fabriziof
Forumer storico
paragon: Telefonkonferenz mit Anleihegläubigern am 31. Januar - BondGuide
Der Automotive-Dienstleister strebt eine Prolongation seiner Anleihe 2017/22 an. Dazu soll es am 31. Januar eine TelKo geben.
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (3 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
Cat XL
Shizuka Minamoto
Infatti. Sarebbe una bomba atomica finanziaria. La Germania e' troppo tiepida.
picci22
Wer nichts waget, der darf nichts hoffen. (F.v.S.)
devono vendere audi, mercedes, bmw e tutto il resto
bia06
Listen other's viewpoint avoid conflicts & wars.
- 24-Jan-2022 | 11:23 EST
Overview
- We expected Credito Real's liquidity position would strengthen thanks to the various strategies it undertook in the last quarter of 2021. However, because the Mexican lender only completed two minor initiatives, its liquidity remains pressured prior to the Feb. 9, 2022, large debt market maturity.
- In our opinion, this has increased the company's refinancing risk, reducing its ability to obtain funding under stressful conditions. We're revising our assessment of Credito Real's funding and liquidity to a weaker category, triggering a downgrade of the lender to 'B-' from 'B+' on global scale and to 'mxB+/mxB' from 'mxBBB/mxA-2' on national scale.
- The ratings remain on CreditWatch with negative implications. We intend to solve the listing during the next 90 days, once we analyze if downside risks--stemming from a narrower range of funding and liquid sources--will limit Credito Real's ability to comply with its short-term financial obligations.
Given the large debt maturity in less than a month, we were expecting that some of the lender's most significant initiatives to strengthen its liquidity would have already been completed. This was so because our analysis incorporated Credito Real's high collection levels and the likelihood of slowing its origination to potentially build up internal funds. However, the company failed to accumulate a sufficient cash buffer to cover its upcoming market debt maturity.
Additionally, as we reported in our December 2021 rating action, Credito Real had embarked on several measures to refinance its short-term financial obligations and improve its liquidity position. However, a number of these initiatives--which included raising funds in Swiss francs, securing loans, and a larger amount of portfolio sales--have failed to materialize in the last few weeks. In this sense, the company hasn't received the regulator's approval for the sale of MXN1,500 million of its small- to mid-size enterprise (SME) loan portfolio, while it hasn't obtained one of the secured loans it was negotiating. On the positive side, Credito Real received US$45 million from the sale of its U.S.-based subsidiary, Camino Financial, and sold small tranches of its SMEs portfolio.
In our view, these factors have elevated Credito Real's refinancing risk, weakening its liquidity profile and undermining its capacity to obtain funding under stressful conditions. As a result, we revised our assessment of the company's funding and liquidity to a weaker category, triggering a downgrade. The CreditWatch negative listing reflects that these factors could further curb the lender's ability to meet its financial obligations in the following months.
Credito Real is still negotiating a secured loan, which it plans to use to pay its debt market maturity, which would help position the company to cover the upcoming liquidity needs. However, we believe Credito Real will continue relying on the sale of its assets, rather on its recurrent business and its payment collection capacity to increase its cash position during 2022.
Furthermore, we believe the ongoing effects of the pandemic, accelerating global inflation, and faster-than-expected U.S. monetary tightening could continue undermining the investors' confidence globally. Therefore, we believe the company's fulfillment of its plans will be key to improve its funding and liquidity profile. These include the additional sales of the SME portfolio, shedding the large amount of foreclosed assets on balance sheet-–about MXN1,418 million--and the monetization of the collection rights from the MXN695 million loan granted to Nuncio Accipiens S.A. de C.V. We believe these strategies could mitigate the company's rising economic risks and potentially increasing funding costs, lower-than-historical net interest margins, and still likely high provisions.
pietro17elettra
Nonno pensionato
Egypt plans privatisations every month or two - planning minister 25/01/2022 14:46 - RSF
By Aidan Lewis
CAIRO, Jan 25 (Reuters) - Egypt aims to press ahead with stake sales in state-owned companies every month or two and will soon classify the openness of different sectors of the economy to private investment, Planning Minister Hala al-Said said.
The recent initial public offering E-finance rises 40% after pricing Egypt's largest IPO since 2015
(IPO) of payments firm e-Finance had shown strong appetite from institutional investors returning to the market after a long absence, Said said in an interview.
"We're trying to select the right companies that can attract good institutional and good private sector (investors), and at the same time help in deepening the capital market in Egypt," she said, declining to name any firms.
"We're almost targeting a company every month, or every two months."
In 2018, Egypt named 23 state companies slated for privatisation but almost all the sales have been delayed, partly due to market turbulence linked to the COVID-19 pandemic.
The restructuring of the state-owned National Investment Bank (NIB) had been 45-50% settled and would be finished by 2026, Said said.
Said, who chairs NIB, helped guide the sale of NIB's controlling stake of the Arab Investment Bank to EFG Hermes last year, Egypt's first bank privatisation in more than a decade.
As part of a three-year structural reform programme Egypt would begin classifying of different sectors of the economy and their potential for private investment, Said said.
They will produce a document that "will say this is a green light where this is totally private sector, this is a red zone where this is totally for the government to invest, and this is a yellow zone where we can work together with guidelines and a level playing field".
