Obbligazioni societarie Monitor bond case automobilistiche e accessorio auto (1 Viewer)

[paologorgo]

Toyota's (TM) credit rating downgrade isn't only a setback for corporate Japan, which just lost its only AAA-rated company - TM also happened to be Asia’s only non-financial, non-government borrower with an AAA rating.

S.A.

 

[Imark]

Toyota's (TM) credit rating downgrade isn't only a setback for corporate Japan, which just lost its only AAA-rated company - TM also happened to be Asia’s only non-financial, non-government borrower with an AAA rating.

S.A.

Certo che per l'automotive è bollettino di guerra... qui andrebbe aggiornato costantemente il punto della situazione con riguardo ai bond acquistabili...

 

[TheLondoner]

prepariamoci ad investire in forbici allora.... visto che saranno molto rischieste nei prossimi mesi...

 

[piper68]

prepariamoci ad investire in forbici allora.... visto che saranno molto rischieste nei prossimi mesi...

Ciao Lon,qui,purtroppo per i lavoratori,le forbici stanno già agendo:

Fiat annuncia che dal 2 al 15 marzo,circa 5mila impiegati,concentrati nell'area dello stabilimento di Mirafiori e di Stura, saranno messi in cassa integrazione.
Stessa identica sorte riguarderà 1.200 addetti della IVECO per due settimane dal 9 al 22 febbraio.

 

[METHOS]

France to lend 6 bln euros to carmakers-paper

Sun Feb 8, 2009 9:37pm GMT
Email |Print | Reprints
[-] Text [+]
PARIS, Feb 8 (Reuters) - French President Nicolas Sarkozy will announce on Monday that the government will lend around 6 billion euros ($7.7 billion) to two carmakers to help them cope with the financial crisis, according to French newspapers. The credit would be extended on the basis of preferential rates to Renault (RENA.PA: Quote, Profile, Research) and PSA Peugeot Citroen (PEUP.PA: Quote, Profile, Research), French daily Le Figaro said, without citing any source, on the front page of its Monday edition.
Each of the companies would receive 3 billion euros, daily Les Echos reported, also in its Monday edition.
In exchange, Renault head Carlos Ghosn and PSA chief executive Peter Streiff would commit to keeping all of their production sites in France running and safeguarding jobs, according to Le Figaro.
The French government had said it would pump up to 6 billion euros of aid into the embattled auto industry and stressed that car firms would have to pledge to protect French jobs and scrap bosses' bonuses in return. ($1=.7807 Euro) (Reporting by Tamora Vidaillet; Editing by Bernard Orr)

 

[yellow]

09.02.09 09:23 - Bmw: aumentera' bond da 750 mln euro
LONDRA (MF-DJ)--Bmw ha intenzione di aumentare il suo bond da 750 milioni di euro con scadenza nel 2013.

Lo ha annunciato questa mattina uno dei lead manager dell'operazione (Jp Morgan Chase, Royal Bank of Scotland Group, Ubs e UniCredit).

L'aumento dell'obbligazione sara' prezzato a circa 400 punti base sopra i mid-swap.

Il prezzo sara' annunciato in giornata.

 

[lorenzo63]

E' di 6,5 bio Euro l' aiuto in arrivo per PSA e Renault..

The French government said it would give €6.5 billion ($8.4 billion) in low-interest loans to Renault SA and PSA Peugeot-Citroën in exchange for pledges that the car makers won't close any factories or lay off workers in France for the duration of the funding.

The deal, which caps weeks of negotiations, is the latest evidence that governments around the world are resorting to measures that protect domestic jobs and businesses as they prop up various sectors of their economies. Just last week, President Nicolas Sarkozy said it was unacceptable for French car makers to manufacture in low-cost countries, such as the Czech Republic, and import back into France, angering the Czech premier who said such protectionism would hurt Europe's long-term recovery.

