Obbligazioni societarie Obbligazioni Oil & Gas
- Creatore Discussione Hopa
- Data di Inizio
Imark
Forumer storico
Infatti, e francamente non si capisce il perché, anche in virtù del fatto che quei prezzi su OnVista sono prezzi civetta... nel senso che il bond non scambia mai sui mercati tedeschi retail. Il prezzo reale è quello ICMA...
samantaao
Forumer storico
1
aggiornamento
su tutto il comparto si registra un leggero calo sulle scadenze superiori ad un anno
nulla di rilevante per questa settimana
fonte ICMA sono i prezzi dei seguenti: Chesapeake 2017; Eni 2010 e 2013; Gaz Capital 2010; MOL 2015; Repsol 2010;Total 10/2010, 2011, 2017. Di fonte Bloomberg dello StatOil 2011 (grazie a Mark).
Di
aggiornamento
su tutto il comparto si registra un leggero calo sulle scadenze superiori ad un anno
nulla di rilevante per questa settimana
fonte ICMA sono i prezzi dei seguenti: Chesapeake 2017; Eni 2010 e 2013; Gaz Capital 2010; MOL 2015; Repsol 2010;Total 10/2010, 2011, 2017. Di fonte Bloomberg dello StatOil 2011 (grazie a Mark).
Imark
Forumer storico
Si era visto all'apertura del 3D come, fra i rating drivers delle oil companies dei paesi emergenti, vi fosse lo stretto legame con il rating dello Stato sovrano azionista di controllo, stante il rapporto strettissimo che vede queste società generare a favore dello Stato flussi di cassa molto importanti (attraverso la elevata tassazione esercitata sui loro profitti) ma al contempo lo Stato in posizione di fornire supporto, se e quando necessario, alla oil company.
E' per tale ragione che Gazprom, pur avendo un rating stand alone che per Moody's è Ba1, vede un uplift dovuto alle attese di supporto da parte dello Stato russo, soltanto che una serie di fattori, secondo l'agenzia, concorre a riconosce a tale supporto atteso un minore valore che in passato, principalmente a causa della difficile situazione macroeconomica della Russia, che ha un debito pubblico molto contenuto, ma un debito privato elevato ed un settore privato assolutamente dipendente dai capitali esteri per il funding, che si trova oggi ad essere soccorso dallo Stato almeno nei propri comparti di rilevanza "sistemica" (principalmente quello bancario).
[FONT=verdana,arial,helvetica]Moody's downgrades Gazprom's ratings to Baa1; Outlook Stable[/FONT]
[FONT=verdana,arial,helvetica]Moscow, April 03, 2009 -- Moody's Investors Service has today downgraded the senior unsecured issuer and debt ratings of OJSC Gazprom ("Gazprom" or "the company"), the Russian integrated gas company majority owned by the Russian state, to Baa1 from A3. The outlook on the ratings is stable. [/FONT]
[FONT=verdana,arial,helvetica]The downgrade of Gazprom reflects Moody's view that the economic drivers of the financial profiles of Gazprom and the Russian state are strongly correlated. In particular, movements in oil and gas prices and changes in the health of the Russian economy are factors similarly impacting the fortunes of both parties. [/FONT]
[FONT=verdana,arial,helvetica]As a result, Moody's is reflecting in Gazprom's rating the fact that the circumstances that might lead to transitions in the risk profile of Gazprom are the same factors that would place strains on, or positively impact, the Russian state's finances. Moody's therefore no longer believes it is appropriate to assign a rating to Gazprom higher than that of the Russian Federation's rating of Baa1. [/FONT]
[FONT=verdana,arial,helvetica]Today's rating action does not reflect any changes in our view of Gazprom's stand-alone credit risk profile, equivalent to a Ba1, or our assessment of the high degree of support Moody's assumes the Russian state would provide if necessary to Gazprom given its strategic importance to the state which explains the uplift assigned to the final rating. [/FONT]
[FONT=verdana,arial,helvetica]Moody's furthermore notes that the agency continues to factor into Gazprom's stand-alone risk profile the potential impact of providing support to Gazprombank notwithstanding the earlier decision by Gazprom to deconsolidate the bank. Gazprom's stand-alone profile takes into account the inherent strength of the company's business, leading market positions and financial wherewithal tempered by other factors including support for the lower rated bank as well as other challenges associated with operating in Russia. (For additional information on Moody's rating rationales in assigning Gazprom's rating and that of Gazprombank, please refer to the Credit Opinions on Moodys.com.) [/FONT]
