Obbligazioni societarie Monitor bond Telecom Europa VI (gennaio - luglio 2009)
- Creatore Discussione Imark
- Data di Inizio
albicocco
Forumer storico
Sono uscito da Wind a 98 e ora è già a 95: Si conosce il tasso del nuovo bond emesso ieri?
Io comunque sto cercando qualcosa di piu' tranquillo
Che dite di PT 25 ?
E' lunghissima ma intanto è ben sotto la pari e l'esborso è di molto inferiore a 50.000 euro, poi non trovo notizie negative neanche dal Sud america.
Qualcuno sa dove trovare dati recenti su debiti, mezzi propri e soci?
Il governo di Lisbona ha l'azione d'oro?
Io comunque sto cercando qualcosa di piu' tranquillo
Che dite di PT 25 ?
E' lunghissima ma intanto è ben sotto la pari e l'esborso è di molto inferiore a 50.000 euro, poi non trovo notizie negative neanche dal Sud america.
Qualcuno sa dove trovare dati recenti su debiti, mezzi propri e soci?
Il governo di Lisbona ha l'azione d'oro?
Imark
Forumer storico
Se sfogli un po' di pagine all'indietro, trovi valutazioni sia sui bond lunghi di PT, sia sulla situazione dell'indebitamento e del leverage...
Non so se il governo di Lisbona abbia ancora la golden share: so che l'aveva e la sua intenzione di non lasciarla cadere gli procurò, un paio di anni fa, l'apertura di una producedura d'infrazione da parte delle competenti autorità comunitarie...
Non so tuttavia come sia andata a finire questa ultima parte della storia.
Imark
Forumer storico
Wind ha avuto il consenso dagli obbligazionisti e si accinge ad emettere un nuovo bond subordinato per ripagare il PIK bond altrimenti in scadenza al 2011.
Emissione consistente, trattandosi di 2,7 mld euro comprensivi anche, come già detto, di 500 mln euro da corrispondere a titolo di dividendo alla capogruppo Weather.
Anche gli obbligazionisti del nuovo bond sono third lien nella graduatoria del debito Wind Telecom, in quanto emessi dalla finanziaria Wind Acquisition finance, sono garantiti su base subordinata da Wind Telecom (dopo dunque il debito senior secured e quello senior unsecured).
Elevato il recovery rating per un subordinato, e Wind è valutato come un going concern, con la data di possibile default, inizialmente stimata al 2011 in caso di eventuale difficoltà a rifinanziare il PIK bond, oggi spostata in avanti ma a prezzo di un incremento del leverage a carico dei titolari dei bond subordinati in quanto con i proventi del nuovo bond, subordinato anch'esso, si paga un bond PIK il cui livello di subordinazione era ancora superiore.
Il risultato è che in caso di default gli obbligazionisti subordinati si trovano a pari livello con quelli del nuovo bond, mentre in precedenza si soddisfacevano prioritariamente rispetto agli obbligazionisti del bond PIK.
Ed attenzione all'avvertenza finale, dove S&P scrive che il recovery rating potrebbe calare drasticamente ove, per necessità, Wind emettesse altri titoli di debito di ranking superiore rispetto a quelli third lien.
Italian Telco Wind Telecomunicazioni's Proposed €2.7 Billion Subordinated Notes Rated 'BB-', With A '4' Recovery Rating
MADRID (Standard & Poor's) June 30, 2009--Standard & Poor's Ratings Services said today that it has assigned its 'BB-' debt rating to the proposed €2.7 billion senior unsecured notes to be issued by Wind Acquisition Finance S.A. and guaranteed on a senior subordinated basis by parent company Wind Telecomunicazioni SpA (Wind; BB-/Stable/--), Italy's second-largest integrated alternative telecoms operator, and by Wind International Services.
At the same time, a recovery rating of '4' was assigned to this debt, indicating Standard & Poor's expectation of average (30%-50%) recovery for creditors in the event of a payment default. We anticipate that the new notes would rank equally with the existing third-lien notes also issued by Wind Acquisition Finance S.A.
The rating assignments follow the existing noteholders' approval of the consent solicitation that Wind launched on June 18, 2009. The rating on the new notes is the same as our corporate credit rating on Wind. It is based on preliminary information and is subject to our satisfactory review of final documentation. In the event of any changes to the amount or terms of the bond, the recovery and issue ratings might be subject to further review.
For further details on the consent solicitation and our corporate credit rating on Wind, please refer to our Research Update "Italian Telecoms Operator Wind Telecomunicazioni Affirmed At 'BB-' After Launch of Consent Solicitation; Outlook Stable," published on June 18, 2009, on RatingsDirect).
