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

Apr. 16, 2020, 09:08 AM
Announcement: Moody's changes SoLocal's PDR to Ca-PD/LD following default at end of grace period
 
Top Gainers & Losers – 17-Apr-20*
p7mSRdMSyb4j56sFQI6xlKRIcSpi-IwMupgD97yjpeKZSWkeUbeyqtH87DcAtWkteaFBY2UlIzyBUIsQZgYHww6ayQPoPZsjwDx3tYEkIadilO_TCbzZPilDw4uTPsBuH7aGtx7sjOWUbTqC4N2ugkzZ3utHLT9ICviDI4k3jmnYGdeZYTegflhayrPjc8pB2UITNk3e-eszHuc=s0-d-e1-ft
 
Cedole accreditate con CA:

ANGLOGOLD HLDGS 6,50% 15/04/2040
COTY INC. 15/04/2026 6,5%
HERTZ CORP. 15/10/2022 6,25%
SUMMIT MIDSTREAM LLC 5,75% 15/04/2025
TRANSOCEAN INC. 15/04/2031 7,5%
 
Argentina Unveils Debt Restructure Proposal
Long before the coronavirus pandemic sank much of the world into recession, Argentina’s economy was already in shambles amid a sharp drop in the value of its currency and double-digit inflation. 15 years after one of the harshest sovereign bond negotiations in modern history, Argentina's new proposal appears to offer only slightly better terms. The highlights: a three-year moratorium, a 62% reduction in interest payments and a 5% cut in the value of the principal.Under the proposal, Argentina would start paying a 0.5% coupon in 2023 that would grow over time, so that the average interest rate would be 2.33%. The haircut on principal is equal to $3.6bn, while the reduction on interest obligations is $37.9bn, according to a Bloomberg article. The country has a total debt load of more than $323bn, equal to 89% of GDP, and its foreign reserves have tumbled more than 40% over the past year to just $43.9bn. “For Argentina, a country with a long track record of default, to come and offer a haircut on interest but not as much on capital, I think is relatively good news,” said Jimena Blanco, head of Latin America research at consulting firm Verisk Maplecroft in Buenos Aires. “If you are able to settle the debt restructuring in this context, at least it provides some breathing room for the government.”

Riassumendo:
1) moratoria interessi per 3 anni
2) taglio del 62% degli interessi
3) taglio del capitale del 5%

Tutto sommato poteva andare peggio.....:(:(
 
Argentina Unveils Debt Restructure Proposal
Long before the coronavirus pandemic sank much of the world into recession, Argentina’s economy was already in shambles amid a sharp drop in the value of its currency and double-digit inflation. 15 years after one of the harshest sovereign bond negotiations in modern history, Argentina's new proposal appears to offer only slightly better terms. The highlights: a three-year moratorium, a 62% reduction in interest payments and a 5% cut in the value of the principal.Under the proposal, Argentina would start paying a 0.5% coupon in 2023 that would grow over time, so that the average interest rate would be 2.33%. The haircut on principal is equal to $3.6bn, while the reduction on interest obligations is $37.9bn, according to a Bloomberg article. The country has a total debt load of more than $323bn, equal to 89% of GDP, and its foreign reserves have tumbled more than 40% over the past year to just $43.9bn. “For Argentina, a country with a long track record of default, to come and offer a haircut on interest but not as much on capital, I think is relatively good news,” said Jimena Blanco, head of Latin America research at consulting firm Verisk Maplecroft in Buenos Aires. “If you are able to settle the debt restructuring in this context, at least it provides some breathing room for the government.”

Riassumendo:
1) moratoria interessi per 3 anni
2) taglio del 62% degli interessi
3) taglio del capitale del 5%

Tutto sommato poteva andare peggio.....:(:(
anche se è una proposta, a titolo di informazione provvisoria, il taglio degli interessi è da applicare sul montante totale dell'interesse originario di ciascun titolo, tiene conto della asimmetria causata da dilazione e interesse crescente? Penso che bisognerà aspettare la versione per la SEC per capirci di più. A me la proposta mi andrebbe bene, vorrei solo una contropartita di riforme che creino le condizioni di sostenibilità, magari anche un maggior controllo sui magna magna passati e futuri altrimenti gli stiamo regalando un lungo periodo di grazia oltre che far pagare interessi da pagatore affidabile quali non son mai stati.
 
anche se è una proposta, a titolo di informazione provvisoria, il taglio degli interessi è da applicare sul montante totale dell'interesse originario di ciascun titolo, tiene conto della asimmetria causata da dilazione e interesse crescente? Penso che bisognerà aspettare la versione per la SEC per capirci di più. A me la proposta mi andrebbe bene, vorrei solo una contropartita di riforme che creino le condizioni di sostenibilità, magari anche un maggior controllo sui magna magna passati e futuri altrimenti gli stiamo regalando un lungo periodo di grazia oltre che far pagare interessi da pagatore affidabile quali non son mai stati.
Quoto in pieno...
 

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