Obbligazioni societarie Monitor bond Utilities Europa I (gennaio - luglio 2009)
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Imark
Forumer storico
il secondo grafico: notate come l'irripidimento della curva dei rendimenti sia marcato. Il monitor utilities è relativamente giovane, e non porta traccia nello storico dei tempi in cui le curve dei rendimenti erano completamente appiattite e sovrapposte, ma chi volesse avere un raffronto visivo, potrebbe recuperare qualcosa dal 3D dei telecom bonds della fine 2006 - primo semestre 2007.
Imark
Forumer storico
Un interessante articolo di Bloomberg fa il punto, partendo dalle vicende della tedesca E.On, su una questione della quale trattavo in apertura del 3D e alla quale ho fatto cenno ancora nel commento al monitor dell'altra settimana.
Lo shopping fatto dalle utilities negli anni della liquidità facile sarà stato fatto davvero "al giusto prezzo", in particolare ora che, con una recessione in essere piuttosto severa, con un calo dei consumi ed interventi statali mirati a contenere il costo della fattura energetica, le società ed in genere gli asset acquistati potrebbero rivelare un minore valore rispetto a quello stimato all'atto dell'acquisto, attesa una minore capacità di generare reddito ?
Ebbene, una prima risposta viene dalla tedesca E.On, che ha abbattuto il valore degli asset acquisiti di recente in Italia ed l'avviamento delle attività rilevate nel midwest US, svalutando per complessivi 3,3 mld euro.
Sia E.On che RWE si accingono a tagliare le spese, con la prima che ha sospeso un piano di buyback azionario e valuta la possibilità di ridurre il capex, prefiggendosi di raggiungere un risparmio sui costi di 1,5 mld euro annui entro il 2011.
Peraltro E.On ha gestito in perdita il proprio business in UK, un mercato in non regolamentato, nel quale quindi il margine di profitto è più alto della media negli anni buoni, ma diviene inferiore alla media negli anni di crisi (mentre nei mercati a prezzo regolamentato tende ad esserci maggiore stabilità nell'andamento dei prezzi).
RWE a propria volta stima di operare tagli dei costi nell'ordine degli 1,2 mld euro entro il 2012.
E.ON Plans 1.5 Billion-Euro Savings After Charges (Update2)
By Nicholas Comfort and Paul Dobson
Feb. 10 (Bloomberg) -- E.ON AG, Germany’s biggest utility, plans 1.5 billion euros ($1.9 billion) in cost savings after warning earnings will be crimped by 3.3 billion euros of writedowns related to its U.S. and Italian operations.
E.ON and RWE AG, its smaller German rival, are cutting costs as Europe’s biggest utilities battle the global recession. The Dusseldorf-based company still expects adjusted earnings to rise this year, allowing it to boost dividend payments by almost 10 percent.
“The impairments are a negative surprise, at least in their magnitude,” Bernhard Jeggle, an analyst at Landesbank Baden-Wuerttemberg in Stuttgart, said in a telephone interview. “When times are harder for E.ON, this will be true for others as well,” he said.
Chief Executive Officer Wulf Bernotat has suspended a share buyback program and may shelve planned investments to preserve cash after E.ON bought power assets abroad in June to expand in markets with higher growth. It said economic “deterioration” and increased political intervention were factors contributing to the writedowns announced today.
E.ON fell as much as 2.9 percent to 24.29 euros in Frankfurt, and traded down 0.6 percent at 24.88 euros at 10:38 a.m. local time.
The utility will take a 1.8 billion euro fair-value charge on European operations and an impairment charge of 1.5 billion euros on goodwill for its U.S. Midwest unit, according to a statement today.
Job Losses
Further job losses can’t be ruled out as the company seeks savings of 1.5 billion euros through 2011 to improve competitiveness. It wants to cut costs in procurement, information technology and administration, and aims to boost earnings from Nordic power production, U.K. and German energy supplies and German gas storage. The utility employed 93,000 people at end-September.
E.ON’s U.K. unit said last month that it will cut 450 jobs, or 2.5 percent of its workforce, largely from its retail segment, after reporting a loss supplying power and gas for the last two years.