[FONT=verdana,arial,helvetica]The stable outlook reflects that of the Russian Federation, as, given the high support assumption, Gazprom's ratings remain sensitive to changes in sovereign credit quality. A one-notch change in the sovereign rating would result in a commensurate change in the company's ratings, assuming no other changes to the other rating factors. Similarly, a material change in the state support assumption for the company would also negatively impact Gazprom's ratings. [/FONT]
[FONT=verdana,arial,helvetica]Moody's previous rating action on Gazprom was on 15 December 2008, when the agency changed the outlook on Gazprom's ratings to stable from positive reflecting the change in the outlook on the Baa1 rating of the Russian Federation to stable from positive. [/FONT]
[FONT=verdana,arial,helvetica]Gazprom headquartered in Moscow, Russia, is the world's largest integrated gas company focused on the production, refining and transportation of Russian gas to both domestic, Commonwealth of Independent States (CIS), Baltic and European markets. It also owns and operates the Unified Gas Supply System (UGSS) in Russia, which is the largest gas transportation, storage and processing system in the world, comprising of nearly 158,500 kilometers of high-pressure trunk pipelines and 25 underground gas storage facilities and is the leading exporter of gas to Western Europe[/FONT]
E' per tale ragione che Gazprom, pur avendo un rating stand alone che per Moody's è Ba1, vede un uplift dovuto alle attese di supporto da parte dello Stato russo, soltanto che una serie di fattori, secondo l'agenzia, concorre a riconosce a tale supporto atteso un minore valore che in passato, principalmente a causa della difficile situazione macroeconomica della Russia, che ha un debito pubblico molto contenuto, ma un debito privato elevato ed un settore privato assolutamente dipendente dai capitali esteri per il funding, che si trova oggi ad essere soccorso dallo Stato almeno nei propri comparti di rilevanza "sistemica" (principalmente quello bancario).
[FONT=verdana,arial,helvetica]Moody's downgrades Gazprom's ratings to Baa1; Outlook Stable[/FONT]
[FONT=verdana,arial,helvetica]Moscow, April 03, 2009 -- Moody's Investors Service has today downgraded the senior unsecured issuer and debt ratings of OJSC Gazprom ("Gazprom" or "the company"), the Russian integrated gas company majority owned by the Russian state, to Baa1 from A3. The outlook on the ratings is stable. [/FONT]
[FONT=verdana,arial,helvetica]The downgrade of Gazprom reflects Moody's view that the economic drivers of the financial profiles of Gazprom and the Russian state are strongly correlated. In particular, movements in oil and gas prices and changes in the health of the Russian economy are factors similarly impacting the fortunes of both parties. [/FONT]
[FONT=verdana,arial,helvetica]As a result, Moody's is reflecting in Gazprom's rating the fact that the circumstances that might lead to transitions in the risk profile of Gazprom are the same factors that would place strains on, or positively impact, the Russian state's finances. Moody's therefore no longer believes it is appropriate to assign a rating to Gazprom higher than that of the Russian Federation's rating of Baa1. [/FONT]
[FONT=verdana,arial,helvetica]Today's rating action does not reflect any changes in our view of Gazprom's stand-alone credit risk profile, equivalent to a Ba1, or our assessment of the high degree of support Moody's assumes the Russian state would provide if necessary to Gazprom given its strategic importance to the state which explains the uplift assigned to the final rating. [/FONT]
[FONT=verdana,arial,helvetica]Moody's furthermore notes that the agency continues to factor into Gazprom's stand-alone risk profile the potential impact of providing support to Gazprombank notwithstanding the earlier decision by Gazprom to deconsolidate the bank. Gazprom's stand-alone profile takes into account the inherent strength of the company's business, leading market positions and financial wherewithal tempered by other factors including support for the lower rated bank as well as other challenges associated with operating in Russia. (For additional information on Moody's rating rationales in assigning Gazprom's rating and that of Gazprombank, please refer to the Credit Opinions on Moodys.com.) [/FONT]
