Obbligazioni societarie Monitor bond case automobilistiche e accessorio auto (2 lettori)

[Imark]

Contestualmente, Porsche ha sospeso la procedura per ottenere il rating...

Porsche Halts Plans For Credit Rating

Tuesday May 19th, 2009 / 17h48

FRANKFURT -(Dow Jones)- Porsche Automobil Holding SE (PAH3.XE) said Tuesday it has put plans to get a credit rating on hold amid uncertainties about a possible merger with Volkswagen AG (VOW.XE).

"It doesn't make sense at the moment (to seek a credit rating)," a company spokesman said.

In March, Porsche said it was for the first time seeking credit ratings to help should the company decide to issue a bond.

Prior to the announcement, Porsche secured a EUR10 billion credit line after tough negotiations with banks.

 

[Imark]

Ed è efficace la sintesi dello stato dell'arte della vicenda Porsche - VW (con la scalata a quota 75% attualmente bloccata) offerta dal WSJ online.

MAY 20, 2009, 9:36 A.M. ET

Porsche Seeks Outside Investor


By CHRISTOPH RAUWALD

FRANKFURT -- Porsche Automobil Holding SE said Wednesday the Porsche and Piëch families, who control 100% of the company's voting stock, agreed to get an outside investor on board.

"Both families unanimously support the plan," Porsche spokesman Frank Scholtys said. He declined to elaborate on the number of potential investors or a possible timeframe for a deal.

Porsche said Monday that talks to find an outside investor were progressing well. A person familiar with the situation said the search included the "the Middle-East region." News on the families' agreement was first reported earlier Wednesday by German weekly Focus.

Finding a new investor is crucial for Porsche ahead of the revived merger talks with Volkswagen AG. Porsche co-owner and Volkswagen supervisory board Chairman Ferdinand Piëch and his cousin, Porsche supervisory board Chairman Wolfgang Porsche, ended a family rift Tuesday by stating that talks over a combined company are to be continued. The announcement came just two days after Volkswagen stopped negotiations over concerns about Porsche's financial condition and lack of transparency.

Porsche is seeking fresh capital after net debt almost tripled to €9 billion ($12.27 billion) as it increased its stake in Volkswagen to 51% in January. Porsche previously targeted a 75% stake in Europe's largest auto maker by sales to take full control and gain access to the company's cash reserves. However, Porsche had to abandon this plan as credit markets turned sour and the global auto industry was battered by a steep fall in demand

 

[Imark]

Moody's è convinta che i soldi per Porsche arriveranno e la fusione con VW alla fine si farà, ed anche presto, in poche settimane... Per tale ragione, ha messo sotto osservazione i rating della VW Bank per un downgrade, intanto in considerazione dello stretto legame fra la banca e VW, tale per cui un downgrade della Casa automobilistica post merger si rifletterebbe inevitabilmente sulla banca e poi temendo che il merger VW-Porsche possa porti ad una contrazione dei livelli di liquidità e ad un deterioramento degli asset della banca stessa.

D'altro canto, la banca resta una banca e quindi tale da giovarsi, in prospettiva, del supporto sistemico dello Stato tedesco al sistema bancario, oltre a restare di importanza strategica in seno al gruppo VW...

[FONT=verdana,arial,helvetica]Moody's places VW Bank's A2/C+ ratings on review for downgrade[/FONT]

[FONT=verdana,arial,helvetica]Frankfurt, May 19, 2009 -- Frankfurt, 19 May 2009 -- Moody's Investors Service today placed the A2 long- term deposit and debt ratings and the C+ bank financial strength rating (BFSR) of Volkswagen Bank GmbH (VW Bank) on review for possible downgrade. Concurrently, the A3 ratings for VW Bank's subordinated debt and participation certificates were also placed on review for possible downgrade. The Prime-1 short-term ratings were affirmed. [/FONT]

[FONT=verdana,arial,helvetica]Moody's says the rating action on VW Bank was prompted by the recent announcement of a potential merger between between VW and Porsche Automobil Holding SE (Porsche) and Moody's subsequent rating action on VW AG, the ultimate parent company of VW Bank, when it placed the A3 long-term ratings on review for possible downgrade. [/FONT]

