[Capirex85]

Originalmente inviato da Kylix

Credo sia preferibile prendere l'8% con una obbligazione che mantiene l'IG piuttosto che il 9% con una che subisce un doppio downgrade.

Dal punto di vista di chi deve comprare, se sei in grado di valutare la solvibilità di un'azienda indipendentemente dal rating, direi proprio di no. Personalmente mi importa poco del rating in s'è, sono in grado di farmi una idea della solvibilità di un'impresa industriale da solo, ma mi interessano le conseguenze che ha sui prezzi.

Cmq due notch sotto sarebbe ancora IG. Magari diventasse un fallen angel: allora sarebbe davvero interessante. I fallen angels con buoni management che cercano con tutte le loro forze di riguadagnare l'IG spesso e volentieri sono buoni affari.

[lorenzo63]

BRUSSELS (Dow Jones)--Anheuser-Busch InBev (ABI.BT), the brewer of Stella Artois and Budweiser, said Friday it will raise $667 million by selling a 19.9% stake in China's Tsingtao Brewery Group to Japan's Asahi Breweries Ltd (2502.TO).

The sale, which must be approved by Chinese regulators, is part of a move by A-B InBev to dispose of non-core assets to repay debt incurred through its $52 billion purchase of Anheuser-Busch last year.

The Belgium-based company said it will keep a minority stake of about 7% in Tsingtao, whose namesake beer is the country's best-selling premium brand.

Chief Executive Carlos Brito said that, despite the sale, A-B InBev remains strongly committed to China, the world's largest beer market.

"Our operations in Northeast and Southeast China are a key platform for our global growth strategy going forward," he said.

Analysts welcomed the deal. Many said that A-B InBev had gotten a good price for the stake, representing a 40% premium on Tsingtao's share price Thursday.

Petercam analyst Kris Kippers said the deal represents a good 10% chunk of the disposals A-B InBev needs to pay for the Anheuser-Busch deal, and takes the amount the brewer needs to repay by November down to around $2.8 billion.

InBev took out $45 billion in loans to finance its Anheuser-Busch purchase shortly before the credit crunch hit.

The Tsingtao sale also makes sense from a China perspective, analysts agreed. The Anheuser-Busch purchase expanded the company's holdings in the country and the Chinese regulator said A-B InBev would not be able to increase its 27% Tsingtao stake.

A-B InBev still owns Chinese beer brands Harbin and Sedrin and remains well-positioned to reap future benefits from the Chinese market.

The combined A-B InBev is the No.1 foreign player on the Chinese beer market in terms of volumes and this deal won't change that, Kippers said.

Deutsche Bank analyst Jonathan Fell said Tsingtao wasn't producing much cashflow for A-B InBev in any case.

Shares in Anheuser-Busch InBev were up 1.5% at or 27 eurocents higher, at EUR17.80 at 1412 GMT, in a flat Belgian market. The stock has lost more than 40% of its value over the past 12 months.

[lorenzo63]

FOCUS: Downturn For Brewers' Could Be Worse Than Thought Article
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By Michael Carolan
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--Evidence from two of the world's largest brewers Thursday suggests a global slump in demand for beer may be more severe than expected and that emerging markets such as Russia and China can no longer be relied on for growth.

SABMiller PLC (SAB.JO) posted a surprise drop in beer volumes Thursday. Third-quarter lager volumes fell 1% on an organic basis, compared with expectations of a rise of up to 3%. The world's second largest brewer cited the global economic slowdown as the reason for weakening demand in many of its markets.

Danish brewer Carlsberg A/S (CARL-A.KO) meanwhile was forced to cut a further 274 jobs in Denmark and the Baltic region in response to tougher market conditions. The Copenhagen-based company, which has around 40,000 employees worldwide, already announced 80 job cuts in November.

Brewing is traditionally seen as a defensive industry during a recession but SABMiller's numbers suggest this may not be the case, especially in emerging economies.

"If anyone had any doubt, and SAB have never hidden away from it, the trading environment is deteriorating and there is no sign of it getting any better," said Blue Oar analyst Bruce Davidson.

