Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 4 bis
- Creatore Discussione fedro10
- Data di Inizio
Sniper76
Forumer attivo
finali RCI 6.125% e Veolia 4.325%
Fabrib
Forumer storico
Banco Comercial Português, S.A. informs that it has decided to exercise its option to early redeem all of
its EUR500,000,000 Senior Preferred Fixed to Floating Rate Notes due October 2026 (ISIN:
PTBCP2OM0058), issued on 2 October 2023 under the EUR25,000,000,000 Euro Note Programme (the
“Notes”), in accordance with condition 6(d) of the terms and conditions of the Notes and the final terms
of the Notes. The early redemption of the Notes shall take place on the optional redemption date set
out in the final terms of the Notes, 2 October 2025, at their outstanding principal amount together with
accrued interest.
its EUR500,000,000 Senior Preferred Fixed to Floating Rate Notes due October 2026 (ISIN:
PTBCP2OM0058), issued on 2 October 2023 under the EUR25,000,000,000 Euro Note Programme (the
“Notes”), in accordance with condition 6(d) of the terms and conditions of the Notes and the final terms
of the Notes. The early redemption of the Notes shall take place on the optional redemption date set
out in the final terms of the Notes, 2 October 2025, at their outstanding principal amount together with
accrued interest.
fedro10
è la somma che fa il totale...
|
"Suedzucker's ratings downgrade follows the company's downward revision of its profit expectation for the current financial year and reflects our views that key credit metrics will remain weak at least until fiscal year ending February 2027 (fiscal 2027). As we previously indicated the Baa2 rating was weakly positioned and offered only limited headroom for further profit deterioration," said Paolo Leschiutta, a Moody's Ratings Senior Vice President and lead analyst for Suedzucker.
"Along with low sugar prices in Europe, which are putting pressure on the company's sugar division profitability, low ethanol prices, high input costs and high competition in the frozen pizza markets are also straining the company's profit in non-sugar activities; lower earnings will result in lower cash generation and lower than we previously anticipated financial debt reduction, resulting in weaker credit metrics for longer." continued Mr. Leschiutta.
RATINGS RATIONALE
Suedzucker's rating downgrade to Baa3 reflects our expectations that the company credit metrics will be weaker than initially anticipated due to lower profitability anticipated in fiscal 2026. Lower cash generation will permit only modest debt reduction, leaving the company more susceptible to earnings volatility. Following the sharp decline in EU sugar prices in the second half of 2024, we had anticipated a deterioration in profitability and weakened credit metrics for fiscal 2026. However, declining ethanol prices and persistently high raw material costs are leading to further deterioration in operating performance in some of Suedzucker's divisions, resulting in weaker earnings for the group in the current fiscal year.
We still foresee some recovery in the company's operating performance in fiscal 2027, though the speed and extent of this recovery remain uncertain. Importantly, sugar prices in the EU continue to be soft, and expectations of oversupply both in Europe and globally might counteract benefits from expected acreage reduction in Europe and the company's reduced production capacity next season. Additionally, the weak US dollar is exerting further pressure on global sugar prices when converted to euros. Consequently, the recovery in the company's profitability is expected to be slower than initially anticipated.
Lower earnings in both fiscal 2026 and 2027 will lead to less debt reduction than expected, prolonging the deterioration in credit metrics. The company's financial leverage, measured as gross adjusted debt to EBITDA, was approximately 5.3x in fiscal 2025, up from 2.3x in fiscal 2024. We now anticipate leverage increasing to about 5.9x in fiscal 2026, which remains weak for the Baa3 rating. However, the ratings assume a recovery in fiscal 2027, with metrics improving to a level more consistent with the rating, targeting a leverage of around 3.5x through the cycle. The extent of improvement is subject to several factors beyond the company's control.
On a positive note, despite some volatility in the CropEnergies and Starch segments, Suedzucker's non-sugar operations continue to perform well, increasingly contributing to the company's profits over the years. Additionally, the company's liquidity remains strong, supported by its robust business profile, characterised by a pan-European presence and a leading market position, with approximately a 25% share of the European sugar market.