The government will give Renault and Peugeot each a five-year loan of €3 billion at a 6% interest rate, while Renault trucks will get a loan of €500 million. The interest rate is far lower than the 10%-12% the companies would have gotten on normal credit markets, according to the companies.

In addition to the loans extended to Renault and Peugeot-Citroën, the French government agreed to two separate, additional measures to help the local auto sector, which employs 10% of the French work force. The government said it would double, to €2 billion, a separate set of loans that it already has extended to the financing arms of Renault and Peugeot-Citroën. This move is aimed at making it easier for consumers to get car loans. The government also doubled -- to €600 million -- a fund established to help auto-parts suppliers.

That Renault and Peugeot-Citroën were willing to agree to the government's terms underscores the dire state of the world auto industry. With auto sales plummeting globally, it is getting much harder for car companies to access credit via conventional financial markets. Car manufacturing is a capital-intensive industry, and companies rely on large lines of credit to keep the factories running, buy auto parts and pay staff. Both French car companies have been put on credit watch by rating agencies, meaning that it will get harder for them to borrow at favorable rates.


Getty Images
French President Nicolas Sarkozy, center, delivers a speech as PSA Peugeot-Citroën Chief Executive Christian Streiff, left, and Economy Minister Christine Lagarde listen during a visit to Peugeot factory Jan. 15.
The concessions agreed to by the auto makers also represent a major change in position by Peugeot-Citroën. The company's chief executive, Christian Streiff, had been reluctant to agree to the government's terms, saying they threatened his company's independence. In contrast, Renault CEO Carlos Ghosn agreed early on to the terms, in large part because the French state owns 15% of Renault. Peugeot-Citroën is publicly traded and controlled by its founders, the Peugeot family.

"The negotiations were difficult," acknowledged Mr. Streiff. "But this [aid package] is of great help to us during the crisis. It will really strengthen our hand in our negotiations with banks." Peugeot-Citroën needs about €2 billion in working capital annually to fund its operations, according to a company spokesman.

The government aid plan comes just days before Peugeot-Citroën and Renault report full-year financial results for 2008. Analysts say the companies wanted to get the government help to stave off further credit-rating cuts when they disclose their debt positions, news that will come Wednesday for Peugeot-Citroën and Thursday for Renault.

Renault has more debt than Peugeot-Citroën. Analysts expect that Renault could end up with as much as €7.5 billion in net debt as of the end of 2008, compared with €2.5 billion after the first six months of 2008. Peugeot-Citroën's debt could be about €1.3 billion at the end of 2008, down from a positive cash position of €1.4 billion in the middle of the 2008.

The new loans follow other measures by the French government to help the auto sector. In December, the government started a plan to give €1,000 to people who scrap cars that are more than 10 years old and replace them with new models. Germany and Italy also have passed such incentives as part of their stimulus plans.

 

[lorenzo63]

Volvo

Volvo nn accede agli aiuti Francesi (Renault Trucks) per avere namo libera nella ristrutturazione: Il Governo Francese ha imposto, per potere avere accesso agli aiuti di Stato condizioni restrittive tra le quali nessuna chiusura di plant sul suolo Francese..

STOCKHOLM -- Swedish truck maker Volvo AB said Tuesday that it has no plans to take loans from the French government for its Renault Trucks unit because it wants to be able to cut more jobs in the country if necessary.

The move came after France on Monday revealed the details of a plan to bail out its auto industry.

French car makers PSA Peugeot-Citroën SA and Renault SA are to receive €3 billion ($3.9 billion) in loans each, while an additional €500 million of loans is available to other automobile-sector companies with industrial operations in France. That category could include Renault Trucks.

Volvo bought Renault's truck business, including Mack trucks in the U.S., in 2001 in a $1.6 billion deal in which Renault took a 15% stake in the Swedish truck maker. Renault has since increased its stake and is now Volvo's largest shareholder with a 21.8% share of the capital and 21.3% share of the votes.

The French government imposed tough conditions for taking the loans. As part of their loan agreements, Peugeot-Citroën and Renault have agreed not to close any French plants for the duration of the five-year loans.

