IL MARATONETA
Forumer storico
Grazie dell'informazione.
Ho il 2023 xs12511078694 cedola 8,75%, seguiremo gli sviluppi.
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
Ho il 2023 xs12511078694 cedola 8,75%, seguiremo gli sviluppi.
giorgio225
Audentes fortuna iuvat! (almeno si spera)
YPF 7.0% Call 15dc47
65,72 +3,30%
65,72 +3,30%
IL MARATONETA
Forumer storico
Posso sbagliarmi ma ti fai delle domande che hanno già, per come le presenti, una risposta.
Se secondo te i titoli hanno una quotazione molto superiore al loro valore, vendili!!!
Se invece pensi che abbiano una quotazione troppo inferiore al loro valore reale, comprali!!!
Fra41
Forumer storico
Intralot
“
La riapertura del mercato australiano e la normalizzazione delle attività di scommesse sportive creano un quadro più propizio per il quarto trimestre del 2020.
"INTRALOT ha anche compiuto progressi significativi nelle discussioni con i suoi creditori in merito alla scadenza delle obbligazioni nel settembre 2021, nonché alla sua struttura complessiva del capitale, e fornirà a breve informazioni pertinenti".
Risultati non buoni e 107 mil di liquidità a fronte della scadenza del 2021
“
La riapertura del mercato australiano e la normalizzazione delle attività di scommesse sportive creano un quadro più propizio per il quarto trimestre del 2020.
"INTRALOT ha anche compiuto progressi significativi nelle discussioni con i suoi creditori in merito alla scadenza delle obbligazioni nel settembre 2021, nonché alla sua struttura complessiva del capitale, e fornirà a breve informazioni pertinenti".
Risultati non buoni e 107 mil di liquidità a fronte della scadenza del 2021
bia06
Listen other's viewpoint avoid conflicts & wars.
24/11 - 4 Finance
We also lowered the rating on the senior unsecured debt issued by 4finance S.A. to 'B' from 'B+'. The recovery rating on this debt remains at '4'(45%).
4finance's stand-alone performance in the online business has taken a huge hit from the pandemic in 2020. The 2020 economic environment led to a sharp drop in new business amid lower demand, tightened underwriting standards, and interest regulation headwinds in some countries. We now expect an EBITDA reduction of more than 60% for full-year 2020, which will lead to a deterioration in our EBITDA-based leverage and interest-coverage metrics on a stand-alone basis, excluding Bulgarian subsidiary TBI Bank. Because we anticipate additional bond purchases over 2020 and 2021, we consider 50% of 4finance's cash position in our net debt metrics. Still, we estimate S&P Global Ratings-adjusted net debt to EBITDA will likely peak in 2020 at roughly 10x. While we expect an improvement for 2021 to about 5x, downside risks to our forecast remain material in light of the economic uncertainty. We capture the strong EBITDA headwinds in our assessment of the bank's financial risk profile as highly leveraged.
TBI Bank shows stronger resilience, but provides little direct benefit to 4finance's debt-servicing capacity. We treat Bulgarian TBI Bank as an equity affiliate to 4finance Holding and deconsolidate its financials. We capture expected dividend payments and funding benefits in our analysis of 4finance Holding, but see limited benefit beyond this. The regulated status of TBI Bank prevents 4finance from extracting additional capital and liquidity, such that we assess TBI Bank as insulated from 4finance. Although TBI Bank's credit loss provisions will be more than twice as high as in 2019, we expect it to end 2020 with net income of more than Bulgarian lev (BGN)30 million (€15 million) or a return on equity of 12%, after BGN45 million in 2019. We expect the dividend restrictions by the Bulgarian National Bank--on the back of uncertainty due to the pandemic--will be lifted by 2021, such that TBI Bank should be able to distribute a dividend of about €15 million to 4finance Holding S.A., with a stable dividend policy thereafter. In addition, 4finance has shown some progress in using TBI Bank's balance sheet, by selling some near-prime loans to the bank. We expect the total volume sold could be €10 million-€30 million in 2021. Overall, these benefits are small relative to the upcoming bond redemptions.
