Obbligazioni societarie Monitor bond Utilities Europa I (gennaio - luglio 2009)
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Imark
Forumer storico
Faccio una verifica: qualche volta l'indicazione ripresa da OnVista si rileva inesatta.
Imark
Forumer storico
Fatta rapida verifica, e mi hanno confermato che il quantitativo minimo indicato su OnVista è sbagliato: non sono 1k ma 50k di minimo e poi incrementi successivi di 1k... giusto quanto ti è stato detto in banca...
Sul monitor il quantitativo minimo sarà corretto dalla prossima volta...
Imark
Forumer storico
Imark
Forumer storico
Sempre sulla situazione di Nuon dopo l'offerta di Vattenfall, questa volta dal punto di vista di Moody's.
L'unbundling della rete, come qualcuno ricorderà dalle info di analisi generale postate ad inizio del 3D, è sempre portatitrice di effetti negativi sul rating in quanto il business di trasmissione su rete proprietaria è operato in condizioni di sostanziale monopolio privato.
Il resto dipenderà da come saranno condotto lo split societario e da quale struttura finanziaria risulterà in capo alle società divise, oltre che per le attività di generazione, dal successo o meno dell'offerta di Vattenfall.
[FONT=verdana,arial,helvetica]Moody's takes rating actions on Nuon NV and subsidiaries[/FONT]
[FONT=verdana,arial,helvetica]Approximately EUR800 million debt affected [/FONT]
[FONT=verdana,arial,helvetica]London, 27 February 2009 -- Moody's Investors Service has affirmed the A2/Prime-1 ratings with a stable outlook of Nuon NV and its guaranteed subsidiary Nuon Finance BV. At the same time, Moody's has placed the A3 senior unsecured issuer rating of Nuon Power Generation BV on review for possible downgrade. These rating actions follow the announcement that the Nordic utility Vattenfall, has made an all-cash offer of EUR8.5 billion enterprise value for 100% of the shares, equalling to EUR10.3 billion for the equity of Nuon NV's generation and supply company after 2008 dividends. [/FONT]
[FONT=verdana,arial,helvetica]The Vattenfall offer is primarily a result of recent Dutch legislation on "unbundling" - the legal requirement for the country's utilities to implement full legal and ownership separation of regulated activities from commercial activities. In 2008, in preparation for full unbundling, Nuon divided its operations into two, whilst still maintaining full ownership: Nuon PLB retaining the generation and supply operations and NWB (Netwerk Services and Continuon) - renamed into Alliander and Liander - the network businesses. The latter regulated businesses will remain with Nuon NV under the new name Alliander. Full unbundling of the company will take place prior to the sale to Vattenfall, assuming this is successful. [/FONT]
[FONT=verdana,arial,helvetica]The Vattenfall transaction would imply a two-step process whereby Vattenfall would initially acquire 49% of Nuon PLB, with the remaining 51% of the shares to be acquired after two, four and six years under fixed terms. The acquisition is expected to become effective in Q2 2009, subject to certain conditions including the finalisation of Nuon's unbundling plan by the Dutch Ministry of Economic Affairs, the approval by the European Commission and at least 80% acceptance by Nuon's shareholders. Moody's notes that Nuon's Management Board and Supervisory Board have unanimously recommended the offer to Nuon's shareholders. [/FONT]
[FONT=verdana,arial,helvetica]Moody's expects that the current holding company, Nuon NV, will retain the same shareholding structure (100% ownership by a number of Dutch regional and local governments) and will still be considered a Government-Related Issuer under Moody's methodology, although at present the support and dependence assumptions do not provide any uplift to the ratings from the company's baseline credit assessment of 6 (equivalent to A2). [/FONT]
[FONT=verdana,arial,helvetica]Once the potential transaction has taken place, Moody's is likely to consider the regulated electricity and gas grid activities, held by Nuon NV, as lower business risk than that of the current vertically integrated structure. As a result, the rating agency is likely to consider lower financial ratios to maintain the same rating. The capital structure of the company has yet to be finalised, nonetheless Moody's notes that the company targets a sound A rating and that debt reduction in recent years by Nuon should allow both new subsidiaries to commence operations with a solid financial position. [/FONT]
