Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (3 lettori)
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
Tobia
Forumer storico
Mah... se c'è uno che proprio non sa niente di prospetti, mi sa che è il ricciolino!!!
appunto, se vede che perde l'inv. grade vedi che fine fa fare alle cedole
altro che aumentoovviamente si scherza
o no?
NoWay
It's time to play the game
appunto, se vede che perde l'inv. grade vedi che fine fa fare alle cedole
ovviamente si scherza
La mia opinione personale (che quindi vale meno di 0!) è che l'Olanda cercherà di evitarsi altri problemi/cause nel breve-medio termine!
E poi KPN non è emittente finanziario!
In merito a KPN
Rating Action: Moody's assigns (P)Ba1 rating to USD tranche of KPN's hybrid bond issuance
Global Credit Research - 13 Mar 2013
Madrid, March 13, 2013 -- Moody's Investors Service has today assigned a provisional (P)Ba1 long-term rating to the proposed issuance of "US$ Capital Securities" (the "hybrid debt") by Koninklijke KPN N.V. (KPN). The outlook on the rating is negative. The size and completion of the hybrid debt remain subject to market conditions. All other ratings and outlook remain unchanged.
Moody's issues provisional ratings in advance of the final sale of securities and these ratings reflect Moody's preliminary credit opinion regarding the transaction only. Upon a conclusive review of the final documentation, Moody's will endeavour to assign a definitive rating to the hybrid debt. A definitive rating may differ from a provisional rating.
RATINGS RATIONALE
The (P)Ba1 rating assigned to the hybrid debt is two notches below the group's senior unsecured rating of Baa2. The two-notch rating differential primarily reflects the deeply subordinated nature of the hybrid debt, which is senior only to ordinary shares and ranks pari passu with preference shares.
The hybrid debt has the following features: (1) these are 60-year securities; (2) KPN has the option to defer coupons on a cumulative basis and there are payment restrictions on parity securities and ordinary shares; (3) there is no step-up prior to year 10, with the first step-up being 25 basis points (bps) and the second step-up taking effect 20 years after the first par call date with an incremental 75 bps; and (4) there is a step-up of 500 bps upon a change-of-control event and all senior debt gets repaid first upon such event.
Moody's will treat the hybrid entirely as debt until shareholders approve the EUR3 billion rights issue in the Annual General Meeting of Shareholders (AGM) of 10 April 2013, since failure to complete the rights issue would lead to a step-up of 500 bps, which in Moody's view, represents a high incentive for KPN to call this instrument. Moody's expectation is that shareholder approval for the rights issue will be granted, since América Móvil, KPN's largest shareholder with a 29.8% equity stake, has already backed the rights issue. Once approval for the rights issue is granted, Moody's expects to assign some equity credit to the hybrid debt.
KPN intends to use the net proceeds from the hybrid debt issuance primarily to strengthen its capital structure by reducing net indebtedness. The EUR3 billion rights issue and proposed issuance of hybrid debt will allow KPN to reduce its leverage and improve its liquidity profile. This is in the context of a challenging operating environment in which KPN's performance will remain weak, affected by regulation, fierce competition and the weak macroeconomic environment.
The Baa2 senior unsecured rating is supported principally by KPN's leading position in the Dutch market and the benefits derived from its geographical diversification in Germany and Belgium, where the group operates as a mobile-centric market challenger. The rating also reflects KPN's expected solid liquidity profile after the successful completion of its announced rights issue and hybrid debt issuance. These considerations are balanced by (1) KPN's relatively weak metrics for the rating category, with net debt/EBITDA (as adjusted by Moody's) trending towards 3.0x through the rating horizon; (2) its track record of declining operating performance and profit warnings; and (3) its lack of financial flexibility, as it has run out of internal options to protect its financial profile.
RATING OUTLOOK
The negative outlook on the ratings reflects (1) Moody's expectation that KPN's credit metrics will be weakly positioned for the Baa2 rating for a sustained period; (2) the current lack of visibility due to the rapid deterioration in the group's operating performance; and (3) the execution risk embedded in the group's business plan. The rating assumes that the EUR3 billion rights issue and proposed hybrid debt offering will be successfully completed. Failure to execute the capital raising as planned would lead to downward pressure on the rating.
