Obbligazioni societarie Monitor bond case automobilistiche e accessorio auto

[lorenzo63]

EU Regulators Reject Coordinated Auto Aid

BRUSSELS -- European Union regulators said they don't plan to propose a pan-European aid package for the auto sector, despite calls for coordinated action to help stem the effects of a dramatic decline in demand across the Continent.


Neelie Kroes
But the regulators promised to decide quickly whether the bailout plans for ailing car makers proposed by several European governments comply with EU competition rules.

France, Germany, Italy, Spain, Sweden and the U.K. have proposed rescue plans for their car industries. France has come under fire from regulators and other countries for making €6.5 billion ($8.5 billion) in low-interest loans to car makers contingent on the companies not closing factories in France for the duration of the aid.

EU Competition Commissioner Neelie Kroes said Wednesday her office was in "close contact" with France and "there should be a solution" soon.

The car sector has emerged as a flash point in Europe, as concerns mount that governments are resorting to protectionist measures to preserve domestic jobs and businesses. With sales of new cars in free fall since October, car makers have sought help from local governments and called for action at the EU level.

That has left the EU in a difficult position as it tries to preserve a level playing field for companies in the bloc. When countries began crafting financial-sector bailouts last year, the EU tried to prevent distortions of competition, but ended up largely clearing the countries' plans quickly.

The European Commission, the EU's executive arm, has limited powers to provide direct assistance. "The commission will not be presenting any European plan to shape the structural changes necessary in the European car industry," said EU Industry Commissioner Günter Verheugen, a longtime ally of auto makers.

Luc Chatel, France's minister for consumer affairs and industry, said France tried to drum up support for a Europe-wide aid plan last year but that the effort didn't go anywhere. "We couldn't wait any longer," he said.



Mr. Chatel said France's aid package wasn't protectionist because it was open to all car makers on French soil. France loaned €3 billion each to Renault SA and PSA Peugeot Citroën SA and offered a total of €500 million to other companies.

So far, however, foreign companies such as Toyota Motor Corp. and Daimler AG haven't applied for the loans. Only Renault Trucks, an AB Volvo unit that makes and sells trucks in France, has said it is in talks with Paris over a possible application

 

[Imark]

BRUSSELS -- European Union regulators said they don't plan to propose a pan-European aid package for the auto sector, despite calls for coordinated action to help stem the effects of a dramatic decline in demand across the Continent.


Neelie Kroes
But the regulators promised to decide quickly whether the bailout plans for ailing car makers proposed by several European governments comply with EU competition rules.

France, Germany, Italy, Spain, Sweden and the U.K. have proposed rescue plans for their car industries. France has come under fire from regulators and other countries for making €6.5 billion ($8.5 billion) in low-interest loans to car makers contingent on the companies not closing factories in France for the duration of the aid.

.....

Se si va in ordine sparso, credo che andranno meglio i paesi che possono metterci più soldi... noi non siamo fra quelli...

 

[Imark]

Outlook di Daimler rivisto a negativo da S&P... il rapido deterioramento delle condizioni di mercato alla base della decisione di S&P, che teme l'indebolimento della performance operativa e della capacità di generare cash flow.

Per S&P il leverage era già a 3x a fine 2008 ed il livello di capacità di generazione di cassa rapportato al debito si era ridotto con il FFO/debt inferiore al 20%, livelli deboli per il rating attuale ancor più in considerazione di un profilo di business che, nella congiuntura attuale, S&P definisce rischioso.

Per S&P nel 2009 le cose peggioreranno per Daimler ed occorrerà poi verificare se la capacità di ridurre le rimanenze, ridimensionare i livelli di produzione, abbattere i costi delle materie prime e stabilizzare gli ordinativi di veicoli industriali riusciranno a generare una riduzione del profilo di rischio finanziario nel 2010 oppure no.

Peraltro, mi permetto di rilevare come ciò non dipenda solo da Daimler.