RECOVERY ANALYSIS
We have valued the business as a going concern. Given what we see as Wind's good market position in Italy, established network assets, and valuable customer base, we believe that a default would most likely result owing to failure to refinance following operational underperformance and significant leverage and absolute debt.
Before this transaction, we had based our hypothetical default scenario on the assumption that the group would be unable to refinance the PIK debt at parent company WAHF before maturity (2011), triggering a cross default in 2011 with debt located at the Wind level.
If the €2.7 billion note issuance is successful, we believe the most likely hypothetical point of default would be later than in 2011. Consequently, the amount of senior secured debt ranking ahead of the notes upon default would be lower than previously assumed, due to payment of the scheduled amortizations.
This positive rating driver would be more than offset, however, by a higher amount of subordinated debt outstanding at the point of default, although recovery expectations are at the high end of the 30%-50% range.
We consider recovery prospects to reflect both the estimated value available and accessible to the creditors and the likelihood of insolvency proceedings being adversely influenced by Wind's Italian domicile.
Our recovery rating reflects the Wind group's current capital structure and its potential evolution following the existing noteholders' approval of the recent consent solicitation, which allows for the repayment of the PIK
loan through the issuance of €2.7 billion of new debt ranking pari passu with existing subordinated debt.
Any significant change in the group's capital structure could significantly affect recovery prospects, in particular for the third-lien noteholders. We believe that this is pertinent, given the complex financing structure of the Wind and Weather group
Emissione consistente, trattandosi di 2,7 mld euro comprensivi anche, come già detto, di 500 mln euro da corrispondere a titolo di dividendo alla capogruppo Weather.
Anche gli obbligazionisti del nuovo bond sono third lien nella graduatoria del debito Wind Telecom, in quanto emessi dalla finanziaria Wind Acquisition finance, sono garantiti su base subordinata da Wind Telecom (dopo dunque il debito senior secured e quello senior unsecured).
Elevato il recovery rating per un subordinato, e Wind è valutato come un going concern, con la data di possibile default, inizialmente stimata al 2011 in caso di eventuale difficoltà a rifinanziare il PIK bond, oggi spostata in avanti ma a prezzo di un incremento del leverage a carico dei titolari dei bond subordinati in quanto con i proventi del nuovo bond, subordinato anch'esso, si paga un bond PIK il cui livello di subordinazione era ancora superiore.
Il risultato è che in caso di default gli obbligazionisti subordinati si trovano a pari livello con quelli del nuovo bond, mentre in precedenza si soddisfacevano prioritariamente rispetto agli obbligazionisti del bond PIK.
Ed attenzione all'avvertenza finale, dove S&P scrive che il recovery rating potrebbe calare drasticamente ove, per necessità, Wind emettesse altri titoli di debito di ranking superiore rispetto a quelli third lien.
Italian Telco Wind Telecomunicazioni's Proposed €2.7 Billion Subordinated Notes Rated 'BB-', With A '4' Recovery Rating
MADRID (Standard & Poor's) June 30, 2009--Standard & Poor's Ratings Services said today that it has assigned its 'BB-' debt rating to the proposed €2.7 billion senior unsecured notes to be issued by Wind Acquisition Finance S.A. and guaranteed on a senior subordinated basis by parent company Wind Telecomunicazioni SpA (Wind; BB-/Stable/--), Italy's second-largest integrated alternative telecoms operator, and by Wind International Services.
At the same time, a recovery rating of '4' was assigned to this debt, indicating Standard & Poor's expectation of average (30%-50%) recovery for creditors in the event of a payment default. We anticipate that the new notes would rank equally with the existing third-lien notes also issued by Wind Acquisition Finance S.A.
The rating assignments follow the existing noteholders' approval of the consent solicitation that Wind launched on June 18, 2009. The rating on the new notes is the same as our corporate credit rating on Wind. It is based on preliminary information and is subject to our satisfactory review of final documentation. In the event of any changes to the amount or terms of the bond, the recovery and issue ratings might be subject to further review.
For further details on the consent solicitation and our corporate credit rating on Wind, please refer to our Research Update "Italian Telecoms Operator Wind Telecomunicazioni Affirmed At 'BB-' After Launch of Consent Solicitation; Outlook Stable," published on June 18, 2009, on RatingsDirect).
RECOVERY ANALYSIS
We have valued the business as a going concern. Given what we see as Wind's good market position in Italy, established network assets, and valuable customer base, we believe that a default would most likely result owing to failure to refinance following operational underperformance and significant leverage and absolute debt.
