Obbligazioni societarie Obbligazioni Oil & Gas (1 Viewer)

[Imark]

Allora, una circostanza della quale non mi ero reso conto.

Pemex non ha ancora comunicato i risultati dell'ultimo trimestre e a consuntivo del 2008, ma ha anticipato una chiusura in perdita dell'esercizio 2008 per un valore significativamente più elevato di quello del 2007, quando perse 1,47 mld $.

Nei primi 9 mesi dell'anno aveva conseguito un utile netto per 400 mln $.

La perdita è da imputare al contestuale crollo dei prezzi del petrolio nell'ultimo quarter e calo del 20% del MXN contro USD, che ha accresciuto il peso degli interessi su di un debito denominato prevalentemente in USD

Mexico's Pemex expects wider loss in 2008

Tue Jan 27, 2009 8:33pm GMT

By Robert Campbell

MEXICO CITY, Jan 27 (Reuters) - Mexico's state oil company Pemex said on Tuesday it expected its net loss in 2008 to be "significantly greater" than its 2007 results due to the sharp drop in oil prices in the fourth quarter.

Pemex did not provide an estimate of its expected loss in a statement filed with the U.S. Securities and Exchange Commission, but it comes as the company has been struggling with sliding oil production due to falling yields from the giant Cantarell field.

Pemex lost 16.1 billion pesos ($1.48 billon) in 2007. The company earned 5.6 billion pesos ($411 million) over the first nine months of 2008.

The company frequently posts annual net losses due to a heavy tax burden, inefficient operations and a crushing liability for retiree benefits.

Oil output fell 9.2 percent in 2008 to 2.799 million barrels per day, compared to 2007. Oil exports slumped by 16.8 percent to 1.403 million bpd over the same period.

Recent changes to tax legislation cut the ordinary hydrocarbon duty to 74 percent from 79 percent and the rate will decline annually until it reaches 71.5 percent in 2012.

Legislation enacted in October also boosted tax deductions for expenses at more costly oil fields.

A decline in the value of the Mexican peso, which lost more than 20 percent of its value against the dollar in the fourth quarter, would also generate foreign exchange losses on its dollar-denominated debt, Pemex said in the filing.

Fitch said on Monday it was no longer considering upgrading Pemex's debt on worries that the heavily indebted company would expand borrowing.
Pemex plans to add approximately $2.5 billion in debt this year, reversing a two-year trend of cutting its liabilities.

The company launched a $2 billion 10-year bond on Tuesday.
($1 = 13.63 pesos at end 2008, 10.90 pesos at end 2007) (Editing by Christian Wiessner)

 

[ZYGMUNT]

Anche su questo in linea di principio sono d'accordo... il maxirendimento e l'esenzione da rischio normalmente non camminano a braccetto...

E poi, se l'idea di fondo è tendenzialmente quella di portare a scadenza, guardando al rendimento ed operando cmq con un portafoglio ben diversificato ed efficiente nella distribuzione delle scadenze...

sottoscrivo in pieno

 

[ZYGMUNT]

Allora, una circostanza della quale non mi ero reso conto.

Pemex non ha ancora comunicato i risultati dell'ultimo trimestre e a consuntivo del 2008, ma ha anticipato una chiusura in perdita dell'esercizio 2008 per un valore significativamente più elevato di quello del 2007, quando perse 1,47 mld $.

Nei primi 9 mesi dell'anno aveva conseguito un utile netto per 400 mln $.

La perdita è da imputare al contestuale crollo dei prezzi del petrolio nell'ultimo quarter e calo del 20% del MXN contro USD, che ha accresciuto il peso degli interessi su di un debito denominato prevalentemente in USD

Mexico's Pemex expects wider loss in 2008

scusa, ma questi non conoscono le opzioni per coprirsi dal rischio di cambio?
Ti propongo come direttore finanziario di Pemex : ottimo stipendio e villa a Cancun con personale domestico annesso. Tutto gratis, si intende

 

[Imark]

scusa, ma questi non conoscono le opzioni per coprirsi dal rischio di cambio?
Ti propongo come direttore finanziario di Pemex : ottimo stipendio e villa a Cancun con personale domestico annesso. Tutto gratis, si intende

Beh, avendo tu investito pesantemente nei loro bond, puoi senz'altro sbattere il pugno sul tavolo ed imporre una mia candidatura...