[FONT=verdana,arial,helvetica]The stable outlook reflects that of the Russian Federation, as, given the high support assumption, Gazprom's ratings remain sensitive to changes in sovereign credit quality. A one-notch change in the sovereign rating would result in a commensurate change in the company's ratings, assuming no other changes to the other rating factors. Similarly, a material change in the state support assumption for the company would also negatively impact Gazprom's ratings. [/FONT]
[FONT=verdana,arial,helvetica]Moody's previous rating action on Gazprom was on 15 December 2008, when the agency changed the outlook on Gazprom's ratings to stable from positive reflecting the change in the outlook on the Baa1 rating of the Russian Federation to stable from positive. [/FONT]
[FONT=verdana,arial,helvetica]Gazprom headquartered in Moscow, Russia, is the world's largest integrated gas company focused on the production, refining and transportation of Russian gas to both domestic, Commonwealth of Independent States (CIS), Baltic and European markets. It also owns and operates the Unified Gas Supply System (UGSS) in Russia, which is the largest gas transportation, storage and processing system in the world, comprising of nearly 158,500 kilometers of high-pressure trunk pipelines and 25 underground gas storage facilities and is the leading exporter of gas to Western Europe[/FONT]
Ultima modifica:
Imark
Forumer storico
Esordio di Gazprom in CHF ... 400 mln CHF al 9% a due anni 
eek: 
). Il mercato degli eurobonds era di fatto chiuso a nuove emissioni di issuers russi a partire dalla seconda metà del 2008.
[FONT=verdana,arial,helvetica]Moody's assigns (P)Baa1 rating to Gazprom's Notes issue; stable outlook[/FONT]
[FONT=verdana,arial,helvetica]Moscow, April 07, 2009 -- Moody's Investors Service has today assigned a provisional rating of (P)Baa1 to the proposed 19th tranche of the Loan Participation Notes issue to be launched by Gaz Capital S.A., a finance vehicle of OJSC Gazprom (Gazprom or the company). The issue for the total amount of CHF400 million (approximately USD350 million), will be priced at 9% p.a. and will have a two-year maturity -- to match the market demand achieving the optimal cost-to-size ratio. The rating outlook on the Notes is stable. [/FONT]
[FONT=verdana,arial,helvetica]Moody's highlights that the issue is Gazprom's debut placement in Swiss francs designated for Swiss investors. It is also a new opportunity for Russian issuers, for whom the Eurobond market has effectively been closed since the second half of 2008. [/FONT]
[FONT=verdana,arial,helvetica]Moody's states that the Notes issue will be executed as part of the framework of the USD30 billion Loan Participation Notes Programme. The proceeds from the issue will be on-lent by Gaz Capital S.A. to Gazprom, thus the Noteholders are relying solely on Gazprom's credit quality to service and repay the debt. The obligation of Gazprom will rank senior unsecured and will rank pari passu with other senior unsecured obligations of the company. The funds will be used by Gazprom for general corporate purposes. [/FONT]
[FONT=verdana,arial,helvetica]Upon a conclusive review of the transaction and associated documentation, Moody's will assign a definitive rating to the Notes issue. A definitive rating may differ from a provisional rating. [/FONT]
[FONT=verdana,arial,helvetica]Based on Gazprom's robust 3Q 2008 results and Moody's current expectations of the group's future operating performance and cash flow generation, the agency believes that Gazprom enjoys sufficient headroom and financial flexibility to accommodate the additional debt within the current (P)Baa1 rating. [/FONT]
[FONT=verdana,arial,helvetica]Moody's regards Gazprom as a government-related issuer (GRI) and thus ratings incorporate uplift from Gazprom's Baseline Credit Assessment (BCA) of 11 (on a scale of 1 to 21 and equivalent to Ba1 rating) accounting for Moody's assessment of high implied state support and the company's medium dependence. Moody's rates Gazprom BCA in accordance with its Global Integrated Oil & Gas methodology. [/FONT]