[FONT=verdana,arial,helvetica]The affirmation of Nuon NV's ratings reflects Moody's view that the company's current financial flexibility and the shareholder commitment to a solid A rating, means that the current A2 rating is unlikely to be jeopardised. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Moody's will however continue to monitor as there are a number of decisions yet to be made, including those as to the final capital structure of the company and further clarifications on regulatory minimum standards for the network companies. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Moody's notes that ratings may therefore need to be adjusted as more information becomes available -- potentially upwards in the case of a very moderately leveraged structure or downwards in the case of a heavily leveraged structure. [/FONT]
[FONT=verdana,arial,helvetica]On the other hand, Moody's notes that splitting out the higher-risk generation and supply entity from the regulated activities could result in negative rating pressure for an entity focused exclusively on competitive activities, which is reflected in the review for possible downgrade of Nuon Power Generation BV's A3 rating. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]The rating review will consider the stand-alone credit strength of the company including the final capital structure and further developments with regard to business strategy. Nonetheless, it will also factor the potentially positive benefits of ownership by the larger and more diversified electric utility Vattenfall (rated A2/stable outlook, with ratings affirmed after announcement of the offer). [/FONT]
[FONT=verdana,arial,helvetica]The last rating action on Nuon NV and its subsidiaries was implemented on 14 September 2007, when Moody's affirmed the group's ratings (Nuon NV's rating at A2 with a stable outlook and Nuon Power Generation at A3 stable outlook), following the collapse of the merger discussions with Essent. [/FONT]
[FONT=verdana,arial,helvetica]Nuon NV is an electricity and gas company based in the Netherlands with leading market positions. It currently serves over three million customers in the Netherlands, Belgium and Germany. Nuon Power Generation is a wholly owned subsidiary of Nuon NV and holds its generation plant portfolio.[/FONT]
L'unbundling della rete, come qualcuno ricorderà dalle info di analisi generale postate ad inizio del 3D, è sempre portatitrice di effetti negativi sul rating in quanto il business di trasmissione su rete proprietaria è operato in condizioni di sostanziale monopolio privato.
Il resto dipenderà da come saranno condotto lo split societario e da quale struttura finanziaria risulterà in capo alle società divise, oltre che per le attività di generazione, dal successo o meno dell'offerta di Vattenfall.
[FONT=verdana,arial,helvetica]Moody's takes rating actions on Nuon NV and subsidiaries[/FONT]
[FONT=verdana,arial,helvetica]London, 27 February 2009 -- Moody's Investors Service has affirmed the A2/Prime-1 ratings with a stable outlook of Nuon NV and its guaranteed subsidiary Nuon Finance BV. At the same time, Moody's has placed the A3 senior unsecured issuer rating of Nuon Power Generation BV on review for possible downgrade. These rating actions follow the announcement that the Nordic utility Vattenfall, has made an all-cash offer of EUR8.5 billion enterprise value for 100% of the shares, equalling to EUR10.3 billion for the equity of Nuon NV's generation and supply company after 2008 dividends. [/FONT]
[FONT=verdana,arial,helvetica]The Vattenfall offer is primarily a result of recent Dutch legislation on "unbundling" - the legal requirement for the country's utilities to implement full legal and ownership separation of regulated activities from commercial activities. In 2008, in preparation for full unbundling, Nuon divided its operations into two, whilst still maintaining full ownership: Nuon PLB retaining the generation and supply operations and NWB (Netwerk Services and Continuon) - renamed into Alliander and Liander - the network businesses. The latter regulated businesses will remain with Nuon NV under the new name Alliander. Full unbundling of the company will take place prior to the sale to Vattenfall, assuming this is successful. [/FONT]
[FONT=verdana,arial,helvetica]The Vattenfall transaction would imply a two-step process whereby Vattenfall would initially acquire 49% of Nuon PLB, with the remaining 51% of the shares to be acquired after two, four and six years under fixed terms. The acquisition is expected to become effective in Q2 2009, subject to certain conditions including the finalisation of Nuon's unbundling plan by the Dutch Ministry of Economic Affairs, the approval by the European Commission and at least 80% acceptance by Nuon's shareholders. Moody's notes that Nuon's Management Board and Supervisory Board have unanimously recommended the offer to Nuon's shareholders. [/FONT]
