Nuove_emissioni, collocamenti Nuove Emissioni
- Creatore Discussione Giontra
- Data di Inizio
belindo
Guest
Per domani stavo guardando un pò le Barclays nuove e pensavo:
- la 4.6% fissa è una sola, perchè se paragonata alla 6% che "casualmente" ieri è volata dal solito 107.2 all'addiritura 108, dovrebbe andare a quotare non più di 99.5 una volta finita l'emissione.
-la 15 anni al 6% per 6 anni e poi probabile floor 2% per 9 anni potrebbe salire parecchio per via dei primi 6 anni per poi crollare miseramente ma tra parecchio tempo.
-la 105 rispetto a RBS Bo ha si il floor e ti da 1 punto in più i primi 2 anni ma poi diventa pessima per via della partenza al 9% e della durata da brividi 3anni in più di RBS
-la 9 anni invece non mi dispiace sopratutto in ottima diversificazione anche se il 3% di floor potrebbe duare a lungo, ma è l'unica a cui si prospetta un futuro migliore del presente.
Quindi???
RIschiosissime tutte, l'ultima è equilibrata ma rende poco, la Reverse è da paura ma peggio del solito, la 6% è buona ma bisogna stare sull'uscio con la valigia in mano per scendere al volo.
Cosa en pensate?
- la 4.6% fissa è una sola, perchè se paragonata alla 6% che "casualmente" ieri è volata dal solito 107.2 all'addiritura 108, dovrebbe andare a quotare non più di 99.5 una volta finita l'emissione.
-la 15 anni al 6% per 6 anni e poi probabile floor 2% per 9 anni potrebbe salire parecchio per via dei primi 6 anni per poi crollare miseramente ma tra parecchio tempo.
-la 105 rispetto a RBS Bo ha si il floor e ti da 1 punto in più i primi 2 anni ma poi diventa pessima per via della partenza al 9% e della durata da brividi 3anni in più di RBS
-la 9 anni invece non mi dispiace sopratutto in ottima diversificazione anche se il 3% di floor potrebbe duare a lungo, ma è l'unica a cui si prospetta un futuro migliore del presente.
Quindi???
RIschiosissime tutte, l'ultima è equilibrata ma rende poco, la Reverse è da paura ma peggio del solito, la 6% è buona ma bisogna stare sull'uscio con la valigia in mano per scendere al volo.
Cosa en pensate?
ginopelo
Moving to PeloPonneso
+ che sulle "nuovissime" emissioni io guarderei (anche se in realtà non posso perchè questa discesa di aprile/maggio mi ha colto investito) quelle del 2009, tipo franz h., bombardier, rallye etc etc
sarà che sono semplice semplice ma preferisco un meccanismo semplice di un tasso fisso a queste qua
sarà che sono semplice semplice ma preferisco un meccanismo semplice di un tasso fisso a queste qua
vais
Forumer storico
Per domani stavo guardando un pò le Barclays nuove e pensavo:
- la 4.6% fissa è una sola, perchè se paragonata alla 6% che "casualmente" ieri è volata dal solito 107.2 all'addiritura 108, dovrebbe andare a quotare non più di 99.5 una volta finita l'emissione.
-la 15 anni al 6% per 6 anni e poi probabile floor 2% per 9 anni potrebbe salire parecchio per via dei primi 6 anni per poi crollare miseramente ma tra parecchio tempo.
-la 105 rispetto a RBS Bo ha si il floor e ti da 1 punto in più i primi 2 anni ma poi diventa pessima per via della partenza al 9% e della durata da brividi 3anni in più di RBS
-la 9 anni invece non mi dispiace sopratutto in ottima diversificazione anche se il 3% di floor potrebbe duare a lungo, ma è l'unica a cui si prospetta un futuro migliore del presente.
Quindi???
RIschiosissime tutte, l'ultima è equilibrata ma rende poco, la Reverse è da paura ma peggio del solito, la 6% è buona ma bisogna stare sull'uscio con la valigia in mano per scendere al volo.
Cosa en pensate?
mi piace la 6%x6 - per prendere la valigia c'è qualche tempo ;
in ottica di mordi e fuggi la 10,5 %2y ecc.
facciamo 50-50
belindo
Guest
mi piace la 6%x6 - per prendere la valigia c'è qualche tempo ;
in ottica di mordi e fuggi la 10,5 %2y ecc.
facciamo 50-50
Anche io ho pensato al 50-50 e magari fuori prima dalla 10.5 e poi dalla 6 ma con più calma.
