Obbligazioni societarie Monitor bond Chimica Europa
- Creatore Discussione lorenzo63
- Data di Inizio
lorenzo63
Age quod Agis
Aggiornamento 12-02-2010
Il file x chi volesse disporne:
Vedi l'allegato Chemical_Bonds_rev_Ste_25122009.xls
Il file x chi volesse disporne:
Vedi l'allegato Chemical_Bonds_rev_Ste_25122009.xls
lorenzo63
Age quod Agis
A Yara i fertilizzanti di Terra
Come già prlato nel 3d, è in corso, stante le massiccie acquisizioni di terreno fertile nel mondo da parte di fondi, emiri, etcetc- una concentraione da parte dei fornitori di fertilizzanti, l' ultima della serie è Yara (<norvegia<):
La norvegese Yara International, già numero
uno dei fertilizzanti minerali, rafforza
la leadership con l’acquisizione
dell’americana Terra Industries, deal
da 4,1 miliardi di dollari (tre miliardi di
euro) interamente in contanti. La cosa
curiosa è che Terra è stata per oltre un
anno nel mirino della connazionale Cf
Industries (a sua volta oggetto di Opa
ostile da parte della canadese Agrium),
i cui ripetuti rilanci sono stati respinti
dal board della preda. Cf è arrivata a offrire
4,58 miliardi di dollari (dai 2,1 della
proposta originaria), ma con una rilevante
componente in azioni proprie.
Per Yara, che di recente ha ceduto la
partecipazione del 15,5% nella brasiliana
Fosfertil al big minerario Vale, l’acquisizione
di Terra rappresenta il ponte
di lancio per le sue attività oltre Atlantico.
L’azienda che nascerà dall’operazione
(da finanziarsi anche attraverso
un’emissione azionaria da circa 1,5 miliardi
di euro) sarà infatti leader anche
in Nordamerica, con una quota superiore
al 30% del mercato. «Yara e Terra si
combinano a perfezione - ha dichiarato
il chief executive norvegese Jørgen Ole
Haslestad - vista la solida presenza di
entrambe in ammoniaca e nitrati e la
complementarità geografica». L’operazione
è già stata approvata dai principali
azionisti di Yara (tra cui il governo di
Oslo che ne controlla il 36,21%).
Come già prlato nel 3d, è in corso, stante le massiccie acquisizioni di terreno fertile nel mondo da parte di fondi, emiri, etcetc- una concentraione da parte dei fornitori di fertilizzanti, l' ultima della serie è Yara (<norvegia<):
La norvegese Yara International, già numero
uno dei fertilizzanti minerali, rafforza
la leadership con l’acquisizione
dell’americana Terra Industries, deal
da 4,1 miliardi di dollari (tre miliardi di
euro) interamente in contanti. La cosa
curiosa è che Terra è stata per oltre un
anno nel mirino della connazionale Cf
Industries (a sua volta oggetto di Opa
ostile da parte della canadese Agrium),
i cui ripetuti rilanci sono stati respinti
dal board della preda. Cf è arrivata a offrire
4,58 miliardi di dollari (dai 2,1 della
proposta originaria), ma con una rilevante
componente in azioni proprie.
Per Yara, che di recente ha ceduto la
partecipazione del 15,5% nella brasiliana
Fosfertil al big minerario Vale, l’acquisizione
di Terra rappresenta il ponte
di lancio per le sue attività oltre Atlantico.
L’azienda che nascerà dall’operazione
(da finanziarsi anche attraverso
un’emissione azionaria da circa 1,5 miliardi
di euro) sarà infatti leader anche
in Nordamerica, con una quota superiore
al 30% del mercato. «Yara e Terra si
combinano a perfezione - ha dichiarato
il chief executive norvegese Jørgen Ole
Haslestad - vista la solida presenza di
entrambe in ammoniaca e nitrati e la
complementarità geografica». L’operazione
è già stata approvata dai principali
azionisti di Yara (tra cui il governo di
Oslo che ne controlla il 36,21%).
lorenzo63
Age quod Agis
Clariant reports 18% fall in sales for 2009
Swiss headquartered chemicals group Clariant reported full year sales of CHF6.61bn (€4.13bn) for 2009, down by 18% on the 2008 figure of CHF8.07bn (€5.50bn).
The company says the results were impacted hardest in the first quarter of the year, when demand declines led to significant capity underutilisation and depressed margins.
