Obbligazioni societarie Monitor bond Utilities Europa I (gennaio - luglio 2009)
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Imark
Forumer storico
Una delle utilities tedesche a monitor, la EWE Ag, subisce un passaggio da un watch sul rating positivo (in vista di un incremento) ad un watch negativo, sull'assunto di un investimento - tutto finanziato per tramite dell'emissione di nuovo debito, in un'altra utility tedesca, nell'ambito di un processo concentrativo che vede le amministrazioni locali cedere quote di utility "municipalizzate" (o poco più estese) ad entità di maggiori dimensioni, nell'ambito di un processo di accorpamento mosso dalla ricerca di maggiore efficienza gestionale.
EWE, controllata da una serie di municipalità del land della Bassa Sassonia, aveva concordato di cedere il 26% del proprio capitale sociale a EnBW (pure nata dalla concentrazione di utilities locali nel land del Baden-Wuerttemberg, ed anch'essa con bond a monitor).
Senonché, mentre questa operazione pende in attesa di approvazione da parte dell'antitrust tedesco, la EWE si è impegnata ad acquistare dalla municipalità di Brema il 25,9% della utility locale SWB, parte di un pacchetto del 51% che la stessa Brema si è accordata per rilevare dalla olandese Essent NV che a propria volta è in corso di acquisizione da parte del colosso dell'energia tedesca RWE.
Da quest'ultima operazione discendono a cascata quelle riguardanti SWB, per la quale, oltre all'impegno di EWE a rilevarne il 25,9% entro 3 mesi (passando a controllarne il 74,9% del totale, in quanto ne ha già il 49%) vi è la concreta possibilità che il controllo sia esteso al 100% di SWB ove Brema non trovi nei 3 mesi un altro acquirente per il 24,1% che resta in sue mani per effetto dell'accordo con Essent.
S&P si muoverà sul rating per verificare se l'effetto degli esborsi di EWE per l'acquisto di quote di SWB sarà compensato dalla vendita di una propria quota a EnBW oppure se esso avrà un impatto negativo sul rating in quanto tale ultima vendita non andrà in porto per l'opposizione dell'Antitrust tedesco, nel qual caso il rating di EWE sarebbe ridotto...
CreditWatch Implications On EWE AG 'A-' Rating Changed To Negative From Positive On Plan To Increase Stake In SWB
FRANKFURT (Standard & Poor's) April 17, 2009--Standard & Poor's Ratings Services said today it revised its CreditWatch implications on the 'A-' long-term corporate credit rating on Germany-based utility EWE AG to negative from positive. The rating was originally placed on CreditWatch with positive implications on July 21, 2008, following the sale of a 26% stake in EWE to German utility EnBW Energie Baden-Wuerttemberg AG (A-/Stable/A-2).
"The CreditWatch Negative status reflects our current view that EWE's planned acquisition of an additional 25.9% stake in utility Stadtwerke Bremen (SWB) will weigh on EWE's financial profile because of the largely debt-financed nature of the acquisition and SWB's debt, which EWE would fully consolidate," said Standard & Poor's credit analyst Ralf Etzelmueller.
We understand that the acquisition needs the approval of the German cartel authorities. The positive implications of our initial CreditWatch placement reflected our belief that EWE's equity base, credit-protection measures, and liquidity were likely to strengthen after EWE's owners--various municipalities in Lower Saxony--sold 26% of their shares to EnBW.
This transaction, however, is still pending and requires the approval of the German cartel authorities.
On April 14, 2009, the city of Bremen agreed to purchase a 51% stake in SWB from Dutch utility Essent N.V. (A+/Watch Neg/A-1). We understand the city will then resell 25.9% of this stake to EWE within the next three months, which would increase EWE's shareholding in SWB to 74.9% from the current 49%. However, all of these transactions depend on RWE AG's (A/Negative/A-1) acquisition of Essent.
In our view, EWE's purchase of more SWB shares is likely to lead to weaker debt- and interest-cover ratios for the consolidated group, given the debt-financed share acquisition and the consolidation of SWB's accounts.
