Nuove_emissioni, collocamenti Nuove Emissioni
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qquebec
Super Moderator
Odeon priced its 2018 bonds on Friday, first EUR 200 mn at 3m Euribor +500 bps and second GBP 300 mn at 9% (or a spread of +618bps). GS and ML successfully placed the paper at the lower end of the price talk. We continue to believe this issue is leveraged to perfection, with tight cash flows, poor visibility and high operating leverage. In addition, the indenture has numerous issues in our view. We maintain our “Very High Risk” assessment on the LARA sale, and recommend to “sell” both the FRN and fixed rate notes. Please refer to our New Issue Assessment published May 12th for more details.
qquebec
Super Moderator
Hai gli ISIN?
Per il momento no, ovviamente appena li rimedio li passo.
Exclusive: Steel companies Schaaf Indstrie AG plans SME loan
The Schaaf Industrie AG (SIAG), Dernbach plans, financial sources said the issue of a corporate bond. The company is Stahlabau and employs approximately 2,000 employees at 10 locations worldwide.
In fiscal 2009 the company achieved a turnover of € 180 million and generated thereby consolidated net profit of EUR 3.5 million. Total assets amounted to approximately € 111.5 million at 31.12.2009. The equity ratio was 27.5%.
The Schaaf Industrie AG (SIAG), Dernbach plans, financial sources said the issue of a corporate bond. The company is Stahlabau and employs approximately 2,000 employees at 10 locations worldwide.
In fiscal 2009 the company achieved a turnover of € 180 million and generated thereby consolidated net profit of EUR 3.5 million. Total assets amounted to approximately € 111.5 million at 31.12.2009. The equity ratio was 27.5%.
AVW basic pay 6.1%, duration 4.5 years
Subscription of collateralized bond starts on Wednesday
The DHS Basic AG, a 100% subsidiary of AVW Immobilien AG, issued a secured corporate bond with a volume of 50.83 million €. The coupon is 6.1%, the duration of 4.5 years. The subscription period begins on Wednesday. The rating (by Creditreform Rating) is BBB-.
With the proceeds of the acquisition of four long-term leased retail properties in Bremen, Hamburg and Schleswig-Holstein is planned. Rental income, interest payments and thereby save the management cost. In addition, the loan is secured by first mortgages. The four properties were acquired unencumbered.
The listed AVW Immobilien AG (WKN 508 890) has been more than 30 years in the real estate industry since 1978 and has 125 properties with a total of nearly € 1 billion realized especially in the commercial area in northern Germany. The activities of ADH consists mainly of the development and sale of real estate projects, construction execution and construction management, property management and portfolio management (management of its own properties). The focus of the development and construction of ADH are in the areas of shopping and retail centers and hypermarkets, but also in the areas of senior housing, commercial buildings and hotels. The preferred investment for each object is 10 to 50 million €. Since 18 March 2008, the AVW Immobilien AG on the Frankfurt Stock Exchange Open Market (Entry Standard).
Of the transaction:
Issuer: AVW AG reason, a 100% subsidiary of AVW Immobilien AG
Rating: BBB-(by Creditreform Rating)
Subscription Period: from 05/18/2011
Duration: 4.5 years
Issue Size: 50.83 million €
Segment: SME Stock Exchange Germany (Börse Hamburg / Hannover)
Internet: Startseite: AVW GRUND AG
Subscription of collateralized bond starts on Wednesday
The DHS Basic AG, a 100% subsidiary of AVW Immobilien AG, issued a secured corporate bond with a volume of 50.83 million €. The coupon is 6.1%, the duration of 4.5 years. The subscription period begins on Wednesday. The rating (by Creditreform Rating) is BBB-.
With the proceeds of the acquisition of four long-term leased retail properties in Bremen, Hamburg and Schleswig-Holstein is planned. Rental income, interest payments and thereby save the management cost. In addition, the loan is secured by first mortgages. The four properties were acquired unencumbered.
The listed AVW Immobilien AG (WKN 508 890) has been more than 30 years in the real estate industry since 1978 and has 125 properties with a total of nearly € 1 billion realized especially in the commercial area in northern Germany. The activities of ADH consists mainly of the development and sale of real estate projects, construction execution and construction management, property management and portfolio management (management of its own properties). The focus of the development and construction of ADH are in the areas of shopping and retail centers and hypermarkets, but also in the areas of senior housing, commercial buildings and hotels. The preferred investment for each object is 10 to 50 million €. Since 18 March 2008, the AVW Immobilien AG on the Frankfurt Stock Exchange Open Market (Entry Standard).
Of the transaction:
Issuer: AVW AG reason, a 100% subsidiary of AVW Immobilien AG
Rating: BBB-(by Creditreform Rating)
Subscription Period: from 05/18/2011
Duration: 4.5 years
Issue Size: 50.83 million €
Segment: SME Stock Exchange Germany (Börse Hamburg / Hannover)
Internet: Startseite: AVW GRUND AG
Berlin State issued State Treasury in the amount of 500 million €
Term 7 years, Guidance: Mid swap +14 bp
The State of Berlin issued a State Treasury in the amount of € 500 million and a maturity of 7 years. Expected to be a spread of 14 basis points over mid swap. The transaction is accompanied by BayernLB, DZ Bank and UniCredit.
