impegnativo
Guest
Lo dicevo io che mi sfuggiva qualcosa !!
Grazie.
PS: quale è secondo voi la migliore in $ con taglio umano ?
C'è questa se ti interessa sempre in USD lotto minimo 1.000, sul TLX: Argentina 7,125% 2017-99 ISIN USP04808AN44
Titoli di Stato area non Euro ARGENTINA obbligazioni e tango bond (5 lettori)
- Creatore Discussione SINIBALDO
- Data di Inizio
C'è questa se ti interessa sempre in USD lotto minimo 1.000, sul TLX: Argentina 7,125% 2017-99 ISIN USP04808AN44
Owblisky
Compravendite mobiliari
Grazie impegnativo.
Mi sono orientato sulla 38 step-up, sia perche la roba troppo lunga vorrei evitarla sia perchè spero che lo step-up possa mitigare l'effetto aumento tassi.
impegnativo
Guest
Grazie impegnativo.
Mi sono orientato sulla 38 step-up, sia perche la roba troppo lunga vorrei evitarla sia perchè spero che lo step-up possa mitigare l'effetto aumento tassi.
Tanto corta anche questa non mi pare...
Ultima modifica di un moderatore:
darklender
Forumer attivo
Io sto sulle 38 € o $
Pero il matusalem lo tengo d occhio
darklender
Forumer attivo
Sul corto la 23
Us040114hp86
Us040114hp86
waltermasoni
Caribbean Trader
Fitch Affirms City of Buenos Aires, Argentina at 'B'; Outlook Positive
21 MAR 2018 6:00 PM ET
Fitch Ratings-Monterrey-21 March 2018: Fitch Ratings has affirmed the city of Buenos Aires' (CBA) ratings at 'B'; with a Positive Outlook.
A complete list of rating actions is detailed at the end of this release.
KEY RATING DRIVERS
The key considerations that underpin CBA's ratings are the city's high level of fiscal autonomy with positive and solid operating margins in a context of high inflation and currency depreciation, its low leverage ratios, and its economic importance in the national context. The ratings are constrained by Argentina's sovereign rating (Long-Term Foreign Currency Issuer Default Rating B/Positive). Weaknesses considered are the city's moderate level of unhedged foreign currency debt exposure, as well as its high staff and urban infrastructure expenditure pressures.
Institutional Framework: Fitch considers Argentina's institutional framework to be Weak, given the country's structural weaknesses, including its complex and imbalanced fiscal regime with no equalization funding. With recent reforms and agreements, several important tax and federal revenue distribution changes are underway; however, Fitch believes CBA has high budgetary flexibility and adequate capability to make yearly adjustments.
Economy: Fitch evaluates Argentine subnational economies as Weak, due to the country's macroeconomic context of high inflation and currency depreciation. CBA is Argentina's federal capital and is the most important social and economic center. The city has a high level of GDP per capita relative to national and international peers, but within a context of inflationary pressures. Around 3 million people live in the city; however, there are about 15.6 million inhabitants in the whole provincial area. This surrounding population challenges the city's urban mobility and demand for infrastructure and services.
Fiscal Performance: CBA's fiscal performance is considered Strong in Fitch's analysis. The city's autonomous status and economic weight translates into a high level of fiscal autonomy, with a solid local revenue base. Its tax revenue/operating revenue ratio was 72.4% according to preliminary 2017 data; higher than its Argentine and regional peers. Consequently, during 2013-2017, the period of analysis, positive and sustained operating margins averaged 13.3% per year. In 2017, the operating margin increased to 18.4%, due to a re-composition of the city's federal revenue share. For 2018, Fitch expects the city's financial flexibility to remain strong, but somewhat below the budgeted margin of 20.6%.
Management and Administration: Fitch evaluates this attribute as Neutral. CBA's administration has a proven track record of policy continuity and financial prudence, especially regarding debt policies, which the city has constantly re-profiled to improve its debt terms and conditions. Among other administrative policies, it is worth noting that in the past two years the city has been able to sustain a high level of capex.
Debt, Liabilities, and Liquidity: Fitch considers this rating factor to be Neutral. In 2017 the city's debt totalled ARS65 billion, with a low leverage equivalent to 36.4% of current revenues. The city's level of unhedged currency exposure, due to debt denominated in U.S. dollars, decreased from a high level of 82.2% in 2016 to a moderate 54.5% at year-end 2017. Debt tenures have also shifted toward longer maturity terms. For 2018, considering budgeted and authorized debt, Fitch estimates that leverage ratios will remain low.
As for liquidity, the entity maintains an adequate level of cash deposits and has an authorized short-term treasury bill program of up to ARS10 billion as a tool to mitigate cash fluctuations. This program was extended from the 2017 authorized ARS6.5 billion. Historically, the city's short-term debt from treasury bills has been low, representing less than 5% of its total revenues.
To date, there are no relevant contingent risks for the city's finances. However, Fitch monitors the financial performance of the city's main public entities, including the Bank of the City of Buenos Aires, Autopistas Urbanas, S.A., and the city's subway system, among others. At this time, we believe all any possible contingencies are manageable and under control.
RATING SENSITIVITIES
An upgrade in Argentina's sovereign rating could lead to an upgrade in the ratings of the city of Buenos Aires, whose ratings are constrained by the sovereign rating.
