Imark
Forumer storico
Ciao Mark alla fine ho seguito il tuo consiglio
Non li ho presi dirigendomi su KPN
E meno male
PS anche se se non scrivo ti leggo
see ya
Ciao Max, mi fa piacere...
lì si vedeva da lontano come sarebbe andata a finire... 
Obbligazioni societarie Monitor bond Telecom Europa VII (agosto - dicembre 2009) (3 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
Ciao Max, mi fa piacere...
lì si vedeva da lontano come sarebbe andata a finire... magallo
Forumer attivo
Ciao Max, mi fa piacere...
Imark
Forumer storico
Un bel report di Fitch su telefonica, in occasione della conferma del rating... Leverage target, posizione di liquidità, focus sulle operazioni latino americane i principali spunti di interesse...
Fitch Affirms Telefonica at 'A-'; Outlook Stable
17 Nov 2009 10:52 AM (EST)
Fitch Ratings-London/Barcelona-17 November 2009: Fitch Ratings has today affirmed Telefonica SA's (Telefonica) and its subsidiary O2's Long-term Issuer Default ratings (IDRs) at 'A-'. The agency has affirmed Telefonica Finance USA LLC's preference shares at 'BBB+.' Telefonica's Short-term IDR is affirmed at 'F2'. The Outlooks on Telefonica's and O2's Long-term IDRs are Stable. The instrument rating of bonds issued by Telefonica Europe B.V. and guaranteed by Telefonica is affirmed at 'A-'.
Telefonica's ratings reflect its scale, diversification and strong operational and financial performance, positioning the company towards the top of the European incumbent peer group. It has a strong overall growth profile given its sizeable presence in Latin America (where it has 154 million fixed and mobile customers at end-Q309), while the cash flow generation of both its domestic and wider European operations is considerable.
Revenue pressures are currently being experienced due to the weakness of the Spanish economy (where recovery might take longer than other countries) as well as the negative currency effect of the weak pound given the significance of its UK business to European results.
Telefonica's Latin American operations represent the company's key growth driver, with the company present in all major economies in the region and in many markets maintaining both fixed and mobile operations and market number one or number two positions.
The region continues to present good growth potential in terms of both mobile and fixed broadband, with per capita economic wealth improving and better than in many emerging markets and where Telefonica's operations are generating strong margins and positive operating cash flow (EBITDA less capex). Cash repatriation from the region is typically in the region of EUR2.0bn per year (EUR1.84bn in 2008; EUR2.25bn in 2007).
Financial policy is carefully balanced between debt service/ratings protection, selective reinvestment in the business (M&A) and a fairly shareholder-friendly position with respect to distributions.
The company's stated leverage target (defined by the company as net debt plus commitments/EBITDA) is to manage the metric within a range of 2x-2.5x with a natural bias towards the low end of the range. The metric stood at 2x at end-9M09.
Management stated at its recent Investor Day (in October) that the high end of the range is in place to accommodate spikes generated by unexpected operating performance or to allow some flexibility in the event of acquisition opportunities. Public statements on acquisitions continue to focus on "bolt-on" opportunities within the group's existing territorial footprint and, in Fitch's view, are unlikely individually to create pressure on the leverage metric.
Key challenges for the group include limiting the effect of top-line pressure in Spain, which in the near term is likely to increase focus on cost efficiencies both in terms of operating costs and capex.
Fitch acknowledges the near-term benefits of defending cash flow through reduced network investment, which in Telefonica's case is helped by the reduced competitive threat posed by the country's cable operator, Cableuropa/ONO ('B'/Negative), given the latter's currently constrained finances.
Over the medium term the agency considers integrated operators across Europe, including Telefonica, will have to invest in fibre in their fixed networks and LTE, the next generation mobile technology.
In addition, spectrum auctions across Telefonica's key territories over the next 18 months to two years will also put pressure on capex budgets (as spectrum auctions are not included in Telefonica's published capex budgets). The timing of investment in LTE and wireless capacity generally could, in Fitch's view, be brought forward depending on competitor actions and the need to support the expected weight of data traffic driven by the mass-market adoption of smart phones - a phenomenon which Telefonica envisages will take place within the next 18 months.
Liquidity is sound with the company having completed EUR7.75bn equivalent in bond issuance in the first 10 months of 2009. Telefonica had EUR10.2bn of cash and short-term investments (at 9M09) while undrawn credit lines amounted to EUR8.2bn (last disclosed at end-June 2009), sufficient to cover debt maturities over the next two years.
