Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (9 lettori)

[salice02]

io sulla exchange offer avevo letto così... non mi ricordo più però, per la cedola di gennaio cosa proponeva l'exchange... dovrebbe essere in PIK anche quella credo.

Vedrò di approfondire. A me era parso di capire che da gennaio cominciavano a pagare cash trimestralmente ..

 

[waltermasoni]

Transocean Inc.'s New Subsidiary Notes Rated 'BB-' (Recovery Rating: '1')

• 10-Jul-2018 13:19 EDT

View Analyst Contact Information

NEW YORK (S&P Global Ratings) July 10, 2018--S&P Global Ratings today assigned
its 'BB-' issue-level rating to Cayman Islands-based offshore drilling
contractor Transocean Inc. subsidiary Transocean Pontus Ltd's proposed $600
million secured notes due 2025. The notes are secured by the seventh
generation ultra-deepwater drillship Deepwater Pontus, which is under
long-term contract with a wholly owned subsidiary of Royal Dutch Shell PLC
through October 2027 at a favorable day-rate relative to current market
conditions. The notes are fully and unconditionally guaranteed by parent
companies Transocean Inc. and Transocean Ltd., and collateral rig-owning
subsidiaries. The recovery rating on this debt is '1', indicating our
expectation of very high (90% to 100%, rounded estimate: 95%) recovery to
creditors in the event of a payment default.

We expect proceeds to be used to refinance debt incurred in the construction
of the Deepwater Pontus.

The corporate credit rating on Transocean Inc. remains 'B' with a negative
outlook .

RECOVERY ANALYSIS

Key analytical factors

• We value the company on a discrete asset-value basis, based on net book
  value and estimated appraisal values of the company's fleet.
• We estimate that for the company to default it would require a sustained
  period of minimal demand for offshore contract drilling services. This
  would likely result from sustained low oil prices or a permanent shift
  toward onshore resources.
• We based our recovery analysis on net enterprise value for Transocean
  (net of 7% administration expense) of about $6.8 billion. In our view,
  the company's creditors would realize greater value through a
  reorganization of the company than through a liquidation of its assets.
• Our analysis assumes the company's secured credit facility has a
  first-priority security interest in the Invictus, Inspiration, Asgard,
  Barents, and Spitsbergen rigs, while its secured notes have a
  first-priority security interest in the Proteus, Thalassa, Conqueror and
  Pontus drillships, and the Encourage and Enabler harsh environment rigs,
  and, other than the notes secured by the Conqueror, are guaranteed by
  parent companies Transocean Inc. and Transocean Ltd. We assume the
  secured debt ranks equally in right of payment with the company's
  unsecured debt with subsidiary guarantees with respect to its other
  assets (other than Global Marine Inc.)
• With regard to Transocean's unsecured debt with subsidiary guarantees,
  our recovery expectations numerically exceed 90%, but we cap the recovery
  rating on unsecured debt for companies in the 'B' rating category at '2',
  indicating the potential for meaningful (70% to 90%) recovery of
  principal, to reflect the heightened risk of additional priority or pari
  passu debt being added along the path to default.
• Notes issued by Global Marine Inc. do not benefit from guarantees and we
  base our recovery analysis of the notes on our assessment of recovery
  value at the subsidiary in a hypothetical default scenario.

Simulated default assumptions

• Simulated year of default: 2021
• Jurisdiction (Rank A): Although Transocean Inc is incorporated in the
  Cayman Islands, with parent company Transocean Ltd headquartered in
  Switzerland, we believe it would most likely file for bankruptcy
  protection or restructure under the U.S. bankruptcy code given its nexus
  in the U.S.
• Transocean's $1 billion revolving credit facility (which matures in 2023)
  is 60% utilized, with total outstanding borrowings at the time of our
  hypothetical default of about $610 million. Our 60% assumption is in
  accordance with our general guidelines for asset-backed lending (ABL)
  facilities.
• We have assumed that all non-amortizing debt instruments maturing before
  2021--which we have identified as our hypothetical year of default--will
  be refinanced or extended on similar terms.
• We assume the secured term loans acquired in the Songa transaction are
  repaid in full with proceeds from recent debt issues and cash on hand.

Simplified waterfall (Transocean Inc.)

• Net enterprise value (after 7% bankruptcy administrative costs): $6.8
  billion
• Secured first lien debt at hypothetical default (including the credit
  facility and secured notes): $2.4 billion

--Recovery expectations: 90%-100% (Rounded estimate: 95%)

• Total value available to unsecured claims: $4.4 billion
• Senior unsecured debt (with subsidiary guarantees): $2.5 billion

--Recovery expectations: 70% to 90% (Rounded estimate: 85%)

• Total value available to subordinated unsecured claims: $1.8 billion
• Senior subordinated unsecured debt: $3.6 billion

--Recovery expectations: 50% to 70% (Rounded estimate: 50%)

Simplified Waterfall (Global Marine):

• Net enterprise value (after 5% administrative costs): $28 million
• Senior unsecured debt: $310 million

--Recovery expectations: 0% to 10% (rounded estimate: 5%)

Notes: All debt amounts include six months of prepe



Non sono dentro l’emittente ma il report e’ molto interessante

 

[skarlatti]

Vedrò di approfondire. A me era parso di capire che da gennaio cominciavano a pagare cash trimestralmente ..

ma io intendevo la cedola di gennaio 2018 che mi hanno stornato.

 

[Near]

Pure la banca centrale tunisina anvedi sto tlx

non vorrei dire ma quando hanno ammesso tutto il venezuelame possibile pochi mesi dopo Maduro &co. hanno smesso di pagare
per la cronaca la tunisia quota 90 e rotti

 

[Maio72]

non vorrei dire ma quando hanno ammesso tutto il venezuelame possibile pochi mesi dopo Maduro &co. hanno smesso di pagare
per la cronaca la tunisia quota 90 e rotti

Non giudico il titolo ma il TLX ha già molti junk bond e titoli di aziende molto solide. Probabilmente seguono anche la voglia degli utenti di ricercare titoli ad alto rendimento. Se poi invece intendi dire che portano sfiga ci puó stare

 

[maurice64]

io sulla exchange offer avevo letto così... non mi ricordo più però, per la cedola di gennaio cosa proponeva l'exchange... dovrebbe essere in PIK anche quella credo.

penso che il mancato pagamento della cedola a gennaio di quest'anno sarà PIK, il prossimo pagamento del coupon del 15 luglio sarà di nuovo del 12% PIK, e il coupon del 15 gennaio 2019 sarà pagato in contanti il giorno di capodanno. Potrei sbagliarmi però

 

[captain sparrow]

Harvest Over 12.5% YTM with Alliance One, Bonds Mature July 2021

 

[captain sparrow]

Telenet: nette hausse des rendements obligataires | OBLIS

 

[captain sparrow]

interessante articolo sulla situazione europea
Avis de tempête sur l’Europe | OBLIS

 

[captain sparrow]

magari lo avrete già visto, ma comunque ...just in case. a me era sfuggito
https://www.investireoggi.it/obblig...ercati-emergenti-ci-sono-opportunita-per-axa/