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Obbligazioni societarieHIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
Avrei sperato in una ripresa del dollaro ma neanche questa notizia riesce a fargli guadagnare terreno. Ai tempi si scrisse che tra le cause del mancato raggiungimento della parità Eur/Usd vi fosse proprio la difficoltà di Trump di far passare la sua riforma fiscale. Ormai penso che sia proprio una questione di volontà, anche espressa da Trump, di non avere una moneta troppo forte.
Noble Group, the Asian commodity house fighting for survival, said on Wednesday it has started restructuring talks with its lenders as it attempts to address a debt load that threatens to sink the company. The Singapore-listed company, which lost $3bn in the first nine months of the year and is struggling to generate cash, has $1.5bn in bonds and bank loans coming due by the end of May. “Noble Group Ltd announces that as a part of its strategic review, it has commenced discussions with various stakeholders regarding potential options to address the company’s capital structure and liquidity position,” Noble said in a statement. Noble’s need to restructure its debt has been widely anticipated by the market following a two and a half year rout of its shares amid questions about its accounting, cash generation and leverage. A debt for equity swap could result in massive dilution for Noble shareholders. Shares in Noble Group were steady at S$19 cents on Wednesday. The company, which once had ambitions to compete with Glencore and Vitol as a global commodities house, has sold off assets, slashed jobs and retrenched to its core business of coal and freight trading. But rating agencies have questioned whether the shrunken company – now valued by its shares at less than $300m from a peak of more than $10bn six years ago – will be able to handle its debt. “Based on Noble’s third quarter results, its liquidity short-fall increased significantly. The company had $262m of unrestricted cash and $800m of undrawn credit facilities, compared with over $2.3bn of short-term debt, of which $636m was drawn down… on a secured basis,” ratings agency Fitch said on Tuesday. The company said on Wednesday it is prioritising short-term liquidity. It made no reference to plans to sell a further $1bn of assets to pay down debt. That idea was touted by the company’s chairman Paul Brough when Noble filed third quarter results last week. Noble’s problems started in 2015 when a Iceberg Research published a series of reports that questioned the company’s accounts and examined its inability to generate cash. Noble has always stood by its accounts.
