Obbligazioni societarie Monitor bond Chimica Europa

[Imark]

Ciao Mark,
potresti ricontrollare?
Io ho interpretato in modo diverso : quelle citate sono le condizioni in cui Linde e' obbligata a pagare gli Arrears of interest , ovvero gli interessi non pagati (pag. 63 capitolo 3 - Any interest not paid due to such an
election by the Issuer shall constitute Arrears of Interest.)
In pratica io interpreto che non c'e' obbligo di pagare gli interessi , invece gli eventuali interessi arretrati vanno obbligatoriamente pagati al verificarsi delle condizioni citate.
Lo so che sembra strano pero' questo ho capito

Ho rivisto, ma la sostanza mi pare proprio sia quella...

Il principio è la facoltatività, però poi sei costretto a pagare la cedola della quale avessi decretato la sospensione (e che diventa perciò Arrears of Interest) se Linde AG paga il dividendo ed a quella data... non ho controllato la data di maturazione di ciascuna cedola mettendola a confronto con quella in cui si tiene l'assemblea degli azionisti di Linde AG che delibera il pagamento degli interessi, ma sono certo che, finché il dividendo è pagato, è estremamente improbabile che si sospenda la cedola per qualche mese ...


"The Issuer will be obliged to pay outstanding Arrears of Interest (in whole but not in part) on the earlier of (each such date an Arrears of Interest Payment Date):

​

​

(i) the date on which the Guarantor has paid or made a dividend or
other distribution on, or in respect of any class of shares;"​

​

 

[Imark]

Ho rivisto, ma la sostanza mi pare proprio sia quella...

Il principio è la facoltatività, però poi sei costretto a pagare la cedola della quale avessi decretato la sospensione (e che diventa perciò Arrears of Interest) se Linde AG paga il dividendo ed a quella data... non ho controllato la data di maturazione di ciascuna cedola mettendola a confronto con quella in cui si tiene l'assemblea degli azionisti di Linde AG che delibera il pagamento degli interessi, ma sono certo che, finché il dividendo è pagato, è estremamente improbabile che si sospenda la cedola per qualche mese ...


"The Issuer will be obliged to pay outstanding Arrears of Interest (in whole but not in part) on the earlier of (each such date an Arrears of Interest Payment Date):

(i) the date on which the Guarantor has paid or made a dividend or

other distribution on, or in respect of any class of shares;"​

Ho verificato che la cedola viene in pagamento 1,5-2 mesi dopo l'assemblea degli azionisti, anche se si sa con largo anticipo, già alla presentazione dei conti di fine anno e spesso anche prima, se verrà proposta e deliberata la corresponsione di un dividendo ... ammesso che per un anno Linde possa deliberare il pagamento di un dividendo e posporre la cedola (già un sarebbe un comportamento singolare, in quanto premieresti gli azionisti a scapito dei tuoi creditori), l'anno dopo se paghi il dividendo devi pagare anche la cedola arretrata...

 

[solenoide]

Ho verificato che la cedola viene in pagamento 1,5-2 mesi dopo l'assemblea degli azionisti, anche se si sa con largo anticipo, già alla presentazione dei conti di fine anno e spesso anche prima, se verrà proposta e deliberata la corresponsione di un dividendo ... ammesso che per un anno Linde possa deliberare il pagamento di un dividendo e posporre la cedola (già un sarebbe un comportamento singolare, in quanto premieresti gli azionisti a scapito dei tuoi creditori), l'anno dopo se paghi il dividendo devi pagare anche la cedola arretrata...

Ciao ,
questa e' la situazione che ho immaginato , capisco che non avverra' mai che l'emittente paghi un dividendo azionario e non la cedola di un bond ma in linea teorica l'emittente si e' riservato questa possibilita'.
Del resto anche tutti gli RBS di cui ho letto il prospetto dichiarano subito che il board of directors ha sempre e comunque la piena facolta' di decidere se pagare o meno le cedole dei perpetual ( e' proprio grazie a questa clausola "vessatoria" che almeno gli RBS li ho schivati)

 

[Imark]

Ciao ,
questa e' la situazione che ho immaginato , capisco che non avverra' mai che l'emittente paghi un dividendo azionario e non la cedola di un bond ma in linea teorica l'emittente si e' riservato questa possibilita'.
Del resto anche tutti gli RBS di cui ho letto il prospetto dichiarano subito che il board of directors ha sempre e comunque la piena facolta' di decidere se pagare o meno le cedole dei perpetual ( e' proprio grazie a questa clausola "vessatoria" che almeno gli RBS li ho schivati)

Ciao Fabio, credo che in caso di chiusura di esercizio con utile minimo o in leggera perdita, la scelta sarebbe di non pagare dividendo e semmai l'opzione sarebbe fra decidere di pagare cmq la cedola (se del caso, attingendo a riserve) oppure posporla...