Before this transaction, we had based our hypothetical default scenario on the assumption that the group would be unable to refinance the PIK debt at parent company WAHF before maturity (2011), triggering a cross default in 2011 with debt located at the Wind level.
If the €2.7 billion note issuance is successful, we believe the most likely hypothetical point of default would be later than in 2011. Consequently, the amount of senior secured debt ranking ahead of the notes upon default would be lower than previously assumed, due to payment of the scheduled amortizations.
This positive rating driver would be more than offset, however, by a higher amount of subordinated debt outstanding at the point of default, although recovery expectations are at the high end of the 30%-50% range.
We consider recovery prospects to reflect both the estimated value available and accessible to the creditors and the likelihood of insolvency proceedings being adversely influenced by Wind's Italian domicile.
Our recovery rating reflects the Wind group's current capital structure and its potential evolution following the existing noteholders' approval of the recent consent solicitation, which allows for the repayment of the PIK
loan through the issuance of €2.7 billion of new debt ranking pari passu with existing subordinated debt.
Any significant change in the group's capital structure could significantly affect recovery prospects, in particular for the third-lien noteholders. We believe that this is pertinent, given the complex financing structure of the Wind and Weather group
Ultima modifica:
Imark
Forumer storico
La variazione delle metodologie di valutazione del supporto statale ad emittenti a quota di controllo pubblica ai fini del rating si traduce in variazioni di rating che investono società operanti in più comparti, fra i quali telecom e utilities.
Posto qui di seguito gli esiti della variazione metodologica in termini di rating action, con relativo commento. Atttendiamo poi i commenti specifici di S&P a motivazione dell'azione intrapresa nei confronti di ciascuno degli emittenti.
Enhanced Methodology For Rating Government-Related Entities Affects 18 Utility And Corporate Issuers In EMEA
We are upgrading five issuers (three telecommunications operators and two utilities), downgrading two utilities, and revising the outlook on two utilities to stable from negative. We also are placing 10 issuers on CreditWatch: two utilities with positive implications and eight issuers with negative implications.
The eight companies placed on CreditWatch with negative implications comprise four utilities, a rail company, a gas marketer, a liquefied natural gas shipping company, and an energy holding company. One of the utilities placed on CreditWatch with negative implications is also one of those being downgraded. The geographic spread of the entities is wide.
Seven are domiciled in the EU, four in Norway, one in Switzerland, one in South Africa, one in Iceland, two in Russia, and two in the Middle East.
Standard & Poor's updated criteria are detailed in the article titled "Enhanced Methodology And Assumptions For Rating Government-Related Entities," published June 29, 2009, on RatingsDirect. The changes to our criteria are
designed to achieve a more granular analysis of the range of GREs across sectors and regions. We believe these changes will provide more transparency in our rating approach.
We aim to resolve the CreditWatch placements over the next three months after further discussion with the relevant management and government officials.
An updated summary analysis on each of the affected entities, which will detail the reasons behind the rating action, will be published shortly. We intend to complete our review of all issuers affected by this updated criteria within the next three to six months.
RELATED RESEARCH
Posto qui di seguito gli esiti della variazione metodologica in termini di rating action, con relativo commento. Atttendiamo poi i commenti specifici di S&P a motivazione dell'azione intrapresa nei confronti di ciascuno degli emittenti.
Enhanced Methodology For Rating Government-Related Entities Affects 18 Utility And Corporate Issuers In EMEA
- Standard & Poor's revised its methodology for rating government-related entities on June 29, 2009.
- As a result in Europe, the Middle East, and Africa, we are upgrading five utility and telecommunications issuers, downgrading two utilities, and revising the outlook on two utilities.
- We also are placing 10 issuers on CreditWatch: two utilities with positive implications and eight utility and corporate entities with negative implications.
We are upgrading five issuers (three telecommunications operators and two utilities), downgrading two utilities, and revising the outlook on two utilities to stable from negative. We also are placing 10 issuers on CreditWatch: two utilities with positive implications and eight issuers with negative implications.
The eight companies placed on CreditWatch with negative implications comprise four utilities, a rail company, a gas marketer, a liquefied natural gas shipping company, and an energy holding company. One of the utilities placed on CreditWatch with negative implications is also one of those being downgraded. The geographic spread of the entities is wide.
Seven are domiciled in the EU, four in Norway, one in Switzerland, one in South Africa, one in Iceland, two in Russia, and two in the Middle East.