WHAT COULD CHANGE THE RATING UP/DOWN
As the hybrid rating is positioned relative to another rating of KPN, either (1) a change in the senior unsecured rating of KPN or (2) a re-evaluation of its relative notching could have an impact on the hybrid rating.
Given the negative rating outlook, Moody's does not currently anticipate upward rating pressure on KPN's senior unsecured rating. However, the outlook could revert back to stable if KPN is able to stabilise its operating performance in the Dutch market and successfully implement its strategy in Germany and Belgium, while maintaining a net adjusted debt/EBITDA ratio (as adjusted by Moody's) sustainably below 3.0x and retained cash flow(RCF)/net adjusted debt in the 20%-25% range.
Conversely, downward pressure on the rating could result from any deterioration in KPN's operating performance beyond Moody's expectations for 2013. Specifically, the rating could come under negative pressure if the company's credit protection measures weaken, such that its RCF/net adjusted debt drops below 20% and its net adjusted debt/EBITDA (as adjusted by Moody's) does not trend towards 3.0x. Moody's anticipates a one-off deterioration in KPN's metrics in 2014 following the consolidation of Reggefiber, but also expects leverage ratios to improve thereafter.
PRINCIPAL METHODOLOGIES
The principal methodology used in this rating was the Global Telecommunications Industry published in December 2010 and Updated Summary Guidance for Notching Bonds, Preferred Stocks and Hybrid Securities of Corporate Issuers published in February 2007. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of these methodologies.
Koninklijke KPN N.V. (KPN) is the leading integrated provider of telecommunication services in the Netherlands. KPN also provides mobile telephony services in Germany and Belgium through its subsidiaries e-plus and BASE. In 2012, the company generated revenues of EUR12.7 billion and EBITDA of EUR4.5 billion.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on Moody's - credit ratings, research, tools and analysis for the global capital markets.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Please see Moody's - credit ratings, research, tools and analysis for the global capital markets for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on Moody's - credit ratings, research, tools and analysis for the global capital markets for additional regulatory disclosures for each credit rating.
Rating Action: Moody's assigns (P)Ba1 rating to USD tranche of KPN's hybrid bond issuance
Global Credit Research - 13 Mar 2013
Madrid, March 13, 2013 -- Moody's Investors Service has today assigned a provisional (P)Ba1 long-term rating to the proposed issuance of "US$ Capital Securities" (the "hybrid debt") by Koninklijke KPN N.V. (KPN). The outlook on the rating is negative. The size and completion of the hybrid debt remain subject to market conditions. All other ratings and outlook remain unchanged.
Moody's issues provisional ratings in advance of the final sale of securities and these ratings reflect Moody's preliminary credit opinion regarding the transaction only. Upon a conclusive review of the final documentation, Moody's will endeavour to assign a definitive rating to the hybrid debt. A definitive rating may differ from a provisional rating.
RATINGS RATIONALE
The (P)Ba1 rating assigned to the hybrid debt is two notches below the group's senior unsecured rating of Baa2. The two-notch rating differential primarily reflects the deeply subordinated nature of the hybrid debt, which is senior only to ordinary shares and ranks pari passu with preference shares.
The hybrid debt has the following features: (1) these are 60-year securities; (2) KPN has the option to defer coupons on a cumulative basis and there are payment restrictions on parity securities and ordinary shares; (3) there is no step-up prior to year 10, with the first step-up being 25 basis points (bps) and the second step-up taking effect 20 years after the first par call date with an incremental 75 bps; and (4) there is a step-up of 500 bps upon a change-of-control event and all senior debt gets repaid first upon such event.
Moody's will treat the hybrid entirely as debt until shareholders approve the EUR3 billion rights issue in the Annual General Meeting of Shareholders (AGM) of 10 April 2013, since failure to complete the rights issue would lead to a step-up of 500 bps, which in Moody's view, represents a high incentive for KPN to call this instrument. Moody's expectation is that shareholder approval for the rights issue will be granted, since América Móvil, KPN's largest shareholder with a 29.8% equity stake, has already backed the rights issue. Once approval for the rights issue is granted, Moody's expects to assign some equity credit to the hybrid debt.
