Obbligazioni societarie Monitor bond Telecom Europa VIII (Gennaio 2010 - Dicembre 2013)
- Creatore Discussione Imark
- Data di Inizio
Alobar
So di non sapere...
Grazie per avermi ricordato l'esistenza di questo titolo,
che ho appena sottoscritto sull'EuroTLX (su cui ha uno spread molto ridotto) a 99,31, in linea con le quotazioni dei mercati tedeschi. Sono contento perché ho da poco venduto il PT 2013, che non scambia quasi mai neanche sull'EuroTLX.Il PT 2019 offre un rendimento superiore ad esempio al 4.25% del Deutsche Telekom 2020, che non mi pare sia messa meglio e che quota agli stessi livelli. Inoltre ha subìto un calo negli ultimi tempi probabilmente attribuibile ai timori sui TdS periferici:
Imark
Forumer storico
Al forumista speculone che mi aveva chiesto all'epoca di come andava a finire con Ono Finance, in effetti è finita come gli facevo presente (pur non avendo io dato seguito all'operazione)... Ora, mi raccomando, leggere con molta attenzione il dispaccio qui sotto, perché forse è il caso di portare le natiche da qualche altra parte.. 
DJ Banks Approve ONO's Refinancing Plan
13.04.10 12:20:04
Spanish telecommunications company ONO has received approval from banks for its plan to issue new debt to refinance its 3.6 billion euro loan and an injection of 200 million euro of new capital from the company's private-equity owners, sources say.
LONDON -- Spanish telecommunications company ONO has received approval from
banks for its refinancing plan, getting the 80% approval rate required from its
senior lenders to see the deal through, said people familiar with the situation
Tuesday.
Documentation is due to be signed in the next couple of weeks, one of the
people said.
Under the refinancing proposal senior lenders were asked to approve ONO's plan
to issue new debt to refinance its EUR3.6 billion loan as the firm moves to
head off liquidity and covenant issues that will arise in the second quarter.
The company said in January that the proposal also involves EUR200 million of
new capital from the company's private-equity owners, which include Providence
Equity Partners, Thomas H. Lee Partners, Quadrangle Group and GE Structured
Finance.
The new capital consists of EUR125 million of cash that will be injected into
the company immediately. The injection will be via a deeply subordinated,
payment-in-kind loan, which matures after ONO's existing bank facilities.
The remaining EUR75 million will be held in an escrow account and will be
subject to liquidity tests.
In addition, the refinancing plan involves a new forward-start loan facility
that will be used to meet the company's scheduled amortizations on its EUR1.8
billion tranche A and B debt. At least 80% of the A and B loan tranches will be
moved to the forward-start facility, the company said.
Lenders who participate in the new forward-start agreement will receive a fee
of 100 basis points and a margin uplift of 125 basis points.
The company has total outstanding debt of EUR3.99 billion, including EUR450
million of 2014 bonds.
DJ Banks Approve ONO's Refinancing Plan
13.04.10 12:20:04
Spanish telecommunications company ONO has received approval from banks for its plan to issue new debt to refinance its 3.6 billion euro loan and an injection of 200 million euro of new capital from the company's private-equity owners, sources say.
LONDON -- Spanish telecommunications company ONO has received approval from
banks for its refinancing plan, getting the 80% approval rate required from its
senior lenders to see the deal through, said people familiar with the situation
Tuesday.
Documentation is due to be signed in the next couple of weeks, one of the
people said.
Under the refinancing proposal senior lenders were asked to approve ONO's plan
to issue new debt to refinance its EUR3.6 billion loan as the firm moves to
head off liquidity and covenant issues that will arise in the second quarter.
The company said in January that the proposal also involves EUR200 million of
new capital from the company's private-equity owners, which include Providence
Equity Partners, Thomas H. Lee Partners, Quadrangle Group and GE Structured
Finance.
The new capital consists of EUR125 million of cash that will be injected into
the company immediately. The injection will be via a deeply subordinated,
payment-in-kind loan, which matures after ONO's existing bank facilities.
The remaining EUR75 million will be held in an escrow account and will be
subject to liquidity tests.
In addition, the refinancing plan involves a new forward-start loan facility
that will be used to meet the company's scheduled amortizations on its EUR1.8
billion tranche A and B debt. At least 80% of the A and B loan tranches will be
moved to the forward-start facility, the company said.
Lenders who participate in the new forward-start agreement will receive a fee
of 100 basis points and a margin uplift of 125 basis points.
The company has total outstanding debt of EUR3.99 billion, including EUR450
million of 2014 bonds.
Imark
Forumer storico
S&P rimuove Telenor dall'osservazione per eventuale riduzione del rating e la conserva nello status precedente (A-/negative) sull'assunto che possa farcela a conservare una metrica creditizia compatibile con il rating nonostante la ripresa anticipata del pagamento dei dividendi nonostante ancora per un paio di anni lo startup della filiale indiana comporti la necessità di farsi carico di perdite legate ai costi di avviamento dell'attività.