FULL LIST OF RATING ACTIONS
Fitch has affirmed the following ratings:
--Long-Term Foreign-Currency IDR at 'B'; Outlook Positive;
--Long-Term Local-Currency IDR at 'B'; Outlook Positive;
--Short-Term Foreign-Currency IDR at 'B';
--Short-Term Local-Currency IDR at 'B';
--Euro medium-term note programme (EMTN) up to USD2.29 billion at 'B';
--Series 11 senior unsecured notes for USD500 million at 'B';
--Series 12 senior unsecured notes for USD890 million at 'B'
--Programme of short-term treasury bills up to ARS10 billion at 'B'.
21 MAR 2018 6:00 PM ET
Fitch Ratings-Monterrey-21 March 2018: Fitch Ratings has affirmed the city of Buenos Aires' (CBA) ratings at 'B'; with a Positive Outlook.
A complete list of rating actions is detailed at the end of this release.
KEY RATING DRIVERS
The key considerations that underpin CBA's ratings are the city's high level of fiscal autonomy with positive and solid operating margins in a context of high inflation and currency depreciation, its low leverage ratios, and its economic importance in the national context. The ratings are constrained by Argentina's sovereign rating (Long-Term Foreign Currency Issuer Default Rating B/Positive). Weaknesses considered are the city's moderate level of unhedged foreign currency debt exposure, as well as its high staff and urban infrastructure expenditure pressures.
Institutional Framework: Fitch considers Argentina's institutional framework to be Weak, given the country's structural weaknesses, including its complex and imbalanced fiscal regime with no equalization funding. With recent reforms and agreements, several important tax and federal revenue distribution changes are underway; however, Fitch believes CBA has high budgetary flexibility and adequate capability to make yearly adjustments.
Economy: Fitch evaluates Argentine subnational economies as Weak, due to the country's macroeconomic context of high inflation and currency depreciation. CBA is Argentina's federal capital and is the most important social and economic center. The city has a high level of GDP per capita relative to national and international peers, but within a context of inflationary pressures. Around 3 million people live in the city; however, there are about 15.6 million inhabitants in the whole provincial area. This surrounding population challenges the city's urban mobility and demand for infrastructure and services.
Fiscal Performance: CBA's fiscal performance is considered Strong in Fitch's analysis. The city's autonomous status and economic weight translates into a high level of fiscal autonomy, with a solid local revenue base. Its tax revenue/operating revenue ratio was 72.4% according to preliminary 2017 data; higher than its Argentine and regional peers. Consequently, during 2013-2017, the period of analysis, positive and sustained operating margins averaged 13.3% per year. In 2017, the operating margin increased to 18.4%, due to a re-composition of the city's federal revenue share. For 2018, Fitch expects the city's financial flexibility to remain strong, but somewhat below the budgeted margin of 20.6%.
Management and Administration: Fitch evaluates this attribute as Neutral. CBA's administration has a proven track record of policy continuity and financial prudence, especially regarding debt policies, which the city has constantly re-profiled to improve its debt terms and conditions. Among other administrative policies, it is worth noting that in the past two years the city has been able to sustain a high level of capex.
Debt, Liabilities, and Liquidity: Fitch considers this rating factor to be Neutral. In 2017 the city's debt totalled ARS65 billion, with a low leverage equivalent to 36.4% of current revenues. The city's level of unhedged currency exposure, due to debt denominated in U.S. dollars, decreased from a high level of 82.2% in 2016 to a moderate 54.5% at year-end 2017. Debt tenures have also shifted toward longer maturity terms. For 2018, considering budgeted and authorized debt, Fitch estimates that leverage ratios will remain low.
As for liquidity, the entity maintains an adequate level of cash deposits and has an authorized short-term treasury bill program of up to ARS10 billion as a tool to mitigate cash fluctuations. This program was extended from the 2017 authorized ARS6.5 billion. Historically, the city's short-term debt from treasury bills has been low, representing less than 5% of its total revenues.
To date, there are no relevant contingent risks for the city's finances. However, Fitch monitors the financial performance of the city's main public entities, including the Bank of the City of Buenos Aires, Autopistas Urbanas, S.A., and the city's subway system, among others. At this time, we believe all any possible contingencies are manageable and under control.
RATING SENSITIVITIES
An upgrade in Argentina's sovereign rating could lead to an upgrade in the ratings of the city of Buenos Aires, whose ratings are constrained by the sovereign rating.
FULL LIST OF RATING ACTIONS
Fitch has affirmed the following ratings:
--Long-Term Foreign-Currency IDR at 'B'; Outlook Positive;
--Long-Term Local-Currency IDR at 'B'; Outlook Positive;
--Short-Term Foreign-Currency IDR at 'B';
--Short-Term Local-Currency IDR at 'B';
--Euro medium-term note programme (EMTN) up to USD2.29 billion at 'B';
--Series 11 senior unsecured notes for USD500 million at 'B';
--Series 12 senior unsecured notes for USD890 million at 'B'
--Programme of short-term treasury bills up to ARS10 billion at 'B'.
marcob77
Moderator
io preso un cippino del matusalem a 91..
marcob77
Moderator
questa è interessante non la conoscevo, grazie!!!