Ma ho anche pensato che la BAR 9% emessa in precedenza adesso è a 99.8 e non sarebbe male, sopratutto se la 10.5 nuova schizza in alto in 1 giorno...........................
ilfolignate
Forumer storico
Per domani stavo guardando un pò le Barclays nuove e pensavo:
- la 4.6% fissa è una sola, perchè se paragonata alla 6% che "casualmente" ieri è volata dal solito 107.2 all'addiritura 108, dovrebbe andare a quotare non più di 99.5 una volta finita l'emissione.
-la 15 anni al 6% per 6 anni e poi probabile floor 2% per 9 anni potrebbe salire parecchio per via dei primi 6 anni per poi crollare miseramente ma tra parecchio tempo.
-la 105 rispetto a RBS Bo ha si il floor e ti da 1 punto in più i primi 2 anni ma poi diventa pessima per via della partenza al 9% e della durata da brividi 3anni in più di RBS
-la 9 anni invece non mi dispiace sopratutto in ottima diversificazione anche se il 3% di floor potrebbe duare a lungo, ma è l'unica a cui si prospetta un futuro migliore del presente.
Quindi???
RIschiosissime tutte, l'ultima è equilibrata ma rende poco, la Reverse è da paura ma peggio del solito, la 6% è buona ma bisogna stare sull'uscio con la valigia in mano per scendere al volo.
Cosa en pensate?
mi piace la 6%x6 - per prendere la valigia c'è qualche tempo ;
in ottica di mordi e fuggi la 10,5 %2y ecc.
facciamo 50-50
Per me ogni obbligazione è rischiosissima, ivi compresi i nostri amati Tds
Fatto questo piccolo preambolo, quoto Vais:
50% 10,50 e 50% la 6X6
lorenzo63
Age quod Agis
Stavo guardando la Mobyle Telesystem..
http://seekingalpha.com/article/196732-mobile-telesystems-hit-by-hefty-write-offs
Mobile TeleSystems (MBT), Eastern Europe’s largest cellular operator, reported disappointing results for fourth-quarter 2009. The carrier reported a net loss of $26.1 million (or 7 cents per ADS) versus a net profit of $171.2 million in the year-ago quarter. The prior-year quarter’s figures were restated by the carrier to include the results of its subsidiary Comstar-UTS, a leading telecom solutions provider in Russia and the CIS (Commonwealth of Independent States).
Fourth quarter results were dragged down by one-time charges of $368 million in investment-related write-downs and $86 million in asset impairment charges associated with the company’s acquisition of Comstar-UTS. The bottom-line was also hit by a large tax provision. Adjusted (excluding write-offs) earnings per ADS of 80 cents missed the Zacks Consensus Estimate of $1.29.
Net income for 2009 was $1 billion compared to a net income of $2 billion reported a year ago, impacted by lower revenues and the hefty write-offs in the fourth quarter.
Revenue & OIBDA
Consolidated revenue dipped 3.3% year-over-year to $2.72 billion, affected by the macroeconomic volatily across key markets and unfavorable exchange rate (ruble versus dollar) movements which have hurt the company’s dollar-denominated revenues. OIBDA (operating income before depreciation and amortization) declined 10.2% year-over-year in the quarter to $1.19 billion, with OIBDA margin declining to 43.9% from 47.3% a year-ago.
On a geographic basis, revenue increased in Russia (8.6% year-over-year), Turkmenistan (42.7%) and Armenia (5.1%) while declining in Ukraine (0.6%) and Uzbekistan (9.1%). For 2009, revenue fell 17.6% year-over-year to $9.8 billion.
ARPU & Churn
In Russia, churn (customer switch) increased sequentially and year-over-year in the quarter while ARPU (average revenue per user) declined from both previous and year-ago quarters. Churn at Ukraine (the second-largest market) declined sequentially and year-over-year while ARPU fell sequentially (flat year-over-year).
Subscriber and Market Share
At the end of 2009, Mobile TeleSystems served approximately 102.4 million subscribers. The carrier added 0.6 million subscribers in Russia in the quarter serving 69 million customers at the end of the year. Outside Russia, the subscriber base grew in all markets year-over-year except Ukraine.
