Obbligazioni societarie Bond British Petroleum (BP) (1 Viewer)
- Creatore Discussione storm
- Data di Inizio
Imark
Forumer storico
In effetti no... devo che, avendo seguito poco la società come emittente obbligazionario, non mi ero reso conto dell'esistenza di bond in euro... invece qualcuno corto c'è, e chi vuole può provare a prendere il 5% netto su un BP 2012...
Ieri sono crollati, oggi pare siano risaliti, ma anche oggi ci sono state molte vendite, visto che il rating è stato portato ai margini dell'IG...
storm
Forumer storico
l'ipotesi di default che leggo in giro mi pare eccessiva. Poi cmq se ci fossero cause andrebbero per le lunghe e al 2012 rimborsano di sicuro.
Imark
Forumer storico
Credo anch'io... c'è da capire cosa succede ai corsi dell'oil nel mentre, ma a ripagare nel 2012 ci arriva, IMHO...
Mi aspettavo un'uscita dei fondi più prolungata... per questo volevo dare un'attimo un'occhiata ai volumi ... ieri è scesa con volumi significativi anche sul retail tedesco...
Alobar
So di non sapere...
BP's bonds move to distressed debt funds
UPDATE 2-BP's bonds move to distressed debt funds
Wed, Jun 16 2010
(Adds PIMCO purchases of BP bonds, updates throughout with bond prices rebounding after dividend cut)
By Karen Brettell and Dena Aubin
NEW YORK, June 16 (Reuters) - U.S. bonds of oil giant BP (BP.L: Quote, Profile, Research, Stock Buzz) are moving into the hands of distressed debt investors and hedge funds as pension and mutual funds dump the securities, market participants said on Wednesday.
BP's bonds have tumbled in recent days and the cost of protecting its debt against default rose amid mounting fears about the company's liability for its Gulf of Mexico oil spill, the worst in U.S. history. While bonds rebounded on Wednesday after BP suspended its dividend, many were still trading with junk-like yields.
BP on Wednesday said it would cut three quarters of dividends, reduce its investment program and sell $10 billion of assets to fund a planned $20 billion fund to pay for its Gulf of Mexico oil spill. For details click on [ID:nN16180602].
The action came a day after scientists sharply boosted their estimates of oil gushing from BP's exploded well in the Gulf of Mexico.
PIMCO, the world's largest bond fund, recently bought $100 million of short-dated BP paper, Bill Gross, its co-chief investment officer, said on Wednesday. For details click on [ID:nN16167902].
However, many traditional holders of BP's bonds -- pension funds, insurance companies, mutual funds and money managers -- have been selling, said Harold Rivkin, president of distressed debt firm H. Rivkin & Co in Princeton, New Jersey.
"Buyers tend to be distressed and bankruptcy players," Rivkin said.
With property owners in Gulf Coast states from Texas to Florida potentially affected, "it's inevitable that the claims will mount very quickly through class actions, and this will overwhelm the ability of the company to service the debt at some point," he said.
On Tuesday, a team of U.S. scientists raised their high-end estimate of the amount of oil flowing from BP's exploded Gulf of Mexico well by 50 percent to between 35,000 and 60,000 barrels per day. They had first estimated the leak at 12,000 to 19,000 barrels per day.
"It's an unanalyzable situation," said Frank Koster, chief investment officer of Dwight Asset management, which has $68.8 billion of assets under management. Dwight sold its exposure to BP debt in the early days of the spill, soon after it became clear that the amount of oil gushing into the gulf was unknown, he said.
A spokesman for BP could not immediately be reached for comment. Many analysts have said they view bankruptcy concerns as overblown and argue the company has sufficient resources to cover its liabilities from the spill.
SOME BONDS IN DISTRESSED TERRITORY
Some of BP's bonds earlier on Wednesday began trading in distressed territory, typically defined as having yields of at least 1,000 basis points more than U.S. Treasury yields. Bond yields fell after the dividend cut announcement.
The cost of buying short-term protection on BP's debt has has risen above longer-term premiums, which typically happens when a company is seen as distressed.