However, improving demand as the year progressed together with capacity adjustments enabled the company to hold grow margins at 28,2%, only slightly below the 2008 figure of 28.7%.
“During the year we have successfully focused on generating cash, decreasing costs and reducing complexity,” said CEO Hariolf Kottmann. “In an economic environment that is still challenging we will continue to focus on our restructuring efforts.”
In 2009, the company reduced its sales, general and administration costs from CHF1.64bn to CHF1.47bn (€1.12bn to €1.00bn). It also closed some sites and reduced headcount from 20,102 to 17,536, incurring restructuring and impairment charges of CHF298m (€203m).
Sales of CHF1.71bn (€1.17bn) for the final quarter of 2009 were only slightly below the CHF1.74 (€1.19bn) of the equivalent period in 2008, largely drive by strong demand in Asia. However, Clariant said all other regions “remained at the depressed levels of the previous-year period.”
In a statement, the company said looking ahead to 2010 it does not expect a sustainable recovery in the global economic performance and this will mean sales growth will likely be in the low single digit range.
“Asia – in particular China – and Latin America will continue to provide positive impulses for the world economy, although it is unlikely that these impulses will be strong enough to significantly mitigate a flat or even negative development in Europe and the United States,” the company said
Swiss headquartered chemicals group Clariant reported full year sales of CHF6.61bn (€4.13bn) for 2009, down by 18% on the 2008 figure of CHF8.07bn (€5.50bn).
The company says the results were impacted hardest in the first quarter of the year, when demand declines led to significant capity underutilisation and depressed margins.
However, improving demand as the year progressed together with capacity adjustments enabled the company to hold grow margins at 28,2%, only slightly below the 2008 figure of 28.7%.
“During the year we have successfully focused on generating cash, decreasing costs and reducing complexity,” said CEO Hariolf Kottmann. “In an economic environment that is still challenging we will continue to focus on our restructuring efforts.”
In 2009, the company reduced its sales, general and administration costs from CHF1.64bn to CHF1.47bn (€1.12bn to €1.00bn). It also closed some sites and reduced headcount from 20,102 to 17,536, incurring restructuring and impairment charges of CHF298m (€203m).
Sales of CHF1.71bn (€1.17bn) for the final quarter of 2009 were only slightly below the CHF1.74 (€1.19bn) of the equivalent period in 2008, largely drive by strong demand in Asia. However, Clariant said all other regions “remained at the depressed levels of the previous-year period.”
In a statement, the company said looking ahead to 2010 it does not expect a sustainable recovery in the global economic performance and this will mean sales growth will likely be in the low single digit range.
“Asia – in particular China – and Latin America will continue to provide positive impulses for the world economy, although it is unlikely that these impulses will be strong enough to significantly mitigate a flat or even negative development in Europe and the United States,” the company said
lorenzo63
Age quod Agis
Fitch Expects W. European Chemicals to Face Input Cost Pressure in 2010
Fitch Expects W. European Chemicals to Face Input Cost Pressure in 2010; Markets Seen Improving
Fitch Ratings-London/Milan/Frankfurt-17 February 2010: As part of its recent EMEA Basic Materials investor seminars, Fitch's Industrials group canvassed investor opinion on key chemical sector issues for 2010. Questions focussed on the impact of increasing cost pressure on Western European issuers' credit profiles, competitive pressures from new low-cost petrochemicals and polymers capacity in the Middle East and the prospects for debt issuances in the sector.
Below follows a summary of key discussion points.
Against a backdrop of rising cost pressures (notably oil, and higher feedstock costs), Fitch expects that, in line with the trends observed in H209, market conditions will continue improving in 2010, albeit modestly and from severely depressed levels. Most Western European issuers in the agency's rating universe derive at least two-thirds of their revenues from Western Europe and North America where Fitch expects lacklustre growth in chemicals demand this year. The predicted fragile demand recovery, comparatively higher capacity utilisation rates, and the benefit of ongoing cost saving programmes implemented throughout the industry should combine to offset the negative impact of the higher input costs on profitability in 2010. While Fitch expects financial metrics across its Western European rated issuers to remain weak, the headroom under the ratings is likely to increase in 2010 on the back of comparatively stronger operating results and cash flow generation.
