Nuove_emissioni, collocamenti Nuove Emissioni
- Creatore Discussione Giontra
- Data di Inizio
METHOS
Forumer storico
Nuova mediobanca "Quarto Atto" LT2. In collocazione dal 15
http://www.borsaitaliana.it/obbligazioni/ultimeemissioni/mediobancaivatto.pdf
http://www.borsaitaliana.it/obbligazioni/ultimeemissioni/mediobancaivatto.pdf
Ultima modifica:
nik.sala
Money Never Sleeps
MvArrow
Nuovo forumer
Isin: XS0637514489
Interesse: 9,25% semestrale
Valuta: GBP
Taglio min. 100.000
Rating BB-
Scadenza 15/07/2018
Emissione: 304 mln a 98,72
Ci avrei investito volentieri ma peccato per il taglio
Aston Martin prices GBP 300 mn 7Y notes at 9.25%
Despite market weakness we believe bonds are attractive
On Friday, Aston Martin priced its GBP 300 mn 7Y secured bonds at 9.25%, which we believe is attractive. We further believe that the company will enhance revenues and EBITDA substantially in FY 2011 and 2012 due to new product launches and an expansion into emerging markets, particularly China, where its presence is limited so far. However, as mentioned previously, we are wary of Aston Martin’s limited size, high dependency on the UK market, one single production site, a dilution of its brand name as a result of the introduction of the Cygnet, a broadening of its models, the insourcing of production from Magna Steyer, leading to potential production difficulties, and the company’s dependency on Ford, which produces the motors for Aston Martin (supply agreement ends 2013). We are also wary of the financial difficulties of Aston Martin’s main shareholder. We view Aston Martin as “High Risk” on the LARA scale for now. Nevertheless, we believe its bonds are attractive and have a “buy” recommendation. For more details please refer to our New Issue Assessment published on June 9th.
Despite market weakness we believe bonds are attractive
On Friday, Aston Martin priced its GBP 300 mn 7Y secured bonds at 9.25%, which we believe is attractive. We further believe that the company will enhance revenues and EBITDA substantially in FY 2011 and 2012 due to new product launches and an expansion into emerging markets, particularly China, where its presence is limited so far. However, as mentioned previously, we are wary of Aston Martin’s limited size, high dependency on the UK market, one single production site, a dilution of its brand name as a result of the introduction of the Cygnet, a broadening of its models, the insourcing of production from Magna Steyer, leading to potential production difficulties, and the company’s dependency on Ford, which produces the motors for Aston Martin (supply agreement ends 2013). We are also wary of the financial difficulties of Aston Martin’s main shareholder. We view Aston Martin as “High Risk” on the LARA scale for now. Nevertheless, we believe its bonds are attractive and have a “buy” recommendation. For more details please refer to our New Issue Assessment published on June 9th.
SIAG is planning this year's turnaround
EBIT to rise from -13.1 million euro to 15.0 million €
The SIAG AG plans for this year's turnaround. So shall the sales increase from € 144 million (2010) to € 193.2 million. This is an EBIT of EUR 15.0 million is generated (after -13.1 million euros). This is clear from the files that made the IKB to institutional investors.
SIAG claims to one of the leading manufacturers of steel components for onshore and offshore wind turbines and is on tubular steel towers, foundation structures and substations.
The end of 2010 the equity ratio was 18.0%.
EBIT to rise from -13.1 million euro to 15.0 million €
The SIAG AG plans for this year's turnaround. So shall the sales increase from € 144 million (2010) to € 193.2 million. This is an EBIT of EUR 15.0 million is generated (after -13.1 million euros). This is clear from the files that made the IKB to institutional investors.
SIAG claims to one of the leading manufacturers of steel components for onshore and offshore wind turbines and is on tubular steel towers, foundation structures and substations.
The end of 2010 the equity ratio was 18.0%.
EFSF issued bonds with a maturity of 10 years
Volume of 5 billion €
The European Financial Stability Facility (EFSF) issued a bond with a maturity of 10 years and a volume of 5 billion euros. The funds are part of the assistance program for use in Portugal. Coupon details are not yet known.
Of the transaction:
Issuer: The European Financial Stability Facility (EFSF)
Ratings: Aaa, AAA, AAA
Volume: 5 billion €
Duration: 05/06/2021
Payment Date: 22/06/2011
Denomination: 1000 €
Listing: Luxembourg
ISIN: EU000A1G0AB4
Bookrunner: Barclays Capital, German Bank, HSBC
Volume of 5 billion €
The European Financial Stability Facility (EFSF) issued a bond with a maturity of 10 years and a volume of 5 billion euros. The funds are part of the assistance program for use in Portugal. Coupon details are not yet known.
