Nuove_emissioni, collocamenti Nuove Emissioni

[lucalore]

Presa stamani la nuova Munich subordinata LT II a 100
10 anni al 6% poi o call o EUR3M+3, qualcosa %
Callable ogni anno, min 100k

 

[iguanito]

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

Questa la vorrei prendere. Cedola trimestrale niente male....
Attenzione all'isin; quello riportato nella scheda è errato.Quello giusto è il seguente: DE000A1KQ4Z1

 

[gionmorg]

[Reuters] EURO BONDS-Gala, Lanxess, Berlin, FMS, Strabag, Rabobank

[LXSG.DE RABO.UL] LONDON, May 16 (IFR) - Here are details on syndicated
bond

issues in the European market on Monday:

UPDATE: Berlin fixed as EUR750m at MS+14; books over EUR800m

LONDON, May 16 (IFR) - Final terms out for the Berlin seven

year LSA with a size of EUR750m, up from initial EUR500m+

starting point, after books reached over EUR800m as at 11:10

London time ahead of closing at 11:30 London time/12:30 CET. The

final spread of mid swaps plus 14bp (from initial "area" talk)

was set earlier this morning. Pricing via leads BayernLB, DZ

Banka and Unicredit, is expected later today. Aa1/NR/AAA rated.

UPDATE: Lanxess EUR500m 7yr final spread MS+105bp

LONDON, May 16 (IFR) - German chemicals company Lanxess,

rated Baa2/BBB, has set the final spread for its EUR500m (no

grow) seven-year issue through Citigroup, Credit Suisse, JP

Morgan and UniCredit at mid swaps plus 105bp, the tight end of

revised mid-swaps +105-110bp talk, having been refined from the

initial whisper at +110-115bp.

UPDATE: FMS Wertmanagement likely next week or the one after

LONDON, May 16 (IFR) - FMS Wertmanagement, rated Aaa/AAA/AAA

and benefiting from a loss compensation obligation of the

Financial Market Stabilisation Fund of the Federal Republic of

Germany (SoFFin), which last week mandated Barclays Capital,

Citi, Deutsche Bank and Royal Bank of Scotland to lead manage

its inaugural Euro benchmark issue, has issued guidance to

investors that the issue is most likely to be launched in the

weeks commencing either 23 May or 6 June. Leads said this

morning that this week is being spent focusing on investor

education and working to get investors to get their credit lines.

The issue will have a medium term maturity.

UPDATE: Berlin books EUR600m+, tbp MS+14

LONDON, May 16 (IFR) - Books for Berlin's EUR500m+ 7yr are

well over EUR600m and remain open, with final guidance now set

at mid-swaps +14 from +14 area talk. Pricing later via BayernLB,

DZ and Unicredit.

MANDATE: STRABAG names leads for EUR150m min 7yr

LONDON, May 16 (IFR) - STRABAG, rated NR/BBB-, has mandated

Erste Group, Raiffeisen Bank and UniCredit Austria to lead its

forthcoming EUR150m minimum 7-year issue targeted at retail

investors. This week's business expected.

UPDATE: Lanxess EUR500m 7yr revised to MS+105-110

LONDON, May 16 (IFR) - Guidance on the forthcoming no grow

EUR500m 7yr for Lanxess, rated Baa2/BBB, was refined to swaps

+105-110bp from +110-115bp shortly before the books closed a

short time ago. Today's business via Citigroup, Credit Suisse,

JP Morgan and UniCredit.

MANDATE: Rabobank names leads for GBP 30yr benchmark

LONDON, May 16 (IFR) - Rabobank has mandated Barclays and

RBC CM to lead its forthcoming GBP 30-year benchmark issue. The

books are open at guidance of 100bp area over the UKT 4.75% 2038

Gilt, with pricing expected later today.

MANDATE: QBE Insurance names leads for Tier 2 financing

LONDON, May 16 (IFR) - QBE Insurance Group Limited has

mandated Barclays Capital and JP Morgan as joint bookrunners for

a Tier 2 debt financing transaction. Launch and pricing are

expected in due course, subject to market conditions.

