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

[nik.sala]

è pur sempre una società quotata nelle maggiori piazze

sto cercando di reperire bilanci e la trimestrale

Briz, non ho approfondito, ma direi che hai cambiato paese rispetto al Mexico, ma vai sempre sullo stesso business.
Io ti direi alla larga da tutto ciò che è immobiliare non investment grade....

 

[Brizione]

Briz, non ho approfondito, ma direi che hai cambiato paese rispetto al Mexico, ma vai sempre sullo stesso business.
Io ti direi alla larga da tutto ciò che è immobiliare non investment grade....

ho trovato alcune news

sarà lunga tradurre
ci provo

ti ringrazio per il tuo consiglio
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BEIJING, May 21, 2013 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan"
or "the Company") (NYSE: XIN), a residential real estate developer with a focus on high growth, strategic Tier II and III cities in China, today announced that Tom Gurnee, the Company's Chief Financial Officer for the past four and a half years, plans to retire as CFO in August 2013. Mr. Gurnee will remain on the Company's Board of Directors following his retirement as CFO.

The Company has formed a search committee, which includes members of the Board's audit committee, to lead the effort to locate Mr. Gurnee's successor.
The Company plans to have a new CFO in place prior to Mr. Gurnee's retirement in order to provide an orderly transition.

Mr. Zhang Yong, Xinyuan's Chairman and Chief Executive Officer, said, "Tom has been an invaluable asset to Xinyuan in recent years and I want to thank him for his contributions to the growth, development, and stability of our business. Xinyuan has emerged much stronger and in a much better financial position thanks to his efforts. We wish him well in his retirement. The timing of his departure should allow for a smooth transition to a new CFO."

"It has been a privilege serving at Xinyuan and being enabled to build a strong financial team. It has been gratifying to be a part of the Company's strong growth and development over the years resulting in margin expansion, and a markedly improved balance sheet", commented Mr. Gurnee. "Xinyuan is well-positioned for growth in the years to come and I have a high level of confidence that the current organization will perform admirably. I look forward to assisting management as needed during this transition period."

About Xinyuan Real Estate Co., Ltd.

Xinyuan Real Estate Co., Ltd. is a developer of large scale, high quality residential real estate projects aimed at providing middle-income consumers with a comfortable and convenient community lifestyle. Xinyuan primarily focuses on China's Tier II and III cities. Xinyuan's U.S. development arm, XIN Development Group International, Inc. is a pioneer among Chinese real estate residential developers, entering the U.S. market in 2012. Xinyuan is the first real estate developer from China to be listed on the New York Stock Exchange.
For more information, please visit http://www.xyre.com.