Of the transaction:
Issuer: The European Financial Stability Facility (EFSF)
Ratings: Aaa, AAA, AAA
Volume: 5 billion €
Duration: 05/06/2021
Payment Date: 22/06/2011
Denomination: 1000 €
Listing: Luxembourg
ISIN: EU000A1G0AB4
Bookrunner: Barclays Capital, German Bank, HSBC
Abengoa secures USD 1.2 bn loan guarantee for major solar project in California
“Hold” Abengoa bonds
Abengoa announced that it has been offered a conditional commitment for USD 1.2 bn federal loan guarantees to build a solar power plant in California. The guarantee will support the construction and start-up of the Mojave Solar Project, a 280 gross megawatt (MW) concentrating solar power (CSP) plant about 100 miles northeast of Los Angeles. MSP will sell its production to Pacific Gas & Electric under a long-term contract (25 years). The total investment for the solar project is estimated at USD 1.6 bn. Abengoa plans to start construction of MSP in August and expects the plant to start producing power in summer 2014. The project significantly enhances Abengoa’s footprint in the solar power space (currently Abengoa is building 930 MW of solar plants and operating 193 MW). The project underpins Abengoa’s asset rotation strategy after the company recently reached an agreement to dispose its 40% stake in Telvent and further sell Brazilian transmission assets (partially to a JV where it has a 50% stake). In our view, Abengoa indeed has some headroom to further invest in growth markets after its increased financial flexibility. Nevertheless its leverage remains high and cash flow generation in the foreseeable future will be deployed towards growth investments. We continue to view Abengoa as “High Risk” on the LARA scale.
“Hold” Abengoa bonds
Abengoa announced that it has been offered a conditional commitment for USD 1.2 bn federal loan guarantees to build a solar power plant in California. The guarantee will support the construction and start-up of the Mojave Solar Project, a 280 gross megawatt (MW) concentrating solar power (CSP) plant about 100 miles northeast of Los Angeles. MSP will sell its production to Pacific Gas & Electric under a long-term contract (25 years). The total investment for the solar project is estimated at USD 1.6 bn. Abengoa plans to start construction of MSP in August and expects the plant to start producing power in summer 2014. The project significantly enhances Abengoa’s footprint in the solar power space (currently Abengoa is building 930 MW of solar plants and operating 193 MW). The project underpins Abengoa’s asset rotation strategy after the company recently reached an agreement to dispose its 40% stake in Telvent and further sell Brazilian transmission assets (partially to a JV where it has a 50% stake). In our view, Abengoa indeed has some headroom to further invest in growth markets after its increased financial flexibility. Nevertheless its leverage remains high and cash flow generation in the foreseeable future will be deployed towards growth investments. We continue to view Abengoa as “High Risk” on the LARA scale.
New bond issue: Itau Unibanco sells USD 500m in 2021 bonds with 6.20% coupon
Itau Unibanco (Brazil) on June 14, 2011 placed USD 500m in bonds with a 6.20% coupon, maturing in 2021. The bond was priced at 99.764% to yield 6.231%. BofA Merrill Lynch, Itau Unibanco arranged the deal.
Issuer, issue number: Itau Unibanco, 2021-2
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 100000
Amount: 500 000 000
End of placement: Jun 14 2011
Issue price: 99.764
Yield at Pricing: 6.231%
Coupon: 6.20%
Settlement Date: Jun 2011
Maturity date: Jun 2021
Issue Managers: BofA Merrill Lynch, Itau Unibanco
Issuer profile:
Itau Unibanco is a publicly quoted bank with headquarters in Sao Paulo, Brazil. The bank is the result of the merger of Banco Itau and Unibanco, which occurred on November 4, 2008 to form Itau Unibanco Holding S.A, the largest financial conglomerate in the Southern Hemisphere and is the 10th largest bank in the world by market value. Itau Unibanco accounts for about 11% of the Brazilian market for retail banking services. It has operations in Argentina, Chile, Paraguay and Uruguay in South America, as well as in England, Luxembourg and Portugal in Europe; USA; Japan, China, Hong Kong and UAE in Asia. It is the most important affiliate of Investimentos Itaú (Itaúsa), a large conglomerate that ranks among Fortune magazine's top 500 corporations in the world.