STRUCTURAL CONSIDERATIONS
The downgrade to Ba2 from Ba1 of the 2025 hybrid note, two notches below Suedzucker's Baa3 long-term issuer rating, reflects the deeply subordinated nature of the hybrid notes compared to Suedzucker's senior unsecured debt. The 2025 hybrid notes are perpetual securities with a non-call period of minimum five years from issue date and do not contain events of default provision. Suedzucker may opt to defer coupon payments on a cumulative basis. The notes do not contain any step-ups in the first 10 years and contain no more than 100 basis points in total. The 2025 hybrid notes qualify for the "Basket M" and a 50% equity treatment of the borrowing for the calculation of the our credit metrics, as per our Hybrid Equity Credit methodology published in February 2024.
LIQUIDITY
Suedzucker's good liquidity is supported by cash and short-term securities of €1,016 million as of May 2025 and a fully undrawn €800 million syndicated revolving credit facility maturing in July 2030 which has no adverse change clauses or financial covenants. In addition, the company has available €250 million worth of syndicated revolving credit line maturing in December 2027 and €115 million maturing in October 2027, guaranteed by its subsidiary AGRANA Beteiligungs-Aktiengesellschaft (AGRANA).
Suedzucker has sufficient available liquidity to cover its expected cash needs over the next 12-18 months, which include significant seasonality in working capital requirements and possible utilisation under its €600 million commercial paper programme. The €500 million bond due in November 2025 was already pre-financed with a similar sized bond issued in January and will be repaid out of cash over the coming months.
RATING OUTLOOK
The stable outlook reflects our expectations that the company credit metrics will improve beyond fiscal 2026. This assumes a recovery in the profitability of both the sugar division on the back of sugar price recovery across the EU and of the CropEnergy division. The outlook also assumes that the company will operate with a leverage of around 3.5x through the cycle, and that it will maintain a good liquidity at all times.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive pressure on the rating is unlikely today given the weak operating performance and credit metrics. Suedzucker's ratings could be upgraded following a track record of better earnings stability, including a higher contribution from non-sugar activities. A rating upgrade would also require the company's Moody's-adjusted leverage to stay well below 3.0x for a prolonged period of time and retained cash flow/net debt stays above 25%, both on a sustained basis.
Suedzucker's ratings could be downgraded if it fails to improve its profitability from current level, resulting in sustained negative free cash flow (FCF) or Moody's-adjusted debt/EBITDA remaining sustainably above 4.0x. The expectation is that the company should operate with a leverage of around 3.5x through the cycle, and retained cash flow/net debt does not fall below 15%, all on a sustained basis. Any deterioration in the company's liquidity could also lead to a downgrade.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Protein and Agriculture published in August 2024 and available at Ratings.Moodys.com. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.
The scorecard-indicated outcome based on data as of May 2025 is three notches lower than the current rating. This outcome, was however affected by significant excess cash and higher than usual gross debt in anticipation of the bond repayment in November 2025. We expect the scorecard outcome to improve on a forward looking basis in light of lower debt, recovery in earnings and cash generation that should result in stronger credit metrics.
COMPANY PROFILE
Headquartered in Mannheim, Germany, Suedzucker AG is the leading beet sugar producer in Europe. Suedzucker also manufactures frozen and refrigerated pizza, functional carbohydrates and fibres, bioethanol, high-protein animal feed production, starches, and fruit preparations and concentrates. In fiscal 2025, Suedzucker reported sales of around €9.7 billion and EBITDA of €723 million. The company generates 68% of its revenue across the EU, 23% of which are in Germany.
REGULATORY DISCLOSURES
For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on Ratings.Moodys.com.
For any affected securities or rated entities receiving direct credit support/credit substitution from another entity or entities subject to a credit rating action (the supporting entity), and whose ratings may change as a result of a credit rating action as to the supporting entity, the associated regulatory disclosures will relate to the supporting entity. Exceptions to this approach may be applicable in certain jurisdictions.
For ratings issued on a program, series, category/class of debt or security, certain regulatory disclosures applicable to each rating of a subsequently issued bond or note of the same series, category/class of debt, or security, or pursuant to a program for which the ratings are derived exclusively from existing ratings, in accordance with Moody's rating practices, can be found in the most recent Credit Rating Announcement related to the same class of Credit Rating.
