Nuove_emissioni, collocamenti Nuove Emissioni (3 lettori)
- Creatore Discussione Giontra
- Data di Inizio
Imark
Forumer storico
.......che ne sono arrivati due.
Buon per loro, ma a me il più lungo piace poco e sul più corto mi sarei aspettato di più in termini di rendimento offerto...
yellow
Forumer attivo
Unicredit torna ad emettere :
20.04.09 12:15 - UniCredit: studia lancio bond benchmark a 3 anni
LONDRA (MF-DJ)--Unicredit sta studiando il lancio di un bond benchmark denominato in euro,
con scadenza a tre anni, nell'area dei 190-200 punti base sopra il mid-swap.
Lo rivela uno dei lead manager dell'operazione alla Dow Jones Newswires.
A gestire l'operazione, che verra' prezzata nella giornata di oggi, saranno Calyon, Goldman Sachs e UniCredit.
Su Unicredit Moody's ha il rating Aa3, S&P e Fitch entrambe il rating A.
20.04.09 12:15 - UniCredit: studia lancio bond benchmark a 3 anni
LONDRA (MF-DJ)--Unicredit sta studiando il lancio di un bond benchmark denominato in euro,
con scadenza a tre anni, nell'area dei 190-200 punti base sopra il mid-swap.
Lo rivela uno dei lead manager dell'operazione alla Dow Jones Newswires.
A gestire l'operazione, che verra' prezzata nella giornata di oggi, saranno Calyon, Goldman Sachs e UniCredit.
Su Unicredit Moody's ha il rating Aa3, S&P e Fitch entrambe il rating A.
Imark
Forumer storico
Ti contraddico, caro Giontra, perché è un capitolo estremamente interessante quello degli imbottigliatori di Coca Cola, di Pepsi ecc... una realtà che ha una dimensione mediana fra il packaging e la distribuzione.
CCE è quello per il Nord America e alcune aree del Nord Europa (gli imbottigliatori di KO ci stanno dando dentro con le emissioni in questi mesi...).
In pratica sono aziende che hanno leverage significativi (a basso margine, usano il debito per crescere dimensionalmente), ma la cui rilevanza per il produttore (il discorso vale anche per Pepsi e per altri) - del quale costituiscono l'equivalente, in chiave strategica, della rete proprietaria per una utility energetica - è tale da garantire un uplift nei rating estremamente elevato sulla scorta di mere aspettative di supporto, sebbene il debito dell'imbottigliatore non sia nemmeno formalmente garantito dal produttore.
Basta la intensità del vincolo commerciale (oltre ad una compartecipazione azionaria spesso significativa, anche se di solito non di controllo parentale).
Moody's rates CCE bond issues at A3
New York, February 17, 2009 -- Moody's assigned its A3 rating to Coca-Cola Enterprises' (CCE) $350 million 3-year bond and $250 million 6-year notes and affirmed the company's other ratings. The outlook is stable.
CCE's A3 long-term rating is based on a combination of its standalone credit profile in the Ba range (derived through evaluation of both qualitative and quantitative factors) and four notches of rating lift applied to this standalone profile for implied support from KO because Moody's believes that the strategic alignment between CCE and KO will remain strong. While KO does not guarantee or otherwise explicitly support CCE's debt, KO cannot go to market in North America and parts of Western Europe without CCE. CCE accounts for a significant chunk of KO's total volume.
On a standalone basis, CCE's strong qualitative measures - like powerful brand franchise, high scale of operations, increasingly efficient marketing and distribution capabilities, and consistent cash generation - are offset by very weak financial metrics. The company recently reported a full year 2008 revenue increase of 4% and comparable operating income down 6.5% which, while better than originally expected, reflects the pressures faced by the company in its markets.
While reported debt was reduced by about $364 million during the year, leverage has risen to 4.3 times in 2008 from 3.8 times (as per Moody's FM) a year ago, largely due to an approximately $1.1 billion underfunded pension, and other credit metrics have weakened over FY2008. The company also reported an additional $2.3 billion non-cash impairment charge in the fourth quarter writing down its North American franchise rights to zero.
The last rating action for the company took place on October 28th, 2008 when we assigned an A3 rating to the company's $1 billion issue due March 3, 2014.
The principal methodology used in rating this issuer was the Global Soft Beverage Industry Rating Methodology published August, 2005 which can be found at www.moodys.com in the Credit Policy & Methodologies directory in the Rating Methodologies subdirectory. Other Methodologies and factors that may have been considered in rating this issuer can also be found in the Credit Policy & Methodologies directory.
