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

[skarlatti]

bilancio settimanale :tra le note negative,a parte fresh che chiude a un dignitoso 61, spicca come detto il calo di avon con la 2043 a 78,75 qualcuno sa il perché?
lunedi consoliamoci con le cedole ,io ho una ensco due noble e una windstream

Sembrerebbe ci sia in atto un sell off di tutto quello che riguarda il settore retail.

 

[Fabrib]

Sembrerebbe ci sia in atto un sell off di tutto quello che riguarda il settore retail.

Amazon com : Gives Whole Foods Sales a Boost -- WSJ | 4-Traders

 

[IL MARATONETA]

Un quesito su
Toys
Dal momento che la società è in bancarotta assistita, cosa dobbiamo aspettarci noi obbligazionisti?
Che le cedole non saranno più pagate?
Che a scadenza il rimborso sarà nullo o parziale?
Che la scadenza del titolo sarà allungata e le cedole ridotte?
Che altro?

 

[iguanito]

Un quesito su
Toys
Dal momento che la società è in bancarotta assistita, cosa dobbiamo aspettarci noi obbligazionisti?
Che le cedole non saranno più pagate?
Che a scadenza il rimborso sarà nullo o parziale?
Che la scadenza del titolo sarà allungata e le cedole ridotte?
Che altro?

Ben comprendi che è impossibile rispondere a queste domande altrimenti tutti sapremmo il da farsi. Di certo le cedole non saranno pagate e a scadenza il rimborso non sarà quello previsto. Per il resto ogni ipotesi è possibile.

 

[gualberto]

29.09.17
S&PGR Downgrades The Fresh Market To 'CCC-'; Outlook Negative

 

[Omero]

Vediamo se le attese di questo terremoto prodotto da amazon sono realmente concrete o scenari pessimistici delle agenzie di rating
I report delle agenzie di rating sono sempre utilissimi, ma se l'azienda non ha rispettato le aspettative dell'agenzia di rating, l'errore è nelle aspettative e nelle ipotesi degli scenari attesi piuttosto che nelle performance reali (buone o cattive che siano) di un'azienda.

 

[fabriziof]

bisognerebbe leggere il razionale del downgrade ,se qualcuno riesce a reperirlo

 

[Brizione]

Ekosem-Agrar reports leap in revenues for H1 2017

• Total output passes EUR 100 million mark (previous year: EUR 71.5 million)
• Sales revenues up by an impressive 62% on previous year
• Daily milk output reaches an average 742 t per day (previous year: 601 t)
• Earnings before interest and taxes (EBIT) at EUR 18.8 million (previous year: EUR 19.4 million)
• Forecast for full year confirmed

Walldorf, 29 September 2017 – Ekosem-Agrar GmbH, the German holding company of Russian milk producer Ekoniva Group, again increased its revenues significantly in the first half of 2017. The Group’s revenues in euros amounted to EUR 77.8 million (+62%); in exchange rate adjusted terms, this represents an increase of close to 30%.

The positive trend is attributable to the growth of the Ekoniva Group, which benefited from government investment grants. The first six months of 2017 saw the dairy cow herd grow by approx. 22% to 33,400 animals. At the same time, the daily milk output was raised to an average of 742 tons. Sales revenues from milk production amounted to EUR 58.8 million (previous year: EUR 34.2 million), which represented roughly 76% of total sales revenues. The Group’s crop farming operations also generated much higher revenues of EUR 11.3 million (previous year: EUR 6.9 million). Proceeds from the sale of fattening bulls and culled cows amounted to EUR 6.3 million (previous year: EUR 6.5 million).

In view of the good weather conditions to date, the company expects broadly good harvests in the key regions for its crop farming operations. While record results are projected for the wheat harvest, the cool summer was rather detrimental for heat-loving crops such as soy, sunflowers and maize, which is why harvest yields are likely to fall short of expectations. The management is nevertheless confident that the targets set for this business segment will be reached.

Total output (revenue plus changes in balances of fall-ploughed land as well of agricultural produce and biological assets and other operating income) for the first time passed the EUR 100 million mark in the first six months of 2017. At EUR 100.5 million, it was up by approx. 41% on the previous year’s EUR 71.5 million. Although the cost of materials and personnel expenses increased sharply as a result of the investing activities, earnings before interest, taxes, depreciation and amortization (EBITDA) were up by approx. 11% on the previous year’s EUR 27.8 million to EUR 30.8 million. This is equivalent to an EBITDA margin of 30.7%. Earnings before interest and taxes (EBIT) amounted to EUR 18.8 million (previous year: EUR 19.4 million), which translates into an EBIT margin of 18.7%. Earnings after taxes stood at EUR 1.7 million (previous year: EUR 4.9 million).

