Nuove_emissioni, collocamenti Nuove Emissioni

[gionmorg]

bkn biostrom first issued by state feed-secured loan
The first issuer in the SME market Germany
The bkn biostrom AG issued the first company in a corporate bond at the SME market Germany (a segment of the stock exchanges AG Hamburg / Hannover). In this case the investor, the state feed-in tariff is a relief.

The bkn biostrom AG specializes in the design and operation of biogas plants based on renewable resources specialized in. The company develops, plans and implements bkn biostrom biogas projects throughout Germany, especially in eastern Germany. So far Biosdiesel was bkn biostrom in both the biogas and active. In fiscal year 2009/2010, the segment was abandoned biodiesel because it is burdened with heavy loss contributions to the group. bkn had a balance sheet total of EUR 36.4 million in an equity ratio of 43.9%.

The company currently plans to use proceeds of the issue specifically for the acquisition of interests in biogas plants, the repayment of debts of a biogas plant and the construction of biogas plants. The bond funds are first secured by the state feed-in tariffs.

Key Data bkn biostrom bond
Issuer: bkn biostrom AG
Subscription Period: 23.05.-3.6.2011
First notice: 6 June 2011
Coupon: 7.500%
Duration: 5 years
Volume: 25 million €
Bond rating: BBB (by Credit Reform)
Segment: Midmarket Germany Exchange (stock exchange AG Hamburg / Hannover)
Consortium: mwb fairtrade
Internet: BKN biostrom AG. Biogas-Anlagen auf der Basis nachwachsender Rohstoffe. - Startseite

 

[gionmorg]

Exclusive: Wiener Feinbäckerei Heberer plans bond issue
Persistent rumors, a bond issue of the "Wiener jam factory". But this is nonsense. It is true that the Vienna Fine Food Heberer GmbH (West), Mülheim / Main, to issue a corporate bond plans.

The Vienna Feinbäckerei Heberer, with over 400 branches of a leading chain store in the German bakery market. Heberer branches are divided into two main brands Viennese Viennese pastry and first. With an increasing focus on premium segment Heberer also stands for healthy nutrition and innovative products. At a production capacity of 150 million units in 2010, the company achieved sales of over € 130 million. This has generated an EBITDA of 10 million €.

In some regions such as the Rhine-Main area is the market leader and the nation's chain store with the most frequency locations at train stations, subway stations and airports.

 

[samantaao]

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GE Capital European Funding emetterà obbligazioni retail in Italia per un valore di 500 milioni di euro

