Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Joe Silver
Forumer storico
Homex
Mini-scambio a Stoccarda: 4,000 USD a 81 e rotti. Come diceva Fabriziof ieri, quasi quasi incremento
. In fondo è sempre il primo 'palazzinaro' del Messico.
Mini-scambio a Stoccarda: 4,000 USD a 81 e rotti. Come diceva Fabriziof ieri, quasi quasi incremento
. In fondo è sempre il primo 'palazzinaro' del Messico.
Allegati
russiabond
Il mito, la leggenda.
nik.sala
Money Never Sleeps
A queste mie domande :
___________________________________________________________________
mi rispondono così :
____________________________________________________________________
Dear ******,
Thank you for your email.
Together with our shareholder KKR and the investment bank JP Morgan, we are currently working intensively on the refinancing of our bonds that will mature in just over one year’s time. The aim is to strengthen equity and subsequently refinance the bonds. At present, the means by which we will achieve this are still undecided. A possible option is partly or completely selling the company and subsequently refinancing parts of the bond on the capital market. However, as the process is still in progress, we cannot currently announce any specific plans for our refinancing structure. As soon as this has been determined, we will be informing our bondholders.
The markdown of our floater for EUR 150 million was attributable to the subordinated status of the bond. It ranks behind the RCF line and senior bonds of EUR 450 million. Consequently, the subordinate bond of EUR 150 million is subject to a higher default risk. The rating downgrade by Moody’s last week and the subsequent reporting in the media has put pressure on the bond. The company did not issue any further information. Our next quarterly report will be published on 16 May. We will also be providing an update on our refinancing process in the conference call on 17 May.
With regard to your final question: we have not offered a distressed exchange offer to our bondholders.
Kind regards,
___________________________________________________________________
___________________________________________________________________
Dear Investor Relations A.T.U,
Currently we see that the Company didn't find yet a way for refinancing the whole debt maturing next year and the international agencies lowered the rating this month. In addition the 150 million euro of the floating rate bond maturing on October 2014 ISIN code XS0202043898 (the subordinated notes) is trading at the 50% of the nominal face value with the highest risk of default, while we note that the secured bonds maturing in May 2014 ISIN code XS0548968592 and XS0548972784 have a price more in line, just below the nominal face value (94/95%). We are not able to justify such a price difference, you know we provide plausible reasoning ??? In latest addition, please, could you tell us if the funding program is on the way for the total amount of debt and when you will inform the market ? Is that true that A.T.U. Company is going afford a distressed exchange offer? Thank you very much in advance.
Best Regards,
____________________________________________________________________Currently we see that the Company didn't find yet a way for refinancing the whole debt maturing next year and the international agencies lowered the rating this month. In addition the 150 million euro of the floating rate bond maturing on October 2014 ISIN code XS0202043898 (the subordinated notes) is trading at the 50% of the nominal face value with the highest risk of default, while we note that the secured bonds maturing in May 2014 ISIN code XS0548968592 and XS0548972784 have a price more in line, just below the nominal face value (94/95%). We are not able to justify such a price difference, you know we provide plausible reasoning ??? In latest addition, please, could you tell us if the funding program is on the way for the total amount of debt and when you will inform the market ? Is that true that A.T.U. Company is going afford a distressed exchange offer? Thank you very much in advance.
Best Regards,
mi rispondono così :
____________________________________________________________________
Dear ******,
Thank you for your email.
Together with our shareholder KKR and the investment bank JP Morgan, we are currently working intensively on the refinancing of our bonds that will mature in just over one year’s time. The aim is to strengthen equity and subsequently refinance the bonds. At present, the means by which we will achieve this are still undecided. A possible option is partly or completely selling the company and subsequently refinancing parts of the bond on the capital market. However, as the process is still in progress, we cannot currently announce any specific plans for our refinancing structure. As soon as this has been determined, we will be informing our bondholders.
The markdown of our floater for EUR 150 million was attributable to the subordinated status of the bond. It ranks behind the RCF line and senior bonds of EUR 450 million. Consequently, the subordinate bond of EUR 150 million is subject to a higher default risk. The rating downgrade by Moody’s last week and the subsequent reporting in the media has put pressure on the bond. The company did not issue any further information. Our next quarterly report will be published on 16 May. We will also be providing an update on our refinancing process in the conference call on 17 May.
With regard to your final question: we have not offered a distressed exchange offer to our bondholders.
Kind regards,
___________________________________________________________________
Ultima modifica:
Homex Bonds Extend Losses After Moody’s Outlook Cut to Negative
Desarrolladora Homex SAB (HOMEX*) bond yields rose, extending their biggest weekly jump on record, after Moody’s Investors Service lowered its credit-rating outlook on Mexico’s biggest homebuilder.