Because cartel office approval is still pending, it is uncertain whether the proceeds from the sale of EWE shares to EnBW will be available to offset the negative financial impact of EWE's purchase of SWB's shares.
The negative rating implications also reflect that we lack sufficient visibility about SWB's financial profile and its future capital expenditure requirements and funding needs. We are also of the opinion that if Bremen cannot find a buyer for its remaining 25.1% stake in SWB over the next three months, EWE will be interested in increasing its stake in SWB to 100%. We believe this would require an additional predominantly debt-financed cash outflow, which could further dilute EWE's credit metrics.
"We should be able to resolve the CreditWatch status by the end of July 2009," said Mr. Etzelmueller. "By then we expect to have more visibility on EWE's consolidated financial profile and clarity about the cartel authorities' decision regarding the sale of 26% of EWE to EnBW and the timing of the related cash inflow."
Our analysis will focus on the medium-term financial profile of the EWE group, including SWB; EWE's final shareholding in SWB; and the utilization of the expected cash inflow from EnBW.
We would likely affirm the current rating if EWE's acquisition of the additional SWB shares is offset by the proceeds from the sale of EWE shares to EnBW. Conversely, we could lower the rating if the share sale to EnBW does not go through
EWE, controllata da una serie di municipalità del land della Bassa Sassonia, aveva concordato di cedere il 26% del proprio capitale sociale a EnBW (pure nata dalla concentrazione di utilities locali nel land del Baden-Wuerttemberg, ed anch'essa con bond a monitor).
Senonché, mentre questa operazione pende in attesa di approvazione da parte dell'antitrust tedesco, la EWE si è impegnata ad acquistare dalla municipalità di Brema il 25,9% della utility locale SWB, parte di un pacchetto del 51% che la stessa Brema si è accordata per rilevare dalla olandese Essent NV che a propria volta è in corso di acquisizione da parte del colosso dell'energia tedesca RWE.
Da quest'ultima operazione discendono a cascata quelle riguardanti SWB, per la quale, oltre all'impegno di EWE a rilevarne il 25,9% entro 3 mesi (passando a controllarne il 74,9% del totale, in quanto ne ha già il 49%) vi è la concreta possibilità che il controllo sia esteso al 100% di SWB ove Brema non trovi nei 3 mesi un altro acquirente per il 24,1% che resta in sue mani per effetto dell'accordo con Essent.
S&P si muoverà sul rating per verificare se l'effetto degli esborsi di EWE per l'acquisto di quote di SWB sarà compensato dalla vendita di una propria quota a EnBW oppure se esso avrà un impatto negativo sul rating in quanto tale ultima vendita non andrà in porto per l'opposizione dell'Antitrust tedesco, nel qual caso il rating di EWE sarebbe ridotto...
CreditWatch Implications On EWE AG 'A-' Rating Changed To Negative From Positive On Plan To Increase Stake In SWB
FRANKFURT (Standard & Poor's) April 17, 2009--Standard & Poor's Ratings Services said today it revised its CreditWatch implications on the 'A-' long-term corporate credit rating on Germany-based utility EWE AG to negative from positive. The rating was originally placed on CreditWatch with positive implications on July 21, 2008, following the sale of a 26% stake in EWE to German utility EnBW Energie Baden-Wuerttemberg AG (A-/Stable/A-2).
"The CreditWatch Negative status reflects our current view that EWE's planned acquisition of an additional 25.9% stake in utility Stadtwerke Bremen (SWB) will weigh on EWE's financial profile because of the largely debt-financed nature of the acquisition and SWB's debt, which EWE would fully consolidate," said Standard & Poor's credit analyst Ralf Etzelmueller.
We understand that the acquisition needs the approval of the German cartel authorities. The positive implications of our initial CreditWatch placement reflected our belief that EWE's equity base, credit-protection measures, and liquidity were likely to strengthen after EWE's owners--various municipalities in Lower Saxony--sold 26% of their shares to EnBW.
