TheLondoner
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quel tale che con i suoi post spingeva i mercati dove voleva...Imark
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Imark
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I nuovi bond di Gaz Capital in $ (in realtà, tecnicamente, delle loan partecipation notes) al 9,25% e scadenza al 2019 nella descrizione di S&P. Sono callable nel 2012.
Gaz Capital S.A. $2.25 Billion Series 20 LPNs Issued To Finance An OAO Gazprom Loan Rated 'BBB'
MOSCOW (Standard & Poor's) April 23, 2009--Standard & Poor's Ratings Services said today that it had assigned its 'BBB' senior unsecured debt rating to the $2.25 billion "Series 20" loan participation notes (LPNs) issued by Gaz Capital S.A. for the sole purpose of financing a loan to OAO Gazprom. The LPNs are due in April 2019 and bear a fixed-rate coupon of 9.25% per year. The bondholders have the option to redeem the bonds in April 2012.
The rating on the bonds is equalized with the rating on Gazprom because noteholders are exposed only to Gazprom's credit risk. Gazprom's secured debt represents less than 5% of its total assets.
The rating on Russian gas giant OAO Gazprom reflects Standard & Poor's classification of the group's business profile as "satisfactory" (given vast proven reserves, massive production, vertical integration, and a solid European market share) and of its financial profile as "aggressive" (given its high debt and late and complex financial disclosures).
These factors lead to a stand-alone credit profile consistent with 'BB+' credit quality, but our rating also incorporates our expectation of potential extraordinary government support, recognized in our rating by a two-notch elevation from stand-alone credit quality, using a "bottom-up approach".
Our stand-alone assessment factors in our perception of the positives and negatives of Gazprom's ongoing relationship with the Russian Federation
(foreign currency BBB/Negative/A-3; local currency BBB+/Negative/A-2; Russia national scale 'ruAAA'), its 50.002% shareholder, such as Gazprom's privileged access to new business opportunities, strong bargaining power, still-low (albeit increasing) domestic gas prices, our perception of strong access to financing by state-controlled banks, a very conservative dividend policy, and acquisition ambitions.
Our approach is "bottom-up" rather than "top-down" because Gazprom is a largely commercial entity, only marginally majority controlled by the state, and the size of the group's financial liabilities is considerable compared with the size of Russia's economy.
Gaz Capital S.A. $2.25 Billion Series 20 LPNs Issued To Finance An OAO Gazprom Loan Rated 'BBB'
MOSCOW (Standard & Poor's) April 23, 2009--Standard & Poor's Ratings Services said today that it had assigned its 'BBB' senior unsecured debt rating to the $2.25 billion "Series 20" loan participation notes (LPNs) issued by Gaz Capital S.A. for the sole purpose of financing a loan to OAO Gazprom. The LPNs are due in April 2019 and bear a fixed-rate coupon of 9.25% per year. The bondholders have the option to redeem the bonds in April 2012.
The rating on the bonds is equalized with the rating on Gazprom because noteholders are exposed only to Gazprom's credit risk. Gazprom's secured debt represents less than 5% of its total assets.
The rating on Russian gas giant OAO Gazprom reflects Standard & Poor's classification of the group's business profile as "satisfactory" (given vast proven reserves, massive production, vertical integration, and a solid European market share) and of its financial profile as "aggressive" (given its high debt and late and complex financial disclosures).
These factors lead to a stand-alone credit profile consistent with 'BB+' credit quality, but our rating also incorporates our expectation of potential extraordinary government support, recognized in our rating by a two-notch elevation from stand-alone credit quality, using a "bottom-up approach".
Our stand-alone assessment factors in our perception of the positives and negatives of Gazprom's ongoing relationship with the Russian Federation
(foreign currency BBB/Negative/A-3; local currency BBB+/Negative/A-2; Russia national scale 'ruAAA'), its 50.002% shareholder, such as Gazprom's privileged access to new business opportunities, strong bargaining power, still-low (albeit increasing) domestic gas prices, our perception of strong access to financing by state-controlled banks, a very conservative dividend policy, and acquisition ambitions.
Our approach is "bottom-up" rather than "top-down" because Gazprom is a largely commercial entity, only marginally majority controlled by the state, and the size of the group's financial liabilities is considerable compared with the size of Russia's economy.