The yield on the company’s 2020 bonds rose 53 basis points, or 0.53 percentage point, to a record 14.73 percent, as the price fell 1.96 cents to 78.70 cents on the dollar, according to data compiled by Bloomberg. The bond’s yield has soared more than 425 basis points over the past week.
Moody’s cut the outlook on Homex’s rating to negative from stable, signaling an increased likelihood of a downgrade, according to a statement yesterday after markets closed. The Culiacan-based company currently is rated Ba3, three levels below investment grade.
“The negative rating outlook reflects our expectation that Homex sales and earnings will be challenged at least through the end of 2013,” Moody’s said in the statement.
Investors this year have punished securities of the country’s homebuilders amid disappointing earnings, negative cash flow reports and changes in government housing policy to promote more capital-intensive apartment construction.
Homex shares rose 0.3 percent to 19.73 pesos at 8:46 a.m. in Mexico City, snapping a nine-day losing streak in which they fell 32 percent. Corp. Geo SAB rose 0.7 percent to 6.93 pesos today, while Urbi Desarrollos Urbanos SAB (URBI*) was unchanged at 3 pesos.
Moody’s cut Urbi’s credit rating one level yesterday to B2, four levels below investment grade, under review for possible downgrades. The company also cut Corp. Geo’s credit rating outlook to negative from stable.
To contact the reporters on this story: Veronica Navarro Espinosa in New York at [email protected]; Danielle Verbrigghe in New York at [email protected]
To contact the editor responsible for this story: David Papadopoulos at [email protected]
Desarrolladora Homex SAB (HOMEX*) bond yields rose, extending their biggest weekly jump on record, after Moody’s Investors Service lowered its credit-rating outlook on Mexico’s biggest homebuilder.
The yield on the company’s 2020 bonds rose 53 basis points, or 0.53 percentage point, to a record 14.73 percent, as the price fell 1.96 cents to 78.70 cents on the dollar, according to data compiled by Bloomberg. The bond’s yield has soared more than 425 basis points over the past week.
Moody’s cut the outlook on Homex’s rating to negative from stable, signaling an increased likelihood of a downgrade, according to a statement yesterday after markets closed. The Culiacan-based company currently is rated Ba3, three levels below investment grade.
“The negative rating outlook reflects our expectation that Homex sales and earnings will be challenged at least through the end of 2013,” Moody’s said in the statement.
Investors this year have punished securities of the country’s homebuilders amid disappointing earnings, negative cash flow reports and changes in government housing policy to promote more capital-intensive apartment construction.
Homex shares rose 0.3 percent to 19.73 pesos at 8:46 a.m. in Mexico City, snapping a nine-day losing streak in which they fell 32 percent. Corp. Geo SAB rose 0.7 percent to 6.93 pesos today, while Urbi Desarrollos Urbanos SAB (URBI*) was unchanged at 3 pesos.
Moody’s cut Urbi’s credit rating one level yesterday to B2, four levels below investment grade, under review for possible downgrades. The company also cut Corp. Geo’s credit rating outlook to negative from stable.
To contact the reporters on this story: Veronica Navarro Espinosa in New York at [email protected]; Danielle Verbrigghe in New York at [email protected]
To contact the editor responsible for this story: David Papadopoulos at [email protected]
qquebec
Super Moderator
Se cedono la società, scattano le clausole per esercitare il diritto di rimborso anticipato a 101 e mi pare che siamo abbastanza lontani da questo target
Ergo... o entra un socio di minoranza con opzione a salire al 51% o cedono tutta la baracca senza consentire ai bondholders di esercitare il diritto di rimborso anticipato. In questo caso, l'unica strada è ...
Rating Action: Moody's revises Homex's rating outlook to negative from stable
Global Credit Research - 20 Mar 2013
New York, March 20, 2013 -- Moody's Investors Service affirmed Desarrolladora Homex, S.A.B. de C.V.'s ("Homex") global scale foreign currency senior unsecured debt rating at Ba3. Concurrently, Moody's revised the rating outlook to negative, from stable.
RATINGS RATIONALE
The outlook revision reflects that for most of 2012, and in particular the fourth quarter, was challenging for the sector as a whole. Homex's cash burn was very high due to fewer subsidies allocated than what was projected as well as a new federal government that took office which slowed down the operations of the main housing agencies. Homex's earnings and cash flow thus deteriorated which led to weaker credit metrics. As of 12/31/2012, Homex's debt to assets was 40%, while LTM Recurring EBITDA % of LTM Revenues was 18.2% vs. 21.2% at 12/31/2011 (all including the penitentiary business). As of 12/31/2012 debt to LTM EBITDA was 3.87x vs. 3.31x at 12/31/2011 (including the penitentiary business). Fixed charge coverage for the LTM was 2.83x at 12/31/2012 vs. 2.64x for the same period in 2011 (including the penitentiary business). The negative rating outlook reflects our expectation that Homex' sales and earnings will be challenged at least through the end of 2013, which implies that credit metrics at a minimum will be maintained at current levels. However, the most likely scenario is that credit metrics will weaken slightly with neutral to slightly negative free cash flow.