Forward Looking Statements

Certain statements in this press release constitute "forward-looking statements". These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Statements that are not historical statements are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including, but not limited to, Xinyuan's ability to continue to implement its business model successfully; Xinyuan's ability to secure adequate financing for its project development; Xinyuan's ability to successfully sell or complete property projects under construction and planning; Xinyuan's ability to enter into new geographic markets and expand its operations; the marketing and sales ability of third-party sales agents; the performance of third-party contractors; the impact of laws, regulations and policies relating to real estate developers and the real estate industry in China and, to the extent the Company expands operations into other countries, such as the U.S., the laws, regulations and policies of such countries; Xinyuan's ability to obtain permits and licenses to carry on its business in compliance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate industry in China, particularly Tier II and Tier III cities, and in targeted areas in the U.S.; fluctuations in general economic and business conditions in China, and, to the extent the Company expands operation into other countries, such as the U.S., the general economic and business conditions in such countries; and other risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's annual report on Form 20-F for the year ended December 31, 2012. Except as required by law, the Company undertakes no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statement is made.
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Highlights for the First Quarter 2013
o Total first quarter revenues were US$169.4 million, a 1.9% decrease from
US$172.6 million reported in the first quarter of 2012, and a 35.6%
decrease from US$263.1 million recorded in the fourth quarter of 2012.
First quarter revenue exceeded the midpoint of previous guidance of
US$135.0 million by 25.5%.
o Contract sales totaled US$178.3 million, an 11.6% increase from US$159.7
million recorded in the first quarter of 2012, and a 5.4% decrease from
US$188.4 million recorded in the fourth quarter of 2012. First quarter
contract sales exceeded previous guidance of US$135.0 million by 32.1%.
o Total gross floor area ("GFA") sales were 124,600 square meters, an 8.7%
increase from 114,600 square meters sold in the first quarter of 2012 and
a 6.1% decrease from 132,700 square meters sold in the fourth quarter of
2012.
o Selling, General, and Administrative ("SG&A") expenses as a percent of
total revenue totaled 7.3% compared to 6.9% in the first quarter of 2012
and 5.4% in the fourth quarter of 2012.
o Net income reached US$26.6 million, a 14.7% increase from US$23.2 million
reported in the first quarter of 2012 and a 20.8% decrease from US$33.6
million in the fourth quarter of 2012. First quarter net income exceeded
the midpoint of previous guidance of US$17.0 million by 56.5%.
o Diluted net earnings per American Depositary Share ("ADS") attributable to
shareholders were US$0.37, compared to diluted net earnings per ADS of
US$0.31 in the first quarter of 2012 and US$0.47 per ADS in the fourth
quarter of 2012.
o Cash and cash equivalents, including restricted cash, decreased by US$15.5
million to US$626.4 million as of March 31, 2013 from US$641.9 million as
of December 31, 2012. Short and long term debt increased by US$2.0 million
to US$316.1 million compared to US$314.1 million as of December 31, 2012.
o On May 3, 2013, the Company announced the closing of its offering of
13.25% senior notes with an aggregate principal amount of US$200 million
due in 2018. The Company intends to use the net proceeds of this offering
to repay certain existing debts, invest in new real estate projects in
China and the United States and for general corporate purposes.
o The Board of Directors of the Company has approved the payment of a
quarterly dividend of US$0.05 per ADS on May 31, 2013 to shareholders of
record on May 21, 2013.
Mr. Yong Zhang, Xinyuan's Chairman and Chief Executive Officer said, "The 2013 first quarter was a very strong start for Xinyuan as we significantly exceeded our first quarter 2013 revenue, contract sales and net income guidance forecast. The fundamentals of China's housing market remained healthy as expected with general housing prices stable in the first quarter.