[FONT=verdana,arial,helvetica]Moody's expects that the current holding company, Nuon NV, will retain the same shareholding structure (100% ownership by a number of Dutch regional and local governments) and will still be considered a Government-Related Issuer under Moody's methodology, although at present the support and dependence assumptions do not provide any uplift to the ratings from the company's baseline credit assessment of 6 (equivalent to A2). [/FONT]
[FONT=verdana,arial,helvetica]Once the potential transaction has taken place, Moody's is likely to consider the regulated electricity and gas grid activities, held by Nuon NV, as lower business risk than that of the current vertically integrated structure. As a result, the rating agency is likely to consider lower financial ratios to maintain the same rating. The capital structure of the company has yet to be finalised, nonetheless Moody's notes that the company targets a sound A rating and that debt reduction in recent years by Nuon should allow both new subsidiaries to commence operations with a solid financial position. [/FONT]
[FONT=verdana,arial,helvetica]The affirmation of Nuon NV's ratings reflects Moody's view that the company's current financial flexibility and the shareholder commitment to a solid A rating, means that the current A2 rating is unlikely to be jeopardised. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Moody's will however continue to monitor as there are a number of decisions yet to be made, including those as to the final capital structure of the company and further clarifications on regulatory minimum standards for the network companies. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Moody's notes that ratings may therefore need to be adjusted as more information becomes available -- potentially upwards in the case of a very moderately leveraged structure or downwards in the case of a heavily leveraged structure. [/FONT]
[FONT=verdana,arial,helvetica]On the other hand, Moody's notes that splitting out the higher-risk generation and supply entity from the regulated activities could result in negative rating pressure for an entity focused exclusively on competitive activities, which is reflected in the review for possible downgrade of Nuon Power Generation BV's A3 rating. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]The rating review will consider the stand-alone credit strength of the company including the final capital structure and further developments with regard to business strategy. Nonetheless, it will also factor the potentially positive benefits of ownership by the larger and more diversified electric utility Vattenfall (rated A2/stable outlook, with ratings affirmed after announcement of the offer). [/FONT]
[FONT=verdana,arial,helvetica]The last rating action on Nuon NV and its subsidiaries was implemented on 14 September 2007, when Moody's affirmed the group's ratings (Nuon NV's rating at A2 with a stable outlook and Nuon Power Generation at A3 stable outlook), following the collapse of the merger discussions with Essent. [/FONT]
[FONT=verdana,arial,helvetica]Nuon NV is an electricity and gas company based in the Netherlands with leading market positions. It currently serves over three million customers in the Netherlands, Belgium and Germany. Nuon Power Generation is a wholly owned subsidiary of Nuon NV and holds its generation plant portfolio.[/FONT]
lorenzo63
Age quod Agis
Veolia
PARIS -- French water, waste, transportation and energy services company Veolia Environnement said full-year net profit dropped 56%, weighed down by a €430 million ($540 million) write-down at its German waste-management division.
nel 2008 il net profit è stao di 405mil euro, 2007 di 927,9-
Quindi:
It unveiled measures designed to improve cash-flow generation in 2009. Net profit at the world's largest water company by market capitalization totaled €405.1 million in 2008, down from €927.9 million in 2007.
Revenue rose 13% to €36.21 billion from €31.93 billion. Veolia's plan to improve cash-flow in 2009 includes reducing investments by at least €1.6 billion and selling at least €1 billion in assets.
The company also has identified €280 million of cost cuts it can make this year. Veolia left its dividend unchanged at €1.21 a share, payable in cash or shares.
PARIS -- French water, waste, transportation and energy services company Veolia Environnement said full-year net profit dropped 56%, weighed down by a €430 million ($540 million) write-down at its German waste-management division.
nel 2008 il net profit è stao di 405mil euro, 2007 di 927,9-
Quindi:
It unveiled measures designed to improve cash-flow generation in 2009. Net profit at the world's largest water company by market capitalization totaled €405.1 million in 2008, down from €927.9 million in 2007.
Revenue rose 13% to €36.21 billion from €31.93 billion. Veolia's plan to improve cash-flow in 2009 includes reducing investments by at least €1.6 billion and selling at least €1 billion in assets.