FRANKFURT (Standard & Poor's) Feb. 27, 2009--Standard & Poor's Ratings
Services said today it revised its outlook on German automotive manufacturer Daimler AG to negative from stable. The 'A-/A-2' long- and short-term corporate credit ratings on the group were affirmed.

"The outlook revision reflects our view on the rapid weakening of most
global automotive and commercial-vehicle markets, which we believe heightens the risk of a considerable deterioration of Daimler's operating performance and cash generation to a point no longer commensurate with the current 'A-' rating," said Standard & Poor's credit analyst Werner Staeblein.

In view of our expectation of weak demand, we anticipate Mercedes-Benz Cars and Daimler Trucks will report considerably lower operating profits in 2009 than in 2008. Consequently, we project that Daimler's credit protection measures in 2009, such as funds from operations (FFO) to debt will fall below the ratio levels that, combined with Daimler's business risk profile, would be supportive of the current rating.

Data released by Daimler for 2008 and our adjustments to reported figures, notably adjustments for pensions and captive finance operations, suggests that Daimler had a fully adjusted debt to EBITDA of about 3x and FFO to debt of less than 20% in 2008. Given Daimler's business risk profile, which we classify as 'strong' under our rating criteria, these ratios are weak for the current rating.

We think that improvements in Daimler's financial risk profile depend to
a large extent on the success of its planned reduction of working capital in 2009. If Daimler can succeed in this effort and in reducing production levels, and if raw material burdens abate and order intake in the truck division stabilizes, Daimler could achieve a significant improvement in its financial position in 2010, in our view. We believe, however, that this is subject to a number of market uncertainties and execution risks. We will follow the company's operating performance throughout 2009 very closely to determine whether our anticipated deterioration of Daimler's financial risk profile in 2009 can be reversed in 2010.

"We could lower the rating if, among other reasons, there are indications in the first half of 2009 that Daimler is unable to release tied-up working capital or if interim results from Daimler in 2009 suggest that restructuring measures implemented so far prove to be insufficient to adapt the cost structure to lower unit volumes," said Mr. Staeblein.

 

[Imark]

Per BMW il calo dell'outlook è preventivo, in quanto il gruppo non ha ancora riportato i risultati finali del 2008.... ma tanto, dice S&P, il contesto resta quello...

German Carmaker BMW AG Outlook To Negative On Rapid Weakening Of Global Automobile Industry; Affirmed At 'A/A-1'

MILAN (Standard & Poor's) Feb. 27, 2009--Standard & Poor's Ratings Services said today that it revised its outlook on German automotive manufacturer BMW AG to negative from stable, and affirmed the 'A/A-1' long- and short-term corporate credit ratings on the group.

The group has not yet reported its full set of results for 2008, but in
consideration of the difficult automobile and financial market conditions in
2008, Standard & Poor's anticipates that the group's financial measures will have weakened during the course of the year with respect to the end of 2007.

"The negative outlook reflects our anticipation that continued tough
market conditions in the automotive sector in 2009 might lead to a weakening of the group's profitability and cash generation beyond what can be sustained by its existing financial risk profile, and that this might result in a weakening of the company's debt-protection measures," said Standard & Poor's credit analyst Barbara Castellano.

In addition, we consider that operational risks in BMW's financial
services activity have heightened due to the deterioration of macroeconomic conditions globally.

We could revise the outlook back to stable if, all other things being
equal, BMW proves able to cope with the tough external environment,
demonstrating resilience in its profitability margin, and if there is no
significant deterioration in its cash generation and financial ratios.

 

[Imark]

Intanto il rating di Continental è stato abbattuto da Moody's a Ba2 con outlook negativo. Continental è vittimina di una situazione davvero infelice: si è fatta carico di un debito difficile da rifinanziare e di prossima scadenza con l'acquisto di VDO (3,5 mld euro) ed poco dopo è stata scalata dal gruppo Schaeffler in una situazione di caduta dei mercati azionari, con un livello accettazione del bid molto più elevato di quanto inizialmente preventivato.

