Obbligazioni societarie Monitor bond Telecom Europa VIII (Gennaio 2010 - Dicembre 2013)

[qquebec]

ONO verso la quotazione in borsa

Non so se hai notato che hanno ricapitalizzato mettendoci dentro 4 spicci in croce... il che è tutto dire...

La compagnia telefonica spagnola ONO, attiva nella fornitura di servizi via cavo, approderà presto in borsa con lo scopo di rastrellare ulteriori fondi a sostegno dello sviluppo della banda larga. Fra le novità attese per il 2010, c'è anche l'estensione della fornitura di servizi via etere grazie all'ottenimento della licenza di operatore mobile.

ONO, Spain’s dominant MSO that recently completed a major debt restructure, is now planning an IPO to raise further fresh capital. CEO Rosalia Portela said and IPO later this year might raise E700-E1 billion and the company would also look to tap the bond market for further funds.
The CEO said ONO’s triple play proposition was making excellent progress in the market and it now planned to apply for a mobile operator licence to put its portfolio on a par with Telefonica. The Spanish government is expected to make mobile licences available using the spectrum freed by ASO.
ONO came close to collapse under the weight of debts accumulated via consolidating the Spanish cable sector and over optimistic forecasting on resulting growth. Earlier this month it announced it had restructured E3.5 billion of debt postponing any capital repayments until 2012.

 

[Imark]

La compagnia telefonica spagnola ONO, attiva nella fornitura di servizi via cavo, approderà presto in borsa con lo scopo di rastrellare ulteriori fondi a sostegno dello sviluppo della banda larga. Fra le novità attese per il 2010, c'è anche l'estensione della fornitura di servizi via etere grazie all'ottenimento della licenza di operatore mobile.

ONO, Spain’s dominant MSO that recently completed a major debt restructure, is now planning an IPO to raise further fresh capital. CEO Rosalia Portela said and IPO later this year might raise E700-E1 billion and the company would also look to tap the bond market for further funds.
The CEO said ONO’s triple play proposition was making excellent progress in the market and it now planned to apply for a mobile operator licence to put its portfolio on a par with Telefonica. The Spanish government is expected to make mobile licences available using the spectrum freed by ASO.
ONO came close to collapse under the weight of debts accumulated via consolidating the Spanish cable sector and over optimistic forecasting on resulting growth. Earlier this month it announced it had restructured E3.5 billion of debt postponing any capital repayments until 2012.

Beh, loro dicono: siamo pieni di debito, abbiamo portato a casa le chiappe evitando il default e guadagnando tempo attraverso un accordo con i creditori del tipo "amend & extend" e siccome siamo convinti che tanto poi ci tocca ristrutturare comunque, abbiamo messo dentro la società 4 spicci in croce.

Tanto noi siamo ganzini, come si dice a Firenze: si va in Borsa e ci facciamo dare il cash da quegli svampiti degli equity funds...

Per carità, se ci riescono, tanto di cappello...

 

[Imark]

Non ricordo chi, mi aveva chiesto di Bité... andrebbe postata nel 3d delle ciofeche, ma visto che è purtuttavia una telecom, per una volta facciamo uno strappo... personalmente,continuo a non toccarla neanche con le pinze

Notizie fresche da Fitch....

Fitch Affirms Bite at 'CCC'; Removes Negative Outlook
13 May 2010 5:44 AM (EDT)

Fitch Ratings-London-13 May 2010: Fitch Ratings has affirmed Lithuania-based mobile network operator UAB Bite Lietuva's (Bite) Long-term Issuer Default Rating (IDR) at 'CCC' and removed the Negative Outlook. SIA EECF Bella Finco's senior secured revolving credit facility (RCF) is affirmed at 'B-'. The Recovery Rating of the facility is 'RR3'. The senior secured notes due 2014 issued by Bite Finance International BV are affirmed at 'CCC'. The Recovery Rating for the notes is 'RR4'.

Bite's latest results have shown some resilience in Lithuanian EBITDA despite continued revenue declines and this, together with continued growth in Latvia, has contributed to stronger consolidated EBITDA figures and improvements in free cashflow (FCF) generation. "Fitch believes that the risk of a further liquidity crisis has receded enough to enable removal of the Negative Outlook," said Michelle De Angelis, Senior Director in Fitch's Leveraged Finance team. "However the 'CCC' IDR reflects Bite's challenging operating environment and the execution risk still inherent in generating consistent positive FCF to meet contractual debt reduction obligations from 2011."

Lithuanian revenues continue to decline as a result of both economic conditions and regulatory pressures. The challenge for Bite will be to arrest and reverse this trend as the Lithuanian economy recovers over the next 1-3 years. Nevertheless, Lithuanian EBITDA on a trailing 12-month (LTM) basis has stabilised for the last three quarters at around EUR45m, helped by lower interconnection and roaming costs as a result of regulatory changes.