Standard & Poor's updated criteria are detailed in the article titled "Enhanced Methodology And Assumptions For Rating Government-Related Entities," published June 29, 2009, on RatingsDirect. The changes to our criteria are
designed to achieve a more granular analysis of the range of GREs across sectors and regions. We believe these changes will provide more transparency in our rating approach.
We aim to resolve the CreditWatch placements over the next three months after further discussion with the relevant management and government officials.
An updated summary analysis on each of the affected entities, which will detail the reasons behind the rating action, will be published shortly. We intend to complete our review of all issuers affected by this updated criteria within the next three to six months.
RELATED RESEARCH
- "Enhanced Methodology And Assumptions For Rating Government-Related Entities," June 29, 2009.
- "Principles Of Corporate And Government Ratings," June 26, 2007.
- "Corporate Ratings Criteria 2008," April 15, 2008
Allegati
Imark
Forumer storico
France Telecom affermata da Fitch. Come spesso raccontato nel 3D la telecom francese si conferma l'emittente più solido del comparto, con un 2008 che ha visto la società incrementare il dividendo e ridurre l'indebitamento, e per il 2009 confermare target di un cash flow sopra gli 8 mld euro, di un capex/sales al 12% (decisamente contenuto) e di un leverage da tenere sotto quota 2x (contro un target precedente di contenimento sotto 2,5x) nonostante la recessione...
Fitch Affirms France Telecom at 'A-'/Stable Outlook; Short-Term Rating Downgraded to 'F2'
06 Jul 2009 7:47 AM (EDT)
Fitch Ratings-London-06 July 2009: Fitch Ratings has today affirmed France Telecom's (FT) Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'A-' respectively. The Outlook is Stable. Fitch has simultaneously affirmed FT's hybrid instruments, the Titres a Duree Indeterminee Remboursables en Actions (TDIRA), at 'BBB+'. The agency has downgraded the company's Short-term IDR to 'F2' from 'F1'.
The downgrade of the Short-term IDR reflects the realignment of the rating with FT's European peers and does not imply a deterioration of the company's credit fundamentals.
FT's Long-term IDR reflects the incumbent's leading position in all segments in France and Poland, the diversity of its international businesses and management's conservative financial policy.
"FT's business model is so far proving more resilient in the downturn than some other European peers, primarily due to a material exposure to its domestic market," says Richard Petit, Associate Director, Fitch's TMT team. "France's comparatively lower mobile penetration and competition, a higher share of mobile postpaid customers than other European markets and a strategy focused on delivering premium content to both mobile and triple-play subscribers is helping to underpin results."
The Stable Outlook reflects Fitch's expectation that despite the anticipated pressures on revenue and EBITDA, FT will continue to contain operating costs inflation to maintain cash flow generation at a high level.
While FT's French operations look more resilient to the recession, its mobile business has still to see, to some degree, the impact of the new round of mobile termination rates and the loss of the iPhone's distribution exclusivity to the top line as well as margin compression, as costs to acquire and retain customers increase.
In domestic fixed-line after three quarters of material operational weakness due to the merger with Neuf Cegetel, SFR is expected to offer some effective additional market competition. Fitch expects FT's other businesses will continue to operate in challenging environments (in particular in Poland, Spain and the UK), with regulatory and competitive pressures combined with a difficult economic situation likely to keep headline revenue and EBITDA under pressure Gross Operating Margin (GOM) and organic cash flow generation strengthened further in 2008 due to ongoing cost inflation containment.
In spite of the higher cash dividend paid in 2008 (due to the interim dividend paid in September 2008 on FY08 earnings), FT managed to reduce its net debt level to EUR35.8bn from EUR37.9bn, resulting in a net debt/GOM of 1.85x down from 1.99x.
On 29 April 2009, FT management confirmed its 2009 expectations of organic cash flow in excess of EUR8bn despite pressure on revenues, capital expenditure/sales ratio below 12% and reiterated its target net leverage (net debt/EBITDA) of below 2x.. At FYE08, reported gross debt, including financial derivatives, amounted to EUR41.0bn.
FT's liquidity was robust with cash and cash equivalents of EUR5.3bn and EUR9.1bn available under its committed facilities (including EUR8bn expiring in June 2012). FT's ample liquidity covers short-term debt of EUR8.2bn.
Fitch notes that after 2009, FT does not have any material repayments due within the next five years. So far in 2009, FT has issued approximately EUR4bn worth of bonds in four different currencies.
The company's liquidity is supported by stable and large free cash flow before dividends (Fitch measure) of approximately EUR7.8bn.