The government announced a new housing policy in February, which further expands on the sustainability initiatives that were put into place in 2011 and 2012. However, few details regarding the implementation of the new housing policy were provided, such as the potential need for increased investment to comply with the new standards. In addition, the classification of land reserves by the government could lead to discounted land sales in less favored regions and rising land prices in favored ones. In response to these changes Homex has announced guidance for 2013 which includes deleveraging and the generation of positive free cash flow through cost savings schemes and a refinancing of its prison business debt. In addition, the company's plan for 2013 includes no growth in its Mexican housing business and no additional investments in its Brazilian home building business until its collection and titling processes with Caixa is standardized. It expects to title approximately 360 homes from its two ongoing projects.
Moody's ratings continue to reflect Desarrolladora Homex's position as one of the largest homebuilders in Mexico in terms of housing units titled, as well as its geographic diversification with presence in most states, operational efficiencies through the use of aluminum moulds during construction and a solid liquidity profile. Challenges still include the high costs of land and infrastructure in Homex's markets, and some speculative homebuilding by Homex and its competitors. Moody's notes that although the penitentiary projects add diversity it is still a new business with inherent construction, financing and managing risks. Furthermore, the long-term viability of Homex's Brazilian homebuilding platform is as of yet unproven with few homes titled due to inherent administrative constraints in the collection process, although the demographics and financing availability are similar to those in Mexico.
A return to a stable outlook would imply an improvement in credit metrics (excluding the penitentiary business) such that Debt/EBITDA approaches 3.0x and fixed charge coverage increases closer to 2.7x. In addition, a return to stable would require Homex to generate neutral to positive free cash flow with no short-term debt refinancing issues. A downgrade will occur if by year-end 2013 Homex generates negative free cash flow in its housing business or encounters any issues refinancing its short-term debt maturities. Negative rating action would result if credit metrics materially deteriorate such that Debt/EBITDA increases to 3.5x or above and/or fixed charge coverage falls below 2.5x (excluding the penitentiary business). Finally, any difficulties in complying with bank covenants would result in a downgrade.
Moody's de Mexico affirmed Homex's national scale unsecured debt rating and issuer rating at A3.mx, and revised the rating outlook to negative, from stable.
The following ratings were affirmed with a negative outlook:
MOODY'S INVESTORS SERVICE
Desarrolladora Homex, S.A.B. de C.V. -- global scale foreign currency rating on senior notes issued in the USA at Ba3.
MOODY'S DE MEXICO
Desarrolladora Homex, S.A.B. de C.V. -- National scale issuer rating at A3.mx and global scale local currency issuer rating at Ba3.
Desarrolladora Homex, S.A.B. de C.V. -- National scale rating on senior unsecured debt program of up to $2 billion Mexican pesos at A3.mx, global scale local currency rating at (P)Ba3.
Desarrolladora Homex, S.A.B. de C.V. -- National scale rating on senior unsecured notes of $500 million Mexican pesos at A3.mx, global scale local currency rating at Ba3 and national scale rating on senior unsecured notes of $700 million Mexican pesos at A3.mx, global scale local currency rating at Ba3.
The last rating action with respect to Homex was on January 23, 2013, when Moody's de Mexico assigned a A3.mx national scale and Ba3 second proposed senior unsecured debt issuance of up to $700 million Mexican pesos. This will be the second issuance from the company's senior unsecured debt program of up to $2 billion Mexican pesos. The rating outlook was stable.
Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is based in Culiacan, Sinaloa, Mexico. The firm reported assets of approximately $50,189 million Mexican Pesos and equity of approximately $14,792 million Mexican Pesos as of December 31, 2012. Homex is a homebuilder engaged in the development, construction, marketing and sale of mostly affordable housing in Mexico.
The principal methodology used in this rating was Global Homebuilding Industry Methodology published in March 2009. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of this methodology.
Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".
Global Credit Research - 20 Mar 2013
New York, March 20, 2013 -- Moody's Investors Service affirmed Desarrolladora Homex, S.A.B. de C.V.'s ("Homex") global scale foreign currency senior unsecured debt rating at Ba3. Concurrently, Moody's revised the rating outlook to negative, from stable.