Il risultato è che Schaeffler ha a sua volta difficoltà a fare fronte ai propri stessi impegni e non è in grado di offrire alcun sostegno a Continental, la quale si trova a vedere in forte frenata la propria capacità di generazione di cassa proprio mentre è chimata ad uno sforzo di deleverage.

[FONT=verdana,arial,helvetica]Moody's downgrades Continental's rating to Ba2 with a negative outlook[/FONT]

[FONT=verdana,arial,helvetica]Frankfurt, February 23, 2009 -- Moody's Investors Service has today downgraded Continental AG's corporate family rating to Ba2 from Ba1. The outlook on the ratings remains negative. [/FONT]

[FONT=verdana,arial,helvetica]Falk Frey, Senior Vice President and lead analyst at Moody's for Continental AG ("Conti"), commented: "Today's rating action reflects the anticipation of a more severe downturn in global automotive markets than was anticipated by the agency at the end of last year. [/FONT][FONT=verdana,arial,helvetica]M[/FONT][FONT=verdana,arial,helvetica]oody's is of the opinion that this bleaker environment will in all likelihood not allow Conti to remain in line with the credit metrics required for the former Ba1 rating category". [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Frey went on: "The negative outlook reflects that the economic conditions could still worsen which could affect Conti's operating conditions at a time when the company still needs to generate cash flow to deleverage". The need to address the upcoming refinancing debt maturity of EUR 3.5bn due in August 2010 from the VDO acquisition debt also continues to weigh on the rating outlook. [/FONT]

[FONT=verdana,arial,helvetica]While Conti's Q4/2008 operating results still held up relatively well, Moody's believes that the current slump in world-wide automotive production volumes could affect earnings markedly in 2009. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]As a result we see a substantial risk that 2009 leverage ratios could fall below levels incorporated into the previous Ba1 rating (e.g. Debt/EBITDA < 4x or RCF/Net Debt > 15%). At the same time, Moody's would expect the company's large non-OE business (app. 30% of revenues) to be more resilient and allow for overall positive operating results in 2009 despite adverse market conditions. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Moreover, Moody's would expect Conti to still achieve Free Cash Flow around break-even levels in the current year on the back of lower capital expenditures, reduced dividends and a tight working capital management.[/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]In the current environment Moody's also considers positively the strong track record of the company in adapting operations to market changes and conducting restructuring plans. [/FONT]

[FONT=verdana,arial,helvetica]The 12 months liquidity of Conti remains good though Moody's continues to caution that Conti faces a substantial refinancing risk of EUR 3.5 billion by August 2010 from the VDO acquisition financing. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]In this context Moody's views positively that Conti and its lenders agreed on a relaxation of financial covenants under the VDO acquisition financing arrangements in January 2009. However, in Moody's view this headroom could tighten again over 2009 depending on the overall development of automotive markets. [/FONT]

[FONT=verdana,arial,helvetica]Moody's further notes that the current rating reflects the view that there is only a limited risk that the situation at Conti's major shareholder Schaeffler - which appears to have overstretched its financial flexibility with the acquisition of Conti shares - could adversely affect the position of Conti's creditors to the extent that the financing arrangements remain independent with a solid set of bank covenants protecting the Conti lenders. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Any concerns around that basic assumption would question the current positioning of the rating and the rating agency will therefore closely monitor the developments at Schaeffler. [/FONT]

[FONT=verdana,arial,helvetica]Downgrades: [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: Continental AG [/FONT]
[FONT=verdana,arial,helvetica]....Probability of Default Rating, Downgraded to Ba2 from Ba1 [/FONT]
[FONT=verdana,arial,helvetica]....Corporate Family Rating, Downgraded to Ba2 from Ba1 [/FONT]
[FONT=verdana,arial,helvetica]....Senior Unsecured Medium-Term Note Program, Downgraded to a range of Ba2, LGD4, 50% from a range of Ba1, LGD3, 49% [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: Continental Rubber of America Corporation [/FONT]
[FONT=verdana,arial,helvetica]....Senior Unsecured Medium-Term Note Program, Downgraded to Ba2 from Ba1 [/FONT]
[FONT=verdana,arial,helvetica]....Senior Unsecured Regular Bond/Debenture, Downgraded to a range of Ba2, LGD4, 50% from a range of Ba1, LGD3, 49% [/FONT]