“In our markets we are finding it increasingly difficult to continue with successful growth as a result of fiercer competition, state and regulatory intervention,” Bernotat said in a statement on the cost-saving plans. The measures “will help us to achieve our ambitious targets despite the impact of the financial and economic crisis.”
Exceed Target
RWE, which Bloomberg data show to be about half as profitable per employee as larger rival E.ON, plans to cut costs by 1.2 billion euros by 2012. It may exceed the target, according to Chief Strategy Officer Leonhard Birnbaum. The Essen, Germany-based utility won’t fire workers before 2012, he told reporters in Arnhem, Netherlands last week.
E.ON’s impairment charge in Europe relates to the difference between the book and fair value of operations in Italy, Spain and France that the utility bought from Enel SpA, Actividades de Construccion y Servicios SA and Endesa SA for 11.5 billion euros. The company blamed an increase in taxes in Italy and a “gloomier” outlook because of regulatory intervention in wholesale markets.
“The outlook for the entire utility universe has become gloomier, and impairment charges are merely signs confirming this,” Ingo Becker, head of European utilities research at Kepler Capital Market, said in a note. “All this happened on the back of falling power demand and falling power prices, which could fall much further.”
E.ON said the charges it books will have no effect on adjusted earnings before interest and tax or adjusted net income, the key figure used to determine its dividend. It expects to pay a dividend of 1.50 euros a share, representing an increase of about 9.5 percent on 2007 when adjusted for a stock split.
Lo shopping fatto dalle utilities negli anni della liquidità facile sarà stato fatto davvero "al giusto prezzo", in particolare ora che, con una recessione in essere piuttosto severa, con un calo dei consumi ed interventi statali mirati a contenere il costo della fattura energetica, le società ed in genere gli asset acquistati potrebbero rivelare un minore valore rispetto a quello stimato all'atto dell'acquisto, attesa una minore capacità di generare reddito ?
Ebbene, una prima risposta viene dalla tedesca E.On, che ha abbattuto il valore degli asset acquisiti di recente in Italia ed l'avviamento delle attività rilevate nel midwest US, svalutando per complessivi 3,3 mld euro.
Sia E.On che RWE si accingono a tagliare le spese, con la prima che ha sospeso un piano di buyback azionario e valuta la possibilità di ridurre il capex, prefiggendosi di raggiungere un risparmio sui costi di 1,5 mld euro annui entro il 2011.
Peraltro E.On ha gestito in perdita il proprio business in UK, un mercato in non regolamentato, nel quale quindi il margine di profitto è più alto della media negli anni buoni, ma diviene inferiore alla media negli anni di crisi (mentre nei mercati a prezzo regolamentato tende ad esserci maggiore stabilità nell'andamento dei prezzi).
RWE a propria volta stima di operare tagli dei costi nell'ordine degli 1,2 mld euro entro il 2012.
E.ON Plans 1.5 Billion-Euro Savings After Charges (Update2)
By Nicholas Comfort and Paul Dobson
Feb. 10 (Bloomberg) -- E.ON AG, Germany’s biggest utility, plans 1.5 billion euros ($1.9 billion) in cost savings after warning earnings will be crimped by 3.3 billion euros of writedowns related to its U.S. and Italian operations.
E.ON and RWE AG, its smaller German rival, are cutting costs as Europe’s biggest utilities battle the global recession. The Dusseldorf-based company still expects adjusted earnings to rise this year, allowing it to boost dividend payments by almost 10 percent.
“The impairments are a negative surprise, at least in their magnitude,” Bernhard Jeggle, an analyst at Landesbank Baden-Wuerttemberg in Stuttgart, said in a telephone interview. “When times are harder for E.ON, this will be true for others as well,” he said.
Chief Executive Officer Wulf Bernotat has suspended a share buyback program and may shelve planned investments to preserve cash after E.ON bought power assets abroad in June to expand in markets with higher growth. It said economic “deterioration” and increased political intervention were factors contributing to the writedowns announced today.
E.ON fell as much as 2.9 percent to 24.29 euros in Frankfurt, and traded down 0.6 percent at 24.88 euros at 10:38 a.m. local time.