Outstanding issues:
5 issue(s) outstanding worth USD 3 430 000 000
1 issue(s) outstanding worth BRL 500 000 000
Itau Unibanco (Brazil) on June 14, 2011 placed USD 500m in bonds with a 6.20% coupon, maturing in 2021. The bond was priced at 99.764% to yield 6.231%. BofA Merrill Lynch, Itau Unibanco arranged the deal.
Issuer, issue number: Itau Unibanco, 2021-2
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 100000
Amount: 500 000 000
End of placement: Jun 14 2011
Issue price: 99.764
Yield at Pricing: 6.231%
Coupon: 6.20%
Settlement Date: Jun 2011
Maturity date: Jun 2021
Issue Managers: BofA Merrill Lynch, Itau Unibanco
Issuer profile:
Itau Unibanco is a publicly quoted bank with headquarters in Sao Paulo, Brazil. The bank is the result of the merger of Banco Itau and Unibanco, which occurred on November 4, 2008 to form Itau Unibanco Holding S.A, the largest financial conglomerate in the Southern Hemisphere and is the 10th largest bank in the world by market value. Itau Unibanco accounts for about 11% of the Brazilian market for retail banking services. It has operations in Argentina, Chile, Paraguay and Uruguay in South America, as well as in England, Luxembourg and Portugal in Europe; USA; Japan, China, Hong Kong and UAE in Asia. It is the most important affiliate of Investimentos Itaú (Itaúsa), a large conglomerate that ranks among Fortune magazine's top 500 corporations in the world.
Outstanding issues:
5 issue(s) outstanding worth USD 3 430 000 000
1 issue(s) outstanding worth BRL 500 000 000
Bonds Check: eno energy - are characterized
Starting today, the corporate bond, the eno energy GmbH, a manufacturer and are emProjektentwickler of wind turbines drawn. With a term of 5 years, the company has a coupon of 7.375%. The listing of the bond is in the SME market in the Dusseldorf Stock Exchange.
Company
Eno energy GmbH, Rostock, is established as project developers, wind turbine manufacturer and provider of turnkey wind parks (turnkey wind parks). eno energy has evolved from an active exclusively in Germany wind farm developer to an internationally established all-round service in the area of onshore wind energy. The services range from the wind farm planning and project development, the development and production of wind turbines, project financing, construction and turnkey construction of wind farms, to their distribution and management. The Company reserves the wind energy power plants in its own portfolio and sells them to third parties. "Hardly any provider in the market covers a similar range as the eno energy with the production of wind turbines and the development of turnkey wind parks," explained managing director Karsten Porm. Since its founding in 1999, eno 197 wind turbines with a total capacity of 312, 4 MW realized. This is one eno in Germany since 2010 the largest of the seven companies in the construction of wind turbines. In France, Sweden, Bulgaria and Poland are the first projects planned. eno has a project pipeline in the scope of another 400 MW, which generated sales of about 600 million expected to be very €.
A major goal of society is to continue to develop their own wind turbines and thus have the opportunity to process their own machines in the projects. In the depression of the value chain provides a competitive advantage eno.
Business
The 75 staff employed eno energy and generated 2010 sales of 51.3 million euros (2008: 68.4 million euros, 2009: EUR 24.2 million). EBITDA was EUR 3.7 million last year (2008: 3.5 million €, 2009: EUR 5.1 million). Net income amounted to almost 2.0 million euros after 3.4 million million € (2009) and 3.1 million € (2008). The fluctuations in 2009 and 2010 came at as follows: 2009 were so-called share deals with the fund company DIF for six wind farm companies (tender I) were made and with these increased margins generated, but not value added relevant (up to 8 million euro). The projects that are based on these shops were built 2008th In addition, 2009, the financing was not optimal.
The company has at the end of 2010 with total assets of EUR 50.7 million in an equity ratio of 23% and a Total Debt / EBITDA of 5.4.
Funds
eno to issue a corporate bond plans representing up to 25 million €. The net proceeds from the proposed bond issue will eno energy in particular for the further expansion of its business in Germany and Europe to use. For this, the implementation of wind energy projects are in the pipeline (capacity: 400 MW), the technical development of own wind turbines and the expansion of business with turnkey wind parks.
