Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (4 lettori)

[gionmorg]

SUPERVALU INC. : SUPERVALU Announces Closing of $400 Million Senior Notes Offering
05/21/2013| 10:15am US/EasternRecommend:
0
SUPERVALU INC. (NYSE: SVU) ("SUPERVALU") today announced the closing of its private offering of $400 million aggregate principal amount of 6.750% Senior Notes due 2021 (the "Notes"). The Notes were offered only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States in accordance with Regulation S under the Securities Act.

The Company intends to use the net proceeds of the Notes, together with borrowings under its amended and restated five-year $1 billion (subject to borrowing base availability) asset-based revolving credit facility to fund the purchase price (including accrued interest and the applicable tender premium and estimated transaction fees and expenses) of the $372,018,000 aggregate principal amount of the Company's outstanding 8.000% Senior Notes due 2016 tendered and accepted by the Company for purchase pursuant to its previously announced modified "Dutch Auction" tender offer.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes nor does it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

Forward-looking Statements

This release contains certain "forward-looking statements" (as such term is defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) relating to future events of SUPERVALU. Such statements are only predictions and involve risks and uncertainties, resulting in the possibility that the actual events or performances will differ materially from such predictions.

About SUPERVALU INC.

SUPERVALU INC. is one of the largest grocery wholesalers and retailers in the U.S. with annual sales of approximately $17 billion. SUPERVALU serves customers across the United States through a network of approximately 3,420 stores, composed of 1,900 independent stores serviced primarily by the Company's food distribution business; 1,331 Save-A-Lot stores, of which 950 are operated by licensee owners; and 191 traditional retail grocery stores. Headquartered in Minnesota, SUPERVALU has approximately 35,000 employees.

 

[Camajan]

no è così, ha un layout personalizzato

è divisivo il mio layout

 

[arkymede74]

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

anche con il conto banking o bisognerà aprir eil conto trader ??

 

[Joe Silver]

anche con il conto banking o bisognerà aprir eil conto trader ??

Non lo so, prova a chiedere.

 

[gionmorg]

