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

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ma che cosa ha di particolare il bond FMG res. 2019? Presenta quotidianamente oscillazioni di prezzo paurose. Ieri a francoforte aveva 84 in lettera e mi han chiesto 98!! Oggi ha lettera 95 con uno spread di 13 punti. Il tutto cambia istericamente nel giro della stessa giornata.
 
gennaro pinto ha scritto:
ciao

sai cosa mi fa pensare sopratutto le "universal"...
l obama care....e qindi ho dato incarico nel ricercare un po di info....
magari se ne trovi anche tu potrebbe esser interessante entrarci...

quanto a AMD ed Elisabetta....le ho messe in watch list...e le valutero' dopo il rialzo dei tassi in USA per vedere come "reagiscono"
Clicca per allargare...
per le universal mi sono appena letto il giudizio di s&p che riporto

Universal Hospital Services Inc. Downgraded To 'B-' On Expected Cash Flow Deficits; Outlook Stable
03-Apr-2015 18:13 BST
View Analyst Contact Information

Near-term pressures stemming from a lost group purchasing organization
(GPO) contract and a product recall is exacerbating weak performance for
U.S.-based medical equipment rental and service company Universal
Hospital Services Inc. (UHS).
We are lowering our base-case projections to reflect our expectation for
modest revenue declines in 2015 and our expectation for cash flow
deficits in 2015 and 2016.
We are lowering our corporate credit rating on UHS to 'B-' from 'B'. We
are also lowering our issue-level ratings on the first-lien debt to 'B+'
from 'BB-' (two notches above the corporate credit rating), and our
rating on the second-lien debt to 'B-' from 'B' (still the same as the
corporate credit rating). Our recovery ratings of '1' and '4',
respectively are unchanged.
The stable outlook reflects our view that the company has ample liquidity
to cover operating needs and growth in the company's 360 Solutions
business over the next year.

NEW YORK (Standard & Poor's) April 3, 2015--Standard & Poor's Ratings Services
today lowered its corporate credit rating on Minneapolis-based Universal
Hospital Services Inc. (UHS) to 'B-' from 'B'. The outlook is stable.

We also lowered our rating on the company's first-lien debt to 'B+' (two
notches above the corporate credit rating) from 'BB-', Our recovery rating of
'1' is unchanged. The '1' recovery rating indicates our expectation for very
high (90% to 100%) recovery in the event of a default.

We lowered our rating on its second-lien debt to 'B-' (the same as the
corporate credit rating) from 'B'. Our recovery rating on this debt remains
'4', and reflects our expectation for average (30% to 50%; in the upper half
of the range) recovery.

"We have revised our assessment of the company's business risk profile to
'weak' from 'fair,' reflecting operating challenges, including revenue
weakness and EBITDA margin erosion as the mix of business continues to shift
away from the higher-margin equipment rental revenues," said Standard & Poor's
credit analyst David Kaplan. We view the capital expenditures relating to
replacing rental equipment as an essential operating expense, and incorporate
that into our assessment of profitability. Moreover, the company's substantial
investment in growth capital spending to grow the 360 solutions business is
offset by weakness in equipment rental revenues, leading to our expectation
for relatively flat revenues overall and negligible free cash flow for both
2015 and 2016.

Our assessment of business risk as "weak" reflects the company's narrow scope
in the medical equipment leasing, management, and servicing business to
U.S.-based hospitals and other health care service providers; declining
revenues in the higher-margin peak-need equipment rental business, and a
challenging industry environment as hospitals look to pass through
reimbursement pressures they are facing and due to the trend of declining
admissions at acute care hospitals. The business risk also reflects the
company's well-established and extensive customer relationships and a leading
market position in this business.

The stable outlook reflects our view that the company has ample liquidity from
its revolver capacity to cover operating needs over the near to medium term,
despite our expectation for cash flow deficits in 2015 and 2016.

We could lower the rating if cash flow deficits increase materially or we
expect those to persist indefinitely, which could lead us to conclude that the
company's capital structure is unsustainable.

While we consider an upgrade in 2015 unlikely, we could raise the rating if
the company demonstrates its ability to generate positive free flow on a
consistent basis for at least four quarters.