Reuters - 23/05/2011 13:01:02



http://pdf.reuters.com/htmlnews/8kn...&u=urn:newsml:reuters.com:20110523:nBw235914a
MILANO--(Business Wire)-- Parte oggi l`offerta pubblica di sottoscrizione di obbligazioni a tasso fisso e a tasso variabile promossa da GE Capital European Funding. L`offerta, che si rivolge al pubblico di investitori privati italiani, avrà un ammontare nominale massimo di 500 milioni di euro, ammontare che potrà essere aumentato, in una o più occasioni, fino ad un miliardo di euro.
Le obbligazioni, che saranno emesse da GE Capital European Funding e garantite da GE Capital Corporation, la divisione di servizi finanziari di General Electric Company, hanno una durata di sei anni con scadenza a giugno 2017. Il capitale sarà rimborsato alla data di scadenza.
Per quanto a conoscenza di GE Capital, si tratta della prima emissione obbligazionaria da parte di una società corporate non italiana rivolta a investitori retail italiani attraverso un network di numerose banche nazionali. GE Capital Corporation ha rating AA+ (Standard & Poor`s) e AA2 (Moody`s) ed è uno dei più grandi fornitori di servizi finanziari al mondo. La società opera in più di 50 paesi, ha più di 50.000 dipendenti, 100 milioni di clienti privati e oltre un milione di aziende clienti.
Gli investitori possono sottoscrivere le obbligazioni GE Capital European Funding in oltre 10.000 filiali bancarie in Italia. L`offerta delle obbligazioni non comporta commissioni o spese di sottoscrizione a carico degli investitori.
Obbligazioni a tasso fisso:
* Il tasso d`interesse sarà determinato sommando un margine di rendimento al tasso mid swap a 6 anni
* Il margine di rendimento, che sarà compreso in un intervallo tra 47 e 107 punti base sarà determinato a seguito della fine del periodo di offerta
* Dal 3 gennaio al 13 maggio 2011, il tasso mid swap a 6 anni ha avuto un valore minimo di 2,617% ed un valore massimo di 3,375% (Fonte: Bloomberg)
* Gli interessi maturati saranno corrisposti su base annuale ed in via posticipata
* Il tasso di interesse verrà comunicato mediante un avviso pubblicato su un quotidiano a diffusione nazionale (che si prevede sarà "Il Sole 24 Ore") entro i 5 giorni lavorativi successivi alla conclusione del periodo d`offerta.
Obbligazioni a tasso variabile
* Per l`intera durata delle obbligazioni a tasso variabile, il tasso di interesse sarà indicizzato all`Euribor 6 mesi, maggiorato di un margine di rendimento
* Il margine di rendimento, che sarà compreso in un intervallo tra 47 e 107 punti base, sarà determinato a seguito della fine del periodo di offerta e verrà comunicato mediante un avviso pubblicato su un quotidiano a diffusione nazionale (che si prevede sarà "Il Sole 24 Ore") entro i 5 giorni lavorativi successivi alla conclusione del periodo d`offerta
* Tra il 3 gennaio e il 13 maggio 2011, il tasso Euribor 6 mesi ha avuto un valore minimo di 1,222% e uno massimo di 1,713% (Fonte: Bloomberg)
* Gli interessi maturati saranno corrisposti su base semestrale ed in via posticipata
* Gli interessi saranno calcolati per i giorni effettivi del periodo di interessi, in base ai criteri indicati nel prospetto di base e nelle relative condizioni definitive.
L`offerta si svolgerà tra il 23 maggio e il 10 giugno, salvo che la stessa sia chiusa anticipatamente, annullata o prorogata come descritto nelle pertinenti condizioni definitive. Gli investitori possono sottoscrivere le obbligazioni a tasso fisso o le obbligazioni a tasso variabile con un investimento minimo di 2.000 euro, equivalenti a due obbligazioni del valore nominale di 1.000 euro ciascuna, con possibili ulteriori incrementi di 1.000 euro ciascuno.
Le obbligazioni sono ammesse a quotazione presso il Mercato Telematico delle Obbligazioni organizzato e gestito da Borsa Italiana S.p.A. (il MOT). La data di inizio delle negoziazioni delle obbligazioni sarà disposta da Borsa Italiana S.p.A. ai sensi dell`articolo 2.4.3 del Regolamento dei Mercati organizzati e gestiti da Borsa Italiana S.p.A.
Ulteriori informazioni su GE Capital European Funding, GE Capital Corporation, l`offerta, la quotazione delle obbligazioni e la lista dei collocatori sono disponibili sul sito web www.gecapitalobbligazioni.it
Fine
GE Capital Michael Goodbody Tel: +44 207 302 6269 [email protected] oppure Hill & Knowlton Enrico Bruschi Tel: +39.02.31914.224 [email protected]
Copyright Business Wire 2011

 

[gionmorg]

New bond issue: JBS sells USD 650m in 2021 bonds with 7.250% coupon

JBS (Brazil) on May 20, 2011 placed USD 650m in bonds with a 7.250% coupon, maturing in 2021. The deal was done via SPV JBS USA. The bond was priced at 98.620% to yield 7.50%. Banco do Brasil, BofA Merrill Lynch, Barclays Capital, JP Morgan, Morgan Stanley arranged the deal.

Issuer, issue number: JBS, 2021
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 2000
Amount: 650 000 000
ISIN: USU0901CAC48
End of placement: May 20 2011
Issue price: 98.62
Yield at Pricing: 7.5%
Coupon: 7.250%
Settlement Date: May 27 2011
Maturity date: Jun 01 2021
Issue Managers: Banco do Brasil, BofA Merrill Lynch, Barclays Capital, JP Morgan, Morgan Stanley
Issuer profile:
JBS S.A. is the largest Brazilian multinational in the food industry, producing fresh, chilled, and processed beef, chicken and pork, and also selling by-products from the processing of these meats. It was founded in 1953 in Anapolis, Goias. The company has established itself as the world's largest company in the beef sector with the acquisition of several stores and food companies in Brazil and in the world, with emphasis on the 2007 acquisition of U.S. firm Swift & Company, denominated as JBS USA. It leads the world in slaughter capacity, at 51.4 thousand head per day, and continues to focus on production operations, processing, and export plants, nationally and internationally. With the new acquisition, JBS entered the pork market, featuring an impressive performance in this segment, to end the year as the third largest producer and processor of this type of meat in the U.S. The acquisition expanded the company's portfolio to include the rights worldwide use of the Swift brand. JBS's production structure is embedded in consumer markets worldwide, with plants installed in the world's 4 leading beef producing nations, Brazil, Argentina, USA and Australia, serving 110 countries through exports. On September 16, 2009 the company announced that it had acquired the food operation of Grupo Bertin, one of three Brazilian market leaders, consolidating its position as the largest beef producer in the world. The banks JP Morgan Chase and Santander Brasil assisted in the transaction. On the same day it was announced that the company had acquired 64% of Pilgrim's Pride for a bid of 2.8 billion US dollars, establishing JBS's position in the chicken production industry.