This transaction, however, is still pending and requires the approval of the German cartel authorities.
On April 14, 2009, the city of Bremen agreed to purchase a 51% stake in SWB from Dutch utility Essent N.V. (A+/Watch Neg/A-1). We understand the city will then resell 25.9% of this stake to EWE within the next three months, which would increase EWE's shareholding in SWB to 74.9% from the current 49%. However, all of these transactions depend on RWE AG's (A/Negative/A-1) acquisition of Essent.
In our view, EWE's purchase of more SWB shares is likely to lead to weaker debt- and interest-cover ratios for the consolidated group, given the debt-financed share acquisition and the consolidation of SWB's accounts.
Because cartel office approval is still pending, it is uncertain whether the proceeds from the sale of EWE shares to EnBW will be available to offset the negative financial impact of EWE's purchase of SWB's shares.
The negative rating implications also reflect that we lack sufficient visibility about SWB's financial profile and its future capital expenditure requirements and funding needs. We are also of the opinion that if Bremen cannot find a buyer for its remaining 25.1% stake in SWB over the next three months, EWE will be interested in increasing its stake in SWB to 100%. We believe this would require an additional predominantly debt-financed cash outflow, which could further dilute EWE's credit metrics.
"We should be able to resolve the CreditWatch status by the end of July 2009," said Mr. Etzelmueller. "By then we expect to have more visibility on EWE's consolidated financial profile and clarity about the cartel authorities' decision regarding the sale of 26% of EWE to EnBW and the timing of the related cash inflow."
Our analysis will focus on the medium-term financial profile of the EWE group, including SWB; EWE's final shareholding in SWB; and the utilization of the expected cash inflow from EnBW.
We would likely affirm the current rating if EWE's acquisition of the additional SWB shares is offset by the proceeds from the sale of EWE shares to EnBW. Conversely, we could lower the rating if the share sale to EnBW does not go through
Imark
Forumer storico
E downgrade di S&P anche su Hera, che in più resta in outlook negativo, visto l'indebolirsi del suo profilo creditizio (da imputare anche ad una politica di dividendo che S&P valuta "aggressiva") ed il coinvolgimento in attività con più elevato profilo di business risk rispetto a quelle gestite in regime di monopolio locale (che restano tuttavia la gran parte di quelle esercitate da Hera).
Possibile un ulteriore downgrade ove la posizione di copertura del debito da parte del cash flow generato dalla società si indebolisca ulteriormente nel 2009 e S&P stimi improbabile il recupero su livelli adeguati al nuovo rating entro il 2010.
Italian Utility Hera SpA Downgraded To 'A-/A-2' On Weakened Financial Profile; Outlook Negative
MILAN (Standard & Poor's) April 17, 2009--Standard & Poor's Ratings Services today said it lowered its long- and short-term corporate credit ratings on Italian utility Hera SpA (Hera) to 'A-/A-2' from 'A/A-1'. The outlook is negative.
"The rating action reflects our view that Hera's financial profile is no longer commensurate with an 'A' rating given the company's recent performance and the current industry environment," said Standard & Poor's credit analyst Monica Mariani.
The ratings reflect Hera's relatively strong business profile, underpinned by a well-balanced portfolio to which low-risk monopoly-regulated operations contribute about 60% of EBITDA. The ratings also take into account Hera's strong franchise in the wealthy and populated northern Italian Region of Emilia-Romagna (A+/Stable/--).
These positive factors are offset, however, by Hera's increasing involvement in the riskier electricity generation and trading business, a weakened financial profile, and a very aggressive dividend policy.
Hera is Italy's largest regional utility and serves about 70% of Emilia-Romagna's territory. The company's portfolio mix is balanced, with 35% of EBITDA stemming from waste, 26% from water, 23% from gas, 9% from electricity, and 7% from other businesses in 2008.
"We believe, in light of Hera's recent performance, that the company has limited financial flexibility in the coming years within the current ratings, at a time when its earnings and cash flow could come under strain," said Ms. Mariani.
