Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (1 Viewer)
- Creatore Discussione negusneg
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- additional tier 1 bail in basilea 3 coco bonds crd iv genussscheine grandfathering hybrid bond loss absorption lower tier 2 make whole amount matusalem bond obbligazioni irredimibili obbligazioni perpetue obbligazioni subordinate perpetual bond preference shares restricted tier 1 tier 1 upper tier 2
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fidw99
100% perpetual
non vedo grandi differenze rispetto a ieri, forse solo Abn e Bco popolare di quelle che seguo hanno perso 1-2 punti.
Diciamo che se è scampato il rischio "default" per gli emittenti le quotazioni dovrebbero iniziare a scollarsi dall'andamento azionario (come capitava prima della crisi).
Diciamo che se è scampato il rischio "default" per gli emittenti le quotazioni dovrebbero iniziare a scollarsi dall'andamento azionario (come capitava prima della crisi).
Gallo Cedrone
Forumer storico
stordits
Forumer attivo
Bellissima news
Tuesday 12 May saw the re-opening of the public market for insurance hybrid capital with a highly successful offering in the sterling market for RSA Insurance Group plc ("RSA"). RSA is one of the UK's leading insurance groups, with leading market positions in the UK, Nordic and Canadian non-life insurance markets.
This issue was structured as a 30 non-call 10 year Lower Tier 2, with a step-up of 282.5bp at the first call date (UK insurance regulations permit the step-up to equal the greater of 1.00% or half the initial credit margin), and included an optional deferral feature, to achieve S&P capital credit.
The offering followed a non-deal roadshow by the company and saw very strong demand, with a book of £1.6bn built in just under an hour after we released initial price guidance of UKT+575 to 600bp, allowing us to price a £500m issue at UKT+565bp, 10 bps through the tight end of the range.
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Tuesday 12 May saw the re-opening of the public market for insurance hybrid capital with a highly successful offering in the sterling market for RSA Insurance Group plc ("RSA"). RSA is one of the UK's leading insurance groups, with leading market positions in the UK, Nordic and Canadian non-life insurance markets.
This issue was structured as a 30 non-call 10 year Lower Tier 2, with a step-up of 282.5bp at the first call date (UK insurance regulations permit the step-up to equal the greater of 1.00% or half the initial credit margin), and included an optional deferral feature, to achieve S&P capital credit.
The offering followed a non-deal roadshow by the company and saw very strong demand, with a book of £1.6bn built in just under an hour after we released initial price guidance of UKT+575 to 600bp, allowing us to price a £500m issue at UKT+565bp, 10 bps through the tight end of the range.
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negusneg
New Member
cumulate
Forumer storico
però con questo spread penalizzante per l'emittente si vede che hanno tanta fame...
Imark
Forumer storico
Il rating su Bayer è confermato da Fitch, secondo la quale la società tedesca non riuscirà a contenere il calo dell'EBITDA al di sotto del 5% nel 2009, in quanto il settore delle material sciences (la chimica per intenderci) non dà segni di ripresa ad oggi. Fitch reputa invece possibile che Bayer riesca a ridurre il debito sotto i 10 mld euro, seppure con qualche incertezza (obiettivo che invece S&P ritiene di difficile raggiungimento nell'anno in corso).
Il leverage è ancora contenuto, seppure in leggera crescita sull'anno precedente 1,7x contro 1,4x; anche qui c'è un problema del magazzino da ridimensionare dopo la loro crescita per effetto del destocking dei clienti verificatosi nell'ultimo trimestre dell'anno.
In fondo al report, descritto in estrema sintesi, il piano di riduzione del debito da 14 a 10 mld euro attraverso un bond cv a conversione obbligatoria nel giugno di quest'anno, riduzioni del capex ed altre misure minori.
Fitch Affirms Bayer at 'A-'; Outlook Stable
12 May 2009 5:01 AM (EDT)
Fitch Ratings-London/Frankfurt-12 May 2009: Fitch Ratings has today affirmed Germany-based healthcare chemicals group Bayer AG's (Bayer) ratings at senior unsecured and Long-term Issuer Default (IDR) 'A-' and Short-term IDR 'F2'. The Outlook for the Long-term IDR is Stable. Bayer's EUR1.3bn hybrid bond was affirmed at 'BBB+'.
"Although Fitch expects Bayer's FY09 underlying EBITDA to drop below the 5% indicated by Bayer, as it has yet to see any concrete sign of a recovery in the group's Material Science business, the agency sees no significant increase in lease- and hybrid-adjusted net debt/EBITDAR in FY09, as debt reduction towards the EUR10bn target should be achievable," says Britta Holt, Director in Fitch's Pharmaceuticals team. "A Negative Outlook might be considered by the agency if Bayer de-leverages slower than expected and if EBITDA suffers a more severe drop than already anticipated."
The ratings reflect Bayer's world-leading positions in its CropScience and Material Science (among the top two) businesses, where 39% of group EBITDA was generated in FY08. However, its presence in Material Science exposes Bayer to cyclical industries such as automotive, construction and electronics and raw material price swings.
