Obbligazioni societarie Monitor bond case automobilistiche e accessorio auto
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BMW FINANCE NV 4.875% SNR EMTN 10/12 EUR Bond Duesseldorf XS0326116133 100.25 EUR
comprate a 100 2 gg fa
comprate a 100 2 gg fa
Imark
Forumer storico
Industria, produzione in picchiata
nel settore auto crollo del 46,4%
ROMA - Crolla la produzione industriale. A novembre 2008, in base ai dati resi noti dall'Istat, l'indice ha registrato una contrazione del 12,3% rispetto a novembre 2007. Anche al netto degli effetti di calendario (novembre scorso ha avuto un giorno lavorativo in meno rispetto allo stesso mese dell'anno prima) si registra una diminuzione su base annua del 9,7%: si tratta della diminuzione più ampia dal gennaio 1991. Su base mensile, rispetto a ottobre 2008, il calo è stato del 2,3%.
Ancora più drammatica la caduta nel settore automobilistico. La produzione di autoveicoli in Italia, sempre in base ai dati comunicati dall'Istat, a novembre è precipitata del 46,4% su base annua (dato grezzo) e del 42,8% considerando gli effetti di calendario. Nei primi 11 mesi la diminuzione è stata del 16,8% in termini grezzi e del 16,3% considerando la correzione per giorni lavorativi.
http://finanza.repubblica.it/News_Dettaglio.aspx?del=20090114&fonte=RPB&codnews=205986
nel settore auto crollo del 46,4%
ROMA - Crolla la produzione industriale. A novembre 2008, in base ai dati resi noti dall'Istat, l'indice ha registrato una contrazione del 12,3% rispetto a novembre 2007. Anche al netto degli effetti di calendario (novembre scorso ha avuto un giorno lavorativo in meno rispetto allo stesso mese dell'anno prima) si registra una diminuzione su base annua del 9,7%: si tratta della diminuzione più ampia dal gennaio 1991. Su base mensile, rispetto a ottobre 2008, il calo è stato del 2,3%.
Ancora più drammatica la caduta nel settore automobilistico. La produzione di autoveicoli in Italia, sempre in base ai dati comunicati dall'Istat, a novembre è precipitata del 46,4% su base annua (dato grezzo) e del 42,8% considerando gli effetti di calendario. Nei primi 11 mesi la diminuzione è stata del 16,8% in termini grezzi e del 16,3% considerando la correzione per giorni lavorativi.
http://finanza.repubblica.it/News_Dettaglio.aspx?del=20090114&fonte=RPB&codnews=205986
Imark
Forumer storico
help the moderators ..ma si dice moderator??
http://www.investireoggi.it/forum/gm-gmac-ford-chrysler-il-3d-dell-automotive-usa-vt37379.html
Ha un suo 3D insieme con Ford e Chrysler...
Credo sia in prima pagina... O ti riferivi ai dati attinenti alla produzione e/o alle vendite ? (ed in caso dove: USA, Europa...)
Imark
Forumer storico
Per i possessori di bond VW oppure del perpetual Porsche in USD, un aggiornamento sulla never ending story della scalata di Porsche alla maggioranza di VW e l'opinione di Fitch sui ratings quale esito dell'acquisizione del 50% del capitale sociale di VW da parte di Porsche.
La circostanza fornisce anche qualche spunto sul futuro profilo creditizio dei due automakers, da tenere d'occhio nella fase conclusiva dell'operazione per ingressi o consolidamenti di quota per chi già detenesse questi titoli in portafoglio in una logica di investimento piuttosto che di trading.
Interessanti le valutazioni sulla metrica finanziaria corrente tanto di VW quanto di Porsche, per la quale il progetto di ricondurre VW sotto il proprio pieno controllo si sta effettivamente rivelando una faccenda costosa.
Più solida di quella di altri competitors sembra essere la posizione di Volkswagen Gruop, anche per l'ampia liquidità disponibile...
Downgrades Volkswagen to 'BBB+' on Porsche Acquisition
08 Jan 2009 11:04 AM (EST)
Fitch Ratings-London/Paris-08 January 2009: Fitch Ratings has today downgraded Volkswagen Group's (Volkswagen) Long-term Issuer Default Rating (IDR) and senior unsecured ratings to 'BBB+' from 'A-' (A minus), respectively, following Porsche Automobil Holding SE's (Porsche) announcement that it has increased its stake in Volkswagen to 50.8%. Volkswagen's ratings remain on RWN.
The downgrade reflects Fitch's assumption that Porsche will ultimately increase its stake in Volkswagen to 75%, paving the way for a domination agreement and/or a profit- and loss-sharing agreement. This would lead to an eventual convergence of Porsche and Volkswagen's credit profiles.
The RWN on Volkswagen's ratings reflects the potential of a further downgrade when and if Porsche increases its stake in Volkswagen to 75%, as Fitch is likely to align Volkswagen's ratings with Porsche's credit profile, which the agency expects would be lower than 'BBB+' at the time of a stake increase.