[FONT=verdana,arial,helvetica]Moody's last rating action on Conti was a downgrade to Ba1 (negative outlook) from Baa3 (ratings under review for possible downgrade) on December 18, 2008. [/FONT]

[FONT=verdana,arial,helvetica]Headquartered in Hannover, Germany, Continental AG is one of the top automotive suppliers worldwide in the areas chassis and safety technology, interior and infotainment and powertrain as well as the world's fourth-largest manufacturer of passenger and commercial vehicle tires. In 2008 Conti generated consolidated sales of EUR 24 billion. [/FONT]

 

[Imark]

Rigettata anche formalmente la possibilità di interventi congiunti nel settore automobilistico da parte dell'UE. Ogni paese interverrà sul proprio mercato.

Si è deciso invece di incrementare i finanziamenti concedibili dalla BEI su progetti per ridurre le emissioni dei mezzi e dei sistemi di trasporto (compresi quelli a favore dello sviluppo di automobili a basso impatto ambientale) fino a 4 mld euro annui per i prossimi 2 anni.

Un estratto di una Bloomberg con la parte che riguarda l'automotive... al link il report completo.

http://www.bloomberg.com/apps/news?pid=20601087&sid=arVsQ74Xzah0&refer=home

EU Rejects Pleas for Eastern Aid Package, Bailout for Carmakers

By James G. Neuger

March 1 (Bloomberg) -- European Union leaders rejected pleas for an aid package for eastern Europe and EU funds for carmakers, bowing to German concerns over budget deficits as the economic slump deepens.
EU leaders vetoed a call by Hungary for loans of 180 billion euros ($228 billion) for ex-communist economies in eastern Europe, and told automakers such as General Motors Corp.’s European arm to look to national governments for help.

....

Sarkozy Clash

French President Nicolas Sarkozy triggered an east-west clash over protectionism by saying on Feb. 5 that it “isn’t justified” for recession-hit French carmakers to build plants in places like the Czech Republic instead of creating jobs at home. European regulators yesterday forced Sarkozy to guarantee that 6 billion euros in loans to Renault SA and PSA Peugeot Citroen, France’s two largest carmakers, won’t put foreign rivals at a disadvantage.

The leaders rejected calls to dip into EU funds to prop up the car industry, which is likely to suffer a sales drop of as much as 18 percent this year, according to EU forecasts. Instead, the leaders said it is up to each country to step in.

General Motors, the biggest U.S. carmaker, last week sought 3.3 billion euros in assistance for its European operations. GM last week reported a loss of $30.9 billion for 2008, including $2.8 billion from Europe.

The EU has already promised to double EIB lending for green transport projects including cleaner cars to 4 billion euros in each of the next two years. Merkel called today for a further boost to spur “modern engine technologies.”

 

[lorenzo63]

Mitsubishi e PSA - Peugeot Citroen

Mitsubishi ed il gruppo PSA stanno progettando la loro nuova vettura elettrica.

Mitsubishi Motors Corp. of Japan and French partner PSA Peugeot Citroën SA said Monday they plan to launch an electric car model in Europe by late 2010 or early 2011 in response to stricter carbon-dioxide emissions regulations.

Mitsubishi Motors will produce the zero-emissions vehicle, which will be based on its small Imiev electric car. The company plans to launch the Imiev in Japan this year, and it is looking at other potential markets for the vehicle in addition to Europe, including the U.S.

A spokesman for Peugeot Citroën said that, if European demand for electric vehicles develops significantly, production of the vehicles could be located closer to the market.

Mitsubishi plans to sell the Imiev in Europe under its own brand, and Peugeot Citroën will market it under the Peugeot nameplate.

Citroën, Peugeot's sister brand, will be showing an all-electric version of its C-Cactus concept car at the Geneva Motor Show this week.

