Obbligazioni societarie Monitor bond Utilities Europa I (gennaio - luglio 2009)
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Imark
Forumer storico
Sì, Gie sta per Gruppo di Interesse Economico ed è un istituto della legge francese che estende la garanzia su di una emissione di debito a tutte le società che fanno parte del Gie ... quindi niente di meno di GDF Suez, anzi qualcosa in più...
Il differenziale è dovuto ad una illiquidità del titolo che genera un singolare disallinamento fra i prezzi su Francoforte e sull'ICMA ed i prezzi su Bloomberg, che sono decisamente più alti... eppure il suo qualche diecimila euro di nominale ogni tanto su Francoforte mi risulta li scambi...
ZYGMUNT
Forumer attivo
Il file per chi volesse utilizzarlo...
grazie Mark..peccato solo che per me i mercati obbligazionari tedeschi siano una chimera..
non c'è alcuna possibilità con la piattaforma di intesa sanpaolo di acquistare oltre che sul TLX?
Imark
Forumer storico
Ciao Zygmunt ... non ti fanno comprare nulla OTC a commissioni accettabili ? ...
Non ho idea di come si comporti ISP.
ZYGMUNT
Forumer attivo
Ciao Zygmunt ... non ti fanno comprare nulla OTC a commissioni accettabili ? ...
Non ho idea di come si comporti ISP.
Dovrei chiedere in filiale..però credo che al massimo mi farebbero uno 0,3% senza tetto commissionale.
lorenzo63
Age quod Agis
Total e gli scisti bituminosi del Canadà..
Total SA on Tuesday launched a 617-million-Canadian-dollar (US$503.2 million) bid for UTS Energy Corp., in a move to expand its presence in Alberta's oil-sands industry while asset prices are low.
The French oil major is bidding C$1.30 a share, or about 57% above UTS's closing price of 83 cents on the Toronto Stock Exchange Tuesday.
AFP/Getty Images
Headquarters of the French oil giant group Total in western Paris
Calgary-based UTS holds a 20% stake in the delayed Fort Hills oil-sands project in northern Alberta, one of the higher-profile victims of plunging oil prices and tightened credit markets.
Alberta's high-cost oil sands -- the biggest crude reserve outside Saudi Arabia--have felt the brunt of oil's freefall from July's record heights near US$150 a barrel. Crude prices have slumped more than 70% since then, causing billions of dollars in canceled and delayed projects.
Most oil-sands developments need a price of at least US$80 a barrel to break even, analysts estimate, while Fort Hills was reckoned to need prices above US$100.
Total said the UTS acquisition will strengthen its portfolio in northern Alberta's oil-sands region, where it already holds a majority stakes in the proposed Joslyn and Northern Lights projects. Both of these developments will be oil-sands mines, like Fort Hills.
The French company might also consider building a stake in the Fort Hills project beyond the 20% share it would acquire by purchasing UTS, Total spokesman Paul Floren said. UTS couldn't be reached for comment.
In November, project leader Petro-Canada, which holds a 60% stake, put part of the Fort Hills development on hold and delayed the rest by at least a year after estimated costs spiked to more than C$28 billion. Mining company Teck Cominco Ltd. owns the remaining 20% stake, but is struggling under debt from a recent acquisition.
The other Fort Hills partners would only have right of first refusal had Total bid for UTS's Fort Hills assets, rather than the entire company, Petro-Canada spokesman Peter Symons said.
Petro-Canada would "certainly welcome" Total as a partner, given its size and experience, if it succeeds in its bid, Mr. Symons said, adding that the company is happy with its 60% stake in Fort Hills.
In November, Petro-Canada Chief Executive Ron Brenneman said the company needed to have "a lot more confidence in our partners' ability to stay with us...than we have now," alluding to UTS's and Teck's financial difficulties.
Total's offer will be open for at least 60 days and will need the support of a minimum of two-thirds of UTS shareholders.
Fort Hills' first 160,000 barrel-a-day phase was initially slated to start up in 2011, but is now likely to occur in 2012 at the earliest. The project's upgrader, a costly facility that processes the sludgy oil-sands bitumen into a lighter synthetic crude, has been put on hold indefinitely and could be canceled altogether.
Total SA on Tuesday launched a 617-million-Canadian-dollar (US$503.2 million) bid for UTS Energy Corp., in a move to expand its presence in Alberta's oil-sands industry while asset prices are low.