Fitch Affirms France Telecom at 'A-'/Stable Outlook; Short-Term Rating Downgraded to 'F2'
06 Jul 2009 7:47 AM (EDT)
Fitch Ratings-London-06 July 2009: Fitch Ratings has today affirmed France Telecom's (FT) Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'A-' respectively. The Outlook is Stable. Fitch has simultaneously affirmed FT's hybrid instruments, the Titres a Duree Indeterminee Remboursables en Actions (TDIRA), at 'BBB+'. The agency has downgraded the company's Short-term IDR to 'F2' from 'F1'.
The downgrade of the Short-term IDR reflects the realignment of the rating with FT's European peers and does not imply a deterioration of the company's credit fundamentals.
FT's Long-term IDR reflects the incumbent's leading position in all segments in France and Poland, the diversity of its international businesses and management's conservative financial policy.
"FT's business model is so far proving more resilient in the downturn than some other European peers, primarily due to a material exposure to its domestic market," says Richard Petit, Associate Director, Fitch's TMT team. "France's comparatively lower mobile penetration and competition, a higher share of mobile postpaid customers than other European markets and a strategy focused on delivering premium content to both mobile and triple-play subscribers is helping to underpin results."
The Stable Outlook reflects Fitch's expectation that despite the anticipated pressures on revenue and EBITDA, FT will continue to contain operating costs inflation to maintain cash flow generation at a high level.
While FT's French operations look more resilient to the recession, its mobile business has still to see, to some degree, the impact of the new round of mobile termination rates and the loss of the iPhone's distribution exclusivity to the top line as well as margin compression, as costs to acquire and retain customers increase.
In domestic fixed-line after three quarters of material operational weakness due to the merger with Neuf Cegetel, SFR is expected to offer some effective additional market competition. Fitch expects FT's other businesses will continue to operate in challenging environments (in particular in Poland, Spain and the UK), with regulatory and competitive pressures combined with a difficult economic situation likely to keep headline revenue and EBITDA under pressure Gross Operating Margin (GOM) and organic cash flow generation strengthened further in 2008 due to ongoing cost inflation containment.
In spite of the higher cash dividend paid in 2008 (due to the interim dividend paid in September 2008 on FY08 earnings), FT managed to reduce its net debt level to EUR35.8bn from EUR37.9bn, resulting in a net debt/GOM of 1.85x down from 1.99x.
On 29 April 2009, FT management confirmed its 2009 expectations of organic cash flow in excess of EUR8bn despite pressure on revenues, capital expenditure/sales ratio below 12% and reiterated its target net leverage (net debt/EBITDA) of below 2x.. At FYE08, reported gross debt, including financial derivatives, amounted to EUR41.0bn.
FT's liquidity was robust with cash and cash equivalents of EUR5.3bn and EUR9.1bn available under its committed facilities (including EUR8bn expiring in June 2012). FT's ample liquidity covers short-term debt of EUR8.2bn.
Fitch notes that after 2009, FT does not have any material repayments due within the next five years. So far in 2009, FT has issued approximately EUR4bn worth of bonds in four different currencies.
The company's liquidity is supported by stable and large free cash flow before dividends (Fitch measure) of approximately EUR7.8bn.
Imark
Forumer storico
Sì ce l'ha ancora... come già detto non rammentavo se l'avesse ceduta, visto che la Commissione Europea aveva aperto un procedimento per infrazione a il governo aveva detto che l'avrebbe ceduta a PT (prima dell'esito negativo della scalata a PT da parte di Sonaecom... evidentemente, a scalata fallita sebbene appoggiata dall'attuale governo, hanno pensato bene di tenersi la golden share...)
Thomson Reuters
Portugal govt blocks Portugal Telecom's TV deal
06.26.09, 09:12 AM EDT
LISBON, June 26 (Reuters) - Portugal's government will not let Portugal Telecom buy a stake in the country's leading television station as it does not want suspicions of editorial interference, Prime Minister Jose Socrates said on Friday
Socrates said the government, which has a veto right on major decisions by PT through a golden share in the company, had met with the administration of PT on Friday to inform it that it opposed the deal to buy a stake in television station TVI.
His decision came a day after President Anibal Cavaco Silva, who mixes some some constitutional veto powers with a figurehead role, questioned the deal, saying PT should explain the purchase in the name of 'transparency.'
'The government decided to talk this morning with the administration of PT to communicate that it opposes this deal,' Socrates told journalists, in a statement aired on local television.
'We understand the business interest of PT, but we hope that it can pursue this interest in another way, because the government does not want any suspicion that this purchase is aimed at any change in the editorial line,' Socrates said.
PT said this week that it was in talks with Spanish media group Prisa over the potential purchase of a stake in Portuguese Media Capital, owner of television channel TVI
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