Difficile pensare che se c'è un risultato di esercizio che consente una partecipazione degli azionisti ad un utile di impresa, si scelga invece di posporre il pagamento al possessore di titoli dei quali si prevede espressamente un senior ranking rispetto all'equity... però è vero che teoricamente il comportamento sarebbe praticabile una volta... dall'anno dopo però non più...

 

[lorenzo63]

DSM conserva il rating secondo Std & Poors

Royal DSM N.V., the global Life Sciences and Materials Sciences
company headquartered in the Netherlands, announces today that credit
rating agencies Standard & Poor's and Moody's have confirmed their
credit ratings for the company.
DSM aims to maintain a single A long-term credit rating for senior
unsecured debt. Standard & Poor's has confirmed its 'A-' long-term
and 'A-2' short term credit rating for DSM with a stable outlook.
Moody's has confirmed its 'A3' long term and 'P-2' short term rating
for the company, also with a stable outlook.
"We are very pleased with the confirmation of our credit rating by
both agencies. This underlines our solid financial position. This
will ensure that we will be able to pursue our strategy even during
this period of economic downturn, when creditworthiness is more
important than ever", Rolf-Dieter Schwalb, member of the DSM Managing
Board and Chief Financial Officer said.
In DSM's financial policy, the company aims for a net debt which is
between 30 and 40% of equity plus net debt in normal times (currently
the objective is to stay below 30%) and an operating profit before
amortization and depreciation (EBITDA) which is at least 8.5 times
the balance of financial income and expense.
DSM - the Life Sciences and Materials Sciences Company
Royal DSM N.V. creates innovative products and services in Life
Sciences and Materials Sciences that contribute to the quality of
life. DSM's products and services are used globally in a wide range
of markets and applications, supporting a healthier, more sustainable
and more enjoyable way of life. End markets include human and animal
nutrition and health, personal care, pharmaceuticals, automotive,
coatings and paint, electrical and electronics, life protection and
housing. DSM has annual net sales of EUR 9.3 billion and employs some
23,500 people worldwide. The company is headquartered in the
Netherlands, with locations on five continents. DSM is listed on
Euronext Amsterdam. More information: www.dsm.com

 

[lorenzo63]

Akzo

Akzo Loss Widens on Write-Downs Article
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By ROBERTA B. COWAN
AMSTERDAM -- Coatings and chemicals company AkzoNobel NV reported a sharply wider fourth-quarter net loss, hammered by write-downs related to the acquisition of a U.K. company.

"Our fourth quarter results reflect the impact of the economic climate in many of our businesses," Chief Executive Hans Wijers said. "The fact that we have implemented a significant level of restructuring is a clear indicator that action is being taken across the company to mitigate the effects of the current global crisis.

For the quarter ended Dec. 31, the world's biggest paint maker by sales Tuesday posted a net loss of €1.52 billion ($1.93 billion), compared with a net loss of €56 million a year earlier. AkzoNobel, which markets brands such as Dulux, Devoe, and Glidden, booked a €1.2 billion impairment charge on the acquisition of Imperial Chemical Industries PLC, a deal that closed in 2008.

"This non-cash adjustment relates to the Decorative Paints businesses and the re-classification of National Starch, which was originally recorded in our books as an asset held for sale," Finance Chief Keith Nichols said.

A €205 million charge related to restructuring announced in September also hurt the bottom line, as revenue dropped 2.7%, to €3.56 billion from €3.66 billion.

At AkzoNobel's decorative-paints unit, volumes fell by 10% in the quarter. The specialty-chemicals business reported an 11% drop in volumes, hit by a sharp decline in sulfur prices

 

[lorenzo63]

Basf

Incremento della velocità di ristrutturazione, chiusura di plant, impegno a mantenere il dividendo aumentare l' efficienza, in sintesi il piano di battaglia di Basf per affrontare una dinuizione della domanda peggiore delle previsioni.



FRANKFURT -- Chemicals maker BASF SE Thursday said it swung to a fourth-quarter net loss on a worse-than-expected demand slump in key markets, plans to close plants and speed up restructuring but pledged to maintain its dividend.

For 2009, the company said it expects a further drop in sales and "an even greater decline" in profit from operations, saying demand for chemical products continues to slide.

As a result, BASF said it would accelerate restructuring and efficiency programs. It also said it will close its less profitable plants, including coatings sites in the U.S., Asia and Europe, eliminating at least 1,500 jobs world-wide this year.

Net loss for the quarter was €313 million ($397.9 million), compared with a net profit of €793 million for the same period a year earlier. Analysts had expected a net loss of €5.4 million.

The world's largest chemicals company said sales fell to €14.31 billion from €14.7 billion during the year earlier period. Analysts had forecast sales of €13.33 billion.

"The situation in our sales markets is worsening, and inventory levels in the value chains are still too high," BASF Chief Executive Officer Juergen Hambrecht said in a statement. "As a result, the chemical industry is continuing to shrink."

Still, the company proposed an unchanged dividend of €1.95 for 2008.