The French oil major is bidding C$1.30 a share, or about 57% above UTS's closing price of 83 cents on the Toronto Stock Exchange Tuesday.
AFP/Getty Images
Headquarters of the French oil giant group Total in western Paris
Calgary-based UTS holds a 20% stake in the delayed Fort Hills oil-sands project in northern Alberta, one of the higher-profile victims of plunging oil prices and tightened credit markets.
Alberta's high-cost oil sands -- the biggest crude reserve outside Saudi Arabia--have felt the brunt of oil's freefall from July's record heights near US$150 a barrel. Crude prices have slumped more than 70% since then, causing billions of dollars in canceled and delayed projects.
Most oil-sands developments need a price of at least US$80 a barrel to break even, analysts estimate, while Fort Hills was reckoned to need prices above US$100.
Total said the UTS acquisition will strengthen its portfolio in northern Alberta's oil-sands region, where it already holds a majority stakes in the proposed Joslyn and Northern Lights projects. Both of these developments will be oil-sands mines, like Fort Hills.
The French company might also consider building a stake in the Fort Hills project beyond the 20% share it would acquire by purchasing UTS, Total spokesman Paul Floren said. UTS couldn't be reached for comment.
In November, project leader Petro-Canada, which holds a 60% stake, put part of the Fort Hills development on hold and delayed the rest by at least a year after estimated costs spiked to more than C$28 billion. Mining company Teck Cominco Ltd. owns the remaining 20% stake, but is struggling under debt from a recent acquisition.
The other Fort Hills partners would only have right of first refusal had Total bid for UTS's Fort Hills assets, rather than the entire company, Petro-Canada spokesman Peter Symons said.
Petro-Canada would "certainly welcome" Total as a partner, given its size and experience, if it succeeds in its bid, Mr. Symons said, adding that the company is happy with its 60% stake in Fort Hills.
In November, Petro-Canada Chief Executive Ron Brenneman said the company needed to have "a lot more confidence in our partners' ability to stay with us...than we have now," alluding to UTS's and Teck's financial difficulties.
Total's offer will be open for at least 60 days and will need the support of a minimum of two-thirds of UTS shareholders.
Fort Hills' first 160,000 barrel-a-day phase was initially slated to start up in 2011, but is now likely to occur in 2012 at the earliest. The project's upgrader, a costly facility that processes the sludgy oil-sands bitumen into a lighter synthetic crude, has been put on hold indefinitely and could be canceled altogether.
Imark
Forumer storico
Enel intende ricollocare sul mercato azionario almeno parte della quota di Endesa che verrà rilevata da Acciona, così da aumentare il circolante azionario ed incrementare la dotazione di liquidità di Endesa, sebbene si proponga di farlo gradualmente nel tempo, secondo le fonti spagnole sentite dalla Reuters.
Enel sarebbe in procinto di lanciare l'offerta per l'acquisto della quota del 25% di Endesa, per la quale ha già raccolto l'85% dei finanziamenti necessari. L'offerta sarà condizionata, sempre secondo la stampa spagnola, alla circostanza per cui l'Authority iberica di settore non preveda per Enel, in conseguenza di tale offerta, l'obbligo di lanciare su Endesa un'OPA totalitaria.
Anche questa notizia non è freschissima ma mi era sfuggita...
Enel aims to increase Endesa free-float - paper
Fri Jan 16, 2009 3:23am EST
MADRID, Jan 16 (Reuters) - Italy's Enel (ENEI.MI) plans to float more of Endesa (ELE.MC) on the stock market after it buys Acciona's 25 percent stake in the Spanish power firm, daily La Gaceta de los Negocios said on Friday, citing unnamed banking sources.
The share issue would be aimed at boosting Endesa's liquidity though it was not likely to happen in the short term, the sources said.
"The first thing is for Enel to take control of the company (Endesa) and then in the medium term, if everything goes well and the financial markets recover, to sell more shares," the sources said.
Enel said it never comments on market reports.
Separately, financial daily Expansion said Enel plans to make a formal offer for Acciona's Endesa stake any time from Jan. 26, when it hopes to have closed the financing for the deal, valued at about 11 billion euros.
The Italian power company already has 85 percent of the financing it needs, including 1.3 billion euros from Spain's largest bank Santander (SAN.MC) and 1.6 billion from BBVA (BBVA.MC), Expansion said.