"We can't take a loan [for Renault Trucks] with the kind of conditions they're imposing for the car makers in France," Volvo spokesman Marten Wikforss said Tuesday. "That's not how our business is working."

Taking the money might mean Volvo couldn't cut jobs or plants in France, which would favor the Renault unit over its Swedish operations, which are also shedding thousands of jobs.

Mr. Wikforss said it was unclear whether Volvo, if it were to take a loan for Renault Trucks, would be subject to the same conditions that apply to the car makers, though he thinks that would be the case.

Volvo, which has suffered a sharp drop in demand for its trucks, buses and heavy equipment as the world economic downturn has gathered pace, has laid off a total of 16,255 employees around the world since September. It is the world's second biggest maker of trucks by sales after Germany's Daimler AG.

The Swedish company has already reduced the work force at Renault Trucks in France by not renewing the temporary contracts of about 2,000 workers, and Mr. Wikforss said more action could be required. He said he was unsure how many workers remain at Renault Trucks. "We must be able to have flexibility," he said.

The French plan has come under attack from other EU leaders for potential protectionism.

The European Union's top competition regulator said that it had "certain concerns" about whether France's plan to bolster its auto industry respected EU laws and the European Commission, the EU's executive arm, has asked France for the details of the plan.

Swedish Finance Minister Anders Borg, meanwhile, said that without clarification, it appeared possible that the plan could lead to protectionism.

Mr. Wikforss said it "remains to be seen" whether the loans announced by France are "consistent with the EU's competition legislation."

 

[yellow]

Sole24ore.com
Fitch, rating a rischio per Fiat. Promossa Volkswagen

Fitch ha messo sotto osservazione il rating di Fiat.

Se l'agenzia valutasse «insufficienti le nuove misure per compensare possibili peggioramenti oltre il 2009»,
è scritto in una nota, un declassamento del rating sarebbe inevitabile.

Lo stesso vale per Psa Peugeot Citroen e per Renault, ambedue con outlook negativo.

Per l'agenzia, che a gennaio ha declassato Daimler,
Volkswagen «è la meglio posizionata tra i rivali europei per far fronte alle attuali condizioni del mercato»,
anche se è sotto creditwatch negativo a fronte dell'intenzione di Porsche di salire di oltre il 75% nella casa di Wolfsburg.


Fitch ritiene che i profili finanziari dei costruttori europei subiranno un impatto negativo quest'anno a causa di un mix di una più bassa produttività,
un calo di cash flow e un aumento di spese a livello di capitale operativo,
anche se osserva che i loro profili di credito sono migliori rispetto a un anno fa
e che tutti i gruppi europei hanno previsto misure per ridurre i costi e migliorare l'efficienza.


Considerando il settore a livello mondiale,
l'agenzia rileva che l'industria dell'auto è entrata nel 2009 in uno stato di gran lunga peggiore del 2008
e le prospettive sono impegnative.

Secondo Emmanuel Bulle, senior director di Fitch,
«la debole crescita del Pil e gli effetti della crisi finanziaria internazionale continueranno ad impattare sensibilmente l'industria dell'auto globale esercitando pressioni all'ingiù sul profilo di credito dei costruttori a breve-medio termine».

Inoltre «la lunghezza e la gravità della crisi sono ancora incerte, mentre le risposte alla crisi da parte dei costruttori sono ancora in sviluppo».


Solo l'industria dell'auto americana aveva un outlook negativo a inizio 2008,
mentre adesso le prospettive sono negative per tutto il settore a livello mondiale
a causa di una combinazione senza precedenti di questioni cicliche e strutturali.

Malgrado i recenti declassamenti, le case giapponesi (Toyota, Nissan e Honda quelle considerate da Fitch)
mantengono i rating più elevati nel settore in quanto producono auto compatte molto efficienti, hanno una marca molto forte, tecnologie verdì avanzate, efficienti sistemi produttivi,
una forte rete retail nei principali mercati e una flessibilità finanziaria robusta per mantenere un elevato livello di investimenti in ricerca e sviluppo anche in un clima difficile.


