Obbligazioni societarie Obbligazioni HeidelbergCement AG

[Imark]

L'operazione sembra fatta più che altro per consentire alle banche, quando un default dovesse arrivare, di giovarsi di una possibilità di soddisfarsi sugli asset tagliando fuori i bondholders. Nel mentre, guadagna tempo - forse più a loro che non alla stessa HC - utile per spostare in avanti probabili perdite generate da un default.

Moody's ha provveduto ad abbattere il rating dei bond di HC e delle sue sussidiarie proprio perché questa operazione vanifica in sostanza le aspettative di recovery degli obbligazionisti senza spostare un granché in termini di maggiori chances per HC di evitare un default.

L'avviso resta ovviamente quello di lasciar perdere i bond di HC: anche a volerli valutare come opportunità di trading speculativo, qui si rischia di farsi male...

Il commento alla rating action.

[FONT=verdana,arial,helvetica]Moody's confirms HeidelbergCement's B1 rating; outlook negative[/FONT]

[FONT=verdana,arial,helvetica]Approximately EUR 3.3 billion of debt instruments affected [/FONT]

[FONT=verdana,arial,helvetica]Frankfurt, June 19, 2009 -- Moody's has today confirmed HeidelbergCement's B1 corporate family rating and assigned a negative outlook. At the same time the ratings of all bonds outstanding at HeidelbergCement and its subsidiaries have been downgraded to B3.[/FONT]

[FONT=verdana,arial,helvetica]This rating action concludes the rating review which had been initiated on 09 February 2009.[/FONT]

[FONT=verdana,arial,helvetica]The rating action was prompted by HC's successful refinancing of its bank debt. The new agreement includes clauses which place bondholders structurally behind the bank lenders, therefore Moody's implemented a two notch difference between the corporate family rating and the bond rating, according to its Loss Given Default methodology. [/FONT]

[FONT=verdana,arial,helvetica]In Moody's opinion HeidelbergCement continues to be well placed to be a key player in its industry with a good competitive position going forward due to (i) the company's solid business profile, based on the company's favourable geographic diversification and its strong market positions in many of its markets, and (ii) the expectation that HeidelbergCement will generate positive free cash flows -- albeit at relatively small amounts - in the current financial year - which could be used to reduce debt despite the weak economic environment without the need of additional financing and (iii) a high likelihood of much stronger free cash flow generation when the economy turns around.[/FONT]

[FONT=verdana,arial,helvetica]"At the same time we note that the company is likely to carry a heavy debt burden for some time, absent of material disposals, leaving its management to navigate through potential challenging scenarios in a protracted economic downturn." said Matthias Hellstern, Moody's lead analyst for HeidelbergCement. The now agreed new loan facility provides HeidelbergCement with some breathing time to work on the deleveraging of its balance sheet, but in Moody's opinion does not solve the issue of a debt load which is very high given the weakness in its industry. Also though recognizing that the refinancing provides some breathing time to the company, the debt profile remain bulky and it may remain challenging for the company to refinance its debt upon the new maturity.[/FONT]

[FONT=verdana,arial,helvetica]At this time the ability of HC to attract sizeable new equity also appears limited in the agency's opinion while pressured assets value prevailing in the markets are not conducive to significant divestments and therefore the weak capital structure could persist for a while.[/FONT]

[FONT=verdana,arial,helvetica]The negative outlook reflects the risk of a further weakening in the company's debt / EBITDA ratios beyond a level of around 6.0x per year end which would put pressure on the rating. The negative outlook also takes into account that the newly agreed level of financial covenants in the new credit agreement -- though set at a level that provides material more headroom than currently -- are likely to remain a constraint, especially if the environment remains as weak as it is currently or is further deteriorating.[/FONT]