Coca-Cola Enterprises Inc. (CCE), headquartered in Atlanta, Georgia, is the world's largest bottler and distributor of The Coca-Cola Company's (KO's) nonalcoholic beverage products with net sales of $21.8 billion for fiscal year 2008. CCE's key operating territories are: North America, Great Britain, continental France, Belgium, Netherlands, Luxembourg, and Monaco
Ed infatti ... con il senno di poi, anche questo bond era un'eccellente occasione... il riacquisto in essere di quote azionarie degli imbottigliatori condotte su ampia scala da Coca e Pepsi hanno concorso a spingere in alto le quotazioni ... se solo si riuscisse a conoscere tutte le dinamiche di tutti i compartimenti...
PepsiCo Offers About $6 Billion to Buy Out Bottlers (Update2)
April 20 (Bloomberg) -- PepsiCo Inc., the world’s second- largest soft-drink maker, offered about $6 billion in cash and stock to buy out other shareholders of its two biggest bottlers to gain greater control over product sales in North America.
PepsiCo is offering the equivalent of $29.50 per share for stock it doesn’t already own in its biggest bottler, Pepsi Bottling Group Inc., and $23.27 for PepsiAmericas Inc. shares. The offers are 17 percent higher than the bottlers’ closing prices on April 17, Purchase, New York-based PepsiCo said today.
The transactions will give the maker of Pepsi, Gatorade and Tropicana full control over about 80 percent of its North American beverage market, where volumes have been in decline and profitability has shrunk due to rising commodity prices. Cost elimination, increased purchasing power and new revenue streams resulting from the acquisitions should add at least $200 million to annual pretax profit, PepsiCo said.
“The situation was bad enough that it required a massive move by PepsiCo and its bold management has taken serve from Coke,” Anthony Bucalo, an analyst at Credit Suisse Group AG in London, said in a note today. Credit Suisse has a “neutral” rating on the company’s shares.
PepsiCo and bigger rival Coca-Cola Co. sell beverage concentrate and syrup to licensed bottlers who add water and other ingredients, put the mixture in bottles and cans, and sell it. Since 2005, Coke has bought underperforming bottlers from Germany to the Philippines to “fix them up and spin them off,” Bucalo said.
‘Reshaping Model’
“By reshaping our business model we can significantly improve our competitiveness and growth prospects,” PepsiCo Chairman and Chief Executive Officer Indra Nooyi said in a statement. The company’s “operating environment has evolved dramatically in the last decade,” she said.
Buying the bottlers may boost earnings by at least 15 cents a share once the cost benefits are fully realized, PepsiCo said.
First-quarter earnings per share rose to 72 cents from 70 cents a year earlier, the bottler also reported today, while reaffirming its full-year forecast of “mid- to high-single-digit constant currency net sales and core earnings per share growth.”
The proposed acquisitions will streamline manufacturing and distribution and shorten the time it takes to produce and market new products, the company said. PepsiCo spent $543 million last year to fire 3,500 employees and close plants as part of plans to save $1.2 billion over the next three years.
Offer Terms
PepsiCo owns 33 percent of Pepsi Bottling and 43 percent of PepsiAmericas, according to data compiled by Bloomberg.
PepsiCo shares rose 0.3 percent to $52.13 on April 17, while Pepsi Bottling was little changed at $25.20 and PepsiAmericas advanced 0.4 percent to $19.88.
The sodamaker is offering $14.75 in cash and 0.283 of common stock for each share it doesn’t already own of Pepsi Bottling Group. The offer for PepsiAmericas is $11.64 in cash and 0.223 of common stock for each share.
The market value of PepsiCo and both bottlers has declined by about 26 percent in the past year.
Centerview Partners, Banc of America Securities and Merrill Lynch & Co. are advising PepsiCo, and Davis Polk & Wardwell is acting as legal counsel.
Imark
Forumer storico
Ed infatti ... con il senno di poi, anche questo bond era un'eccellente occasione... il riacquisto in essere di quote azionarie degli imbottigliatori condotte su ampia scala da Coca e Pepsi hanno concorso a spingere in alto le quotazioni ... se solo si riuscisse a conoscere tutte le dinamiche di tutti i compartimenti...
PepsiCo Offers About $6 Billion to Buy Out Bottlers (Update2)
April 20 (Bloomberg) -- PepsiCo Inc., the world’s second- largest soft-drink maker, offered about $6 billion in cash and stock to buy out other shareholders of its two biggest bottlers to gain greater control over product sales in North America.
PepsiCo is offering the equivalent of $29.50 per share for stock it doesn’t already own in its biggest bottler, Pepsi Bottling Group Inc., and $23.27 for PepsiAmericas Inc. shares. The offers are 17 percent higher than the bottlers’ closing prices on April 17, Purchase, New York-based PepsiCo said today.
The transactions will give the maker of Pepsi, Gatorade and Tropicana full control over about 80 percent of its North American beverage market, where volumes have been in decline and profitability has shrunk due to rising commodity prices. Cost elimination, increased purchasing power and new revenue streams resulting from the acquisitions should add at least $200 million to annual pretax profit, PepsiCo said.
