nik.sala
Money Never Sleeps
...sai mark, io penso però che se un bond ha un rischio cosi elevato di default, dimmi tu poerchè prezza 90, cavolo !!!
Obbligazioni societarie Monitor bond Chimica Europa
- Creatore Discussione lorenzo63
- Data di Inizio
...sai mark, io penso però che se un bond ha un rischio cosi elevato di default, dimmi tu poerchè prezza 90, cavolo !!!
Imark
Forumer storico
...sai mark, io penso però che se un bond ha un rischio cosi elevato di default, dimmi tu poerchè prezza 90, cavolo !!!
Ahia !
Mi cadi su queste cose, caro Nick... 
Qual'è il rendimento a scadenza di quel bond, a 90 ? E' quello il dato che conta... E va bene che "alzati e cammina" va di moda negli ultimi tempo, ma non è detto che la moltiplicazione dei pani e dei pesci continui ancora a lungo...
Con gli introiti di quel bond ripagano del credito bancario... sempre se riescono ad emetterlo...
Se le banche fossero così convinte delle chances dell'emittente, che senso avrebbe una tale operazione ?
Temo purtroppo che il tempo sarà galantuomo... però vediamo...
nik.sala
Money Never Sleeps
Ahia !
E va bene che "alzati e cammina" va di moda negli ultimi tempo, ma non è detto che la moltiplicazione dei pani e dei pesci continui ancora a lungo...
Con gli introiti di quel bond ripagano del credito bancario... sempre se riescono ad emetterlo...
Se le banche fossero così convinte delle chances dell'emittente, che senso avrebbe una tale operazione ?
Temo purtroppo che il tempo sarà galantuomo... però vediamo...
...lo so mark, lo so che il rendimento a scadenza è cmq elevato (15%) e che in totale sicurezza dovrebbe prezzare sopra 100, però son domande che mi pongo, tutto qua.
Stiamo alla finestra...
Imark
Forumer storico
Intendiamoci, ti capisco e qualche volta sono tentato pure io... ce ne è una che mi tenta da giorni, però resisto stoicamente...
perché se poi finisce male, non mi va di buttarci dento soldi...
nik.sala
Money Never Sleeps
Intendiamoci, ti capisco e qualche volta sono tentato pure io... ce ne è una che mi tenta da giorni, però resisto stoicamente...
...azz
...getti i lsasso e tiri indietro la mano ???
Tutto IO adesso chiede il nome (e in particolare io !!!)
Imark
Forumer storico
No, non la dico ... non perché voglia avere segreti o esclusive, ma perché poi partono trenini, e se finisce male mi ritrovo qualche forumista sulla coscienza...
anche perché è tutt'altro che sicura...
lorenzo63
Age quod Agis
Clariant
)--Clariant is planning more site closures and job cuts as part of its restructuring programme to address overcapacities and reduce costs, the Switzerland-based specialty chemicals producer said on Thursday.
Some 570 jobs worldwide would be affected and consultation had begun with employee representatives and authorities, Clariant said.
The company's sites at Huningue in France, Pontypridd in the UK and at CIVAC in Cuernavaca, Mexico, along with parts of two plants at sites in Gendorf and Frankfurt, Germany, were nominated for closure.
Additionally, the company said it would evaluate options for its site at Onsan, South Korea.
Clariant CEO Hariolf Kottmann said in March that the company would be seeking further cost and headcount reductions, beyond the 1,350 positions it had cut in January.
The company further announced that 500 jobs would be eliminated in June this year, while 400 more cuts were identified in October.
The company expected to reduce its staff to under 18,000 worldwide by the end of 2009, compared with around 20,000 at the end of 2008.
The proposals follow the company's evaluation of its production network through its 'Global Asset Network Optimization' (GANO) project.
"As we have stated, 2009 and 2010 will be years of restructuring for Clariant. Project GANO is a key component of that process. Once completed, it will significantly improve the efficiency of our production network and increase Clariant's competitiveness," said Kottmann.