The company also has identified €280 million of cost cuts it can make this year. Veolia left its dividend unchanged at €1.21 a share, payable in cash or shares.
Imark
Forumer storico
Intanto E.ON, la principale utility energetica tedesca, annuncia che il 2009 vedrà un calo degli utili del 10% per effetto del forte calo della domanda energetica da parte degli utenti industriali.
Anche E.ON ha varato un taglio agli investimenti nell'ordine di 6 mld euro da conseguire entro il 2011.
L'EBITDA adjusted è previsto stazionario rispetto al 2008, poco sotto i 10 mld euro, con un target 2010 rivisto al ribasso a quota 11 mld euro (contro precedenti stime di 12,4 mld euro).
E.ON Says 2009 Profit Will Fall 10%; Shares Slump (Update2)
By Nicholas Comfort
March 10 (Bloomberg) -- E.ON AG, Germany’s largest utility, expects 2009 profit before writedowns to fall 10 percent from last year as the recession cuts demand for energy. The shares slumped to their lowest in 4 1/2 years.
Adjusted net income, which E.ON uses to calculate its dividend, will decline from last year’s 5.6 billion euros ($7.12 billion), the Dusseldorf-based utility said today in a statement. Earnings in 2008 were 9 percent higher than a year earlier.
Industrial energy use is slipping in Europe’s largest economy as carmakers, chemical producers and machine makers idle plants to meet lower consumer demand for their products. That will curb E.ON’s electricity and natural-gas sales, while tighter regulation caps profit from operating power and fuel grids, the company said.
“Strategic targets have taken a battering from the economic crisis,” Simon Flowers, an analyst at Banc of America Securities-Merrill Lynch, said today in a note. “E.ON recognizes there may be worse to come” as 2011 power tariffs will begin to reflect lower selling prices.
E.ON slid as much as 2.06 euros, or 10 percent, to 18.16 euros in Frankfurt trading, the lowest since May 2004. The shares traded at 18.69 euros as of 10:57 a.m. local time.
Lower Investment
The company will cut spending through 2011 by 6 billion euros to reflect “significantly more difficult” economic conditions, it said. The new investment targets mean E.ON will spend an average 10 billion euros a year through 2011.
Two-thirds of that will go toward new power plants in Russia, Slovakia, the Netherlands and Belgium, while the remainder will fund maintenance and replacement of existing generators and networks in Germany and the U.K., according to today’s release.
Adjusted earnings before interest and tax in 2009 will match last year’s level of 9.88 billion euros, before climbing to 11 billion euros in 2010, below a previous target of 12.4 billion euros, E.ON said.
That “Holy Grail” was abandoned on the slump in energy demand as well as lower-than-expected returns from purchases in Spain, France and Russia, according to BAS-ML analyst Flowers.
German power consumption fell 0.3 percent to 617 terawatt- hours last year as a “significant economic downturn” in the fourth quarter sapped earlier gains, the country’s BDEW energy industry association said last week on its Web site.
Fourth-Quarter Results
Adjusted net income in the three months through December gained 26 percent to 1.14 billion euros, Bloomberg calculated by subtracting nine-month earnings from full-year figures issued today. That beat the 1.04 billion-euro median estimate of eight analysts surveyed by Bloomberg.
Including writedowns, E.ON posted a 1.8 billion-euro loss in the quarter, compared with a year-earlier net income of 1.89 billion euros. Revaluing power and fuel hedging derivatives sliced full-year profit by 2.18 billion euros, while asset- related charges slashed a further 3.3 billion euros in the quarter, E.ON said.
The utility, whose U.S. division operates in Kentucky, Virginia and Tennessee, said results at that unit would reflect economic “deterioration,” while regulatory intervention and a higher corporate tax rate had affected operations in Italy.
E.ON boosted generation capacity about 20 percent last year after buying plants in France, Italy and Spain in June. Power prices in Germany, its primary market, rose to records in mid- 2008, only to drop almost 50 percent since then on lower demand.
Utilities lock in tariffs at earlier prices, meaning the electricity a client uses today is based on the traded cost of power as many as four years ago.
E.ON said last month that it would seek to cut costs by 1.5 billion euros through 2011 by reducing procurement and administration expenses. Job losses can’t be ruled out as part of the measures, the company said.