Mexico’s 400,000 Abandoned Homes Draw Venture Capital


Mexico’s 400,000 Deserted Homes at 40% Off Draw Funds

Mexico’s attempt to solve the country’s housing shortage by constructing millions of new homes far from city centers has crippled the nation’s homebuilders and fueled record foreclosures. For Antonio Diaz, a former investment banker with Banco Santander SA, it’s an opportunity.
Diaz’s company, backed by a venture-capital firm whose funders include JPMorgan Chase & Co. and the Soros Economic Development Fund, is buying foreclosed homes for as little as 60 percent of face value, refurbishing them and then selling them for up to 90 percent of a new home price. The number of properties sold by Tijuana-based Comunidades que Renacen SAPI, or ProVive, climbed 10-fold to 530 last year, and its target is to sell 1,300 units in 2013, said Diaz.
For Diaz, 53, it’s an attempt to repopulate towns that face an exodus and plunging property values after the government subsidized developments that sprawled too far from cities and led to unattended buildings that lured criminals and illegal tenants. He estimates there are 400,000 deserted homes and another 200,000 held by squatters, even as the economy is projected by the government to grow 3.1 percent this year.
The number of empty properties “creates a very interesting universe for doing business,” Diaz said.
Abandoned homes are in part a result of a government policy that helped back mortgages and provide subsidies for low-income homes on cheap land sometimes hours outside the nation’s cities. During the last six-year administration ended in 2012, the National Workers’ Housing Fund Institute, or Infonavit, gave out a record 3 million mortgages and housing credits.
Foreclosures Rising
Many residents have now left and repossessions more than doubled last year to 43,853, according to Infonavit, the state-backed lender responsible for about 70 percent of mortgages in Mexico. The government is trying to reverse course on the sprawl and subsequent home abandonment, shifting subsidies to promote development of apartments in cities instead of single-family homes in more remote towns. At the same time, authorities are seeking ways to improve the environment in the now barren towns federal money helped spawn.
“The location of homes is going to be the central focus of the subsidies and housing credits that are handed out,” Alejandro Nieto, now deputy secretary for urban development and housing, said in an April 29 interview, days before his official appointment. In addition to new development, Nieto said, the government must “come up with a plan that allows developers, whether they’re the original builders or someone else, to take back those abandoned homes and improve the environment.”
Property Auctions
Infonavit has been holding auctions of properties from Baja California to Mexico state, which borders the nation’s capital in the central part of the country, according to documents distributed to auction participants.
An invitation to an April 2 auction of homes in Tamaulipas state, which borders Texas, advertised blocks of 50 to 500 homes and welcomed Mexicans with the “legal, technical and financial capacity” to take part in the bidding. The series of auctions is called the “Program for Improving and Moving” recovered real estate, the release said.
Diaz has so far focused on Tijuana and nearby Mexicali after starting ProVive’s operations in 2010 with the sale of six homes. The company, backed by Monterrey, Mexico-based venture capital firm Ignia, which in turn has limited partners including the Rockefeller Foundation and the World Bank’s International Finance Corporation, plans to expand to other regions.
Sales Fall
The company’s holdings include housing constructed by Urbi Desarrrollos Urbanos SAB, Corp. Geo (GEOB) SAB and Desarrolladora Homex SAB, the nation’s three biggest builders.
Sales fell for all of the nation’s top three homebuilders in the first quarter as cash balances plummeted. The companies have struggled to adapt to the government’s new development plans. Geo, Mexico’s largest builder by volume of houses sold, said April 25 that its sales numbers contracted by 48 percent in the first quarter to 7,086 homes. Geo and Urbi have both defaulted and are considering restructuring debt. Homex has sold assets to shore up dwindling cash reserves.
The Mexico Habita Index of six homebuilders has plummeted 57 percent this year, led by a 77 percent drop for Urbi and a 68 percent retreat for Geo. It lost 0.9 percent at 8:51 a.m. in Mexico City today. Urbi’s cash and equivalents fell 95 percent in the first three months of the year, while Homex’s cash tumbled 94 percent and Geo’s cash balance fell 85 percent.
‘New Player’
Bond prices have also been retreating, even as President Enrique Pena Nieto projects a housing deficit of 9 million homes, taking into account future population growth and those that already have a home with substandard conditions.
Homex, the only company of the top three to have avoided defaulting on a bond payment this year, had its securities fall to a record low 39.41 cents on the dollar yesterday.
The increased flow of foreclosed homes “is practically equal to having a new player in the market,” Jose Luis Romero Hicks, a housing analyst at research firm Romero Hicks & Galindo, said in a telephone interview Mexico City. “If the idea is to revitalize a neighborhood, it seems like a good contribution to the market, because it gives added-value to the other homes that are already there.”
While the goal of revitalizing neighborhoods will have benefits for some, Grupo Financiero Banorte SAB analyst Carlos Hermosillo said home sales are likely to prove impossible in some developments plagued by crime and insufficient services, unless steep discounts are offered.
Better Locations
“It’s not an easy task,” Hermosillo said in a telephone interview from Mexico City. “Developments hit hard by difficult circumstances, developments dealing with violent crime for instance, are going to have to offer much lower prices. Everyone is going to be looking for better locations, where you have a proven demand.”
ProVive’s Diaz said focusing on location is key to the company’s strategy.
“We sell well-located homes, because they’re in developments that were built five to eight years ago,” Diaz said. “When they were built they were somewhat far, but now they’re well equipped, with transportation available and places of employment close by.”
To contact the reporter on this story: Jonathan Levin in Mexico City at [email protected]
To contact the editor responsible for this story: David Papadopoulos at [email protected] Rob Urban at [email protected]

 

[riky2013]

solarword a chi interessava

SolarWorld è salva. La società tedesca, leader europea dei pannelli fotovoltaici, ha trovato un accordo con la maggioranza dei suoi creditori per la ristrutturazione del pesante debito da oltre 1 miliardo. L’80% dei creditori (banche e obbligazionisti Solarworld) ha infatti detto sì, in via preliminare, a un drastico taglio del debito da 1,2 miliardi di euro che incombe come un macigno sui conti del gruppo, già in affanno da quasi un anno. Fra questi, ci sono 550 milioni di euro in capo a due obbligazioni con scadenza 2016 e 2017 che – si apprende dall’agenzia Reuters – subiranno in linea teorica un taglio drastico del valore nominale, pari al 60% circa, di pari passo ai debiti bancari che ammontano più o meno alla stessa cifra. Il tutto, a fronte di una riduzione del capitale sociale del 95% per consentire un aumento diretto del capitale in natura. In altre parole, la società, dopo la conversione della maggior parte dei bond e dei loans bancari in azioni, cadrà nelle mani di banche e obbligazionisti e Frank Asbeck, Ceo e fondatore di SolarWorld, perderà il controllo del gruppo. GFC Advisers LLC, Do Investment AG e Pioneer Investment Management Ltd sono tra i maggiori detentori delle obbligazioni quotate, ma vi sono anche molti piccoli risparmiatori italiani che hanno acquistato i titoli in tempi più felici.
​

