non l'ho mai seguita
stavo cercando su S&P e Moody's ma nulla
che tipo di bond sono? senior secured, unsecured, sub...?
grazie
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (17 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
non l'ho mai seguita
stavo cercando su S&P e Moody's ma nulla
che tipo di bond sono? senior secured, unsecured, sub...?
grazie
senior
11,50%-bond 2011/2014 100+50 DE000AB100C ►
8,25%-bond 2011/2018 150 DE000AB100B4 ►
8,50%-bond 2010/2015 200 DE000AB100A6 ►
la 2014 difficile che scenda a 100
ma la 2015 è più probabile
il grafico che vedo è una bella linea retta che va giù giù giù...iù iù..ù.
Cat XL
Shizuka Minamoto
Safilo
Anche questa e' andata
Safilo: completa rimborso bond high yield per 135 mln euroMILANO (MF--DJ)--Safilo Capital International, societa' controllata da Safilo, ha terminato il rimborso del bond high yield (obbligazioni senior Safilo Capital International 2003-2013, al tasso fisso del 9,625%), per un importo nominale residuo di 135 milioni di euro, di cui 7,1 milioni detenuti da Safilo stessa.
Il rimborso, spiega una nota, e' stato completato attraverso le risorse finanziarie disponibili, senza ricorrere alle nuove linee revolving recentemente formalizzate. com/ofb
(END) Dow Jones Newswires
May 15, 2013 11:54 ET (15:54 GMT)
Anche questa e' andata
Safilo: completa rimborso bond high yield per 135 mln euroMILANO (MF--DJ)--Safilo Capital International, societa' controllata da Safilo, ha terminato il rimborso del bond high yield (obbligazioni senior Safilo Capital International 2003-2013, al tasso fisso del 9,625%), per un importo nominale residuo di 135 milioni di euro, di cui 7,1 milioni detenuti da Safilo stessa.
Il rimborso, spiega una nota, e' stato completato attraverso le risorse finanziarie disponibili, senza ricorrere alle nuove linee revolving recentemente formalizzate. com/ofb
(END) Dow Jones Newswires
May 15, 2013 11:54 ET (15:54 GMT)
E si, sarò stato un paio di anni a cercare di prenderla sotto 100 ma niente, mai....
MARFRIG report
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Global player in the protein market
Marfrig Alimentos (Marfrig) is one of the largest and most
diversified global food companies specialised in animal proteins,
with activities in the production and distribution of fresh,
processed and prepared beef, pork, mutton, poultry products
and other food products.
diversified global food companies specialised in animal proteins,
with activities in the production and distribution of fresh,
processed and prepared beef, pork, mutton, poultry products
and other food products.
High leverage to persist
Despite positive operating achievements, which transformed
Marfrig Alimentos from a domestic beef-concentrated protein
producer into a global diversified protein player with production
and distribution capabilities in five continents, the company
remains highly leveraged. Recent proceeds from equity
issuance and higher profits have been offset by higher working
capital requirements.
Marfrig Alimentos from a domestic beef-concentrated protein
producer into a global diversified protein player with production
and distribution capabilities in five continents, the company
remains highly leveraged. Recent proceeds from equity
issuance and higher profits have been offset by higher working
capital requirements.
Improving corporate governance
Ongoing concerns about the corporate governance of the
company have weighted on the issuer’s bonds over the last
few years. However, the recent professionalisation of the
management of the company is expected to have a positive
effect on the trustworthiness of the company. Due to these
corporate governance concerns, Marfrig has traded at a discount
from peers; however that could change if the company
continues to earn investors’ trust.
company have weighted on the issuer’s bonds over the last
few years. However, the recent professionalisation of the
management of the company is expected to have a positive
effect on the trustworthiness of the company. Due to these
corporate governance concerns, Marfrig has traded at a discount
from peers; however that could change if the company
continues to earn investors’ trust.
Corn prices coming down
High corn prices have generated big headaches to poultry
producers across the globe; corn prices, the main cost to
produce chicken meat, skyrocketed last year and have negatively
affected the cash flows of Marfrig. Luckily, corn prices
have started to recede and that could reduce the costs of the
company in Q2 and H2 2013. We upgrade the name to hold
since we believe that the worst of high corn prices is over.
However, we believe that it is too early to assume the company
will deleverage in 2013.
producers across the globe; corn prices, the main cost to
produce chicken meat, skyrocketed last year and have negatively
affected the cash flows of Marfrig. Luckily, corn prices
have started to recede and that could reduce the costs of the
company in Q2 and H2 2013. We upgrade the name to hold
since we believe that the worst of high corn prices is over.
However, we believe that it is too early to assume the company
will deleverage in 2013.
Issuer data Moody's S&P Fitch
Rating B2 B B+
Outlook stable negative negative
Outlook stable negative negative
Company profile
2010
2010
[FONT=ial,?/??][FONT=ial,?/??][FONT=ial,?/??]2011 2012
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Net Revenues (BRLbn) 15.9 21.0 23.7
EBITDA (BRLbn) 1.5 1.8 2.1
EBITDA margin 9.4% 8.4% 9.0%
CAPEX (BRLbn) 3.9 0.9 1.1
Cash & Equ. (BRLbn) 3.9 3.5 3.2
Short Term Debt (BRLbn) 2.9 2.3 3.7
Long Term Debt (BRLbn) 6.4 8.9 8.7
N. Debt/EBITDA 3.6 4.4 4.3
EBITDA (BRLbn) 1.5 1.8 2.1
EBITDA margin 9.4% 8.4% 9.0%
CAPEX (BRLbn) 3.9 0.9 1.1
Cash & Equ. (BRLbn) 3.9 3.5 3.2
Short Term Debt (BRLbn) 2.9 2.3 3.7
Long Term Debt (BRLbn) 6.4 8.9 8.7
N. Debt/EBITDA 3.6 4.4 4.3
Rating history by Moody's
Analyst
Analyst
[FONT=libri,?/??][FONT=libri,?/??]2010 2011 2012 2013
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fabriziof
Forumer storico
dai che domani si incassa...
cumulate
Forumer storico
fabriziof
Forumer storico
- Stato