It said Enel is making its offer conditional on not being obliged by stock market regulator CNMV to launch a full bid for Endesa, in which it already owns 67 percent.
(Reporting by Judy MacInnes; editing by John Stonestreet)
Enel sarebbe in procinto di lanciare l'offerta per l'acquisto della quota del 25% di Endesa, per la quale ha già raccolto l'85% dei finanziamenti necessari. L'offerta sarà condizionata, sempre secondo la stampa spagnola, alla circostanza per cui l'Authority iberica di settore non preveda per Enel, in conseguenza di tale offerta, l'obbligo di lanciare su Endesa un'OPA totalitaria.
Anche questa notizia non è freschissima ma mi era sfuggita...
Enel aims to increase Endesa free-float - paper
Fri Jan 16, 2009 3:23am EST
MADRID, Jan 16 (Reuters) - Italy's Enel (ENEI.MI) plans to float more of Endesa (ELE.MC) on the stock market after it buys Acciona's 25 percent stake in the Spanish power firm, daily La Gaceta de los Negocios said on Friday, citing unnamed banking sources.
The share issue would be aimed at boosting Endesa's liquidity though it was not likely to happen in the short term, the sources said.
"The first thing is for Enel to take control of the company (Endesa) and then in the medium term, if everything goes well and the financial markets recover, to sell more shares," the sources said.
Enel said it never comments on market reports.
Separately, financial daily Expansion said Enel plans to make a formal offer for Acciona's Endesa stake any time from Jan. 26, when it hopes to have closed the financing for the deal, valued at about 11 billion euros.
The Italian power company already has 85 percent of the financing it needs, including 1.3 billion euros from Spain's largest bank Santander (SAN.MC) and 1.6 billion from BBVA (BBVA.MC), Expansion said.
It said Enel is making its offer conditional on not being obliged by stock market regulator CNMV to launch a full bid for Endesa, in which it already owns 67 percent.
(Reporting by Judy MacInnes; editing by John Stonestreet)
Imark
Forumer storico
Intanto anche Iberdrola, altra utility spagnola di grandi dimensioni, si accinge a varare una politica di gestione finanziaria molto conservativa, ridimensionando il capex rispetto a quanto stabilito in precedenza, con il proposito di evitare una crescita dell'indebitamento, mentre manifesta l'intenzione di rivolgersi al mercato dei capitali con nuove emissioni mentre rifinanzia le linee di credito bancarie di cui dispone attualmente al fine di allungarne le scadenze.
UPDATE 1-Iberdrola sees 2009 capex at 4-4.5 bln euros
Fri Jan 23, 2009 3:23pm GMT
* Likely to tap debt markets again in coming months
* Rules out buy-back of Iberdrola Renovables stocks (Adds investment in Douro dams in paragraphs 4-5)
By Ruben Bicho
PORTO, Portugal, Jan 23 (Reuters) - Spanish utility Iberdrola plans capital expenditure of 4.5 billion euros ($5.83 billion) this year, down from 13 billion euros in 2008, and is likely to issue more debt in the coming months, Chief Executive Ignacio Galan said on Friday.
The energy giant, which is also one of the world's biggest wind power generators, had an investment plan for 2008-2012 envisaging a capital expenditure of 25 billion euros, but it said in October the bleak macroeconomic setting could reduce the investment by 2 billion a year.
"We don't have a definitive position yet, but probably this year we will have an investment around 4-4.5 billion euros and next year it will be at cash-flow levels to maintain current debt levels," Galan told reporters.
The investment includes 450 million euros in a combined cycle thermal power plant near Portugal's coastal city of Figueira da Foz. As for longer-term investment in Portugal, Iberdrola should spend 1.7 billion euros on four dams in the Douro River basin, higher than the previously announced 1.3 billion.
Iberdrola won the concessions with a total projected capacity of 1,134 megawatts last July. The construction is scheduled for completion by 2018. Galan did not provide the reason for the spending increase.
He said Iberdrola had its financing needs covered at the moment, but was likely to issue more debt after it raised 1.6 billion euros in November and 1 billion euros and 500 million pounds earlier this month.
"It is very likely that in the coming months we will have an additional issue ... Our financing needs are totally covered, we have liquidity around 8 billion euros to 9 billion euros in available lines, but we want to extend maturities," he said.