Full implementation of the initial Project GANO proposals, including the transfer of production to other parts of the Clariant network, was forecast to be completed between 2011 and 2013.
Restructuring costs would amount to approximately Swiss franc (Swfr) 150m ($147m/€99m), the vast majority of which would be booked in 2009 and 2010, Clariant said.
)--Clariant is planning more site closures and job cuts as part of its restructuring programme to address overcapacities and reduce costs, the Switzerland-based specialty chemicals producer said on Thursday.
Some 570 jobs worldwide would be affected and consultation had begun with employee representatives and authorities, Clariant said.
The company's sites at Huningue in France, Pontypridd in the UK and at CIVAC in Cuernavaca, Mexico, along with parts of two plants at sites in Gendorf and Frankfurt, Germany, were nominated for closure.
Additionally, the company said it would evaluate options for its site at Onsan, South Korea.
Clariant CEO Hariolf Kottmann said in March that the company would be seeking further cost and headcount reductions, beyond the 1,350 positions it had cut in January.
The company further announced that 500 jobs would be eliminated in June this year, while 400 more cuts were identified in October.
The company expected to reduce its staff to under 18,000 worldwide by the end of 2009, compared with around 20,000 at the end of 2008.
The proposals follow the company's evaluation of its production network through its 'Global Asset Network Optimization' (GANO) project.
"As we have stated, 2009 and 2010 will be years of restructuring for Clariant. Project GANO is a key component of that process. Once completed, it will significantly improve the efficiency of our production network and increase Clariant's competitiveness," said Kottmann.
Full implementation of the initial Project GANO proposals, including the transfer of production to other parts of the Clariant network, was forecast to be completed between 2011 and 2013.
Restructuring costs would amount to approximately Swiss franc (Swfr) 150m ($147m/€99m), the vast majority of which would be booked in 2009 and 2010, Clariant said.
lorenzo63
Age quod Agis
Incremento prezzi... acquisti in arrivo..forecast 4Q seems to be ok..
World chemicals output is forecast to fall 1.75% year on year in 2009 with developed economies showing a decline of 6.50% and emerging markets growing by 6%, Oxford Economics said on Friday.
Prospects for the fourth quarter look good, the forecasting group added, with customers buying ahead of possible price increases.
"World output should grow by 7% next year reflecting the strong recovery phase,” it said.
Global chemicals production in the third quarter rose by 2% compared to the previous quarter as basic chemicals continued to lead the recovery after some stockbuilding re-emerged.
Quarter on quarter, output in the developed economies rose by 2.30%. At 3.80%, growth was fastest in the 15 EU countries in western Europe with Germany up by over 8.5% for the second successive quarter.
US output was forecast to decline 5% year on year in 2009 before recovering by 4% in 2010/2012 while Japan’s output was expected to fall by 8.25% this year, before recovering by 7.50% next year due to good performances from basic chemicals on the back of export growth into Asia.
"Chemical prices have stopped falling but on average over the next year will rise more slowly than inflation," Oxford Economics added.
“The much sharper than expected cycle was mainly due to an unprecedented level of de-stocking followed by a sharper upturn once demand edged forward. A rise in oil prices has started to drive chemical prices upwards again especially in basic chemicals,” it said.
......In effetti le quot dei bon chem è un paio di week che sono in salita....
World chemicals output is forecast to fall 1.75% year on year in 2009 with developed economies showing a decline of 6.50% and emerging markets growing by 6%, Oxford Economics said on Friday.
Prospects for the fourth quarter look good, the forecasting group added, with customers buying ahead of possible price increases.
"World output should grow by 7% next year reflecting the strong recovery phase,” it said.
Global chemicals production in the third quarter rose by 2% compared to the previous quarter as basic chemicals continued to lead the recovery after some stockbuilding re-emerged.