[FONT=verdana,arial,helvetica]In their communication, the companies announced their aim to create an integrated car manufacturing group, thereby ensuring the independence of all their brands. The deal is scheduled to be concluded within the next four weeks based on the results of negotiations involving VW, Porsche, the State of Lower Saxony and employee representatives. Moody's notes that VW AG has publicly stated its intention to protect its current rating levels. [/FONT]

[FONT=verdana,arial,helvetica]Moody's review for possible downgrade reflects the risk of pressure on the financial profile of VW Bank resulting from the proposed merger of Volkswagen and Porsche. Due to VW Bank's close relationship with Volkswagen AG, and the strong strategic, commercial and financial links that tie the car company and its banking subsidiary together, the debt and deposit ratings of VW Bank are inherently linked to the performance and ratings of Volkswagen AG. [/FONT]

[FONT=verdana,arial,helvetica]The review of VW Bank will focus on the legal, operational and financial implications of the enlarged automotive group for the bank subsidiary. In this context, Moody's will assess in particular to what extent VW Bank's capital adequacy levels and liquidity profile would be affected by the merger, and also the impact on asset composition and quality. The impact of the deal on business development, including core earnings, and any costs resulting from related transactions would be considered. [/FONT]

[FONT=verdana,arial,helvetica]Moody's acknowledges VW Bank's satisfactory financial profile and robust commercial dynamics, even in an adverse economic and market environment, reflected in the C+ BFSR, which translates into an A2 Baseline Credit Assessment (BCA). The ratings continue to reflect the level of protection provided to the bank and its creditors by the regulatory and legal framework in Germany. However, the review will to a lesser extent assess any further adverse pressure on the bank's financials that could arise from deteriorating asset quality, leading to higher provisioning charges and lower profitability as a result of lower forecasted car sales -- impacting lending volumes -- and the sharp deterioration of the German economy, particularly higher unemployment levels. [/FONT]

[FONT=verdana,arial,helvetica]The ratings also reflect VW Bank's high strategic importance to the VW Group, and the bank's success continues to depend on the overall performance of VW car sales and the group's distribution network. VW Bank also benefits from a comfort letter from Volkswagen Financial Services AG. While these supporting entities have not contributed to additional uplift to VW Bank's ratings from the BCA due to their lower rating levels, Moody's notes that any downgrade of the ultimate parent's ratings at the conclusion of that review could have an adverse impact on VW Bank's deposit and debt ratings. [/FONT]

[FONT=verdana,arial,helvetica]Moody's continues to assess the probability of systemic support for the bank as low although VW Bank is also eligible for the German government's Financial Market Stabilisation Fund (SoFFin). VW Bank's long-term global local currency (GLC) deposit rating is A2 -- one notch above its parent's A3 long-term senior debt rating and one notch above its own BCA (as a result of Moody's systemic support assessment). [/FONT]

[FONT=verdana,arial,helvetica]Headquartered in Braunschweig, VW Bank had total assets of EUR33.497 billion and reported shareholders' equity of EUR3.318 billion as of 31 December 2008[/FONT]

 

[Imark]

Intanto Porsche si fa prestare 700 mln da VW...

Porsche received 700 million euro loan from Volkswagen

Sun May 24, 2009 12:09pm EDT

FRANKFURT (Reuters) - Volkswagen (VOWG.DE) said it loaned 700 million euros ($980 million) to Porsche (PSHG_p.DE), adding a bizarre twist to the German sportscar maker's bungled takeover of Europe's largest carmaker.
A spokesman for Porsche, which owns a 51 percent stake in VW, declined to comment on Sunday.

Porsche was forced to abandon a takeover of Wolfsburg-based VW, struggling under the 9 billion euro debt it had accumulated as of the end of January.

German weekly magazine Der Spiegel reported in its upcoming Monday edition that the loan was made to help prop up Porsche's finances earlier this year and that Porsche's owners had put up Porsche Holding GmbH as collateral for the loan from VW.

Porsche Holding is a Salzburg, Austria-based automotive wholesale distribution firm owned by the Porsche and Piech families, who also control Porsche Automobil Holding SE.

