Obbligazioni societarie Monitor bond Utilities Europa I (gennaio - luglio 2009) (5 lettori)
- Creatore Discussione Alobar
- Data di Inizio
-
- Tags
- monitor utilities
- Stato
Alobar
So di non sapere...
Ne ho uno più corto, Veolia 2013 4,875%, in carico da ottobre a 97 (rend. 4,92%) e ora quota 102,40 (rend. 3,60). Sto pensando di vendere, magari per poi ricomprare in caso di un possibile storno, conseguente ai probabili sviluppi negativi delle vicende GM. In generale, tutto il portafoglio obbligazionario è in guadagno (circa il 3,5%), come conseguenza del costante crescere dei corsi degli ultimi mesi e mi chiedo se non valga la pena vendere qualche titolo in guadagno e parcheggiare su CCT... Che ne dite?
Imark
Forumer storico
Sono le valutazioni che stiamo facendo in tanti... io sto dando via l'unico titolo decennale che ho in portafoglio e qualche titolo con cedola abbastanza bassa e corto o medio corto sui quali sono in gain... certo è un po' una scommessa, perché se non si verificano eventi traumatici e non si riaffaccia l'inflazione in tempi rapidi (ad oggi più la prima cosa che la seconda) si rischia di restare troppo liquidi per un po' mentre i rendimenti calano ancora.
Però è una scommessa sensata, perché dubito che torneremo rapidamente ai livelli di liquidità pre crisi della finanza delle cartolarizzazioni...
lollofanki
fumorer
qualcuno sa come messa edp energias
sul tlx è presente una obbligazione scadente nel 2020 cha da il 4,12 fisso
non sembra male per la quotazione attuale
ma non so quanto sia affidabile l'emittente.
sul tlx è presente una obbligazione scadente nel 2020 cha da il 4,12 fisso
non sembra male per la quotazione attuale
ma non so quanto sia affidabile l'emittente.
Imark
Forumer storico
E' l'ENEL portoghese ... devo ammettere che non la seguo, non essendo nel monitor... vedo se per caso dispongo in archivio di info recenti...
Imark
Forumer storico
Altro non ho: mi sembra che il leverage sia piuttosto elevato per il rating, sebbene suppongo la cosa trovi compensazione in una quota elevata di profitti generati nel contesto di attività svolte in regime di sostanziale monopolio .
Darei un'occhiata alla struttura del debito, se per caso hai rilevato prezzi anomalmente bassi... qui trovi qualche spunto interessante, inclusa la strategia che intenderebbe adottare rispetto ad un bond da 1 mld euro in scadenza ad ottobre (v. grassettato).
Fitch Affirms EDP and Hidrocantabrico at 'A-'; Outlook Stable
06 Feb 2009 6:09 AM (EST)
Fitch Ratings-London/Barcelona-06 February 2009: Fitch Ratings has today affirmed EDP - Energias de Portugal, S.A.'s (EDP) Long-term Issuer Default rating (IDR) at 'A-' (A minus), senior unsecured rating at 'A' and Short-term IDR at 'F2'. EDP's wholly-owned subsidiary, EDP Finance B.V.'s, ratings are also affirmed at Long-term IDR 'A-' (A minus), senior unsecured 'A' and Short-term IDR 'F2'. Fitch has affirmed EDP's Spanish subsidiary, Hidroelectrica del Cantabrico, S.A.'s, (HC) Long-term IDR at 'A-' (A minus) and Short-term IDR at 'F2'. The Outlooks on all Long-term IDRs are Stable.
EDP's ratings continue to be supported by its dominant positions in the Portuguese electricity market and, through HC, its solid presence in the Spanish electricity and gas market.
It generates a higher percentage of EBITDA from quasi-regulated businesses than its vertically integrated Iberian electricity peers, providing good earnings stability.
Its exposure to the more volatile Brazilian market, which represented 19% of 9M08 EBITDA, is mitigated by a local market funding policy (ie non-recourse to EDP) and by the improved balance between generation and distribution in its Brazilian operations.
Profitability is supported by an attractive generation mix with a limited thermal component, reducing its exposure to CO2 emission-related costs. At end-9M08, it had some 3,750MW of generation capacity under construction, largely based on wind, combined cycle and hydro technology.
Its presence in the wind energy segment was boosted by the acquisition in July 2007 of Horizon Wind Energy LLC (Horizon) of the US. At 9M08 EDP had gross installed wind capacity of 4,155MW (5,052MW at year-end 2008), 1,612MW under construction, and prospects of 27,615MW, spread over six countries with relatively stable regulatory frameworks.
EDP's strategic plan until 2012 includes average annual capital expenditures of some EUR3bn. However, Fitch notes there is significant flexibility in the implementation of these investments towards 2011-2012. This should place EDP in a strong position to meet its commitment to further improve its credit ratios should the economic downturn in its markets become protracted.
The Stable Outlook, among other factors, assumes that net debt/EBITDA will remain around 4x. At the 'A-' (A minus) Long-term IDR level there is no room for sizeable debt-funded acquisitions. Reported net debt totalled EUR12.9bn at end-9M08 with an average life of around five years.
