Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (12 lettori)

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Gol Rallies on Delta Investment as Ibovespa Rises to 1-Week High
By Denyse Godoy - 13/lug/2015 15:50:52

Gol Linhas Aereas Inteligentes SA led gains on Brazil’s Ibovespa index after Delta Air Lines Inc. and the founder’s family said they would boost investments in the money-losing discount carrier.

The capital injection of as much as $146 million and loans of up to $300 million give Gol some breathing room after shares lost more than half their value this year, said Lauro Vilares, an analyst at brokerage Guide Investimentos. The stock has fallen in tandem with Brazil’s real as the weaker local currency makes the Sao Paulo-based carrier’s dollar debt more expensive to pay off.

Delta’s investment is “very good news for the company,” Vilares said in an interview from Sao Paulo. “After falling so much this year and with improved prospects, now is a good chance to buy the stock.”

The Ibovespa rose 0.5 percent to 52,833.08 at 11:48 a.m. in Sao Paulo, the highest level since July 2 on a closing basis.

Gol surged as much as 9.9 percent. The company will get $90 million from Fundo de Investimento em Participacoes Volluto, which is controlled by the family of founder Constantino de Oliveira and is the company’s biggest shareholder, and $56 million from Delta, according to a regulatory filing after the market closed July 10.

Gol’s $325 million in bonds due 2022 advanced 2.52 cents to 82.9 cents on the dollar, the most for a single day since they were issued in September on a closing basis, data compiled by Bloomberg show.

Greek Deal
Brazil’s index also climbed Monday as Greece’s agreement with creditors bolstered optimism over Europe’s economic growth outlook and increased demand for emerging-market assets. While less than 0.1 percent of Brazil’s exports went to Greece last year, some of its biggest markets are those most vulnerable to a fallout from the Greek crisis. About 19 percent of goods sent abroad went to the European Union and 56 percent went to emerging markets.

Lender Itau Unibanco Holding SA contributed the most to the gauge’s advance as it rose 1.2 percent. Supermarket and electronics retailer chain Cia. Brasileira de Distribuicao, known as Pao de Acucar, climbed to a one-week high after second-quarter sales rose 6 percent from a year earlier.

MSCI Brazil/Energy index was the worst performer among 10 industry groups as state-controlled oil producer Petroleo Brasileiro SA followed crude prices lower.

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Argentina Plans Up to $784.3 Million in Bonds for Oil Companies
By Pablo Rosendo Gonzalez - 13/lug/2015 16:32:02

Argentina plans to issue as much as $784.3 million of bonds to pay debt owed to oil producers that participated in a program designed to encourage companies to boost output.

The government will offer two different bonds to cancel the debt under the Petroleo Plus program created in 2008 and unpaid since 2012, according to a decree published Monday in the official gazette. Among companies holding credits under Petroleo Plus are Pan American Energy LLC and Pluspetrol SA.

Argentina will issue mostly new debt maturing in 2024, the same bond it used last year to compensate Madrid-based Repsol SA for the 51 percent stake in oil producer YPF that President Cristina Fernandez de Kirchner expropriated in 2012.

The government hopes the settlement “will pave the way for investments in its oil and natural gas industry,” according to the decree.

Oil producers will get at least 20 percent of the amount owed by the government in Bonad 2018 bonds with a 2.4 percent coupon and as much as 80 percent in Bonar 2024 bonds, with a 8.75 percent coupon.

The outstanding Bonar 2024 slipped 0.18 cent to 97.78 cents on the dollar, pushing the yield up 0.04 percentage point to 9.41 percent, data compiled by Bloomberg show.

The companies will have 30 days to submit bond preferences and agree to terms, according to the decree, which said the government discontinued Petroleo Plus. The government established the program as an incentive to bolster declining production but stopped paying in 2012.

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