RATINGS RATIONALE
The outlook revision reflects that for most of 2012, and in particular the fourth quarter, was challenging for the sector as a whole. Homex's cash burn was very high due to fewer subsidies allocated than what was projected as well as a new federal government that took office which slowed down the operations of the main housing agencies. Homex's earnings and cash flow thus deteriorated which led to weaker credit metrics. As of 12/31/2012, Homex's debt to assets was 40%, while LTM Recurring EBITDA % of LTM Revenues was 18.2% vs. 21.2% at 12/31/2011 (all including the penitentiary business). As of 12/31/2012 debt to LTM EBITDA was 3.87x vs. 3.31x at 12/31/2011 (including the penitentiary business). Fixed charge coverage for the LTM was 2.83x at 12/31/2012 vs. 2.64x for the same period in 2011 (including the penitentiary business). The negative rating outlook reflects our expectation that Homex' sales and earnings will be challenged at least through the end of 2013, which implies that credit metrics at a minimum will be maintained at current levels. However, the most likely scenario is that credit metrics will weaken slightly with neutral to slightly negative free cash flow.
The government announced a new housing policy in February, which further expands on the sustainability initiatives that were put into place in 2011 and 2012. However, few details regarding the implementation of the new housing policy were provided, such as the potential need for increased investment to comply with the new standards. In addition, the classification of land reserves by the government could lead to discounted land sales in less favored regions and rising land prices in favored ones. In response to these changes Homex has announced guidance for 2013 which includes deleveraging and the generation of positive free cash flow through cost savings schemes and a refinancing of its prison business debt. In addition, the company's plan for 2013 includes no growth in its Mexican housing business and no additional investments in its Brazilian home building business until its collection and titling processes with Caixa is standardized. It expects to title approximately 360 homes from its two ongoing projects.
Moody's ratings continue to reflect Desarrolladora Homex's position as one of the largest homebuilders in Mexico in terms of housing units titled, as well as its geographic diversification with presence in most states, operational efficiencies through the use of aluminum moulds during construction and a solid liquidity profile. Challenges still include the high costs of land and infrastructure in Homex's markets, and some speculative homebuilding by Homex and its competitors. Moody's notes that although the penitentiary projects add diversity it is still a new business with inherent construction, financing and managing risks. Furthermore, the long-term viability of Homex's Brazilian homebuilding platform is as of yet unproven with few homes titled due to inherent administrative constraints in the collection process, although the demographics and financing availability are similar to those in Mexico.
A return to a stable outlook would imply an improvement in credit metrics (excluding the penitentiary business) such that Debt/EBITDA approaches 3.0x and fixed charge coverage increases closer to 2.7x. In addition, a return to stable would require Homex to generate neutral to positive free cash flow with no short-term debt refinancing issues. A downgrade will occur if by year-end 2013 Homex generates negative free cash flow in its housing business or encounters any issues refinancing its short-term debt maturities. Negative rating action would result if credit metrics materially deteriorate such that Debt/EBITDA increases to 3.5x or above and/or fixed charge coverage falls below 2.5x (excluding the penitentiary business). Finally, any difficulties in complying with bank covenants would result in a downgrade.
Moody's de Mexico affirmed Homex's national scale unsecured debt rating and issuer rating at A3.mx, and revised the rating outlook to negative, from stable.
The following ratings were affirmed with a negative outlook:
MOODY'S INVESTORS SERVICE
Desarrolladora Homex, S.A.B. de C.V. -- global scale foreign currency rating on senior notes issued in the USA at Ba3.
MOODY'S DE MEXICO
Desarrolladora Homex, S.A.B. de C.V. -- National scale issuer rating at A3.mx and global scale local currency issuer rating at Ba3.
Desarrolladora Homex, S.A.B. de C.V. -- National scale rating on senior unsecured debt program of up to $2 billion Mexican pesos at A3.mx, global scale local currency rating at (P)Ba3.
Desarrolladora Homex, S.A.B. de C.V. -- National scale rating on senior unsecured notes of $500 million Mexican pesos at A3.mx, global scale local currency rating at Ba3 and national scale rating on senior unsecured notes of $700 million Mexican pesos at A3.mx, global scale local currency rating at Ba3.
The last rating action with respect to Homex was on January 23, 2013, when Moody's de Mexico assigned a A3.mx national scale and Ba3 second proposed senior unsecured debt issuance of up to $700 million Mexican pesos. This will be the second issuance from the company's senior unsecured debt program of up to $2 billion Mexican pesos. The rating outlook was stable.
Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is based in Culiacan, Sinaloa, Mexico. The firm reported assets of approximately $50,189 million Mexican Pesos and equity of approximately $14,792 million Mexican Pesos as of December 31, 2012. Homex is a homebuilder engaged in the development, construction, marketing and sale of mostly affordable housing in Mexico.
The principal methodology used in this rating was Global Homebuilding Industry Methodology published in March 2009. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of this methodology.
Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".
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HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
