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Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (19 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
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Un disastro senza fine........
Electricite de France's latest cut in anticipated nuclear output is credit negative Originally published on 20 May 2022 On 19 May, Électricité de France (EDF, Baa1 negative) cut its estimate for French nuclear output for 2022 to 280-300TWh, 15TWh below its previous forecast in February. The reduction stems from extended planned outages at reactors where an ongoing inspection programme has confirmed corrosion faults. EDF has said that no further outages need to be scheduled for 2022 at this stage and has confirmed its previous nuclear output estimate for 2023 in the range of 300-330 TWh. If realised, this latest cut in nuclear production will further strain the group's earnings. EDF sells forward its estimated nuclear output before the end of the budget year and, with a fleet dominated by nuclear and hydro power, there is little scope to replace lost production. EDF will need to buy back the sold electricity while European power prices remain high and volatile, with lost nuclear production exacerbating the situation in France. By way of illustration, a 15TWh shortfall will result in around €4.2 billion of extra costs, assuming EDF's c. €62-65/MWh 2022 hedged price and current wholesale price of c. €280/MWh. In the absence of additional mitigation measures, the lost production will weigh on the group's financial flexibility and further weaken a credit profile negatively affected by the apparent unpredictability of nuclear output in France.
EDF has revised its expected French nuclear output for 2022 three times since the start of the year.
On 13 January, it estimated production of 300-330TWh, down from 330-360TWh. On 7 February, it further lowered this estimate to 295-315TWh. Four days later, the group sharply cut its output estimate for 2023 to 300-330 TWh from 340-370 TWh. The risk that EDF will once again revise its estimates for 2022, 2023 or both appears elevated. The group has yet to complete a metallurgical audit driven by the detection of corrosion defects at reactors in late 2021, and has still to receive approval from France's Nuclear Safety Authority for its planned repair programme. In addition, EDF's track record regarding the availability of its French nuclear fleet is negative, as evidenced by the structural decline in France's nuclear output over the last 10 years
Electricite de France's latest cut in anticipated nuclear output is credit negative Originally published on 20 May 2022 On 19 May, Électricité de France (EDF, Baa1 negative) cut its estimate for French nuclear output for 2022 to 280-300TWh, 15TWh below its previous forecast in February. The reduction stems from extended planned outages at reactors where an ongoing inspection programme has confirmed corrosion faults. EDF has said that no further outages need to be scheduled for 2022 at this stage and has confirmed its previous nuclear output estimate for 2023 in the range of 300-330 TWh. If realised, this latest cut in nuclear production will further strain the group's earnings. EDF sells forward its estimated nuclear output before the end of the budget year and, with a fleet dominated by nuclear and hydro power, there is little scope to replace lost production. EDF will need to buy back the sold electricity while European power prices remain high and volatile, with lost nuclear production exacerbating the situation in France. By way of illustration, a 15TWh shortfall will result in around €4.2 billion of extra costs, assuming EDF's c. €62-65/MWh 2022 hedged price and current wholesale price of c. €280/MWh. In the absence of additional mitigation measures, the lost production will weigh on the group's financial flexibility and further weaken a credit profile negatively affected by the apparent unpredictability of nuclear output in France.
EDF has revised its expected French nuclear output for 2022 three times since the start of the year.
On 13 January, it estimated production of 300-330TWh, down from 330-360TWh. On 7 February, it further lowered this estimate to 295-315TWh. Four days later, the group sharply cut its output estimate for 2023 to 300-330 TWh from 340-370 TWh. The risk that EDF will once again revise its estimates for 2022, 2023 or both appears elevated. The group has yet to complete a metallurgical audit driven by the detection of corrosion defects at reactors in late 2021, and has still to receive approval from France's Nuclear Safety Authority for its planned repair programme. In addition, EDF's track record regarding the availability of its French nuclear fleet is negative, as evidenced by the structural decline in France's nuclear output over the last 10 years
pietro17elettra
Nonno pensionato
Tunisia's Ennahda rejects formation of advisory committee to draft new constitution
22/05/2022 13:18 - RSF
May 22 (Reuters) - Tunisia's main opposition party, the Islamist Ennahda, rejected on Sunday President Kais Saied's decision to name members of an advisory committee to draft a new constitution for a "new republic", it said in a statement.
It added that this measure was "a complete deviation from constitutional legitimacy".
On Friday, Saied named a law professor to head the advisory committee that will draft a new constitution. The committee headed by law professor Sadok Belaid consists of deans of Law and Political Sciences. It must submit its report on June 20 to the president, the official gazette said.