We could lower the ratings if Hera's financial profile remains weak in 2009 and we deem a sufficient recovery unlikely in 2010. Taken together, these factors could prevent the company from achieving coverage of funds from operations (FFO) to debt of about 20% by 2010 on a sustainable basis. We will also consider how the group manages its investment plan amid the current economic backdrop. The ratings do not factor in material changes in business risk, mergers or acquisitions, or changes in financial and dividend policies.
Conversely, we could revise the outlook to stable if we see sufficient signs of Hera's ability to achieve a credit profile adequate for the current ratings in the next two years. This would likely entail ongoing robust growth in the company's operating performance and tight debt control
Possibile un ulteriore downgrade ove la posizione di copertura del debito da parte del cash flow generato dalla società si indebolisca ulteriormente nel 2009 e S&P stimi improbabile il recupero su livelli adeguati al nuovo rating entro il 2010.
Italian Utility Hera SpA Downgraded To 'A-/A-2' On Weakened Financial Profile; Outlook Negative
MILAN (Standard & Poor's) April 17, 2009--Standard & Poor's Ratings Services today said it lowered its long- and short-term corporate credit ratings on Italian utility Hera SpA (Hera) to 'A-/A-2' from 'A/A-1'. The outlook is negative.
"The rating action reflects our view that Hera's financial profile is no longer commensurate with an 'A' rating given the company's recent performance and the current industry environment," said Standard & Poor's credit analyst Monica Mariani.
The ratings reflect Hera's relatively strong business profile, underpinned by a well-balanced portfolio to which low-risk monopoly-regulated operations contribute about 60% of EBITDA. The ratings also take into account Hera's strong franchise in the wealthy and populated northern Italian Region of Emilia-Romagna (A+/Stable/--).
These positive factors are offset, however, by Hera's increasing involvement in the riskier electricity generation and trading business, a weakened financial profile, and a very aggressive dividend policy.
Hera is Italy's largest regional utility and serves about 70% of Emilia-Romagna's territory. The company's portfolio mix is balanced, with 35% of EBITDA stemming from waste, 26% from water, 23% from gas, 9% from electricity, and 7% from other businesses in 2008.
"We believe, in light of Hera's recent performance, that the company has limited financial flexibility in the coming years within the current ratings, at a time when its earnings and cash flow could come under strain," said Ms. Mariani.
We could lower the ratings if Hera's financial profile remains weak in 2009 and we deem a sufficient recovery unlikely in 2010. Taken together, these factors could prevent the company from achieving coverage of funds from operations (FFO) to debt of about 20% by 2010 on a sustainable basis. We will also consider how the group manages its investment plan amid the current economic backdrop. The ratings do not factor in material changes in business risk, mergers or acquisitions, or changes in financial and dividend policies.
Conversely, we could revise the outlook to stable if we see sufficient signs of Hera's ability to achieve a credit profile adequate for the current ratings in the next two years. This would likely entail ongoing robust growth in the company's operating performance and tight debt control
Imark
Forumer storico
La sezione del FOL dedicata all'Analisi Fondamentale offre del materiale di grande interesse per la ricognizione effettuata da Thetruth34 sui bilanci delle principali utilities europee...
Questo il link al 3D, per gli interessati ad approfondire...
http://www.finanzaonline.com/forum/showthread.php?t=1051105
Questo il link al 3D, per gli interessati ad approfondire...
http://www.finanzaonline.com/forum/showthread.php?t=1051105
Imark
Forumer storico
Ridotto il rating su Iberdrola da Fitch per effetto della crescita del leverage dopo le due acquisizioni estere effettuate nel 2007 e nel 2008 e sulle aspettative che il rientro a livelli consoni al rating avverrà in tempi più prolungati di quanto inizialmente previsto.
I senior unsecured sono rateati (circostanza questa piuttosto inconsueta) un notch al di sopra del rating corporate di lungo termine sull'assunto di un recovery stimato particolarmente più elevato della media, in considerazione della qualità degli asset detenuti dalla utility iberica.