The bond maturity extension in August 2020 bought time, but refinancing is needed by first-quarter 2022. 4finance's business model depends on regular and timely access to funding markets and, absent sound bank lending relationships, it has limited alternatives for its bond maturities in February and May 2022. Should debt markets remain closed for 4finance, it might ultimately need to reduce or stop new loan disbursements and amortize its existing loan book. While this would be negative for the business profile, we consider that it would likely prevent an ordinary default scenario. With TBI Bank, 4finance owns an asset that could also play a role in refinancing its bonds, by (partially) divesting the bank.
The business risk profile remains weak amid continuing regulatory headwinds in some markets.
- Luxembourg-based 4finance's weak financial performance in online business over the first nine months of 2020 has considerably depressed its EBITDA and weakened its leverage ratio.
- While reduced new business frees up cash that 4finance will likely continue to use for further bond repurchases, pressure to refinance its 2022 bond maturities will grow.
- We are lowering our long-term issuer credit rating on 4finance Holding S.A. to 'B' from 'B+'.
- The negative outlook reflects the potential for a lower rating over the coming quarters if financial performance does not pick up while at the same time refinancing risks increase.
We also lowered the rating on the senior unsecured debt issued by 4finance S.A. to 'B' from 'B+'. The recovery rating on this debt remains at '4'(45%).
4finance's stand-alone performance in the online business has taken a huge hit from the pandemic in 2020. The 2020 economic environment led to a sharp drop in new business amid lower demand, tightened underwriting standards, and interest regulation headwinds in some countries. We now expect an EBITDA reduction of more than 60% for full-year 2020, which will lead to a deterioration in our EBITDA-based leverage and interest-coverage metrics on a stand-alone basis, excluding Bulgarian subsidiary TBI Bank. Because we anticipate additional bond purchases over 2020 and 2021, we consider 50% of 4finance's cash position in our net debt metrics. Still, we estimate S&P Global Ratings-adjusted net debt to EBITDA will likely peak in 2020 at roughly 10x. While we expect an improvement for 2021 to about 5x, downside risks to our forecast remain material in light of the economic uncertainty. We capture the strong EBITDA headwinds in our assessment of the bank's financial risk profile as highly leveraged.
TBI Bank shows stronger resilience, but provides little direct benefit to 4finance's debt-servicing capacity. We treat Bulgarian TBI Bank as an equity affiliate to 4finance Holding and deconsolidate its financials. We capture expected dividend payments and funding benefits in our analysis of 4finance Holding, but see limited benefit beyond this. The regulated status of TBI Bank prevents 4finance from extracting additional capital and liquidity, such that we assess TBI Bank as insulated from 4finance. Although TBI Bank's credit loss provisions will be more than twice as high as in 2019, we expect it to end 2020 with net income of more than Bulgarian lev (BGN)30 million (€15 million) or a return on equity of 12%, after BGN45 million in 2019. We expect the dividend restrictions by the Bulgarian National Bank--on the back of uncertainty due to the pandemic--will be lifted by 2021, such that TBI Bank should be able to distribute a dividend of about €15 million to 4finance Holding S.A., with a stable dividend policy thereafter. In addition, 4finance has shown some progress in using TBI Bank's balance sheet, by selling some near-prime loans to the bank. We expect the total volume sold could be €10 million-€30 million in 2021. Overall, these benefits are small relative to the upcoming bond redemptions.
The bond maturity extension in August 2020 bought time, but refinancing is needed by first-quarter 2022. 4finance's business model depends on regular and timely access to funding markets and, absent sound bank lending relationships, it has limited alternatives for its bond maturities in February and May 2022. Should debt markets remain closed for 4finance, it might ultimately need to reduce or stop new loan disbursements and amortize its existing loan book. While this would be negative for the business profile, we consider that it would likely prevent an ordinary default scenario. With TBI Bank, 4finance owns an asset that could also play a role in refinancing its bonds, by (partially) divesting the bank.
The business risk profile remains weak amid continuing regulatory headwinds in some markets.
Cat XL
Shizuka Minamoto
Mi dicono dalla regia che questa fa 3/4 dei suoi ricavi sotto Natale.
corradotedeschi
Forumer storico
non c'e' da aspettarsi nulla di buono purtroppo
fabriziof
Forumer storico
Grazie
Fabrib
Forumer storico
Egypt wants to get its local debt settled by Euroclear Bank SA in less than a year and introduce its first floating-rate bonds by mid-2021, part of a push to cut borrowing costs and stoke rebounding demand for its notes.
