Obbligazioni societarie Monitor bond Telecom Europa VI (gennaio - luglio 2009)
- Creatore Discussione Imark
- Data di Inizio
Imark
Forumer storico
L'AD è uno che gestisce la società come io le mie finanze domestiche... anzi, meglio ...
slowdown
Forumer storico
Telenor halts rights issue, scraps dividend
3:48 AM ET, Jan 27, 2009 - By Simon KennedyLONDON (MarketWatch) -- Norwegian telecoms group Telenor said Tuesday that it has cancelled its planned 12 billion Norwegian kroner ($1.79 billion) rights issue and won't pay a dividend to shareholders in 2008. The firm had been planning to use the proceeds from the rights issue to fund its investment in Unitech Wireless in India. But it said Tuesday that the investment will now be funded through a combination of cash flow and the issuance of additional debt. As well as scrapping the 2008 dividend, Telenor said it doesn't intend to propose a dividend for 2009, though a final decision will only be made after it closes its accounts for 2009. Telenor said it's signed an 8 billion kroner three-year term loan, which may be used to finance the investment in Unitech Wireless. Closing of the deal is still expected to take place in the first quarter of 2009. Shares in the firm climbed 2.4% in early trading.
3:48 AM ET, Jan 27, 2009 - By Simon KennedyLONDON (MarketWatch) -- Norwegian telecoms group Telenor said Tuesday that it has cancelled its planned 12 billion Norwegian kroner ($1.79 billion) rights issue and won't pay a dividend to shareholders in 2008. The firm had been planning to use the proceeds from the rights issue to fund its investment in Unitech Wireless in India. But it said Tuesday that the investment will now be funded through a combination of cash flow and the issuance of additional debt. As well as scrapping the 2008 dividend, Telenor said it doesn't intend to propose a dividend for 2009, though a final decision will only be made after it closes its accounts for 2009. Telenor said it's signed an 8 billion kroner three-year term loan, which may be used to finance the investment in Unitech Wireless. Closing of the deal is still expected to take place in the first quarter of 2009. Shares in the firm climbed 2.4% in early trading.
lollofanki
fumorer
Nel resto d'Europa volano le Telenor alla Borsa di Oslo,
dopo che il gruppo di tlc ha annunciato di aver bloccato
l'operazione finanziaria che avrebbe permesso l'acquisto del
gruppo indiano, Unitech Wireless.
dopo che il gruppo di tlc ha annunciato di aver bloccato
l'operazione finanziaria che avrebbe permesso l'acquisto del
gruppo indiano, Unitech Wireless.
Imark
Forumer storico
Nuova emissione di KPN... 750 mln euro a 5 anni, 335 pb sopra il mid swap e 750 mln euro a 10 anni, 400 pb sopra il mid swap
KPN to raise 1.5 bln euros via 2-part bond -IFR
Wed Jan 28, 2009 4:32am EST
LONDON, Jan 28 (Reuters) - Dutch telecoms group KPN (KPN.AS) plans to raise 1.5 billion euros ($2 billion) via a two-part bond sale and has tightened guidance, IFR reported on Wednesday.
Guidance on the 750 million euro five-year bond has been tightened to mid-swaps plus 335 basis points from initial guidance of plus around 350 basis points, said IFR Markets, a Thomson Reuters online news and market analysis service.
Guidance on the 10-year tranche of the same size has been tightened to mid-swaps plus 400 basis points from initial guidance of mid-swaps plus around 410 basis points area, said IFR.
Deutsche Bank, Fortis Bank, ING and JP Morgan are joint lead managers on the deal. (Reporting by Natalie Harrison)
KPN to raise 1.5 bln euros via 2-part bond -IFR
Wed Jan 28, 2009 4:32am EST
LONDON, Jan 28 (Reuters) - Dutch telecoms group KPN (KPN.AS) plans to raise 1.5 billion euros ($2 billion) via a two-part bond sale and has tightened guidance, IFR reported on Wednesday.
Guidance on the 750 million euro five-year bond has been tightened to mid-swaps plus 335 basis points from initial guidance of plus around 350 basis points, said IFR Markets, a Thomson Reuters online news and market analysis service.
Guidance on the 10-year tranche of the same size has been tightened to mid-swaps plus 400 basis points from initial guidance of mid-swaps plus around 410 basis points area, said IFR.
Deutsche Bank, Fortis Bank, ING and JP Morgan are joint lead managers on the deal. (Reporting by Natalie Harrison)
Imark
Forumer storico
Un'altra domanda che si pone chi segue le telecom europee: come spenderà France Telecom la cospciua dote di liquidità di cui dispone ?