Per contro la situazione resta difficile per gli americani a fronte del peggioramento dell'economia Usa
e degli effetti della crisi del credito che spingeranno a un nuovo calo,
stimato al 15,3%, il mercato dell'auto Usa nel 2009 a 11,1 milioni di unità. Gli aiuti concessi a Gm e a Chrysler sono considerati da Fitch «una misura temporanea che potrebbe essere ristrutturata dalla nuova Amministrazione e dal Congresso.

Entrambe le società avranno bisogno di nuovi fondi nel 2009 per continuare a operare viste le previsioni sull'economia».

Fitch ritiene anche che il fallimento resti «una possibilità» per entrambe le case nonostante gli aiuti di Washington.

Anche le case coreane, Kia e Hyundai, si trovano di fronte a prospettive negative per i loro rating quest'anno a causa della crisi economica, conclude Fitch.

 

[Capirex85]

Risultati peggiori delle attese anche per Peugeot, che brucia più cash delle attese nel 4Q 2008 e chiude il 2009 in perdita a causa di pressioni sul fatturato e perdite straordinarie per 917 mld di euro dovute a costi di ristrotturazione e svalutazioni.

Tutte le forze saranno incentrate sulla riduzione delle scorte e del fabbisogno finanziario.

Il CEO lascia intendere che le iniziative prese sul fronte del taglio dei cosi non saranno sufficienti per compesare il ritmo a cui si brucia cassa.

Peugeot Has 2008 Loss and Predicts Another in 2009; Shares Fall


By Laurence Frost
Feb. 11 (Bloomberg) -- PSA Peugeot Citroen, France’s biggest carmaker, reported a net loss for 2008 after analysts predicted a profit and said it will lose money again this year as the auto-sales slump deepens in its home market.
Peugeot fell the most in almost three months in Paris trading after posting a loss of 343 million euros ($443 million) compared with net income of 885 million euros a year earlier. Analysts had anticipated a 74.5 million-euro profit.
Peugeot will concentrate on “reducing inventory and minimizing our cash consumption,” Chief Executive Officer Christian Streiff said in a statement today. Cost cutting this year “will not be enough to compensate for the collapse of markets and the cash costs of restructuring,” he said.
Peugeot and other European carmakers ordered shutdowns and layoffs at the end of 2008 to combat a buildup of vehicles after the worst sales slump in 15 years. After outperforming the market for much of the year, French registrations fell 14 percent in November and 16 percent in December.
Peugeot fell as much as 1.38 euros, or 9.6 percent, to 13 euros, the most since Nov. 19, and was down 5.6 percent at 13.58 euros as of 9:12 a.m. in the French capital. That pares the stock’s gains this year to 11 percent -- still the best performance on the nine-member Bloomberg Europe Autos Index.
“The cash burn was more substantial than expected,” said Thierry Huon, a Paris-based analyst with Exane BNP Paribas, which has an “outperform” rating on the shares.
Revenue Falls Short
Full-year revenue at the company, Europe’s second-biggest carmaker after Volkswagen AG, declined 7.4 percent to 54.4 billion euros, Streiff said, falling short of the 57.8 billion euros estimated in a Bloomberg survey of eight analysts.
Recurring operating income fell 69 percent to 550 million euros, or 1 percent of sales, missing the carmaker’s 1.3 percent margin target announced in October, when Streiff abandoned an earlier objective of 3.5 percent.
The 2008 net loss also reflected 917 million euros in one-time charges for plant reorganizations and writedowns for the company’s auto division and at Faurecia SA, Peugeot’s 71 percent-owned vehicle interiors unit.
A 450 million-euro capital increase by way of a rights offer announced by Faurecia last night is also weighing on Peugeot shares, Exane’s Huon said by e-mail. Nanterre, France-based Faurecia was down 6.8 percent at 9.88 euros.