 

[samantaao]

1

MODIFICA ORE 18.25
grazie a Mark che ha potuto rilevare sull'ICMA i corsi dei seguenti bond: Chesapeake Energy 2017; Eni 2010 e 2013, Gaz capital 2017; Repsol 2010; Total 2010, 2011 e 2017.
Scusate per il disagio, ci siamo organizzati affinchè non capiti più

 

[samantaao]

2

 

[samantaao]

3

 

[Imark]

Un altro emittente del comparto, presente tuttavia sull'euromercato solo con bond in USD è la brasiliana Petrobras, che ha collocato nei giorni scorsi bond decennali per 1,5 mld $ con un rendimento a scadenza superiore all'8%.

La circostanza singolare è che solo pochi giorni addietro il CEO aveva detto che Petrobras aveva ritirato il suo piano di rivolgersi ai mercati obbligazionari in quanto troppo costosi al momento e non avendo la società particolari esigenze di funding dopo essersi garantita prestiti per 17,5 mld $ da una serie di finanziatori.

E tuttavia, il massiccio piano di investimenti per 174,4 mld $ in 5 anni (ndr: quanto sia realistico questo importo si vedrà... ) e in prospettiva la difficoltà crescente a finanziarlo con fondi propri dopo un calo del prezzo dell'oil di oltre il 70% dai massimi, avrebbero spinto Petrobras ad accedere cmq al mercato obbligazionario.

Alcune emissioni di Petrobras in $ trattate sull'euromercato.

9.75% Petrobras Int. Finance 2011
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=6399620

9,125% Petrobras Int. Finance 2013
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=8766466

7,75% Petrobras Int. Finance 2014
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=11378721

6.125% Petrobras Int. Finance 2016
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=15355628

5.875% Petrobras Int. Finance 2018
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=18385822

8.375% Petrobras Int. Finance 2018
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=9245459


Petrobras Sells $1.5 Billion of 10-Year Dollar Bonds (Update4)

Feb. 4 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-controlled oil company, sold $1.5 billion of 10-year bonds today, a week after Chief Executive Officer Jose Sergio Gabrielli said he put off plans to issue debt because international markets are “too expensive.”

Petrobras, as the Rio de Janeiro-based company is known, sold the bonds to yield 5.18 percentage points above comparable-maturity U.S. Treasuries, or about 8.13 percent.

Gabrielli’s decision to tap markets underscores how the 73 percent tumble in oil from a July record has squeezed the company’s finances as it tries to cobble together funds for a five-year, $174.4 billion investment plan. Gabrielli said in a Jan. 27 interview in New York that the company had no need to raise more money in 2009 after securing $17.5 billion in loans from Brazil’s state development bank and other lenders.

“They have very large capital expenditure needs, so the deal is not unexpected, despite what they told us otherwise,” said Claudia Calich, who manages $1 billion in emerging-market debt at Invesco in New York.
The yield on Petrobras’s existing 5.875 percent bonds due in 2018 climbed seven basis points today to 7.60 percent, or 4.66 percentage points more than U.S. Treasuries, according to Bloomberg data. The bonds yielded 4.64 percentage points over Treasuries on Jan. 27, a spread that Gabrielli said he was unwilling to accept.

‘More Realistic’

“We want the financial market to adjust the costs to the risks Petrobras has,” Gabrielli, 59, said in an interview with Bloomberg TV in New York that day. “Petrobras’s risk curve needs to be more realistic. The market conditions nowadays in the secondary market for Petrobras are too expensive. We don’t need more funds. We can wait as much as we need.”
The yield spread on the bonds it sold today is the most expensive for Petrobras since 2003, according to Bloomberg data. A spokeswoman for Petrobras declined to comment on the debt sale. Gabrielli’s spokeswoman had no comment.

HSBC Holdings Plc, JPMorgan Chase & Co. and Banco Santander SA manage the bond sale. Petrobras International Finance Co. issued the debt.