[FONT=verdana,arial,helvetica]Downgrades: [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: Hanson Australia Funding Limited [/FONT]
[FONT=verdana,arial,helvetica]....Senior Unsecured Regular Bond/Debenture, Downgraded to a range of B3, LGD5, 89% from a range of B1, LGD4, 53% [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: Hanson Building Materials Limited [/FONT]
[FONT=verdana,arial,helvetica]....Senior Unsecured Regular Bond/Debenture, Downgraded to a range of B3, LGD5, 89% from a range of B1, LGD4, 53% [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: Hanson Limited [/FONT]
[FONT=verdana,arial,helvetica]....Senior Unsecured Regular Bond/Debenture, Downgraded to a range of B3, LGD5, 89% from a range of B1, LGD4, 53% [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: HeidelbergCement AG [/FONT]
[FONT=verdana,arial,helvetica]....Senior Unsecured Medium-Term Note Program, Downgraded to B3 from B1 [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: Heidelbergcement Finance B.V. [/FONT]
[FONT=verdana,arial,helvetica]....Senior Unsecured Medium-Term Note Program, Downgraded to B3 from B1 [/FONT]
[FONT=verdana,arial,helvetica]....Senior Unsecured Regular Bond/Debenture, Downgraded to a range of B3, LGD5, 89% from a range of B1, LGD4, 53% [/FONT]
[FONT=verdana,arial,helvetica]Outlook Actions: [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: Hanson Australia Funding Limited [/FONT]
[FONT=verdana,arial,helvetica]....Outlook, Changed To Negative From Rating Under Review [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: Hanson Building Materials Limited [/FONT]
[FONT=verdana,arial,helvetica]....Outlook, Changed To Negative From Rating Under Review [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: Hanson Limited [/FONT]
[FONT=verdana,arial,helvetica]....Outlook, Changed To Negative From Rating Under Review [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: HeidelbergCement AG [/FONT]
[FONT=verdana,arial,helvetica]....Outlook, Changed To Negative From Rating Under Review [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: Heidelbergcement Finance B.V. [/FONT]
[FONT=verdana,arial,helvetica]....Outlook, Changed To Negative From Rating Under Review [/FONT]
[FONT=verdana,arial,helvetica]Confirmations: [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: HeidelbergCement AG [/FONT]
[FONT=verdana,arial,helvetica]....Probability of Default Rating, Confirmed at B1 [/FONT]
[FONT=verdana,arial,helvetica]....Corporate Family Rating, Confirmed at B1[/FONT]

[FONT=verdana,arial,helvetica]....[/FONT]

[FONT=verdana,arial,helvetica]Moody's last rating action on HeidelbergCement on 09 February 2009 was to downgrade the company's ratings to B1 and place the rating on review for possible downgrade.[/FONT]

[FONT=verdana,arial,helvetica]HeidelbergCement AG is the world's third-largest cement producer. HC generated sales of EUR13.5 billion per last 12 months (March 2009). With the acquisition of UK building materials producer Hanson plc in mid-2007, HC is now the world's largest producer of aggregates with an annual output in 2007 of 334 mt, and the second-largest producer of ready-mixed concrete with an output of 46 million cubic meters, behind Cemex[/FONT]

 

[Imark]

Lascio qui anche questo articolo che dà conto del tentativo di HC di effettuare alcune dismissioni onde tentare di ridurre l'indebitamento con i proventi delle stesse.

Un percorso obbligato ma di non facile realizzazione, considerato peraltro che gli asset più consistenti sono quelli portati in dote con l'acquisizione di Hanson e le altre fatte precedentemente durante la bolla di liquidità, la cui cessione oggi genererebbe probabilmente minusvalenze.

HeidelbergCement wins $12 bln debt lifeline

• Reuters, Thursday June 18 2009

* New loans run through December 2011
* Gets more lenient covenants for 400 bp spread-sources
* Company continues to pursue divestments of non-core units
* Holcim says focusing on recent acquisition, capex
* HeidelbergCement shares surge 18 percent
(Adds spread, quote from banker, analyst comment)
By Ludwig Burger and Tessa Walsh

FRANKFURT/LONDON, June 18 (Reuters) - Debt-laden German cement maker HeidelbergCement, whose woes helped drive billionaire owner Adolf Merckle to suicide, has won a $12 billion lifeline from creditor banks.
The accord with more than 50 lenders restructures 8.7 billion euros ($12.1 billion) in loans, giving the world's fourth-largest cement group until the end of 2011 to sell assets and cut costs to overhaul its strained finances.

"This gives them air to breathe. They will now do everything they can to reduce dependence on banks," said Marc Gabriel, an analyst with Bankhaus Lampe. "They are now in calmer waters and don't have to resort fo fire sales of assets."

Two bankers close to the deal had told Reuters on Wednesday that lenders to HeidelbergCement were set to approve the loan restructuring plan.

