Portafogli e Strategie (investimento) Investment Grade, entro le frontiere conosciute. (6 lettori)
- Creatore Discussione canchye
- Data di Inizio
waltermasoni
Caribbean Trader
buy otc mc donald's 2020 3,5 prezzo 101,05
3,5% McDonald's Corp. (2020) - US58013MEJ99 - Börse Berlin
3,5% McDonald's Corp. (2020) - US58013MEJ99 - Börse Berlin
waltermasoni
Caribbean Trader
iguanito
Forumer storico
E' ancora IG; non so per quanto.
Bed Bath & Beyond needs to change its game plan or risk going down faster than expected: Analyst
Bed Bath & Beyond needs to change its game plan or risk going down faster than expected: Analyst
waltermasoni
Caribbean Trader
Fitch Upgrades Unipol's IDR to 'BBB'; Affirms IFS at 'BBB'
09 MAY 2018 11:52 AM ET
Fitch Ratings-London-09 May 2018: Fitch Ratings has upgraded Unipol Gruppo SpA's and UnipolSai Assicurazioni SpA's (Unipol's primary insurance subsidiary, together Unipol) Long-Term Issuer Default Rating (IDR) to 'BBB' (Good) from 'BBB-'. At the same time, Fitch has affirmed UnipolSai's Insurer Financial Strength (IFS) Rating at 'BBB'. The Outlooks are Stable. A full list of rating actions is at the end of this commentary.
Fitch applies a sovereign constraint of 'BBB', meaning that Unipol's IFS rating is capped at 'BBB'. The upgrade of Unipol's IDR follows the upgrade of its unconstrained IFS to 'BBB+' from 'BBB'. We have used standard notching from Unipol's unconstrained IFS to its IDR.
KEY RATING DRIVERS
The upgrade of Unipol's unconstrained IFS to 'BBB+' from 'BBB' reflects the group's strong and resilient capitalisation and strong underlying insurance financial performance. The upgrade also follows the successful restructuring of Unipol's banking operations in 2017, which substantially reduces uncertainties around capital support from Unipol to Unipol Banca SpA (Unipol's banking unit, IDR: BB/Stable; Viability Rating: b). This is offset by Unipol's high financial leverage ratio (FLR).
Unipol's concentrated -albeit reduced- exposure to Italian sovereign debt of EUR32 billion (or 4x consolidated shareholders' equity) at end-2017 is reflected in the sovereign constraint of 'BBB' being applied to its ratings. This is aligned with Italy's sovereign rating of BBB/Stable.
In February 2018, Unipol Banca spun-off about EUR3 billion of doubtful loans into a new company -UnipolRec- owned by Unipol, executing the restructuring plan announced on 30 June 2017. Unipol will ultimately retain the underlying credit risk. However, the group crystallised the contingent losses arising from its banking operations. Unipol could also benefit if recovery rates on the bad loans portfolio transferred to the new company are higher than 20%.
Fitch's view on Unipol's capital is driven by the group's score under Fitch's Prism Factor Based Model (Prism FBM). This was 'Strong' based on end-2017 data, above our expectations and despite about EUR1 billion charges due to Unipol Banca's restructuring. Fitch believes that Unipol's strong capital could remain under some pressure in the coming years from the still weak credit quality of Unipol Banca, although the magnitude of the support from Unipol to Unipol Banca should be limited and manageable. Unipol's consolidated regulatory Solvency II ratio, calculated using undertaking specific parameters, was at 152% at end-2017 (2016: 141%), within Unipol's target range of 120%-160%.
Fitch views Unipol's FLR as high for its ratings. The FLR increased to 38% at end-2017 (2016: 34%) as Unipol issued EUR500 million of senior unsecured debt in November 2017 and repaid EUR299 million of senior unsecured debt that matured in January 2017. We expect the FLR to increase further in 2018 following the issuance of EUR500 million of subordinated notes in February 2018, which will be used to repay part of outstanding amounts under certain subordinated loan agreements. We expect the FLR to gradually decrease from 2019 onwards.
Fitch assesses Unipol's profitability as good. The non-life combined ratio, net of reinsurance, was 96% in 2017, in line with 2016, supported by positive reserve releases. However, the group's net profitability can be volatile due to the weak contribution from the banking and real estate activities. Unipol made a net loss of EUR346 million in 2017 (2016: net profit of EUR330 million) due to extraordinary costs associated with Unipol Banca's restructuring. Its 2015-2017 average return on equity, adjusted for one-off charges in 2017, was 6%. We expect Unipol's profitably to remain at least commensurate with its ratings.