Fitch Affirms Telefonica at 'A-'; Outlook Stable
17 Nov 2009 10:52 AM (EST)
Fitch Ratings-London/Barcelona-17 November 2009: Fitch Ratings has today affirmed Telefonica SA's (Telefonica) and its subsidiary O2's Long-term Issuer Default ratings (IDRs) at 'A-'. The agency has affirmed Telefonica Finance USA LLC's preference shares at 'BBB+.' Telefonica's Short-term IDR is affirmed at 'F2'. The Outlooks on Telefonica's and O2's Long-term IDRs are Stable. The instrument rating of bonds issued by Telefonica Europe B.V. and guaranteed by Telefonica is affirmed at 'A-'.
Telefonica's ratings reflect its scale, diversification and strong operational and financial performance, positioning the company towards the top of the European incumbent peer group. It has a strong overall growth profile given its sizeable presence in Latin America (where it has 154 million fixed and mobile customers at end-Q309), while the cash flow generation of both its domestic and wider European operations is considerable.
Revenue pressures are currently being experienced due to the weakness of the Spanish economy (where recovery might take longer than other countries) as well as the negative currency effect of the weak pound given the significance of its UK business to European results.
Telefonica's Latin American operations represent the company's key growth driver, with the company present in all major economies in the region and in many markets maintaining both fixed and mobile operations and market number one or number two positions.
The region continues to present good growth potential in terms of both mobile and fixed broadband, with per capita economic wealth improving and better than in many emerging markets and where Telefonica's operations are generating strong margins and positive operating cash flow (EBITDA less capex). Cash repatriation from the region is typically in the region of EUR2.0bn per year (EUR1.84bn in 2008; EUR2.25bn in 2007).
Financial policy is carefully balanced between debt service/ratings protection, selective reinvestment in the business (M&A) and a fairly shareholder-friendly position with respect to distributions.
The company's stated leverage target (defined by the company as net debt plus commitments/EBITDA) is to manage the metric within a range of 2x-2.5x with a natural bias towards the low end of the range. The metric stood at 2x at end-9M09.
Management stated at its recent Investor Day (in October) that the high end of the range is in place to accommodate spikes generated by unexpected operating performance or to allow some flexibility in the event of acquisition opportunities. Public statements on acquisitions continue to focus on "bolt-on" opportunities within the group's existing territorial footprint and, in Fitch's view, are unlikely individually to create pressure on the leverage metric.
Key challenges for the group include limiting the effect of top-line pressure in Spain, which in the near term is likely to increase focus on cost efficiencies both in terms of operating costs and capex.
Fitch acknowledges the near-term benefits of defending cash flow through reduced network investment, which in Telefonica's case is helped by the reduced competitive threat posed by the country's cable operator, Cableuropa/ONO ('B'/Negative), given the latter's currently constrained finances.
Over the medium term the agency considers integrated operators across Europe, including Telefonica, will have to invest in fibre in their fixed networks and LTE, the next generation mobile technology.
In addition, spectrum auctions across Telefonica's key territories over the next 18 months to two years will also put pressure on capex budgets (as spectrum auctions are not included in Telefonica's published capex budgets). The timing of investment in LTE and wireless capacity generally could, in Fitch's view, be brought forward depending on competitor actions and the need to support the expected weight of data traffic driven by the mass-market adoption of smart phones - a phenomenon which Telefonica envisages will take place within the next 18 months.
Liquidity is sound with the company having completed EUR7.75bn equivalent in bond issuance in the first 10 months of 2009. Telefonica had EUR10.2bn of cash and short-term investments (at 9M09) while undrawn credit lines amounted to EUR8.2bn (last disclosed at end-June 2009), sufficient to cover debt maturities over the next two years.
Imark
Forumer storico
Monitor telecom bonds (gruppo di lavoro Torino41 e I98mark)
Avvertenze
Liquidità sempre ok.
Per i titoli illiquidi sui mercati retail, è sempre grazie a Massimo S. che riusciamo a riprendere i corsi di mercati OTC.
I prezzi sono quelli rilevati alla chiusura di venerdì sera sui mercati ex ICMA (ed in futuro indicati come Xtrakter) per i seguenti bond:
TDC 2012; NTC 2016; NTC 2016 FRN; Telenor 2012; Wind 2015; Telecom Italia 2011; Deutsche Telekom 2033
Per Telefonica 2033 e Telecom Italia 2055 il prezzo è invece di fonte Bloomberg, rilevato sempre alla chiusura di venerdì sera.