Fallito l'approccio a TeliaSonera nel 2008 - con la telecom svedese che reputava modesta l'offerta avanzata a suo tempo parte in cash e parte in carta - il CFO dei francesi che aveva poi precisato che France Telecom intende conservare il rating attuale ed il CEO ha reiterato recentissimamente che non sono questi tempi per mettere in cantiere acquisizioni dispendiose nel settore.
Arriva adesso il business plan triennale, che conferma il concetto: niente shopping di grandi competitors, incremento del dividendo, già molto consistente, sopra il 10%, controllo del capex, al 13% del valore delle vendite, conservazione di un leverage sotto il 2x.
PREVIEW-France Telecom set to steer steady course
Wed Jan 28, 2009 7:31am GMT
* New 3-yr business plan seen maintaining low-risk strategy
* Dividend expected to rise 12 pct to 1.404 euros
By Nathalie Meistermann
PARIS, Jan 28 (Reuters) - France Telecom (FTE.PA) is seen sticking to a low-risk strategy in its new 3-year business plan, with the market focusing on how the group will spend its cash pile as big acquisitions remain off the agenda.
France's biggest telecoms group is set to unveil free cash flow of over 7.8 billion euros ($10.30 billion) when it publishes 2008 earnings on March 4. Analysts expect it to underline its safe-haven credentials with a dividend hike of over 10 percent.
"For the 3-year plan I expect the same speech: focus on capex control, cash flow generation, dividend, capital discipline," Bernstein analyst Robin Bienenstock said, referring to Chief Executive Didier Lombard. The owner of Orange was last year forced to ditch a $40 billion hostile bid for Nordic operator TeliaSonera (TLSN.ST) after a dismal market reaction, leading to speculation over alternative uses for the cash, notably a return to shareholders.
Europe's third largest telecoms operator in terms of market value has said it would increase its dividend from 2007's 1.30 euros a share. The consensus among 35 analysts polled by Reuters Estimates is for a 12 percent rise to 1.404 euros.
With a yield of 7.35 percent, based on Friday's 19.10 euro closing price, such a dividend would consume 47 percent of free cash flow, leaving open options such as a one-off pay-out, share buybacks or the repurchase of part of the French state's 26.7 percent stake.
In its last major disposal of France Telecom stock in June 2007, the French state placed a 5 percent tranche of its stake at 20.40 euros per share, around 5 percent above the current level of the shares.
Shares in France Telecom fell 18.9 percent in 2008, compared with a 37 percent decline in the DJ Stoxx Europe Telecoms index, the second best performance in France's CAC-40 index, which itself declined by 43 percent [ID:nLV521365].
According to data from Markit, its credit default swaps (CDS) have been trading at around 98 basis points -- less than an average CDS of 206 points for the European technology, media and telecoms sector.
The French market makes up 65 percent of France Telecom's free cash flow and is "more solid and less competitive than the German market, for example", said one sector analyst who asked to remain anonymous.
BIG BUYS IMPOSSIBLE
But despite a perceived defensive status, Bernstein's Bienenstock said the business cycle may be about to catch up with the entire telecoms sector, as demonstrated by the drop in voice revenues in Spain, hit earlier by the slowdown.
She also warned that regulatory moves could hit France Telecom sales in the medium-term, notably the risk the French state could impose a massive roll-out of fibre-optic capacity, potentially costing 10 billion euros and with no return on investment for eight years.
France Telecom is keen to keep debt levels under control.
CEO Lombard has said its debt ceiling is set in stone and that market conditions made large acquisitions "impossible" this year, a view welcomed by both analysts and the credit market.
After group debt ballooned to 68 billion euros in 2002, France Telecom targeted a ratio of less than two times net debt to core profit (EBITDA) by end-2008 and achieved this in 2007, when it stood at 1.99 times, down from 2.48 at end-2005.
"This is no time to be aggressive. It would not be credible and it is not worth putting oneself at risk," an analyst at a Spanish bank said.
Gartner analyst Jean-Claude Delcroix said investors could count on the "cautious strategy of recent years", with capex below 13 percent of sales and a modest acquisition policy focused on emerging markets. ($1=.7573 Euro) (Writing by Matt Gil; Editing by James Regan and David Cowell)
Fallito l'approccio a TeliaSonera nel 2008 - con la telecom svedese che reputava modesta l'offerta avanzata a suo tempo parte in cash e parte in carta - il CFO dei francesi che aveva poi precisato che France Telecom intende conservare il rating attuale ed il CEO ha reiterato recentissimamente che non sono questi tempi per mettere in cantiere acquisizioni dispendiose nel settore.
Arriva adesso il business plan triennale, che conferma il concetto: niente shopping di grandi competitors, incremento del dividendo, già molto consistente, sopra il 10%, controllo del capex, al 13% del valore delle vendite, conservazione di un leverage sotto il 2x.