Anche E.ON ha varato un taglio agli investimenti nell'ordine di 6 mld euro da conseguire entro il 2011.
L'EBITDA adjusted è previsto stazionario rispetto al 2008, poco sotto i 10 mld euro, con un target 2010 rivisto al ribasso a quota 11 mld euro (contro precedenti stime di 12,4 mld euro).
E.ON Says 2009 Profit Will Fall 10%; Shares Slump (Update2)
By Nicholas Comfort
March 10 (Bloomberg) -- E.ON AG, Germany’s largest utility, expects 2009 profit before writedowns to fall 10 percent from last year as the recession cuts demand for energy. The shares slumped to their lowest in 4 1/2 years.
Adjusted net income, which E.ON uses to calculate its dividend, will decline from last year’s 5.6 billion euros ($7.12 billion), the Dusseldorf-based utility said today in a statement. Earnings in 2008 were 9 percent higher than a year earlier.
Industrial energy use is slipping in Europe’s largest economy as carmakers, chemical producers and machine makers idle plants to meet lower consumer demand for their products. That will curb E.ON’s electricity and natural-gas sales, while tighter regulation caps profit from operating power and fuel grids, the company said.
“Strategic targets have taken a battering from the economic crisis,” Simon Flowers, an analyst at Banc of America Securities-Merrill Lynch, said today in a note. “E.ON recognizes there may be worse to come” as 2011 power tariffs will begin to reflect lower selling prices.
E.ON slid as much as 2.06 euros, or 10 percent, to 18.16 euros in Frankfurt trading, the lowest since May 2004. The shares traded at 18.69 euros as of 10:57 a.m. local time.
Lower Investment
The company will cut spending through 2011 by 6 billion euros to reflect “significantly more difficult” economic conditions, it said. The new investment targets mean E.ON will spend an average 10 billion euros a year through 2011.
Two-thirds of that will go toward new power plants in Russia, Slovakia, the Netherlands and Belgium, while the remainder will fund maintenance and replacement of existing generators and networks in Germany and the U.K., according to today’s release.
Adjusted earnings before interest and tax in 2009 will match last year’s level of 9.88 billion euros, before climbing to 11 billion euros in 2010, below a previous target of 12.4 billion euros, E.ON said.
That “Holy Grail” was abandoned on the slump in energy demand as well as lower-than-expected returns from purchases in Spain, France and Russia, according to BAS-ML analyst Flowers.
German power consumption fell 0.3 percent to 617 terawatt- hours last year as a “significant economic downturn” in the fourth quarter sapped earlier gains, the country’s BDEW energy industry association said last week on its Web site.
Fourth-Quarter Results
Adjusted net income in the three months through December gained 26 percent to 1.14 billion euros, Bloomberg calculated by subtracting nine-month earnings from full-year figures issued today. That beat the 1.04 billion-euro median estimate of eight analysts surveyed by Bloomberg.
Including writedowns, E.ON posted a 1.8 billion-euro loss in the quarter, compared with a year-earlier net income of 1.89 billion euros. Revaluing power and fuel hedging derivatives sliced full-year profit by 2.18 billion euros, while asset- related charges slashed a further 3.3 billion euros in the quarter, E.ON said.
The utility, whose U.S. division operates in Kentucky, Virginia and Tennessee, said results at that unit would reflect economic “deterioration,” while regulatory intervention and a higher corporate tax rate had affected operations in Italy.
E.ON boosted generation capacity about 20 percent last year after buying plants in France, Italy and Spain in June. Power prices in Germany, its primary market, rose to records in mid- 2008, only to drop almost 50 percent since then on lower demand.
Utilities lock in tariffs at earlier prices, meaning the electricity a client uses today is based on the traded cost of power as many as four years ago.
E.ON said last month that it would seek to cut costs by 1.5 billion euros through 2011 by reducing procurement and administration expenses. Job losses can’t be ruled out as part of the measures, the company said.
Imark
Forumer storico
Mentre l'aumento di capitale che Enel sta progettando per fare fronte all'esborso occorrente alla chiusura dell'operazione Endesa sarebbe di ben 8 mld euro, secondo le indiscrezioni più recenti riportate dalla Reuters.