For provisional ratings, the Credit Rating 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.
Moody's does not always publish a separate Credit Rating Announcement for each Credit Rating assigned in the Anticipated Ratings Process or Subsequent Ratings Process.
19 Sep 2025
Moody's Ratings
Milan, September 19, 2025 -- Moody's Ratings (Moody's) has today downgraded the long-term issuer rating of Suedzucker AG to Baa3 from Baa2. Concurrently, we have also downgraded to Baa3 from Baa2 the backed long-term issuer rating of its affiliate Suedzucker International Finance B.V. (collectively referred to as Suedzucker or the company), and to Ba2 from Ba1 the rating on the €700 million backed junior subordinated notes (or the 2025 hybrid) issued by Suedzucker International Finance B.V. We have also downgraded to Prime-3 (P-3) from Prime-2 (P-2) the commercial paper rating of Suedzucker AG. Suedzucker is the largest sugar producer in Europe. The outlook on both entities has been changed to stable from negative."Suedzucker's ratings downgrade follows the company's downward revision of its profit expectation for the current financial year and reflects our views that key credit metrics will remain weak at least until fiscal year ending February 2027 (fiscal 2027). As we previously indicated the Baa2 rating was weakly positioned and offered only limited headroom for further profit deterioration," said Paolo Leschiutta, a Moody's Ratings Senior Vice President and lead analyst for Suedzucker.
"Along with low sugar prices in Europe, which are putting pressure on the company's sugar division profitability, low ethanol prices, high input costs and high competition in the frozen pizza markets are also straining the company's profit in non-sugar activities; lower earnings will result in lower cash generation and lower than we previously anticipated financial debt reduction, resulting in weaker credit metrics for longer." continued Mr. Leschiutta.
RATINGS RATIONALE
Suedzucker's rating downgrade to Baa3 reflects our expectations that the company credit metrics will be weaker than initially anticipated due to lower profitability anticipated in fiscal 2026. Lower cash generation will permit only modest debt reduction, leaving the company more susceptible to earnings volatility. Following the sharp decline in EU sugar prices in the second half of 2024, we had anticipated a deterioration in profitability and weakened credit metrics for fiscal 2026. However, declining ethanol prices and persistently high raw material costs are leading to further deterioration in operating performance in some of Suedzucker's divisions, resulting in weaker earnings for the group in the current fiscal year.
We still foresee some recovery in the company's operating performance in fiscal 2027, though the speed and extent of this recovery remain uncertain. Importantly, sugar prices in the EU continue to be soft, and expectations of oversupply both in Europe and globally might counteract benefits from expected acreage reduction in Europe and the company's reduced production capacity next season. Additionally, the weak US dollar is exerting further pressure on global sugar prices when converted to euros. Consequently, the recovery in the company's profitability is expected to be slower than initially anticipated.
Lower earnings in both fiscal 2026 and 2027 will lead to less debt reduction than expected, prolonging the deterioration in credit metrics. The company's financial leverage, measured as gross adjusted debt to EBITDA, was approximately 5.3x in fiscal 2025, up from 2.3x in fiscal 2024. We now anticipate leverage increasing to about 5.9x in fiscal 2026, which remains weak for the Baa3 rating. However, the ratings assume a recovery in fiscal 2027, with metrics improving to a level more consistent with the rating, targeting a leverage of around 3.5x through the cycle. The extent of improvement is subject to several factors beyond the company's control.
On a positive note, despite some volatility in the CropEnergies and Starch segments, Suedzucker's non-sugar operations continue to perform well, increasingly contributing to the company's profits over the years. Additionally, the company's liquidity remains strong, supported by its robust business profile, characterised by a pan-European presence and a leading market position, with approximately a 25% share of the European sugar market.
STRUCTURAL CONSIDERATIONS
The downgrade to Ba2 from Ba1 of the 2025 hybrid note, two notches below Suedzucker's Baa3 long-term issuer rating, reflects the deeply subordinated nature of the hybrid notes compared to Suedzucker's senior unsecured debt. The 2025 hybrid notes are perpetual securities with a non-call period of minimum five years from issue date and do not contain events of default provision. Suedzucker may opt to defer coupon payments on a cumulative basis. The notes do not contain any step-ups in the first 10 years and contain no more than 100 basis points in total. The 2025 hybrid notes qualify for the "Basket M" and a 50% equity treatment of the borrowing for the calculation of the our credit metrics, as per our Hybrid Equity Credit methodology published in February 2024.