Outstanding issues:
3 issue(s) outstanding worth USD 2 250 000 000

 

[gionmorg]

Bonds Check: bkn biostrom: protection by state feed-in tariff offers a high level of security for the investor
The bkn biostrom AG issued a corporate bond as the first of the middle class market of Germany (a segment of the stock exchanges AG Hamburg / Hannover). Moreover, it is the first bond, which was guaranteed by the state feed.

Company
The bkn biostrom AG specializes in the design and operation of biogas plants based on renewable resources specialized in. With its operating subsidiaries, develops, designs and implements bkn biostrom biogas projects throughout Germany, especially in eastern Germany. The work includes the entire value chain from site selection of applications for permits and financial management to long-term management. Only the plant is separated from this value. The total size of the bkn of supervised area for the raw materials is currently about. 13,000 ha, of which an area of approx. 5,000 ha of its own, long-term leases deleted, the operating companies have completed the round. 100% of the raw material requirements are a 15-year fixed price secured on it price adjustment clauses exist only in relation to the cost of development.

So far, the bkn biostrom in both the biogas and biodiesel worked. In fiscal year 2009/2010, the biodiesel segment was abandoned as it has charged the group with high loss contributions. bkn had a balance sheet total of EUR 36.4 million in an equity ratio of 43.9%.

Funds
The company currently plans to use proceeds of the issue specifically for the acquisition of interests in biogas plants, substitution of liabilities of such a facility and its construction.

bkn would lead to increased biogas plants in-house operation. So far, bkn 30 biogas plants realized and be responsible for these operations management. The company has a pipeline of 34 sites, ten plants have already been approved.

Business
In the 2009/10 financial year the company achieved a turnover of 17.6 million euros and EBIT of € 0.4 million, which was loaded with 0.3 million € by the activities in the field of biodiesel. By setting the activities of biodiesel is the result should be further improved.

Bond / collateral
The company issued a corporate bond in the amount of up to 25 million €. The debt rating (by Creditreform Rating) is BBB. Most issuers of bonds and medium-sized corporate credit ratings have published.
bkn biostrom secures the interest payments from the state feed-in tariffs. They go directly into an escrow account. The loan repayment is secured by the pledge of the shares in full property companies (biogas plants).

Sample Backup Policy

Sales of feed-

€ 9,246,192.09

D. operating systems

-5,047,488.72 €

EBITDA

€ 4,198,703.37

Bank loans (principal and interest)

-1,365,731.38 €

Free Cash

€ 2,832,971.99

Bond interest

-1,875,000.00 €

Surplus

€ 957,971.99

Example shows a calculation for the year 2012, adopted: nine plants to be built, two of the nine plants reach their maximum efficiency only 2013th

Strengths:
- Extensive protection by state feed-in tariff.
- To date, loss-biodiesel activities were terminated.
- Bkn biostrom waived (in contrast to most medium-sized issuer) to a termination right.

Weaknesses:
- Society has been charged in the past by negative contributions from the biodiesel sector.

Conclusion:
The issuance of the bond is both in comparison to total assets and sales for quite large. In addition, the biodiesel sector deficit in the past, traces of the G + V left. From this area the company has separated so that unlikely to be further negative earnings.

By the collateral for the loan including by the state feed the bond for the investor is interesting. The assets we believe to be resilient, the risk to the investor is thus very clear. With a coupon of 7.5%, the company can also live well. The proper operation of biogas plants should also be reflected for bkm biostrom lasting positive in the figures. Positive us is also true that bkn biostrom dispensed in contrast to almost all previous bond issuers from the middle class to a right of early termination.