The utility will take a 1.8 billion euro fair-value charge on European operations and an impairment charge of 1.5 billion euros on goodwill for its U.S. Midwest unit, according to a statement today.
Job Losses
Further job losses can’t be ruled out as the company seeks savings of 1.5 billion euros through 2011 to improve competitiveness. It wants to cut costs in procurement, information technology and administration, and aims to boost earnings from Nordic power production, U.K. and German energy supplies and German gas storage. The utility employed 93,000 people at end-September.
E.ON’s U.K. unit said last month that it will cut 450 jobs, or 2.5 percent of its workforce, largely from its retail segment, after reporting a loss supplying power and gas for the last two years.
“In our markets we are finding it increasingly difficult to continue with successful growth as a result of fiercer competition, state and regulatory intervention,” Bernotat said in a statement on the cost-saving plans. The measures “will help us to achieve our ambitious targets despite the impact of the financial and economic crisis.”
Exceed Target
RWE, which Bloomberg data show to be about half as profitable per employee as larger rival E.ON, plans to cut costs by 1.2 billion euros by 2012. It may exceed the target, according to Chief Strategy Officer Leonhard Birnbaum. The Essen, Germany-based utility won’t fire workers before 2012, he told reporters in Arnhem, Netherlands last week.
E.ON’s impairment charge in Europe relates to the difference between the book and fair value of operations in Italy, Spain and France that the utility bought from Enel SpA, Actividades de Construccion y Servicios SA and Endesa SA for 11.5 billion euros. The company blamed an increase in taxes in Italy and a “gloomier” outlook because of regulatory intervention in wholesale markets.
“The outlook for the entire utility universe has become gloomier, and impairment charges are merely signs confirming this,” Ingo Becker, head of European utilities research at Kepler Capital Market, said in a note. “All this happened on the back of falling power demand and falling power prices, which could fall much further.”
E.ON said the charges it books will have no effect on adjusted earnings before interest and tax or adjusted net income, the key figure used to determine its dividend. It expects to pay a dividend of 1.50 euros a share, representing an increase of about 9.5 percent on 2007 when adjusted for a stock split.
Ultima modifica:
Imark
Forumer storico
ciao,
A questo punto sarebbe interessante capire quale valutazione attuale darebbe l'ENEL per quanto ha speso per Endesae come questo si ripercuoterebbe sulla valutazione e sul rating...
ma lo scopriremo mai???
sama
Benvenuto Sama
ora ti ho riconosciuto... 
Quella che fai è una domanda che mi pongo da un pezzo...
Endesa è costata davvero molto, molto cara... e anche questo mi sembra di avere avuto modo di scriverlo da qualche parte... 
Imark
Forumer storico
Intanto un aggiornamento anche sulla vicenda dell'accordo fra Enel ed Acciona per l'acquisizione da parte di Enel della residua quota di Endesa in mano ad Acciona. Fra i punti problematici, il prezzo che Acciona dovrebbe pagare per rilevare dall'Endesa acquistata da Enel alcuni asset dell'energia rinnovabile.
Il piano vede Enel pagare 8 mld euro più 3 mld euro in asset, con Endesa che pagherebbe un dividendo straordinario e Acciona che utilizzerebbe la propia quota di tale dividendo per acquisire gli asset in questione.
Ci sono problemi legati alla circostanza per cui, se tali asset fossero ceduti ad un prezzo inferiore al loro valore (suppongo quello di libro), Enel potrebbe essere tenuta a lanciare un'Opa anche a salvaguardia della residua minoranza azionaria che detiene l'8% del capitale di Endesa, operazione che avrebbe costi aggiuntivi per 4 mld euro e contrasterebbe con l'intento manifestato in passato da Enel di ridurre il costo dell'operazione ricollocando sul mercato parte delle azioni di Endesa provenienti dal 25% di Acciona, così da aumentarne anche il flottante azionario...
Sarebbe già predisposto il finanziamento bancario di 8 mld euro da accordare ad Enel per l'operazione.
UPDATE 1-Enel, Acciona yet to finalise deal on Endesa-source
Fri Feb 6, 2009 7:45pm GMT
(Adds further comments, background)
ROME, Feb 6 (Reuters) - Enel SpA (ENEI.MI) and Acciona (ANA.MC) have yet to reach a deal on the price to be paid per megawatt of power capacity for Endesa renewable assets, a source close to the matter said on Friday.