The company maintained its leadership position in most markets it serves. Market share in Russia, Armenia and Belarus declined sequentially while increasing in the Ukraine and Uzbekistan.
Outlook
The company expects mid to high single-digit growth in consolidated revenues in 2010 boosted by a resurgent Russian economy, increased customer usage of its fixed-line and mobile services and expanded handset penetration in Russia. Group OIBDA margin is forecasted in the range of 43-45%. Capital expenditure, which includes investment in 3G network infrastructure, is projected at 22-24% of revenues compared to 23.7% in 2009.
Mobile TeleSystems remains committed to expanding its 3G network footprint as the carrier plans to spend up to $1.6 billion on 3G network upgrades in Russia through 2011. The company is securing finance from international lenders to fund the aggressive 3G network deployments.
While Mobile TeleSystems is the market leader in Russia, the company is increasingly exposed to intense price competition across most of its operating regions, resulting in decline in margins.
To remain competitive, Mobile TeleSystems continues to pursue acquisitions and strategic collaborations. Moreover, the carrier is strengthening its “mono-brand” mobile retail network while implementing cost optimization programs to lower operating expenses. The mono-brand retail initiative represents a response to its archrival VimpelCom (VIP), which has acquired 50% of mobile retailer Euroset.
To further strengthen its retail distribution network, Mobile TeleSystems has acquired the entire stake in Russian mobile retail chain Teleforum in October 2009. Moreover, the carrier has increased its stake in Comstar-UTS to 61.97% (from 50.91%) and fully acquired privately-owned Russian network carrier Eurotel in late 2009.
While the expansion of 3G network represents a critical growth driver, associated expenditures to support network deployments and promotional initiatives may continue to tighten free cash flow and margins. Moreover, competition, foreign exchange exposure, regulatory challenges and macroeconomic volatility (especially in the CIS) warrant a cautious view on the stock.
ed inoltre:
MTS finally closes the $750 million eurobond deal
Yesterday MobileTeleSystems (MTS), rated Ba2/BB/BB+, sold $750 million of 10-year senior unsecured notes after several weeks of waiting for a window of opportunity. The issue carries a coupon rate of 8.625% (UST as of May 20 + 531.7 bps) , well inside within the initial price guidance of 8.5% - 9%. The issue is subject to 144A/Reg. S regulation and is listed on Irish Stock Exchange. The bond was sold at par, and traded up on the secondary market. Its price grew by 0.875% yesterday and almost by 2% today.
Bank of America Merrill Lynch, Credit Suisse and The Royal Bank of Scotland arranged the deal. The roadshow took place in Europe and US in May 2010. The proceeds will be used for current debt refinancing and general corporate purposes.
The deal met high demand with the total of $4.7 billion in bids from 345 accounts. Europe accounted for 62%, USA for 36% and Asia for 2%. Fund managers bought 65% of the issue, banks and private banks took 25%, pension funds and insurance companies – 5%, the remaining 5% went elsewhere.
According to Renaissance Capital research release, MTS had to offer a premium above the par value, which is 8.25% - 8.50% in order to close the deal fast.
Issuer, issue number: Mobile TeleSystems (MTS), 2020 (LPN)
Type of bond: Eurobonds
Issue status: outstanding
Par, currency of issue: USD, 100000
Amount: 750 000 000
ISIN: XS0513723873
End of placement: Jun 15 2010
Issue price: 100
Yield at Pricing: 8.625%
Coupon: 8.625%
Coupon frequency: 2 time(s) per year
Settlement Date: Jun 22 2010
Maturity date: Jun 22 2020
Issue Managers: BofA Merrill Lynch, Credit Suisse, RBS
Trading floor: Irish S.E.
Issuer profile:
Mobile TeleSystems (MTS) is the largest mobile phone operator in Russia both in terms of subscribers and revenues. In September 2003, the Company had a Russian national market share of approximately 37% and provided services to over 13 million customers in Russia, Belarus and Ukraine. The Company operates exclusively in GSM standard and its license footprint covers a population of 184.1 million in 72 regions of Russia, Belarus and Ukraine.
MTS completed its Initial Public Offering and listed its shares, in the form of Level III ADRs, on the New York Stock Exchange (NYSE) in July 2000, under the symbol MBT. The free float of the Company’s shares is approximately 22.5%. MTS shares are traded domestically on MICEX. MTS’ strategic shareholders are AFK Sistema, a Russian financial and industrial holding company, and T-Mobile, a wholly-owned subsidiary of Deutsche Telekom.
