Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2

[fabriziof]

Buy otc 101,5

Non ti piaceva la 2041 a 83 e rotti?

 

[waltermasoni]

Non ti piaceva la 2041 a 83 e rotti?

L’ho presa perché più umana la durata

 

[fabriziof]

Non ti piaceva la 2041 a 83 e rotti?

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[IL MARATONETA]

L’ho presa perché più umana la durata

Puoi dare l'isin ?
Grazie

 

[veltroni]

Secondo chi la segue Casino Guischard può v
essere una buona idea uno dei suoi bond in euro quotati su Eurotlx.com o preferire Jaguar? Entrambi in euro taglio 100k ma rendimento analogo

 

[waltermasoni]

Salini Impregilo SpA's Proposed Senior Unsecured Notes Assigned 'BB-' Issue Rating And '4' Recovery Rating

• 10-Jan-2020 04:01 EST

View Analyst Contact Information

• Table of Contents
  

PARIS (S&P Global Ratings) Jan. 10, 2020--S&P Global Ratings today assigned its 'BB-' issue rating to Italian construction company Salini Impregilo SpA's (BB-/Positive/--) proposed senior unsecured notes of up to €690 million, which are due in 2027.

The '4' recovery rating reflects the notes' unsecured and unguaranteed nature, and structural subordination to significant prior-ranking claims. We estimate recovery prospects at 35%. Most bank lines and revolving credit facilities rank pari-passu with the bonds.

The issue and recovery ratings on the proposed notes are based on preliminary information and subject to their successful issuance and our satisfactory review of the final documentation.

Salini Impregilo intends to use the proceeds of the proposed issuance to refinance most of its existing €600 million unsecured notes maturing in 2021 through a notes exchange, and repay a portion of its existing debt. The new capital structure would have an average maturity of 4.5 years, compared with 3.6 years currently if the entire €600 million notes are exchanged.

We expect the documentation for the proposed new bond will be broadly in line with that for the existing notes. It includes one incurrence covenant stipulating a minimum consolidated interest coverage ratio of 2.5x, which limits the company's ability to incur additional debt, and permitting debt at the issuer or material subsidiaries of up to 15% of consolidated assets. There is no restricted-payment covenant, but the documentation will come with a €50 million cross-default threshold provision.

In our hypothetical default scenario, we assume a prolonged economic downturn affecting the construction sector, combined with delay in collecting payments for projects, which would result in severe margin contractions and negative operating cash flows. In our view, this would reduce Salini Impreglio's ability to meet its debt obligations, triggering a payment default in 2024.

We value Salini Impreglio as a going concern, based on its strong brand value, market position, and global presence.

 

[waltermasoni]

Puoi dare l'isin ?
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USG90073AE09

 

[LUISBOND]

Da notare che a parità quasi di cedola e durata Noble prezza la metà di Transocean

entrambe hanno rating da brividi….ccc+

 

[fedro10]

se può interessare o se qualcuno la possiede
estratto da Oblis

Novafives SAS 5% - 15/06/2025 EUR
Enfin, en euro, l’emprunt à taux fixe de 5 % d'une durée résiduelle de cinq ans du groupe d’ingénierie industrielle français Fives reste encore disponible sur le secondaire avec un nombre limité de jours d’intérêts cours. Négociée aux alentours de 89% du nominal sur le marché secondaire, elle procure un rendement de l'ordre de 7,4%, en ligne avec un rating B chez Standard & Poor's.


Rating Action:
Moody's downgrades Novafives to B3, negative outlook

27 Sep 2019


5% Novafives S.A.S. (2025) - XS1713466222 - Börse Berlin

 

[fedro10]

dy's changes Chesapeake Energy's Probability of Default Rating to Caa1-PD/LD on distressed exchange