porchetto
la casa non fallisce
mark perchè non ci concentriamo sulle cose che adesso possono essere interessanti?
Obbligazioni societarie Obbligazioni HeidelbergCement AG
- Creatore Discussione Imark
- Data di Inizio
Imark
Forumer storico
E perché no ?
Ce ne sono tante ... Ma tu fai riferimento ad acquisti da fare nel breve su singoli titoli o a comparti da seguire ?
PS: questo è materiale che c'era... renderlo disponibile può tornare comodo...
porchetto
la casa non fallisce
sto sempre alla ricerca di un'allocazione sicura per un certo capitale che non mi richieda troppo sforzo a seguirlo,
questi giorni purtroppo sono malato per questo sto sempre davanti al monitor
come sai il mio mestiere è un'altro ma debbo per forza di cose gestire anche la liquidità, quando c'è per fortuna.
notavo facendo un discorso generale http://www.investireoggi.it/forum/showpost.php?p=726130&postcount=17
forse vale la pena fare un 3d apposito
questi giorni purtroppo sono malato per questo sto sempre davanti al monitor
come sai il mio mestiere è un'altro ma debbo per forza di cose gestire anche la liquidità, quando c'è per fortuna.
notavo facendo un discorso generale http://www.investireoggi.it/forum/showpost.php?p=726130&postcount=17
forse vale la pena fare un 3d apposito
Imark
Forumer storico
Forse sì, perché vale la pena che tu fornisca qualche elemento di valutazione un po' più apprezzabile: ad esempio che genere di durata cerchi (non c'è bisogno di esporre né le tue strategie e neanche il profilo di rischio o la composizione del portafoglio che hai già, ove tu avessi le idee chiare sulle scadenze che gradisci...).
E poi vuoi un corporate solido, un emittente a proprietà pubblica... e quale rendimento auspichi, almeno a spanne ? Se esponi le tue esigenze specifiche in un 3D, ti rispondo lì...
Imark
Forumer storico
La dimensione dei guai cresce anziché ridursi... e i downgrades si susseguono. Siamo già a livelli molto bassi, sulle difficoltà a trovare il bandolo della matassa a fronte della necessità di rifinanziare il debito in scadenza nel 2009 e soprattutto nel 2010. Per S&P, un intervento di sostegno sarebbe necessario anche per evitare la rottura dei covenant ed il default tecnico al giugno del 2009. L'emittente resta in creditwatch negative.
HeidelbergCement Downgraded To 'B+' On Covenant And Refinancing Concerns; Still On Watch Neg
PARIS (Standard & Poor's) Jan. 9, 2009--Standard & Poor's Ratings Services said today that it has lowered its long-term corporate credit rating on Germany-based cement producer HeidelbergCement AG (HC) to 'B+' from 'BB-'. At the same time, we affirmed the 'B' short-term rating.
We also lowered the issue ratings to 'B' from 'B+' on senior unsecured
bonds issued by HC, and subsidiaries HeidelbergCement Finance B.V., Hanson Ltd., and Hanson Australia Funding Ltd. We have maintained the recovery rating of '5' on these bonds, indicating our expectation of modest (10%-30%) recovery in the event of a payment default.
All the ratings remain on CreditWatch with negative implications, where they had been initially placed on Oct. 24, 2008.
"The action reflects our concerns that the financial restructuring we
deem is required to prevent covenant breach at end-June 2009 and to tackle heavy debt maturities by mid-2010 is becoming increasingly urgent and uncertain," said Standard & Poor's credit analyst Xavier Buffon.
Reported financial difficulties at HC's controlling shareholder don't yet
seem to have been resolved for the long term, and could complicate and further delay the process. We are particularly concerned that more tangible steps are not being taken right now at HeidelbergCement to address the situation, thus possibly postponing discussions on, and outcome of, any restructuring plan until even closer to the next critical deadlines, which are the covenant test at end-June 2009 and heavy debt repayments by mid-2010.
"If liquidity further deteriorates, particularly because of working capital issues, or if HC makes no noticeable progress in the coming months toward preventing a covenant breach at midyear and refinancing the large maturities in mid-2010, we could further lower the ratings," said Mr. Buffon.
We could also take a negative rating action if any developments at the controlling shareholder level lead to an impairment of HC's credit standing.