Of the transaction:
Issuer: State of Berlin
Size: State Treasury
Ratings: Aa1 (Moody's) AAA (Fitch)
Volume: 500 million €
Coupon: n.bek.
Guidance: Mid swap +14 bp
Duration: 05/23/2018
Listing: Berlin
Denomination: 1,000 €
Bookrunner: BayernLB, DZ Bank and UniCredit
Term 7 years, Guidance: Mid swap +14 bp
The State of Berlin issued a State Treasury in the amount of € 500 million and a maturity of 7 years. Expected to be a spread of 14 basis points over mid swap. The transaction is accompanied by BayernLB, DZ Bank and UniCredit.
Of the transaction:
Issuer: State of Berlin
Size: State Treasury
Ratings: Aa1 (Moody's) AAA (Fitch)
Volume: 500 million €
Coupon: n.bek.
Guidance: Mid swap +14 bp
Duration: 05/23/2018
Listing: Berlin
Denomination: 1,000 €
Bookrunner: BayernLB, DZ Bank and UniCredit
Lanxess issued bonds with a maturity 7 years
Spread Whisper: Mid Swap +110 bp, volume 500 million €
Lanxess issued a bond in the amount of € 500 million and a maturity of 7 years. Expected to be a spread of 110 basis points over mid swap. The transaction is accompanied by Citigroup, Credit Suisse, JP Morgan and UniCredit.
Of the transaction:
Issuer: Lanxess Finance BV
Guarantor: Lanxess AG
Ratings: Baa2, BBB
Volume: 500 million €
Coupon: n.bek.
Spread Whisper: Mid Swap +110 bp
Duration: 05/23/2018
Settlement: 05/23/2011
Listing: Luxembourg
Denomination: 1,000 €
Documentation: EMTN
Covenants: Chance of Control
Bookrunner: Citigroup, Credit Suisse, JP Morgan and UniCredit
YTM 4.18 c.a.
Spread Whisper: Mid Swap +110 bp, volume 500 million €
Lanxess issued a bond in the amount of € 500 million and a maturity of 7 years. Expected to be a spread of 110 basis points over mid swap. The transaction is accompanied by Citigroup, Credit Suisse, JP Morgan and UniCredit.
Of the transaction:
Issuer: Lanxess Finance BV
Guarantor: Lanxess AG
Ratings: Baa2, BBB
Volume: 500 million €
Coupon: n.bek.
Spread Whisper: Mid Swap +110 bp
Duration: 05/23/2018
Settlement: 05/23/2011
Listing: Luxembourg
Denomination: 1,000 €
Documentation: EMTN
Covenants: Chance of Control
Bookrunner: Citigroup, Credit Suisse, JP Morgan and UniCredit
YTM 4.18 c.a.
Ultima modifica:
Bonds Check: FFK Environment - promising investment
To 31 May at the corporate bond FFK Environment GmbH, a manufacturer of climate-friendly alternative fuels (RDF) from waste drawn. Then the bond market in the medium was the Dusseldorf Stock Exchange is available.
FFK Environment
The company produces environmentally friendly alternative fuels from waste (household garbage and construction waste). These replace fossil fuels such as lignite or coal in power generation in power plants and in the cement industry. In the business areas of logistics and management, commodity production and commodity trading, the company offers services related to waste disposal and the recycling of secondary raw materials in the recycling process. The FFK Environment operates the largest facility for the production of alternative fuels in Brandenburg, with an annual processing capacity of 280,000 tonnes. This allows about 350,000 tons of climate-damaging coal to replace Brown. The customers of the company include major utilities like Vattenfall and E. ON as well as leading European cement manufacturers such as Heidelberg Cement Cemex or Dyckerhoff.
Business
The FFK Environment GmbH has completed the 2010 fiscal year with a total capacity of 26.5 million euros (+11%) and a record profit (EBIT) of EUR 3.3 million (+ 107%). Net income rose from EUR 0.9 million to 1.9 million euros (+116%). With total assets of 20.5 million euros, the equity ratio was approximately 26.4%, 30/12/2010.
Use of Proceeds
The funds from the bond issue would finance the FFK Environment GmbH largely on both the organic and the inorganic growth. In addition to new facilities in Berlin and Eisenhuettenstadt also be explored acquisitions of regional waste management companies to increase coverage of the input side with household and commercial waste. With two acquisition targets we are already in negotiations.
On 19.04.2011 also an agreement to acquire all shares in the ESR Environmental Services & Land Recycling GmbH has been closed. The purchase price amounting to EUR 1.8 million is due on 7/15/2011. On 12/22/2013 to € 6 million due, has received the FFK from the standard program HEAT Mezzanine.
Strengths
- Interesting company with verifiable growth story.
