GiveMeLeverage
& I will remove the world
se vuoi ut2 mps prendila in sterline, molto + cheap
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
se vuoi ut2 mps prendila in sterline, molto + cheap
ferdo
Utente Senior
a quanto l'avevano opata a giugno l'anno scorso?
Cat XL
Shizuka Minamoto
L'ho tolta per motivi di riservatezza ma chiedi a givemeleverage di indirizzarti in un forum dove c'e' ancora ma senza riferimenti.
ferdo
Utente Senior
in un post messo su ieri da Gionmorg sempre su questo 3ad mi sembra ci sia un articolo da cui penso fosse stato estratta la nota di BBG
capt.harlock
MENA IL CAMMELLO FAN CLUB
la domanda rimane la stessa
che margini di manovra ha mps su un titolo che quota 94?
cumulate
Forumer storico
Qualche difficoltà l'ha incontrata e buona parte del business è centrato in Sud Afrika (come ci ha ricordato Cat). Però il ridimensionamento del prezzo per me l'ha resa interessante (vedo che anche Coche la pensa così
).
Il rating a Ba1 non mi spaventa troppo ed i CDS infatti si sono stabilizzati.
Poi ho anche inteso incrementare i titoli in sterline: secondo UBS dovrebbe apprezzarsi sia sul dollaro che sull'euro. Per questo oggi ho comprato anche un perpetuo Barclays.
io da tempo lo penso (spero).
ieri ho preso la Brit Insurance, oggi la Friends Provident XS0181161380 a 96,6.
Moody's assigns Ba1 rating to Enel S.p.A's $1.25 billion hybrid issuance; outlook negative
Global Credit Research - 24 Sep 2013
London, 24 September 2013 -- Moody's Investors Service has today assigned a definitive Ba1 long-term rating to the $1.25 billion (semi-annual fixed coupon of 8.75% and first call date in 2023) issuance of Capital Securities (the "Hybrid") by ENEL S.p.A. (Enel). This is the third of three tranches of hybrids and follows earlier euro- and sterling-denominated issuances of EUR1.25 billion and GBP400 million. The outlook on the rating is negative.
RATINGS RATIONALE
The Ba1 rating assigned to the Hybrid is two notches below Enel's senior unsecured rating of Baa2. The rating differential with the senior unsecured rating reflects the key features of the Hybrid, namely that (1) it is a deeply subordinated instrument; (2) it has a minimum 60-year maturity; (3) Enel can opt to defer coupons on a cumulative basis; and (4) there is no step-up in coupon prior to year 10 and the step-up will not exceed a total of 100 basis points thereafter.
Moody's notes that the Hybrid issuance is in line with Enel's financial policies announced at the time of its March update of its 2013-17 business plan, which are factored into the current Baa2 senior unsecured rating. The company plans to reduce its high leverage and enhance its financial flexibility through a series of measures over the life of the plan. In addition to Hybrid issuance, Enel plans to make asset disposals of EUR6 billion, operating expenditure cuts of EUR4 billion and maintain flexibility in its capex programme of EUR27 billion with the aim of strengthening its financial profile by the end of 2014.
However, the macroeconomic, regulatory and operating environment in Enel's core Italian and Spanish markets remains challenging. The latest Spanish regulatory reforms announced in July are expected to add to the regulatory measures taken in Spain during 2012 and early 2013 which the rating agency expects to result in a decline in Enel's EBITDA of around EUR1.3 billion in 2013. The company's strategic plan has already incorporated the expected effect of the majority of these changes. Whilst Enel has identified a maximum EUR400 million cut to 2014 EBITDA as a result of the July measures, further regulatory clarifications are still awaited, particularly with regard to the effect of the latest reforms on renewables businesses, although Moody's does not expect this to have a significant impact on Enel. Moody's expects that Enel will adjust its strategic plan, if necessary, to mitigate the additional effect of these cuts when further regulatory details are available.
At the same time, the regulatory measures are designed to (1) eliminate the tariff deficit for 2013 including the extrapeninsular deficit, which is currently funded only by Enel's subsidiary, Endesa; and (2) minimise the creation of deficits in future years. If successful, these measures should reduce Enel's debt, which was burdened by EUR4.3 billion of tariffs as at June 2013, which would be credit positive for the company.
The Baa2 senior unsecured rating also factors in (1) Enel's large scale and geographic diversification; (2) the beneficial effect of expected growth in its Latin American, international and renewables business divisions although this will only partially mitigate pressure on earnings in core Italian and Spanish markets; and (3) its strong liquidity position.
RATING OUTLOOK
Given that Enel's core markets are Italy and Spain, the current negative outlook on the company's ratings is aligned to that of the Baa2-rated Italian and Baa3-rated Spanish sovereigns.
WHAT COULD CHANGE THE RATING UP/DOWN
As the Hybrid rating is positioned relative to another of Enel's ratings, either (1) a change in the senior unsecured rating of Enel or (2) a re-evaluation of its relative notching could affect the Hybrid rating.