Porsche said in October 2008 that it effectively controlled 31.5% of Volkswagen through various options on top of its existing 42.6% ownership of Volkswagen's ordinary shares, giving it control of 74.1% of Volkswagen at the time.
Porsche also confirmed that it was aiming to increase its stake in Volkswagen to 75%, and heading for a domination agreement.
A 75%-ownership stake is likely to be viewed by the agency as a strong linkage under Fitch's parent/subsidiary linkage methodology and likely to lead to the harmonisation of both companies' credit profiles. A domination agreement would give Porsche full control over Volkswagen's strategic decisions, its assets and payouts to its shareholders.
However, it is unclear when Porsche will seek to increase its stake to 75% or more pending a European Court of Justice decision on the so-called "Volkswagen law". The law gives the German State of Lower Saxony a blocking minority stake of 20%.
Fitch's view takes into account the agency's parent/subsidiary linkage methodology. The methodology was defined in a 19 June 2007 Criteria Report entitled "Parent and Subsidiary Rating Linkage", which is available on the agency's public website, www.fitchratings.com. Fitch assessed that Porsche has influential control over Volkswagen, although a number of legal and operational criteria have not been met at this stage to fully link the companies' credit profiles.
Porsche's financial profile has been substantially impacted by the debt financing of its increased stakes in Volkswagen and the purchase of numerous options.
Porsche's reported EUR0.3bn net cash position from industrial operations, as of 31 July 2007 (FYE08), turned into a EUR3.1bn net financial debt at FYE08. According to Fitch's calculations, adjusted net debt/EBITDAR (industrial operations) has increased to 2.8x at FYE08, from 0.1x at FYE07eek. Porsche's operating margins have also come under pressure in the past two years, particularly due to development costs.
On a stand-alone basis, Volkswagen has considerably strengthened its financial profile during the past two years and is among the best positioned automotive manufacturers worldwide amid the current challenging environment.
The group's operating margins were relatively robust at 5.1% in Q308 and 5.8% in Q308YTD (4.8% and 5.4% respectively for industrial operations). Volkswagen's cash generation ability is strong and supported by unrivalled economies of scale and the benefits of restructuring implemented in recent years.
Free cash flow was negatively impacted by the acquisition of Scania for EUR3bn in 2008 and resulted in the group's net cash position declining to EUR11.8bn from EUR13.5bn at FYE07.
However, total liquidity for industrial operations, which was EUR14.6bn at end Q308, remained substantially in excess of financial debt of EUR2.8bn.
Liquidity was solid at the group level at end Q308, supported by a large amount of cash and cash equivalents and reported securities (EUR8.1bn and EUR10.4bn respectively at end Q308). Volkswagen's credit profile is also supported by above-average diversification, from a geographic and product standpoint, solid product momentum, and its strong global positions. Fitch expects these credit strengths to mitigate the impact of a decline in new vehicle sales or lower growth. Fitch further believes that Volkswagen is relatively well positioned and should emerge stronger than most of its peers from the current difficult conditions facing the auto industry.
La circostanza fornisce anche qualche spunto sul futuro profilo creditizio dei due automakers, da tenere d'occhio nella fase conclusiva dell'operazione per ingressi o consolidamenti di quota per chi già detenesse questi titoli in portafoglio in una logica di investimento piuttosto che di trading.
Interessanti le valutazioni sulla metrica finanziaria corrente tanto di VW quanto di Porsche, per la quale il progetto di ricondurre VW sotto il proprio pieno controllo si sta effettivamente rivelando una faccenda costosa.
Più solida di quella di altri competitors sembra essere la posizione di Volkswagen Gruop, anche per l'ampia liquidità disponibile...
Downgrades Volkswagen to 'BBB+' on Porsche Acquisition
08 Jan 2009 11:04 AM (EST)
Fitch Ratings-London/Paris-08 January 2009: Fitch Ratings has today downgraded Volkswagen Group's (Volkswagen) Long-term Issuer Default Rating (IDR) and senior unsecured ratings to 'BBB+' from 'A-' (A minus), respectively, following Porsche Automobil Holding SE's (Porsche) announcement that it has increased its stake in Volkswagen to 50.8%. Volkswagen's ratings remain on RWN.
The downgrade reflects Fitch's assumption that Porsche will ultimately increase its stake in Volkswagen to 75%, paving the way for a domination agreement and/or a profit- and loss-sharing agreement. This would lead to an eventual convergence of Porsche and Volkswagen's credit profiles.
The RWN on Volkswagen's ratings reflects the potential of a further downgrade when and if Porsche increases its stake in Volkswagen to 75%, as Fitch is likely to align Volkswagen's ratings with Porsche's credit profile, which the agency expects would be lower than 'BBB+' at the time of a stake increase.
Porsche said in October 2008 that it effectively controlled 31.5% of Volkswagen through various options on top of its existing 42.6% ownership of Volkswagen's ordinary shares, giving it control of 74.1% of Volkswagen at the time.