PREVIEW-France Telecom set to steer steady course
Wed Jan 28, 2009 7:31am GMT
* New 3-yr business plan seen maintaining low-risk strategy
* Dividend expected to rise 12 pct to 1.404 euros
By Nathalie Meistermann
PARIS, Jan 28 (Reuters) - France Telecom (FTE.PA) is seen sticking to a low-risk strategy in its new 3-year business plan, with the market focusing on how the group will spend its cash pile as big acquisitions remain off the agenda.
France's biggest telecoms group is set to unveil free cash flow of over 7.8 billion euros ($10.30 billion) when it publishes 2008 earnings on March 4. Analysts expect it to underline its safe-haven credentials with a dividend hike of over 10 percent.
"For the 3-year plan I expect the same speech: focus on capex control, cash flow generation, dividend, capital discipline," Bernstein analyst Robin Bienenstock said, referring to Chief Executive Didier Lombard. The owner of Orange was last year forced to ditch a $40 billion hostile bid for Nordic operator TeliaSonera (TLSN.ST) after a dismal market reaction, leading to speculation over alternative uses for the cash, notably a return to shareholders.
Europe's third largest telecoms operator in terms of market value has said it would increase its dividend from 2007's 1.30 euros a share. The consensus among 35 analysts polled by Reuters Estimates is for a 12 percent rise to 1.404 euros.
With a yield of 7.35 percent, based on Friday's 19.10 euro closing price, such a dividend would consume 47 percent of free cash flow, leaving open options such as a one-off pay-out, share buybacks or the repurchase of part of the French state's 26.7 percent stake.
In its last major disposal of France Telecom stock in June 2007, the French state placed a 5 percent tranche of its stake at 20.40 euros per share, around 5 percent above the current level of the shares.
Shares in France Telecom fell 18.9 percent in 2008, compared with a 37 percent decline in the DJ Stoxx Europe Telecoms index, the second best performance in France's CAC-40 index, which itself declined by 43 percent [ID:nLV521365].
According to data from Markit, its credit default swaps (CDS) have been trading at around 98 basis points -- less than an average CDS of 206 points for the European technology, media and telecoms sector.
The French market makes up 65 percent of France Telecom's free cash flow and is "more solid and less competitive than the German market, for example", said one sector analyst who asked to remain anonymous.
BIG BUYS IMPOSSIBLE
But despite a perceived defensive status, Bernstein's Bienenstock said the business cycle may be about to catch up with the entire telecoms sector, as demonstrated by the drop in voice revenues in Spain, hit earlier by the slowdown.
She also warned that regulatory moves could hit France Telecom sales in the medium-term, notably the risk the French state could impose a massive roll-out of fibre-optic capacity, potentially costing 10 billion euros and with no return on investment for eight years.
France Telecom is keen to keep debt levels under control.
CEO Lombard has said its debt ceiling is set in stone and that market conditions made large acquisitions "impossible" this year, a view welcomed by both analysts and the credit market.
After group debt ballooned to 68 billion euros in 2002, France Telecom targeted a ratio of less than two times net debt to core profit (EBITDA) by end-2008 and achieved this in 2007, when it stood at 1.99 times, down from 2.48 at end-2005.
"This is no time to be aggressive. It would not be credible and it is not worth putting oneself at risk," an analyst at a Spanish bank said.
Gartner analyst Jean-Claude Delcroix said investors could count on the "cautious strategy of recent years", with capex below 13 percent of sales and a modest acquisition policy focused on emerging markets. ($1=.7573 Euro) (Writing by Matt Gil; Editing by James Regan and David Cowell)
Imark
Forumer storico
Anche Deutsche Telekom si aggiunge al novero delle telecom ottimiste circa la possibilità di guadare la crisi senza drammi, almeno nelle indicazioni rese dal CEO di T-Mobile, la società del gruppo che gestisce la telefonia mobile, il quale ha fatto presente come la situazione degli scorsi mesi non abbia inciso sulla sua società e come i comportamenti della clientela non siano cambiati con riferimento ad una serie di indicatori quali la frequenza di utilizzo dei cellulari, la crescita dei sottoscrittori, la crescita degli smart phones e le percentuali di insolvenza.
Secondo gli analisti di Dresdner Bank, la situazione attuale escluderebbe del tutto acquisizioni nell'anno in corso.
L'articolo non è recentissimo, ma reputo interessante riproporlo, giacché mi era sfuggito.
DT: Telcos to Weather the Storm
JANUARY 14, 2009 Telecom operators are well placed to get through the current global economic downturn without a significant negative impact on their finances, according to a senior executive from Deutsche Telekom AG (NYSE: DT).
