IL MARATONETA
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Tierra del Fuego usp91528aa03 cedola 8,95% continua a pagare cedola e a rimborsare il titolo regolarmente ad ogni trimestre.
Maturity 17.04.27
Maturity 17.04.27
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
bia06
Listen other's viewpoint avoid conflicts & wars.
Fitch Ratings - London - 21 Apr 2022: Fitch Ratings has downgraded DTEK Energy B.V.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'Restricted Default' (RD) from 'C' following the company's disclosure of the result of its consent solicitation related to changes in the notes' documentation. We view this as a distressed debt exchange (DDE). Fitch has simultaneously upgraded the IDR to 'CC' reflecting DTEK Energy's post-restructuring profile as default risk remains high, in Fitch's view.
Fitch has also affirmed DTEK Energy's senior unsecured rating and the rating on its outstanding bonds at 'C' with a Recovery Rating of 'RR5'. DTEK Energy is a Netherlands-based company with operating assets in Ukraine. A full list of rating actions is detailed below.
DTEK Energy's IDR of 'CC' reflects its tight liquidity situation, which follows the severe operational disruptions resulting from Russia's invasion of Ukraine.
KEY RATING DRIVERS
Completion of Change in Terms: On 8 April 2022 DTEK Energy announced that the bondholders consented to a change of terms regarding its USD1,645 million 7%-7.5% senior secured payment-in-kind (PIK) toggle notes due 2027. The restriction on making PIK payments in consecutive quarters and the requirements on prior notice of the intention to pay PIK interests has been waived for the coupon payments scheduled on 31 March 2022 and 30 June 2022. DTEK Energy made interest payments under the new terms of the notes on 11 April 2022, with USD14.7 million being paid in cash and USD16.8 million as PIK.
Distressed Debt Exchange: We view the change in notes' terms as a DDE under our criteria and downgraded the IDR to 'RD' (Restricted Default) upon completion of the change. This is because, in Fitch's view, the change in terms imposed a material reduction in the terms of the notes compared with the original contractual terms. In addition, in our view, the consent solicitation was to avoid a payment default given that, on 31 March 2022, which was the coupon due date, the company announced its intention to pay the 7.5% coupon 3.5% in cash and the remaining 4% in the form of PIK interest, whilst the original terms were for payment fully in cash.
Fitch recognises the incrementally positive impact that the successful change of terms has had on the group's liquidity and ability to service its debt.
Limited Liquidity, Operating Activity Distorted: DTEK Energy's post-DDE rating reflects its tight liquidity situation, which follows the severe operational disruptions resulting from Russia's invasion of Ukraine. Fitch view the risk of further material disruptions in the company's operations as high, which may prevent DTEK Energy from generating sufficient free cash flow to pay its interest and debt obligations scheduled for the remainder of 2022.
DTEK Energy's upcoming debt maturities are low, with USD10 million notes repayment in June 2022 and USD10 million in December 2022. The interest payments will average USD32 million every quarter, with the June 2022 interest payments being paid in cash for USD15 million and in PIK for USD17 million. This option could be also used in the remaining quarters of the year, if needed, as the notes documentation allows the PIK option to be used up to four times under the lifespan of the notes.
Priority in Energy Production: DTEK Energy announced that there is no certainty that the company will have sufficient funds to conduct necessary operations during 2Q22 and 3Q22. This is due to the conflict in Ukraine that has resulted in low electricity demand and production together with low domestic prices, significantly reduced payment collections, increased critical repairs, mandatory fixed costs, and a shortage of personnel and logistical interruptions. These factors have resulted in negative operating cash flows, which are likely to continue in 2Q22 and beyond. DTEK Energy's main priority is to ensure supplies of electricity and heat to industrial and residential consumers, thereby supporting the energy security of Ukraine.
Severe Operational Disruptions: Russia continues to lead missile, ground and sea operations across multiple fronts, including in the areas where DTEK Energy's assets are located. There is high uncertainty about the extent of Russia's ultimate objectives, the length, breadth and intensity of the war, and its aftermath. However, multiple infrastructure and industrial facilities have already been damaged and the risk to employee wellbeing, as well as the risk of severe disruption to operations or plants and equipment, remains high.
Moratorium on Foreign-Currency Payments: The National Bank of Ukraine has introduced a moratorium on cross-border foreign-currency payments, potentially limiting issuers' ability to service their foreign-currency obligations. Exceptions can be made to this moratorium but it is unclear how these will be applied in practice, particular with disruption caused by the ongoing conflict and martial law in the country.
DERIVATION SUMMARY
We deem the company's liquidity metrics to be in lines with the 'CC' category, which indicates very high levels of credit risk.
Fitch has also affirmed DTEK Energy's senior unsecured rating and the rating on its outstanding bonds at 'C' with a Recovery Rating of 'RR5'. DTEK Energy is a Netherlands-based company with operating assets in Ukraine. A full list of rating actions is detailed below.
DTEK Energy's IDR of 'CC' reflects its tight liquidity situation, which follows the severe operational disruptions resulting from Russia's invasion of Ukraine.
KEY RATING DRIVERS
Completion of Change in Terms: On 8 April 2022 DTEK Energy announced that the bondholders consented to a change of terms regarding its USD1,645 million 7%-7.5% senior secured payment-in-kind (PIK) toggle notes due 2027. The restriction on making PIK payments in consecutive quarters and the requirements on prior notice of the intention to pay PIK interests has been waived for the coupon payments scheduled on 31 March 2022 and 30 June 2022. DTEK Energy made interest payments under the new terms of the notes on 11 April 2022, with USD14.7 million being paid in cash and USD16.8 million as PIK.
