Nuove_emissioni, collocamenti Nuove Emissioni

Albis Leasing AG plans to issue a corporate bond
Issuance of up to 50 million €
The Albis Leasing AG intends to continue its strong growth and therefore the emission of a bond with a volume of up to 50 million euros decided. The subscription period for the bond with a coupon of 7.625 percent per year is expected to commence on 19 Expected on 30 September and ends September 2011.Die quotation is from the 4th October 2011 to the middle class of stock exchanges in Hamburg and Hannover, Germany planned. With a denomination of EUR 1,000, the offer is directed not only to institutional investors, but is also suitable for private investors. ALBIS Leasing AG will participate with the offer, the first leasing company in Germany that a bond in one of the exchanges newly created middle class segments goes. The debenture holders is so easy for private investors to draw. The leasing industry booming at present it offers them an attractive investment opportunity: The Federal Association of German leasing company predicted at the end of first half of 2011 for a possible full-year growth of 11 to 14 per cent. The current half-year results of Albis Leasing AG show with 41 percent growth in business volume to increase significantly over the industry average. "With the bond, we want to strengthen among other things, our capital base in addition to the opportunities in the booming market environment even better use and to continue our growth," says Hans O. Dunning, founder and CEO of Albis Leasing AG. "For investors, it is an ideal opportunity to participate in the strong upward trend in the leasing industry." The Albis Leasing AG is among the five largest independent leasing companies in Germany and this year celebrates its 25th anniversary. Are now using more than 40,000 SME customers in Germany, the performance of the group in the areas of leasing, financing solutions and support services. 2009, involved the Albis Leasing AG in Gallinat-Bank AG, Essen. The group has since been through direct access to capital markets through its own funding ability of the leasing business. In the leasing sector is the Albis Leasing Group from truck leasing, renewable energy sector to information technology in 14 product areas. The company is now widely established in the market and not dependent on the economic development of individual industries. "For investors, provides the Albis Leasing AG has the opportunity to participate in the attractive and risk-leasing business - because leasing has secured financing of the German middle class." As reminders ALBIS Leasing Group, based in Hamburg for 25 years on the market and one of Germany's top-5 of the independent leasing companies. In the areas of leasing, financing solutions and support services it offers diverse solutions to mid-sized companies, for example, for vehicles, equipment and workshop equipment. In addition, the Albis Leasing Group medium-sized businesses in a structured corporate finance and advises on issues surrounding the claim and portfolio management. Through its 49% stake in Gallinat-Bank AG, Essen, the Albis Leasing AG, the refinancing of leasing companies operating safely and at the same time offers its customers traditional banking services. The Albis Leasing Group has 80 sales employees in eight offices and approximately 1,200 distributors nationwide presence in Germany and has approximately 40,000 customers.
 
RCI Banque (Renault Bank) increased by 500 million euro loan to
Term until 07/07/2014, coupon 3.750%
The RCI Banque (Renault Bank) has increased its current borrowing up to 500 million euros 07.07.2014. The coupon is 3.750%. The transaction is accompanied by Bank of America Merrill Lynch. of the transaction:

Issuer: RCI Banque (Renault Bank)
ratings: Baa2 (pos), BBB (stab)
Running Time: 07/07/2014
Settlement: 09/06/2014
tap volume: 500 million . €
Coupon: 3.750%
Denomination: EUR 1,000
Bookrunner: Merrill Lynch Bank of America
ISIN: XS0643300717
Emissinospreis: n.bek.
Issue price of the first tranche: 99.652%
 
Fresenius Medical Care (FMC) High-Yield Bonds: 6.75% -7.00% Guidance
Books close at 16 CET Clock

For the new high-yield bond issued by Fresenius Medical Care AG (FMC) with an expected return of 6.75% -7.00%. I understand that the books close at 10.00 clock (AM) New York Time (16.00 GMT clock). Institutional investors can change the password for the internet presentation obtained from the editors. The new high-yield bonds have EUR and USD tranches. This includes both a floating rate tranche (floaters) and tranches offered with a fixed coupon. The EUR-tranche by Credit Suisse, JPMorgan, Morgan Stanley and SocGen placed the USD tranche of JPMorgan, Credit Suisse, Barclays Capital and Morgan Stanley. of the transaction:
 
