tommy271
Forumer storico
Per il momento picchiano ancora duro sui bond.
Oil e rialzo dei tassi USA fanno il resto.
Bisogna attendere i vecchi minimi di marzo?
Titoli di Stato paesi-emergenti Obbligazioni Brasile e Petrobras
- Creatore Discussione bia06
- Data di Inizio
Per il momento picchiano ancora duro sui bond.
Oil e rialzo dei tassi USA fanno il resto.
Bisogna attendere i vecchi minimi di marzo?
darkog
In Hoc Signo Vince..
Io sto aspettando a prendere posizione. Se torna sui minimi entro..
tommy271
Forumer storico
Anch'io attendo attorno a quelle soglie ...
Magician
Forumer attivo
Alcuni dati su Petrobras datati 14 luglio
Tutto si gioca su un "azzardo", il Brasile non può abbandonalo, quindi farà di tutto per salvarlo ed aiutarlo nella cura... class action americane permettendo.
Anch'io in attesa di rendimenti più consoni per un HY con rischi.
Petrobras (PBR) Ratings Affirmed by S&P; Reflects Willingness of Gov't to Lend Support
The updated business plan of Brazil-based national oil and gas company Petrobras focuses on leverage reduction rather than on increasing production as seen in previous plans.
The company's new capex plan will focus on developing pre-salt reserves, while other investments will drop mainly to maintenance levels.
We are keeping the company's stand-alone credit profile (SACP) at 'b+' and affirming our 'BBB-' corporate credit rating, reflecting our view of a "very high" likelihood of a potential extraordinary government support.
The negative outlook continues to reflect Petrobras' challenges to deleverage its balance sheet and the uncertainties and contingent liabilities stemming from the ongoing corruption investigations o the company that could prevent its liquidity from improving.
Standard & Poor's Ratings Services affirmed its 'BBB-' rating on Petrobras (NYSE: PBR) (Petrobras). At the same time, we kept the company's SACP at 'b+'. The outlook remains negative.
We also affirmed our 'BBB-' senior unsecured ratings on the notes of Petrobras' wholly-owned financing vehicles--Petrobras International Finance Co. and Petrobras Global Finance B.V.
The ratings on Petrobras continue to reflect our view of a "very high" likelihood that the government would provide timely and sufficient extraordinary support to the company's financial obligations in the event of distress. We base our view of the "very high" likelihood of support on:
Petrobras' "very important" role as both Brazil's main oil producer and its main fuel distributor. We also consider that Petrobras' default would have a significant systemic impact on Brazil's economy, which should translate in the government's willingness to support the company.
The company's "very strong" link to the government, which owns 50.3% of Petrobras' voting shares (more than 60% if we include sovereign-related entities such as the Brazilian Development Bank [BNDES] and the Brazilian sovereign wealth fund). We consider that Petrobras' sharply weaker creditworthiness would impair the government's reputation given the latter is a strong and stable shareholder with the ability to influence the company's strategic and business plan.
The 'b+' SACP and the negative outlook continue to reflect Petrobras' challenges in deleveraging its balance sheet. The company's updated business plan focuses on leverage reduction instead of higher production curve as seen in the past. To reach a net debt-to-EBITDA target of 3.0x by 2018, Petrobras reduced investments mainly to the maintenance levels for most of its segments except for exploration and production (E&P). This segment will focus on developing pre-salt reserves. To reduce its debt, Petrobras also approved a $15.1 billion divestment plan for 2015-2016 followed by another $42.6 billion during 2017-2018 for divestments, business reorganization, and assets demobilization.
Although we acknowledge Petrobras is improving its corporate governance standards with the hiring of a new compliance director and the election of a more market-oriented board, we still need some track record of higher risks limits, controls and tolerances in order to revise our management and governance score to "fair" from the current "weak." Furthermore, even though Petrobras is gradually recovering its access to debt markets and restoring investors' confidence, it's still subject to contingent liabilities from the class actions filed against the company in the U.S.
Tutto si gioca su un "azzardo", il Brasile non può abbandonalo, quindi farà di tutto per salvarlo ed aiutarlo nella cura... class action americane permettendo.
Anch'io in attesa di rendimenti più consoni per un HY con rischi.
Petrobras (PBR) Ratings Affirmed by S&P; Reflects Willingness of Gov't to Lend Support
The updated business plan of Brazil-based national oil and gas company Petrobras focuses on leverage reduction rather than on increasing production as seen in previous plans.
The company's new capex plan will focus on developing pre-salt reserves, while other investments will drop mainly to maintenance levels.
We are keeping the company's stand-alone credit profile (SACP) at 'b+' and affirming our 'BBB-' corporate credit rating, reflecting our view of a "very high" likelihood of a potential extraordinary government support.
The negative outlook continues to reflect Petrobras' challenges to deleverage its balance sheet and the uncertainties and contingent liabilities stemming from the ongoing corruption investigations o the company that could prevent its liquidity from improving.