Quarter on quarter, output in the developed economies rose by 2.30%. At 3.80%, growth was fastest in the 15 EU countries in western Europe with Germany up by over 8.5% for the second successive quarter.
US output was forecast to decline 5% year on year in 2009 before recovering by 4% in 2010/2012 while Japan’s output was expected to fall by 8.25% this year, before recovering by 7.50% next year due to good performances from basic chemicals on the back of export growth into Asia.
"Chemical prices have stopped falling but on average over the next year will rise more slowly than inflation," Oxford Economics added.
“The much sharper than expected cycle was mainly due to an unprecedented level of de-stocking followed by a sharper upturn once demand edged forward. A rise in oil prices has started to drive chemical prices upwards again especially in basic chemicals,” it said.
......In effetti le quot dei bon chem è un paio di week che sono in salita....
lorenzo63
Age quod Agis
AkzoNobel CEO Plans Investment in China, Other Emerging Markets
While China is the company's second-largest market after the U.S., "for India we see in the next 10 years the same growth potential we saw in China in the past 10 years," he said. "In these countries we see average annual paint consumption growing from one to two liters of paint per head of the population to eight to nine liters per year. On the billion plus population numbers of these countries, that's huge," Mr.Wijers said.
Future growth will be located in China's east coast port of Ningbo, where Akzo intends to build several different production processes, thereby increasing cost effectiveness. The company has so far invested EUR250 million in the site.
In traditional markets, such as Europe and North America, Akzo sees more opportunities for consolidation, and Mr. Wijers wants to play a key role here as well. AkzoNobel announced on Nov. 12 the acquisition of the powder coatings activities of U.S. peer Dow Chemical Co., adding annual sales of several hundred million dollars and 700 people.
But it was the January 2008 acquisition of British paint maker ICI, bought for £8.1 billion, that has really expanded the company's horizons. The purchase brought AkzoNobel leading positions in the decorative paint markets in North and South America and Asia, on top of its prominence in the coatings markets and traditional dominant position in European markets. AkzoNobel became the world's No. 1 paint maker in terms of sales with a market share of 14% to 16%.
As a key part of the ICI-integration, Mr. Wijers is embarking on a major restructuring of the company's European businesses, a result of his interpretation of the current downturn.
He sees the recession as a crisis that will fundamentally change the global economy—in that Europe and North America will be lower growth areas. As a result Akzo is to restructure its decorative-paints businesses in Europe. Whereas previously the company had planned to run separate national subsidiaries, it now intends to run its European paint operations as a single business and reduce its number of brands to two or three from about 80.
Mr. Wijers said Akzo's strategy will revolve around "building a portfolio of superior brands and margins in main markets, reaching a 14% target for earnings before interest, taxes, depreciation and amortization and reducing working capital by 0.5% per year."
The company targets cost savings of EUR540 million in 2011, but in an explanation on the latest third-quarter results, Chief Finance Officer Keith Nichols said the company will definitely exceed this target, since EUR530 million was already reached, mostly from restructuring measures.
Part of the improvement in working capital and cost savings will be reinvested "aggressively" in building AkzoNobel's position in emerging markets, Mr. Wijers said. "The name of the game will be accelerating growth there."
Since his appointment to AkzoNobel in 2003, Mr. Wijers pulled off a complete turnaround of the former conglomerate, which then consisted of pharmaceuticals - with products like birth-control pills and antidepressants - an industrial-chemicals businesses and the paint-and-coatings division.
After selling the pharma businesses to Schering-Plough, Mr. Wijers used the proceeds to acquire ICI to become the world's largest paint maker in sales and market share, with brands like Dulux and the recently relaunched Glidden brand in the U.S.
But Mr. Wijers's interests aren't confined to the fortunes of Akzo; he has trenchant views on both what went wrong with the global economy and how it should be fixed.
"There was a structural imbalance in the global economy, with overconsumption and huge deficits in the U.S. and the U.K. and over-saving and a focus on health care and pensions in China and Germany," he said. "Besides that the financial system had become too complex and lacking in transparency."