While SABMiller's volumes in the U.S. dropped 2.3% - including a 7.5% fall for the flagship Miller Lite brand - and actually rose by 1% in its home South African market, newer beer markets like Russia and Columbia saw sharp declines, with volumes down 22% and 6% respectively. Even in China - one of SAB's key growth markets in recent years, volumes were no more than flat.

"The previously high-growth emerging markets are disappointing across the board," said Shore Capital analyst Andy Blain.

Brewers like SABMiller, Carlsberg and Anheuser-Busch Inbev NV (ABI.BT) have invested heavily in the emerging markets of South America, Eastern Europe and Asia in recent years, where sales growth has dwarfed that of traditional beer drinking countries of Western Europe and North America.

SAB's declining volumes in Russia are of particular concern to Carlsberg investors. The Danish brewer is the largest operator in Russia, having gambled heavily with its joint takeover of U.K.-based Scottish & Newcastle with Heineken NV (HEIA.AE) last year.

The Russian beer market - with its double digit annual growth rates - was the prime attraction for Carlsberg and the reason why it was prepared to pay such a full price for the brewer. Since its acquisition, however, the Russian economy has gone into steep decline and this growth has evaporated.

Carlsberg now generates more than 50% of its sales in Russia and also has a strong presence in the Baltic states - where the global economic downturn has hit particularly hard.

While giving no indication of Carlsberg's performance, Chief Executive Jorgen Buhl Rasmussen told Dow Jones Newswires in an interview Thursday that Russia's total beer market has stayed "somewhere around flattish" in 2008 compared to 2007, though he acknowledged that some see that market as declining.

Heineken is unlikely to have fared much better from the deal. The S&N deal made Heineken the largest player in the U.K. market - a market also in steep decline. The U.K.'s largest pub firm Punch Taverns PLC (PUB.LN) said Wednesday that its beer volumes had declined by 12% in the latest quarter.

[yellow]

Storicamente in periodi di depressione,
il consumo di bevande alcoliche ( tra cui,anche la birra ) aumenta e non di poco.

[Kylix]

Prese a 101,48....che p.irla!

[DinoP]

Originalmente inviato da Kylix

Prese a 101,48....che p.irla!

ciao,
sapresti mica anche la quotazione (dove si trova?) della 2013 BE0934984015?
su alcuni siti vedo quotata solo la 2017.

[Kylix]

Originalmente inviato da DinoP

ciao,
sapresti mica anche la quotazione (dove si trova?) della 2013 BE0934984015?
su alcuni siti vedo quotata solo la 2017.

No mi spiace, il prezzo viene dalla sala contrattazione della banca.

[DinoP]

Originalmente inviato da Kylix

No mi spiace, il prezzo viene dalla sala contrattazione della banca.

grazie,
ora l'ho trovato, la 2013 quota sui 103,5,
oltre 2 punti in più della 2017.

[Imark]

Originalmente inviato da Kylix

No mi spiace, il prezzo viene dalla sala contrattazione della banca.

Originalmente inviato da DinoP

grazie,
ora l'ho trovato, la 2013 quota sui 103,5,
oltre 2 punti in più della 2017.

Vi segnalo che ora si visualizzano anche su OnVista... che cedola dà la 2013 ? Verificato da solo: 7.375% ed è anche questa rating linked, nel senso che se cala il rating sale la cedola... sto chiedendo in giro per l'Offering Circular di questi bond... chi avesse possibilità di farmeli avere, farebbe cosa utile anche a sé stesso, se interessato, visto che 4 occhi vedono meglio di due...

http://anleihen.onvista.de/snapshot....E=BE0934984015

http://anleihen.onvista.de/snapshot....UMENT=23307570

[lorenzo63]

Originalmente inviato da i98mark

Vi segnalo che ora si visualizzano anche su OnVista... che cedola dà la 2013 ? Verificato da solo: 7.375% ed è anche questa rating linked, nel senso che se cala il rating sale la cedola... sto chiedendo in giro per l'Offering Circular di questi bond... chi avesse possibilità di farmeli avere, farebbe cosa utile anche a sé stesso, se interessato, visto che 4 occhi vedono meglio di due...

http://anleihen.onvista.de/snapshot....E=BE0934984015

http://anleihen.onvista.de/snapshot....UMENT=23307570

Ah! è per questo allora che ho gli occhiali ... .. No. è da ieri sera che la sto cercando ma...per ora nisba.