Norwegian Telecoms Provider Telenor Affirmed At 'A-/A-2' On Comfortable Financial Ratios; Outlook Negative
· We think Norwegian telecoms provider Telenor can accommodate the earlier-than-expected resumption of dividend payments within its existing ratings.
· We are affirming our 'A-/A-2' ratings on Telenor and removing them from CreditWatch negative.
· The negative outlook takes into account our perception of significant execution risks in India.
PARIS (Standard & Poor's) April 12, 2010--Standard & Poor's Ratings Services said today that it has affirmed its 'A-' long-term and its 'A-2' short-term corporate credit and issue ratings on Norway-based telecommunications provider Telenor ASA. At the same time, we removed the long-term ratings from CreditWatch where they had been placed with negative implications on Feb. 10, 2010, following the earlier-than-expected announcement of resumed dividends distribution.
The affirmation reflects our belief that the group's strong financial structure achieved at year-end 2009 and its robust generation of cash is likely to provide enough headroom for the announced resumption of dividend payments this year as well as heavy start-up losses incurred in India, which management expects to peak this year. "Assuming that annual operating cash outflows in India start receding next year and that EBITDA breaks even in 2012, we think that the group's financial profile is likely to remain adequate for the ratings," said Standard & Poor's credit analyst Xavier Buffon. Nevertheless, we expect credit measures to deteriorate materially this year before rebounding from 2011 onward.
At Dec. 31, 2009, Telenor had gross unadjusted consolidated debt of Norwegian krone (NOK)39 billion. "The negative outlook reflects that Telenor would be at risk of a downgrade if credit metrics were to deteriorate more than anticipated this year, or if we came to believe that they would fail to strengthen again from 2011 onward," said Mr. Buffon.
This is likely to hinge upon how trends develop in India, and how management reacts to these trends. In particular, if EBITDA trends are below plans, we will monitor whether management trims flexible costs in order to contain outflows or elects to prioritize subscriber growth, as the latter option could translate into heavier pressure on consolidated figures than we currently factor in the ratings. Other factors exist that could potentially weigh on metrics, but the ultimate impact will depend on how they combine. Management's fine-tuning of the capital structure will therefore be a key rating driver; at this stage, we believe that the internal policy guideline of a maximum unadjusted debt-to-EBITDA ratio of 1.6x should translate into acceptable adjusted metrics for the rating, although we would not expect the latter limit to be reached for a sustained period.
Outlays on spectrum acquisitions, including for 4G purposes, are likely, but difficult to quantify in advance; we think current metrics provide some leeway for one-off investments, all else being equal. Other elements not factored in to the rating at this stage, which could weigh on ratings, depending on how they combine with each other and the Indian ramp-up, are any large acquisition or outlays on spectrum acquisition, share repurchase initiatives, adverse changes in the group's controlled assets, any payments with respect to legal disputes in Russia or elsewhere. A significant reduction in the state's equity interest in Telenor, and consequent reappraisal of our assessment of likelihood of support, could also lead to a one-notch downgrade.
Norwegian Telecoms Provider Telenor Affirmed At 'A-/A-2' On Comfortable Financial Ratios; Outlook Negative
· We think Norwegian telecoms provider Telenor can accommodate the earlier-than-expected resumption of dividend payments within its existing ratings.
· We are affirming our 'A-/A-2' ratings on Telenor and removing them from CreditWatch negative.
· The negative outlook takes into account our perception of significant execution risks in India.
PARIS (Standard & Poor's) April 12, 2010--Standard & Poor's Ratings Services said today that it has affirmed its 'A-' long-term and its 'A-2' short-term corporate credit and issue ratings on Norway-based telecommunications provider Telenor ASA. At the same time, we removed the long-term ratings from CreditWatch where they had been placed with negative implications on Feb. 10, 2010, following the earlier-than-expected announcement of resumed dividends distribution.
The affirmation reflects our belief that the group's strong financial structure achieved at year-end 2009 and its robust generation of cash is likely to provide enough headroom for the announced resumption of dividend payments this year as well as heavy start-up losses incurred in India, which management expects to peak this year. "Assuming that annual operating cash outflows in India start receding next year and that EBITDA breaks even in 2012, we think that the group's financial profile is likely to remain adequate for the ratings," said Standard & Poor's credit analyst Xavier Buffon. Nevertheless, we expect credit measures to deteriorate materially this year before rebounding from 2011 onward.
At Dec. 31, 2009, Telenor had gross unadjusted consolidated debt of Norwegian krone (NOK)39 billion. "The negative outlook reflects that Telenor would be at risk of a downgrade if credit metrics were to deteriorate more than anticipated this year, or if we came to believe that they would fail to strengthen again from 2011 onward," said Mr. Buffon.