La società non è messa male anzi, comunque a me indipendentemente dall'obama care, la cosa che mi fa piacere questo bond è il sistema sanitario statunitense che come tu ben sai essendo a pagamento è si costoso ma efficiente e gli ospedali sono ricchi non come il nostro sistema sanitario......
Seguivo anche un altro bond del settore, TENET HEALTHCARE CORP US88033GAV23 6,88 2031, ma poi è salito troppo e ho desistito almeno per il momento.
 
gionmorg ha scritto:
per le universal mi sono appena letto il giudizio di s&p che riporto

Universal Hospital Services Inc. Downgraded To 'B-' On Expected Cash Flow Deficits; Outlook Stable
03-Apr-2015 18:13 BST
View Analyst Contact Information

Near-term pressures stemming from a lost group purchasing organization
(GPO) contract and a product recall is exacerbating weak performance for
U.S.-based medical equipment rental and service company Universal
Hospital Services Inc. (UHS).
We are lowering our base-case projections to reflect our expectation for
modest revenue declines in 2015 and our expectation for cash flow
deficits in 2015 and 2016.
We are lowering our corporate credit rating on UHS to 'B-' from 'B'. We
are also lowering our issue-level ratings on the first-lien debt to 'B+'
from 'BB-' (two notches above the corporate credit rating), and our
rating on the second-lien debt to 'B-' from 'B' (still the same as the
corporate credit rating). Our recovery ratings of '1' and '4',
respectively are unchanged.
The stable outlook reflects our view that the company has ample liquidity
to cover operating needs and growth in the company's 360 Solutions
business over the next year.

NEW YORK (Standard & Poor's) April 3, 2015--Standard & Poor's Ratings Services
today lowered its corporate credit rating on Minneapolis-based Universal
Hospital Services Inc. (UHS) to 'B-' from 'B'. The outlook is stable.

We also lowered our rating on the company's first-lien debt to 'B+' (two
notches above the corporate credit rating) from 'BB-', Our recovery rating of
'1' is unchanged. The '1' recovery rating indicates our expectation for very
high (90% to 100%) recovery in the event of a default.

We lowered our rating on its second-lien debt to 'B-' (the same as the
corporate credit rating) from 'B'. Our recovery rating on this debt remains
'4', and reflects our expectation for average (30% to 50%; in the upper half
of the range) recovery.

"We have revised our assessment of the company's business risk profile to
'weak' from 'fair,' reflecting operating challenges, including revenue
weakness and EBITDA margin erosion as the mix of business continues to shift
away from the higher-margin equipment rental revenues," said Standard & Poor's
credit analyst David Kaplan. We view the capital expenditures relating to
replacing rental equipment as an essential operating expense, and incorporate
that into our assessment of profitability. Moreover, the company's substantial
investment in growth capital spending to grow the 360 solutions business is
offset by weakness in equipment rental revenues, leading to our expectation
for relatively flat revenues overall and negligible free cash flow for both
2015 and 2016.

Our assessment of business risk as "weak" reflects the company's narrow scope
in the medical equipment leasing, management, and servicing business to
U.S.-based hospitals and other health care service providers; declining
revenues in the higher-margin peak-need equipment rental business, and a
challenging industry environment as hospitals look to pass through
reimbursement pressures they are facing and due to the trend of declining
admissions at acute care hospitals. The business risk also reflects the
company's well-established and extensive customer relationships and a leading
market position in this business.

The stable outlook reflects our view that the company has ample liquidity from
its revolver capacity to cover operating needs over the near to medium term,
despite our expectation for cash flow deficits in 2015 and 2016.

We could lower the rating if cash flow deficits increase materially or we
expect those to persist indefinitely, which could lead us to conclude that the
company's capital structure is unsustainable.

While we consider an upgrade in 2015 unlikely, we could raise the rating if
the company demonstrates its ability to generate positive free flow on a
consistent basis for at least four quarters.

La società non è messa male anzi, comunque a me indipendentemente dall'obama care, la cosa che mi fa piacere questo bond è il sistema sanitario statunitense che come tu ben sai essendo a pagamento è si costoso ma efficiente e gli ospedali sono ricchi non come il nostro sistema sanitario......
Seguivo anche un altro bond del settore, TENET HEALTHCARE CORP US88033GAV23 6,88 2031, ma poi è salito troppo e ho desistito almeno per il momento.
Clicca per allargare...
Grazie per l info...mi risparmi la ricerca del "rating"..:)

quanto alla societa'..non sono cosi certo che si tratti di "ospedale"...da qui il mio "dubbio "sugli effetti della riforma sanitaria e relativi costi
(il che spiega il perche' di tale rating)

Medical Equipment Management Solutions Company - Universal Hospital Services
 
Prese peabody energy 2026 a 62. A conferma della stranezza di certi fenomemi vi dico che per questo bond stamattina alle 11,50 mi avevano chiesto 74!
Ringrazio ancora Gennaro Pinto per avermi postato la quotazione globale dei prezzi.
 
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