The company, burdened with debt from the takeover of British rival Hanson, was initially due to redeem close to 6 billion euros of loans in mid-2010.

"It has gone well and has all gone through. We have saved HeidelbergCement," a banker close to the deal said.
HeidelbergCement said it was "now in a good position to examine other options to strengthen its balance sheet".

In addition to the debt talks, the company had previously said it was looking for outside equity investors to inject fresh funds, with sources putting a possible investment at 2-3 billion euros. A spokeswoman declined to comment on the progress on Thursday.

Its shares jumped 16.1 percent to 30.76 euros by 1200 GMT, while Germany's midcap index was down 0.6 percent.

The banks gave HeidelbergCement more lenient covenants given the global slump in demand for building materials, it said.

That came at a price of 400 basis points over standard Euribor interest rates, up from as much as 65 points previously, financial sources told Reuters.

HeidelbergCement said it would now continue to pursue divesting non-strategic businesses -- which it had previously defined as units outside the production of cement, gravel and concrete -- over the next two to three years.

Last week HeidelbergCement raised about $310 million by cutting its stake in Indonesia's PT Indocement Tunggal Prakarsa to around 51 percent, sources with knowledge of the deal told Reuters.


CONCRETE STEPS

Consolidation in the stricken building materials market is in full swing.
Larger rival Holcim, based in Switzerland, this week said it would tap its shareholders for around $1.9 billion of fresh funds to buy the Australian business of debt-laden Mexican rival Cemex.

When asked about potential interest in HeidelbergCement units, spokesman Peter Gysel said Holcim was focusing on that acquisition as well as on investments into its cement capacity.

HeidelbergCement is part of the heavily indebted empire built up by Merckle, who threw himself in front of a train in January after being forced to cede control of his conglomerate to lenders, having racked up huge trading losses.

His oldest son, Ludwig Merckle, inherited the main holdings, which -- apart from a majority stake in HeidelbergCement -- include VEM, the parent company of generic-drug maker Ratiopharm and drugs distributor Phoenix Pharmahandel.

The lifeline to HeidelbergCement comes a week after creditor banks extended a debt moratorium it had granted to VEM until the end of 2010, giving it time sell Ratiopharm and, depending on how much it can fetch, possibly Phoenix as well.

The Merckle family had repeatedly funded capital increases at the cement maker in the wake of the Hanson takeover, but the cash injections had been highly leveraged by Merckle, contributing to his woes.
The HeidelbergCement refinancing is being arranged by Deutsche Bank and Royal Bank of Scotland, along with Nordea and Commerzbank, while Morgan Stanley is advising the company, bankers had told Reuters. ($1=0.7165 euro) (Editing by Simon Jessop)

 

[Dupondius]

2,5 miliardi in cascina...

 

[samantaao]

2,5 miliardi in cascina...

come la vedete?
la 2014 non sembra malvagia, sempre che poi si riesca a prendere

 

[lorenzo63]

come la vedete?
la 2014 non sembra malvagia, sempre che poi si riesca a prendere

Mah: a parte che nn mi sembra navighi in acque serenissime, a mio avviso si deve valutare quale potrebbe essere l' impatto sulla produzione cementiera con la introduzione delle linee guida circa la concessione dei mutui stilata da Europarlamento che sembra in dirittura di arrivo e che prevederebbe la concessione max del 40% della somma ancorchè il vecchio 80%.
Qui Porchetto dal suo osservatorio privilegiato potrebbe darci (+/-) una dritta circa l'ammontare medio % del mutuo in rapporto alla cifra richiesta in acquisizione ....

 

[ginopelo]

ammetto di averla seguita poco ma l'avrei reputata interessante solo se avesse superato il 10% a 5 anni e molto di più sul decennale

 

[Imark]

Con i soldi dei bond ripagano intanto il debito bancario che scade prima anche del primo bond... perdete un po' di tempo a leggervi la storia...

E' vero che guadagnano tempo, ma la situazione resta piuttosto critica...

La seconda emissione HY per dimensioni del 2009 dopo quella di Wind.

Credit Is ‘King’ as HeidelbergCement’s High-Yield Bonds Soar

By Caroline Hyde

Oct. 15 (Bloomberg) -- HeidelbergCement AG’s 2.5 billion euros ($3.7 billion) of new bonds surged as investors rushed to take part in the year’s biggest sale of junk bonds in the European currency.