Imark
Forumer storico
Eni: valore delle vendite in calo nel Q1/2009 del 16%, utile netto dimezzato y-o-y, produzione in calo dell'1%, il cane a sei zampe si accinge a varare tagli al capex in considerazione della drastica riduzione dei corsi petroliferi ed anche in attesa che si manifestino cali analoghi nei costi delle operazioni previste per sostenere la produzione.
Approvata dal cda la decisione di emettere entro aprile 2010 nuovi bond per altri due miliardi di euro destinati agli obbligazionisti retail.
Eni Cuts Output Forecast as Profit Drops 43% on Oil (Update1)
By Adam L. Freeman
April 24 (Bloomberg) -- Eni SpA, Italy’s biggest oil company, cut its forecast for production this year as weaker demand and a slump in crude prices spurred a 43 percent decline in first-quarter profit.
Net income fell to 1.9 billion euros ($2.5 billion) from 3.32 billion euros a year earlier, the Rome-based company said today in a statement. Excluding inventory changes, earnings beat analysts’ expectations.
Eni, the first of Europe’s oil majors to report results, said output growth would be less than its initial estimate of 3 percent because of lower-than-expected demand for natural gas and militant attacks in Nigeria. It joins Royal Dutch Shell Plc and BP Plc in cutting spending and postponing projects after New York oil prices plunged 66 percent from a record.
“Oil prices are off and weaker demand is going to hit all producers of gas, oil and refined products,” said Jason Kenney, an Edinburgh-based analyst at ING Wholesale Banking, who rates Eni a “buy.”
Profit excluding changes in inventory values fell to 1.76 billion euros from 3.04 billion euros a year earlier. That beat the 1.55 billion-euro median estimate of 10 analysts surveyed by Bloomberg News.
Eni rose 4 percent to 15.59 euros as of 10:50 a.m. in Milan, trimming its decline so far this year to 6.9 percent.
Output Drop
Chief Executive Officer Paolo Scaroni is counting on fields in the Gulf of Mexico, Congo and Turkmenistan to bolster production. Eni pumped 1.779 million barrels a day in the first quarter, a decline of almost 1 percent from a year earlier, according to the statement. Sales declined 16 percent to 23.7 billion euros.
The oil producer said it’s rescheduling some projects in order to “capture the expected downturn in costs.” Investments will be delayed at fields already in operation, according an Eni official.
Eni reiterated that it expects capital spending to fall this year from 14.56 billion euros in 2008.
U.S. oil futures averaged $43.31 a barrel in the first quarter, 56 percent lower than a year earlier, after falling from a record $147.27 reached in July. Crude futures traded at $49.85 a barrel in New York today.
“The main reason for the fall in prices is the economy and continuously falling demand,” said Achim Wittmann, an analyst at Landesbank Baden-Wuerttemberg in Stuttgart, Germany. “Oil companies have enough cash to survive for the next two years without any big problems,” Wittmann said.
Demand Forecast
Global daily oil consumption will drop by 1.37 million barrels this year to 84.18 million barrels, according to the Organization of Petroleum Exporting Countries. The International Energy Agency has forecast demand of 83.4 million barrels a day.
Eni’s output may grow by an average 3.5 percent a year through 2012, down from 4.5 percent in 2008, even as the producer invests 48.8 billion euros in the period to boost production, the company said in a February presentation.
OAO Gazprom, with an option about to expire, on April 7 agreed to buy Eni’s 20 percent stake in the Russian gas exporter’s oil unit for about $4.1 billion. The agreement ended speculation Gazprom would delay the purchase and force Scaroni to trim investments or its 1.30-euro-per-share dividend.
Scaroni is also selling the company’s gas retailer Italgas SpA and storage businesses Stoccaggi Gas Italia to Snam Rete Gas SpA, the Eni-controlled operator of the Italian gas grid, for 4.72 billion euros.
Snam yesterday said it’s selling 3.47 billion euros of new shares to fund the Italgas and Stogit purchases. Eni’s board today approved the sale of up to 2 billion euros in bonds to retail investors by April 23, 2010.
Approvata dal cda la decisione di emettere entro aprile 2010 nuovi bond per altri due miliardi di euro destinati agli obbligazionisti retail.