Galan also dismissed market speculation that Iberdrola may buy back shares in its renewable energy unit Iberdrola Renovables, which lost 46 percent of their value last year. Iberdrola's own shares shed 37 percent in 2008.
"We have no such plan, our resources do not serve to artificially maintain the value of shares, they are meant for investment and future growth," he said.
Galan also said Iberdrola had no plans to alter its 9.5 percent stake in Portugal's main utility, Energias de Portugal (EDP), and that it had not made a loss on its stake, in spite of a near 40 percent drop in EDP's share price in 2008. ($1=.7719 Euro) (Reporting by Ruben Bicho; writing by Andrei Khalip; editing by Simon Jessop)
UPDATE 1-Iberdrola sees 2009 capex at 4-4.5 bln euros
Fri Jan 23, 2009 3:23pm GMT
* Likely to tap debt markets again in coming months
* Rules out buy-back of Iberdrola Renovables stocks (Adds investment in Douro dams in paragraphs 4-5)
By Ruben Bicho
PORTO, Portugal, Jan 23 (Reuters) - Spanish utility Iberdrola plans capital expenditure of 4.5 billion euros ($5.83 billion) this year, down from 13 billion euros in 2008, and is likely to issue more debt in the coming months, Chief Executive Ignacio Galan said on Friday.
The energy giant, which is also one of the world's biggest wind power generators, had an investment plan for 2008-2012 envisaging a capital expenditure of 25 billion euros, but it said in October the bleak macroeconomic setting could reduce the investment by 2 billion a year.
"We don't have a definitive position yet, but probably this year we will have an investment around 4-4.5 billion euros and next year it will be at cash-flow levels to maintain current debt levels," Galan told reporters.
The investment includes 450 million euros in a combined cycle thermal power plant near Portugal's coastal city of Figueira da Foz. As for longer-term investment in Portugal, Iberdrola should spend 1.7 billion euros on four dams in the Douro River basin, higher than the previously announced 1.3 billion.
Iberdrola won the concessions with a total projected capacity of 1,134 megawatts last July. The construction is scheduled for completion by 2018. Galan did not provide the reason for the spending increase.
He said Iberdrola had its financing needs covered at the moment, but was likely to issue more debt after it raised 1.6 billion euros in November and 1 billion euros and 500 million pounds earlier this month.
"It is very likely that in the coming months we will have an additional issue ... Our financing needs are totally covered, we have liquidity around 8 billion euros to 9 billion euros in available lines, but we want to extend maturities," he said.
Galan also dismissed market speculation that Iberdrola may buy back shares in its renewable energy unit Iberdrola Renovables, which lost 46 percent of their value last year. Iberdrola's own shares shed 37 percent in 2008.
"We have no such plan, our resources do not serve to artificially maintain the value of shares, they are meant for investment and future growth," he said.
Galan also said Iberdrola had no plans to alter its 9.5 percent stake in Portugal's main utility, Energias de Portugal (EDP), and that it had not made a loss on its stake, in spite of a near 40 percent drop in EDP's share price in 2008. ($1=.7719 Euro) (Reporting by Ruben Bicho; writing by Andrei Khalip; editing by Simon Jessop)
Imark
Forumer storico
Monitor bond Utilities (gruppo di lavoro: Alobar, I98mark).
AVVERTENZE
Discreta la liquidità sui mercati retail per le utilities europee, sulla falsariga della settimana precedente: decisamente buona per le tedesche, in miglioramento per le francesi, soffrono un attimo quelle degli altri paesi minori, pure vedendo corsi in tenuta o in leggera crescita sui mercati professionali.
Anche questa settimana, dove il mercato retail dava segni di illiquidità, Massimo S. ha permesso di attingere ai prezzi dei bond sui mercati professionali. I corsi esposti in tabella sono di fonte ICMA, e risalgono a ieri, per i seguenti titoli.
EDF 10/2010, 12/2010, 2016, 2020; EnBW 2025; RWE 2016 e 2033; Vattenfall 2011, perpetual, 2018 e 2024; National Grid 03/2013, 2018 e 2020; Veolia 2012, 2018 e 2033; Gie suez 2012; GDF Suez 2013; Suez Belgelec 2015; GDF Suez 2018; Iberdrola 02/2013, 05/2013 e 2015; Nederlandese Gasunie 2016; Dong perpetual; Fortum 2010 e 2013.