Hamid Akhavan, the CEO of T-Mobile International AG , told the audience at Dresdner Kleinwort 's German Investment Seminar in New York City on Monday that he is cautiously optimistic that carriers, particularly mobile operators, will "weather the storm well," according to a Dresdner research note.
According to the note, Akhavan said Deutsche Telekom had shown resilience against current economic issues, and that indicators such as mobile usage, subscriber growth, uptake of smart mobile devices, and customer bad debt had not displayed any significant signs that customer behavior has been adversely affected.
The T-Mobile man added that the carrier was not planning any operational changes or changes to its guidance as a result of macroeconomic factors. He also reiterated Deutsche Telekom's financial guidance for 2008, though the Dresdner team noted that that did not come as a surprise: "The market fully expects that to be in the bag," they wrote.
The carrier said in November, when it reported its third-quarter earnings, that it expects to report adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of "around €19.3 billion [$25.4 billion]" for the full year 2008. The Dresdner team expects DT to report adjusted EBITDA (that is, EBITDA discounting non-recurring financial events) of €19.43 billion ($25.6 billion) from group revenues of €61.57 billion ($81.1 billion).
Akhavan's message of financial resilience echoes the statement Deutsche Telekom made in November, when it reported that the "worsening financial market crisis has not yet had an impact on the development of operations."
The Dresdner analysts note that with Deutsche Telekom's management "focusing on execution within its current business portfolio," any merger or acquisition activity is "explicitly 'off the radar' at this time." And "given the operational successes of 2007 and 2008 in fixed broadband, cost cutting, and mobile growth," the current situation "bodes well for DT's stock in our view."
Secondo gli analisti di Dresdner Bank, la situazione attuale escluderebbe del tutto acquisizioni nell'anno in corso.
L'articolo non è recentissimo, ma reputo interessante riproporlo, giacché mi era sfuggito.
DT: Telcos to Weather the Storm
Hamid Akhavan, the CEO of T-Mobile International AG , told the audience at Dresdner Kleinwort 's German Investment Seminar in New York City on Monday that he is cautiously optimistic that carriers, particularly mobile operators, will "weather the storm well," according to a Dresdner research note.
According to the note, Akhavan said Deutsche Telekom had shown resilience against current economic issues, and that indicators such as mobile usage, subscriber growth, uptake of smart mobile devices, and customer bad debt had not displayed any significant signs that customer behavior has been adversely affected.
The T-Mobile man added that the carrier was not planning any operational changes or changes to its guidance as a result of macroeconomic factors. He also reiterated Deutsche Telekom's financial guidance for 2008, though the Dresdner team noted that that did not come as a surprise: "The market fully expects that to be in the bag," they wrote.
The carrier said in November, when it reported its third-quarter earnings, that it expects to report adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of "around €19.3 billion [$25.4 billion]" for the full year 2008. The Dresdner team expects DT to report adjusted EBITDA (that is, EBITDA discounting non-recurring financial events) of €19.43 billion ($25.6 billion) from group revenues of €61.57 billion ($81.1 billion).
Akhavan's message of financial resilience echoes the statement Deutsche Telekom made in November, when it reported that the "worsening financial market crisis has not yet had an impact on the development of operations."
The Dresdner analysts note that with Deutsche Telekom's management "focusing on execution within its current business portfolio," any merger or acquisition activity is "explicitly 'off the radar' at this time." And "given the operational successes of 2007 and 2008 in fixed broadband, cost cutting, and mobile growth," the current situation "bodes well for DT's stock in our view."
nochicco
Forumer attivo
Domanda
come emittenti tra DEUTSHE TELEKOM e VODAFONE GROUP tu caro Mark che segui da vicino la situazione debiti e quant'altro chi e' messa meglio secondo te anche in prospettiva futura ,ringrazio e mi scuso se approfitto della tua gentilezza e di chi vorra' rispondermi
come emittenti tra DEUTSHE TELEKOM e VODAFONE GROUP tu caro Mark che segui da vicino la situazione debiti e quant'altro chi e' messa meglio secondo te anche in prospettiva futura ,ringrazio e mi scuso se approfitto della tua gentilezza e di chi vorra' rispondermi
Imark
Forumer storico
come emittenti tra DEUTSHE TELEKOM e VODAFONE GROUP tu caro Mark che segui da vicino la situazione debiti e quant'altro chi e' messa meglio secondo te anche in prospettiva futura ,ringrazio e mi scuso se approfitto della tua gentilezza e di chi vorra' rispondermi
Andrei sulla prima se fossi a caccia di sicurezza, sebbene anche la seconda non sia messa male...
sandrowind
Cogito,ergo sum
tra poche settimane mi scadono le Alcatel Lucent e l'azione ha tirato molto:credo sia un buon segnale 
Ciao Mark
Ciao Mark
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