[FONT=verdana,arial,helvetica]Moody's previous rating action on Gazprom was on 3 April 2009, when the agency downgraded the company's ratings to Baa1 from A3, with a stable outlook, reflecting the increased correlation between the economic drivers of the financial profiles of Gazprom and the Russian state. [/FONT]
[FONT=verdana,arial,helvetica]Headquartered in Moscow, Russia, OJSC Gazprom is the world's largest gas company. It also owns and operates the world's largest gas transmission pipeline (ca. 158,200km), and is the leading exporter of gas to Western Europe[/FONT]
eek: ). Il mercato degli eurobonds era di fatto chiuso a nuove emissioni di issuers russi a partire dalla seconda metà del 2008.[FONT=verdana,arial,helvetica]Moody's assigns (P)Baa1 rating to Gazprom's Notes issue; stable outlook[/FONT]
[FONT=verdana,arial,helvetica]Moscow, April 07, 2009 -- Moody's Investors Service has today assigned a provisional rating of (P)Baa1 to the proposed 19th tranche of the Loan Participation Notes issue to be launched by Gaz Capital S.A., a finance vehicle of OJSC Gazprom (Gazprom or the company). The issue for the total amount of CHF400 million (approximately USD350 million), will be priced at 9% p.a. and will have a two-year maturity -- to match the market demand achieving the optimal cost-to-size ratio. The rating outlook on the Notes is stable. [/FONT]
[FONT=verdana,arial,helvetica]Moody's highlights that the issue is Gazprom's debut placement in Swiss francs designated for Swiss investors. It is also a new opportunity for Russian issuers, for whom the Eurobond market has effectively been closed since the second half of 2008. [/FONT]
[FONT=verdana,arial,helvetica]Moody's states that the Notes issue will be executed as part of the framework of the USD30 billion Loan Participation Notes Programme. The proceeds from the issue will be on-lent by Gaz Capital S.A. to Gazprom, thus the Noteholders are relying solely on Gazprom's credit quality to service and repay the debt. The obligation of Gazprom will rank senior unsecured and will rank pari passu with other senior unsecured obligations of the company. The funds will be used by Gazprom for general corporate purposes. [/FONT]
[FONT=verdana,arial,helvetica]Upon a conclusive review of the transaction and associated documentation, Moody's will assign a definitive rating to the Notes issue. A definitive rating may differ from a provisional rating. [/FONT]
[FONT=verdana,arial,helvetica]Based on Gazprom's robust 3Q 2008 results and Moody's current expectations of the group's future operating performance and cash flow generation, the agency believes that Gazprom enjoys sufficient headroom and financial flexibility to accommodate the additional debt within the current (P)Baa1 rating. [/FONT]
[FONT=verdana,arial,helvetica]Moody's regards Gazprom as a government-related issuer (GRI) and thus ratings incorporate uplift from Gazprom's Baseline Credit Assessment (BCA) of 11 (on a scale of 1 to 21 and equivalent to Ba1 rating) accounting for Moody's assessment of high implied state support and the company's medium dependence. Moody's rates Gazprom BCA in accordance with its Global Integrated Oil & Gas methodology. [/FONT]
[FONT=verdana,arial,helvetica]Moody's previous rating action on Gazprom was on 3 April 2009, when the agency downgraded the company's ratings to Baa1 from A3, with a stable outlook, reflecting the increased correlation between the economic drivers of the financial profiles of Gazprom and the Russian state. [/FONT]
[FONT=verdana,arial,helvetica]Headquartered in Moscow, Russia, OJSC Gazprom is the world's largest gas company. It also owns and operates the world's largest gas transmission pipeline (ca. 158,200km), and is the leading exporter of gas to Western Europe[/FONT]
Imark
Forumer storico
Consistenti vendite di bond in pesos sul mercato interno ed in valuta sui mercati internazionali per Pemex, e significativo è il programma di emissioni complessivo della società, impegnata a raccogliere 70 mld in MXN sul mercato locale nei prossimi 5 anni e 10,5 mld $ sui mercati quest'anno per finanziare il suo programma di investimenti volto a rilanciare la produzione petrolifera, in forte declino, in un contesto in cui le risorse disponibili sono venute a ridursi a causa del drastico calo dei prezzi petroliferi.