MANDATE: Gala Coral 2-part GBP650m HY bond

LONDON, May 16 (IFR) - UK gaming group Gala Coral has

announced details of its anticipated two-part high-yield bond

issue, which is part of a broader GBP1.55bn refinancing of its

existing debt. The bond will consist of a GBP250m seven-year

senior secured bond, callable after three years, and an

eight-year GBP400m senior bond callable after four years. Credit

Suisse and Barclays are the global co-ordinators, while Goldman

Sachs, Morgan Stanley , Deutsche Bank and HSBC are bookrunners.

The company will kick-start the roadshow at a lunchtime meeting

today in London.

IFR London: +44 207 542 2687

Keywords: BOND ISSUES/

 

[gionmorg]

ew bond issue: China Resources Land sells USD 750m in 2016 bonds with 4.625% coupon

China Resources Land (China) on May 13, 2011 placed USD 750m in bonds with a 4.625% coupon, maturing in 2016. The bond was priced at 99.353% to yield 4.772%. HSBC, BOC International, DBS arranged the deal.

Issuer, issue number: China Resources Land, 2016
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 200000
Amount: 750 000 000
ISIN: USG2108YAA31
End of placement: May 13 2011
Issue price: 99.353
Yield at Pricing: 4.772%
Coupon: 4.625%
Coupon frequency: 2 time(s) per year
Settlement Date: May 19 2011
Maturity date: May 19 2016
Issue Managers: HSBC, BOC International, DBS
Issuer profile:
China Resources Land Limited, an investment holding company, engages in property development, investment, and management; and providing construction and decoration services primarily in mainland China. The company is a subsidiary of China Resources (Holdings) Company Limited. The company develops and manages residential and investment properties, as well as commercial, car parking, and office properties. It also engages in electrical engineering activities, as well as operates a property agency.

Outstanding issues:
1 issue(s) outstanding worth USD 750 000 000

 

[gionmorg]

New bond issue: Hoang Anh Gia Lai sells USD 90m in 2016 bonds with 9.875% coupon

Hoang Anh Gia Lai (Vietnam) on May 11, 2011 placed USD 90m in bonds with a 9.875% coupon, maturing in 2016. The bond was priced at 96.181% to yield 11.0%. Credit Suisse arranged the deal.

Issuer, issue number: Hoang Anh Gia Lai, 2016
Type of debt instrument: Eurobonds
Redemption type: Amortized
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 100000
Amount: 90 000 000
ISIN: XS0624886627
End of placement: May 11 2011
Issue price: 96.181
Yield at Pricing: 11%
Coupon: 9.875%
Settlement Date: May 2011
Maturity date: May 2016
Issue Managers: Credit Suisse
Issuer profile:
Hoang Anh Gia Lai Joint Stock Company, together with its subsidiaries, engages in the development, sale, and lease of residential and commercial properties in Vietnam. It develops, rents, and trades in real estate, including the construction of head quarters, office buildings, commercial centers, hotels, and apartments, as well as manages properties. The company also engages in the cultivation of rubber plantations; and processing and trading of rubber latex and rubber wood, as well as in the operation of football club and provision of sport and entertainment services; trade of materials and other construction equipment; and production and trade of furniture and granite products. In addition, it involves in the development and operation of hydro-electricity plants with a total capacity of 465 mega watts; and exploitation, mining, and sale of iron ore, non-ferrous metals, and precious metal ores; and processing of iron, copper, bronze, and lead ores. The company was founded in 1993 and is headquartered in Pleiku City, Vietnam.

Outstanding issues:
1 issue(s) outstanding worth USD 90 000 000

 

[gionmorg]

[Reuters] New Issue-EIB adds 50 mln Turkish lira to 2016 bond

-

 

[gionmorg]

New bond issue: Grupo de Inversiones Suramericana sells USD 300m in 2021 bonds with 5.70% coupon

Grupo de Inversiones Suramericana (Colombia) on May 11, 2011 placed USD 300m in bonds with a 5.70% coupon, maturing in 2021. The bond was priced at 99.354% to yield 5.786%. BofA Merrill Lynch, JP Morgan arranged the deal.