RATING SENSITIVITIES
Unipol's ratings could be downgraded if the Prism FBM score falls below 'Strong' or the FLR deteriorates to above 40% for a sustained period. The ratings could also be downgraded if the return on equity remains below 3%.
Unipol's ratings are likely to be downgraded if Italy's sovereign rating is downgraded.
Unipol's ratings could be upgraded if Italy is upgraded, provided that its Prism FBM score remains 'Strong' and return on equity remains above 6%.
09 MAY 2018 11:52 AM ET
Fitch Ratings-London-09 May 2018: Fitch Ratings has upgraded Unipol Gruppo SpA's and UnipolSai Assicurazioni SpA's (Unipol's primary insurance subsidiary, together Unipol) Long-Term Issuer Default Rating (IDR) to 'BBB' (Good) from 'BBB-'. At the same time, Fitch has affirmed UnipolSai's Insurer Financial Strength (IFS) Rating at 'BBB'. The Outlooks are Stable. A full list of rating actions is at the end of this commentary.
Fitch applies a sovereign constraint of 'BBB', meaning that Unipol's IFS rating is capped at 'BBB'. The upgrade of Unipol's IDR follows the upgrade of its unconstrained IFS to 'BBB+' from 'BBB'. We have used standard notching from Unipol's unconstrained IFS to its IDR.
KEY RATING DRIVERS
The upgrade of Unipol's unconstrained IFS to 'BBB+' from 'BBB' reflects the group's strong and resilient capitalisation and strong underlying insurance financial performance. The upgrade also follows the successful restructuring of Unipol's banking operations in 2017, which substantially reduces uncertainties around capital support from Unipol to Unipol Banca SpA (Unipol's banking unit, IDR: BB/Stable; Viability Rating: b). This is offset by Unipol's high financial leverage ratio (FLR).
Unipol's concentrated -albeit reduced- exposure to Italian sovereign debt of EUR32 billion (or 4x consolidated shareholders' equity) at end-2017 is reflected in the sovereign constraint of 'BBB' being applied to its ratings. This is aligned with Italy's sovereign rating of BBB/Stable.
In February 2018, Unipol Banca spun-off about EUR3 billion of doubtful loans into a new company -UnipolRec- owned by Unipol, executing the restructuring plan announced on 30 June 2017. Unipol will ultimately retain the underlying credit risk. However, the group crystallised the contingent losses arising from its banking operations. Unipol could also benefit if recovery rates on the bad loans portfolio transferred to the new company are higher than 20%.
Fitch's view on Unipol's capital is driven by the group's score under Fitch's Prism Factor Based Model (Prism FBM). This was 'Strong' based on end-2017 data, above our expectations and despite about EUR1 billion charges due to Unipol Banca's restructuring. Fitch believes that Unipol's strong capital could remain under some pressure in the coming years from the still weak credit quality of Unipol Banca, although the magnitude of the support from Unipol to Unipol Banca should be limited and manageable. Unipol's consolidated regulatory Solvency II ratio, calculated using undertaking specific parameters, was at 152% at end-2017 (2016: 141%), within Unipol's target range of 120%-160%.
Fitch views Unipol's FLR as high for its ratings. The FLR increased to 38% at end-2017 (2016: 34%) as Unipol issued EUR500 million of senior unsecured debt in November 2017 and repaid EUR299 million of senior unsecured debt that matured in January 2017. We expect the FLR to increase further in 2018 following the issuance of EUR500 million of subordinated notes in February 2018, which will be used to repay part of outstanding amounts under certain subordinated loan agreements. We expect the FLR to gradually decrease from 2019 onwards.
Fitch assesses Unipol's profitability as good. The non-life combined ratio, net of reinsurance, was 96% in 2017, in line with 2016, supported by positive reserve releases. However, the group's net profitability can be volatile due to the weak contribution from the banking and real estate activities. Unipol made a net loss of EUR346 million in 2017 (2016: net profit of EUR330 million) due to extraordinary costs associated with Unipol Banca's restructuring. Its 2015-2017 average return on equity, adjusted for one-off charges in 2017, was 6%. We expect Unipol's profitably to remain at least commensurate with its ratings.