Eni Cuts Output Forecast as Profit Drops 43% on Oil (Update1)
By Adam L. Freeman
April 24 (Bloomberg) -- Eni SpA, Italy’s biggest oil company, cut its forecast for production this year as weaker demand and a slump in crude prices spurred a 43 percent decline in first-quarter profit.
Net income fell to 1.9 billion euros ($2.5 billion) from 3.32 billion euros a year earlier, the Rome-based company said today in a statement. Excluding inventory changes, earnings beat analysts’ expectations.
Eni, the first of Europe’s oil majors to report results, said output growth would be less than its initial estimate of 3 percent because of lower-than-expected demand for natural gas and militant attacks in Nigeria. It joins Royal Dutch Shell Plc and BP Plc in cutting spending and postponing projects after New York oil prices plunged 66 percent from a record.
“Oil prices are off and weaker demand is going to hit all producers of gas, oil and refined products,” said Jason Kenney, an Edinburgh-based analyst at ING Wholesale Banking, who rates Eni a “buy.”
Profit excluding changes in inventory values fell to 1.76 billion euros from 3.04 billion euros a year earlier. That beat the 1.55 billion-euro median estimate of 10 analysts surveyed by Bloomberg News.
Eni rose 4 percent to 15.59 euros as of 10:50 a.m. in Milan, trimming its decline so far this year to 6.9 percent.
Output Drop
Chief Executive Officer Paolo Scaroni is counting on fields in the Gulf of Mexico, Congo and Turkmenistan to bolster production. Eni pumped 1.779 million barrels a day in the first quarter, a decline of almost 1 percent from a year earlier, according to the statement. Sales declined 16 percent to 23.7 billion euros.
The oil producer said it’s rescheduling some projects in order to “capture the expected downturn in costs.” Investments will be delayed at fields already in operation, according an Eni official.
Eni reiterated that it expects capital spending to fall this year from 14.56 billion euros in 2008.
U.S. oil futures averaged $43.31 a barrel in the first quarter, 56 percent lower than a year earlier, after falling from a record $147.27 reached in July. Crude futures traded at $49.85 a barrel in New York today.
“The main reason for the fall in prices is the economy and continuously falling demand,” said Achim Wittmann, an analyst at Landesbank Baden-Wuerttemberg in Stuttgart, Germany. “Oil companies have enough cash to survive for the next two years without any big problems,” Wittmann said.
Demand Forecast
Global daily oil consumption will drop by 1.37 million barrels this year to 84.18 million barrels, according to the Organization of Petroleum Exporting Countries. The International Energy Agency has forecast demand of 83.4 million barrels a day.
Eni’s output may grow by an average 3.5 percent a year through 2012, down from 4.5 percent in 2008, even as the producer invests 48.8 billion euros in the period to boost production, the company said in a February presentation.
OAO Gazprom, with an option about to expire, on April 7 agreed to buy Eni’s 20 percent stake in the Russian gas exporter’s oil unit for about $4.1 billion. The agreement ended speculation Gazprom would delay the purchase and force Scaroni to trim investments or its 1.30-euro-per-share dividend.
Scaroni is also selling the company’s gas retailer Italgas SpA and storage businesses Stoccaggi Gas Italia to Snam Rete Gas SpA, the Eni-controlled operator of the Italian gas grid, for 4.72 billion euros.
Snam yesterday said it’s selling 3.47 billion euros of new shares to fund the Italgas and Stogit purchases. Eni’s board today approved the sale of up to 2 billion euros in bonds to retail investors by April 23, 2010.
Imark
Forumer storico
Total... stanno arrivando le trimestrali Q1/2009 del comparto, e la situazione evidenzia gli attesi cali negli utili imputabili all'andamento del prezzo del petrolio, al calo della domanda di idrocarburi imputabile alla recessione ed alla conseguente riduzione delle attività estrattive in un tentativo di adeguare l'offerta alla domanda calante.
Le differenze sono invece fra chi può permettersi rallentamenti nei progetti di investimento per salvaguardare la profittevolezza mediante tagli al capex (Total è un esempio) e chi invece è pressato dall'esigenza di investire cmq per ripristinare il livello delle riserve e/o fare fronte a cali produttivi di giacimenti importanti (e Pemex è il primo nome che mi viene in mente), dovendo pertanto reperire sul mercato quei capitali non più assicurati dai corsi petroliferi.
