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TOYOTA MOTOR CREDIT CORP 4% EMTN 12/02/10 EUR(VAR) Swiss Exchange
XS0162394299 101.24 EUR 03.02 09:59
questa ce l`ho da un 5-6anni
XS0162394299 101.24 EUR 03.02 09:59
Obbligazioni societarie Monitor bond case automobilistiche e accessorio auto (4 lettori)
Imark
Forumer storico
TOYOTA MOTOR CREDIT CORP 4% EMTN 12/02/10 EUR(VAR) Swiss Exchange
XS0162394299 101.24 EUR 03.02 09:59questa ce l`ho da un 5-6anni
A me piace questa, che tengo d'occhio confidando in un acquisto sotto la pari nei prox mesi...
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=23379792
mostromarino
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io ho queste
VOLKSWAGEN FINANCIAL SERVICES 100.500
NV 73.97 100.913 %
4 1/2 % "EMTN" /
2003-27.1.2010
1541232 YTM 3.96
XS0160991989NV 73.97 100.913 %
4 1/2 % "EMTN" /
2003-27.1.2010
1541232 YTM 3.96
yellow
Forumer attivo
Prove di asfissia :05.02.09 14:44 - Tata: rinvia pagamenti fornitori per difficolta' economiche
MUMBAI (MF-DJ)--Tata Motors e' stata costretta a dilazionare i pagamenti da corrispondere ad alcuni fornitori in scia al calo degli utili causato dalla flessione della domanda che ha colpito il settore dell'auto.
"Ci saranno dei ritardi. Stiamo attraversando una situazione difficile. L'intera industria e' in una situazione difficile" ha dichiarato il Ceo Ravi Kant. Il manager non ha svelato quale sia la cifra che il gruppo deve ancora ai fornitori, ma ha smentito quanto apparso sull'Economic Times, secondo cui il debito ammonterebbe a 12 miliardi di rupie. Kant ha dichiarato, infine, che Tata paghera' in fornitori nei prossimi mesi, quando le vendite di veicoli cominceranno a risalire. La ripresa e' prevista gia' per il mese di febbraio. cs
Imark
Forumer storico
Peugeot e Banque PSA sotto osservazione per una riduzione del rating anche da parte di S&P oltre che di Moody's. Si attendono i risultati del 2008, con l'ultimo trimestre e la verifica sulle misure che verranno adottate per reagire alla situazione di mercato attuale, insieme con le misure adottate dallo Stato francese.
French Carmaker Peugeot S.A. And Banque PSA Finance On Watch Negative, Re Severe Impact Of Weak Auto Demand In 2008
MILAN (Standard & Poor's) Feb. 3, 2009--Standard & Poor's Ratings Services said today that it has placed its 'BBB+/A-2' long- and short-term corporate credit ratings on French automotive manufacturer Peugeot S.A. (PSA) on CreditWatch with negative implications.
At the same time, Standard & Poor's placed its 'A-' long-term and 'A-2' short-term counterparty credit ratings on PSA's fully owned captive finance subsidiary, Banque PSA Finance (BPF), on CreditWatch with negative implications. A potential downgrade of the bank's long-term ratings would not automatically trigger a downgrade of the short-term ratings. The rating action on the captive solely reflects that on the parent.
"The CreditWatch placement reflects our view that PSA's financial profile was hit by weak auto demand in 2008," said Standard & Poor's credit analyst Barbara Castellano. Looking at external factors, today we believe that this deterioration will not be reversed in 2009 because of an expected further decline in auto demand caused by the global economic downturn.
So far, PSA has reported only unit sales figures for 2008. Last year, the decrease in unit sales was 4.9% (down 8.7% excluding the completed knocked down vehicles); in the final quarter the slump was 21%. According to the European Automobile Manufacturers' Association ACEA, PSA maintained its market share in Western Europe (including the European Free Trade Area [EFTA]) almost unchanged at 13.0%. It benefited from its strong position in France (31.6% market share), which was the most resilient market in Western Europe with a decrease in car registrations of only 0.6%.