Conclusion:
In the field of wind turbines is currently clearly a seller's market - the number of buyers exceeds the number of sellers by far. In the industry, currently are the most important factors bottleneck locations and financing. eno, however, has a very large project pipeline, are planned on reliable sites wind turbines with a total capacity of 400 MW. This would represent approximately 12 times the 2010 sales. The growth opportunities were severely limited due to the rating report, according to industry-standard pre-financing needs. The squeeze on financing will be done largely with a successful bond issue. Therefore much to be said for the successful development of the company. The coupon of 7.375% seems attractive in the market environment. I understand that there is a strong interest from institutional investors. We recommend to subscribe.
Christian Schiffmacher
Main features of the eno-bond energy
WKN / ISIN: A1H3V5 / DE000A1H3V53
Subscription Period: 15.06.-06.28.2011
First notice: 06/29/2011
Coupon: 7.375%
Duration: 5 years
Segment: Mid-Market of the Stock Exchange Dusseldorf
Interest payment: year round
Denomination: 1,000 €
Rating: BB + (by Creditreform Rating)
Issue Size: Up to 25 million €
Internet: e.n.o. energy: Home
Starting today, the corporate bond, the eno energy GmbH, a manufacturer and are emProjektentwickler of wind turbines drawn. With a term of 5 years, the company has a coupon of 7.375%. The listing of the bond is in the SME market in the Dusseldorf Stock Exchange.
Company
Eno energy GmbH, Rostock, is established as project developers, wind turbine manufacturer and provider of turnkey wind parks (turnkey wind parks). eno energy has evolved from an active exclusively in Germany wind farm developer to an internationally established all-round service in the area of onshore wind energy. The services range from the wind farm planning and project development, the development and production of wind turbines, project financing, construction and turnkey construction of wind farms, to their distribution and management. The Company reserves the wind energy power plants in its own portfolio and sells them to third parties. "Hardly any provider in the market covers a similar range as the eno energy with the production of wind turbines and the development of turnkey wind parks," explained managing director Karsten Porm. Since its founding in 1999, eno 197 wind turbines with a total capacity of 312, 4 MW realized. This is one eno in Germany since 2010 the largest of the seven companies in the construction of wind turbines. In France, Sweden, Bulgaria and Poland are the first projects planned. eno has a project pipeline in the scope of another 400 MW, which generated sales of about 600 million expected to be very €.
A major goal of society is to continue to develop their own wind turbines and thus have the opportunity to process their own machines in the projects. In the depression of the value chain provides a competitive advantage eno.
Business
The 75 staff employed eno energy and generated 2010 sales of 51.3 million euros (2008: 68.4 million euros, 2009: EUR 24.2 million). EBITDA was EUR 3.7 million last year (2008: 3.5 million €, 2009: EUR 5.1 million). Net income amounted to almost 2.0 million euros after 3.4 million million € (2009) and 3.1 million € (2008). The fluctuations in 2009 and 2010 came at as follows: 2009 were so-called share deals with the fund company DIF for six wind farm companies (tender I) were made and with these increased margins generated, but not value added relevant (up to 8 million euro). The projects that are based on these shops were built 2008th In addition, 2009, the financing was not optimal.
The company has at the end of 2010 with total assets of EUR 50.7 million in an equity ratio of 23% and a Total Debt / EBITDA of 5.4.
Funds
eno to issue a corporate bond plans representing up to 25 million €. The net proceeds from the proposed bond issue will eno energy in particular for the further expansion of its business in Germany and Europe to use. For this, the implementation of wind energy projects are in the pipeline (capacity: 400 MW), the technical development of own wind turbines and the expansion of business with turnkey wind parks.
Conclusion:
In the field of wind turbines is currently clearly a seller's market - the number of buyers exceeds the number of sellers by far. In the industry, currently are the most important factors bottleneck locations and financing. eno, however, has a very large project pipeline, are planned on reliable sites wind turbines with a total capacity of 400 MW. This would represent approximately 12 times the 2010 sales. The growth opportunities were severely limited due to the rating report, according to industry-standard pre-financing needs. The squeeze on financing will be done largely with a successful bond issue. Therefore much to be said for the successful development of the company. The coupon of 7.375% seems attractive in the market environment. I understand that there is a strong interest from institutional investors. We recommend to subscribe.
Christian Schiffmacher
Main features of the eno-bond energy
WKN / ISIN: A1H3V5 / DE000A1H3V53
Subscription Period: 15.06.-06.28.2011
First notice: 06/29/2011
Coupon: 7.375%
Duration: 5 years
Segment: Mid-Market of the Stock Exchange Dusseldorf
Interest payment: year round
Denomination: 1,000 €
Rating: BB + (by Creditreform Rating)
Issue Size: Up to 25 million €
Internet: e.n.o. energy: Home
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