Issuer, issue number: Grupo de Inversiones Suramericana, 2021
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 200000
Amount: 300 000 000
ISIN: USG42036AA42
End of placement: May 11 2011
Issue price: 99.354
Yield at Pricing: 5.786%
Coupon: 5.70%
Coupon frequency: 2 time(s) per year
Settlement Date: May 18 2011
Maturity date: May 18 2021
Issue Managers: BofA Merrill Lynch, JP Morgan
Issuer profile:
Grupo de Inversiones Suramericana S.A. holds a portfolio of investments in Colombian companies, as well as other important stakes in other countries of the Americas. It has investments in approximately 146 companies. The company invests in the finance, insurance, social security, and complementary service sectors, as well as in food-processing, cement, concrete, and energy sectors. It offers property and casualty insurance and reinsurance, life insurance and reinsurance, workers’ compensation, mandatory and prepaid healthcare plans, and mutual funds, as well as manages mandatory and voluntary pension funds, and severance funds. The company also offers various financial services, including retail banking, trust funds, leasing, renting, factoring, financing, stock brokerage services, investment banking, and international banking agency services. In addition, it provides various information technology services, such as data-processing, business process outsourcing, and information management services. Further, the company offers processed meat, chocolate, cookies, coffee, ice cream, and pasta. It also produces and sells cement, concrete, and aggregate, as well as energy. The company was formerly known as Suramericana de Inversiones S.A. and changed its name to Grupo de Inversiones Suramericana S.A. in May 2009. Grupo de Inversiones Suramericana S.A. was incorporated in 1997 and is based in Medellin, Colombia.

Outstanding issues:
1 issue(s) outstanding worth USD 300 000 000

 

[gionmorg]

New bond issue: Banco Safra sells USD 300m in 2014 bonds with 3.50% coupon

Banco Safra (Brazil) on May 11, 2011 placed USD 300m in bonds with a 3.50% coupon, maturing in 2014. The bond was priced at 99.862% to yield 3.549%. Barclays Capital, Banco Safra, UBS arranged the deal.

Issuer, issue number: Banco Safra, 2014
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 200000
Amount: 300 000 000
ISIN: XS0628248915
End of placement: May 11 2011
Issue price: 99.862
Yield at Pricing: 3.549%
Coupon: 3.50%
Coupon frequency: 2 time(s) per year
Settlement Date: May 16 2011
Maturity date: May 16 2014
Issue Managers: Barclays Capital, Banco Safra, UBS
Trading floor: Luxembourg S.E.
Issuer profile:
Banco Safra S.A. is a important and respected player in the Brazilian and international banking sector, ranking among the country’s ten largest private sector financial institutions in terms of total assets. A full-service commercial bank, Banco Safra S.A. operates in all areas of the financial sector, serving the needs of its clients nationwide. Through its major Brazilian subsidiaries, Banco Safra de Investimento S.A., Safra Leasing S.A. Arrendamento Mercantil, Safra Seguros Gerais S.A., Safra Vida e Previdência S.A., Safra Distribuidora de Títulos e Valores Mobiliários and Safra Corretora de Valores e Câmbio Ltda., the bank’s activities extend beyond traditional lending operations to leasing, securities underwriting, investment fund management, brokerage, insurance and credit card operations. The bank is also active in trade finance, asset management and treasury operations.

Outstanding issues:
3 issue(s) outstanding worth USD 1 000 000 000

 

[gionmorg]

Albert Reiff GmbH &. Co. KG: subscription period ended early
Issue was oversubscribed 3.5 times
The drawing of the bond of Albert Reiff GmbH &. Co. KG has been great demand after a few hours of closed prematurely due. The total issue volume of € 30 million was therefore placed on the first subscription day already. The bond was oversubscribed 3.5. The Albert Reiff GmbH &. Co. KG is the total ninth company in 2011, the bond trading in the stock market segment Bondm was recorded in Stuttgart. The bond has a maturity of up to 2016 and has a coupon of 7.25% with. Since the start of Bondm in May 2010, the Stuttgart Stock Exchange with a total of more than 1 billion euros in the SME segment included corporate bonds.

 

[gionmorg]

North Rhine-Westphalia State Treasury issued a volume of 500 million €
5-year term, Guidance: Mid swap +10 bp
The state of North Rhine-Westphalia issued a State Treasury in the amount of € 500 million and a term of 5 years. Expected to be a spread of 10 basis points over mid swap. The transaction is accompanied by German bank BayernLB.

Of the transaction:

Issuer: North Rhine-Westphalia
Size: State Treasury
Ratings: Aa1, AA-
Volume: 500 million €
Coupon: n.bek.
Guidance: Mid swap +10 bp
Duration: 05/20/2016
Denomination: 1,000 €
Bookrunner: German bank BayernLB and

YTM 3.10 c.a.