Per il bond Nederlandese Gasunie 2021, si è reso necessario riprendere il prezzo Bloomberg (BBML) della chiusura di ieri.
------------------------------
Il periodo monitorato
Si conferma la sensazione di un andamento parallelo a quello dei sovereign, con i bond tedeschi in particolare tutti in recupero, ma in rafforzamento sono anche tutti gli altri, e la salita dei prezzi è particolarmente evidente per i bond Enel e per quelli delle utilities francesi in genere.
Vediamo quanto durerà, anche perché le prossime trimestrali non dovrebbero essere particolarmente felici, con i consumi industriali di elettricità in calo, i prezzi in calo sui mercati non regolati in scia all'andamento delle materie prime energetiche e su quelli regolati in forza delle decisioni degli organismi di controllo, tese a contenere questi costi per favorire un rilancio dei consumi.
Ad oggi il fattore sicurezza legato a questi bond sembra essere ancora privilegiato rispetto a letture di ordine "compartimentale" che anticipino un calo dei fatturati - prima e piuttosto che degli utili, per i quali si dovrà valutare l'efficacia delle misure di contrastro poste in essere dalle società del settore - che pare tuttavia essere nell'ordine delle cose.
Per il verso opposto, restano a sostenere le quotazioni di questi bond, oltre al fattore affidabilità degli emittenti, le aspettative inflazionistiche in area euro, che paiono ad oggi essere sotto controllo.
Tovate il file allegato qui oltre che, come sempre, sul sito ventimaggio gestito da Maino ...
http://digilander.libero.it/ventimaggio/Finanza/Pagina dei files.html
La tabella dei prezzi, divisa in tre parti:
AVVERTENZE
Discreta la liquidità sui mercati retail per le utilities europee, sulla falsariga della settimana precedente: decisamente buona per le tedesche, in miglioramento per le francesi, soffrono un attimo quelle degli altri paesi minori, pure vedendo corsi in tenuta o in leggera crescita sui mercati professionali.
Anche questa settimana, dove il mercato retail dava segni di illiquidità, Massimo S. ha permesso di attingere ai prezzi dei bond sui mercati professionali. I corsi esposti in tabella sono di fonte ICMA, e risalgono a ieri, per i seguenti titoli.
EDF 10/2010, 12/2010, 2016, 2020; EnBW 2025; RWE 2016 e 2033; Vattenfall 2011, perpetual, 2018 e 2024; National Grid 03/2013, 2018 e 2020; Veolia 2012, 2018 e 2033; Gie suez 2012; GDF Suez 2013; Suez Belgelec 2015; GDF Suez 2018; Iberdrola 02/2013, 05/2013 e 2015; Nederlandese Gasunie 2016; Dong perpetual; Fortum 2010 e 2013.
Per il bond Nederlandese Gasunie 2021, si è reso necessario riprendere il prezzo Bloomberg (BBML) della chiusura di ieri.
------------------------------
Il periodo monitorato
Si conferma la sensazione di un andamento parallelo a quello dei sovereign, con i bond tedeschi in particolare tutti in recupero, ma in rafforzamento sono anche tutti gli altri, e la salita dei prezzi è particolarmente evidente per i bond Enel e per quelli delle utilities francesi in genere.
Vediamo quanto durerà, anche perché le prossime trimestrali non dovrebbero essere particolarmente felici, con i consumi industriali di elettricità in calo, i prezzi in calo sui mercati non regolati in scia all'andamento delle materie prime energetiche e su quelli regolati in forza delle decisioni degli organismi di controllo, tese a contenere questi costi per favorire un rilancio dei consumi.
Ad oggi il fattore sicurezza legato a questi bond sembra essere ancora privilegiato rispetto a letture di ordine "compartimentale" che anticipino un calo dei fatturati - prima e piuttosto che degli utili, per i quali si dovrà valutare l'efficacia delle misure di contrastro poste in essere dalle società del settore - che pare tuttavia essere nell'ordine delle cose.
Per il verso opposto, restano a sostenere le quotazioni di questi bond, oltre al fattore affidabilità degli emittenti, le aspettative inflazionistiche in area euro, che paiono ad oggi essere sotto controllo.
Tovate il file allegato qui oltre che, come sempre, sul sito ventimaggio gestito da Maino ...
http://digilander.libero.it/ventimaggio/Finanza/Pagina dei files.html
La tabella dei prezzi, divisa in tre parti:
- Stato
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