Cbonds.Info - MTS finally closes the $750 million eurobond deal
Ma cippo minimo è 100k?
http://seekingalpha.com/article/196732-mobile-telesystems-hit-by-hefty-write-offs
Mobile TeleSystems (MBT), Eastern Europe’s largest cellular operator, reported disappointing results for fourth-quarter 2009. The carrier reported a net loss of $26.1 million (or 7 cents per ADS) versus a net profit of $171.2 million in the year-ago quarter. The prior-year quarter’s figures were restated by the carrier to include the results of its subsidiary Comstar-UTS, a leading telecom solutions provider in Russia and the CIS (Commonwealth of Independent States).
Fourth quarter results were dragged down by one-time charges of $368 million in investment-related write-downs and $86 million in asset impairment charges associated with the company’s acquisition of Comstar-UTS. The bottom-line was also hit by a large tax provision. Adjusted (excluding write-offs) earnings per ADS of 80 cents missed the Zacks Consensus Estimate of $1.29.
Net income for 2009 was $1 billion compared to a net income of $2 billion reported a year ago, impacted by lower revenues and the hefty write-offs in the fourth quarter.
Revenue & OIBDA
Consolidated revenue dipped 3.3% year-over-year to $2.72 billion, affected by the macroeconomic volatily across key markets and unfavorable exchange rate (ruble versus dollar) movements which have hurt the company’s dollar-denominated revenues. OIBDA (operating income before depreciation and amortization) declined 10.2% year-over-year in the quarter to $1.19 billion, with OIBDA margin declining to 43.9% from 47.3% a year-ago.
On a geographic basis, revenue increased in Russia (8.6% year-over-year), Turkmenistan (42.7%) and Armenia (5.1%) while declining in Ukraine (0.6%) and Uzbekistan (9.1%). For 2009, revenue fell 17.6% year-over-year to $9.8 billion.
ARPU & Churn
In Russia, churn (customer switch) increased sequentially and year-over-year in the quarter while ARPU (average revenue per user) declined from both previous and year-ago quarters. Churn at Ukraine (the second-largest market) declined sequentially and year-over-year while ARPU fell sequentially (flat year-over-year).
Subscriber and Market Share
At the end of 2009, Mobile TeleSystems served approximately 102.4 million subscribers. The carrier added 0.6 million subscribers in Russia in the quarter serving 69 million customers at the end of the year. Outside Russia, the subscriber base grew in all markets year-over-year except Ukraine.
The company maintained its leadership position in most markets it serves. Market share in Russia, Armenia and Belarus declined sequentially while increasing in the Ukraine and Uzbekistan.
Outlook
The company expects mid to high single-digit growth in consolidated revenues in 2010 boosted by a resurgent Russian economy, increased customer usage of its fixed-line and mobile services and expanded handset penetration in Russia. Group OIBDA margin is forecasted in the range of 43-45%. Capital expenditure, which includes investment in 3G network infrastructure, is projected at 22-24% of revenues compared to 23.7% in 2009.
Mobile TeleSystems remains committed to expanding its 3G network footprint as the carrier plans to spend up to $1.6 billion on 3G network upgrades in Russia through 2011. The company is securing finance from international lenders to fund the aggressive 3G network deployments.
While Mobile TeleSystems is the market leader in Russia, the company is increasingly exposed to intense price competition across most of its operating regions, resulting in decline in margins.
To remain competitive, Mobile TeleSystems continues to pursue acquisitions and strategic collaborations. Moreover, the carrier is strengthening its “mono-brand” mobile retail network while implementing cost optimization programs to lower operating expenses. The mono-brand retail initiative represents a response to its archrival VimpelCom (VIP), which has acquired 50% of mobile retailer Euroset.
To further strengthen its retail distribution network, Mobile TeleSystems has acquired the entire stake in Russian mobile retail chain Teleforum in October 2009. Moreover, the carrier has increased its stake in Comstar-UTS to 61.97% (from 50.91%) and fully acquired privately-owned Russian network carrier Eurotel in late 2009.