Enel and Acciona are negotiating how Enel will acquire a 25 percent stake in its unit Endesa from Acciona under a deal in which Acciona will acquire some of Endesa's renewable assets.
The basis for the agreement foresees Acciona receiving 3 billion euros worth of renewable assets from Endesa in addition to the 8 billion euros of debt that Enel will take on from Acciona, the source said.
"They have to agree on the price per megawatt of the renewable energy plants," the source said.
Acciona would be ready to accept 8 billion euros to pay off debt plus 3 billion for the renewable assets, an Acciona source told Reuters Friday.
Thursday, bank sources said Enel is close to finalising an 8 billion euro loan to finance the Acciona stake acquisition, paying 220 basis points over the Euribor five year rate and 250 points over the seven year rate.
Under the plan, after Enel takes over 8 billion euros of the Acciona debt, Endesa would distribute an extraordinary dividend so Acciona could use the cash to pay for the renewable assets, the source close to the matter said.
However, Enel is concerned selling the renewable assets to Acciona at a discount would expose it to legal action by Endesa minority shareholders, who hold 8 percent, possibly forcing Enel to bid for Endesa shares, the source said.
Any residual bid would cost Enel 4 billion euro, based on the 41 euro price per share it paid for Endesa in 2007, the source said.
Il piano vede Enel pagare 8 mld euro più 3 mld euro in asset, con Endesa che pagherebbe un dividendo straordinario e Acciona che utilizzerebbe la propia quota di tale dividendo per acquisire gli asset in questione.
Ci sono problemi legati alla circostanza per cui, se tali asset fossero ceduti ad un prezzo inferiore al loro valore (suppongo quello di libro), Enel potrebbe essere tenuta a lanciare un'Opa anche a salvaguardia della residua minoranza azionaria che detiene l'8% del capitale di Endesa, operazione che avrebbe costi aggiuntivi per 4 mld euro e contrasterebbe con l'intento manifestato in passato da Enel di ridurre il costo dell'operazione ricollocando sul mercato parte delle azioni di Endesa provenienti dal 25% di Acciona, così da aumentarne anche il flottante azionario...
Sarebbe già predisposto il finanziamento bancario di 8 mld euro da accordare ad Enel per l'operazione.
UPDATE 1-Enel, Acciona yet to finalise deal on Endesa-source
Fri Feb 6, 2009 7:45pm GMT
(Adds further comments, background)
ROME, Feb 6 (Reuters) - Enel SpA (ENEI.MI) and Acciona (ANA.MC) have yet to reach a deal on the price to be paid per megawatt of power capacity for Endesa renewable assets, a source close to the matter said on Friday.
Enel and Acciona are negotiating how Enel will acquire a 25 percent stake in its unit Endesa from Acciona under a deal in which Acciona will acquire some of Endesa's renewable assets.
The basis for the agreement foresees Acciona receiving 3 billion euros worth of renewable assets from Endesa in addition to the 8 billion euros of debt that Enel will take on from Acciona, the source said.
"They have to agree on the price per megawatt of the renewable energy plants," the source said.
Acciona would be ready to accept 8 billion euros to pay off debt plus 3 billion for the renewable assets, an Acciona source told Reuters Friday.
Thursday, bank sources said Enel is close to finalising an 8 billion euro loan to finance the Acciona stake acquisition, paying 220 basis points over the Euribor five year rate and 250 points over the seven year rate.
Under the plan, after Enel takes over 8 billion euros of the Acciona debt, Endesa would distribute an extraordinary dividend so Acciona could use the cash to pay for the renewable assets, the source close to the matter said.
However, Enel is concerned selling the renewable assets to Acciona at a discount would expose it to legal action by Endesa minority shareholders, who hold 8 percent, possibly forcing Enel to bid for Endesa shares, the source said.
Any residual bid would cost Enel 4 billion euro, based on the 41 euro price per share it paid for Endesa in 2007, the source said.