Standard & Poor's Ratings Services affirmed its 'BBB-' rating on Petrobras (NYSE: PBR) (Petrobras). At the same time, we kept the company's SACP at 'b+'. The outlook remains negative.
We also affirmed our 'BBB-' senior unsecured ratings on the notes of Petrobras' wholly-owned financing vehicles--Petrobras International Finance Co. and Petrobras Global Finance B.V.
The ratings on Petrobras continue to reflect our view of a "very high" likelihood that the government would provide timely and sufficient extraordinary support to the company's financial obligations in the event of distress. We base our view of the "very high" likelihood of support on:
Petrobras' "very important" role as both Brazil's main oil producer and its main fuel distributor. We also consider that Petrobras' default would have a significant systemic impact on Brazil's economy, which should translate in the government's willingness to support the company.
The company's "very strong" link to the government, which owns 50.3% of Petrobras' voting shares (more than 60% if we include sovereign-related entities such as the Brazilian Development Bank [BNDES] and the Brazilian sovereign wealth fund). We consider that Petrobras' sharply weaker creditworthiness would impair the government's reputation given the latter is a strong and stable shareholder with the ability to influence the company's strategic and business plan.
The 'b+' SACP and the negative outlook continue to reflect Petrobras' challenges in deleveraging its balance sheet. The company's updated business plan focuses on leverage reduction instead of higher production curve as seen in the past. To reach a net debt-to-EBITDA target of 3.0x by 2018, Petrobras reduced investments mainly to the maintenance levels for most of its segments except for exploration and production (E&P). This segment will focus on developing pre-salt reserves. To reduce its debt, Petrobras also approved a $15.1 billion divestment plan for 2015-2016 followed by another $42.6 billion during 2017-2018 for divestments, business reorganization, and assets demobilization.
Although we acknowledge Petrobras is improving its corporate governance standards with the hiring of a new compliance director and the election of a more market-oriented board, we still need some track record of higher risks limits, controls and tolerances in order to revise our management and governance score to "fair" from the current "weak." Furthermore, even though Petrobras is gradually recovering its access to debt markets and restoring investors' confidence, it's still subject to contingent liabilities from the class actions filed against the company in the U.S.
Ultima modifica:
iguanito
Forumer storico
la giustizia sud americana............
Magician
Forumer attivo
Problemi con i sindacati per il piano di ristrutturazione che prevede tagli e dismissioni
Petrobras union begins 24-hour strike against asset sales, oil bill
Brazilian oil workers began a 24-hour strike on Friday in an effort to stop moves to shrink state-run oil company Petroleo Brasileiro SA, or Petrobras, according to the main union representing the workers.
The strike, led by FUP, the country's largest federation of oil workers called for refinery, oil platform and other employees to walk off their jobs at Petrobras at midnight Thursday (0300 GMT Friday).
The union is fighting plans by Petrobras to sell $15.1 billion of assets by the end of 2016.
Petrobras wants to pay down debt - which at about $120 billion is the most held by any oil company - as well as generate cash for investment and revive investor confidence after a giant corruption scandal.
FUP also opposes a bill before Brazil's Senate seeking to strip Petrobras of its right to run all new development work in a giant offshore area known as the Subsalt Polygon. The bill would also end a requirement that Petrobras take a minimum 30 percent stake in exploration and production rights in the area.
FUP opposes any non-government involvement in Petrobras and wants the company, which has had non-state shareholders since the 1950s, totally nationalized.
While most Petrobras strikes have had little or no impact on production, FUP is looking to replicate the results of a 31-day strike in 1995. That strike ended due to the government threatening mass layoffs, but union leaders say it helped avert a privatization of Petrobras in 1997, although the company was still stripped of its monopoly on exploration, production and refining in Brazil.
Under Brazilian law, unions must cooperate in the safe operation or shutdown of dangerous facilities. As a result, the 24-hour strike will leave many union members on the job.
Petrobras officials have said that it takes about five to 10 days after the start of a strike for a walkout to have a significant impact on oil or fuel output.
While Petrobras remains controlled by the state, most of its shares are owned by non-government investors. It is one of the largest non-U.S. companies on the New York Stock Exchange.
"The company should not be used to guarantee the profits of investors," FUP said in a statement on Thursday. "It should be a spring to drive social and economic development in Brazil."
Petrobras officials did not respond to requests for comment.
Petrobras union begins 24-hour strike against asset sales, oil bill
Brazilian oil workers began a 24-hour strike on Friday in an effort to stop moves to shrink state-run oil company Petroleo Brasileiro SA, or Petrobras, according to the main union representing the workers.
The strike, led by FUP, the country's largest federation of oil workers called for refinery, oil platform and other employees to walk off their jobs at Petrobras at midnight Thursday (0300 GMT Friday).
The union is fighting plans by Petrobras to sell $15.1 billion of assets by the end of 2016.