Petrobras bonds are rated Baa1 by Moody’s Investors Service, the third-lowest investment-grade rating, and one step lower at BBB by Standard & Poor’s.

Investment Plan

Petrobras’s investment plan aims to double output and develop the offshore Tupi field, the Americas’ largest oil- field discovery since Mexico’s Cantarell find in 1976. Goldman Sachs Group Inc. said last week that Petrobras may be the “best-positioned” major oil company in the world once energy prices rebound.

Emerging-market issuers are returning to debt markets after the global financial crisis cut off access to credit last year. Petroleos Mexicanos, the state-owned oil company, sold $2 billion of 10-year notes in the U.S. on Jan. 27. Codelco, Chile’s state-owned copper producer, raised $600 million on Jan. 20. Mexico, Brazil, Colombia, Turkey and the Philippines sold bonds at the beginning of January.

On Jan. 6, Brazil sold $1 billion of 10-year notes to yield 6.13 percent, or 3.7 percentage points above U.S. Treasuries.

ING forecasts dollar debt sales by developing nations will rise as much as 68 percent this year to a four-year high of $65 billion as a tumble in commodity exports drains foreign reserves and drives down currencies.
Commodities, as measured by the UBS Bloomberg CMCI Index, plunged 50 percent from a July record as the global recession curbed demand for raw materials.

 

[Imark]

Circa Chesepeake Energy, emittente con un bond presente a monitor, si tratta di una società attiva principalmente nell'estrazione di gas naturale ed avente interessi più contenuti nell'estrazione di oil e nella costruzione di pipelines.

Come vedete nel monitor, è un emittente HY. Il buon livello di patrimonializzazione ed una certa affidabilità conseguita nel tempo come debitore ad alto leverage ha consentito alla società di emettere recentemente il maggiore bond HY sul mercato USA da molti mesi a questa parte (valore dell'emissione: 1 mld $).

Ciò ha consentito il ripagamento di una parte di una linea di credito revolving utilizzata in precedenza.

Da Briefing.com

Market Report -- In Play (CHK)

January 28, 2009 5:13 PM ET

Chesapeake Energy announced that it has priced its previously announced public offering of $1 bln of senior notes Co announced that it has priced its previously announced public offering of $1 bln aggregate principal amount of senior notes due 2015, which will carry an interest rate of 9.5% per annum.

The senior notes were priced at 95.071% of par to yield 10.625%.

The offering was increased from a previously announced offering size of $500 mln, resulting in net proceeds to CHK of $934.5 mnl after deducting underwriting discounts and commissions.

CHK expects the issuance and delivery of the senior notes to occur on February 2, 2009, subject to customary closing conditions.

CHK intends to use the net proceeds from the offering to repay outstanding indebtedness under its revolving bank credit facility, which it anticipates reborrowing from time to time to fund drilling and leasehold acquisition initiatives and for general corporate purposes.

 

[Imark]

per chi volesse approfondire la conoscenza di Chesapeake Energy, un commento all'ultima rating action da parte di Moody's che ha elevato l'outlook a stabile da negativo in concomitanza con la assegnazione del rating sulla recente emissione da 1 mld $.

Premesso che Moody's attende i risultati di fine 2008 riservandosi sull'outlook, il succo dell'analisi è che nel 2008 CE ha operato in modo da limitare il proprio profilo di rischio operativo, ha rafforzato la propria liquidità e ridotto, insime con il livello di crescita prevista per il 2009, il proprio budget di spesa, decidendo di portarlo stabilmente a livelli coperti dalla propria generazione di cash flow.

Il resto si lascia alla lettura in inglese degli interessati...

Moody's assigns Ba3 to Chesapeake Energy senior unsecured notes; stable outlook
Approximately $14.5 billion of debt and credit facilities affected

New York, January 28, 2009 -- Moody's Investors Service assigned a Ba3 (LGD 4; 69%) rating to Chesapeake Energy's (CHK) pending $1 billion offering of senior unsecured notes due 2015. Moody's also affirmed CHK's Ba2 Corporate Family Rating (CFR), its SGL-3 Speculative Grade Liquidity rating, and its other existing debt ratings but changed the LGD statistics to LGD 4; 69% from LGD 4; 62%. Net note proceeds will repay secured borrowings under CHK's $3.5 billion secured borrowing base bank revolver.