“The situation was bad enough that it required a massive move by PepsiCo and its bold management has taken serve from Coke,” Anthony Bucalo, an analyst at Credit Suisse Group AG in London, said in a note today. Credit Suisse has a “neutral” rating on the company’s shares.
PepsiCo and bigger rival Coca-Cola Co. sell beverage concentrate and syrup to licensed bottlers who add water and other ingredients, put the mixture in bottles and cans, and sell it. Since 2005, Coke has bought underperforming bottlers from Germany to the Philippines to “fix them up and spin them off,” Bucalo said.
‘Reshaping Model’
“By reshaping our business model we can significantly improve our competitiveness and growth prospects,” PepsiCo Chairman and Chief Executive Officer Indra Nooyi said in a statement. The company’s “operating environment has evolved dramatically in the last decade,” she said.
Buying the bottlers may boost earnings by at least 15 cents a share once the cost benefits are fully realized, PepsiCo said.
First-quarter earnings per share rose to 72 cents from 70 cents a year earlier, the bottler also reported today, while reaffirming its full-year forecast of “mid- to high-single-digit constant currency net sales and core earnings per share growth.”
The proposed acquisitions will streamline manufacturing and distribution and shorten the time it takes to produce and market new products, the company said. PepsiCo spent $543 million last year to fire 3,500 employees and close plants as part of plans to save $1.2 billion over the next three years.
Offer Terms
PepsiCo owns 33 percent of Pepsi Bottling and 43 percent of PepsiAmericas, according to data compiled by Bloomberg.
PepsiCo shares rose 0.3 percent to $52.13 on April 17, while Pepsi Bottling was little changed at $25.20 and PepsiAmericas advanced 0.4 percent to $19.88.
The sodamaker is offering $14.75 in cash and 0.283 of common stock for each share it doesn’t already own of Pepsi Bottling Group. The offer for PepsiAmericas is $11.64 in cash and 0.223 of common stock for each share.
The market value of PepsiCo and both bottlers has declined by about 26 percent in the past year.
Centerview Partners, Banc of America Securities and Merrill Lynch & Co. are advising PepsiCo, and Davis Polk & Wardwell is acting as legal counsel.
In realtà il problema è che il packaging è esposto negativamente: players storicamente a basso margine, significativamente indebitati sia nel tentativo di crescere dimensionalmente che per effetto dei LBO succedutisi nel comparto, poi colpiti dalla risalita dei prezzi delle commodities... ed infatti i rating tracollano allegramente...
The Credit Quality Of Global Packaging Companies Continues To Sink, Article Says
NEW YORK (Standard & Poor's) April 13, 2009--Standard & Poor's Ratings
Services has published an article titled "The Credit Quality Of Global
Packaging Companies Continues To Sink," which states that we expect the credit quality in the global packaging industry to continue to decline through the rest of the year, particularly at the speculative-grade rating levels. The pace of the decline seems to be quickening: In the past three months, we downgraded five issuers and upgraded only one.
"Concerns about covenant compliance and liquidity continued to be key factors behind several of the negative rating actions we took from mid-December 2008 through April 2009," said Standard & Poor's credit analyst Liley Mehta. Numerous leveraged buyouts and highly leveraged financial profiles have contributed to the large proportion of low speculative-grade ratings.
With a weak economy and tight credit market conditions, Standard & Poor's believes that credit quality among those packaging companies at the lower end of the rating spectrum will continue to slide. In contrast, we expect some of the better-positioned speculative-grade companies, as well as most investment-grade companies, to get more conservative and try to improve their balance sheets and credit quality
Giontra
Forumer storico
MILANO, 20 aprile (Reuters) - Il bond triennale di Unicredit sarà di un miliardo di euro, su una raccolta ordini per 1,6 miliardi.
Lo dice a a Reuters uno dei lead manager dell'operazione.
Il rendimento offerto è confermato a +190 punti base sopra il tasso midswap.
Le indicazioni iniziali erano per rendimento a 190-200 punti base sul midswap.
L'emissione è affidata a Calyon, Goldman Sachs e UniCredit.
UniCredit ha rating 'A' per Standard & Poor's e Fitch Ratings e 'Aa3' per Moody's Investors Service.
Lo dice a a Reuters uno dei lead manager dell'operazione.
Il rendimento offerto è confermato a +190 punti base sopra il tasso midswap.
Le indicazioni iniziali erano per rendimento a 190-200 punti base sul midswap.
L'emissione è affidata a Calyon, Goldman Sachs e UniCredit.
UniCredit ha rating 'A' per Standard & Poor's e Fitch Ratings e 'Aa3' per Moody's Investors Service.
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