(Reporting by Yasmin Hussein; Editing by Toby Chopra)
22/05/2022 13:18 - RSF
May 22 (Reuters) - Tunisia's main opposition party, the Islamist Ennahda, rejected on Sunday President Kais Saied's decision to name members of an advisory committee to draft a new constitution for a "new republic", it said in a statement.
It added that this measure was "a complete deviation from constitutional legitimacy".
On Friday, Saied named a law professor to head the advisory committee that will draft a new constitution. The committee headed by law professor Sadok Belaid consists of deans of Law and Political Sciences. It must submit its report on June 20 to the president, the official gazette said.
(Reporting by Yasmin Hussein; Editing by Toby Chopra)
pietro17elettra
Nonno pensionato
Egypt's Sisi approves law to increase state budget by EGP 6 BLN
22/05/2022 14:29 - RSF
CAIRO, May 22 (Reuters) - Egyptian President Abdel Fattah al-Sisi signed a law to increase the state budget in the 2021-2022 fiscal year that ends in June by six billion EGP ($329 million), state news agency (MENA) reported on Sunday.
($1 = 18.2100 Egyptian pounds)
(Reporting by Yasmin Hussein;Editing by Elaine Hardcastle)
22/05/2022 14:29 - RSF
CAIRO, May 22 (Reuters) - Egyptian President Abdel Fattah al-Sisi signed a law to increase the state budget in the 2021-2022 fiscal year that ends in June by six billion EGP ($329 million), state news agency (MENA) reported on Sunday.
($1 = 18.2100 Egyptian pounds)
(Reporting by Yasmin Hussein;Editing by Elaine Hardcastle)
pietro17elettra
Nonno pensionato
Egypt's private sector to sell $120-200 mln in green bonds-planning minister
22/05/2022 12:45 - RSF
May 22 (Reuters) - The Egyptian private sector plans to sell $120 million to $200 million in green bonds to fund eco-friendly projects, Planning Minister Hala al-Saeed said on her ministry's Facebook page.
She did not specify a timescale for these issues, which will come on top of $750 million in green bonds the government has already sold to fund mainly clean transport projects.
The government is looking actively to fund a series of megaprojects announced over the last few years, including a $60 billion new administrative capital city, a $23 billion highspeed rail network and a $25 billion nuclear power station.
(Reporting by Moataz Mohamed, writing by Maher Chmaytelli; Editing by Toby Chopra)
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)
22/05/2022 12:45 - RSF
May 22 (Reuters) - The Egyptian private sector plans to sell $120 million to $200 million in green bonds to fund eco-friendly projects, Planning Minister Hala al-Saeed said on her ministry's Facebook page.
She did not specify a timescale for these issues, which will come on top of $750 million in green bonds the government has already sold to fund mainly clean transport projects.
The government is looking actively to fund a series of megaprojects announced over the last few years, including a $60 billion new administrative capital city, a $23 billion highspeed rail network and a $25 billion nuclear power station.
(Reporting by Moataz Mohamed, writing by Maher Chmaytelli; Editing by Toby Chopra)
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)m.m.f
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Egypt's private sector to sell $120-200 mln in green bonds-planning minister
22/05/2022 12:45 - RSF
May 22 (Reuters) - The Egyptian private sector plans to sell $120 million to $200 million in green bonds to fund eco-friendly projects, Planning Minister Hala al-Saeed said on her ministry's Facebook page.
She did not specify a timescale for these issues, which will come on top of $750 million in green bonds the government has already sold to fund mainly clean transport projects.
The government is looking actively to fund a series of megaprojects announced over the last few years, including a $60 billion new administrative capital city, a $23 billion highspeed rail network and a $25 billion nuclear power station.
(Reporting by Moataz Mohamed, writing by Maher Chmaytelli; Editing by Toby Chopra)
(([email protected]
Vedo che sei molto attivo sul Egitto. La tua view?
IL MARATONETA
Forumer storico
Persiste la netta differenza tra le due ekosem, bid a 32 per la 22 e bid a 14 per la 24. E nessuno di noi per il momento si è spiegato questo divario, ancora più accentuato dei giorni precedenti.
Anche in riferimento al consent richiesto per il giorno 30, sembra che la sola differenza tra le due obbligazioni risieda nella scadenza e questo, da solo, non basterebbe a spiegare il prezzo. Mi sembra quindi che si sia fatta strada l'ipotesi di un diverso trattamento per le due obbligazioni ma non abbiamo notizie in merito.
Anche in riferimento al consent richiesto per il giorno 30, sembra che la sola differenza tra le due obbligazioni risieda nella scadenza e questo, da solo, non basterebbe a spiegare il prezzo. Mi sembra quindi che si sia fatta strada l'ipotesi di un diverso trattamento per le due obbligazioni ma non abbiamo notizie in merito.