Imark
Forumer storico
Ed ancora a proposito di questa operazione è interessante scoprire ciò che Enel paga alle banche che hanno organizzato il loan per l'acquisto del 25% di Endesa da Acciona, insieme ad altri aspetti rigardanti il versante finanziario dell'operazione.
Sono 220 pb sopra l'Euribor 3M per la tranche quinquennale e 250 pb per la tranche settennale del loaneek
Un prezzo così caro è auspicabilmente legato alle pressioni esercitate dalle banche su Acciona, visto che l'accordo anticipato sulla cessione della quota e a condizioni meno penalizzanti per Enel avviene per effetto delle pressioni che le banche medesime hanno fatto su Acciona.
Per cui ci sta che alla fine una mano lavi l'altra...
RLPC-UPDATE 1-Enel near 8 bln euro loan for Endesa buy -sources
Thu Feb 5, 2009 3:45pm GMT
(Adds bank details, timing, loan pricing, background)
By Tessa Walsh
LONDON, Feb 5 (Reuters) - Italian utility Enel SpA ENEI.MC is close to finalising an 8 billion euro ($10.3 billion) loan to finance its planned purchase of a 25 percent stake in Endesa (ELE.MC), banking sources said on Wednesday.
The loan mandate, which backs Enel's purchase of the minority stake owned by Acciona (ANA.MC), is expected to be executed with a group of 12 banks this week, the sources said.
"It (the loan) should sign any day now. We're trying to do it this week," a senior banker close to the loan talks said.
The closing of the funding will increase the probability that Enel will reach agreement on the 11 billion euro share purchase, they added.
Enel could not be immediately reached for comment.
Acciona ACA.MC is not obliged to sell its 25 percent stake in Endesa to Enel at today's levels, as it has an option to offload in a couple of years' time. The two companies are also discussing the valuation of Endesa's renewable assets, which is part of the deal.
However Acciona needs to refinance an 8.2 billion euro margin loan that it used to buy the Endesa stake in mid-2007, which was partly secured on Endesa shares that have fallen in value. Doubts have also been cast over the strength of the put option.
If Acciona believes there is weakness in the put, they will be more minded to sell today to Enel. The variable here is the price," a second banker close to the deal said.
BBVA, Santander and Mediobanca have assembled a group of bookrunning banks that includes Intesa, UniCredit, BNP Paribas, Calyon, Natixis, Royal Bank of Scotland, La Caixa, Caja Madrid and Bank of Tokyo-Mitsubishi, sources said.
The loan mandate is expected to be signed imminently and the loan will be launched quickly to a wider syndication when the purchase has been finalised, they added.
NEW LOAN SOLVES OLD PROBLEM
Putting Enel's new loan in place is not straightforward as it has to fit in with its original 35 billion euro acquisition loan of December 2007 that financed its purchase of Endesa, bankers said.
Enel had the right to increase the jumbo loan to finance the purchase of the 25 percent Endesa stake, but has opted to do the new loan with higher pricing in recognition of changed market conditions, sources said.
Enel will pay 220 basis points (bps) over EURIBOR on the five-year tranche and 250 bps on the seven-year tranche compared to 22.5-35 bps based on a rating of A-/A2 by S&P and Moody's.
A new multi-billion loan for Enel with longer maturities has been seen as a sign that the credit markets may be unlocking
However the loan is unique as it neatly solves the problem of Acciona's 8.2 billion euro margin loan, which had a high loan-to-value ratio of around 60-70 percent and is now under water after a slide in Endesa's share price, bankers said.
Although Acciona's dividend payments may have covered interest payments on the margin loan, the margin lenders were in an uncomfortable position as Acciona would face refinancing difficulties amid tough loan market conditions.
The new Enel loan allows Acciona's margin lenders -- BBVA, Santander, BNP Paribas, Calyon, ICO, Intesa SanPaolo and Royal Bank of Scotland -- to swap their exposure on the non-performing margin loan for highly-rated Enel exposure.
"Enel is offering to help Acciona out, but the guys lending to Acciona have to flip in to the new deal which radically improves their credit profile," a third banker said.