This is likely to hinge upon how trends develop in India, and how management reacts to these trends. In particular, if EBITDA trends are below plans, we will monitor whether management trims flexible costs in order to contain outflows or elects to prioritize subscriber growth, as the latter option could translate into heavier pressure on consolidated figures than we currently factor in the ratings. Other factors exist that could potentially weigh on metrics, but the ultimate impact will depend on how they combine. Management's fine-tuning of the capital structure will therefore be a key rating driver; at this stage, we believe that the internal policy guideline of a maximum unadjusted debt-to-EBITDA ratio of 1.6x should translate into acceptable adjusted metrics for the rating, although we would not expect the latter limit to be reached for a sustained period.
Outlays on spectrum acquisitions, including for 4G purposes, are likely, but difficult to quantify in advance; we think current metrics provide some leeway for one-off investments, all else being equal. Other elements not factored in to the rating at this stage, which could weigh on ratings, depending on how they combine with each other and the Indian ramp-up, are any large acquisition or outlays on spectrum acquisition, share repurchase initiatives, adverse changes in the group's controlled assets, any payments with respect to legal disputes in Russia or elsewhere. A significant reduction in the state's equity interest in Telenor, and consequent reappraisal of our assessment of likelihood of support, could also lead to a one-notch downgrade.
Imark
Forumer storico
Fitch afferma il rating di OTE a quota BBB, tenendo conto che il passaggio di Deutsche telekom al 30% ed il consolidamento della telecom greca nei conti di DT, che ha il controllo manageriale su OTE, comporti la valutazione del rating della società greca su basi stand alone (ossia senza considerare alcun ancoraggio al rating dello stato greco, attualmente a livello BBB- per Fitch ed ancora al 20% nell'azionariato OTE).
Per Fitch, in caso di difficoltà di rifinanziamento del debito di OTE, è probabile l'intervento di DT nell'esercizio del cd. supporto parentale.
Per Fitch, in caso di difficoltà di rifinanziamento del debito di OTE, è probabile l'intervento di DT nell'esercizio del cd. supporto parentale.
Imark
Forumer storico
Monitor telecom bonds (gruppo di lavoro Torino41 e I98mark)
Avvertenze
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 su Xtrakter per i seguenti bond:
PT 2025; TDC 2012; NTC 2016 FRN; NTC 2016; Cell C 2012; Telecom Italia 2019.
Per Telecom Italia 2055 il prezzo è invece di fonte Bloomberg, rilevato sempre alla chiusura di venerdì sera.
------------------------------
Il periodo monitorato
Poco da aggiungere rispetto alla settimana precedente, se non un recupero dei prezzi soprattutto sulle lunghezze inferiori al decennale e superiori al biennale-triennale per l'IG, dovute ad un temporaneo ripensamento del mercato sull'andamento della ripresa e/o conseguenza dello storno borsistico generato dalla vicenda Goldman Sachs.
Meno gettonate, ma pur sempre positive le scadenze molto lunghe IG, stabile l'HY compartimentale.
Fuori tabella, il bond 11% Cell C 2015 in USD (Subordinato, rating CCC) resta tendenzialmente poco liquido ... ha fatto prezzo su Xtrakter venerdì scorso sui medesimi livelli della settimana precedente, e senza scambi: last price 104,5 (104); bid 104,01 (104,01) ask 104,99 (104,99). In parentesi i prezzi last, bid ed ask risalenti alla precedente rilevazione.
Lo scarico del file resta disponibile solo qui... torna utile segnalare il sito di Maino per i materiali lì reperibili...
http://digilander.libero.it/ventimag...i%20files.html
La tabella riepilogativa dei prezzi: questa la prima parte...
Avvertenze
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 su Xtrakter per i seguenti bond:
PT 2025; TDC 2012; NTC 2016 FRN; NTC 2016; Cell C 2012; Telecom Italia 2019.
Per Telecom Italia 2055 il prezzo è invece di fonte Bloomberg, rilevato sempre alla chiusura di venerdì sera.
------------------------------
Il periodo monitorato
Poco da aggiungere rispetto alla settimana precedente, se non un recupero dei prezzi soprattutto sulle lunghezze inferiori al decennale e superiori al biennale-triennale per l'IG, dovute ad un temporaneo ripensamento del mercato sull'andamento della ripresa e/o conseguenza dello storno borsistico generato dalla vicenda Goldman Sachs.
Meno gettonate, ma pur sempre positive le scadenze molto lunghe IG, stabile l'HY compartimentale.
Fuori tabella, il bond 11% Cell C 2015 in USD (Subordinato, rating CCC) resta tendenzialmente poco liquido ... ha fatto prezzo su Xtrakter venerdì scorso sui medesimi livelli della settimana precedente, e senza scambi: last price 104,5 (104); bid 104,01 (104,01) ask 104,99 (104,99). In parentesi i prezzi last, bid ed ask risalenti alla precedente rilevazione.
Lo scarico del file resta disponibile solo qui... torna utile segnalare il sito di Maino per i materiali lì reperibili...
http://digilander.libero.it/ventimag...i%20files.html
La tabella riepilogativa dei prezzi: questa la prima parte...