If the group successfully tackles these issues, downward rating pressure would probably be alleviated
HeidelbergCement Downgraded To 'B+' On Covenant And Refinancing Concerns; Still On Watch Neg
PARIS (Standard & Poor's) Jan. 9, 2009--Standard & Poor's Ratings Services said today that it has lowered its long-term corporate credit rating on Germany-based cement producer HeidelbergCement AG (HC) to 'B+' from 'BB-'. At the same time, we affirmed the 'B' short-term rating.
We also lowered the issue ratings to 'B' from 'B+' on senior unsecured
bonds issued by HC, and subsidiaries HeidelbergCement Finance B.V., Hanson Ltd., and Hanson Australia Funding Ltd. We have maintained the recovery rating of '5' on these bonds, indicating our expectation of modest (10%-30%) recovery in the event of a payment default.
All the ratings remain on CreditWatch with negative implications, where they had been initially placed on Oct. 24, 2008.
"The action reflects our concerns that the financial restructuring we
deem is required to prevent covenant breach at end-June 2009 and to tackle heavy debt maturities by mid-2010 is becoming increasingly urgent and uncertain," said Standard & Poor's credit analyst Xavier Buffon.
Reported financial difficulties at HC's controlling shareholder don't yet
seem to have been resolved for the long term, and could complicate and further delay the process. We are particularly concerned that more tangible steps are not being taken right now at HeidelbergCement to address the situation, thus possibly postponing discussions on, and outcome of, any restructuring plan until even closer to the next critical deadlines, which are the covenant test at end-June 2009 and heavy debt repayments by mid-2010.
"If liquidity further deteriorates, particularly because of working capital issues, or if HC makes no noticeable progress in the coming months toward preventing a covenant breach at midyear and refinancing the large maturities in mid-2010, we could further lower the ratings," said Mr. Buffon.
We could also take a negative rating action if any developments at the controlling shareholder level lead to an impairment of HC's credit standing.
If the group successfully tackles these issues, downward rating pressure would probably be alleviated
lorenzo63
Age quod Agis
Holcim pare interessata...
UPDATE 1-HeidelbergCement gains amid rumours of Holcim bid
[SIZE=-1]FRANKFURT/ZURICH, Jan 9 (Reuters) - Shares in Germany's HeidelbergCement (Xetra: 604700 - news) rose over 4 percent on Friday on speculation that Swiss rival Holcim (Virt-X: HOLN.VX - news) may be considering launching a bid.
Both companies declined to comment on speculation, but a spokesman for Holcim said: 'We are always evaluating opportunities if they create value', adding, however, that it was difficult to finance buys in the current environment.
By 1119 GMT, shares in Heidelberg had risen some 3 percent to 34.03 euros, having earlier risen over 4 percent to top German midcaps, while Holcim had fallen some 1 percent to 62.25 Swiss francs.
Traders in Germany and France pointed to vague takeover rumours. One trader, however, said that such a merger would likely run into problems with EU cartel authorities.
Helvea analyst Patrick Appenzeller said it was unlikely that Holcim would buy the whole of HeidelbergCement as it was too big and too risky.
'It is possible that Holcim goes for parts such as the aggregates unit in the United States to strengthen its own position there and to profit from the infrastructure programmes, he said.
Shares in Heidelberg have recently been hit hard by speculation that the Merckle family, which owns 80 percent of the cement maker, might be forced to sell some or all of its holding. [/SIZE]
UPDATE 1-HeidelbergCement gains amid rumours of Holcim bid
[SIZE=-1]FRANKFURT/ZURICH, Jan 9 (Reuters) - Shares in Germany's HeidelbergCement (Xetra: 604700 - news) rose over 4 percent on Friday on speculation that Swiss rival Holcim (Virt-X: HOLN.VX - news) may be considering launching a bid.
Both companies declined to comment on speculation, but a spokesman for Holcim said: 'We are always evaluating opportunities if they create value', adding, however, that it was difficult to finance buys in the current environment.
By 1119 GMT, shares in Heidelberg had risen some 3 percent to 34.03 euros, having earlier risen over 4 percent to top German midcaps, while Holcim had fallen some 1 percent to 62.25 Swiss francs.
Traders in Germany and France pointed to vague takeover rumours. One trader, however, said that such a merger would likely run into problems with EU cartel authorities.