KPN intends to use the net proceeds from the hybrid debt issuance primarily to strengthen its capital structure by reducing net indebtedness. The EUR3 billion rights issue and proposed issuance of hybrid debt will allow KPN to reduce its leverage and improve its liquidity profile. This is in the context of a challenging operating environment in which KPN's performance will remain weak, affected by regulation, fierce competition and the weak macroeconomic environment.
The Baa2 senior unsecured rating is supported principally by KPN's leading position in the Dutch market and the benefits derived from its geographical diversification in Germany and Belgium, where the group operates as a mobile-centric market challenger. The rating also reflects KPN's expected solid liquidity profile after the successful completion of its announced rights issue and hybrid debt issuance. These considerations are balanced by (1) KPN's relatively weak metrics for the rating category, with net debt/EBITDA (as adjusted by Moody's) trending towards 3.0x through the rating horizon; (2) its track record of declining operating performance and profit warnings; and (3) its lack of financial flexibility, as it has run out of internal options to protect its financial profile.
RATING OUTLOOK
The negative outlook on the ratings reflects (1) Moody's expectation that KPN's credit metrics will be weakly positioned for the Baa2 rating for a sustained period; (2) the current lack of visibility due to the rapid deterioration in the group's operating performance; and (3) the execution risk embedded in the group's business plan. The rating assumes that the EUR3 billion rights issue and proposed hybrid debt offering will be successfully completed. Failure to execute the capital raising as planned would lead to downward pressure on the rating.
WHAT COULD CHANGE THE RATING UP/DOWN
As the hybrid rating is positioned relative to another rating of KPN, either (1) a change in the senior unsecured rating of KPN or (2) a re-evaluation of its relative notching could have an impact on the hybrid rating.
Given the negative rating outlook, Moody's does not currently anticipate upward rating pressure on KPN's senior unsecured rating. However, the outlook could revert back to stable if KPN is able to stabilise its operating performance in the Dutch market and successfully implement its strategy in Germany and Belgium, while maintaining a net adjusted debt/EBITDA ratio (as adjusted by Moody's) sustainably below 3.0x and retained cash flow(RCF)/net adjusted debt in the 20%-25% range.
Conversely, downward pressure on the rating could result from any deterioration in KPN's operating performance beyond Moody's expectations for 2013. Specifically, the rating could come under negative pressure if the company's credit protection measures weaken, such that its RCF/net adjusted debt drops below 20% and its net adjusted debt/EBITDA (as adjusted by Moody's) does not trend towards 3.0x. Moody's anticipates a one-off deterioration in KPN's metrics in 2014 following the consolidation of Reggefiber, but also expects leverage ratios to improve thereafter.
PRINCIPAL METHODOLOGIES
The principal methodology used in this rating was the Global Telecommunications Industry published in December 2010 and Updated Summary Guidance for Notching Bonds, Preferred Stocks and Hybrid Securities of Corporate Issuers published in February 2007. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of these methodologies.
Koninklijke KPN N.V. (KPN) is the leading integrated provider of telecommunication services in the Netherlands. KPN also provides mobile telephony services in Germany and Belgium through its subsidiaries e-plus and BASE. In 2012, the company generated revenues of EUR12.7 billion and EBITDA of EUR4.5 billion.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on Moody's - credit ratings, research, tools and analysis for the global capital markets.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Please see Moody's - credit ratings, research, tools and analysis for the global capital markets for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on Moody's - credit ratings, research, tools and analysis for the global capital markets for additional regulatory disclosures for each credit rating.
NoWay
It's time to play the game
In merito a KPN
Rating Action: Moody's assigns (P)Ba1 rating to USD tranche of KPN's hybrid bond issuance
Global Credit Research - 13 Mar 2013
Mmmmmmm... ma se è già Ba1, capisco ancora meno della clausola non investment grade!!!
NoWay
It's time to play the game
A me continua a piacere questa Santander XS0152838586
malvi88
Forumer attivo
anche a me l'unica cosa è un pò illiquida.
Avevo pensato anche all'altra Santander XS0124569566, ma il prezzo nelle vicinanze di 100 mi spaventa per un perpetuo.
NoWay
It's time to play the game
Molto buona anche quella... call più lontana e post call più alto... però non riesco a trovare mercato di quotazione per fare un confronto di prezzo
- Stato