On how to remedy the situation, Mr. Wijers said: "You have two options. One is to create a real global financial system with global banks operating under stringent supervision. The other option is to shrink the financial system to local banks for local economies and under local supervision.
"To serve the global economy best, option one has my clear preference.
"To avoid another global financial crisis supervision of the system, including currencies, should be very strict, under the lead of IMF and supported and watched by G-20 world leaders, the presidents of the Federal Reserve bank, the European Central Bank and other important central banks, from Japan for instance."
Mr. Wijers' vision is entirely at odds with that of the current Dutch Minister of Finance Wouter Bos and Dutch Central Bank President Nout Wellink, who want to limit the Netherlands' exposure to global financial risk by shrinking former banking giants like ING and ABN Amro to midsize banks, mainly sized for the Dutch market and its corporations.
This vision is supported and executed by European Competition Commissioner Neelie Kroes, who has forced state-supported or state-owned European banks like ING, ABN Amro, KBC, RBS and Lloyds to shrink, split up and sell important parts of their businesses.
But such a procedure is diametrically opposed to the needs of companies that operate on a global scale such as AkzoNobel, Mr. Wijers said. In the current environment the role of the remaining global banks, mainly from the U.S., has become even more important. "Let's not remove globalization," he said.
While China is the company's second-largest market after the U.S., "for India we see in the next 10 years the same growth potential we saw in China in the past 10 years," he said. "In these countries we see average annual paint consumption growing from one to two liters of paint per head of the population to eight to nine liters per year. On the billion plus population numbers of these countries, that's huge," Mr.Wijers said.
Future growth will be located in China's east coast port of Ningbo, where Akzo intends to build several different production processes, thereby increasing cost effectiveness. The company has so far invested EUR250 million in the site.
In traditional markets, such as Europe and North America, Akzo sees more opportunities for consolidation, and Mr. Wijers wants to play a key role here as well. AkzoNobel announced on Nov. 12 the acquisition of the powder coatings activities of U.S. peer Dow Chemical Co., adding annual sales of several hundred million dollars and 700 people.
But it was the January 2008 acquisition of British paint maker ICI, bought for £8.1 billion, that has really expanded the company's horizons. The purchase brought AkzoNobel leading positions in the decorative paint markets in North and South America and Asia, on top of its prominence in the coatings markets and traditional dominant position in European markets. AkzoNobel became the world's No. 1 paint maker in terms of sales with a market share of 14% to 16%.
As a key part of the ICI-integration, Mr. Wijers is embarking on a major restructuring of the company's European businesses, a result of his interpretation of the current downturn.
He sees the recession as a crisis that will fundamentally change the global economy—in that Europe and North America will be lower growth areas. As a result Akzo is to restructure its decorative-paints businesses in Europe. Whereas previously the company had planned to run separate national subsidiaries, it now intends to run its European paint operations as a single business and reduce its number of brands to two or three from about 80.
Mr. Wijers said Akzo's strategy will revolve around "building a portfolio of superior brands and margins in main markets, reaching a 14% target for earnings before interest, taxes, depreciation and amortization and reducing working capital by 0.5% per year."
The company targets cost savings of EUR540 million in 2011, but in an explanation on the latest third-quarter results, Chief Finance Officer Keith Nichols said the company will definitely exceed this target, since EUR530 million was already reached, mostly from restructuring measures.
Part of the improvement in working capital and cost savings will be reinvested "aggressively" in building AkzoNobel's position in emerging markets, Mr. Wijers said. "The name of the game will be accelerating growth there."
Since his appointment to AkzoNobel in 2003, Mr. Wijers pulled off a complete turnaround of the former conglomerate, which then consisted of pharmaceuticals - with products like birth-control pills and antidepressants - an industrial-chemicals businesses and the paint-and-coatings division.