Helvea analyst Patrick Appenzeller said it was unlikely that Holcim would buy the whole of HeidelbergCement as it was too big and too risky.
'It is possible that Holcim goes for parts such as the aggregates unit in the United States to strengthen its own position there and to profit from the infrastructure programmes, he said.
Shares in Heidelberg have recently been hit hard by speculation that the Merckle family, which owns 80 percent of the cement maker, might be forced to sell some or all of its holding. [/SIZE]
Imark
Forumer storico
Immagino che possano essere tentati. Il problema per loro suppongo abbia un duplice profilo: volere farsi carico di un'acquisizione "pesante" perché dentro HC c'è anche Hanson e soprattutto il debito fatto per acquistarla e poi riuscire realmente a contenere il costo dell'acquisizione dismettendo attività doppie o ritenute non strategiche che finirebbero sotto il proprio controllo. Per il primo aspetto, c'è un rischio di grave deterioramento dello stesso profilo finanziario di Holcim, che già di suo non è che abbia un merito di credito stratosfericamente alto. Per il secondo, in questi momenti si vende male, specie in questo comparto...
Imark
Forumer storico
Si concordo Mark: è il motivo per cui l'avevo postato.
Una acquisizione di tal fatta mi ricorda in modo pesante qualche operazione nel mio settore che hai poi generato problemi...Capitoli (11-12 etc.) e ...Capitomboli..
Intanto arrivano voci di interessamento del ramo di Goldman Sachs attivo nel private equity insieme con TGP e Bain...
UPDATE 2-Buyout trio mulls HeidelbergCement stake -sources
javascript:commonPopup('http://lice...marketsNewsUS', 580, 635, 1, 'purchasePopup')
* TPG, Goldman and Bain jointly consider bid -sources
* PAI Partners "an interested observer" -source
* HeidelbergCement shares top MDAX index gainers (Adds second source on Bain, analyst comment, PAI, CDS move, changes dateline)
By Philipp Halstrick and Simon Meads
FRANKFURT/LONDON, Jan 16 (Reuters) - Goldman Sachs and U.S. private equity firms TPG and Bain Capital are considering jointly buying a stake in HeidelbergCement, two sources familiar with the matter said on Friday.
HeidelbergCement, the world's fourth-biggest cement maker, declined to comment.
The company is controlled by the family of German billionaire Adolf Merckle who committed suicide earlier this month. The Merckle group of companies has been forced to put up financial assets as collateral for bank loans they are getting to help refinance.
Goldman Sachs and TPG also declined to comment. Bain was not immediately available.
HeidelbergCement was the top riser on Germany's mid-cap index, after an earlier report in the Wall Street Journal that Goldman's buyout arm, possibly in partnership with TPG, was considering a bid.
Shares in the company were up 9.7 percent at 31.6 euros at 1717 GMT, after having slid 15.5 percent during the week on market speculation the company may issue new shares to shore up its balance sheet.
"HeidelbergCement is highly cash-generative so it's an interesting business model for private equity," said an analyst who declined to be named, adding that the company's rivals would also be interested in taking the opportunity to study its books.
He added he expects the company's banks to increase pressure on the Merckle family to sell a stake in the business and said they may push for the entire stake of more than 80 percent to be divested.
HeidelbergCement said late on Tuesday it planned to bolster its capital base and restructure its large debt load.
A source familiar with HeidelbergCement's situation said the company saw one or more investors taking a stake in the firm as one possible option to strengthen its equity base but that the thinking was at an early stage.
The company had net debt of 12.29 billion euros at the end of September, down from 14.61 billion at the end of 2007, but up from just 3.08 billion at the end of 2006.
French private equity firm PAI Partners declined to comment on the WSJ article, which said it was considering a separate investment. But a source close to PAI said it was an "interested observer" of the situation.
In the credit derivatives market, the cost of insuring HeidelbergCement's debt against default fell slightly but remained at "upfront" levels, at which buyers of credit default swaps have to make a large down-payment.
Five-year CDS on HeidelbergCement tightened to about 43.25 percent upfront from 46 percent, according to Markit data. That means it costs 4.325 million euros upfront and 500,000 annually to protect 10 million of debt against default.
(Additional reporting Christoph Steitz and Sarah Marsh in Frankfurt, Hendrik Sackmann in Stuttgart; editing by Simon Jessop and Erica Billingham)
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