Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (7 lettori)

[CEDOLONE]

su questo, son d'accordissimo

Leggevo i post passati di CMA ...
Sei sempre dentro ? A 50 ?
Alla faccia del rifiuto tossico
Se si .... tra poco festeggi 100

 

[Joe Silver]

Investitori Professionali

Sembra in dirittura d'arrivo con IW Bank la procedura di qualifica come investitore professionale che consente l'acquisto dei titoli in emissione.

 

[bia06]

prezzo e isin?

Cosa ne pensate di
CMA 8.875% 2011-19?
Taglio 100k

 

[bia06]

scusami

Ciao
11% e´ senior, giusto?
Qualcuno ne conosce il taglio minimo?
Visti i risultati mi sembra caro......pareri?
Grazie

ATU
ATUGRP EUR 11% Snr May 2014 91.5 – 93.5 YTM 19.44%
ATUGRP EUR Float Sub October 2014 35 – 40

Trading update

On Friday the company released its earnings report covering 9m up to 31 March 2013 (9M13) and held investor call. Despite a very optimistic tone of the company’s CFO during the call the company suffered a very weak 3rd quarter and hence the figures reported for the 9m were also weak. Sales for 9M13 amounted to €855.5m vs. €947.1m in the same period in prior year. The CFO said that the sales were negatively impacted by the weather conditions as winter was milder than usual and March was the coldest month in 130 years which pushed the high season of tyre changes from March into April. Also weak consumer sentiment impacted the whole of the tyre market including ATU. Due to the weather impact the company sold less of its higher margin services and products and hence gross margin fell to 61% from 63.3% yoy. The company also reported much lower EBITDA for 9M13 at just €31.3m vs. €69.8m for the 9M12. Net loss for the period of 9m amounted to -€67.4m vs. a net loss of -€31.8m in the same period last year. Cash flow from operating was negative €18.3m vs. a positive €8.6m in the prior year. Due to weak 3rd quarter cash flow from operating activities in the last reported 3month was negative -€38m vs. a positive €1.7m in the same period last year. The company said that it had cash to make the upcoming June interest payment and said that it has utilised the full €45m of it RCF. Total debt of the company stood at €640m resulting in reported Net Debt over LTM EBITDA ratio of 9.4x vs. 5.5x in March last year. The company said that the management together with A.T.U’s shareholder is working on a refinancing of the existing debt facilities and has mandated advisors. The CFO said that the dialogue currently includes refinancing options as well as strategic partnership options. The CFO also said that the company is fully stocked up and ready for the summer season and should see improvements in the next quarter. As per our research update of February 2013 (call the desk to receive it), we believe ATU's core business fails to generate enough cash to service its debt which makes a refinance of the bonds challenging. We expect more price volatility going forward,

 

[CEDOLONE]

CMA e' posseduta da una societa' libanese ma c'e' dentro anche una societa' turca e, con una piccola quota, il governo francese . Ma e' vero che sono stati indagati per traffici sospetti dal congresso americano...ne avevo parlato mesi fa quando l'avevo comprata.

grazie CAT , ho letto i tuoi post passati su CMA .
D'accordo non e' proprio una societa da fondo etico
ma di Iraniano non ho letto nulla ( e' diverso dal Libano , cosi' come
la differenza tra 20 e 35 di prezzo ) .
Leggendo i post passati complimenti a chi era entrato in area 50 tipo QQ.

Bene ora mi sento ( essendo entrato di recente) come uno che arriva ad una festa e si sono gia' trom.bati tutte le gnokke.... e da bere
trovo solo qualche bicchierino di carta gia' usato con dentro i mozzikoni .

Mi avete rovinato la festa.....
ma potrei accontentarmi di una cedolata e un 95

 

[CEDOLONE]

CMA CGM 11/19 REGS (Reg.S) | Bond | A1GQGC | XS0618662562 | Börse Frankfurt (Frankfurt Stock Exchange)

 

[Cat XL]

grazie CAT , ho letto i tuoi post passati su CMA .
D'accordo non e' proprio una societa da fondo etico
ma di Iraniano non ho letto nulla ( e' diverso dal Libano , cosi' come
la differenza tra 20 e 35 di prezzo ) .
Leggendo i post passati complimenti a chi era entrato in area 50 tipo QQ.

Bene ora mi sento ( essendo entrato di recente) come uno che arriva ad una festa e si sono gia' trom.bati tutte le gnokke.... e da bere
trovo solo qualche bicchierino di carta gia' usato con dentro i mozzikoni .

Mi avete rovinato la festa.....
ma potrei accontentarmi di una cedolata e un 95

E' una societa' di trasporti...allora non dobbiamo tenere in portafoglio le aziende che producono acciao perche' viene usato per fare delle armi.

 

[qquebec]

non devono aver fatto molta impressione evidentemente,oggi scambia a 34.

Di questo passo andrà a 20

 

[CEDOLONE]

E' una societa' di trasporti...allora non dobbiamo tenere in portafoglio le aziende che producono acciao perche' viene usato per fare delle armi.

figurati ....io di problemi non me ne faccio ...
ho Heckler & Koch che "spara" nel mio PF

 

[gionmorg]

Moody's: J.C. Penney's $500 million increase in its proposed term loan does not impact ratings
Global Credit Research - 21 May 2013
New York, May 21, 2013 -- Moody's Investor's Service today stated that J.C. Penney Company, Inc.'s ("JCP") Caa1 Corporate Family Rating and negative outlook are not currently impacted by the increase to $2.25 billion from its previously announced $1.75 billion senior secured term loan due 2020. In addition, the increase will not change the B2 rating on the $2.25 billion term loan, the Caa2 senior unsecured notes rating, nor the SGL-3 Speculative Grade Liquidity rating.

The larger size of the term loan will further bolster JCP's liquidity. Thus, it provides JCP with additional financial flexibility to address its operating performance weakness. However, the ratings are not currently impacted as JCP's credit metrics and operating performance remain very fragile. Although first quarter operating results largely met Moody's expectations, operating performance was very weak. In addition, Moody's forecasts that JCP will continue to experience a sizable cash flow burn in the second and third quarters of 2013. JCP generated about $960 million in negative cash flow in the first quarter. Moody's estimates that JCP will likely burn an additional $1.4 billion of cash flow in the second and third quarters of 2013 before turning free cash flow positive in the fourth quarter.