Total Profit Declines 35% on Lower Crude Prices (Update1)
By Tara Patel
May 6 (Bloomberg) -- Total SA, Europe’s third-largest oil producer, said first-quarter earnings declined 35 percent as the global recession eroded energy demand, causing crude prices to drop and production to fall.
Profit excluding changes in inventories and the value of a stake in Sanofi-Aventis SA fell to 2.1 billion euros ($2.79 billion) from 3.25 billion euros a year earlier, the Paris-based company said today in a statement. That beat the 2 billion-euro median estimate of analysts surveyed by Bloomberg News. Net income dropped 36 percent to 2.3 billion euros.
Total reported “a good set of earnings proving more resilient than peers,” Bertrand Hodee, analyst at Kepler Capital Markets in Paris, wrote in a report, adding that the outlook for production this year “looks attractive.”
The French company said it can “maintain” its dividend policy and aims to reduce costs. First-quarter net investment dropped to $3.2 billion from $3.7 billion the previous year.
Oil companies including Royal Dutch Shell Plc and BP Plc, Total’s main European competitors, have reported lower quarterly earnings as the recession curbed energy consumption. U.S. oil prices averaged $43.31 a barrel in the period, 56 percent lower than a year earlier, while U.S. gas futures were down 49 percent.
Total dropped as much as 2.2 percent and traded down 65 cents at 38.50 euros at 10:20 a.m. in Paris. The shares are almost unchanged since the start of the year.
Project Delays
Total Chief Executive Officer Christophe de Margerie has warned investment this year may not reach the company’s $18 billion target amid project delays. The oil producer, which has pledged to cut costs by renegotiating contracts with suppliers, is counting on production growth from deep-water African fields, heavy-oil ventures in Canada and liquefied natural gas projects.
Five projects are scheduled to start this year, including the Akpo oilfield off Nigeria, which came on stream in March, LNG plants in Yemen and Qatar, the Tahiti venture in the Gulf of Mexico and Angola’s Tombua-Landana field. The company’s share of these projects will add as much as 200,000 barrels of oil equivalent a day in output.
Akpo production will be increased in the “coming months” during which time the other four projects will be started up, today’s statement said.
Production fell 4.3 percent in the first quarter to 2.32 million barrels of oil equivalent a day, mostly due to output restrictions by the Organization of Petroleum Exporting Countries, Total said in today’s statement. De Margerie predicted in February that output would rise this year, after a 2 percent drop in 2008.
Saudi Refinery
“Total will study with Saudi Aramco the bids for the construction of the Jubail refinery in Saudi Arabia,” the French energy company said. “Cost reduction programs that have been initiated across the company combined with lower prices for services and materials will reduce the 2009 breakeven point,” Total said, referring to the crude oil price needed to make projects viable.
Shell, based in The Hague, posted a 62 percent decline in first-quarter net income last month, while London-based BP reported a 64 percent drop. Exxon Mobil Corp., the world’s largest company by market value, said profit sank 58 percent.
Of the 39 analysts tracked by Bloomberg who cover Total, 30 recommend buying the stock, seven advise holding the shares and two have “sell” ratings.
Total, which is Europe’s biggest oil refiner, said its plants ran at 81 percent of capacity in the first quarter, down from a year ago because of maintenance in the U.K. and France and voluntary reductions in Texas.
The crude run rates fell from 87 percent in the year-ago period and 90 percent in the fourth quarter of 2008.
Le differenze sono invece fra chi può permettersi rallentamenti nei progetti di investimento per salvaguardare la profittevolezza mediante tagli al capex (Total è un esempio) e chi invece è pressato dall'esigenza di investire cmq per ripristinare il livello delle riserve e/o fare fronte a cali produttivi di giacimenti importanti (e Pemex è il primo nome che mi viene in mente), dovendo pertanto reperire sul mercato quei capitali non più assicurati dai corsi petroliferi.
Total Profit Declines 35% on Lower Crude Prices (Update1)
By Tara Patel
May 6 (Bloomberg) -- Total SA, Europe’s third-largest oil producer, said first-quarter earnings declined 35 percent as the global recession eroded energy demand, causing crude prices to drop and production to fall.
