Nuove_emissioni, collocamenti Nuove Emissioni (1 Viewer)

[Imark]

Esordio di Gazprom in CHF ... 400 mln CHF al 9% a due anni eek: ). Il mercato degli eurobonds era di fatto chiuso a nuove emissioni di issuers russi a partire dalla seconda metà del 2008.

[FONT=verdana,arial,helvetica]Moody's assigns (P)Baa1 rating to Gazprom's Notes issue; stable outlook[/FONT]

[FONT=verdana,arial,helvetica]Moscow, April 07, 2009 -- Moody's Investors Service has today assigned a provisional rating of (P)Baa1 to the proposed 19th tranche of the Loan Participation Notes issue to be launched by Gaz Capital S.A., a finance vehicle of OJSC Gazprom (Gazprom or the company). The issue for the total amount of CHF400 million (approximately USD350 million), will be priced at 9% p.a. and will have a two-year maturity -- to match the market demand achieving the optimal cost-to-size ratio. The rating outlook on the Notes is stable. [/FONT]

[FONT=verdana,arial,helvetica]Moody's highlights that the issue is Gazprom's debut placement in Swiss francs designated for Swiss investors. It is also a new opportunity for Russian issuers, for whom the Eurobond market has effectively been closed since the second half of 2008. [/FONT]

[FONT=verdana,arial,helvetica]Moody's states that the Notes issue will be executed as part of the framework of the USD30 billion Loan Participation Notes Programme. The proceeds from the issue will be on-lent by Gaz Capital S.A. to Gazprom, thus the Noteholders are relying solely on Gazprom's credit quality to service and repay the debt. The obligation of Gazprom will rank senior unsecured and will rank pari passu with other senior unsecured obligations of the company. The funds will be used by Gazprom for general corporate purposes. [/FONT]

[FONT=verdana,arial,helvetica]Upon a conclusive review of the transaction and associated documentation, Moody's will assign a definitive rating to the Notes issue. A definitive rating may differ from a provisional rating. [/FONT]

[FONT=verdana,arial,helvetica]Based on Gazprom's robust 3Q 2008 results and Moody's current expectations of the group's future operating performance and cash flow generation, the agency believes that Gazprom enjoys sufficient headroom and financial flexibility to accommodate the additional debt within the current (P)Baa1 rating. [/FONT]

[FONT=verdana,arial,helvetica]Moody's regards Gazprom as a government-related issuer (GRI) and thus ratings incorporate uplift from Gazprom's Baseline Credit Assessment (BCA) of 11 (on a scale of 1 to 21 and equivalent to Ba1 rating) accounting for Moody's assessment of high implied state support and the company's medium dependence. Moody's rates Gazprom BCA in accordance with its Global Integrated Oil & Gas methodology. [/FONT]

[FONT=verdana,arial,helvetica]Moody's previous rating action on Gazprom was on 3 April 2009, when the agency downgraded the company's ratings to Baa1 from A3, with a stable outlook, reflecting the increased correlation between the economic drivers of the financial profiles of Gazprom and the Russian state. [/FONT]

[FONT=verdana,arial,helvetica]Headquartered in Moscow, Russia, OJSC Gazprom is the world's largest gas company. It also owns and operates the world's largest gas transmission pipeline (ca. 158,200km), and is the leading exporter of gas to Western Europe[/FONT]

 

[Giontra]

Le nuove emissioni del sito di F.T.......

 

[Giontra]

.....e quelle dal sito di Remes.

 

[jacktheripper71]

ganze le gasprom ..... serviranno per portare kaka al chelsea

.... scherzi a parte ..... mi piacciono le vattenfell in gbp ....dove saranno comprabili ??

 

[Imark]

La schedina dell'emissione Finmeccanica in Gbp.

Bond molto semplice anche nella costruzione... serve a rollare debito già emesso.