To address weak demand and a higher-than-usual level of inventories held by PSA at end-September 2008, production cuts were implemented in the fourth quarter. We expect these actions to have brought some relief but may not have been sufficient to avoid negative effects on working capital. Adding to this a weak operating performance and restructuring costs incurred, we believe PSA's industrial debt is likely to have increased from a historically reported cash position.
Discussions are ongoing in France about the possibility of state support for French automakers. The form, the size, and the timing of any aid is not clear yet, however. Although any potential support to liquidity is positive in the short term, we don't think such governmental interventions will help resolve the structural issues the industry is facing.
"We aim to resolve the CreditWatch status on both entities within the
next 90 days, after looking at the group's 2008 results, and having had the opportunity to learn more about how PSA expects to face 2009 and what strategy it is putting in place to cope with the recessionary environment," said Ms. Castellano. By then we should also have learnt more about state support and the group's plan to maintain adequate liquidity for its industrial and financial activities during the coming quarters.
"A downgrade of Peugeot would not automatically entail a parallel
downgrade of BPF," said Standard & Poor's credit analyst Pierre Gautier. "To resolve the CreditWatch, we will assess to what extent the bank might tangibly benefit from effective French government support in case of stress, in particular with respect to funding." If systemic support is sufficient to mitigate funding pressure from current market conditions, we could envisage widening the rating differential between BPF and PSA beyond the current one notch. This would meet our expectation of external support, given current market conditions and the bank's systemic importance.
French Carmaker Peugeot S.A. And Banque PSA Finance On Watch Negative, Re Severe Impact Of Weak Auto Demand In 2008
MILAN (Standard & Poor's) Feb. 3, 2009--Standard & Poor's Ratings Services said today that it has placed its 'BBB+/A-2' long- and short-term corporate credit ratings on French automotive manufacturer Peugeot S.A. (PSA) on CreditWatch with negative implications.
At the same time, Standard & Poor's placed its 'A-' long-term and 'A-2' short-term counterparty credit ratings on PSA's fully owned captive finance subsidiary, Banque PSA Finance (BPF), on CreditWatch with negative implications. A potential downgrade of the bank's long-term ratings would not automatically trigger a downgrade of the short-term ratings. The rating action on the captive solely reflects that on the parent.
"The CreditWatch placement reflects our view that PSA's financial profile was hit by weak auto demand in 2008," said Standard & Poor's credit analyst Barbara Castellano. Looking at external factors, today we believe that this deterioration will not be reversed in 2009 because of an expected further decline in auto demand caused by the global economic downturn.
So far, PSA has reported only unit sales figures for 2008. Last year, the decrease in unit sales was 4.9% (down 8.7% excluding the completed knocked down vehicles); in the final quarter the slump was 21%. According to the European Automobile Manufacturers' Association ACEA, PSA maintained its market share in Western Europe (including the European Free Trade Area [EFTA]) almost unchanged at 13.0%. It benefited from its strong position in France (31.6% market share), which was the most resilient market in Western Europe with a decrease in car registrations of only 0.6%.
To address weak demand and a higher-than-usual level of inventories held by PSA at end-September 2008, production cuts were implemented in the fourth quarter. We expect these actions to have brought some relief but may not have been sufficient to avoid negative effects on working capital. Adding to this a weak operating performance and restructuring costs incurred, we believe PSA's industrial debt is likely to have increased from a historically reported cash position.
Discussions are ongoing in France about the possibility of state support for French automakers. The form, the size, and the timing of any aid is not clear yet, however. Although any potential support to liquidity is positive in the short term, we don't think such governmental interventions will help resolve the structural issues the industry is facing.
"We aim to resolve the CreditWatch status on both entities within the
next 90 days, after looking at the group's 2008 results, and having had the opportunity to learn more about how PSA expects to face 2009 and what strategy it is putting in place to cope with the recessionary environment," said Ms. Castellano. By then we should also have learnt more about state support and the group's plan to maintain adequate liquidity for its industrial and financial activities during the coming quarters.