I dettagli qui sotto, in inglese... insieme con info interessanti sulla politica di allocazione del debito infragruppo...
I corsi dei bond non hanno risentito particolarmente del downgrade.
Fitch Downgrades Iberdrola's Senior Unsecured to 'A'; LT IDR Outlook is Stable
17 Apr 2009 8:52 AM (EDT)
Fitch Ratings-London/Barcelona/New York-17 April 2009: Fitch Ratings has today downgraded Spanish energy company Iberdrola, S.A.'s (Iberdrola) senior unsecured rating to 'A' from 'A+' and downgraded its Long-term Issuer Default Rating (IDR) to 'A-' (A minus) from 'A' following an annual review of the company.
Fitch has also downgraded Iberdrola's Short-term IDR to 'F2' from 'F1'. The Outlook on the Long-term IDR is Stable. Iberdrola's senior unsecured rating is kept one-notch higher than its IDR, reflecting higher-than-average recovery prospects due to its integrated, global asset base, which includes regulated networks.
These rating actions largely reflect Iberdrola's weakened credit ratios following the acquisitions of Energy East Corp. (EE, rated 'BBB'/Stable) in 2008 and Scottish Power Limited (SPL, rated 'A-' (A minus)/Stable) in 2007, and Fitch's concern is that it could take longer than initially expected for Iberdrola's credit ratios to return to levels that are more commensurate with an 'A' rating in a challenging macroeconomic environment.
Fitch's adjusted consolidated net leverage for Iberdrola, (adjusted to exclude the tariff deficit and include a full year's contribution from EE) was just under 4x at financial year-end 2008 (FYE08) from around 3.5x at end-H108, which was high compared with Iberdrola's rated peer group.
This increase is primarily due to the completion of the Energy East acquisition. Including the tariff deficit within the calculation results in FYE08 net leverage of around 4.3x. The tariff deficit creates regulatory uncertainty and has a negative impact on the financial profile of the sector. Fitch would view positively legislation that supports a swift recovery of the existing deficit through securitisation and will continue to monitor progress regarding the resolution of this issue.
The current rating level factors in the company's size, and its solid business model, with a geographically diversified business mix across the vertically integrated electricity chain.
Fitch also views positively Iberdrola's commitment to maintaining its financial strength through measures such as the adaptation of its development plan to the current environment. These factors, together with a strong production profile driven by its relatively "clean" generation capacity- namely nuclear, renewable energy and gas combined cycles - place the company's ratings comfortably at the current rating level.
The 'A-' (A minus) IDR also provides sufficient headroom in order for Iberdrola to fully implement its strategic plan for 2008-2010.
The Stable Outlook is supported by Iberdrola's further consolidated leadership position in renewable energy after its acquisition of SPL and its increased earnings diversification through the acquisitions of SPL and EE.
Fitch acknowledges that management has, so far, demonstrated a commitment to efficiency and has been successful in integrating EE and SPL into the group.
The EE acquisition (with an enterprise value of USD6.1bn, USD300m lower than initially expected) achieved one of the key objectives set in the strategic plan. However, Fitch believes that management of the enlarged group will continue to be a challenge.
In addition, as anticipated by Fitch, the company has taken further steps to address possible structural subordination of parent company debt through the relocation of all of EE's holdco debt (bonds totalling USD1.3bn) to the parent company level on 8 April 2009.
Of the total amount, USD1.05bn (or approximately 80%) will be refinanced in the form of an inter-company loan, and the rest, USD250m, is considered an equity contribution.
Iberdrola took a similar approach with regard to SPL's holdco debt. Following the debt relocation, Fitch estimates that around 75% of the group's gross debt (including non-recourse debt used to fund its Latin American business) is currently held at the holding level. The agency expects this figure to rise close to 80% over time.