Earnings before interest and taxes, or EBIT, before special items was €526 million compared with €1.76 billion a year earlier. That fell short of analysts' estimates of €560 million.

The biggest decline was seen in the plastics division, where sales fell 24% during the quarter while chemicals sales were off by 7.6%. The only sector to increase sales was oil and gas, which grew 40%.

"The chemicals business was clearly disappointing, and the EBIT was saved by the solid gas and oil business," Sal. Oppenheim analyst Christian Faitz said.

Commerzbank analyst Stephan Kippe said in a note that management's comments about 2009 were in line with previous remarks and that the stable dividend should have a positive effect on market sentiment, despite the wider-than-expected quarterly loss.

Early in Frankfurt, shares were trading up 4.6% at €22.03.

BASF's peers have also been hit hard by the demand slump. On Wednesday, French chemicals specialist Rhodia SA said it is withholding its 2008 dividend after swinging to a net loss of €28 million during the fourth quarter on falling demand in its end markets.

German chemical association VCI last week cut its outlook for 2009, saying chemical production excluding pharmaceuticals will decline between 5% and 6%, compared with a previous forecast of a 2.5% decline. Member companies noted orders from key auto and construction customers shrank or were canceled at a faster-than-expected rate during the quarter, VCI said, and hadn't improved so far this year.

 

[lorenzo63]

Rohm &Haas

Rohm Results May Strengthen Hand on Dow Deal
Cost Reductions Helped Specialty-Chemicals Maker Fare Better Than Many Peers During the Fourth Quarter

Specialty-chemicals maker Rohm & Haas Co. reported better-than-expected results for the fourth quarter, perhaps strengthening its hand in its effort to get Dow Chemical Co. to complete their planned merger.

Though the global recession sapped demand for its products, the Philadelphia-based maker of electronic components and paints fared better than many of its chemical-industry peers because of cost-cutting measures and expanding sales from a unit that makes the salt used to clear icy roads and sidewalks.

"What these results show is that Rohm & Haas has a little bit more resiliency than other companies," Longbow Research analyst Dmitry Silversteyn said.

Rohm posted net income of $32 million, or 17 cents a share, down from $180 million, or 91 cents a share, in 2007's fourth quarter. But excluding a restructuring charge, costs for the proposed Dow merger and other items, Rohm said earnings came to 69 cents a share, beating analysts' expectations by two cents.

Even with the profit decline, the company's performance was better than the $1.55 billion fourth-quarter loss Dow reported last week, which could add pressure on the Midland, Mich., chemical giant to proceed with the merger.

Rohm and Dow have been locked in a bitter court battle since Dow missed the January deadline to close the $15.3 billion acquisition, which was supposed to help move Dow away from its traditional reliance on commodity chemicals.

Rohm investors and executives stand to gain a substantial premium by completing the sale, which Dow negotiated last summer. The contract calls for Dow to pay $78 a share, which would give the Rohm's largest shareholder, the Haas family, about $5 billion.

If he leaves the company and sells his stock after the merger, Raj Gupta, Rohm's chief executive and chairman, would get more than $100 million, according to calculations by Equilar Inc., a compensation research company.

Rohm shares were little changed, off 11 cents at $56.39 each, in 4 p.m. trading on the New York Stock Exchange Monday.

Dow has argued that dismal business conditions in the chemical sector and the collapse of a joint venture with Kuwait that would have generated $9 billion have made it virtually impossible to complete the deal any time soon. The merged company, Dow has said, would quickly default on loans.

But on Sunday, Rohm countered that Dow has the "resources and flexibility" to close the deal and said the companies' financial advisers should meet.

In a letter to Dow's board of directors, Rohm also repeated its claim that Dow improperly tried to influence regulators in an effort to delay the deal, but didn't provide any new specifics, and a spokeswoman refused to do so.

On Monday Dow reiterated that it acted properly, adding that it continues to look at all options to close the deal.

A hearing is scheduled for Wednesday in the case, which is scheduled to go to trial March 9.

 

[lorenzo63]

Basf: Situazione ordinativi clienti

I clienti Basf ordinano con consegne a breve ed in piccoli quantitativi (copmmento: nn è solo per Basf; è vero per tutti i settori; si tende a nn fare stock)
Basf nn intevede cambiamenti nel breve.

FRANKFURT (Dow Jones)--Chemicals maker BASF SE (BAS.XE) said Thursday that its customers are ordering for the short-term and in smaller amounts due to the economic downturn.

BASF doesn't yet see a change in the trend, officials said during a press conference

 

[lorenzo63]

25/2 Rhodia CEO: No Need For Capital Increase, Extra Debt

PARIS (Dow Jones)--French specialty chemicals group Rhodia SA (RHA.FR) doesn't need to raise fresh capital or take on extra debt, Chief Executive Jean Pierre Clamadieu said Wednesday.

Clamadieu told a press conference the group doesn't foresee any cash need which would demand a capital increase.