Nuove_emissioni, collocamenti Nuove Emissioni (4 lettori)

[gionmorg]

Fitch downgrades up Continental from B + to BB-, outlook stable
Fitch Ratings has the long-term default rating (IDR) of Continental AG from 'B +' to 'BB-' promoted. The rating outlook is stable. Short-term IDR was confirmed with B. The rating of bonds outstanding (senior secured) was also confirmed at BB-. The promotion was justified in particular with the successful refinancing in March of this year and a significant improvement in profitability.

 

[gionmorg]

Cemex to issue USD 650 mn 8Y bonds; files appeal to block an information request by the European Commission on the ongoing antitrust investigation
“Sell” the CEMEX 9.625% 12/17 at 102.5 or a Z-spread of 640 bps
Cemex aims to tap markets and to issue USD 650 mn of 8Y bonds. We believe this is a sensible move considering its maturity wall in 2014. Bonds are expected to yield c. 9.5%. Fitch issued a B+ and S&P a B rating to the proposed notes. Further, the company filed an appeal with the General Court of the EU to block an information request by the Commission with regards to the ongoing antitrust enquiry in Europe. We remain concerned about the company’s high leverage, cost inflation, high dependency on Mexico, the U.S. and Europe, and weak cash flow generation. In comparison to HeidelbergCement, Cemex’s geographical exposure is skewed towards markets which are currently very challenging (with the exception of Mexico). We derive comfort from the fact that Cemex has good access to capital markets and we believe it would have the ability to raise further equity (which in our view would be a reasonable step given its very high leverage) unless markets collapse. We keep our “sell” recommendation for now and our “High Risk” assessment on the LARA scale.

 

[gionmorg]

Successfully places EUR 100 mn of 7Y bonds; CFO provides cautiously optimistic outlook
“Neutral” on the hybrid WIEAV 6.5% 02/17 at 89 or a Z-spread of 631 bps; “Sell” the senior WIEAV 4.875% 07/14 at 103.5 or a Z-spread of around 139 bps
Wienerberger successfully placed EUR 100 mn of 7 year bonds with a coupon of 5.25% at 99.23 or a yield of 5.38%. Pricing was slightly above company guidance as it had aimed for a 5% coupon. As previously highlighted, we regard this as a timely step to refinance EUR 241 mn of bonds and EUR 140 nm of loans due in April 2012. Further, CFO Willy van Riet said he is fairly sure that Wienerberger will return to profit this year. He highlighted that Germany, France, Belgium, Switzerland, Poland and the Czech Republic are performing well, whereas there are apparently no signs of a turnaround in Romania, Bulgaria and the US. He also reiterated that Wienerberger is selectively looking for acquisitions to expand its renovation-brick business or to fill “holes in its network”. We believe Wienerberger will improve its credit profile in FY 2011 and expect a net leverage (including its hybrid) of c. 3.2x at FYE 2011. We keep our “Medium Risk” assessment on the LARA scale.

 

[gionmorg]

New bond issue: BNDES sells CHF 200m in 2016 bonds with 2.750% coupon

BNDES (Brazil) on June 22, 2011 placed CHF 200m in bonds with a 2.750% coupon, maturing in 2016. The bond was priced at 99.674% to yield 2.818%. BNP Paribas, Credit Suisse arranged the deal.

Issuer, issue number: BNDES, 2016, CHF
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: CHF, 100000
Amount: 200 000 000
End of placement: Jun 22 2011
Issue price: 99.674
Yield at Pricing: 2.818%
Coupon: 2.750%
Settlement Date: Jul 15 2011
Maturity date: Dec 15 2016
Issue Managers: BNP Paribas, Credit Suisse
Trading floor: SIX
Issuer profile:
The Brazilian Development Bank (BNDES) is a federal public company associated with the Ministry of Development, Industry and Foreign Trade. Its goal is to provide long-term financing for endeavors that contribute to the country's development. BNDES is the second largest development bank in the world. The results of the endeavors financed by BNDES can be seen in the improved competitiveness of the Brazilian economy as well is in the higher quality of life of its population. BNDES also seeks to strengthen the capital structure of private companies, the development of capital markets, the trading of machines and equipment and the financing of exports. Since its establishment, on June 20th, 1952, BNDES has financed large-scale industrial and infrastructure endeavors, and has played a significant role in the support of investments in agriculture, commerce and the service industry, as well as in small and medium-sized private businesses. Another highlight is the support of social investments aimed at education and health, family agriculture, basic sanitation and mass transportation. BNDES considers it fundamentally important, in the execution of its credit policy, to take into account ethical and environmental principles. As such, BNDES is firmly committed to the principles of sustainable development. The financial support lines and programs offered by BNDES serve the investment needs of companies of any size and sector that have been set up in the country. The partnership with financial institutions with agencies established around the country facilitates the dissemination of credit, enabling greater access to BNDES's resources.