In March, Porsche Automobil Holding SE was struggling to raise 12.5 billion euros in loans to refinance debt.

Porsche eventually raised 10 billion euros, and in the past week said it had raised a further 750 million. The company is still on the lookout for 1.75 billion euros in loans.

After abandoning its takeover plan, Porsche Automobil Holding SE is now seeking a merger with Volkswagen.
(Reporting by Christiaan Hetzner and Edward Taylor; Editing by Dan Lalor)
($1 = 0.7145 euro)

 

[gasta]

chiedo qua lumi riguardo il bong PSA 33 6% che quota ora attorno ai 60 con rendimento a scadenza di circa il 9%, mi sembra molto appetibile solo che nn mi spiego la quotazione così bassa anke dopo il taglio dei tassi, dov'è che si prende la ffregatura???

 

[Imark]

chiedo qua lumi riguardo il bong PSA 33 6% che quota ora attorno ai 60 con rendimento a scadenza di circa il 9%, mi sembra molto appetibile solo che nn mi spiego la quotazione così bassa anke dopo il taglio dei tassi, dov'è che si prende la ffregatura???

E' che PSA perde e continuerà a perdere soldi ancora per non poco tempo... e i finanziamenti già accordati dallo stato francese c'è rischio che nono bastino... poi tieni conto che con il default GM almeno i titoli di quel comparto merceologico dell'obbligazionario potrebbero mostrare ulteriore debolezza...

 

[gasta]

E' che PSA perde e continuerà a perdere soldi ancora per non poco tempo... e i finanziamenti già accordati dallo stato francese c'è rischio che nono bastino... poi tieni conto che con il default GM almeno i titoli di quel comparto merceologico dell'obbligazionario potrebbero mostrare ulteriore debolezza...

capisco, poi c'è da considerare anke la lunga scadenza...cmq nn so se conta o meno ma questa obbligazione è stata emessa nel 2003 con tassi BCE ai minimi proprio come adesso, si vede che gli investitori nn se la filano proprio come rischio/rendimento....un consiglio veloce per un investimento: meglio scadenze brevi (2-3 anni) e rating corporate sopra BBB (anke se automoitve) per stare sul sicuro?? grazie

ps: stavo pensando sempre a PSA 2011 5.875%....

 

[Imark]

capisco, poi c'è da considerare anke la lunga scadenza...cmq nn so se conta o meno ma questa obbligazione è stata emessa nel 2003 con tassi BCE ai minimi proprio come adesso, si vede che gli investitori nn se la filano proprio come rischio/rendimento....un consiglio veloce per un investimento: meglio scadenze brevi (2-3 anni) e rating corporate sopra BBB (anke se automoitve) per stare sul sicuro??

C'è anche da considerare che se PSA dovesse restare HY (si accinge a diventarlo per tutte le agenzie in pochi trimestri) anche quando ripartirà l'inflazione, qui avremmo un problema serio su di un bond così lungo...

 

[Imark]

capisco, poi c'è da considerare anke la lunga scadenza...cmq nn so se conta o meno ma questa obbligazione è stata emessa nel 2003 con tassi BCE ai minimi proprio come adesso, si vede che gli investitori nn se la filano proprio come rischio/rendimento....un consiglio veloce per un investimento: meglio scadenze brevi (2-3 anni) e rating corporate sopra BBB (anke se automoitve) per stare sul sicuro?? grazie

ps: stavo pensando sempre a PSA 2011 5.875%....

Secondo me sì... un titolo così lungo, se liquido, lo vedo bene per farci trading... altrimenti per l'investitore individuale ho qualche incertezza...

 

[gasta]

ok, supponendo di voler acquistare 8000 di nominale PSA 2011 5,875% che quota ora 100,7 (ask) e 100,1 (bid), nella maschera ordini sul sito mi viene fuori il prezzo tel quel....che sarebbe comprensivo della cedola da staccare, quindi tel quel = corso secco + rateo. Poi l'ordine nel book posso inserirlo con limite di prezzo magari

ps: la teoria l'ho studiata ma quando c'è da schiacciare il pulsantino...