Profit excluding changes in inventories and the value of a stake in Sanofi-Aventis SA fell to 2.1 billion euros ($2.79 billion) from 3.25 billion euros a year earlier, the Paris-based company said today in a statement. That beat the 2 billion-euro median estimate of analysts surveyed by Bloomberg News. Net income dropped 36 percent to 2.3 billion euros.
Total reported “a good set of earnings proving more resilient than peers,” Bertrand Hodee, analyst at Kepler Capital Markets in Paris, wrote in a report, adding that the outlook for production this year “looks attractive.”
The French company said it can “maintain” its dividend policy and aims to reduce costs. First-quarter net investment dropped to $3.2 billion from $3.7 billion the previous year.
Oil companies including Royal Dutch Shell Plc and BP Plc, Total’s main European competitors, have reported lower quarterly earnings as the recession curbed energy consumption. U.S. oil prices averaged $43.31 a barrel in the period, 56 percent lower than a year earlier, while U.S. gas futures were down 49 percent.
Total dropped as much as 2.2 percent and traded down 65 cents at 38.50 euros at 10:20 a.m. in Paris. The shares are almost unchanged since the start of the year.
Project Delays
Total Chief Executive Officer Christophe de Margerie has warned investment this year may not reach the company’s $18 billion target amid project delays. The oil producer, which has pledged to cut costs by renegotiating contracts with suppliers, is counting on production growth from deep-water African fields, heavy-oil ventures in Canada and liquefied natural gas projects.
Five projects are scheduled to start this year, including the Akpo oilfield off Nigeria, which came on stream in March, LNG plants in Yemen and Qatar, the Tahiti venture in the Gulf of Mexico and Angola’s Tombua-Landana field. The company’s share of these projects will add as much as 200,000 barrels of oil equivalent a day in output.
Akpo production will be increased in the “coming months” during which time the other four projects will be started up, today’s statement said.
Production fell 4.3 percent in the first quarter to 2.32 million barrels of oil equivalent a day, mostly due to output restrictions by the Organization of Petroleum Exporting Countries, Total said in today’s statement. De Margerie predicted in February that output would rise this year, after a 2 percent drop in 2008.
Saudi Refinery
“Total will study with Saudi Aramco the bids for the construction of the Jubail refinery in Saudi Arabia,” the French energy company said. “Cost reduction programs that have been initiated across the company combined with lower prices for services and materials will reduce the 2009 breakeven point,” Total said, referring to the crude oil price needed to make projects viable.
Shell, based in The Hague, posted a 62 percent decline in first-quarter net income last month, while London-based BP reported a 64 percent drop. Exxon Mobil Corp., the world’s largest company by market value, said profit sank 58 percent.
Of the 39 analysts tracked by Bloomberg who cover Total, 30 recommend buying the stock, seven advise holding the shares and two have “sell” ratings.
Total, which is Europe’s biggest oil refiner, said its plants ran at 81 percent of capacity in the first quarter, down from a year ago because of maintenance in the U.K. and France and voluntary reductions in Texas.
The crude run rates fell from 87 percent in the year-ago period and 90 percent in the fourth quarter of 2008.
samantaao
Forumer storico
1
aggiornamento dopo 2 settimane
il comparto rimane ancora stabile con rendimenti contenuti per le emittenti più solide
anche gaz si è ripresa, sincerimente non ricordo sia dovuto a notizie che prevedono miglioramenti effettivi sulla situazione debitoria anche in prospettiva
prezzi da ICMA (grazie a Mark):
CHESAPEAKE 2017
ENI 2010
ENI 2013
REPSOL 2013
REPSOL 2017
REPSOL 2010
STATOIL 2011
TOTAL 2011
TOTAL 2017
TOTAL 10/2010
aggiornamento dopo 2 settimane
il comparto rimane ancora stabile con rendimenti contenuti per le emittenti più solide
anche gaz si è ripresa, sincerimente non ricordo sia dovuto a notizie che prevedono miglioramenti effettivi sulla situazione debitoria anche in prospettiva
prezzi da ICMA (grazie a Mark):
CHESAPEAKE 2017
ENI 2010
ENI 2013
REPSOL 2013
REPSOL 2017
REPSOL 2010
STATOIL 2011
TOTAL 2011
TOTAL 2017
TOTAL 10/2010