The ratings also take into account the group's firm market position in the highly cash-generative global pharmaceutical industry, where it benefits from a well- diversified product portfolio with almost no US patent expiry by 2012 (next expiry is Magnevist in 2011) and a promising late-stage R&D pipeline, including the potential blockbuster drug, Xarelto (rivaroxaban, an anti-coagulant). They also factor in the group's global number two market position in OTC medicines.
Negative rating factors include the group's exposure to the cyclical chemicals market, as well as the group's appetite for acquisitions, particularly in healthcare, although Bayer has ruled out large acquisitions for 2009.
Bayer's lease- and hybrid-adjusted net debt/EBITDAR ratio increased to 1.7x at FYE08 (FYE07: 1.4x) when adjusted for the hybrid's equity credit, while the adjusted EBITDAR net fixed charge cover deteriorated to 7.4x (FY07: 8.6x).
This was driven by significant cash being tied up in working capital, as business growth resulted in higher receivables and inventory in the HealthCare and CropScience businesses. In response, the group started a working capital reduction programme in March 2009 and plans to reduce working capital by FYE09 by EUR1bn.
Bayer plans to reduce net debt towards EUR10bn at FYE09 from EUR14bn at FYE08, to be aided by the conversion of its EUR2.3bn mandatory convertible bond into shares in June 2009. Fitch views this target as achievable, as the group also further reduced its capex budget for the year 2009 by EUR100m to EUR1.4bn compared to EUR 1.8bn in 2008, and raised cost savings in Material Science by EUR50m.
Bayer also stated that it will decide in the second quarter if further cash flow-enhancing actions are required.
Il leverage è ancora contenuto, seppure in leggera crescita sull'anno precedente 1,7x contro 1,4x; anche qui c'è un problema del magazzino da ridimensionare dopo la loro crescita per effetto del destocking dei clienti verificatosi nell'ultimo trimestre dell'anno.
In fondo al report, descritto in estrema sintesi, il piano di riduzione del debito da 14 a 10 mld euro attraverso un bond cv a conversione obbligatoria nel giugno di quest'anno, riduzioni del capex ed altre misure minori.
Fitch Affirms Bayer at 'A-'; Outlook Stable
12 May 2009 5:01 AM (EDT)
Fitch Ratings-London/Frankfurt-12 May 2009: Fitch Ratings has today affirmed Germany-based healthcare chemicals group Bayer AG's (Bayer) ratings at senior unsecured and Long-term Issuer Default (IDR) 'A-' and Short-term IDR 'F2'. The Outlook for the Long-term IDR is Stable. Bayer's EUR1.3bn hybrid bond was affirmed at 'BBB+'.
"Although Fitch expects Bayer's FY09 underlying EBITDA to drop below the 5% indicated by Bayer, as it has yet to see any concrete sign of a recovery in the group's Material Science business, the agency sees no significant increase in lease- and hybrid-adjusted net debt/EBITDAR in FY09, as debt reduction towards the EUR10bn target should be achievable," says Britta Holt, Director in Fitch's Pharmaceuticals team. "A Negative Outlook might be considered by the agency if Bayer de-leverages slower than expected and if EBITDA suffers a more severe drop than already anticipated."
The ratings reflect Bayer's world-leading positions in its CropScience and Material Science (among the top two) businesses, where 39% of group EBITDA was generated in FY08. However, its presence in Material Science exposes Bayer to cyclical industries such as automotive, construction and electronics and raw material price swings.
The ratings also take into account the group's firm market position in the highly cash-generative global pharmaceutical industry, where it benefits from a well- diversified product portfolio with almost no US patent expiry by 2012 (next expiry is Magnevist in 2011) and a promising late-stage R&D pipeline, including the potential blockbuster drug, Xarelto (rivaroxaban, an anti-coagulant). They also factor in the group's global number two market position in OTC medicines.
Negative rating factors include the group's exposure to the cyclical chemicals market, as well as the group's appetite for acquisitions, particularly in healthcare, although Bayer has ruled out large acquisitions for 2009.
Bayer's lease- and hybrid-adjusted net debt/EBITDAR ratio increased to 1.7x at FYE08 (FYE07: 1.4x) when adjusted for the hybrid's equity credit, while the adjusted EBITDAR net fixed charge cover deteriorated to 7.4x (FY07: 8.6x).
This was driven by significant cash being tied up in working capital, as business growth resulted in higher receivables and inventory in the HealthCare and CropScience businesses. In response, the group started a working capital reduction programme in March 2009 and plans to reduce working capital by FYE09 by EUR1bn.
Bayer plans to reduce net debt towards EUR10bn at FYE09 from EUR14bn at FYE08, to be aided by the conversion of its EUR2.3bn mandatory convertible bond into shares in June 2009. Fitch views this target as achievable, as the group also further reduced its capex budget for the year 2009 by EUR100m to EUR1.4bn compared to EUR 1.8bn in 2008, and raised cost savings in Material Science by EUR50m.
Bayer also stated that it will decide in the second quarter if further cash flow-enhancing actions are required.
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