RATING SENSITIVITIES
Unipol's ratings could be downgraded if the Prism FBM score falls below 'Strong' or the FLR deteriorates to above 40% for a sustained period. The ratings could also be downgraded if the return on equity remains below 3%.
Unipol's ratings are likely to be downgraded if Italy's sovereign rating is downgraded.
Unipol's ratings could be upgraded if Italy is upgraded, provided that its Prism FBM score remains 'Strong' and return on equity remains above 6%.
waltermasoni
Caribbean Trader
segnalo questa NUOVA emissione di b. of america step up a 12 anni dalla struttura per me molto interessante:
Obbligazione Bank of America SU% 2030-05 USD
Azione (Gruppo) NYSE
AC
Tipo Obbligazione Societaria
Categoria Senior, Richiamabile
Registrata SEC Si
Scadenza 25 maggio 2030
Durata Residua 12 anni, 9 giorni
Valuta USD (Dollaro Statunitense)
Tipo Cedola Tasso Fisso Step-up
Cedola (Annuale) 4,000%<=2023-05, 4,500%<=2027-05, 5,000%<2028-05, 5,500%<=2029-05, 6,000%<=2030
Frequenza Cedola Semestrale
Lotto Minimo 1.000 USD
Lotti Addizionali 1.000 USD
Data Emissione 25 maggio 2018
Prezzo Emissione 100,000%
Prezzo Scadenza 100,000%
Borsa Origine TRACE
Isin US06048WWJ51
Cusip 06048WWJ5
Documentazione (link) Documentazione
Industria Bancario
Settore Finanziario
Paese Stati Uniti
Regione America sviluppati
IN PRATICA LA STRUTTURA E' QUESTA:
The notes will accrue interest at the following rates per annum during the indicated periods of their term:
o May 25, 2018 to but excluding May 25, 2023: 4.00%;
o May 25, 2023 to but excluding May 25, 2027: 4.50%;
o May 25, 2027 to but excluding May 25, 2028: 5.00%;
o May 25, 2028 to but excluding May 25, 2029: 6.00%; and
o May 25, 2029 to but excluding May 25, 2030: 6.50%.
· We have the right to redeem all, but not less than all, of the notes on May 25, 2021, and on each subsequent interest payment date (other than the maturity date). The redemption price will be 100% of the principal amount of the notes, plus any accrued and unpaid interest.
· The notes are issued in minimum denominations of $1,000 and whole multiples of $1,000.
Obbligazione Bank of America SU% 2030-05 USD
Azione (Gruppo) NYSE
ACTipo Obbligazione Societaria
Categoria Senior, Richiamabile
Registrata SEC Si
Scadenza 25 maggio 2030
Durata Residua 12 anni, 9 giorni
Valuta USD (Dollaro Statunitense)
Tipo Cedola Tasso Fisso Step-up
Cedola (Annuale) 4,000%<=2023-05, 4,500%<=2027-05, 5,000%<2028-05, 5,500%<=2029-05, 6,000%<=2030
Frequenza Cedola Semestrale
Lotto Minimo 1.000 USD
Lotti Addizionali 1.000 USD
Data Emissione 25 maggio 2018
Prezzo Emissione 100,000%
Prezzo Scadenza 100,000%
Borsa Origine TRACE
Isin US06048WWJ51
Cusip 06048WWJ5
Documentazione (link) Documentazione
Industria Bancario
Settore Finanziario
Paese Stati Uniti
Regione America sviluppati
IN PRATICA LA STRUTTURA E' QUESTA:
The notes will accrue interest at the following rates per annum during the indicated periods of their term:
o May 25, 2018 to but excluding May 25, 2023: 4.00%;
o May 25, 2023 to but excluding May 25, 2027: 4.50%;
o May 25, 2027 to but excluding May 25, 2028: 5.00%;
o May 25, 2028 to but excluding May 25, 2029: 6.00%; and
o May 25, 2029 to but excluding May 25, 2030: 6.50%.
· We have the right to redeem all, but not less than all, of the notes on May 25, 2021, and on each subsequent interest payment date (other than the maturity date). The redemption price will be 100% of the principal amount of the notes, plus any accrued and unpaid interest.
· The notes are issued in minimum denominations of $1,000 and whole multiples of $1,000.