"A downgrade of Peugeot would not automatically entail a parallel
downgrade of BPF," said Standard & Poor's credit analyst Pierre Gautier. "To resolve the CreditWatch, we will assess to what extent the bank might tangibly benefit from effective French government support in case of stress, in particular with respect to funding." If systemic support is sufficient to mitigate funding pressure from current market conditions, we could envisage widening the rating differential between BPF and PSA beyond the current one notch. This would meet our expectation of external support, given current market conditions and the bank's systemic importance.
Imark
Forumer storico
Stesso discorso per Renault e la propria banca: anche qui debito in osservazione per una riduzione del rating.
Anche qui si attendono i risultati e le contromisure che verranno adottate per valutarne l'efficacia.
Situazione fotocopia rispetto a quella di Peugeot anche nella terminologia di commento alla credit action.
Renault S.A. And RCI Banque Placed On CreditWatch Negative On Falling Auto Demand Globally
MILAN (Standard & Poor's) Feb. 3, 2009--Standard & Poor's Ratings Services said today that it has placed its 'BBB' long-term corporate credit rating on French automotive manufacturer Renault S.A. on CreditWatch with negative implications. The 'A-3' short-term corporate credit rating has been affirmed.
Standard & Poor's also placed its 'BBB+' long- and 'A-2' short-term
counterparty credit ratings on Renault's fully owned captive finance
subsidiary RCI Banque on CreditWatch with negative implications. A potential downgrade of the bank's long-term ratings would not automatically trigger a downgrade of the short-term ratings. The rating action on the bank solely reflects that on the parent.
"The CreditWatch placement reflects our view that Renault's financial
profile was hit by weak auto demand in 2008. Looking at external factors, we believe that this deterioration will not be reversed in 2009 because of an expected further decline of auto demand caused by the global economic downturn," said Standard & Poor's credit analyst Barbara Castellano.
After recording a 2% year-on-year increase in unit sales until September 2008, Renault closed 2008 with a 4.1% decrease. This is explained by a contraction of unit sales by 21% in the final quarter of 2008. Western European markets were the weakest for Renault (even though France's new-car registrations decreased by only 0.6% in 2008), but the markets outside Europe also showed increasing signs of weakness.
"In 2009, the recessionary scenario is expected to be felt globally, and for the second year in a row a decline in automotive sales is expected," said Ms. Castellano.
We aim to resolve the CreditWatch status on both entities within the next 90 days, after looking at the group's 2008 results, and having had the opportunity to learn more about how Renault expects to face 2009 and what strategy it is putting in place to cope with the recessionary environment.
By then we should also have learnt more about state support and the group's plan to maintain adequate liquidity for its industrial and financial activities during the next quarters.
"A downgrade of Renault would not automatically entail a parallel
downgrade of RCI," said Standard & Poor's credit analyst Pierre Gautier. "To resolve the CreditWatch, we will need to assess to what extent the bank might tangibly benefit from effective French government support in case of stress, in particular with respect to funding." If systemic support is sufficient to mitigate funding pressure from current market conditions, we could envisage widening the rating differential between RCI and Renault beyond the current one notch.
This would meet our expectation of external support, given current
market conditions and the bank's systemic importance.
Anche qui si attendono i risultati e le contromisure che verranno adottate per valutarne l'efficacia.
Situazione fotocopia rispetto a quella di Peugeot anche nella terminologia di commento alla credit action.
Renault S.A. And RCI Banque Placed On CreditWatch Negative On Falling Auto Demand Globally
MILAN (Standard & Poor's) Feb. 3, 2009--Standard & Poor's Ratings Services said today that it has placed its 'BBB' long-term corporate credit rating on French automotive manufacturer Renault S.A. on CreditWatch with negative implications. The 'A-3' short-term corporate credit rating has been affirmed.
Standard & Poor's also placed its 'BBB+' long- and 'A-2' short-term
counterparty credit ratings on Renault's fully owned captive finance
subsidiary RCI Banque on CreditWatch with negative implications. A potential downgrade of the bank's long-term ratings would not automatically trigger a downgrade of the short-term ratings. The rating action on the bank solely reflects that on the parent.
