Nuove_emissioni, collocamenti Nuove Emissioni

[gionmorg]

Azz i 200.000 $ .... se no' non era proprio malaccio.

Nello specifico:

New bond issue: Emirates Airlines sells USD 1000m in 2016 bonds with 5.125% coupon

Emirates Airlines (United Arab Emirates) on June 1, 2011 placed USD 1000m in bonds with a 5.125% coupon, maturing in 2016. The bond was priced at 99.904%. HSBC, Morgan Stanley, Deutsche Bank, Emirates NBD arranged the deal.

Issuer, issue number: Emirates Airlines, 2016
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 200000
Amount: 1 000 000 000
ISIN: XS0632833553
End of placement: Jun 01 2011
Issue price: 99.904
Coupon: 5.125%
Coupon frequency: 2 time(s) per year
Settlement Date: Jun 08 2011
Maturity date: Jun 08 2016
Issue Managers: HSBC, Morgan Stanley, Deutsche Bank, Emirates NBD
Issuer profile:
Emirates is one of the few highly profitable airlines globally and the largest operator of Airbus 380 super-jumbo jets.
Emirates is one of a number of businesses that comprise the Emirates Group, a leading provider of travel and transportation services.

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

 

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New bond issue: ADB sells USD 1500m in 2014 bonds with 0.875% coupon

ADB (Philippines) on June 2, 2011 placed USD 1500m in bonds with a 0.875% coupon, maturing in 2014. The bond was priced at 99.767%. BofA Merrill Lynch, Daiwa Capital Markets, Deutsche Bank, UBS arranged the deal.

Issuer, issue number: ADB, 2014
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 1000
Amount: 1 500 000 000
ISIN: US045167CA91
End of placement: Jun 02 2011
Issue price: 99.767
Coupon: 0.875%
Coupon frequency: 2 time(s) per year
Settlement Date: Jun 09 2011
Maturity date: Jun 10 2014
Issue Managers: BofA Merrill Lynch, Daiwa Capital Markets, Deutsche Bank, UBS
Issuer profile:
Our Vision - an Asia and Pacific Free of Poverty ADB is dedicated to poverty reduction in Asia and the Pacific, a region that is home to two thirds of the world's poor. Established in 1966 and headquartered in Manila, ADB is owned and financed by its 67 member countries, of which 48 are from the region and 19 are from other parts of the globe. It contributes low interest loans, guarantees, grants, private sector investments, and knowledge and advice to help build infrastructure and improve essential services such as health and education to boost quality of life, particularly for the nearly 1.9 billion people in the region still living on $2 or less a day. ADB's focus is on encouraging economic growth, social development, and good governance, while promoting regional cooperation and integration in partnership with governments, the private sector, and nongovernment and international organizations. Although most lending is in the public sector - and to governments - ADB also provides direct assistance to private enterprises of developing countries through equity investments, and loans. In addition, its triple-A credit rating helps mobilize funds for development.

Outstanding issues:
6 issue(s) outstanding worth USD 8 315 000 000
1 issue(s) outstanding worth AUD 700 000 000
1 issue(s) outstanding worth NOK 1 250 000 000

 

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New bond issue: Ping An sells CNY 2000m in 2014 bonds with 2.075% coupon

Ping An (China) on May 31, 2011 placed CNY 2000m in bonds with a 2.075% coupon, maturing in 2014. The bond was priced at 100% to yield 2.075%. HSBC arranged the deal.

Issuer, issue number: Ping An, 2014, CNY
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: CNY, 100000
Amount: 2 000 000 000
End of placement: May 31 2011
Issue price: 100
Yield at Pricing: 2.075%
Coupon: 2.075%
Settlement Date: Jun 2011
Maturity date: Jun 2014
Issue Managers: HSBC
Issuer profile:
Ping An was established in 1988 in Shekou, Shenzhen. The Group is the first insurance company in China to have a shareholding structure. Today it has developed into an integrated financial services conglomerate with insurance, banking, and investment businesses at its core. The Group’s shares are listed on the Hong Kong Stock Exchange under stock code "2318" and on the Shanghai Stock Exchange under "601318".
The group is 16.13% owned by HSBC, which acted as a sole bookrunner on the bond. The Shenzhen government owns 6.3%.

Outstanding issues:
1 issue(s) outstanding worth CNY 2 000 000 000

 

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Evonik Carbon Black emits high-yield bond (Dual Tranche: EUR and USD)
Coupon Whisper: at least 8%
Evonik Carbon Black emits a high-yield bond (Dual Tranche: EUR and USD) with a maturity of 7 years and a volume of 600 million €. The transaction is accompanied by Goldman Sachs and UBS. Expect a coupon of at least 8%.