Petrobras wants to pay down debt - which at about $120 billion is the most held by any oil company - as well as generate cash for investment and revive investor confidence after a giant corruption scandal.
FUP also opposes a bill before Brazil's Senate seeking to strip Petrobras of its right to run all new development work in a giant offshore area known as the Subsalt Polygon. The bill would also end a requirement that Petrobras take a minimum 30 percent stake in exploration and production rights in the area.
FUP opposes any non-government involvement in Petrobras and wants the company, which has had non-state shareholders since the 1950s, totally nationalized.
While most Petrobras strikes have had little or no impact on production, FUP is looking to replicate the results of a 31-day strike in 1995. That strike ended due to the government threatening mass layoffs, but union leaders say it helped avert a privatization of Petrobras in 1997, although the company was still stripped of its monopoly on exploration, production and refining in Brazil.
Under Brazilian law, unions must cooperate in the safe operation or shutdown of dangerous facilities. As a result, the 24-hour strike will leave many union members on the job.
Petrobras officials have said that it takes about five to 10 days after the start of a strike for a walkout to have a significant impact on oil or fuel output.
While Petrobras remains controlled by the state, most of its shares are owned by non-government investors. It is one of the largest non-U.S. companies on the New York Stock Exchange.
"The company should not be used to guarantee the profits of investors," FUP said in a statement on Thursday. "It should be a spring to drive social and economic development in Brazil."
Petrobras officials did not respond to requests for comment.
Mr. Coupon
SOLO SOTTO LA PARI!
AtuttoGAZ
Forumer attivo
Buon giorno a tutti!
Anche io, come voi, sto tenendo d'occhio i bond di petrobras.
Qualche anima pia potrebbe tradurre in formule matematiche le condizioni di call dei bond? (mi riferisco a quelli in euro)
Dal sito del TLX si legge:
L'Emittente ha la facoltà di rimborsare in qualsiasi momento l'ammontare nominale emesso, in tutto o in parte, al prezzo maggiore tra:
- il 100% del valore nominale, e
- la somma dei valori attuali dei pagamenti futuri (cedole rimanenti e rimborso del valore nominale) scontata ad un tasso di interesse pari al rendimento a scadenza offerto da un titolo di stato tedesco, con vita residua a scadenza comparabile (Bund Rate), avente prezzo pari alla media bid ask dei prezzi esposti, il terzo giorno lavorativo precedente la data di rimborso, da BNP Paribas, Crédit Agricole Corporate , Investment Bank, HSBC Bank plc , J.P. Morgan Securities plc e da altri due market maker selezionati dall'Emittente,più 0.40%.
Grazie in anticipo per le risposte.
Anche io, come voi, sto tenendo d'occhio i bond di petrobras.
Qualche anima pia potrebbe tradurre in formule matematiche le condizioni di call dei bond? (mi riferisco a quelli in euro)
Dal sito del TLX si legge:
L'Emittente ha la facoltà di rimborsare in qualsiasi momento l'ammontare nominale emesso, in tutto o in parte, al prezzo maggiore tra:
- il 100% del valore nominale, e
- la somma dei valori attuali dei pagamenti futuri (cedole rimanenti e rimborso del valore nominale) scontata ad un tasso di interesse pari al rendimento a scadenza offerto da un titolo di stato tedesco, con vita residua a scadenza comparabile (Bund Rate), avente prezzo pari alla media bid ask dei prezzi esposti, il terzo giorno lavorativo precedente la data di rimborso, da BNP Paribas, Crédit Agricole Corporate , Investment Bank, HSBC Bank plc , J.P. Morgan Securities plc e da altri due market maker selezionati dall'Emittente,più 0.40%.
Grazie in anticipo per le risposte.
tommy271
Forumer storico
Buon giorno a tutti!
Anche io, come voi, sto tenendo d'occhio i bond di petrobras.
Qualche anima pia potrebbe tradurre in formule matematiche le condizioni di call dei bond? (mi riferisco a quelli in euro)
Dal sito del TLX si legge:
L'Emittente ha la facoltà di rimborsare in qualsiasi momento l'ammontare nominale emesso, in tutto o in parte, al prezzo maggiore tra:
- il 100% del valore nominale, e
- la somma dei valori attuali dei pagamenti futuri (cedole rimanenti e rimborso del valore nominale) scontata ad un tasso di interesse pari al rendimento a scadenza offerto da un titolo di stato tedesco, con vita residua a scadenza comparabile (Bund Rate), avente prezzo pari alla media bid ask dei prezzi esposti, il terzo giorno lavorativo precedente la data di rimborso, da BNP Paribas, Crédit Agricole Corporate , Investment Bank, HSBC Bank plc , J.P. Morgan Securities plc e da altri due market maker selezionati dall'Emittente,più 0.40%.
Grazie in anticipo per le risposte.
Compra sotto la parità e ti risparmi i calcoli da fare ...
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