(Please see Fitch's public website, www.fitchratings.com, for further commentary on Iberdrola's acquisitions of Energy East Corp. and Scottish Power Limited, and for separate comments on EE and SPL.)
I senior unsecured sono rateati (circostanza questa piuttosto inconsueta) un notch al di sopra del rating corporate di lungo termine sull'assunto di un recovery stimato particolarmente più elevato della media, in considerazione della qualità degli asset detenuti dalla utility iberica.
I dettagli qui sotto, in inglese... insieme con info interessanti sulla politica di allocazione del debito infragruppo...
I corsi dei bond non hanno risentito particolarmente del downgrade.
Fitch Downgrades Iberdrola's Senior Unsecured to 'A'; LT IDR Outlook is Stable
17 Apr 2009 8:52 AM (EDT)
Fitch Ratings-London/Barcelona/New York-17 April 2009: Fitch Ratings has today downgraded Spanish energy company Iberdrola, S.A.'s (Iberdrola) senior unsecured rating to 'A' from 'A+' and downgraded its Long-term Issuer Default Rating (IDR) to 'A-' (A minus) from 'A' following an annual review of the company.
Fitch has also downgraded Iberdrola's Short-term IDR to 'F2' from 'F1'. The Outlook on the Long-term IDR is Stable. Iberdrola's senior unsecured rating is kept one-notch higher than its IDR, reflecting higher-than-average recovery prospects due to its integrated, global asset base, which includes regulated networks.
These rating actions largely reflect Iberdrola's weakened credit ratios following the acquisitions of Energy East Corp. (EE, rated 'BBB'/Stable) in 2008 and Scottish Power Limited (SPL, rated 'A-' (A minus)/Stable) in 2007, and Fitch's concern is that it could take longer than initially expected for Iberdrola's credit ratios to return to levels that are more commensurate with an 'A' rating in a challenging macroeconomic environment.
Fitch's adjusted consolidated net leverage for Iberdrola, (adjusted to exclude the tariff deficit and include a full year's contribution from EE) was just under 4x at financial year-end 2008 (FYE08) from around 3.5x at end-H108, which was high compared with Iberdrola's rated peer group.
This increase is primarily due to the completion of the Energy East acquisition. Including the tariff deficit within the calculation results in FYE08 net leverage of around 4.3x. The tariff deficit creates regulatory uncertainty and has a negative impact on the financial profile of the sector. Fitch would view positively legislation that supports a swift recovery of the existing deficit through securitisation and will continue to monitor progress regarding the resolution of this issue.
The current rating level factors in the company's size, and its solid business model, with a geographically diversified business mix across the vertically integrated electricity chain.
Fitch also views positively Iberdrola's commitment to maintaining its financial strength through measures such as the adaptation of its development plan to the current environment. These factors, together with a strong production profile driven by its relatively "clean" generation capacity- namely nuclear, renewable energy and gas combined cycles - place the company's ratings comfortably at the current rating level.
The 'A-' (A minus) IDR also provides sufficient headroom in order for Iberdrola to fully implement its strategic plan for 2008-2010.
The Stable Outlook is supported by Iberdrola's further consolidated leadership position in renewable energy after its acquisition of SPL and its increased earnings diversification through the acquisitions of SPL and EE.
Fitch acknowledges that management has, so far, demonstrated a commitment to efficiency and has been successful in integrating EE and SPL into the group.
The EE acquisition (with an enterprise value of USD6.1bn, USD300m lower than initially expected) achieved one of the key objectives set in the strategic plan. However, Fitch believes that management of the enlarged group will continue to be a challenge.
In addition, as anticipated by Fitch, the company has taken further steps to address possible structural subordination of parent company debt through the relocation of all of EE's holdco debt (bonds totalling USD1.3bn) to the parent company level on 8 April 2009.
Of the total amount, USD1.05bn (or approximately 80%) will be refinanced in the form of an inter-company loan, and the rest, USD250m, is considered an equity contribution.
