Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (13 lettori)

Near

Forumer storico
Forse non sarà abbastanza spregiudicato ma sempre nel mondo del medicale cosa ne pensate di TEVA?
come ha segnalato impegnativo la cedola di teva è proprio infima e allo stesso tempo la parità è lontana da venire la osservo di tanto in tanto ma non sembrano cedere bene come delle valeant dei tempi andati.:eeh:
 

waltermasoni

Caribbean Trader

Ratings On Gazprombank And Its Core Subsidiaries Affirmed At 'BB+/B'; Outlook Stable

  • 06-Jul-2018 06:30 EDT
View Analyst Contact Information


  • We believe that Gazprombank will manage the effects of the still
    challenging economic conditions over our outlook horizon.
  • We are affirming our ratings on Gazprombank and its core subsidiaries,
    Gazprombank (Switzerland) Ltd. and Bank GPB International S.A., at
    'BB+/B'.
  • The stable outlook on Gazprombank reflects our view that the bank's
    financial profile, and especially its loss-absorption capacity and asset
    quality, will likely remain broadly stable in the next 12-18 months.
  • The stable outlook on Gazprombank (Switzerland) and Bank GPB
    International mirrors that on Gazprombank and is likely to move in tandem
    with the outlook on the parent.
MOSCOW (S&P Global Ratings) July 6, 2018--S&P Global Ratings said today that
it affirmed its long- and short-term issuer credit ratings on Russia-based
Gazprombank JSC and its core subsidiaries, Gazprombank (Switzerland) Ltd. and
Luxembourg-based Bank GPB International S.A., at 'BB+/B'. The outlook on all
three entities is stable.

The affirmation is based on our belief that Gazprombank will be able to manage
the effects of the still challenging economic conditions over our outlook
horizon. The bank's profitability has recovered in the past couple of years
following the significant drop in cost of risk, which supports its internal
capital generation. However, we expect a slight decline in its interest
margin, in line with the sector trend and because of increased competition,
after it reached about 3% in 2017 underpinned by a reduction in funding costs.

Gazprombank's credit costs stood at 0.7% for 2017 and the bank posted only a
minimal annualized recovery for the first quarter of 2018. In the first
quarter, the bank reported a Russian ruble (RUB) 24 billion (or about 0.6% of
the bank's gross loan book) of International Financial Reporting Standard
(IFRS) 9 impact. Thanks to Gazprombank's moderate appetite for growth in the
coming years, and good provisioning coverage, we anticipate credit costs to
stabilize at around 0.5% of its average gross loan book.

We assess Gazprombank's capitalization as a weakness for the rating, as
demonstrated by our risk-adjusted capital (RAC) ratio of about 4.0% at
year-end 2017. We expect RAC to hover at around 3.6%-4.0% in the next 12-18
months.

Gazprombank's nonperforming loans (more than 90 days overdue) stabilized at
2.4% of gross loans as of March 31, 2018, with a 2.1x provision coverage ratio
(including IFRS9 provision). This is better than we expected for the overall
Russian banking sector and largely reflects the bank's focus on Tier 1 large
Russian companies.

We recognize that the Russian government and the bank's direct shareholders
have demonstrated strong support toward Gazprombank. We expect the government
will directly or indirectly support capital-building at Gazprombank to ensure
that it has adequate competitive footing in the market.
 

Fabrib

Forumer storico
Jul. 6, 2018 8:56 PM ET|By: Jason Aycock, SA News Editor
Windstream Holdings (NASDAQ:WIN) has extended the early tender date on its outstanding exchange offers.
With the previous early tender date arriving tonight, the company says it's extended early tender for its offer to exchange 7.75% senior notes due 2020 for new 9.375% senior second-lien notes due 2024 until 11:59 p.m. ET on July 20.
The early tender date for offers to exchange 7.75% senior notes due 2021, 7.50% senior notes due 2022, 7.50% senior notes due 2023, 6 3/8% senior notes due 2023 and 8.75% senior notes due 2024 also extends to the same time on July 20.
The withdrawal periods on the offers has expired.
 

Fabrib

Forumer storico
Jul. 6, 2018 5:53 PM ET|About: Sears Holdings Corporation (SHLD)|By: Jason Aycock, SA News Editor
In an SEC filing, Sears Holdings (NASDAQ:SHLD) says it's amended its credit agreement to increase the loan-to-value cap on some loans, and arranges for $45M in new loans.
Those come in exchange for a like principal amount of outstanding 6 5/8% senior secured notes due 2018, which were canceled.
The LTV cap on a secured loan as well as mezzanine loans is raised to 69% from 55%.
And an additional mezzanine loan of $50M takes effect, bringing total outstanding under the Mezzanine Loan Agreement to $438.2M.
 

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