While the expansion of 3G network represents a critical growth driver, associated expenditures to support network deployments and promotional initiatives may continue to tighten free cash flow and margins. Moreover, competition, foreign exchange exposure, regulatory challenges and macroeconomic volatility (especially in the CIS) warrant a cautious view on the stock.
ed inoltre:
MTS finally closes the $750 million eurobond deal
Yesterday MobileTeleSystems (MTS), rated Ba2/BB/BB+, sold $750 million of 10-year senior unsecured notes after several weeks of waiting for a window of opportunity. The issue carries a coupon rate of 8.625% (UST as of May 20 + 531.7 bps) , well inside within the initial price guidance of 8.5% - 9%. The issue is subject to 144A/Reg. S regulation and is listed on Irish Stock Exchange. The bond was sold at par, and traded up on the secondary market. Its price grew by 0.875% yesterday and almost by 2% today.
Bank of America Merrill Lynch, Credit Suisse and The Royal Bank of Scotland arranged the deal. The roadshow took place in Europe and US in May 2010. The proceeds will be used for current debt refinancing and general corporate purposes.
The deal met high demand with the total of $4.7 billion in bids from 345 accounts. Europe accounted for 62%, USA for 36% and Asia for 2%. Fund managers bought 65% of the issue, banks and private banks took 25%, pension funds and insurance companies – 5%, the remaining 5% went elsewhere.
According to Renaissance Capital research release, MTS had to offer a premium above the par value, which is 8.25% - 8.50% in order to close the deal fast.
Issuer, issue number: Mobile TeleSystems (MTS), 2020 (LPN)
Type of bond: Eurobonds
Issue status: outstanding
Par, currency of issue: USD, 100000
Amount: 750 000 000
ISIN: XS0513723873
End of placement: Jun 15 2010
Issue price: 100
Yield at Pricing: 8.625%
Coupon: 8.625%
Coupon frequency: 2 time(s) per year
Settlement Date: Jun 22 2010
Maturity date: Jun 22 2020
Issue Managers: BofA Merrill Lynch, Credit Suisse, RBS
Trading floor: Irish S.E.
Issuer profile:
Mobile TeleSystems (MTS) is the largest mobile phone operator in Russia both in terms of subscribers and revenues. In September 2003, the Company had a Russian national market share of approximately 37% and provided services to over 13 million customers in Russia, Belarus and Ukraine. The Company operates exclusively in GSM standard and its license footprint covers a population of 184.1 million in 72 regions of Russia, Belarus and Ukraine.
MTS completed its Initial Public Offering and listed its shares, in the form of Level III ADRs, on the New York Stock Exchange (NYSE) in July 2000, under the symbol MBT. The free float of the Company’s shares is approximately 22.5%. MTS shares are traded domestically on MICEX. MTS’ strategic shareholders are AFK Sistema, a Russian financial and industrial holding company, and T-Mobile, a wholly-owned subsidiary of Deutsche Telekom.
Cbonds.Info - MTS finally closes the $750 million eurobond deal
Ma cippo minimo è 100k?
mago gambamerlo
Xx Phuket xX
100 pippi in us $ , pero' per un HY non sembra fra i peggiori et il cedolozzo non sarebbe male , anche se un paio di punti in piu' sarebbero stati meglio....
stati meglio....
lorenzo63
Age quod Agis
100 pippi in us $ , pero' per un HY non sembra fra i peggiori et il cedolozzo non sarebbe male , anche se un paio di punti in piu' sarebbero
Concordo con il giudizio,
anche per me un punticino (almeno un punto... come premio per il rischio nn sarebbe male) ma la barriera di ingresso è molto elevata...
ciclista52
Forumer storico
ecco i cod. x IW gentilm. offerti da Kino 69 altro forum
IT0006715400 NW0006715400.MI “EUR 9 Years Floating Rate Notes”
IT0006715418 NW0006715418.MI EUR 15 Years 6 % Inverse Floater Floored Notes”
IT0006715392 NW0006715392.MI “EUR 15 Years 10,5% Inverse Floater Floored Notes”
IT0006715426 NW0006715426.MI “EUR 12 Years 4,60% Fixed Rate Note”
gia' pronti da emettere
altro forumIT0006715400 NW0006715400.MI “EUR 9 Years Floating Rate Notes”
IT0006715418 NW0006715418.MI EUR 15 Years 6 % Inverse Floater Floored Notes”
IT0006715392 NW0006715392.MI “EUR 15 Years 10,5% Inverse Floater Floored Notes”
IT0006715426 NW0006715426.MI “EUR 12 Years 4,60% Fixed Rate Note”
gia' pronti da emettere