Lithium Energy Japan, a joint venture of GS Yuasa and Mitsubishi Motors' parent company, Mitsubishi Corp., will supply the batteries that will power the vehicles.

Peugeot and Mitsubishi's move comes after French car maker Renault SA said last month that it aims to become the market leader for low-emission internal combustion engines and no-emission electric powertrains. With its Japanese partner, Nissan Motor Co., Renault is developing a range of all-electric powertrains to cover vehicles ranging from city cars to large vans, said the company's senior vice president for powertrain engineering, Jacques Prost.

Renault aims to introduce its first mass-produced all-electric vehicles -- a sedan similar in size to the Renault Megane and a small van -- in 2011. The company reckons that between 10% and 15% of its new vehicles will be all-electric by 2015.

Peugeot Citroën and Mitsubishi Motors already cooperate in making a range of midsize sport-utility vehicles. Last year, they announced plans to start making these vehicles based on Mitsubishi's Outlander in Russia.

The industry still faces a bumpy road to an era of full-blown battery-powered cars. Gasoline prices have come down, potentially damping the public's willingness to embrace alternative-fuel vehicles. Safety has also come into question, as some lithium-ion batteries -- widely believed to be the key to making viable electric cars -- have shown a tendency to overheat and sometimes catch fire.

Big auto makers that have put out eco-friendly vehicles include Toyota Motor Corp. and General Motors Corp. Toyota's Prius hybrid is essentially a gasoline-fueled car with an electric engine that propels the car at low speeds and assists the gasoline engine when accelerating. GM's Chevrolet Volt is an electric car with a small gasoline engine for backup power

 

[Imark]

Toyota cerca finanziamenti pubblici dal governo giapponese, lamentandosi del costo eccessivo dei finanziamenti reperibili sul mercato, raddoppiato in poco tempo.

In realtà probabilmente non vuole restare indietro in una corsa al sostegno statale innescata dalle Big 3 americane, che altrimenti dovrebbero chiudere i battenti, e dalle due francesi ma in corso un po' ovunque. Sempre in Giappone la stessa Mitsubishi avrebbe ricevuto indirettamente sussidi statali (una sorta di cassa integrazione, a quanto si capisce).

Toyota, Facing First Loss in 59 Years, Seeks Loans From Japan


March 3 (Bloomberg) -- Toyota Motor Corp., forecasting its first loss in 59 years, is seeking loans from the Japanese government as private investors demand up to 50 percent more in interest for the company’s debt.
The company’s financial unit may ask for 200 billion yen ($2 billion) in loans, public broadcaster NHK reported today, without citing anyone.

Toyota Financial Services Corp. spokesman Toshiaki Kawai said the unit is in talks with state-owned Japan Bank for International Cooperation, without confirming the amount.

The carmaker expects a net loss of 350 billion yen after vehicle sales in the U.S., traditionally Toyota’s most profitable market, plunged 31 percent last quarter. Incoming President Akio Toyoda is adding to the company’s reserves as the global recession also forces General Motors Corp. and Chrysler LLC to get bailouts from the U.S. government.

“Toyota should take advantage of anything it can to get through this crisis,” said Hitoshi Yamamoto, chief executive officer of Tokyo-based Fortis Asset Management Japan Co., which manages $5.5 billion in Japanese equities. “Money is not flowing in the capital markets.”

Automakers usually raise funds through bonds and loans for their financial companies to offer loans for their customers. The government aid would mostly be used to help offer loans to customers in North America, Toyota Financial’s Kawai said.

Toyota sold 80 billion yen in 10-year bonds priced to yield 2.012 percent last month. That compares with 150 billion yen of 10-year bonds sold in August 2002, priced to yield 1.337 percent.

Laying Up Cash

“Toyota is trying to lay up as much cash as it can to protect itself in a worst case scenario,” said Yasuhiro Matsumoto, a senior analyst at Shinsei Securities Co. in Tokyo. “The government loans, combined with the bond sale, show how much Toyota fears the global financial crisis.”
Japan will use some of its foreign-exchange reserves to lend to the state-owned corporation that gives financing to Japanese companies operating abroad, Japanese Finance Minister Kaoru Yosano said today.