As a result of the company’s growth and because of seasonal effects, total assets climbed to EUR 652.0 million as of 30 June 2017 (31 December 2016: EUR 615.1 million). Financial liabilities rose from EUR 399.3 million (31 December 2016) to EUR 423.3 million primarily as a result of investing activities. Equity declined moderately from EUR 115.8 million at the end of the past fiscal year to EUR 108.1 million on 30 June 2017. This is equivalent to an equity ratio of 16.6% (31 December 2016: 18.8%). The positive operating cash flow after interest payments amounted to EUR 6.1 million in the reporting period (previous year: EUR 5.1 million).

On the financing side, the Ekosem-Agrar Group refinanced bank liabilities in the amount of approx. EUR 50 million in September 2017 at a slightly reduced interest rate. The Group’s new lender is Alfa-Bank, one of the largest universal banks in Russia.

Stefan Dürr, main shareholder and Managing Director of Ekosem-Agrar GmbH: “We are very satisfied with the course of business in 2017 to date. Construction of our new dairy cow facilities is proceeding according to plan, so that we will be able to increase our dairy cow herd as planned to over 40,000 animals by the end of 2017. With Alfa-Bank as a new strong partner at our side, I believe the Group is well positioned for the future.”

Ekosem-Agrar has confirmed its forecast for the full financial year 2017, according to which revenues will amount to between EUR 175 million and EUR 185 million, EBITDA to between EUR 65 million and EUR 75 million and EBIT to between EUR 45 million and EUR 50 million.

The interim report for 2017 will soon be available on the company’s website at www.ekosem-agrar.de/en/investor-relations/financial-publications.html.

buone prospettive direi....

 

[gionmorg]

bisognerebbe leggere il razionale del downgrade ,se qualcuno riesce a reperirlo

The Fresh Market Inc. Downgraded To 'CCC-' From 'B-' On Heightened Risk Of A Distressed Exchange; Outlook Negative

• Specialty grocer The Fresh Market Inc. reported very weak second quarter

• results, continuing a trend of underperforming our expectations that has
  caused credit protection metrics and liquidity to erode.
• We believe there is the heightened potential for a distressed exchange
  due to a recent disclosure of this possibility in The Fresh Market's
  quarterly filing, as well as our view that the company's capital
  structure is unsustainable.
• As a result, we are lowering our corporate credit rating on The Fresh
  Market to 'CCC-' from 'B-'. The outlook is negative.
• Concurrently, we are lowering our issue-level rating on the company's
  senior secured revolving credit facility to 'CCC+' from 'B+'. The
  recovery rating remains '1'. We are also lowering our issue-level rating
  on the company's 9.75% senior notes to 'CCC-' from 'B-'. The recovery
  rating remains '3'.
• The negative outlook reflects the possibility that we could lower our
  ratings further if the company pursues a distressed exchange.

BOSTON (S&P Global Ratings) Sept. 29, 2017--S&P Global Ratings today lowered
its corporate credit rating on Greensboro, N.C.-based The Fresh Market Inc. to
'CCC-' from 'B-'. The outlook is negative.

At the same time, we lowered the issue-level rating on the company's senior
secured revolving credit facility to 'CCC+' from 'B+'. The recovery rating
remains '1', indicating our expectation for very high (90%-100%; rounded
estimate: 95%) recovery in the event of default. We also lowered the
issue-level rating on the company's senior notes to 'CCC-' from 'B-'. The
recovery rating remains '3', reflecting our expectation for meaningful
(50%-70%; rounded estimate: 50%) recovery in the event of default.

The downgrade reflects very weak operating results and our view that depressed
trading prices on The Fresh Market's debt and new disclosure in the company's
recent quarterly filing heightens the probability of a distressed exchange. We
believe The Fresh Market's capital structure is unsustainable given our
expectation for ongoing weak performance, deteriorating credit metrics, and
constrained liquidity.

The negative outlook reflects our view that the company, or its financial
sponsor, is likely to consider a distressed exchange, including open market
purchases of its bonds below par, over the coming months given recent
disclosures in its financial statement and current depressed trading prices.
In addition, we don't see a catalyst for a material improvement in operating
performance in the near term and expect credit metrics to remain pressured.

We could lower the rating if the company announces or executes a distressed
exchange or if it experiences a payment default.

A higher rating would be contingent on our belief that a distressed exchange
is unlikely in the near term. This would likely require material improvement
in operating prospects and indications from the owner that the company would
not execute distressed repurchases of debt.

 

[fabriziof]

Grazie gion