Asked about the military's participation in the economy, Said called it "minimal" and said she expected two delayed sales of military companies, Wataniya Petroleum and bottled water maker Safi, to happen this year.
Egypt's military owns dozens of companies in a variety of consumer, industrial and services sectors.
Efforts to boost the labour market include working with the private sector and Egypt's Sovereign Fund to launch technical schools, and a three-year, $45-50 billion Haya Karima rural development scheme, Said said.
The government should be operating from a new capital city being built in the desert outside Cairo by the second half of the year, with plans for civil servants to start moving there gradually from March, according to Said.
(Editing by Ed Osmond)
(([email protected]; +20-1001174410
)
By Aidan Lewis
CAIRO, Jan 25 (Reuters) - Egypt aims to press ahead with stake sales in state-owned companies every month or two and will soon classify the openness of different sectors of the economy to private investment, Planning Minister Hala al-Said said.
The recent initial public offering E-finance rises 40% after pricing Egypt's largest IPO since 2015
(IPO) of payments firm e-Finance had shown strong appetite from institutional investors returning to the market after a long absence, Said said in an interview.
"We're trying to select the right companies that can attract good institutional and good private sector (investors), and at the same time help in deepening the capital market in Egypt," she said, declining to name any firms.
"We're almost targeting a company every month, or every two months."
In 2018, Egypt named 23 state companies slated for privatisation but almost all the sales have been delayed, partly due to market turbulence linked to the COVID-19 pandemic.
The restructuring of the state-owned National Investment Bank (NIB) had been 45-50% settled and would be finished by 2026, Said said.
Said, who chairs NIB, helped guide the sale of NIB's controlling stake of the Arab Investment Bank to EFG Hermes last year, Egypt's first bank privatisation in more than a decade.
As part of a three-year structural reform programme Egypt would begin classifying of different sectors of the economy and their potential for private investment, Said said.
They will produce a document that "will say this is a green light where this is totally private sector, this is a red zone where this is totally for the government to invest, and this is a yellow zone where we can work together with guidelines and a level playing field".
Asked about the military's participation in the economy, Said called it "minimal" and said she expected two delayed sales of military companies, Wataniya Petroleum and bottled water maker Safi, to happen this year.
Egypt's military owns dozens of companies in a variety of consumer, industrial and services sectors.
Efforts to boost the labour market include working with the private sector and Egypt's Sovereign Fund to launch technical schools, and a three-year, $45-50 billion Haya Karima rural development scheme, Said said.
The government should be operating from a new capital city being built in the desert outside Cairo by the second half of the year, with plans for civil servants to start moving there gradually from March, according to Said.
(Editing by Ed Osmond)
(([email protected]; +20-1001174410
)m.m.f
Forumer storico
Egypt plans privatisations every month or two - planning minister 25/01/2022 14:46 - RSF
By Aidan Lewis
CAIRO, Jan 25 (Reuters) - Egypt aims to press ahead with stake sales in state-owned companies every month or two and will soon classify the openness of different sectors of the economy to private investment, Planning Minister Hala al-Said said.
The recent initial public offering E-finance rises 40% after pricing Egypt's largest IPO since 2015
(IPO) of payments firm e-Finance had shown strong appetite from institutional investors returning to the market after a long absence, Said said in an interview.
"We're trying to select the right companies that can attract good institutional and good private sector (investors), and at the same time help in deepening the capital market in Egypt," she said, declining to name any firms.
"We're almost targeting a company every month, or every two months."
In 2018, Egypt named 23 state companies slated for privatisation but almost all the sales have been delayed, partly due to market turbulence linked to the COVID-19 pandemic.
The restructuring of the state-owned National Investment Bank (NIB) had been 45-50% settled and would be finished by 2026, Said said.
Said, who chairs NIB, helped guide the sale of NIB's controlling stake of the Arab Investment Bank to EFG Hermes last year, Egypt's first bank privatisation in more than a decade.
As part of a three-year structural reform programme Egypt would begin classifying of different sectors of the economy and their potential for private investment, Said said.
They will produce a document that "will say this is a green light where this is totally private sector, this is a red zone where this is totally for the government to invest, and this is a yellow zone where we can work together with guidelines and a level playing field".
Asked about the military's participation in the economy, Said called it "minimal" and said she expected two delayed sales of military companies, Wataniya Petroleum and bottled water maker Safi, to happen this year.
Egypt's military owns dozens of companies in a variety of consumer, industrial and services sectors.
Efforts to boost the labour market include working with the private sector and Egypt's Sovereign Fund to launch technical schools, and a three-year, $45-50 billion Haya Karima rural development scheme, Said said.
The government should be operating from a new capital city being built in the desert outside Cairo by the second half of the year, with plans for civil servants to start moving there gradually from March, according to Said.
(Editing by Ed Osmond)
(([email protected]; +20-1001174410
Devono incassare i soldi scarseggiano con l'FMI hanno un debito di 20 bln
mikim
Forumer attivo
Qualcuno si è fatto un opinione sull'emittente?
montebar
Forumer storico
io ho comprato un po' di roba sui franchi a 92. scade tra meno di 15 giorni. i giudizi recentissimi mi paiono eccessivi in negativo