Evonik Industries has carbon black reorganized its activities. On 1 July, the Evonik Carbon Black GmbH as a legally independent operating company under the umbrella of Evonik Industries. CEO (CEO) Jack Clem, as commercial director (CFO) was appointed Rainer Wobbe. The operating company is based in Frankfurt and from that time is from 1 in Hanau-Wolfgang October. Product portfolio and customer relationships are the spin-off not affected. Evonik produces the second largest producer of carbon black in 17 locations in 12 countries on four continents. In the past fiscal year sales erwirtschaftetet the company with about 1,700 employees by about 1 billion €.

Of the transaction:

Issuer: Kinov Bondco German GmbH ( Evonik Carbon Black Ltd.)
Format: Senior secured
Volume: 600 million Euro (equivalent)
Currency: Dual-Tranche - EUR and USD
Rating: B2 and B
Duration: 7 years (non call 3 years)
Covenants: Standard High Yield Covenants
Distribution restrictions: 144a, Reg S
Denomination: +1000 100 000 €
Listing: Irish Stock Exchange
Angew. Law: New York Law
Joint Book Runner: Goldman Sachs and UBS
Timing: U.S. Road Show from 06.06.-08.06.2011, Europ. Road Show from 13.06.-16.06.

 

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bkn biostrom been listed today on the "middle class market of Germany" (Börse Hamburg / Hannover)
The corporate bond bkn biostrom AG is listed as the first company in the "middle class market of Germany" (Börse Hamburg / Hannover). The bkn biostrom AG specializes in the design and operation of biogas plants based on renewable raw materials. The bond is secured by the state one price compensation.

"Biogas is in the context of energy policy discussion is a very important issue. The funds from the bond, we are captive operation of biogas plants and direct marketing to expand the energy to utilities. How many new plants, we will bring their own account on line, measured by the volume that make us the investors. Therefore we have decided to give interested investors and still be able to draw our bonds and invest in this attractive combination of yield, safety and sustainable energy, "said goods Schlotmann, CEO of BKN biostrom AG.

A detailed analysis is in the "bond-check" to find.

Key Data bkn biostrom bond
Issuer: bkn biostrom AG
First notice: 6 June 2011
Subscription Period: 23.05.-3.6.2011
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

 

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Bonds Check: KTG Agrar - draw
KTG also the first Bond now offers interesting introductory courses
After the successful bond issue in August / September last year, KTG Agrar AG emits a second corporate bond - this time with a term of 6 years and a coupon of 7.125%. The transaction will be accompanied by the youmex AG. There are many indications that repeated the success of the first bond issue.

Company
KTG Agrar AG is growing areas of more than 30,000 hectares of the leading producers of agricultural commodities in Europe. The core competence of the Hamburg-based company is the ecological and traditional cultivation of food crops such as cereals, maize and oilseed rape. Market for organic fruit is KTG Agrar, in terms of cultivable land, the market leader in Europe. The areas are mainly located in Germany, since 2005 also in the EU full member state of Lithuania. The third pillar of society is the production of bioenergy. At present, KTG Agrar operates biogas plants with a rated electrical output of around 16 megawatts. The company has been listed since November 2007 on the Frankfurt Stock Exchange and currently employs more than 200 employees.

A subsidiary of KTG Agrar AG earlier this year acquired the operating business of Frenzel frozen foods. Frenzel was founded in 1981 and is considered the third largest supplier of frozen vegetables in Germany. In addition to vegetables including potato specialties available and convenience food. Thus enhancing the degree of diversification and KTG Agrar is stronger in the consumer-related area represented. The equity ratio stood at 31.12.2010 total assets of 191.3 million euros, around 33.6%. Mathematically, the equity ratio will fall by the new bond issue to 26.6%.

Business Development / Strategy
Last year, the total output increased from 59.7 million euros, 18.5% to 70.8 million euros. The operating profit (EBIT) rose more than expected KTG € 9.2 million to 13.4 million euros - an increase of 46.1%. In parallel, KTG Agrar the space available in the past year increased by 5,500 hectares to 32,500 hectares, and improved its biogas production capacity of 11 to 16 megawatts. In addition, in recent months, the high price level used for agricultural raw materials and sells about 60% of the harvest in 2011 already. The surface growth KTG Agrar will continue to drive and increase the ownership rate further.

In the biogas sector of the year new plants are connected to the grid, so that KTG Agrar beginning of 2011 has a production capacity of around 16 megawatts. The capacity will be increased this year strong. "Our goal is to become the year 25-30 megawatts to the power to have," says Dr. Thomas RG Berger, the CEO of KTG Agrar responsible for the biogas sector. For 2011, KTG Agrar is planning, in increasing total output and EBIT. The expansion of the biogas-margin area and the high prices for agricultural commodities should have a positive impact on net income. Kayenburg Research expects the current year, a rise in total output from 70.8 to 99.1 million euros. This should increase the EBIT of 13.4 million to 16.6 million euros.

Conclusion:
The first issue of KTG Agrar AG (5-year term, coupon 6.750%) recorded just before the announcement of the second emission at about 106%, making it one of the next Dürr bond of the most successful medium-sized loans at all. The short slide of recent days, we see only in the emission of new bonds due, obviously, profits taken in order to buy a new bond can. With a term of 6 years is the coupon for the new Bond 7.125%. Thus, a successful performance of the second bond is likely. We recommend to subscribe.

