2011 for
continued operations.
Production in the third quarter was 4,384 boe per day, up from 3,428 boe
per day for the same period last year (excluding divested fields). The
achieved average oil, gas and NGL price adjusted for the cost and income
from put options expiring in the third quarter was USD 102 per boe,
compared to USD 110 per boe in the third quarter 2011.

Production expenses in third quarter were NOK 63 million, compared to
NOK 57 million from the same quarter last year for continued operations.
Exploration and evaluation expenses amounted to NOK 162 million, of
which NOK 88 million related to the Albert well, which was completed
before the reporting date. Payroll expenses were NOK 22 million in the
third quarter, down from NOK 51 million in the third quarter last year.
This was driven by a lower number of employees, and a reversal of
accruals from previous periods. Other operating expenses were NOK 24
million for the third quarter, representing a cost reduction of around
20 percent compared to third quarter last year.
EBITDA (earnings before interest, tax, depreciation and writedowns) in
third quarter 2012 amounted to a loss of NOK 32 million, compared to a
loss of NOK 45 million in the third quarter 2011 from continued
operations.
Write-downs amounted to NOK 323 million for the third quarter before
tax. The write-downs are related to the producing fields Oselvar and
Enoch, and impaired goodwill allocated to the company's activities in
Norway. The impact of the write-downs on the net result is offset by a
corresponding change in deferred tax which amounts to NOK 181 million.
Consequently, the net negative impact is NOK 54 million on the net
income for the period.
Net result for the third quarter was a loss of NOK 243 million, compared
to a loss of NOK 393 million for the third quarter 2011 for continued
operations.
The second quarter report and presentation are attached. The documents
are also available for download at NewsWeb and Hjem - Noreco.
Noreco will present the results for second quarter 2012 today at 08:30
CET. The presentation will be held by CEO Einar Gjelsvik, and will take
place at Shippingklubben, Haakon VII's gate 1, Oslo. The presentation
can also be followed by webcast on Noreco's web page Hjem - Noreco both
live and in archived version.
Clicca per allargare...



...tutta roba in NOK però...:mumble:
 
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