Fitch Rates Finmeccanica Finance's GBP400m Bond 'BBB'

08 Apr 2009 10:47 AM (EDT)

Fitch Ratings-London/Warsaw-08 April 2009: Fitch Ratings has today assigned Finmeccanica Finance SA's GBP400m 8% bond, due in December 2019, a senior unsecured rating of 'BBB'. The bond was issued under Finmeccanica S.p.A.'s (Finmeccanica) EUR2.5bn EMTN programme.

Bonds issued by Finmeccanica Finance are unconditionally and irrevocably guaranteed by its parent, Finmeccanica. The 'BBB' rating on the bonds is in line with Finmeccanica's 'BBB' Long-term Issuer Default rating (IDR) which was affirmed today. Fitch also affirmed Finmeccanica's senior unsecured rating at 'BBB' and Short-term IDR at 'F2'. The Outlook for Finmeccanica's Long-term IDR is Positive.

The net proceeds from the bonds will be used to refinance existing debt.

The guarantee from Finmeccanica is a direct, general and unconditional obligation of the company and will at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations.

Terms and conditions also include standard events of default, but no financial covenants or triggers.

Finmeccanica Finance is a wholly-owned subsidiary of Finmeccanica and is incorporated as a societe anonyme under Luxembourg law. The sole purpose of the company is to hold equity participations and to raise finance to be on-lent to companies in the Finmeccanica group. Finmeccanica is a leading European aerospace and defence group with total assets at FYE08 of EUR30bn. The group's 2008 revenue totalled EUR15bn

 

[Arnade]

Delle Bacardi 2014 cosa ne pensate?L'isin no riesco a trovarlo, qualcuno mi da una mano.

 

[Imark]

Delle Bacardi 2014 cosa ne pensate?L'isin no riesco a trovarlo, qualcuno mi da una mano.

L'ISIN ed i commenti recenti disponibili... molto interessante nel comparto dei premium spirits l'operazione di deleveraging che sta conducendo Pernod-Ricard, se si vuole maggiore tranquillità, c'è sempre Diageo...

XS0423639953

Moody's

New York, April 07, 2009 -- Moody's assigned a Baa1 rating to Bacardi Limited's Euro 650 million five year issue. The rating outlook is stable.

The Baa1 rating reflects the company's solid position in the spirits industry, with a number of leading premium and super premium brands, stable cash flows, strong profitability which is enhanced by a favorable tax structure, a moderate leverage profile and a seasoned management team, said Linda Montag, Moody's Senior Vice President.

These positives are offset by the company's more modest size when compared with its larger beverage and consumer products competitors, some concentration on Bacardi rum, more focused exposure to the premium and super premium spirits segment which could come under pressure in a severe economic downturn, past reliance on debt funded acquisitions to grow the business, previous failure to spread out debt and bank facility maturities, some structural subordination due to $350 million of debt at Bacardi International Limited (which will not be a guarantor under the new structure), and private ownership with a less independent board than most public companies.

The last rating action was on March 23, 2009 when we assigned a first time rating to the company's 5 and 10 year debt issuances in the US class 144a debt market.


Bacardi Limited, headquartered in Bermuda is the world's largest privately owned spirits company with approximately $4.8 billion in annual net sales.


S&P


Bacardi's 650 Mil. Euro Senior Unsecured Notes Are Rated 'BBB'; All Ratings Affirmed

NEW YORK (Standard & Poor's) April 7, 2009--Standard & Poor's Ratings Services said today that it assigned its 'BBB' rating to Pembroke, Bermuda-based Bacardi Ltd.'s proposed €650 million senior unsecured notes due 2014.

Subsidiary Bacardi-Martini B.V. will fully and unconditionally guarantee the notes.

In addition, we affirmed the ratings on Bacardi, including its 'BBB' corporate credit rating. The outlook is stable.

As of Dec. 31, 2008, Bacardi had about $3.2 billion of debt. We expect Bacardi will use net proceeds from the debt offering to repay bank debt.