After selling the pharma businesses to Schering-Plough, Mr. Wijers used the proceeds to acquire ICI to become the world's largest paint maker in sales and market share, with brands like Dulux and the recently relaunched Glidden brand in the U.S.
But Mr. Wijers's interests aren't confined to the fortunes of Akzo; he has trenchant views on both what went wrong with the global economy and how it should be fixed.
"There was a structural imbalance in the global economy, with overconsumption and huge deficits in the U.S. and the U.K. and over-saving and a focus on health care and pensions in China and Germany," he said. "Besides that the financial system had become too complex and lacking in transparency."
On how to remedy the situation, Mr. Wijers said: "You have two options. One is to create a real global financial system with global banks operating under stringent supervision. The other option is to shrink the financial system to local banks for local economies and under local supervision.
"To serve the global economy best, option one has my clear preference.
"To avoid another global financial crisis supervision of the system, including currencies, should be very strict, under the lead of IMF and supported and watched by G-20 world leaders, the presidents of the Federal Reserve bank, the European Central Bank and other important central banks, from Japan for instance."
Mr. Wijers' vision is entirely at odds with that of the current Dutch Minister of Finance Wouter Bos and Dutch Central Bank President Nout Wellink, who want to limit the Netherlands' exposure to global financial risk by shrinking former banking giants like ING and ABN Amro to midsize banks, mainly sized for the Dutch market and its corporations.
This vision is supported and executed by European Competition Commissioner Neelie Kroes, who has forced state-supported or state-owned European banks like ING, ABN Amro, KBC, RBS and Lloyds to shrink, split up and sell important parts of their businesses.
But such a procedure is diametrically opposed to the needs of companies that operate on a global scale such as AkzoNobel, Mr. Wijers said. In the current environment the role of the remaining global banks, mainly from the U.S., has become even more important. "Let's not remove globalization," he said.
lorenzo63
Age quod Agis
PRESS RELEASE: Linde Launches Eurodollar-Bond
Munich, 4 November 2009 - Today, Linde Finance B.V., guaranteed by
Linde Aktiengesellschaft, issued a 5-year USD 400 million
Eurodollar-bond. Proceeds will be used to refinance existing USD
liabilities of Linde and to further improve its maturity profile. The
bond, which is due 13 November 2014, pays a coupon of 3.625 percent.
With this well received debut transaction on the Eurodollar-market
Linde continues its successful funding strategy of utilising a broad
range of funding sources and instruments. "With our global business
set-up we own a significant asset base in USD", said Georg Denoke,
CFO of Linde AG. "We are taking opportunity of the attractive
conditions in the Eurodollar-market to diversify our financing
structure accordingly."
Joint Bookrunners were HSBC and Morgan Stanley. Linde is rated Baa1
(stable) by Moody's and BBB+ (positive) by S&P. The transaction has
been launched under Linde's Debt Issuance Programme. The bond has the
following ISIN XS 0465484938 and will be listed on the Luxembourg
Stock Exchange.
Munich, 4 November 2009 - Today, Linde Finance B.V., guaranteed by
Linde Aktiengesellschaft, issued a 5-year USD 400 million
Eurodollar-bond. Proceeds will be used to refinance existing USD
liabilities of Linde and to further improve its maturity profile. The
bond, which is due 13 November 2014, pays a coupon of 3.625 percent.
With this well received debut transaction on the Eurodollar-market
Linde continues its successful funding strategy of utilising a broad
range of funding sources and instruments. "With our global business
set-up we own a significant asset base in USD", said Georg Denoke,
CFO of Linde AG. "We are taking opportunity of the attractive
conditions in the Eurodollar-market to diversify our financing
structure accordingly."
Joint Bookrunners were HSBC and Morgan Stanley. Linde is rated Baa1
(stable) by Moody's and BBB+ (positive) by S&P. The transaction has
been launched under Linde's Debt Issuance Programme. The bond has the
following ISIN XS 0465484938 and will be listed on the Luxembourg
Stock Exchange.
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