"The CreditWatch placement reflects our view that Renault's financial
profile was hit by weak auto demand in 2008. Looking at external factors, we believe that this deterioration will not be reversed in 2009 because of an expected further decline of auto demand caused by the global economic downturn," said Standard & Poor's credit analyst Barbara Castellano.
After recording a 2% year-on-year increase in unit sales until September 2008, Renault closed 2008 with a 4.1% decrease. This is explained by a contraction of unit sales by 21% in the final quarter of 2008. Western European markets were the weakest for Renault (even though France's new-car registrations decreased by only 0.6% in 2008), but the markets outside Europe also showed increasing signs of weakness.
"In 2009, the recessionary scenario is expected to be felt globally, and for the second year in a row a decline in automotive sales is expected," said Ms. Castellano.
We aim to resolve the CreditWatch status on both entities within the next 90 days, after looking at the group's 2008 results, and having had the opportunity to learn more about how Renault expects to face 2009 and what strategy it is putting in place to cope with the recessionary environment.
By then we should also have learnt more about state support and the group's plan to maintain adequate liquidity for its industrial and financial activities during the next quarters.
"A downgrade of Renault would not automatically entail a parallel
downgrade of RCI," said Standard & Poor's credit analyst Pierre Gautier. "To resolve the CreditWatch, we will need to assess to what extent the bank might tangibly benefit from effective French government support in case of stress, in particular with respect to funding." If systemic support is sufficient to mitigate funding pressure from current market conditions, we could envisage widening the rating differential between RCI and Renault beyond the current one notch.
This would meet our expectation of external support, given current
market conditions and the bank's systemic importance.
Imark
Forumer storico
SSangyong costretta dal crollo delle vendite (-30% ) in particolare dei Suv a chiedere la protezione dai creditori (l'equivalente sudcoreano del Ch 11 e dell'amministrazione controllata).
I coreani, di proprietà della cinese SAIC Motors, avevano finito la liquidità.
Non avevano eurobonds emessi...
Ssangyong Enters Receivership After SUV Sales Plunge (Update2)
http://www.bloomberg.com/apps/news?pid=20601080&sid=awioIw8hfKbo&refer=asia
I coreani, di proprietà della cinese SAIC Motors, avevano finito la liquidità.
Non avevano eurobonds emessi...
Ssangyong Enters Receivership After SUV Sales Plunge (Update2)
http://www.bloomberg.com/apps/news?pid=20601080&sid=awioIw8hfKbo&refer=asia
Imark
Forumer storico
Toyota ha annunciato una futura perdita molto più consistente di quella comunicata poche settimane fa per l'esercizio 2008 (che, per le società giapponesi, termina tradizionalmente il 31 marzo 2009).
In un mese e mezzo (tanto dista il precedente forecast per l'esercizio in chiusura al marzo 2009), Toyota ha ridotto ulteriormente le stime di vendita (con il fatturato del 2008 in calo di oltre il 17% y-o-y) e avanzando previsioni di una perdita operativa (450 mld JPY) e di una perdita netta (350 mld JPY) per l'esercizio in corso (ndr: che quindi sconta un trimestre gen-mar 2009 molto negativo...)
Pesano non solo i cali delle vendite, ma anche il forte effetto sui risultati della drastica rivalutazione delle Yen vs USD generata dai rientri del carry trade.
Ed arriva il downgrade di S&P dopo quello di Moody's, con rating scalato ad AA+ ed outlook che resta negativo, in considerazione della circostanza per cui l'intero 2009 sarà negativo per il comparto dell'auto e la situazione sfavorevole potrebbe protrarsi anche nel 2010.
Va da sé che la posizione del produttore nipponico, sia in termini di cash disponibile che di business profile, resta fortissima, come giustamente enfatizza la stessa S&P.