"Our ratings reflect Bacardi's strong business profile, which benefits from leading positions in key categories of the distilled spirits market, as well as geographic diversity that has historically resulted in relatively stable cash flows, and the company's intermediate financial policies," said Standard & Poor's credit analyst Jean C. Stout.

The stable outlook reflects our expectations that Bacardi will continue to generate strong cash flows and sustain credit measures that support the rating over the intermediate term, including average total debt to EBITDA close to current levels of less than 3x.

However, Standard & Poor's could revise the outlook to negative if operating performance weakens, or if Bacardi demonstrates a more aggressive financial policy. "We believe an outlook revision to positive is less likely in the near term, given our belief that weak global macroeconomic conditions will continue to pressure demand for premium spirits," she continued

 

[Imark]

ganze le gasprom ..... serviranno per portare kaka al chelsea

.... scherzi a parte ..... mi piacciono le vattenfell in gbp ....dove saranno comprabili ??

OTC, ma se sono nuove, devi vedere se te le fanno prendere...

 

[Imark]

L'ISIN ed i commenti recenti disponibili... molto interessante nel comparto dei premium spirits l'operazione di deleveraging che sta conducendo Pernod-Ricard, se si vuole maggiore tranquillità, c'è sempre Diageo...

....

Qualche dettaglio sugli ultimi conti trimestrali (con qualche info sull'andamento del settore dei premium spirits: qui il destocking per ora sembra incidere sulle vendite nell'ordine del low single digit, nel comparto dell'acciaio siamo al 50%) e sull'aumento di capitale che si accingono a varare...

Associated Press

Pernod Ricard's 3rd quarter sales fall

By EMMA VANDORE , 04.15.09, 06:12 AM EDT

French drinks company Pernod Ricard, which is preparing to raise new capital from shareholders this week, said Wednesday that sales in the three months to March fell 2 percent after distributors and wholesalers cut stocks.

The Paris-based company, known for its anise-flavored aperitifs as well as Beefeater gin and Chivas Regal cognac, said sales in its fiscal third quarter dropped to euro1.35 billion ($1.79 billion) from euro1.38 billion. Over nine months, sales were up 9 percent at euro5.56 billion.

As the recession bites, some of the company's top brands including its creamy coffee-flavored liqueur Kahlua and Perrier Jouet champagne are suffering as demand for top-end wines and spirits falls.

Meanwhile, the company announced the details for Thursday's launch of a euro1 billion share issue, part of a debt reduction plan unveiled last week. Existing shareholders have the right to subscribe to 3 new shares for every 17 they hold at euro26.70 a share, a 36 percent discount to the share price at Tuesday's close.

The subscription period will run from Thursday to April 29 and is open to shareholders in France. Pernod Ricard said its main shareholders, the Paul Ricard family and its Lirix subsidiary as well as Groupe Bruxelles Lambert SA, will subscribe to new shares.

Shares in the company rose 3.8 percent to euro43.11 in midday trading in Paris.

Last week, Pernod Ricard cut its full year forecast for growth in profit from recurring operations to between 3 and 5 percent for the full year, from an earlier target of between 5 and 8 percent, after warning that de-stocking was more intense than anticipated.

That target does not include the results from Sweden's Vin & Spirits, the maker of Absolut vodka, which Pernod Ricard acquired last year.
On Wednesday, the company confirmed its forecast of growth of at least 10 percent in recurring net profit - which includes Absolut's results since July 23, 2008 - in the year ending June 30 to more than euro1 billion.
Absolut made "strong progress" in each key market outside the United States, Pernod Ricard said.

Pernod took on added debt when it bought Vin & Spirits for euro5.28 billion. It has since launched a plan to sell off non-strategic assets, including the sale of its Wild Turkey bourbon brand to Italy's Gruppo Campari announced last week

 

[Giontra]

Tanto abbiamo aspettato il bond Veolia.........