Robert Cleve, Christian Schiffmacher


Key Data bkn biostrom bond
Issuer: bkn biostrom AG
Subscription Period: 23.05.-3.6.2011
First notice: 6 June 2011
Coupon: 7.50%
Duration: 5 years
Volume: 25 million €
Bond rating: BBB (by Credit Reform)
Segment: Midmarket Germany Exchange (stock exchange AG Hamburg / Hannover)
Consortium: mwb fairtrade
Internet: BKN biostrom AG. Biogas-Anlagen auf der Basis nachwachsender Rohstoffe. - Startseite

 

[gionmorg]

European Union issued EUR benchmark bond with a maturity of 5 or 10 years
Funds will be used as an aid for Ireland and Portugal
The European Union mittiert EUR benchmark bond with a maturity of 5 or 10 years. The funds will be used in the EU / IMF aid for Ireland and Portugal.

For the 5-year tranche was German Bank, HSBC, Societe Generale CIB and mandated UBS as bookrunner.

For the 10-year tranche was mandated BNP Paribas, Credit Agricole CIB, Credit Suisse, DZ Bank and JPMorgan acted as bookrunner.

The EU has by all three major rating agencies, a triple-A rating.

Coupon details are not yet known.

 

[gionmorg]

Gala Coral Group

New Issue Assessment – price talk at 8.75% on the secured and 11.5% on the unsecured notes
Prefer the secured notes for choice. Decline and inconsistency in earnings is a key concern
Gala Coral Group, via its subsidiaries Gala Group Finance plc and Gala Electric Casinos plc, announced a dual note issue of GBP 350 mn in secured notes due 2018 and GBP 275 mn in unsecured notes due 2019 as part of its refinancing package, which also includes GBP 825 mn in term loans. Gala is a leading player in the U.K. and Italian gambling industry providing retail betting and remote gambling and operating bingo halls and casinos in the U.K. Following a debt to equity swap, Gala’s shareholding presently consists of Apollo (25.6% stake), Cerberus (18.2%), Goldman Sachs (8.3%), Park Square (7.5%), Anchorage (6.8%), Third Point (6.1%), York Capital (5.8%) and Others (21.7%). Given the weak earnings dynamics, particularly in its remote gambling business, and continued challenging macro environment across both the U.K. and Europe, we are wary of the unsecured bonds and would rather prefer to stay in the secured part of the structure, for choice. We have a “High Risk” assessment on the LARA scale. For more details please refer to our New Issue Assessment published yesterday.

 

[gionmorg]

Rexel announces offering of EUR 500 mn of 2018 notes
Participate in new issue at a pricing in the 7.25% area; “Buy” the RXLFP 8.25% 12/16 at 108.5 or a Z-spread of 355 bps
Rexel announced its intention to issue EUR 500 mn of 7Y notes. Documentation is in line with its 2016 notes, however, some thresholds have been slightly increased. We continue to like Rexel due to its market leading position in a variety of markets, its strong cash flow generation capabilities, the fact that a cyclical downturn normally leads to substantial working capital releases easing pressure on funding, its so far prudent financial policy and the favourable industry outlook. We expect the company to accelerate its investment activities and increase shareholder remuneration. Nevertheless we view Rexel as a defensive play and recommend to participate in the new issue if pricing is in the 7.25% range. We continue to like its outstanding bonds. We keep our “Medium Risk” assessment on the LARA scale. For more details please refer to our New Issue Assessment published yesterday.

 

[gionmorg]

[Reuters] European Union prices 4.75 bln euro 2021 bond

May 24 (Reuters) -Following are terms and conditions

of a bond priced on Monday.

Borrower European Union

Issue Amount 4.75 billion euro

Maturity Date June 04, 2021

Coupon 3.5 pct

Reoffer price 99.725

Reoffer Yield 3.533 pct

Spread 14 basis points

Underlying govt bond Over Mid-swaps, equivalent to 51.5

bp over the 2.5 pct January 2021 DBR

Payment Date May 31, 2011

Lead Manager(s) JPMorgan, BNP Paribas, Credit

Agricole CIB, Credit Suisse & DZ

Bank

Ratings Aaa (Moody's), AAA (S&P),

AAA (Fitch)

Full fees Undisclosed

Denoms (K) 1

ISIN EU000A1GRVV3

Security details and RIC, when available, will be

on <ZJ47>

Customers can right-click on the code for

performance analysis of this new issue

For ratings information, double click on <RRS0001>

For all bonds data, double click on <BONDS>

For Top international bonds news [TOP/DBT]

For news about this issuer, double click on the issuer RIC,

where assigned, and hit the newskey (F9 on Reuters

terminals)

Data supplied by International Insider.

((EMEA Fixed Income Desk Bangalore;

| [email protected];

Reuters Messaging

[email protected];

+91 80 4135 5666, fax +44 20 7542 5285))

(Created by Raghavendra Venkata)

(([email protected])

 

[qquebec]

Creval 4,5% 2013

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