Fresenius Plans to sell USD 860 mn of bonds
Retain “Buy” on FMEGR USD 6.875% 07/17 at 103.4 or a Z-spread of 484 bps; we see fair value of new USD notes at c. 7.25%. Maintain “Sell” on the FMEGR EUR 5.25% 02/21 at 95.5 or a Z-spread of 334 bps and instead prefer the new fixed EUR notes at current price talk; New 3Y FRNs appear attractive, however, may be illiquid; “Hold” the FMEGR 5.5% EUR 07/16 at 105 or a Z-spread of 241 bps
Yesterday, Fresenius Medical Care announced its intention to sell EUR and USD denominated senior unsecured notes. The new bonds include EUR 300 mn of senior fixed-rate notes due 2018, EUR 100 mn of 2014 floating rate notes and USD 300 mn of fixed-rate seven-year bonds. The offerings of the senior notes will be of benchmark size. Proceeds will be used for acquisitions, to refinance indebtedness and for general corporate purposes. The EUR denominated senior notes will be issued by FMC Finance VIII S.A. and the dollar-denominated senior notes will be issued by Fresenius Medical Care US Finance II, Inc. Both issuers are wholly-owned subsidiaries of the company. The senior notes will be offered through a private placement to institutional investors and will be guaranteed jointly and severally by the company and its subsidiaries, Fresenius Medical Care Holdings, Inc. and Fresenius Medical Care Deutschland GmbH. We believe the indicative structure is comparable to the existing EUR and USD senior notes, respectively. At current price talk of 6.5%, we prefer the new EUR 2018 notes vs. the existing 2021 notes (currently yielding c. 5.8%) on a relative yield basis. In terms of the USD notes, in the absence of a price talk and extrapolating existing yields on the USD 2017 notes (6.25% yields), we estimate fair value at c. 7.25%. While we also like the new short-dated (3-year) FRNs at price talk of E+300 bps, we caution that given the relatively modest size of the tranche (EUR 100 mn), it could be illiquid. We further expect Fresenius to re-tap the markets quite soon, not only to fund other announced deals, but also for further refinancing. We have a "Low Risk" assessment on the LARA scale.
 
Italian press leaks details of preliminary Lighthouse proposal
“Buy” PGIM 10.5% 01/17 at 76 or a Z-spread of 1,557 bps. “Speculative Buy” on LIGHTH 8% 04/14 at a price below 15 (currently 17)

Yesterday, Italian daily Il Sole 24 Ore reported details of the preliminary offer made by a group of 6 Lighthouse bondholders said to represent 50% of the bonds (Monarch, Marathon, Sothic, Howl Creek, Alden and Anchorage). We understand the proposal is to convert EUR 1 bn of the par amount of Lighthouse into equity, and roll over EUR 300 mn of the bonds into new bonds with a 12.5% coupon. The report also said that the proposal included a EUR 300 mn capital increase reserved for shareholders (led by CVC, Permira and Investitori Associati, who together control 49%). This would allow them to reduce dilution. Lastly, the report indicated that 7 hedge funds currently in Lighthouse also own about 25% of the senior secured bonds. In our opinion, this cross ownership would be good for senior secured debt holders, as it provides some degree of alignment of interests between creditors. The valuation which underpins the proposal (and hence the implied equity ownerships) was not disclosed, however. In our estimate, the proposal would imply a pro forma net leverage of c. 4x LTM EBITDA. This would leave a sensible amount of value for the equity to be split amongst the various parties. So far, the proposal is consistent with the outcome we had anticipated in our initiation report in February. We continue to believe the October coupon is likely to be paid in order to allow more time for the talks to proceed. There is still a risk, however, that more than 10% of Lighthouse holders decide to veto the deal. Such a move might lead to a bankruptcy process. Further, it is far from certain that other stakeholders will agree to the proposed terms. We maintain our “Buy” recommendation on PGIM 10.5% 01/17 where we think recoveries will be strong. We maintain our “Speculative Buy” on Lighthouse at a price below 15, and our “Very High Risk” Assessment on the LARA scale.
 
[Reuters] New Issue-Swedbank prices 110 mln SFR 2014 FRN

September 08 (Reuters) -Following are terms and conditions

of an FRN priced on Thursday.

Borrower Swedbank Mortgage AB

Issue Amount 110 million Swiss francs

Maturity Date October 06, 2014

Coupon 3-month Libor + 38bp

Issue price Par

Payment Date October 06, 2011

Lead Manager(s) Credit Suisse

Ratings Aaa (Moody's)

Listing SIX

Full fees Standard

Governing Law English

Notes Launched under issuer's EMTN programme

ISIN CH0138253130

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))
 
[Reuters] New Issue-Electrolux prices 1.0 bln SEK 2013 FRN

September 08 (Reuters) -Following are terms and conditions

of an FRN priced on Thursday.