Iberdrola took a similar approach with regard to SPL's holdco debt. Following the debt relocation, Fitch estimates that around 75% of the group's gross debt (including non-recourse debt used to fund its Latin American business) is currently held at the holding level. The agency expects this figure to rise close to 80% over time.
(Please see Fitch's public website, www.fitchratings.com, for further commentary on Iberdrola's acquisitions of Energy East Corp. and Scottish Power Limited, and for separate comments on EE and SPL.)
Imark
Forumer storico
Monitor bond Utilities (gruppo di lavoro: Alobar, I98mark).
AVVERTENZE
Si torna ad una situazione complicata sul fronte della liquidità sui mercati retail anche per questi bond, con una decisa spaccatura fra bond di emittenti tedeschi (sempre e comunque liquidi) e bond di emittenti non tedeschi (tendenzialmente quasi tutti illiquidi, con spread bid ask in ampiamento ed ask molto più elevati che sui mercati professionali).
Torno a ringraziare a Massimo S. che rende disponibili, per i bond illiquidi, i prezzi realizzati sui mercati professionali: fra i prezzi in tabella, sono di fonte ICMA quelli dei seguenti titoli (i prezzi sono quelli di oggi).
EDF Tutti; Vattenfall Tutti; National Grid 03/2013, 2018 e 2020; Veolia 2012, 2018; Suez Belgelec 2010; GDF Suez 2013; Suez Belgelec 2015; International Endesa 2013; Iberdrola 02/2013, 05/2013, 2015, 2018; Nederlandese Gasunie 2016; Dong perpetual; Fortum Tutti;
Per i bond Gie Suez 2012 e Nederlandese Gasunie 2021 si è reso necessario riprendere il prezzo Bloomberg (BBML) (i prezzi sono quelli della chiusura di ieri).
------------------------------
Il periodo monitorato
Prezzi in salita, rendimenti in calo su tutte le lunghezze nelle ultime due settimane. Il movimento evidenziato sulla liquidità (e osservato in minor misura anche sui telecom bond venerdì) lascerebbe pensare ad una possibile pausa in una corsa che dura oramai da fine dicembre 2008.
Per il resto, poco da osservare: per raccattare un 5% lordo con questi bond, salvo acquistare un perpetual, bisogna spingersi molto lontano...
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. Parte prima:
AVVERTENZE
Si torna ad una situazione complicata sul fronte della liquidità sui mercati retail anche per questi bond, con una decisa spaccatura fra bond di emittenti tedeschi (sempre e comunque liquidi) e bond di emittenti non tedeschi (tendenzialmente quasi tutti illiquidi, con spread bid ask in ampiamento ed ask molto più elevati che sui mercati professionali).
Torno a ringraziare a Massimo S. che rende disponibili, per i bond illiquidi, i prezzi realizzati sui mercati professionali: fra i prezzi in tabella, sono di fonte ICMA quelli dei seguenti titoli (i prezzi sono quelli di oggi).
EDF Tutti; Vattenfall Tutti; National Grid 03/2013, 2018 e 2020; Veolia 2012, 2018; Suez Belgelec 2010; GDF Suez 2013; Suez Belgelec 2015; International Endesa 2013; Iberdrola 02/2013, 05/2013, 2015, 2018; Nederlandese Gasunie 2016; Dong perpetual; Fortum Tutti;
Per i bond Gie Suez 2012 e Nederlandese Gasunie 2021 si è reso necessario riprendere il prezzo Bloomberg (BBML) (i prezzi sono quelli della chiusura di ieri).
------------------------------
Il periodo monitorato
Prezzi in salita, rendimenti in calo su tutte le lunghezze nelle ultime due settimane. Il movimento evidenziato sulla liquidità (e osservato in minor misura anche sui telecom bond venerdì) lascerebbe pensare ad una possibile pausa in una corsa che dura oramai da fine dicembre 2008.
Per il resto, poco da osservare: per raccattare un 5% lordo con questi bond, salvo acquistare un perpetual, bisogna spingersi molto lontano...
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. Parte prima:
- Stato