Toyota Downgraded To 'AA+' On Profitability And Cash Flow Pressures; Outlook Negative
TOKYO (Standard & Poor's) Feb. 6, 2009--Standard & Poor's Ratings Services today lowered to 'AA+' from 'AAA' its long-term corporate credit ratings on Japan-based automaker Toyota Motor Corp. (Toyota) and a number of related entities, including Toyota Financial Services Corp. (TFS), Toyota Finance Corp., and Toyota Motor Credit Corp. (TMCC). At the same time, Standard & Poor's affirmed its 'A-1+' short-term corporate credit ratings on Toyota and the related entities, and its 'A-1+' short-term debt ratings (including CP programs) on the related entities. The outlooks on the long-term ratings on the companies are negative.
The rating actions on Toyota and the related entities reflect Standard & Poor's view that significant near-term pressure on Toyota's profitability and cash flow, amid the continuous deterioration of global auto markets and the yen appreciation, has exceeded our initial expectations and is negatively affecting the company's financial profile to a limited extent.
The negative outlooks reflect Standard & Poor's view that Toyota's profitability will remain under considerable downward pressure. They also reflect our belief that demand seems certain to remain sharply depressed throughout calendar 2009, a situation that is likely to continue into 2010.
On Feb. 6, 2009, Toyota announced additional revisions to its earnings forecast for fiscal 2008 (ending March 31, 2009). The company lowered its global sales projection to 7.32 million units for the fiscal year, down from the 7.54 million units it announced on Dec. 22, 2008. This revised figure represents a 17.8% drop compared to actual unit sales in fiscal 2007 (ended March 31, 2008). The company now projects operating losses of ¥450 billion and a net loss of ¥350 billion for the current fiscal year.
Standard & Poor's believes that Toyota's minimal financial risk profile,
which is characterized by a strong capital structure with massive liquidity, is under increased pressure from a significantly reduced operating cash flow for the current fiscal year and possibly fiscal 2009 (ending March 31, 2010). Standard & Poor's believes that Toyota's overall cash position has, to a limited extent, been negatively impacted over the past several months by a significant decline in operating cash flow.
Notwithstanding this, Standard & Poor's is of the opinion that Toyota has the ability to control its excess inventory through the fiscal year end and substantially reduce capital expenditure in the next fiscal year, in order to offset weakened demand and control cash outflow in the challenging operating environment.
Toyota's overall liquidity remains very strong, including a part of its non-current investments in debt securities. Moreover, the advantages the company has in terms of its robust financial strength should continue to support its strategic flexibility, enabling Toyota to sustain high levels of R&D and providing it with ample resources to improve product competitiveness over the long term.
The ratings on Toyota could come under further downward pressure if
deterioration in the business environment continues for an extended period or if the company is unable to maintain its ability to keep its cash flow and cash position within appropriate levels, even if it were to take more rigorous measures in response to the challenging operating environment.
The outlook could see upward movement if Toyota's ongoing measures show signs of leading to a strong recovery in profitability and cash flow generation over the next 12 to 24 months.
Toyota boasts a formidable degree of competitiveness among global auto manufacturers. Indeed, it is particularly strong in terms of its robust product line-ups, technological leadership, geographic diversity, cost
efficiency, and financial strength. In light of these advantages, we view
Toyota as being better positioned than other global auto manufacturers to cope with the current market deterioration, as well as being the company likely to benefit most from the market recovery phase of the business cycle.
In un mese e mezzo (tanto dista il precedente forecast per l'esercizio in chiusura al marzo 2009), Toyota ha ridotto ulteriormente le stime di vendita (con il fatturato del 2008 in calo di oltre il 17% y-o-y) e avanzando previsioni di una perdita operativa (450 mld JPY) e di una perdita netta (350 mld JPY) per l'esercizio in corso (ndr: che quindi sconta un trimestre gen-mar 2009 molto negativo...)
Pesano non solo i cali delle vendite, ma anche il forte effetto sui risultati della drastica rivalutazione delle Yen vs USD generata dai rientri del carry trade.
Ed arriva il downgrade di S&P dopo quello di Moody's, con rating scalato ad AA+ ed outlook che resta negativo, in considerazione della circostanza per cui l'intero 2009 sarà negativo per il comparto dell'auto e la situazione sfavorevole potrebbe protrarsi anche nel 2010.
Va da sé che la posizione del produttore nipponico, sia in termini di cash disponibile che di business profile, resta fortissima, come giustamente enfatizza la stessa S&P.