Negative rating pressure could result from (1) a further deterioration of Spanish or Italian sovereign creditworthiness below investment grade; (2) a significant deterioration in Enel's operating environment; or (3) the company deviating significantly from its plan to strengthen its financial profile over 2013-14 such that it can generally achieve ratios in the region of retained cash flow (RCF)/net debt in the mid-teens and funds from operations (FFO)/net debt of around 20%.
Given the current negative outlook, Moody's does not currently anticipate any upwards rating pressure. However, the rating agency could consider changing the outlook on the rating to stable if (1) the outlook on both the Spanish and Italian sovereigns were to stabilise; and (2) Enel were able to achieve and maintain the improvement in financial metrics indicated.
Global Credit Research - 24 Sep 2013
London, 24 September 2013 -- Moody's Investors Service has today assigned a definitive Ba1 long-term rating to the $1.25 billion (semi-annual fixed coupon of 8.75% and first call date in 2023) issuance of Capital Securities (the "Hybrid") by ENEL S.p.A. (Enel). This is the third of three tranches of hybrids and follows earlier euro- and sterling-denominated issuances of EUR1.25 billion and GBP400 million. The outlook on the rating is negative.
RATINGS RATIONALE
The Ba1 rating assigned to the Hybrid is two notches below Enel's senior unsecured rating of Baa2. The rating differential with the senior unsecured rating reflects the key features of the Hybrid, namely that (1) it is a deeply subordinated instrument; (2) it has a minimum 60-year maturity; (3) Enel can opt to defer coupons on a cumulative basis; and (4) there is no step-up in coupon prior to year 10 and the step-up will not exceed a total of 100 basis points thereafter.
Moody's notes that the Hybrid issuance is in line with Enel's financial policies announced at the time of its March update of its 2013-17 business plan, which are factored into the current Baa2 senior unsecured rating. The company plans to reduce its high leverage and enhance its financial flexibility through a series of measures over the life of the plan. In addition to Hybrid issuance, Enel plans to make asset disposals of EUR6 billion, operating expenditure cuts of EUR4 billion and maintain flexibility in its capex programme of EUR27 billion with the aim of strengthening its financial profile by the end of 2014.
However, the macroeconomic, regulatory and operating environment in Enel's core Italian and Spanish markets remains challenging. The latest Spanish regulatory reforms announced in July are expected to add to the regulatory measures taken in Spain during 2012 and early 2013 which the rating agency expects to result in a decline in Enel's EBITDA of around EUR1.3 billion in 2013. The company's strategic plan has already incorporated the expected effect of the majority of these changes. Whilst Enel has identified a maximum EUR400 million cut to 2014 EBITDA as a result of the July measures, further regulatory clarifications are still awaited, particularly with regard to the effect of the latest reforms on renewables businesses, although Moody's does not expect this to have a significant impact on Enel. Moody's expects that Enel will adjust its strategic plan, if necessary, to mitigate the additional effect of these cuts when further regulatory details are available.
At the same time, the regulatory measures are designed to (1) eliminate the tariff deficit for 2013 including the extrapeninsular deficit, which is currently funded only by Enel's subsidiary, Endesa; and (2) minimise the creation of deficits in future years. If successful, these measures should reduce Enel's debt, which was burdened by EUR4.3 billion of tariffs as at June 2013, which would be credit positive for the company.
The Baa2 senior unsecured rating also factors in (1) Enel's large scale and geographic diversification; (2) the beneficial effect of expected growth in its Latin American, international and renewables business divisions although this will only partially mitigate pressure on earnings in core Italian and Spanish markets; and (3) its strong liquidity position.
RATING OUTLOOK
Given that Enel's core markets are Italy and Spain, the current negative outlook on the company's ratings is aligned to that of the Baa2-rated Italian and Baa3-rated Spanish sovereigns.
WHAT COULD CHANGE THE RATING UP/DOWN
As the Hybrid rating is positioned relative to another of Enel's ratings, either (1) a change in the senior unsecured rating of Enel or (2) a re-evaluation of its relative notching could affect the Hybrid rating.
Negative rating pressure could result from (1) a further deterioration of Spanish or Italian sovereign creditworthiness below investment grade; (2) a significant deterioration in Enel's operating environment; or (3) the company deviating significantly from its plan to strengthen its financial profile over 2013-14 such that it can generally achieve ratios in the region of retained cash flow (RCF)/net debt in the mid-teens and funds from operations (FFO)/net debt of around 20%.
Given the current negative outlook, Moody's does not currently anticipate any upwards rating pressure. However, the rating agency could consider changing the outlook on the rating to stable if (1) the outlook on both the Spanish and Italian sovereigns were to stabilise; and (2) Enel were able to achieve and maintain the improvement in financial metrics indicated.
ferdo
Utente Senior
tra tenere un btp e riacquistarsi questa?
capt.harlock
MENA IL CAMMELLO FAN CLUB
ma perche' questa e non quella in pound oppure le lt2?
il post bbg se ben ricordo era specifico su ut2 euro
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