However, unless the revenue decline can be halted, Lithuanian EBITDA could yet come under pressure. In contrast, the Latvian business continues to grow and negative EBITDA narrowed to EUR7m on an LTM basis at end-Q110 compared to an EBITDA loss of EUR14.3m at end-Q109. As a result consolidated LTM EBITDA increased in Q110 to EUR36m - the highest level seen over the last three years - and net debt/ consolidated EBITDA reached 6x (versus 6.6x at YE09).

Nonetheless, Bite's operations in Lithuania continue to face the pressures of a highly penetrated and competitive market, and although the Latvian operations have had some success, there remains a risk of a more aggressive response from better-capitalised competitors, which could slow progress towards positive EBITDA territory. Positive rating momentum could be generated from consistent improvements in consolidated EBITDA, positive EBITDA in Latvia and, most importantly, consistent positive FCF generation.

Interest cost and capex reductions together with the improvement in EBITDA have helped Bite to reduce the net free cash outflow in the 12 month period to Q110 to EUR0.7m (compared to an LTM outflow of EUR18.8m to Q109), indicating that the risk of a new liquidity crisis is receding. The company's available debt facilities are all fully drawn, so its only liquidity source is cash, which stood at EUR8.7m at end-Q110, the highest level since Q109.

Fitch notes that recent amendments to the EUR30m RCF require that Bite reduces the outstanding balance in stages starting from June 2011, and this will depend on Bite's ability to generate positive FCF.

 

[Alobar]

Qualche cattiva notizia su TDC/NT? Il Nordic TV 2016 in questi giorni ha avuto un brusco arretramento...

 

[Alobar]

Orange, Sunrise appeal blocked Swiss merger

Forse questa...

The Associated Press May 20, 2010, 9:51AM ET

France Telecom's mobile phone operator Orange said Thursday it has appealed a decision by Swiss regulators to block a merger with Denmark's TDC activities in Switzerland.
Orange spokeswoman Therese Wenger said the company filed an appeal with Switzerland's administrative court.
The Swiss Competition Commission in April rejected a merger of France Telecom's Orange and TDC's Sunrise, saying it would have given the companies a "dominant collective position" on the mobile telephone market together with Swisscom.
The French company would have paid euro1.5 billion ($2.25 billion) to TDC for 75 percent of the combined company.
Swisscom is the market leader in the Swiss market. Regulators said it was better to maintain three players than reduce it to two.

 

[Alobar]

Fusione Orange – Sunrise, presentato il ricorso

Fusione Orange – Sunrise, presentato il ricorso | Mondo3



La COMCO ha bocciato l’idea di fusione tra Orange e Sunrise. E’ cosa nota.
I due gestori però non si arrendono. Orange ha confermato che ieri pomeriggio la “casa madre” France Telecom ha presentato ricorso al Tribunale amministrativo federale (TAF) contro la decisione della Commissione della concorrenza.
Interessanti i dettagli di Therese Wenger, membro della direzione Orange, interrogato da Scal: “Si tratta principalmente di una decisione politica. Attualmente è l’unico modo per mantenere aperte tutte le opzioni. Al tempo stesso, France Telecom e TDC (che gestisce Sunrise, ndr) stanno studiando tutte le opzioni e nulla è ancora deciso. “

 

[Imark]

Qualche cattiva notizia su TDC/NT? Il Nordic TV 2016 in questi giorni ha avuto un brusco arretramento...

Andamento compartimentale... il TF 2016 era il famoso ultimo bond HY in portafoglio che avevo dato via prima di aprire il 3D sull'estate indiana del debito... e quello, come da previsioni, è poi tracollato (nonostante fosse fra l'HY di relativa maggiore qualità)

Il TV 2016 ieri ha chiuso OTC 99,5 - 100,5 last 98,75... il TDC 2012 invece 104,95 - 105,89 last 105,26...

E' andata come si era detto a suo tempo (forse ricorderai) ... i due qui sopra sono quelli più solidi: il 2012 perché sostanzialmente coperto rispetto alle scadenze del debito bancario, il 2016 TV perché già callabile (e oggetto di richiamo parziale) e quindi potenziale beneficiario di future azioni di deleverage, anche se l'incaglio dell'ostacolo alla jv Orange-Sunrise diluisce future operazioni di questa portata...

Ove scendesse, il 2012 potrebbe tornare interessante per un parcheggio HY ma sostanzialmente safe... però lo vorrei vedere almeno intorno alla pari...

 

[fabriziof]

Non ricordo chi, mi aveva chiesto di Bité... andrebbe postata nel 3d delle ciofeche, ma visto che è purtuttavia una telecom, per una volta facciamo uno strappo... personalmente,continuo a non toccarla neanche con le pinze

Notizie fresche da Fitch....