In the bond market, BP Capital Markets' 3.125 percent notes due in 2012 traded on Wednesday as low as 87.9 cents on the dollar, or 1,027 basis points over Treasuries, before rebounding to 93.5 cents, up two cents on the day, according to MarketAxess.
Before the dividend cut, credit default swaps insuring BP's debt for one year jumped as much as 335 basis points to 975 basis points, or $975,000 to insure $10 million in debt, while its five-year protection costs jumped to a new high of 617 basis points. Both swaps retraced part of those moves later in the day.
Two-year swaps have also surpassed five-year CDS. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 2-year CDS surpassed 5-year CDS on June 2, 2010 link.reuters.com/nyr89k ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
The derivatives market was also reflecting lower expectations of the amounts that would be recovered in a bankruptcy.
A type of derivative known as a recovery swap is now pricing in expectations that sellers of default protection would recover around 55 to 60 percent if BP fails, according to Markit data. The recovery estimate was about 70 percent last week.
Some argue, however, that the CDS moves are exaggerated and do not reflect the real risks that BP could struggle to meet its obligations. Fitch Ratings, which on Tuesday cut its ratings on BP by six notches, said on Wednesday it believes the CDS moves are overdone.
Risk management firm Kamakura Corp also deems the risk of a BP default as low, ranking the company as having a 0.14 percent probability of defaulting in the coming year, and 0.06 percent likelihood of defaulting over 5 years. (Additional reporting by Walden Siew; Editing by Leslie Adler)
CDS a 2 anni quasi a 700...
UPDATE 2-BP's bonds move to distressed debt funds
Wed, Jun 16 2010
(Adds PIMCO purchases of BP bonds, updates throughout with bond prices rebounding after dividend cut)
By Karen Brettell and Dena Aubin
NEW YORK, June 16 (Reuters) - U.S. bonds of oil giant BP (BP.L: Quote, Profile, Research, Stock Buzz) are moving into the hands of distressed debt investors and hedge funds as pension and mutual funds dump the securities, market participants said on Wednesday.
BP's bonds have tumbled in recent days and the cost of protecting its debt against default rose amid mounting fears about the company's liability for its Gulf of Mexico oil spill, the worst in U.S. history. While bonds rebounded on Wednesday after BP suspended its dividend, many were still trading with junk-like yields.
BP on Wednesday said it would cut three quarters of dividends, reduce its investment program and sell $10 billion of assets to fund a planned $20 billion fund to pay for its Gulf of Mexico oil spill. For details click on [ID:nN16180602].
The action came a day after scientists sharply boosted their estimates of oil gushing from BP's exploded well in the Gulf of Mexico.
PIMCO, the world's largest bond fund, recently bought $100 million of short-dated BP paper, Bill Gross, its co-chief investment officer, said on Wednesday. For details click on [ID:nN16167902].
However, many traditional holders of BP's bonds -- pension funds, insurance companies, mutual funds and money managers -- have been selling, said Harold Rivkin, president of distressed debt firm H. Rivkin & Co in Princeton, New Jersey.
"Buyers tend to be distressed and bankruptcy players," Rivkin said.
With property owners in Gulf Coast states from Texas to Florida potentially affected, "it's inevitable that the claims will mount very quickly through class actions, and this will overwhelm the ability of the company to service the debt at some point," he said.
On Tuesday, a team of U.S. scientists raised their high-end estimate of the amount of oil flowing from BP's exploded Gulf of Mexico well by 50 percent to between 35,000 and 60,000 barrels per day. They had first estimated the leak at 12,000 to 19,000 barrels per day.
"It's an unanalyzable situation," said Frank Koster, chief investment officer of Dwight Asset management, which has $68.8 billion of assets under management. Dwight sold its exposure to BP debt in the early days of the spill, soon after it became clear that the amount of oil gushing into the gulf was unknown, he said.
A spokesman for BP could not immediately be reached for comment. Many analysts have said they view bankruptcy concerns as overblown and argue the company has sufficient resources to cover its liabilities from the spill.
SOME BONDS IN DISTRESSED TERRITORY
Some of BP's bonds earlier on Wednesday began trading in distressed territory, typically defined as having yields of at least 1,000 basis points more than U.S. Treasury yields. Bond yields fell after the dividend cut announcement.