LIQUIDITY
Suedzucker's good liquidity is supported by cash and short-term securities of €1,016 million as of May 2025 and a fully undrawn €800 million syndicated revolving credit facility maturing in July 2030 which has no adverse change clauses or financial covenants. In addition, the company has available €250 million worth of syndicated revolving credit line maturing in December 2027 and €115 million maturing in October 2027, guaranteed by its subsidiary AGRANA Beteiligungs-Aktiengesellschaft (AGRANA).
Suedzucker has sufficient available liquidity to cover its expected cash needs over the next 12-18 months, which include significant seasonality in working capital requirements and possible utilisation under its €600 million commercial paper programme. The €500 million bond due in November 2025 was already pre-financed with a similar sized bond issued in January and will be repaid out of cash over the coming months.
RATING OUTLOOK
The stable outlook reflects our expectations that the company credit metrics will improve beyond fiscal 2026. This assumes a recovery in the profitability of both the sugar division on the back of sugar price recovery across the EU and of the CropEnergy division. The outlook also assumes that the company will operate with a leverage of around 3.5x through the cycle, and that it will maintain a good liquidity at all times.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive pressure on the rating is unlikely today given the weak operating performance and credit metrics. Suedzucker's ratings could be upgraded following a track record of better earnings stability, including a higher contribution from non-sugar activities. A rating upgrade would also require the company's Moody's-adjusted leverage to stay well below 3.0x for a prolonged period of time and retained cash flow/net debt stays above 25%, both on a sustained basis.
Suedzucker's ratings could be downgraded if it fails to improve its profitability from current level, resulting in sustained negative free cash flow (FCF) or Moody's-adjusted debt/EBITDA remaining sustainably above 4.0x. The expectation is that the company should operate with a leverage of around 3.5x through the cycle, and retained cash flow/net debt does not fall below 15%, all on a sustained basis. Any deterioration in the company's liquidity could also lead to a downgrade.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Protein and Agriculture published in August 2024 and available at Ratings.Moodys.com. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.
The scorecard-indicated outcome based on data as of May 2025 is three notches lower than the current rating. This outcome, was however affected by significant excess cash and higher than usual gross debt in anticipation of the bond repayment in November 2025. We expect the scorecard outcome to improve on a forward looking basis in light of lower debt, recovery in earnings and cash generation that should result in stronger credit metrics.
COMPANY PROFILE
Headquartered in Mannheim, Germany, Suedzucker AG is the leading beet sugar producer in Europe. Suedzucker also manufactures frozen and refrigerated pizza, functional carbohydrates and fibres, bioethanol, high-protein animal feed production, starches, and fruit preparations and concentrates. In fiscal 2025, Suedzucker reported sales of around €9.7 billion and EBITDA of €723 million. The company generates 68% of its revenue across the EU, 23% of which are in Germany.
REGULATORY DISCLOSURES
For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on Ratings.Moodys.com.
For any affected securities or rated entities receiving direct credit support/credit substitution from another entity or entities subject to a credit rating action (the supporting entity), and whose ratings may change as a result of a credit rating action as to the supporting entity, the associated regulatory disclosures will relate to the supporting entity. Exceptions to this approach may be applicable in certain jurisdictions.
For ratings issued on a program, series, category/class of debt or security, certain regulatory disclosures applicable to each rating of a subsequently issued bond or note of the same series, category/class of debt, or security, or pursuant to a program for which the ratings are derived exclusively from existing ratings, in accordance with Moody's rating practices, can be found in the most recent Credit Rating Announcement related to the same class of Credit Rating.
For provisional ratings, the Credit Rating 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.
Moody's does not always publish a separate Credit Rating Announcement for each Credit Rating assigned in the Anticipated Ratings Process or Subsequent Ratings Process.