Toyota Downgraded To 'AA+' On Profitability And Cash Flow Pressures; Outlook Negative
TOKYO (Standard & Poor's) Feb. 6, 2009--Standard & Poor's Ratings Services today lowered to 'AA+' from 'AAA' its long-term corporate credit ratings on Japan-based automaker Toyota Motor Corp. (Toyota) and a number of related entities, including Toyota Financial Services Corp. (TFS), Toyota Finance Corp., and Toyota Motor Credit Corp. (TMCC). At the same time, Standard & Poor's affirmed its 'A-1+' short-term corporate credit ratings on Toyota and the related entities, and its 'A-1+' short-term debt ratings (including CP programs) on the related entities. The outlooks on the long-term ratings on the companies are negative.
The rating actions on Toyota and the related entities reflect Standard & Poor's view that significant near-term pressure on Toyota's profitability and cash flow, amid the continuous deterioration of global auto markets and the yen appreciation, has exceeded our initial expectations and is negatively affecting the company's financial profile to a limited extent.
The negative outlooks reflect Standard & Poor's view that Toyota's profitability will remain under considerable downward pressure. They also reflect our belief that demand seems certain to remain sharply depressed throughout calendar 2009, a situation that is likely to continue into 2010.
On Feb. 6, 2009, Toyota announced additional revisions to its earnings forecast for fiscal 2008 (ending March 31, 2009). The company lowered its global sales projection to 7.32 million units for the fiscal year, down from the 7.54 million units it announced on Dec. 22, 2008. This revised figure represents a 17.8% drop compared to actual unit sales in fiscal 2007 (ended March 31, 2008). The company now projects operating losses of ¥450 billion and a net loss of ¥350 billion for the current fiscal year.
Standard & Poor's believes that Toyota's minimal financial risk profile,
which is characterized by a strong capital structure with massive liquidity, is under increased pressure from a significantly reduced operating cash flow for the current fiscal year and possibly fiscal 2009 (ending March 31, 2010). Standard & Poor's believes that Toyota's overall cash position has, to a limited extent, been negatively impacted over the past several months by a significant decline in operating cash flow.
Notwithstanding this, Standard & Poor's is of the opinion that Toyota has the ability to control its excess inventory through the fiscal year end and substantially reduce capital expenditure in the next fiscal year, in order to offset weakened demand and control cash outflow in the challenging operating environment.
Toyota's overall liquidity remains very strong, including a part of its non-current investments in debt securities. Moreover, the advantages the company has in terms of its robust financial strength should continue to support its strategic flexibility, enabling Toyota to sustain high levels of R&D and providing it with ample resources to improve product competitiveness over the long term.
The ratings on Toyota could come under further downward pressure if
deterioration in the business environment continues for an extended period or if the company is unable to maintain its ability to keep its cash flow and cash position within appropriate levels, even if it were to take more rigorous measures in response to the challenging operating environment.
The outlook could see upward movement if Toyota's ongoing measures show signs of leading to a strong recovery in profitability and cash flow generation over the next 12 to 24 months.
Toyota boasts a formidable degree of competitiveness among global auto manufacturers. Indeed, it is particularly strong in terms of its robust product line-ups, technological leadership, geographic diversity, cost
efficiency, and financial strength. In light of these advantages, we view
Toyota as being better positioned than other global auto manufacturers to cope with the current market deterioration, as well as being the company likely to benefit most from the market recovery phase of the business cycle.
Imark
Forumer storico
L'impatto sugli eurobond Toyota Credit Corp è ancora contenuto. Per spuntare inferiori ad un 5% lordo sull'euromercato si deve muovere verso scadenze a partire dal 2013. Ma probabilmente le cose dovranno andare peggio prima di poter migliorare, a meno che le misure di recupero dei livelli di profittevolezza non si rivelino particolarmente efficaci e rapide nel determinare risultati...
L'eurobond 4,625% a scadenza settembre 2013
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=21688789
L'eurobond 4,625% a scadenza settembre 2013
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=21688789