- Management makes a positive impression on us.
- Later IPO (strengthening of the equity) should lead to improved ratings.
Weaknesses
- Issue volume exceeding both revenue and total assets.
- FFK would be better off with an IPO.
Conclusion:
FFK Environment operates in a promising market. The business model suited to the present time. Even CEO Frank Kochan, who owns 100% of the shares, makes us a very positive impression. From 2013, the power plant customers FFK their bid for CO2 allowances in full. So the business should lead clearly gathering pace. The issue size is compared to the previous total assets is extremely high. Actually, the company should a capital increase (possibly connected by lead with an IPO). The funds will, however, in large part to acquisitions. Two garbage collectors, both of which are profitable, the company is in negotiations. Thus, it should succeed the company to extend the value chain. Frank Kochan has also been Managing Director at several events for investors stressed it intends to hold in the coming years, the stock market. This should be done from our point of view within the next 12 months. This should also improve the associated ratings. Overall, we estimate the FFK bond as promising investment.
The prospectus is in the " prospectuses are downloaded, the rating report in the " Ratings ".
FFK Environment - Key figures of the bond
Subscription Period: 16.05.-31.05.2011
Listing: 01.06.2011
Duration: 01.06.2011
Rating: BB + (by Creditreform Rating)
Coupon: 7.25%, quarterly interest payment
Yield: 7.45%
Segment: Mid-Market of the Stock Exchange Dusseldorf
Institutional Sales: Donner & Reuschel
Issue Size: Up to 25 million €
ISIN: DE000A1KQ4Z
To 31 May at the corporate bond FFK Environment GmbH, a manufacturer of climate-friendly alternative fuels (RDF) from waste drawn. Then the bond market in the medium was the Dusseldorf Stock Exchange is available.
FFK Environment
The company produces environmentally friendly alternative fuels from waste (household garbage and construction waste). These replace fossil fuels such as lignite or coal in power generation in power plants and in the cement industry. In the business areas of logistics and management, commodity production and commodity trading, the company offers services related to waste disposal and the recycling of secondary raw materials in the recycling process. The FFK Environment operates the largest facility for the production of alternative fuels in Brandenburg, with an annual processing capacity of 280,000 tonnes. This allows about 350,000 tons of climate-damaging coal to replace Brown. The customers of the company include major utilities like Vattenfall and E. ON as well as leading European cement manufacturers such as Heidelberg Cement Cemex or Dyckerhoff.
Business
The FFK Environment GmbH has completed the 2010 fiscal year with a total capacity of 26.5 million euros (+11%) and a record profit (EBIT) of EUR 3.3 million (+ 107%). Net income rose from EUR 0.9 million to 1.9 million euros (+116%). With total assets of 20.5 million euros, the equity ratio was approximately 26.4%, 30/12/2010.
Use of Proceeds
The funds from the bond issue would finance the FFK Environment GmbH largely on both the organic and the inorganic growth. In addition to new facilities in Berlin and Eisenhuettenstadt also be explored acquisitions of regional waste management companies to increase coverage of the input side with household and commercial waste. With two acquisition targets we are already in negotiations.
On 19.04.2011 also an agreement to acquire all shares in the ESR Environmental Services & Land Recycling GmbH has been closed. The purchase price amounting to EUR 1.8 million is due on 7/15/2011. On 12/22/2013 to € 6 million due, has received the FFK from the standard program HEAT Mezzanine.
Strengths
- Interesting company with verifiable growth story.
- Management makes a positive impression on us.
- Later IPO (strengthening of the equity) should lead to improved ratings.
Weaknesses
- Issue volume exceeding both revenue and total assets.
- FFK would be better off with an IPO.
Conclusion:
FFK Environment operates in a promising market. The business model suited to the present time. Even CEO Frank Kochan, who owns 100% of the shares, makes us a very positive impression. From 2013, the power plant customers FFK their bid for CO2 allowances in full. So the business should lead clearly gathering pace. The issue size is compared to the previous total assets is extremely high. Actually, the company should a capital increase (possibly connected by lead with an IPO). The funds will, however, in large part to acquisitions. Two garbage collectors, both of which are profitable, the company is in negotiations. Thus, it should succeed the company to extend the value chain. Frank Kochan has also been Managing Director at several events for investors stressed it intends to hold in the coming years, the stock market. This should be done from our point of view within the next 12 months. This should also improve the associated ratings. Overall, we estimate the FFK bond as promising investment.
The prospectus is in the " prospectuses are downloaded, the rating report in the " Ratings ".
FFK Environment - Key figures of the bond
Subscription Period: 16.05.-31.05.2011
Listing: 01.06.2011
Duration: 01.06.2011
Rating: BB + (by Creditreform Rating)
Coupon: 7.25%, quarterly interest payment
Yield: 7.45%
Segment: Mid-Market of the Stock Exchange Dusseldorf
Institutional Sales: Donner & Reuschel
Issue Size: Up to 25 million €
ISIN: DE000A1KQ4Z
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