Additionally, we have not experienced any discernible changes in customer buying patterns in the wake of the central government's latest home purchase restriction announcements.
"Although our first quarter results were impacted by the usual Chinese New Year seasonality effect, first quarter results were stronger than our previous expectation due to strong buying demand at our development projects. In the second quarter, we project lower sequential results due to lower sellable inventory levels, but we expect sales to pick up in the second half of this year as three new projects commence pre-sales and contribute to our revenue performance in the back half of the year. Consequently, we are pleased to raise our full year 2013 guidance accordingly, which reflects higher levels of contract sales under the current operating environment.
"As announced earlier, we have successfully issued US$200 million of senior notes due in 2018 to repay certain existing debts, and invest in new projects in China and the United States.
"As we continue to evaluate opportunities to maximize return for our shareholders, we are pleased to announce that our board of directors has approved a quarterly dividend of US$0.05 per ADS payable on May 31, 2013 to shareholders of record as of May 21, 2013.
"Overall, we are very pleased with our operational and financial results in the first quarter and remain confident in Xinyuan's long-term growth strategy with our experienced managerial team, attractive development projects and solid balance sheet."
Financial Results for the First Quarter 2013
Contract Sales
Contract sales totaled US$178.3 million in the first quarter compared to
US$159.7 million in the first quarter of 2012 and US$188.4 million in the fourth quarter of 2012. The Company's GFA sales were 124,600 square meters in the first quarter of 2013 versus 114,600 square meters in the first quarter of
2012 and 132,700 square meters in the fourth quarter of 2012. The average selling price per square meter sold was RMB8,985 (US$1,431) in the first quarter of 2013 versus RMB8,787 (US$1,393) in the first quarter of 2012 and
RMB8,964 (US$1,420) in the fourth quarter of 2012.
Breakdown of GFA Sales and ASP's by Project
Q1 2012 Q4 2012 Q1 2013 Unsold
GFA ASP GFA ASP GFA ASP GFA
Project (m^2 000) (Rmb) (m^2 000) (Rmb) (m^2 000) (Rmb) (m^2 000)
Chengdu Splendid I 2.8 7,048 4.8 5,959 3.8 5,899 0.4
Chengdu Splendid II 20.2 6,829 1.3 7,153 0.4 16,563 -
Zhengzhou Modern City 11.3 9,646 4.2 18,294 1.7 17,427 1.4
Zhengzhou Royal Palace 6.7 16,244 15.5 8,948 17.2 9,093 33.3
Zhengzhou Century East A - - 12.5 8,841 19.4 9,209 45.4
Zhengzhou Century East B 11.2 8,215 18.5 8,506 21.1 8,822 15.0
Kunshan Intl City Garden (4.6) 8,201 22.2 8,251 18.3 8,519 20.6
Suzhou Intl City Garden 27.8 9,836 1.7 11,450 0.1 10,212 1.3
Xuzhou Colorful Garden 0.8 7,549 -1.7 7,091 -1.0 6,378 2.7
Jinan Xinyuan Splendid 16.4 7,723 45.4 8,927 40.8 8,764 299.4
Zhengzhou Yipinxiangshan II 20.7 7,228 8.3 8,498 2.6 10,792 2.6
Others 1.3 - - - 0.2 - 2.9
Total 114.6 8,787 132.7 8,964 124.6 8,985 425.0
Revenue under the Percentage of Completion Method
In the first quarter of 2013, the Company's total revenue using the percentage of completion method was US$169.4 million compared to US$172.6 million in the first quarter of 2012 and US$263.1 million in the fourth quarter of 2012.
Gross Profit
Gross profit for the first quarter of 2013 was US$55.7 million, or 32.9% of revenue, compared to gross profit of US$49.2 million, or 28.2% of revenue, in the first quarter of 2012 and a gross profit of US$87.8 million, or 33.4% of revenue, in the fourth quarter of 2012.
The Company revised total project costs and sales projections for certain projects resulting in the recognition of US$11.8 million increase of cumulative gross profit in the first quarter of 2013 under the percentage of completion method. The Company also realized significant cost savings through final contractor settlements as projects were delivered to customers in the first quarter.
Selling, General and Administrative Expenses
SG&A expenses were US$12.4 million for the first quarter of 2013 compared to
US$12.0 million for the first quarter of 2012 and US$14.1 million for the fourth quarter of 2012. As a percentage of total revenue, SG&A expenses were 7.3% compared to 6.9% in the first quarter of 2012 and 5.4% in the fourth quarter of 2012.