A deal with Belgium-based Euroclear will mean a “safe gateway” to the market for “big-ticket investors such as central banks and increase demand and liquidity by expanding our investor base,” Finance Minister Mohamed Maait said in an interview. Foreigners currently have to go through local lenders to invest in Egyptian debt.
After Euroclear negotiations began in 2018 and an earlier target passed, “the legal requirements now are roughly done,” according to Maait, who spoke at his Cairo office. The date for completion: “Inshallah, between September to November 2021.”
Foreigners have pumped billions of dollars into Egypt’s debt market since late 2016, when authorities devalued the currency as the opening salvo of a sweeping economic program backed by a $12 billion loan from the International Monetary Fund. With high interest rates and a stable pound, the North Africa nation became a darling for emerging-market investors.
Foreign holdings in Egypt debt have staged a comeback
Source: Egypt's Finance Ministry
Flows reversed when the pandemic hit, with foreigners removing $20 billion from Egypt’s market in spring 2020, sending the total plummeting to $9 billion, Maait said. A rebound that started in June has seen those investments hit $24 billion in November, according to the minister, spurred by high real yields and a fresh agreement with the IMF.
Another draw might be the listing of Egyptian notes on JPMorgan Chase & Co.’s Government Bond Index for Emerging Markets, which attracts investments from passive funds that track the gauge. Authorities began talks on inclusion about 18 months ago and the work on Egypt’s side has been completed, according to Maait.
“We are ready but due to Covid-19, JPMorgan has put a hold on any new inclusions,” he said. “So we are waiting to hear from them.”
Authorities are also planning to entice a new class of investors by issuing Egypt’s first floating-rate bonds. Discussions are underway on which of several benchmarks, including the central bank’s corridor rate, the notes could be linked to, Maait said.
Egypt is also planning the country’s debut sovereign Islamic bonds, or sukuk, in 2021.
“If parliament approves the sukuk draft law before February, we could issue our first sukuk before June,” according to Maait. Egypt could also tap the international bond market in the first half of 2021, if needed, he said. BBG
A deal with Belgium-based Euroclear will mean a “safe gateway” to the market for “big-ticket investors such as central banks and increase demand and liquidity by expanding our investor base,” Finance Minister Mohamed Maait said in an interview. Foreigners currently have to go through local lenders to invest in Egyptian debt.
After Euroclear negotiations began in 2018 and an earlier target passed, “the legal requirements now are roughly done,” according to Maait, who spoke at his Cairo office. The date for completion: “Inshallah, between September to November 2021.”
Foreigners have pumped billions of dollars into Egypt’s debt market since late 2016, when authorities devalued the currency as the opening salvo of a sweeping economic program backed by a $12 billion loan from the International Monetary Fund. With high interest rates and a stable pound, the North Africa nation became a darling for emerging-market investors.
Foreign holdings in Egypt debt have staged a comeback
Source: Egypt's Finance Ministry
Flows reversed when the pandemic hit, with foreigners removing $20 billion from Egypt’s market in spring 2020, sending the total plummeting to $9 billion, Maait said. A rebound that started in June has seen those investments hit $24 billion in November, according to the minister, spurred by high real yields and a fresh agreement with the IMF.
Another draw might be the listing of Egyptian notes on JPMorgan Chase & Co.’s Government Bond Index for Emerging Markets, which attracts investments from passive funds that track the gauge. Authorities began talks on inclusion about 18 months ago and the work on Egypt’s side has been completed, according to Maait.
“We are ready but due to Covid-19, JPMorgan has put a hold on any new inclusions,” he said. “So we are waiting to hear from them.”
Authorities are also planning to entice a new class of investors by issuing Egypt’s first floating-rate bonds. Discussions are underway on which of several benchmarks, including the central bank’s corridor rate, the notes could be linked to, Maait said.
Egypt is also planning the country’s debut sovereign Islamic bonds, or sukuk, in 2021.
“If parliament approves the sukuk draft law before February, we could issue our first sukuk before June,” according to Maait. Egypt could also tap the international bond market in the first half of 2021, if needed, he said. BBG
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