Obbligazioni SolarWorld 6,375% 2016 e Obbligazioni SolarWorld 6,125% 2017

Al momento le obbligazioni SolarWorld 6,375% 2016 (XS0641270045) vengono scambiate intorno a 22,50 (vedi grafico), mentre le SolarWorld 6,125% 2017 (XS0478864225) prezzano 26 con scambi vivaci sulle piazze tedesche e over the counter (Otc). I due titoli – osserva un trader – sono adesso nelle mani degli arbitraggisti che scommettono sul concambio azionario (prezzo delle azioni quotate 0,65 euro) che presumibilmente avverrà entro la metà del mese di luglio, prima che scadano i termini per il pagamento della cedola sul bond 2016 per evitare il default e dopo aver superato il placet dei soci in assemblea straordinaria. Rumors riferiscono di fondi hedge e di ventura in fase di rastrellamento per diventare a tutti gli effetti soci di riferimento in Solarworld con lo scopo, poi, di cedere le quote a terzi con lauti guadagni o risanare la società alleggerita dai debiti per rimetterla in pista. Movimenti che già si potevano vedere alla fine dello scorso anno e a gennaio 2013 quando SolarWorld aveva diramato un comunicato anticipatorio delle necessità di trovare una soluzione alternativa a quella del fallimento (Il fotovoltaico è in crisi, Solarworld a un passo dal default).[/COLOR]
Si tratta di una pesante ristrutturazione del debito – commentano gli analisti – che era stata annunciata già da tempo dal management della società, il cui ricavi erano precipitati in maniera violenta lo scorso anno. Il 2012 si è infatti chiuso con perdite consolidate pari a 477 milioni che si vanno ad aggiungere ai 307 dell’anno precedente. Risultato che si raffronta con un livello di ricavi pari a 606 milioni (-38%) a fronte di una liquidità in calo del 50% (224 milioni) insufficiente ad assicurare il regolare funzionamento del gruppo.
[/LEFT]
Crisi SolarWorld, il colosso è stato sfiancato dalla concorrenza cinese e dalla crisi europea

La ristrutturazione del debito di SolarWorld è un altro increscioso e spiacevole esempio di fallimento, dal punto di vista industriale, di aziende attive nel campo fotovoltaico. Molti investitori, dall’Europa agli Usa, in passato hanno scommesso pesantemente sullo sviluppo e sulla crescita di un settore energetico promettente e alternativo alle tradizionali fonti di energia derivanti dagli idrocarburi o dai fossili, ma poi i governi non hanno adeguatamente sostenuto e sovvenzionato l’industria. Gli eccessivi costi di produzione delle celle fotovoltaiche e i costi industriali in Europa e Usa – spiega Eric Frankienen di Commertzbank – non hanno retto alla concorrenza cinese e l’assenza di barriere e dazi doganali in Europa ha trascinato in un burrone tutte quelle società che hanno puntato esclusivamente sul fotovoltaico confidando negli aiuti governativi che, per via della crisi, non sono più arrivati. Come Q-Cells o Conergy che hanno portato i libri in tribunale, mentre Siemens ha semplicemente chiuso gli impianti.


Link: SolarWorld trova l?accordo coi creditori ma per gli obbligazionisti sono dolori | Obbligazioni - Investireoggi.it​

 

[zoro-aster]

Segnalo questo bond: Pan America Energy 2021 cedola 8,875% in $. Società argentina (e questo depone male) operante nel campo del petrolio e del gas. Si prende sotto la pari a stoccarda. ISIN US69783UAA97

preso due settimane fa a 98,25

 

[fabriziof]

contentiamoci...Moody's revises Yioula's PDR to Ca-PD, affirms Caa3 CFR and Ca ...

 

[gionmorg]

Gentile Cliente,

i seguenti titoli sono stati aggiunti agli strumenti finanziari offerti da Binck, come da Lei richiesto:


US69783UAA97 PAN AMERICAN ENERGY 05/21
USP8585LAC65 SERVICIOS CORP JAVER SAP 04/21
USP37149AN42 EmpresasICA 8,9% 11-21 04/02s ne
XS0224153360 CellCPTY 11% 05-15 01/01s ne


oggi erano tutti illiquidi su lux....

 

[fabriziof]

Solarworld: Der Tag vor dem ersten Showdown

SolarWorld AG invites all noteholders to meetings