Enel capital hike could reach 8 bln euros - source
Mon Mar 9, 2009 5:29am EDT
ROME, March 9 (Reuters) - An expected capital increase by Italy's leading power producer, Enel SpA (ENEI.MI), could reach as much as 8 billion euros ($10.11 billion), a source close to the operation said on Monday.
Enel's board is expected to approve the capital increase at its scheduled meeting Wednesday, the source said. Enel declined to comment.
Enel said on Feb. 27 that a capital increase was an option being studied and another source close to the deal told Reuters last week the operation could be for 7 billion euros.
(Reporting by Giselda Vagnoni)
Enel capital hike could reach 8 bln euros - source
Mon Mar 9, 2009 5:29am EDT
ROME, March 9 (Reuters) - An expected capital increase by Italy's leading power producer, Enel SpA (ENEI.MI), could reach as much as 8 billion euros ($10.11 billion), a source close to the operation said on Monday.
Enel's board is expected to approve the capital increase at its scheduled meeting Wednesday, the source said. Enel declined to comment.
Enel said on Feb. 27 that a capital increase was an option being studied and another source close to the deal told Reuters last week the operation could be for 7 billion euros.
(Reporting by Giselda Vagnoni)
Imark
Forumer storico
Monitor bond Utilities (gruppo di lavoro: Alobar, I98mark).
AVVERTENZE
Rammento che per i bond illiquidi, i prezzi sono procurati da Massimo S. e provengono dai mercati professionali. I corsi esposti in tabella sono di fonte ICMA, e risalgono alla chiusura di ieri, per i seguenti titoli.
EDF 10/2010, 2016, 2018, 2020; Vattenfall 2011, perpetual; 2018, 2024 e perpetual; National Grid 03/2013, 05/2013; 2018 e 2020; Veolia 2012, 2018; Suez Belgelec 2010; Suez Belgelec 2015; Iberdrola 02/2013, 05/2013; 2015; Nederlandese Gasunie 2016; Dong perpetual; Hera 2016; Fortum 2010 e 2013.
Per i bond Gie Suez 2012; GDF Suez 2013 e Nederlandese Gasunie 2021 si è reso necessario riprendere il prezzo Bloomberg (BBML) della chiusura di ieri.
Per il bond Solon 2012, che non ha scambiato sui mercati professionali, il prezzo meno illiquido è quello del mercato svizzero SWX.
------------------------------
Il periodo monitorato
Ancora lateralità nei movimenti di mercato, con qualche storno su bond corti specie delle utilities tedesche maggiori, qualche riallineamento dei rendimenti di utilities minori, e qualche spunto di interesse sui bond più lunghi, per i quali si sono visti rendimenti in calo e prezzi in buon recupero, su aspettative di un prolungamento della situazione di crisi e di eventuali ulteriori limature al tasso di sconto da parte della BCE.
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
Rammento che per i bond illiquidi, i prezzi sono procurati da Massimo S. e provengono dai mercati professionali. I corsi esposti in tabella sono di fonte ICMA, e risalgono alla chiusura di ieri, per i seguenti titoli.
EDF 10/2010, 2016, 2018, 2020; Vattenfall 2011, perpetual; 2018, 2024 e perpetual; National Grid 03/2013, 05/2013; 2018 e 2020; Veolia 2012, 2018; Suez Belgelec 2010; Suez Belgelec 2015; Iberdrola 02/2013, 05/2013; 2015; Nederlandese Gasunie 2016; Dong perpetual; Hera 2016; Fortum 2010 e 2013.
Per i bond Gie Suez 2012; GDF Suez 2013 e Nederlandese Gasunie 2021 si è reso necessario riprendere il prezzo Bloomberg (BBML) della chiusura di ieri.
Per il bond Solon 2012, che non ha scambiato sui mercati professionali, il prezzo meno illiquido è quello del mercato svizzero SWX.
------------------------------
Il periodo monitorato
Ancora lateralità nei movimenti di mercato, con qualche storno su bond corti specie delle utilities tedesche maggiori, qualche riallineamento dei rendimenti di utilities minori, e qualche spunto di interesse sui bond più lunghi, per i quali si sono visti rendimenti in calo e prezzi in buon recupero, su aspettative di un prolungamento della situazione di crisi e di eventuali ulteriori limature al tasso di sconto da parte della BCE.
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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