Outstanding issues:
3 issue(s) outstanding worth USD 3 000 000 000
1 issue(s) outstanding worth EUR 750 000 000
1 issue(s) outstanding worth CHF 200 000 000

 

[gionmorg]

Viennese confectionery Heberer takes over 16 branches of the bakery group Max Lang in the Rhine-Main region
The Viennese confectionery Heberer takes in the Rhine-Main area on 1 August this year, 16 branches of the Stuttgart bakery and confectionery long, including sites such as Wiesbaden, Ingelheim, Germany, Hanau or Friedberg. The company that claims to build its lead in the Rhine-Main area to nearly 100 branch offices. The bakery in turn takes a long branch of the Viennese patisserie in Ellwangen. The votes had long branches acquired earlier this year in a larger package of the group Kamps. Both companies justify the pace with a store portfolio and optimize their respective logistics and transportation costs. The respective franchisees and employees of the stores is a takeover bid before. Alexander Heberer is pleased with the conclusion of long: "With the acquisition of 16 branches, we can increase our market leadership in the Rhine-Main area significantly and our planned expansion this year a regular step forward. " The Viennese confectionery Heberer, with around 400 stores one of the leading bakery chains in the German market. At a production capacity of 150 million units in 2010, the company generated a turnover of over € 130 million. In some regions such as the Rhine-Main region, the company is market leader and the nation's chain store with the most frequency locations at train stations, subway stations and airports. reportedly plans to Viennese confectionery Heberer shortly to issue a corporate bond.

 

[gm139]

Aggiornamento settimanale.

 

[iguanito]

Nuova emissione SIAG Schaaf industrie

Azienda fornitrice leader per l'industria dell'energia eolica per impianti onshore e offshore, emette un nuovo prestito obbligazionario per 50 mil. di euro scadenza 5 anni tasso 9%, cedola annuale; prima cedola 12 luglio 2012. Non sono previsti richiamati anticipati
Periodo di sottoscrizione 27 giugno/8 luglio 2011, taglio minimo 1K
ISIN: DE000A1KRAS1 RATING S&P B-

 

[gionmorg]

New bond issue: Zijin Mining Group sells USD 280m in 2016 bonds with 4.250% coupon

Zijin Mining Group (China) on June 23, 2011 placed USD 280m in bonds with a 4.250% coupon, maturing in 2016. The bond was priced at 99.2760%. BOC International arranged the deal.

Issuer, issue number: Zijin Mining Group, 2016
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 100000
Amount: 280 000 000
ISIN: XS0643649956
End of placement: Jun 23 2011
Issue price: 99.276
Coupon: 4.250%
Coupon frequency: 2 time(s) per year
Settlement Date: Jun 30 2011
Maturity date: Jun 30 2016
Issue Managers: BOC International
Issuer profile:
Zijin Mining or Zijin is a leading Chinese gold, copper and non-ferrous metals producer and refiner in Mainland China.
It operates the Zijinshan Gold Mine, the largest open pit gold mine on mainland along with three other gold mines in production.

Outstanding issues:
1 issue(s) outstanding worth USD 280 000 000

 

[gionmorg]

SIAG AG - 9.0% Coupon
Subscription period: 27 June to 8 July 2011
SIAG Schaaf Industrie AG, a leading supplier to the wind energy industry for onshore and offshore installations, has fixed the interest rate on its planned corporate bond at 9.0%. SIAG is the bond with a volume of up to € 50 million and a term of 5 years in the qualitative design new ways: The interest rate of 9.0% was established on the basis of feedback from institutional investors. The bond is in addition to certain minimum requirements (financial covenants), lined, below which the investor call the issue and may require repayment. Also, SIAG is aware of the requirements of the internationally recognized U.S. rating agency Standard & Poor's subjected to. "As a technology partner for offshore and onshore wind turbines, we are always confronted with the highest quality standards. This is also reflected in the design of our bond, "says Rüdiger Schaaf, CEO of SIAG AG. "Our established market position in the promising market of wind power and make the interest rate of 9.0% are certainly of interest to private investors. With the development of the bond covenants and Finacial an S & P rating, we corresponded mainly to the desire of institutional investors, not least from other European countries. " key data SIAG Bond: Subscription period: 27 June to 8 July 2011 Interest rate: 9.0% pa emission volume: up to EUR 50 million interest payment: a year (first time on 11 July 2012) Duration: 5 years Redemption: 100% Denomination / Minimum: 1.000 € Termination: No termination right of the issuer, an extraordinary termination rights of the bondholders in case of breakage of the financial covenants Listing: Entry Standard, Frankfurt Stock Exchange WKN / ISIN: A1KRAS/DE000A1KRAS1 Security: bearer bond corporate credit rating: B-(Standard & Poor's) SIAG Schaaf Industrie AG is in the past 15 years, from the classic steel fabricators grown to become the leading supplier to the energy industry. The group employs 1,900 people at 10 locations in Europe, Africa, Asia and the USA. The core business is divided into two business units: Onshore wind power technology and Maritime Systems / offshore. SIAG's target markets are manufacturers of wind turbines for onshore and offshore wind farms and companies in the fields of high technology engineering and steel construction. SIAG combines the benefits of being a family owned company with the effectiveness of an international group. Short decision paths SIAG is able to respond to the demands of the market immediately.

 

[gionmorg]

SAG Solar AG plans to further corporate bond
Emission volume 25 million €
SAG Solar AG intends to issue a further corporate bond to finance the dynamic growth of the company. The public offering of the bonds is based on the of the Federal Financial Supervisory Authority (BaFin) 19 November 2010 approved the Base Prospectus and this day approved the Addendum to this Base Prospectus. The supplement is published today on the company's website (S.A.G. Solarstrom AG - Finanzierung, Frderung, Bau und Betrieb von Solarkraftwerken - S.A.G. Solarstrom AG Startseite Unternehmen). The issuance of corporate bonds will be up to 25 million €. The final offer conditions are expected on 27 June and are set on the company's website (S.A.G. Solarstrom AG - Finanzierung, Frderung, Bau und Betrieb von Solarkraftwerken - S.A.G. Solarstrom AG Startseite Unternehmen) published.