The rating outlook remains stable pending Moody's normal annual review of CHK's year-end 2008 results and 10-K, including the standard FAS 69 disclosures. The review will cover the reserve risk mix, components of finding and development costs and any implications for the future, net book and adjusted leverage after several forms of asset monetizations, as well as an update on CHK's prospects for leverage reduction, asset monetizations, and containing capital spending.

The ratings are supported by CHK's strong natural gas and oil price hedging coverage for 2009, the work CHK has done to strengthen its credit and liquidity profile, and continued sound production trends. The degree of strengthening in hand will be more fully gauged after full year-end results are available.

Nevertheless, after a year of many strategic transactions (major joint ventures, asset sales, equity and debt offerings, and four volumetric production payments), CHK has improved its operating risk profile, fortified its liquidity, and reduced its 2009 production growth target, and capital spending budget.

CHK also reports that it has removed a large proportion of its knock-out hedge portfolio, albeit at a cost, removing the risk that a large proportion of production could end up unhedged if certain minimum natural gas price points were penetrated. As long as CHK remains leveraged and in aggressive expansion mode, a hedging program that does not include knockouts or similar features would be supportive to the ratings. CHK also sustained its track record of debt conversions to equity, converting $765 million of convertible debt to common equity during fourth quarter 2008.

One major factor incorporated into CHK's ratings and stable outlook is its goal of restraining capital spending to within cash flow. In CHK's formation of three major drilling joint ventures, in which it sold minority working interest positions in some of its most promising plays, CHK considerably reduced its drilling risk and its capital needs. It may also have improved the odds that its 2009 reserve replacement costs would be materially lower than its elevated 2008 replacement costs. The joint ventures were formed in three areas CHK views to be core intermediate term growth engines: the Haynesville Shale, Woodford Shale, and Marcellus Shale/Appalachian Basin.

In forming the drilling joint ventures, CHK shed major risk exposures and spending obligations. At a time when it was already fully leveraged for the rating, and natural gas and oil markets were expected to remain cyclically weak, CHK faced multiple proportionally large and highly capital intensive unconventional resource developments.

The ratings are restrained by very full leverage for the ratings, a highly challenging and uncertain sector outlook, weak natural gas prices (especially at the wellhead level in key basins widely discounted from benchmark natural gas prices), a reduced pool of unpledged reserves with which to cushion against the risk of negative borrowing base redeterminations, elevated reserve replacement costs, a penchant for aggressive growth and large strategic transactions, and a highly complex financial structure. Moody's estimates that CHK's leverage.

Nevertheless, these transactions have positioned CHK strongly with a very large highly diversified drilling inventory and ample opportunity to improve basin efficiencies, in multiple major plays, adding to its strong core positions in those basins.

As of September 30, 2008, CHK fully drew down its $3.5 billion secured corporate revolver as a precaution at a time of elevated risk in the banking sector. Its subsequent forth quarter joint venture and volumetric production payment transactions added to its resulting large cash balance. Moody's believes CHK is soundly covered on its bank revolver covenants.

CHK's ratings or outlook are not affected by its announced $1.7 billion full cost ceiling test write down. Neither book fixed assets nor net worth factor into Moody's rating methodology for independent exploration and production companies (E&P's). Moody's utilizes operating performance, leverage, volumetric scale, and diversification measures that encapsulate E&P's total capital outlays, the reserve and production response to that capital reinvestment, the combined unit economics of production and reinvestment, and leverage on a range of reserve, production, and free cash flow measures.

Moody's last rating action for CHK dates from May 20, 2008, at which time we assigned ratings to its new senior unsecured note and contingent convertible senior unsecured note offerings, affirmed CHK's ratings, and moved its rating outlook to stable from negative. The principal methodology used in rating CHK was the Global Exploration and Production (E&P) rating methodology which can be found at www.moodys.com in the Credit Policy & Methodologies directory, under the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating CHK can also be found in the Credit Policy & Methodologies directory.

Chesapeake Energy is headquartered in Oklahoma City, Oklahoma.