However, it seems the correction of the first bond KTG (WKN A1ELQU) exaggerated. It offers courses at a yield of about 102% (YTM) of 6.2%. Since the first bond-KTG on 15.10.2015 is due (and well ahead of the second), it is estimated to be more secure than the second. For in the ranking, it is structurally before the second - because it is previously repaid.

Christian Schiffmacher


Main features of the issue:
Issuer: KTG Agrar AG
WKN / ISIN: A1H3VN / DE000A1H3VN9
Duration: 06/05/2017
Interest Date: 06.06. all year
Coupon: 7.125%
Denomination: 1,000 €
Rating: BBB (by Credit Reform)
Issue volume: 50 million €
Inst Sales: youmex
Internet: KTG Agrar AG

 

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KTG Agrar - subscription period ended early
KTG Agrar AG has its second corporate bond (ISIN: DE000A1H3VN9) successfully placed. Due to high demand from institutional and private investors, the offer period of the emission with a total volume of 50 million € was terminated prematurely. This was announced by the company as early as 9.29 clock.

Main features of the issue:
Issuer: KTG Agrar AG
WKN / ISIN: A1H3VN / DE000A1H3VN9
Duration: 06/05/2017
Interest Date: 06.06. all year
Coupon: 7.125%
Denomination: 1000 €
Rating: BBB (by Credit Reform)
Issue amount: 50 million €
Inst Sales: youmex
Internet: KTG Agrar AG

 

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eno energy - Coupon 7.375%
Subscription Period: 15.06.-06.28.2011
Back in June issued the eno energy GmbH, a developer and manufacturer of wind turbines, a corporate bond in the amount of up to 25 million euros in the SME-market in the Dusseldorf Stock Exchange. With a term of 5 years, the company has a coupon of 7.375%.

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 75 staff employed eno energy and generated 2010 sales of 51.3 million euros (2008: 68.4 million euros, 2009: EUR 24.2 million).

Main features of the bond
Issuer: eno 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 Date: all year
Denomination: 1,000 €
Rating: BB + (by Creditreform Rating)
Issue volume: 25 million €
Internet: e.n.o. energy: Home

 

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S&P/Moody’s assign BB+/Baa3 rating to proposed EUR 300 mn, 2021 notes
“Hold” the BARY 6% 07/17 at 106.3 or at a Z- spread of 187 bps
S&P and Moody’s respectively assigned BB+ and Baa3 issue ratings on to the proposed 10Y EUR 300 mn notes. The notes will be issued by Barry Callebaut Services N.V. (a Belgium based finance subsidiary of Barry Callebaut AG). Proceeds will be used for general corporate purposes and to repay outstanding debt under the existing EUR 850 mn RCF. Upon completion of the proposed new EUR 300 mn notes issue, the group does not expect to draw under the new proposed EUR 600 mn RCF. The recovery rating assigned by S&P is 4 (30%-50% expected recovery). The new notes will rank pari-passu with all other unsecured debt, including the existing EUR 350mn 2017 notes and the new RCF. These will be guaranteed by Barry Callebaut AG and certain material subsidiaries that also guarantee the existing notes and RCF, currently representing 71% of consolidated EBIT and 79% of sales. The refinancing will diversify Barry’s liquidity sources and extend its debt maturity profile. Post the refinancing, Barry’s liquidity facilities will consist of the new EUR 600 mn RCF, EUR 400 mn commercial paper and an EUR 275 mn asset-backed security programme. We recommend to “hold” the bonds and continue to view Barry as “Low Risk” on the LARA scale.

 

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Announces refinancing of PIK ahead of its FY 2010/2011 results
Move to “Neutral” on the CDS after a 20 bps gain since our original recommendation
Yesterday, KDG announced its intention to issue EUR 515 mn of new debt to refinance its existing PIK loan, as we had anticipated on May 9th upon KDG’s last waiver request. A bank meeting will be held on Thursday June 9th in London. DB, GS, ING and MS have been retained. More details will be released tomorrow during the FY2010/2011 earnings release. Consensus EBITDA forecast is EUR 724 mn for the year, but we expect KDG to deliver results slightly above expectations closer to the EUR 730 mn level, as it continues to gain market share through its powerful triple play offering, yielding gains in sales and margin. However, we don’t expect the PIK refinancing to increase leverage and given the superlative EBITDA growth (EUR 85 mn increase y-o-y if KDG hits our FY2011 estimate), we do not think the extra cash interest burden should be an issue, as we estimate that less than half of that increase will be eaten away by the increase in coupon.
As we had anticipated, the CDS has widened on the news and we accordingly move our recommendation to “neutral” with a 20 bps gain since our original recommendation. We maintain our “Medium” risk assessment on the LARA scale.