Crude oil WTI average prices have gradually rallied from USD34 per barrel (bbl) in February 2009 to USD74/bbl to date and Fitch's price deck for 2010 is USD70/bbl. Producers' ability to pass through higher feedstock costs is a function of the 'value-added' content of their production and of market supply-demand balance. The latter weighs more materially on commodity chemical producers' pricing power and the agency views rising input costs as a potential challenge at levels of the value chain where overcapacity exists and where growth is expected to remain subdued. Fitch notes that Western European issuers in its rating universe generally benefit from diversified portfolio mixes which limits the impact of weak product-specific market fundamentals.
The threat of new low-cost capacity building up in the Middle East remains a key risk for European petrochemical and polymer producers. The new large-scale projects commissioned in 2008 and 2009 have not yet materially affected market dynamics in Europe due to technical delays and a surge in demand for polymers from China (imports up 50% year-on-year in 2009). However, Fitch believes that European players remain particularly vulnerable to the new supply due to the competitive disadvantage of naphta-based feedstock and the relative geographical proximity of the Middle East to European markets. While the new capacity is not sufficient to replace European production, the agency expects further margin pressure and permanent capacity adjustments in Europe, reflecting producers weakening cost positions.
In terms of debt capital market activity, all companies in Fitch's Western European chemicals investment-grade universe issued bonds during 2009 and aggregate issuances amounted to EUR7.4bn with BASF AG ('A+'/ 'F1'/Negative) accounting for EUR4.4bn of the total. Issuance levels were generally above and beyond individual refinancing needs and allowed companies to extended debt maturity profiles. Liquidity is strong across the sector and supported by availability under unused committed bank facilities with no foreseen access restrictions. Sub-investment grade issuers Rhodia ('BB-'/Negative) and Cognis ('B'/Negative) have no near-term maturities and will not face bullet repayments until 2012. In conclusion, with little scope under existing ratings for debt-funded M&A activity and Fitch's expectation that the cautious approach to capex spending and shareholders' distributions will be maintained, funding needs should be limited and the agency does not foresee high levels of debt issuances in 2010.
Fitch Expects W. European Chemicals to Face Input Cost Pressure in 2010; Markets Seen Improving
Fitch Ratings-London/Milan/Frankfurt-17 February 2010: As part of its recent EMEA Basic Materials investor seminars, Fitch's Industrials group canvassed investor opinion on key chemical sector issues for 2010. Questions focussed on the impact of increasing cost pressure on Western European issuers' credit profiles, competitive pressures from new low-cost petrochemicals and polymers capacity in the Middle East and the prospects for debt issuances in the sector.
Below follows a summary of key discussion points.
Against a backdrop of rising cost pressures (notably oil, and higher feedstock costs), Fitch expects that, in line with the trends observed in H209, market conditions will continue improving in 2010, albeit modestly and from severely depressed levels. Most Western European issuers in the agency's rating universe derive at least two-thirds of their revenues from Western Europe and North America where Fitch expects lacklustre growth in chemicals demand this year. The predicted fragile demand recovery, comparatively higher capacity utilisation rates, and the benefit of ongoing cost saving programmes implemented throughout the industry should combine to offset the negative impact of the higher input costs on profitability in 2010. While Fitch expects financial metrics across its Western European rated issuers to remain weak, the headroom under the ratings is likely to increase in 2010 on the back of comparatively stronger operating results and cash flow generation.
Crude oil WTI average prices have gradually rallied from USD34 per barrel (bbl) in February 2009 to USD74/bbl to date and Fitch's price deck for 2010 is USD70/bbl. Producers' ability to pass through higher feedstock costs is a function of the 'value-added' content of their production and of market supply-demand balance. The latter weighs more materially on commodity chemical producers' pricing power and the agency views rising input costs as a potential challenge at levels of the value chain where overcapacity exists and where growth is expected to remain subdued. Fitch notes that Western European issuers in its rating universe generally benefit from diversified portfolio mixes which limits the impact of weak product-specific market fundamentals.
The threat of new low-cost capacity building up in the Middle East remains a key risk for European petrochemical and polymer producers. The new large-scale projects commissioned in 2008 and 2009 have not yet materially affected market dynamics in Europe due to technical delays and a surge in demand for polymers from China (imports up 50% year-on-year in 2009). However, Fitch believes that European players remain particularly vulnerable to the new supply due to the competitive disadvantage of naphta-based feedstock and the relative geographical proximity of the Middle East to European markets. While the new capacity is not sufficient to replace European production, the agency expects further margin pressure and permanent capacity adjustments in Europe, reflecting producers weakening cost positions.