"The deal looks like a tough five- to seven-year deal. Actually its win-win for everyone - banks get out of a difficult Acciona loan and into Enel paper. The tenor is longer than banks want to do but its better than the alternative," the senior banker said. (Reporting by Tessa Walsh; editing by John Stonestreet)
Sono 220 pb sopra l'Euribor 3M per la tranche quinquennale e 250 pb per la tranche settennale del loan
eekUn prezzo così caro è auspicabilmente legato alle pressioni esercitate dalle banche su Acciona, visto che l'accordo anticipato sulla cessione della quota e a condizioni meno penalizzanti per Enel avviene per effetto delle pressioni che le banche medesime hanno fatto su Acciona.
Per cui ci sta che alla fine una mano lavi l'altra...
RLPC-UPDATE 1-Enel near 8 bln euro loan for Endesa buy -sources
Thu Feb 5, 2009 3:45pm GMT
(Adds bank details, timing, loan pricing, background)
By Tessa Walsh
LONDON, Feb 5 (Reuters) - Italian utility Enel SpA ENEI.MC is close to finalising an 8 billion euro ($10.3 billion) loan to finance its planned purchase of a 25 percent stake in Endesa (ELE.MC), banking sources said on Wednesday.
The loan mandate, which backs Enel's purchase of the minority stake owned by Acciona (ANA.MC), is expected to be executed with a group of 12 banks this week, the sources said.
"It (the loan) should sign any day now. We're trying to do it this week," a senior banker close to the loan talks said.
The closing of the funding will increase the probability that Enel will reach agreement on the 11 billion euro share purchase, they added.
Enel could not be immediately reached for comment.
Acciona ACA.MC is not obliged to sell its 25 percent stake in Endesa to Enel at today's levels, as it has an option to offload in a couple of years' time. The two companies are also discussing the valuation of Endesa's renewable assets, which is part of the deal.
However Acciona needs to refinance an 8.2 billion euro margin loan that it used to buy the Endesa stake in mid-2007, which was partly secured on Endesa shares that have fallen in value. Doubts have also been cast over the strength of the put option.
If Acciona believes there is weakness in the put, they will be more minded to sell today to Enel. The variable here is the price," a second banker close to the deal said.
BBVA, Santander and Mediobanca have assembled a group of bookrunning banks that includes Intesa, UniCredit, BNP Paribas, Calyon, Natixis, Royal Bank of Scotland, La Caixa, Caja Madrid and Bank of Tokyo-Mitsubishi, sources said.
The loan mandate is expected to be signed imminently and the loan will be launched quickly to a wider syndication when the purchase has been finalised, they added.
NEW LOAN SOLVES OLD PROBLEM
Putting Enel's new loan in place is not straightforward as it has to fit in with its original 35 billion euro acquisition loan of December 2007 that financed its purchase of Endesa, bankers said.
Enel had the right to increase the jumbo loan to finance the purchase of the 25 percent Endesa stake, but has opted to do the new loan with higher pricing in recognition of changed market conditions, sources said.
Enel will pay 220 basis points (bps) over EURIBOR on the five-year tranche and 250 bps on the seven-year tranche compared to 22.5-35 bps based on a rating of A-/A2 by S&P and Moody's.
A new multi-billion loan for Enel with longer maturities has been seen as a sign that the credit markets may be unlocking
However the loan is unique as it neatly solves the problem of Acciona's 8.2 billion euro margin loan, which had a high loan-to-value ratio of around 60-70 percent and is now under water after a slide in Endesa's share price, bankers said.
Although Acciona's dividend payments may have covered interest payments on the margin loan, the margin lenders were in an uncomfortable position as Acciona would face refinancing difficulties amid tough loan market conditions.
The new Enel loan allows Acciona's margin lenders -- BBVA, Santander, BNP Paribas, Calyon, ICO, Intesa SanPaolo and Royal Bank of Scotland -- to swap their exposure on the non-performing margin loan for highly-rated Enel exposure.
"Enel is offering to help Acciona out, but the guys lending to Acciona have to flip in to the new deal which radically improves their credit profile," a third banker said.
"The deal looks like a tough five- to seven-year deal. Actually its win-win for everyone - banks get out of a difficult Acciona loan and into Enel paper. The tenor is longer than banks want to do but its better than the alternative," the senior banker said. (Reporting by Tessa Walsh; editing by John Stonestreet)
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