Net Income
Net income for the first quarter of 2013 was US$26.6 million compared to
US$23.2 million for the same period in 2012 and US$33.6 million for the fourth quarter of 2012. Net margin was 15.7 %, compared to 13.5% in the first quarter of 2012 and 12.8% in the fourth quarter of 2012. Diluted earnings per ADS were US$0.37, compared to US$0.31 per ADS in the same period in 2012, and US$0.47 per ADS in the four quarter of 2012.
Balance Sheet
As of March 31, 2013, the Company reported US$626.4 million in cash and cash equivalents (including restricted cash) compared to US$641.9 million as of December 31, 2012. Total debt outstanding was US$316.7 million, an increase of
US$2.6 million compared to US$314.1 million at the end of the fourth quarter of 2012. The value of the Company's real estate property under development at the end of the first quarter was US$620.2 million compared to US$722.8 million at the end of the fourth quarter of 2012.
Project Status
Below is a summary table of projects that were active in the first quarter of 2013.
Project
GFA Contract Sales
Cost %
(m^2 000) (US$ million)
Complete
Total Total
Sold to Sales to %
Project Active Active
date date Sold
Projects Projects
Chengdu Splendid I 231.6 231.2 197.9 194.4 98.2% 98.0%
Chengdu Splendid II 217.0 217.0 234.1 234.0 100.0% 99.1%
Zhengzhou Modern City 226.4 225.0 310.0 307.1 99.1% 98.8%
Zhengzhou Royal Palace 132.2 98.9 230.2 176.8 76.8% 77.5%
Zhengzhou Century East A 77.3 31.9 112.7 46.1 40.9% 79.5%
Zhengzhou Century East B 166.5 151.5 235.9 206.3 87.5% 82.8%
Kunshan Intl City Garden 497.9 477.3 593.1 561.3 94.6% 98.2%
Suzhou Intl City Garden 204.9 203.6 328.6 325.8 99.1% 99.3%
Xuzhou Colorful Garden 101.8 99.1 119.8 117.0 97.7% 99.9%
Jinan Xinyuan Splendid 565.4 266.0 762.7 360.1 47.2% 72.5%
Zhengzhou Yipinxiangshan II 198.2 195.6 233.3 229.6 98.4% 94.3%
Others remaining GFA 2.9
Total active projects 2,622.1 2,197.1 3,358.3 2,758.5 82.1% 88.7%
As of March 31, 2013, the Company's total sellable GFA was approximately
1,025,000 square meters for active projects and pre-revenue stage projects.
Below is a summary of all projects at Xinyuan that are in the planning stage:
Unsold GFA Pre sales
(m^2 000) Scheduled
Newly Acquired Zhengzhou Land 207.4 Q3 2013
Newly Acquired Xuzhou Land 110.7 Q1 2014
Newly Acquired Suzhou Land 126.5 Q3 2013
Newly Acquired Beijing Land 118.3 Q3/Q4 2013
Newly Acquired New York Land 37.1
Total projects under planning 600.0
Total active projects 425.0
Total all Xinyuan projects 1,025.0
Second Quarter and Full Year 2013 Outlook
The Company projects lower sequential results in the second quarter of 2013 on lower than expected sellable inventory due to stronger than expected sales of inventory in the first quarter.
The Company expects contract sales in the second quarter of 2013 to reach approximately US$150 million. Revenue is expected to total US$140 million in the second quarter while net income is expected to reach US$25 million including US$9 million in tax expense benefits to be realized in the second quarter.
The Company is raising its full year 2013 guidance forecast. Contract sales are now expected to reach US$850 million versus US$830 million guided previously. 2013 full year revenue under the percentage of completion method is projected to total US$820 million, up 8% from last quarter's midpoint of previous guidance while net income is expected to reach US$105 million, up 11% from the midpoint of previous guidance.
Conference Call Information
Xinyuan's management will host an earnings conference call on May 10^th, 2013 at 8:30 a.m. U.S. Eastern Time. Listeners may access the call by dialing 1-719-325-2472. A webcast will also be available through the Company's investor relations website at ????. Listeners may access the replay by dialing 1-858-384-5517, access code: 9116786.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. is a developer of large scale, high quality residential real estate projects aimed at providing middle-income consumers with a comfortable and convenient community lifestyle. Xinyuan primarily focuses on China's Tier II and III cities. Xinyuan's U.S. development arm, XIN Development Group International, Inc. is a pioneer amongst Chinese real estate residential developers, entering the U.S. market in 2012. Xinyuan is the first real estate developer from China to be listed on the New York Stock Exchange.
For more information, please visit ????.