Fitch Affirms Bite at 'CCC'; Removes Negative Outlook
13 May 2010 5:44 AM (EDT)

Fitch Ratings-London-13 May 2010: Fitch Ratings has affirmed Lithuania-based mobile network operator UAB Bite Lietuva's (Bite) Long-term Issuer Default Rating (IDR) at 'CCC' and removed the Negative Outlook. SIA EECF Bella Finco's senior secured revolving credit facility (RCF) is affirmed at 'B-'. The Recovery Rating of the facility is 'RR3'. The senior secured notes due 2014 issued by Bite Finance International BV are affirmed at 'CCC'. The Recovery Rating for the notes is 'RR4'.

Bite's latest results have shown some resilience in Lithuanian EBITDA despite continued revenue declines and this, together with continued growth in Latvia, has contributed to stronger consolidated EBITDA figures and improvements in free cashflow (FCF) generation. "Fitch believes that the risk of a further liquidity crisis has receded enough to enable removal of the Negative Outlook," said Michelle De Angelis, Senior Director in Fitch's Leveraged Finance team. "However the 'CCC' IDR reflects Bite's challenging operating environment and the execution risk still inherent in generating consistent positive FCF to meet contractual debt reduction obligations from 2011."

Lithuanian revenues continue to decline as a result of both economic conditions and regulatory pressures. The challenge for Bite will be to arrest and reverse this trend as the Lithuanian economy recovers over the next 1-3 years. Nevertheless, Lithuanian EBITDA on a trailing 12-month (LTM) basis has stabilised for the last three quarters at around EUR45m, helped by lower interconnection and roaming costs as a result of regulatory changes.

However, unless the revenue decline can be halted, Lithuanian EBITDA could yet come under pressure. In contrast, the Latvian business continues to grow and negative EBITDA narrowed to EUR7m on an LTM basis at end-Q110 compared to an EBITDA loss of EUR14.3m at end-Q109. As a result consolidated LTM EBITDA increased in Q110 to EUR36m - the highest level seen over the last three years - and net debt/ consolidated EBITDA reached 6x (versus 6.6x at YE09).

Nonetheless, Bite's operations in Lithuania continue to face the pressures of a highly penetrated and competitive market, and although the Latvian operations have had some success, there remains a risk of a more aggressive response from better-capitalised competitors, which could slow progress towards positive EBITDA territory. Positive rating momentum could be generated from consistent improvements in consolidated EBITDA, positive EBITDA in Latvia and, most importantly, consistent positive FCF generation.

Interest cost and capex reductions together with the improvement in EBITDA have helped Bite to reduce the net free cash outflow in the 12 month period to Q110 to EUR0.7m (compared to an LTM outflow of EUR18.8m to Q109), indicating that the risk of a new liquidity crisis is receding. The company's available debt facilities are all fully drawn, so its only liquidity source is cash, which stood at EUR8.7m at end-Q110, the highest level since Q109.

Fitch notes that recent amendments to the EUR30m RCF require that Bite reduces the outstanding balance in stages starting from June 2011, and this will depend on Bite's ability to generate positive FCF.

te l'avevo chiesto io.a parte il rischio credo siano obbligazioni altamente illiquide.tempo fa chiesi a iw e non le aveva.a proposito di tlc cosa si sa di wind hellas ?il subordinato 2013 è ormai sui 20.comprarlo sarebbe scommessa o follia ?ciao Fabrizio

 

[Imark]

te l'avevo chiesto io.a parte il rischio credo siano obbligazioni altamente illiquide.tempo fa chiesi a iw e non le aveva.a proposito di tlc cosa si sa di wind hellas ?il subordinato 2013 è ormai sui 20.comprarlo sarebbe scommessa o follia ?ciao Fabrizio

Ciao Fabrizio, scusami, sono in tanti a chiedere e qualche volta non mi ricordo chi...

Wind Hellas ha una serie di subordinati emessi da sei finanziarie legate al gruppo, con una delle strutture debitorie più complicate nel segmento dell'HY... sono quasi tutti subordinati... se mi posti l'ISIN, do' un'occhiata...

Hai seguito le vicende dell'ultima ristrutturazione, quella che ha azzerato il valore di uno dei bond subordinati ? Abbiamo postato un po' di materiale qui, insieme con Nick.sala, che pure seguiva quella vicenda...

 

[fabriziof]

Ciao Fabrizio, scusami, sono in tanti a chiedere e qualche volta non mi ricordo chi...

Wind Hellas ha una serie di subordinati emessi da sei finanziarie legate al gruppo, con una delle strutture debitorie più complicate nel segmento dell'HY... sono quasi tutti subordinati... se mi posti l'ISIN, do' un'occhiata...

Hai seguito le vicende dell'ultima ristrutturazione, quella che ha azzerato il valore di uno dei bond subordinati ? Abbiamo postato un po' di materiale qui, insieme con Nick.sala, che pure seguiva quella vicenda...

l'isin è XS0231415588.la situazione la conosco,dopo il default i bond si erano ripresi ma con la crisi greca è riprecipitato tutto.