Refinancing needs in 2009 include a EUR1bn bond maturing in October, which it intends to cover, among others, with available liquidity and also the expected proceeds from a tariff deficit securitisation. Fitch will monitor the latter's progress. In October 2008 EDP issued bonds for the sterling equivalent of EUR400m.
HC's ratings are aligned with those of EDP to reflect its integration within the EDP group. HC is strategically and operationally important to EDP as it provides the latter with a strong platform in Spain, enabling it to optimise its positioning in the Iberian market.
Evidence of integration includes management's disciplined approach to HC's funding, the long-term portion of which is in the form of inter-company loans from EDP, providing some flexibility for interest and principal payments. Although Fitch understands that HC's treasury is not included in EDP's centralised cash pooling system, it is fully controlled by EDP
Darei un'occhiata alla struttura del debito, se per caso hai rilevato prezzi anomalmente bassi... qui trovi qualche spunto interessante, inclusa la strategia che intenderebbe adottare rispetto ad un bond da 1 mld euro in scadenza ad ottobre (v. grassettato).
Fitch Affirms EDP and Hidrocantabrico at 'A-'; Outlook Stable
06 Feb 2009 6:09 AM (EST)
Fitch Ratings-London/Barcelona-06 February 2009: Fitch Ratings has today affirmed EDP - Energias de Portugal, S.A.'s (EDP) Long-term Issuer Default rating (IDR) at 'A-' (A minus), senior unsecured rating at 'A' and Short-term IDR at 'F2'. EDP's wholly-owned subsidiary, EDP Finance B.V.'s, ratings are also affirmed at Long-term IDR 'A-' (A minus), senior unsecured 'A' and Short-term IDR 'F2'. Fitch has affirmed EDP's Spanish subsidiary, Hidroelectrica del Cantabrico, S.A.'s, (HC) Long-term IDR at 'A-' (A minus) and Short-term IDR at 'F2'. The Outlooks on all Long-term IDRs are Stable.
EDP's ratings continue to be supported by its dominant positions in the Portuguese electricity market and, through HC, its solid presence in the Spanish electricity and gas market.
It generates a higher percentage of EBITDA from quasi-regulated businesses than its vertically integrated Iberian electricity peers, providing good earnings stability.
Its exposure to the more volatile Brazilian market, which represented 19% of 9M08 EBITDA, is mitigated by a local market funding policy (ie non-recourse to EDP) and by the improved balance between generation and distribution in its Brazilian operations.
Profitability is supported by an attractive generation mix with a limited thermal component, reducing its exposure to CO2 emission-related costs. At end-9M08, it had some 3,750MW of generation capacity under construction, largely based on wind, combined cycle and hydro technology.
Its presence in the wind energy segment was boosted by the acquisition in July 2007 of Horizon Wind Energy LLC (Horizon) of the US. At 9M08 EDP had gross installed wind capacity of 4,155MW (5,052MW at year-end 2008), 1,612MW under construction, and prospects of 27,615MW, spread over six countries with relatively stable regulatory frameworks.
EDP's strategic plan until 2012 includes average annual capital expenditures of some EUR3bn. However, Fitch notes there is significant flexibility in the implementation of these investments towards 2011-2012. This should place EDP in a strong position to meet its commitment to further improve its credit ratios should the economic downturn in its markets become protracted.
The Stable Outlook, among other factors, assumes that net debt/EBITDA will remain around 4x. At the 'A-' (A minus) Long-term IDR level there is no room for sizeable debt-funded acquisitions. Reported net debt totalled EUR12.9bn at end-9M08 with an average life of around five years.
Refinancing needs in 2009 include a EUR1bn bond maturing in October, which it intends to cover, among others, with available liquidity and also the expected proceeds from a tariff deficit securitisation. Fitch will monitor the latter's progress. In October 2008 EDP issued bonds for the sterling equivalent of EUR400m.
HC's ratings are aligned with those of EDP to reflect its integration within the EDP group. HC is strategically and operationally important to EDP as it provides the latter with a strong platform in Spain, enabling it to optimise its positioning in the Iberian market.
Evidence of integration includes management's disciplined approach to HC's funding, the long-term portion of which is in the form of inter-company loans from EDP, providing some flexibility for interest and principal payments. Although Fitch understands that HC's treasury is not included in EDP's centralised cash pooling system, it is fully controlled by EDP
lollofanki
fumorer
su tlx è presente a 89,9 questa
XS0223447227 fineco da un rel reale del 4,7%
scade il 29/06/2020 e paga il 4,125 fisso
poi anche XS0221295628
paga il 3,75 e scade il 22/06/ 2015 sta a 97 e qua fineco da un rel del 3,6
ma e tutto da verificare
Imark
Forumer storico
Mah, a me oggi come oggi un rendimento di quel genere su di una scadenza così lunga suscita qualche scetticismo ...
basta un fiato di inflazione...- Stato