Porsche also confirmed that it was aiming to increase its stake in Volkswagen to 75%, and heading for a domination agreement.
A 75%-ownership stake is likely to be viewed by the agency as a strong linkage under Fitch's parent/subsidiary linkage methodology and likely to lead to the harmonisation of both companies' credit profiles. A domination agreement would give Porsche full control over Volkswagen's strategic decisions, its assets and payouts to its shareholders.
However, it is unclear when Porsche will seek to increase its stake to 75% or more pending a European Court of Justice decision on the so-called "Volkswagen law". The law gives the German State of Lower Saxony a blocking minority stake of 20%.
Fitch's view takes into account the agency's parent/subsidiary linkage methodology. The methodology was defined in a 19 June 2007 Criteria Report entitled "Parent and Subsidiary Rating Linkage", which is available on the agency's public website, www.fitchratings.com. Fitch assessed that Porsche has influential control over Volkswagen, although a number of legal and operational criteria have not been met at this stage to fully link the companies' credit profiles.
Porsche's financial profile has been substantially impacted by the debt financing of its increased stakes in Volkswagen and the purchase of numerous options.
Porsche's reported EUR0.3bn net cash position from industrial operations, as of 31 July 2007 (FYE08), turned into a EUR3.1bn net financial debt at FYE08. According to Fitch's calculations, adjusted net debt/EBITDAR (industrial operations) has increased to 2.8x at FYE08, from 0.1x at FYE07
eek. Porsche's operating margins have also come under pressure in the past two years, particularly due to development costs.On a stand-alone basis, Volkswagen has considerably strengthened its financial profile during the past two years and is among the best positioned automotive manufacturers worldwide amid the current challenging environment.
The group's operating margins were relatively robust at 5.1% in Q308 and 5.8% in Q308YTD (4.8% and 5.4% respectively for industrial operations). Volkswagen's cash generation ability is strong and supported by unrivalled economies of scale and the benefits of restructuring implemented in recent years.
Free cash flow was negatively impacted by the acquisition of Scania for EUR3bn in 2008 and resulted in the group's net cash position declining to EUR11.8bn from EUR13.5bn at FYE07.
However, total liquidity for industrial operations, which was EUR14.6bn at end Q308, remained substantially in excess of financial debt of EUR2.8bn.
Liquidity was solid at the group level at end Q308, supported by a large amount of cash and cash equivalents and reported securities (EUR8.1bn and EUR10.4bn respectively at end Q308). Volkswagen's credit profile is also supported by above-average diversification, from a geographic and product standpoint, solid product momentum, and its strong global positions. Fitch expects these credit strengths to mitigate the impact of a decline in new vehicle sales or lower growth. Fitch further believes that Volkswagen is relatively well positioned and should emerge stronger than most of its peers from the current difficult conditions facing the auto industry.
yellow
Forumer attivo
La ciambella di salvataggio e relativi incentivi/agevolazioni al settore automobilistico ha già iniziato ad essere approntata da vari Stati europei,
Francia-Germania-Svezia etc. etc, a parte l'Italia
( che si adeguerà per forza, visto che Fiat e relativo indotto pesano un 14% circa sul PIL nazionale !!! ).
Ma verranno studiati ulteriori e probabili aiuti globali ( a livello europeo ),
o una simil strategia già da DOMANI a Bruxelles dove " tutti "
i Ministri competenti si riuniranno per approntare piani per l'automotive
di sostegno!
Oramai la valenza economica-socio-politica del settore è fondamentale
per la tenuta del sistema,
indi per cui....
Francia-Germania-Svezia etc. etc, a parte l'Italia
( che si adeguerà per forza, visto che Fiat e relativo indotto pesano un 14% circa sul PIL nazionale !!! ).
Ma verranno studiati ulteriori e probabili aiuti globali ( a livello europeo ),
o una simil strategia già da DOMANI a Bruxelles dove " tutti "
i Ministri competenti si riuniranno per approntare piani per l'automotive
di sostegno!
Oramai la valenza economica-socio-politica del settore è fondamentale
per la tenuta del sistema,
indi per cui....
Imark
Forumer storico
Giusta osservazione: semmai cerchiamo di tenere dietro a questa vicenda, cercando di capire quali decisioni verranno prese, ed in particolare se ognuno farà per sé oppure se si farà secondo linee comuni (anche perché ci sarebbero le normative EU sulla concorrenza...
) e soprattutto quale atteggiamento verrà tenuto nei confronti dei debitori pregressi (ad. es. se un eventuale intervento statale comporterà l'ingresso nell'azionariato, avverrà a fronte dell'emissione di azioni privilegiate oppure si tradurrà in finanziamenti gerarchicamente sovraordinati rispetto al debito preesistente).
The Beast
Rating? No grazie!
vendute oggi post taglio.....
ho troppe emittenti "ballerine" in PTF... volevo abbassare la soglia di rischio!