Sniper76
Forumer attivo
min 200k
No ISIN yet
marcob77
Moderator
Generali – Collocato il primo prestito obbligazionario perpetuo Restricted Tier 1
Oggi 08:37 - MKI
Generali ha collocato il suo primo prestito obbligazionario perpetuo Restricted Tier 1, la cui sottoscrizione e' destinata a investitori istituzionali, avente un importo complessivo di 500 milioni.
In fase di collocamento dei titoli, sono stati raccolti ordini superiori a 4,6 miliardi, ricevuti da una base altamente diversificata di circa 300 investitori istituzionali.
L’emissione ha suscitato un forte interesse da parte degli investitori internazionali, che hanno rappresentato circa il 91% degli ordini allocati, confermando la forte reputazione di cui gode il Gruppo sui mercati. Circa il 46% dei Titoli e' stato allocato a investitori inglesi e irlandesi, il 17% a investitori francesi, il 9% a investitori dell' area Benelux e il 6% a investitori tedeschi / austriaci / svizzeri.
I titoli sono perpetui e possono essere rimborsati a discrezione dell’emittente, subordinatamente al soddisfacimento delle condizioni richieste per il rimborso ai sensi della legislazione applicabile, come dettagliato nei termini e condizioni dei titoli, in qualsiasi momento durante il periodo di 6 (sei) mesi compreso tra il 2 aprile 2031 (incluso) e la Prima Data di Reset (inclusa), e successivamente durante ciascun periodo di 6 (sei) mesi compreso tra il 2 aprile (incluso) e ciascuna Data di Reset (inclusa).
I titoli sono inoltre soggetti a rimborso opzionale da parte dell’Emittente per Eventi Fiscali, Eventi Regolamentari, Eventi di Rating e Clean-up Call.
In linea con i requisiti di Solvency II per gli strumenti Restricted Tier 1, le Obbligazioni sono dotate di un meccanismo di assorbimento delle perdite sotto forma di svalutazione temporanea del capitale (write-down) in caso di attivazione legata alla solvibilita', con pagamento delle cedole a piena discrezione dell’Emittente e soggetto a cancellazione obbligatoria su base non cumulativa.
Oggi 08:37 - MKI
Generali ha collocato il suo primo prestito obbligazionario perpetuo Restricted Tier 1, la cui sottoscrizione e' destinata a investitori istituzionali, avente un importo complessivo di 500 milioni.
In fase di collocamento dei titoli, sono stati raccolti ordini superiori a 4,6 miliardi, ricevuti da una base altamente diversificata di circa 300 investitori istituzionali.
L’emissione ha suscitato un forte interesse da parte degli investitori internazionali, che hanno rappresentato circa il 91% degli ordini allocati, confermando la forte reputazione di cui gode il Gruppo sui mercati. Circa il 46% dei Titoli e' stato allocato a investitori inglesi e irlandesi, il 17% a investitori francesi, il 9% a investitori dell' area Benelux e il 6% a investitori tedeschi / austriaci / svizzeri.
I titoli sono perpetui e possono essere rimborsati a discrezione dell’emittente, subordinatamente al soddisfacimento delle condizioni richieste per il rimborso ai sensi della legislazione applicabile, come dettagliato nei termini e condizioni dei titoli, in qualsiasi momento durante il periodo di 6 (sei) mesi compreso tra il 2 aprile 2031 (incluso) e la Prima Data di Reset (inclusa), e successivamente durante ciascun periodo di 6 (sei) mesi compreso tra il 2 aprile (incluso) e ciascuna Data di Reset (inclusa).
I titoli sono inoltre soggetti a rimborso opzionale da parte dell’Emittente per Eventi Fiscali, Eventi Regolamentari, Eventi di Rating e Clean-up Call.
In linea con i requisiti di Solvency II per gli strumenti Restricted Tier 1, le Obbligazioni sono dotate di un meccanismo di assorbimento delle perdite sotto forma di svalutazione temporanea del capitale (write-down) in caso di attivazione legata alla solvibilita', con pagamento delle cedole a piena discrezione dell’Emittente e soggetto a cancellazione obbligatoria su base non cumulativa.
albicocco
Forumer storico
isin XS3195977510.
Similar threads
Obbligazioni perpetue e subordinate
RZB XS0173287862: call ora o mai più? XS0193631040, XS0253262025 e il problema Russia
