fabriziof
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la 637 l'hai presa otc?vedo che c'è anche su euronext ma book vuoto
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (3 lettori)
- Creatore Discussione Joe Silver
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Rating Action: Moody's assigns (P)Ba1 to proposed hybrid of Enel S.p.A.; negative outlook
Global Credit Research - 03 Jun 2013
London, 03 June 2013 -- Moody's Investors Service has today assigned a provisional (P)Ba1 long-term rating to the proposed issuance of Capital Securities (the "Hybrid"), in euro-, sterling- and US dollar-denominated tranches, by ENEL S.p.A. ("Enel"). The outlook on the rating is negative. The size and completion of the Hybrid remain subject to market conditions.
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. A definitive rating may differ from a provisional rating.
RATINGS RATIONALE
The rating of (P)Ba1 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 in 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.
Moody's notes, however, that the macroeconomic, regulatory and operating environment in its core Italian and Spanish markets remains challenging, which could slow Enel's financial recovery. The rating agency expects recent regulatory measures taken in Spain during 2012 and early 2013 to result in a decline in Enel's EBITDA of around EUR1.3 billion in 2013. Further regulatory measures are expected to be announced by the government in the summer that may also affect the company, although they are unlikely to be of the same order of magnitude. Enel's generation margins in both Italy and Spain remain under pressure because of weak demand and market oversupply.
The Baa2 senior unsecured rating also factors (1) Enel's large scale and geographic diversification; (2) the beneficial impact 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.
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 rating of Enel, 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.
Further 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 the 2013-14 period 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 twenty in percentage terms.
Given the current negative outlook, Moody's does not currently anticipate any upwards rating pressure. 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.
PRINICPAL METHODOLOGY
The principal methodology used in this rating was Unregulated Utilities and Power Companies published in August 2009. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of this methodology.
Enel is the principal electric utility in Italy and is 31.2%-owned by the Italian state. Through its ownership of Endesa S.A., Enel also has a leading position in electricity in Spain and Latin America. Moreover, it has interests in Russia, South East and Central Europe. Its renewables businesses are held through Enel Green Power S.p.A..
Global Credit Research - 03 Jun 2013
London, 03 June 2013 -- Moody's Investors Service has today assigned a provisional (P)Ba1 long-term rating to the proposed issuance of Capital Securities (the "Hybrid"), in euro-, sterling- and US dollar-denominated tranches, by ENEL S.p.A. ("Enel"). The outlook on the rating is negative. The size and completion of the Hybrid remain subject to market conditions.
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. A definitive rating may differ from a provisional rating.
RATINGS RATIONALE
The rating of (P)Ba1 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 in 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.
Moody's notes, however, that the macroeconomic, regulatory and operating environment in its core Italian and Spanish markets remains challenging, which could slow Enel's financial recovery. The rating agency expects recent regulatory measures taken in Spain during 2012 and early 2013 to result in a decline in Enel's EBITDA of around EUR1.3 billion in 2013. Further regulatory measures are expected to be announced by the government in the summer that may also affect the company, although they are unlikely to be of the same order of magnitude. Enel's generation margins in both Italy and Spain remain under pressure because of weak demand and market oversupply.
The Baa2 senior unsecured rating also factors (1) Enel's large scale and geographic diversification; (2) the beneficial impact 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.
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 rating of Enel, 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.
Further 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 the 2013-14 period 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 twenty in percentage terms.
Given the current negative outlook, Moody's does not currently anticipate any upwards rating pressure. 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.
PRINICPAL METHODOLOGY
The principal methodology used in this rating was Unregulated Utilities and Power Companies published in August 2009. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of this methodology.
Enel is the principal electric utility in Italy and is 31.2%-owned by the Italian state. Through its ownership of Endesa S.A., Enel also has a leading position in electricity in Spain and Latin America. Moreover, it has interests in Russia, South East and Central Europe. Its renewables businesses are held through Enel Green Power S.p.A..
fidw99
100% perpetual
Si otc, su euronext c'è solo bid
bulogna
Forumer storico
NoWay
It's time to play the game
si, delle oldmous 2020 3%
Si comprano intorno alla pari
Ma non sarà che poi l'AD se ne scappa con tutto il "raccolto"?
oldmouseit
Forumer storico
Rimborso anticipato henkel ag 4,25% 2013
rimborso anticipato henkel ag 4,25% 2013
isin de0006641962
data rimborso: 10.06.2013
rimborso anticipato henkel ag 4,25% 2013
isin de0006641962
data rimborso: 10.06.2013
oldmouseit
Forumer storico
No no, è una persona di massima fiducia, lo conosco molto bene.Ma non sarà che poi l'AD se ne scappa con tutto il "raccolto"?
NoWay
It's time to play the game
steff
Forumer storico
Ecco i primi dettagli del bond ENEL Hybrid, il road show durerà fino a fine settimana:
******** Enel ibridi Sintesi Termini Leg europea *******
(*) USD dettagli tranche da seguire
Emittente ................. Enel SpA
Ranking ................ Subordinato, anziano solo a capitale sociale e pari passu tra di loro
Valutazioni attesi ....... Ba1 / BBB-/ BBB-(da Moody 's / S & P / Fitch)
Interesse ............... cedola fissa, la variazione del tasso di interesse, in qualsiasi data di chiamata (se non è chiamato)
Valuta ............... EUR (Reg S) GBP (Reg S)
Maturità ............... [Gennaio 2074] [Giugno 2075]
Le opzioni di chiamata ........... alla pari alla Data [5,5] alla pari a [Anno 7] ed ogni [5] anni successivi (tutti i segmenti) Cedola step-up ........ 0,25 pb su [10.5] 25bp su Anno [12]
75bp su anno [25.5] 75bp su Anno [27]
Opt. Coupon Defferal ... Pagamento cedole sarà facoltativa in qualsiasi data di pagamento degli interessi
Differita int ........... interesse passivi per diventare pagabile in caso di (i) "Arretrati obbligatori di interesse Settlement Evento", vale a dire un dividendo o di distribuzione in relazione a qualsiasi Junior o Titoli parità o riacquisto di qualunque Junior o titoli di parità, (ii) il pagamento di interessi, (iii) la liquidazione / scioglimento o (iv) rimborso, fatte salve alcune eccezioni
Cash-cumulativi e non compounding
Rimborso anticipato event.Withholding Evento fiscale a Par
Evento Contabile al 101% prima della Prima Data di Reset, alla pari, successivamente
Valutazione Metodologia Evento al 101% prima della Prima Data di Reset, alla pari, successivamente
Evento di riacquisto sostanziale al 101% prima della Prima Data di Reset, alla pari, successivamente
Tax Event Deducibilità al 101% prima della Prima Data di Reset, alla pari, successivamente
Sostituzione Lingua ... lingua sostituzione Intenzionale
Inserzione ................ Borsa irlandese
Legge .......... EUR / GBP: diritto inglese, ad eccezione di subordinazione di diritto italiano;
Denominazione ........... € 100K 1 / £ 100K +1
(*) USD dettagli tranche da seguire
paolo.libero
Nuovo forumer
Acmea call
Ciao Gion .. mi puoi dare un tuo parere su quante probabilità ci sono della call della Achmea NL0000168714 6% a 01/11/2013
Buy questa mattina altro cip per cassetto di banestro tf 5.5% E4Q4 a 83.28 con Bink a euronex
Ciao Gion .. mi puoi dare un tuo parere su quante probabilità ci sono della call della Achmea NL0000168714 6% a 01/11/2013
Buy questa mattina altro cip per cassetto di banestro tf 5.5% E4Q4 a 83.28 con Bink a euronex