The cost of buying short-term protection on BP's debt has has risen above longer-term premiums, which typically happens when a company is seen as distressed.
In the bond market, BP Capital Markets' 3.125 percent notes due in 2012 traded on Wednesday as low as 87.9 cents on the dollar, or 1,027 basis points over Treasuries, before rebounding to 93.5 cents, up two cents on the day, according to MarketAxess.
Before the dividend cut, credit default swaps insuring BP's debt for one year jumped as much as 335 basis points to 975 basis points, or $975,000 to insure $10 million in debt, while its five-year protection costs jumped to a new high of 617 basis points. Both swaps retraced part of those moves later in the day.
Two-year swaps have also surpassed five-year CDS. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 2-year CDS surpassed 5-year CDS on June 2, 2010 link.reuters.com/nyr89k ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
The derivatives market was also reflecting lower expectations of the amounts that would be recovered in a bankruptcy.
A type of derivative known as a recovery swap is now pricing in expectations that sellers of default protection would recover around 55 to 60 percent if BP fails, according to Markit data. The recovery estimate was about 70 percent last week.
Some argue, however, that the CDS moves are exaggerated and do not reflect the real risks that BP could struggle to meet its obligations. Fitch Ratings, which on Tuesday cut its ratings on BP by six notches, said on Wednesday it believes the CDS moves are overdone.
Risk management firm Kamakura Corp also deems the risk of a BP default as low, ranking the company as having a 0.14 percent probability of defaulting in the coming year, and 0.06 percent likelihood of defaulting over 5 years. (Additional reporting by Walden Siew; Editing by Leslie Adler)
CDS a 2 anni quasi a 700...
Ultima modifica:
acro26
Nuovo forumer
Siccome qui piove , e al mare quando piove non se fà un .........
vorrei provare a rovinarmi del resto con un cippetto di BP
Chi ha l'isin del 2012 ?
paologorgo
Chapter 11
In a possible sign of a liquidity problem, BP (BP) may sell up to $10B of corporate debt as early as next week. Plans have not yet been finalized, but reports say the sale likely would involve bonds with a five- or 10-year maturity. Dennis Gartman believes it would be well received: "I think every distressed bond portfolio in the world will say, 'I get to own BP as a distressed bond issue?' I think that will fly."
paologorgo
Chapter 11
dalla bocciofila: BP CDS - analisi
Look at the chart below:
This is the BP curve. Again the yellowish line represents last year, with the red line representing the current term structure. The curve is inverted which means that investors believe that there is a higher likelihood that BP default in the near term relative to the outer years.
If you have access to a Bloomberg, you can run the function CDSW on any single name CDS to determine the implied default probability of the underlying credit. For example, in BP's case, the 1 year CDS is trading at (who knows where it opens) 550, which implies a 1 year default probability of near 10%.
P.S.: dati di qualche giorno fa...
Look at the chart below:
This is the BP curve. Again the yellowish line represents last year, with the red line representing the current term structure. The curve is inverted which means that investors believe that there is a higher likelihood that BP default in the near term relative to the outer years.
If you have access to a Bloomberg, you can run the function CDSW on any single name CDS to determine the implied default probability of the underlying credit. For example, in BP's case, the 1 year CDS is trading at (who knows where it opens) 550, which implies a 1 year default probability of near 10%.
P.S.: dati di qualche giorno fa...
Ultima modifica:
mago gambamerlo
Xx Phuket xX
Mi associo alla domanda del' sin 2012 ? qualcuno ha acquistato / prezzi ?
Siccome qui piove , e al mare quando piove non se fà un .........
vorrei provare a rovinarmi del resto con un cippetto di BP
Chi ha l'isin del 2012 ?
Zorba
Bos 4 Mod
Non è escluso che a breve ne parleremo qui di BP
http://www.investireoggi.it/forum/o...oula-glasswork-ed-altre-ciofeche-vt54414.html
http://www.investireoggi.it/forum/o...oula-glasswork-ed-altre-ciofeche-vt54414.html