In terms of debt capital market activity, all companies in Fitch's Western European chemicals investment-grade universe issued bonds during 2009 and aggregate issuances amounted to EUR7.4bn with BASF AG ('A+'/ 'F1'/Negative) accounting for EUR4.4bn of the total. Issuance levels were generally above and beyond individual refinancing needs and allowed companies to extended debt maturity profiles. Liquidity is strong across the sector and supported by availability under unused committed bank facilities with no foreseen access restrictions. Sub-investment grade issuers Rhodia ('BB-'/Negative) and Cognis ('B'/Negative) have no near-term maturities and will not face bullet repayments until 2012. In conclusion, with little scope under existing ratings for debt-funded M&A activity and Fitch's expectation that the cautious approach to capex spending and shareholders' distributions will be maintained, funding needs should be limited and the agency does not foresee high levels of debt issuances in 2010.
Imark
Forumer storico
Oggi tracollo della Ineos a quota 55 e con volumi ... apparentemente senza notizie... emesso il bond, ripagate pro quota le banche, gabbato lo santo...
In due giorni ha ripreso il 10%, poi si è fermata attorno a quota 61... preda dei traders...
Imark
Forumer storico
Intanto Yara passa per S&P a creditwatch negative, rispetto al rating BBB che detiene per l'agenzia. Sebbene l'acquisto di terra dovrebbe essere finanziato in equity per il 50%, l'incremento del debito e la rischiosità esecutiva connessa all'integrazione delle attività di Terra nelle proprie, nonché l'accresciuta esposizione ad un segmento della produzione di fertilizzanti particolarmente volatile nei prezzi porta l'agenzia a valutare come possibile la riduzione del rating ai limiti dell'IG a meno che Yara non abbia un piano credibile per ricondurre la propria metrica finanziaria entro gli standard del rating attuale al più tardi ad inizio 2011, nel qual caso si valuterà la possibilità di un abbassamento del solo outlook.
Yara Ratings Placed On CreditWatch With Negative Implications Following Terra Acquisition Announcement
-- Norway-based fertilizer distributor and producer Yara International
has announced that it plans to acquire nitrogen producer Terra Industries.
-- Following the partially debt-financed acquisition, we believe Yara's
credit metrics could remain below the level that we consider commensurate with
an "Intermediate" financial risk profile.
-- We are placing the ratings on Yara on CreditWatch with negative
implications.
-- We expect to resolve the CreditWatch on the close of the acquisition.
Any downgrade is likely to be limited to one notch.
LONDON (Standard & Poor's) Feb. 15, 2010--Standard & Poor's Ratings Services
said today that it placed the 'BBB' long-term and 'A-2' short-term corporate
credit ratings on Norway-based fertilizer distributor and producer Yara
International ASA on CreditWatch with negative implications.
Yara announced today that it plans to acquire U.S.-based nitrogen producer
Terra Industries Inc. (Terra; BB/Stable/--) for an estimated total
consideration of $4.7 billion.
"The additional debt burden of the transaction will, in our view, strain
Yara's already weakened financial risk profile, even though we anticipate that
the transaction will be over 50% equity financed," said Standard & Poor's
credit analyst Sophia Dedemadis.
Yara's reported interest bearing debt at year-end 2009 was Norwegian krone
(NOK) 17 billion. The total consideration for the acquisition is $4.7 billion,
including Terra's existing debt of bonds totaling $600 million due 2019. This
figure does not include cash on Terra's balance sheet at the time of close.
If completed, the acquisition should diversify Yara's global production
assets. However the company's exposure to the volatile nitrogen segment will
also increase. In 2010 we anticipate a significant improvement in nitrogen
fertilizer pricing and volumes from 2009 levels. However, the consequent
improvement in Yara's operating performance may not be sufficient to support
the current rating. For fiscal year-end 2009, Yara reported revenues of
NOK61.4 billion and operating cash flows of NOK11.9 billion, supported by
large working capital inflows of NOK14.8 billion, mostly from inventory. The
company's unadjusted funds from operations was negative, although it generated
reported free operating cash flow of approximately NOK5.8 billion.
More positively, Yara should benefit from Terra's position as a leading player
in the U.S. nitrogen market, with a large portion of domestic nitrogen
capacity and well-located nitrogen facilities. The acquisition would expand
Yara's access to the central U.S. and provide good logistics in the area.
Furthermore, Terra has historically generated good operating margins, which
are currently in the high 20% range.