 

[SempreFranco]

Per divagare... Ho trovato mooolto interessanti le seguenti pubblicazioni di Luciano Gallino:
1)Con i soldi degli altri. Il capitalismo per procura

2)Finanzcapitalismo

Interessanti riflessioni sul mondo del danaro e della finanza e sulle relative (pericolose e,talora, surreali) distorsioni.

 

[Hobbit64]

Sì; se guardi il post 13542 c'è il comunicato.

Grazie : Up:

 

[Brizione]

Grazie , sei davvero gentilissimo come sempre. Leggendo le definizioni avevo interpretato come se un ETF riguardasse i corporate quotati sullo Xetra con emissioni di maggiori dimensione , l' altro quelli di minor ammontare , il terzo un paniere di tutte . Invece così mi sembra di capire che sono tutti e tre composti di emissioni di piccolo importo (< 100 mil ).
Hai capito in cosa si differenziano fra loro , i tre ETF ?

P.S. sto cercando di avere notizie anch' io tramite l' ufficio titoli della mia banca , cerco di non fare solo il parassita...se riesco a portare anch' io qualche granello al formicaio , sarò il primo ad esserne contento .

AGGIORNAMENTO
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COPIO E INCOLLO LA MAIL POC'ANZI RICEVUTA
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Sig. Brizione

sotto isin: LU0903441706 troverà dettaglio che riguarda il fondo recentemente emesso
che investe in bonds emeses da small e medium german companies, alla fine hanno
emesso un ucits lussemburgo, e non etf, come speravo, percui abbiamo a che fare con management
fee del max 1.50% p.a. (attualmente a 1.05%), il fondo è molto piccolo (euro 6.58 mio)
e attualmente hanno 42% di cash e il resto investito (rating medio bbb-)

rendimento medio 6.30%


in allegato troverà principali settori e I bonds in cui il fondo ha investito

conclusione:
in generale tutto il segment bonds high yield, che esso sia europa, usa, asia, ha sofferto durante il mese di
maggio, indotto dai commenti della fed, e più precisamente da mr. bullock

ovvio, la sofferenza era +/- marcata, a dipendenza dei ratings e della scadenza finale, ma nella mediana
il mese di maggio resterà nella memoria degli operatori ….


veniamo a noi: attualmente, considerando la size del fondo, non andrei a investire, ma lo seguo, anche per
interesse privato, e dovesse crescere bene e diversificarsi maggiormente, ne possiamo parlare ….

nel frattempo:
se guardo per esempio il già menzionato etf IHYG (isin: IE00B66F4759), mi sentirei più tranquillo, inquanto altamente
diversificato dal punto di vista dei singoli emittenti,, chiaro qui la volatilità me la trovo in abbondanza, e sicuramente
se il segment va sotto pressione qui si balla, ma abbiamo pagamenti altrettanto interessanti:
(paga in marzo ed in settembre al netto di trattenute)

2011 ha pagato netto euro 6.09 (prezzo medio calcolato su base trimestrale: 98.33 – coupon yield: 6.2%)
2012 euro 6.88 (coupon yield 6.56%)
2013 si prevede ca. 7, e dovremmo essere attorno al 6.5%, almeno che ci arriva l’implosione …..

la mia strategia è la seguente: per chi è investito da tempo, ovviamente ha un bel po`di utile capitale e cedole incassate
per chi oggi deve entrare, starei side lined al momento, trattando questo bond etf come se fosse uno stock: buy the dips

e over time creerei una posizione tra 5-10% (5% per clienti relativamente conservative, 10+ per aggressive yield searcher)


a presto, dk

 

[captain sparrow]

XS0808757388, stork techn svcs 2017

avete notato il brusco calo di questo titolo? è uscito il press rlease relativo al 1 trim.(che non è proprio roseo)ma precipitare da 110 A sotto 100. industria petrolifera!!! qualcuno ha qualche indicazione??? fosse il caso entrare ?? e dimenticare di averlo fino a scadenza??

 

[Brizione]

avete notato il brusco calo di questo titolo? è uscito il press rlease relativo al 1 trim.(che non è proprio roseo)ma precipitare da 110 A sotto 100. industria petrolifera!!! qualcuno ha qualche indicazione??? fosse il caso entrare ?? e dimenticare di averlo fino a scadenza??

taglio 100.000 ?????
mannaggia

rating b3

 

[qquebec]

Se ti servono eccoti altri dati Panoramica 8.25 Codere Fin 15
ISIN: XS0528926354
NSIN: BE: 623507916
CH: 11567605
Common: 052892635
DE: A1AZJC
US: L1861KAE8

Hai ragione tu: su Francoforte last Price 61.750 %

Bid / Ask 62.750 : 66.750
Volume nominal 50,000 : 50,000
Spread abs/rel. 4.000 / 5.99%
Change from Prev. Day 3.250 / 5.28%
Time 05/06/2013 10:23:28

C'è anche questo: XS0222158767 (@ 64)

 

[rockytamtam]

AGGIORNAMENTO
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COPIO E INCOLLO LA MAIL POC'ANZI RICEVUTA
---------------------------------------------------------
Sig. Brizione

sotto isin: LU0903441706 troverà dettaglio che riguarda il fondo recentemente emesso
che investe in bonds emeses da small e medium german companies, alla fine hanno
emesso un ucits lussemburgo, e non etf, come speravo,
QUOTE

Molte grazie , proprio oggi sollecitavo in banca le notizie che avevo richiesto sui tre Isin DE da te segnalati . Man mano che mi scadono titoli , rivolgersi al gestito sarà sempre più obbligatorio , per me...a botte da 100/200 K la liquidità fa in fretta ad asciugarsi ; e sotto quella soglia , c'è davvero pochino .

 

[SempreFranco]

C'è anche questo: XS0222158767 (@ 64)

Grazie. Stessa emissione ma due Isin? Mah