Toyota follows other carmakers seeking government help as sales plunge worldwide. GM has received $13.4 billion in U.S. aid and is seeking more to keep its operations in its home market running through this month. France granted PSA Peugeot Citroen and Renault SA a total of 6 billion euros in five-year loans last month. In the U.K., carmakers are seeking support for their finance units from the Bank of England. Mitsubishi Motors Corp. has gotten subsidies from Japan’s Ministry of Health, Labor and Welfare to help pay wages, as it cuts domestic production.

Slashing Production

Toyota, the maker of the Corolla compact, may slash production 12 percent next fiscal year, it said yesterday. Toyota’s sales in Japan plunged 32 percent last month. In the U.S., sales also dropped 32 percent in January. Worldwide vehicles sales may fall 14 percent to 55 million units in 2009, according to Nissan Chief Executive Carlos Ghosn.

In response, automakers are shutting factories and cutting jobs. Toyota plans to halve the number of contract workers in Japan to 3,000 by March 31. GM last month said it is cutting another 47,000 jobs globally, as it reported a $30.9 billion annual loss. Volkswagen AG, Europe’s largest carmaker, on Feb. 28 said it will cut all 16,500 temporary jobs globally and shuttered five factories in Germany last week.

The Toyota City, Japan-based company has 2.34 trillion yen in loans and bonds maturing this year, according to data compiled by Bloomberg. The company had 2.3 trillion yen in cash reserves as of Dec. 31.

The extra yield over government debt of similar maturity that investors demand to own Toyota’s 1.22 percent bond due 2011 has more than doubled to 56.75 basis points as of yesterday from September according to data compiled by Bloomberg.

Toyota fell 0.3 percent to 3,060 yen, at the close of trading in Tokyo. The shares have risen 5.3 percent this year compared with a 19 percent drop in the benchmark Nikkei 225 Stock Average.

 

[troppidebiti]

cosa mi dite dell' azienda Valeo da poco lo stato francese è entrato in con il 3% nel capitale...a me però la situazione sembra piuttosto fosca questa è quotata nell' etlx

FR0010206334

una cosa che non mi spiego è questa: come è possibile che ha una cedola così irrisoria?

 

[samantaao]

come funzionava? per prendere marito bisognava avere una dote, e magari sfoggiarla per bene?? chissà se funziona ancora:
(sempre che sia una dote)

Fiat presenta nuovo motore "multiair", scettica su ibridi

Reuters - 04/03/2009 15:31:53

GINEVRA, 4 marzo (Reuters) - La controllata Fiat (F.MI) Fiat Powertrain Technologies (Fpt), ha ideato la tecnologia multiair per motori che avranno minori emissioni e consumi, che sarà applicata per la prima volta all'Alfa Romeo MiTo nell'ultimo trimestre del 2009.

Lo ha annunciato l'AD di Fpt, Alfredo Altavilla, aggiungendo che Fiat è scettica sul successo nel breve di motori ibridi.

"Stiamo studiando un motore ibrido, come tutti", ha detto Altavilla, in una conferenza stampa al Salone dell'auto di Ginevra. "Ma non pensiamo che questo sia il futuro dei motori per auto nel breve periodo".

"Innanzitutto per una questione di costi", ha aggiunto. "Soprattutto in un momento dove il prezzo dell'auto è uno degli elementi principali, se non l'elemento principale nella decisione per l'acquisto".

Tra i vantaggi dei nuovi motori il cui sviluppo ha comportato un investimento di 100 milioni di euro: l'aumento della potenza del 10%, la riduzione del consumo di carburante e delle emissioni di Co2 del 10%.

"Il motore multiair sarà disponibile per tutti nostri partner, presenti e futuri", ha spiegato Altavilla a chi chiedeva se facesse parte della tecnologia che il gruppo Fiat intende a fornire al produttore Usa Chrysler, con il quale ha annunciato un'alleanza.