Standard & Poor's aims to resolve the CreditWatch placement on completion of
the Terra acquisition which Yara expects to occur within the next four months.
"As part of the CreditWatch resolution, we will be meeting with management and
discussing, in detail, the group's financial policy, business strategy and
capital structure specifically in the context of the Terra acquisition and
Yara's strategy for reaching its growth target of 10% of the global market,"
said Ms. Dedemadis. "We will also review the operating performance, synergies,
and organic growth prospects of the proposed combined entity."
We could affirm the ratings if Yara were able to demonstrate a satisfactory
plan to achieve and sustain credit metrics commensurate with an "Intermediate"
financial risk profile by early to mid 2011--taking into account any potential
further acquisitions. Such an affirmation could, however, be accompanied by a
negative outlook considering the low financial headroom at the rating.
In contrast, we could lower the rating by one notch if Yara were unable to
demonstrate a clear path toward restoring its credit metrics and achieving its
growth targets in a measured fashion.
Yara Ratings Placed On CreditWatch With Negative Implications Following Terra Acquisition Announcement
-- Norway-based fertilizer distributor and producer Yara International
has announced that it plans to acquire nitrogen producer Terra Industries.
-- Following the partially debt-financed acquisition, we believe Yara's
credit metrics could remain below the level that we consider commensurate with
an "Intermediate" financial risk profile.
-- We are placing the ratings on Yara on CreditWatch with negative
implications.
-- We expect to resolve the CreditWatch on the close of the acquisition.
Any downgrade is likely to be limited to one notch.
LONDON (Standard & Poor's) Feb. 15, 2010--Standard & Poor's Ratings Services
said today that it placed the 'BBB' long-term and 'A-2' short-term corporate
credit ratings on Norway-based fertilizer distributor and producer Yara
International ASA on CreditWatch with negative implications.
Yara announced today that it plans to acquire U.S.-based nitrogen producer
Terra Industries Inc. (Terra; BB/Stable/--) for an estimated total
consideration of $4.7 billion.
"The additional debt burden of the transaction will, in our view, strain
Yara's already weakened financial risk profile, even though we anticipate that
the transaction will be over 50% equity financed," said Standard & Poor's
credit analyst Sophia Dedemadis.
Yara's reported interest bearing debt at year-end 2009 was Norwegian krone
(NOK) 17 billion. The total consideration for the acquisition is $4.7 billion,
including Terra's existing debt of bonds totaling $600 million due 2019. This
figure does not include cash on Terra's balance sheet at the time of close.
If completed, the acquisition should diversify Yara's global production
assets. However the company's exposure to the volatile nitrogen segment will
also increase. In 2010 we anticipate a significant improvement in nitrogen
fertilizer pricing and volumes from 2009 levels. However, the consequent
improvement in Yara's operating performance may not be sufficient to support
the current rating. For fiscal year-end 2009, Yara reported revenues of
NOK61.4 billion and operating cash flows of NOK11.9 billion, supported by
large working capital inflows of NOK14.8 billion, mostly from inventory. The
company's unadjusted funds from operations was negative, although it generated
reported free operating cash flow of approximately NOK5.8 billion.
More positively, Yara should benefit from Terra's position as a leading player
in the U.S. nitrogen market, with a large portion of domestic nitrogen
capacity and well-located nitrogen facilities. The acquisition would expand
Yara's access to the central U.S. and provide good logistics in the area.
Furthermore, Terra has historically generated good operating margins, which
are currently in the high 20% range.
Standard & Poor's aims to resolve the CreditWatch placement on completion of
the Terra acquisition which Yara expects to occur within the next four months.
"As part of the CreditWatch resolution, we will be meeting with management and
discussing, in detail, the group's financial policy, business strategy and
capital structure specifically in the context of the Terra acquisition and
Yara's strategy for reaching its growth target of 10% of the global market,"
said Ms. Dedemadis. "We will also review the operating performance, synergies,
and organic growth prospects of the proposed combined entity."
We could affirm the ratings if Yara were able to demonstrate a satisfactory
plan to achieve and sustain credit metrics commensurate with an "Intermediate"
financial risk profile by early to mid 2011--taking into account any potential
further acquisitions. Such an affirmation could, however, be accompanied by a
negative outlook considering the low financial headroom at the rating.
In contrast, we could lower the rating by one notch if Yara were unable to
demonstrate a clear path toward restoring its credit metrics and achieving its
growth targets in a measured fashion.
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