Distressed Debt Exchange: We view the change in notes' terms as a DDE under our criteria and downgraded the IDR to 'RD' (Restricted Default) upon completion of the change. This is because, in Fitch's view, the change in terms imposed a material reduction in the terms of the notes compared with the original contractual terms. In addition, in our view, the consent solicitation was to avoid a payment default given that, on 31 March 2022, which was the coupon due date, the company announced its intention to pay the 7.5% coupon 3.5% in cash and the remaining 4% in the form of PIK interest, whilst the original terms were for payment fully in cash.
Fitch recognises the incrementally positive impact that the successful change of terms has had on the group's liquidity and ability to service its debt.
Limited Liquidity, Operating Activity Distorted: DTEK Energy's post-DDE rating reflects its tight liquidity situation, which follows the severe operational disruptions resulting from Russia's invasion of Ukraine. Fitch view the risk of further material disruptions in the company's operations as high, which may prevent DTEK Energy from generating sufficient free cash flow to pay its interest and debt obligations scheduled for the remainder of 2022.
DTEK Energy's upcoming debt maturities are low, with USD10 million notes repayment in June 2022 and USD10 million in December 2022. The interest payments will average USD32 million every quarter, with the June 2022 interest payments being paid in cash for USD15 million and in PIK for USD17 million. This option could be also used in the remaining quarters of the year, if needed, as the notes documentation allows the PIK option to be used up to four times under the lifespan of the notes.
Priority in Energy Production: DTEK Energy announced that there is no certainty that the company will have sufficient funds to conduct necessary operations during 2Q22 and 3Q22. This is due to the conflict in Ukraine that has resulted in low electricity demand and production together with low domestic prices, significantly reduced payment collections, increased critical repairs, mandatory fixed costs, and a shortage of personnel and logistical interruptions. These factors have resulted in negative operating cash flows, which are likely to continue in 2Q22 and beyond. DTEK Energy's main priority is to ensure supplies of electricity and heat to industrial and residential consumers, thereby supporting the energy security of Ukraine.
Severe Operational Disruptions: Russia continues to lead missile, ground and sea operations across multiple fronts, including in the areas where DTEK Energy's assets are located. There is high uncertainty about the extent of Russia's ultimate objectives, the length, breadth and intensity of the war, and its aftermath. However, multiple infrastructure and industrial facilities have already been damaged and the risk to employee wellbeing, as well as the risk of severe disruption to operations or plants and equipment, remains high.
Moratorium on Foreign-Currency Payments: The National Bank of Ukraine has introduced a moratorium on cross-border foreign-currency payments, potentially limiting issuers' ability to service their foreign-currency obligations. Exceptions can be made to this moratorium but it is unclear how these will be applied in practice, particular with disruption caused by the ongoing conflict and martial law in the country.
DERIVATION SUMMARY
We deem the company's liquidity metrics to be in lines with the 'CC' category, which indicates very high levels of credit risk.
corradotedeschi
Forumer storico
Siamo tutti poveri-ricchi....
captain sparrow
Forumer storico
IL MARATONETA
Forumer storico
Grazie dell'informazione.
Forse non ho capito bene, ma ci sono richieste già formulate per la duration e per il pagamento delle cedole?
Tu che idea ti sei fatto?
Pagheranno, non pagheranno?
Anche in pik?
Io ho la xs2069980246 cedola 8,50%, acquistata quasi a 100
bia06
Listen other's viewpoint avoid conflicts & wars.
waltermasoni
Caribbean Trader
Ragazzi ho un piccolo investimento su questo bond che dovrebbe aver staccato cedola.
ib mi dice che ancora non hanno ricevuto l’importo dalla depositaria.
a voi la cedola l’hanno accreditata?
XS2393240887
www.boerse-frankfurt.de
ib mi dice che ancora non hanno ricevuto l’importo dalla depositaria.
a voi la cedola l’hanno accreditata?
XS2393240887
Eleving Group S.A. 9,5% 21/26 Bond | A3KXK8 | XS2393240887 | Price
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salice02
Forumer storico
Io l'ho ricevuta.Ragazzi ho un piccolo investimento su questo bond che dovrebbe aver staccato cedola.
ib mi dice che ancora non hanno ricevuto l’importo dalla depositaria.
a voi la cedola l’hanno accreditata?
XS2393240887
Eleving Group S.A. 9,5% 21/26 Bond | A3KXK8 | XS2393240887 | Price
Eleving Group S.A. 9,5% 21/26 price in real-time (A3KXK8 / XS2393240887) charts and analyses, news, key data, turnovers, company data.
cpandrea
Forumer storico
RicevutaRagazzi ho un piccolo investimento su questo bond che dovrebbe aver staccato cedola.
ib mi dice che ancora non hanno ricevuto l’importo dalla depositaria.
a voi la cedola l’hanno accreditata?
XS2393240887
Eleving Group S.A. 9,5% 21/26 Bond | A3KXK8 | XS2393240887 | Price
Eleving Group S.A. 9,5% 21/26 price in real-time (A3KXK8 / XS2393240887) charts and analyses, news, key data, turnovers, company data.
iguanito
Forumer storico
anche io la ho e sto aspettando l'accredito. a questo punto se ne parlerà martediRagazzi ho un piccolo investimento su questo bond che dovrebbe aver staccato cedola.
ib mi dice che ancora non hanno ricevuto l’importo dalla depositaria.
a voi la cedola l’hanno accreditata?
XS2393240887
Eleving Group S.A. 9,5% 21/26 Bond | A3KXK8 | XS2393240887 | Price
Eleving Group S.A. 9,5% 21/26 price in real-time (A3KXK8 / XS2393240887) charts and analyses, news, key data, turnovers, company data.