The German cement maker’s 8.5 percent 10-year notes jumped to 103.4 cents on the euro from yesterday’s issue price of 96.7 cents, according to Royal Bank of Scotland Group Plc prices on Bloomberg. The securities’ extra yield, or spread, over German government debt narrowed 19 percent to 4.7 percentage points. Bond yields move inversely to prices.

“Credit is king again,” said Suki Mann, a strategist at Societe Generale SA in London. “Investors are clamoring to get invested into corporate bonds, and the 10-year HeidelbergCement bond is the pick of the bunch.”

Investors are snapping up riskier assets amid shrinking yields on investment-grade securities. The spread on high-grade company debt has tightened more than 280 basis points in the past six months to 180, the smallest gap since July 2008, Merrill Lynch & Co. indexes show. High-yield notes yield 892 basis points over benchmarks, down from 2,291 in March. A basis point is 0.01 percentage point.

“Tighter spreads mean lower-rated credit is needed to garner the required returns, hence the stellar bid for more challenging names,” said SocGen’s Mann.

HeidelbergCement boosted borrowing in 2007 when it paid $12 billion for building supplies company Hanson Ltd., after which a construction slowdown and wrong-way bets on Volkswagen AG shares by the cement maker’s owners, the Merckle family, left the company struggling with repayments.

Sale Doubles

The Heidelberg-based firm yesterday raised more than double the amount it initially sought in the sale of five-, seven- and 10-year notes.
The yield spread on HeidelbergCement’s 1 billion euros of 2014 bonds tightened 51 basis points to 499, RBS prices show. The spread on the company’s 1 billion euros of notes due 2017 narrowed 62 basis points to 503.

The German company’s sale is the second-largest junk-rated debt sale overall this year in Europe. Wind Telecomunicazioni SpA, Italy’s third-largest mobile-phone company, in July issued $3.8 billion of notes in euros and dollars, the biggest sale of its kind since 2006.

Investors bought more than $22 billion of junk bonds since July, up from $4.9 billion in the first six months of the year, Bloomberg data show.
High-yield debt is rated below Baa3 by Moody’s Investors Service and BBB- by Standard & Poor’s and Fitch Ratings.

HeidelbergCement is rated B1 by Moody’s, four levels below investment-grade status, and two grades lower at B- by S&P. Fitch ranks the cement maker at CCC, its fourth-lowest grade.

 

[lorenzo63]

infatti.
inoltre: ammesso che sia ancora cosi' ( e ne dubito fortemente) ne "Le Obbligazioni" di Liera ,11/2005, B corrisponde a 55,95% di prob di default entro 15 anni.. ma ripeto temo che la cosa ora sia peggiorata e molto, ovvero default in tempi ben piu' brevi.(cercato ma nn l' ho trovato ora a cosa corrisponde.)
in altre parole nn esistono pasti gratis.

 

[porchetto]

Mah: a parte che nn mi sembra navighi in acque serenissime, a mio avviso si deve valutare quale potrebbe essere l' impatto sulla produzione cementiera con la introduzione delle linee guida circa la concessione dei mutui stilata da Europarlamento che sembra in dirittura di arrivo e che prevederebbe la concessione max del 40% della somma ancorchè il vecchio 80%.
Qui Porchetto dal suo osservatorio privilegiato potrebbe darci (+/-) una dritta circa l'ammontare medio % del mutuo in rapporto alla cifra richiesta in acquisizione ....

fino a tre anni fa si vendeva a cani e porci, il massimo che ho visto è stato il 120% di finanziamento,
se passa quella legge sciagurata si venderà solo nel segmento medio alto dove si vendeva sempre per contanti non so se passerà dopo tanti sforsi per rilanciare l'economia iniezioni e supposte di liquidità castrano il mercato immobiliare

ne ho parlato qui Mutui fino al 40% - Pagina 33 - Forum di Finanzaonline.com

è un 3d che finisce sempre in cazzeg... ma alcuni spunti possono essere interessanti
Mutui fino al 40% - Pagina 31 - Forum di Finanzaonline.com

 

[samantaao]

grazie a tutti per x le vostre osservazioni!!
thanks