Borrower Electrolux AB

Issue Amount 1.0 billion Swedish crown

Maturity Date September 16, 2013

Coupon 3-month Stibor + 88bp

Issue price Par

Payment Date September 16, 2011

Lead Manager(s) Danske Markets & Handelsbanken Capital Markets

Ratings BBB+ (S&P)

Listing Lux

Full fees Undisclosed

Denoms (K) 1000-100

Notes Launched under issuer's EMTN programme

Security details and RIC, when available, will be

on <ZS2S>

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))
 
Fresenius Successfully places notes
Retain “Buy” on FMEGR USD 6.875% 07/17 at 103.4 or a Z-spread of 484 bps and the new 6.5% EUR 2018 notes; “Hold” the new 6.5% USD 2018 notes. Maintain “Sell” on the FMEGR EUR 5.25% 02/21 at 94 or a Z-spread of 360; “Hold” the FMEGR 5.5% EUR 07/16 at 103.5 or a Z-spread of 280 bps
Yesterday, FMC successfully placed its fixed rate EUR and USD denominated senior unsecured notes. It had initially planned to sell a three-tranche bond consisting of USD 300 mn and EUR 300 mn senior fixed-rate bonds with 7-year maturities and a EUR 100 mn 3-year floating-rate note (FRN). Subsequently, the FRN tranche was allocated to the fixed-rated EUR and USD tranche upsizing the EUR and USD offering to EUR 400 mn each. Both the EUR and USD notes were priced at 98.623 at a coupon of 6.5%, at spreads of 539 bps and 533 bps, respectively. We prefer the new 6.5% EUR 2018 notes vs. the existing EUR 2021 notes (currently yielding c. 5.8%) and recommend a ‘’Hold’’ on the new 6.5% USD 2018 bonds. We expect further note issuance by Fresenius in the short to medium term. We have a "Low Risk" assessment on the LARA scale in view of FMC’s presence in a defensive sector and its commitment to keep leverage below 3x.
 
New Bond Issues: Eurobonds Chile, 2020, CLP

• Issuer, issue number: Chile, 2020, CLP
• Type of debt instrument: Eurobonds
• Type of bonds: Coupon bonds
• Issue status: outstanding
• Par, minimum denomination: CLP, 50 000 000
• Par, integral multiple: CLP, 500 000
• Amount: 434 295 000 000
• Initial issue amount: 272 295 000 000
• ISIN RegS: US168863AU21
• Common Code RegS: 053154590
• Day Count Fraction: 30E/360
• Start of placement: Jul 29 2010
• End of placement: Sep 07 2011
• Coupon: 5.50%
• Coupon frequency: 2 time(s) per year
• Settlement Date: Aug 05 2010
• Maturity date: Aug 05 2020
• Issue price: 100
• Yield at Pricing: 5.5%
• Rating on issue date (M/S&P/F): Aa3/A+/A
• Issue Managers: Citigroup, HSBC, JP Morgan
• Listing: Luxembourg Stock Exchange
• Files: Prospectus
• Investment banks: Bookrunner(s): Citigroup HSBC Bank plc JP Morgan Deutsche Bank
 
New Bond Issues: Eurobonds Chile, 2021


• Issuer, issue number: Chile, 2021
• Type of debt instrument: Eurobonds
• Type of bonds: Coupon bonds
• Issue status: outstanding
• Type of placement: public
• Par, minimum denomination: USD, 100 000
• Par, integral multiple: USD, 1 000
• Amount: 1 000 000 000
• ISIN RegS: US168863AW86
• Common Code RegS: 067684150
• Day Count Fraction: 30E/360
• End of placement: Sep 07 2011
• Coupon: 3.250%
• Coupon frequency: 2 time(s) per year
• Settlement Date: Sep 14 2011
• Maturity date: Sep 14 2021
• Issue price: 99.131
• Yield at Pricing: 3.353%
• Rating on issue date (M/S&P/F): Aa3/A+/A+
• Spread over US Treasures, bp: 130
• Issue Managers: Deutsche Bank, HSBC
• Investment banks: Bookrunner(s): Deutsche Bank HSBC Bank plc

Anvedi il cile per il decennale paga il 3.35, altro che Italietta
 

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