Per ora le emissioni stanno riscuotendo un buon successo.
Pemex Sells 10 Billion Pesos of Floating, Fixed Bonds (Update1)
By Valerie Rota and Andres R. Martinez
April 1 (Bloomberg) -- Petroleos Mexicanos, the nation’s state-run oil monopoly, sold 10 billion pesos ($719.4 million) of floating-rate and fixed-rate bonds in Mexico as it seeks to finance its largest capital budget ever.
Pemex, as the Mexico City-based company is known, sold 6 billion pesos of three-year bonds to yield 1 percentage point over the 28-day TIIE rate and 4 billion pesos of seven-year bonds to yield 9.15 percent, according to a statement from the stock exchange.
Pemex registered in February to sell 70 billion pesos of bonds during the next five years in the local market. The company plans to raise $10.5 billion this year by issuing local and international bonds and taking loans from commercial banks to pay for its $19.5 billion capital spending budget.
Pemex needs the cash to make up for a drop in revenue as output declines at the fastest rate since 1942 and after prices for oil sank 67 percent from a record $147.27 a barrel in July.
The sale was oversubscribed by more than two times the 10 billion pesos that were offered, Pemex said in an e-mailed statement.
“The success of this operation sends a positive message to the local debt market amid high volatility,” the company said.
Pemex sold $2 billion of 10-year notes at 8.25 percent in January to “test the waters,” Chief Executive Officer Jesus Reyes Heroles said in January. The bonds sold at more than 200 basis points above notes sold by Mexico in December.
Citigroup Inc.’s Banamex unit, HSBC Holdings Plc’s local unit and Banco Santander SA’s local unit managed the sale. Standard & Poor’s rated the bonds MXAAA, the highest level on the local scale.
Per ora le emissioni stanno riscuotendo un buon successo.
Pemex Sells 10 Billion Pesos of Floating, Fixed Bonds (Update1)
By Valerie Rota and Andres R. Martinez
April 1 (Bloomberg) -- Petroleos Mexicanos, the nation’s state-run oil monopoly, sold 10 billion pesos ($719.4 million) of floating-rate and fixed-rate bonds in Mexico as it seeks to finance its largest capital budget ever.
Pemex, as the Mexico City-based company is known, sold 6 billion pesos of three-year bonds to yield 1 percentage point over the 28-day TIIE rate and 4 billion pesos of seven-year bonds to yield 9.15 percent, according to a statement from the stock exchange.
Pemex registered in February to sell 70 billion pesos of bonds during the next five years in the local market. The company plans to raise $10.5 billion this year by issuing local and international bonds and taking loans from commercial banks to pay for its $19.5 billion capital spending budget.
Pemex needs the cash to make up for a drop in revenue as output declines at the fastest rate since 1942 and after prices for oil sank 67 percent from a record $147.27 a barrel in July.
The sale was oversubscribed by more than two times the 10 billion pesos that were offered, Pemex said in an e-mailed statement.
“The success of this operation sends a positive message to the local debt market amid high volatility,” the company said.
Pemex sold $2 billion of 10-year notes at 8.25 percent in January to “test the waters,” Chief Executive Officer Jesus Reyes Heroles said in January. The bonds sold at more than 200 basis points above notes sold by Mexico in December.
Citigroup Inc.’s Banamex unit, HSBC Holdings Plc’s local unit and Banco Santander SA’s local unit managed the sale. Standard & Poor’s rated the bonds MXAAA, the highest level on the local scale.
Similar threads