------------------------------
Il periodo monitorato
Bond IG corti (fino al 2013) impegnati a rosicchiare qualche punto base o a perderlo... Tengono grosso modo sui prezzi della scorsa settimana solo perché i segnali provenienti in settimana dalle banche centrali sul fronte della liquidità sono stati confortanti e tali da non alimentare tensioni di sorta su rialzi dei tassi/riduzioni della liquidità circolante. In realtà, se ci fosse il benché minimo margine di salita, i prezzi avrebbero ancora guadagnato qualcosa, solo che i rendimenti sono così all'osso che il mercato fa fatica a spolparne la carcassa.
Ciononostante, neanche si può dire che la parte corta sia stata venduta.
Quegli stessi segnali delle banche centrali hanno invece nuovamente dato sostegno alla salita dei prezzi sul lungo e sul lunghissimo, con guadagni settimanali significativi.
Debole invece l'HY, che tendenzialmente stornicchia in attesa di motivazioni per andare da qualche parte (laterale o verso il basso, presumibilmente, a meno che davvero non si torni ad una avversione al rischio analoga a quella dell'apice della fase della liquidità facile pre-Lehman).
Fuori tabella, il bond 11% Cell C 2015 in USD (Subordinato, rating CCC) continua a fare prezzo solo su Francoforte. Queste le quotazioni: last price 95 (95,00); bid 95 (95) ask 107 (107,00). In parentesi i prezzi last, bid ed ask risalenti alla precedente rilevazione.
Maino per il momento continuerà a non aggiornare il ventimaggio per cui lo scarico del file resta per ora disponibile solo qui... resta utile segnalare il sito di Maino per i materiali lì reperibili...
http://digilander.libero.it/ventimag...i%20files.html
La tabella riepilogativa dei prezzi, ora tripartita: questa la prima parte...
Avvertenze
Liquidità sempre ok.
Per i titoli illiquidi sui mercati retail, è sempre grazie a Massimo S. che riusciamo a riprendere i corsi di mercati OTC.
I prezzi sono quelli rilevati alla chiusura di venerdì sera sui mercati ex ICMA (ed in futuro indicati come Xtrakter) per i seguenti bond:
TDC 2012; NTC 2016; NTC 2016 FRN; Telenor 2012; Wind 2015; Telecom Italia 2011; Deutsche Telekom 2033
Per Telefonica 2033 e Telecom Italia 2055 il prezzo è invece di fonte Bloomberg, rilevato sempre alla chiusura di venerdì sera.
------------------------------
Il periodo monitorato
Bond IG corti (fino al 2013) impegnati a rosicchiare qualche punto base o a perderlo... Tengono grosso modo sui prezzi della scorsa settimana solo perché i segnali provenienti in settimana dalle banche centrali sul fronte della liquidità sono stati confortanti e tali da non alimentare tensioni di sorta su rialzi dei tassi/riduzioni della liquidità circolante. In realtà, se ci fosse il benché minimo margine di salita, i prezzi avrebbero ancora guadagnato qualcosa, solo che i rendimenti sono così all'osso che il mercato fa fatica a spolparne la carcassa.
Ciononostante, neanche si può dire che la parte corta sia stata venduta.
Quegli stessi segnali delle banche centrali hanno invece nuovamente dato sostegno alla salita dei prezzi sul lungo e sul lunghissimo, con guadagni settimanali significativi.
Debole invece l'HY, che tendenzialmente stornicchia in attesa di motivazioni per andare da qualche parte (laterale o verso il basso, presumibilmente, a meno che davvero non si torni ad una avversione al rischio analoga a quella dell'apice della fase della liquidità facile pre-Lehman).
Fuori tabella, il bond 11% Cell C 2015 in USD (Subordinato, rating CCC) continua a fare prezzo solo su Francoforte. Queste le quotazioni: last price 95 (95,00); bid 95 (95) ask 107 (107,00). In parentesi i prezzi last, bid ed ask risalenti alla precedente rilevazione.
Maino per il momento continuerà a non aggiornare il ventimaggio per cui lo scarico del file resta per ora disponibile solo qui... resta utile segnalare il sito di Maino per i materiali lì reperibili...
http://digilander.libero.it/ventimag...i%20files.html
La tabella riepilogativa dei prezzi, ora tripartita: questa la prima parte...
Allegati
- Stato