Obbligazioni societarie Monitor bond case automobilistiche e accessorio auto (2 lettori)

Imark

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Peugeot e Renault restituiscono anticipatamente 1/3 del finanziamento statale di emergenza che ricevettero nella fase più acuta della crisi.

Infatti quel finanziamento costa alle due società il 6% annuo, con la possibilità di salire al 9% dipendendo da condizioni legate ai risultati conseguiti dai debitori.

Invece sul mercato obbligazionario oggi le due società sono in grado di finanziarsi a pari scadenza pagando un 4-5% (con il vantaggio che, se i risultati conseguiti peggiorano, cala il prezzo dei bond, ma non cresce il costo di servizio del debito, salvo l'effetto di eventuali meccanismi di "rating step up" delle emissioni).

Le due società non hanno indicato l'origine della liquidità con cui si è proceduto al ripagamento anticipato, e si è badato ad evitare che vi fossero correlazioni dirette fra emissioni di bond e ripagamento del debito verso lo Stato.

DJ French Car Makers Repay EUR1B Of Govt Loans

10.09.10

Dow Jones Newswire
PSA Peugeot Citroen and Renault announce that they had each repaid one-third of the EUR3 billion in emergency loans they received from the French government, a step toward closing their books on the recession.

PARIS -- French car makers PSA Peugeot Citroen (UG.FR) and Renault SA (RNO.FR) Friday announced that they had each repaid one-third of the EUR3 billion in emergency loans they received from the French government in April 2009, a step toward closing their books on the recession.

The moves appeared coordinated and were well-flagged in recent months by the companies, which have seen sales boosted in several countries by government incentives to revive demand for new vehicles.

However, the exact amount of the repayments had been unclear until now. "The good news is that the amount comes out at the high end of anticipations, as discussions were from EUR500 million to up to EUR1 billion," analysts at French brokers Cheuvreux said in an investor note. Despite the fact the companies had said months ago that they would repay part of the loans, the French stock market reacted favorably to the news. At 1040 GMT, Renault shares traded up EUR0.67, or 1.9%, to EUR35.91, while those of PSA traded up EUR0.48, or 2.1%, at EUR23.13. The benchmark CAC-40 index traded down 0.3%.

In short statements, the two companies said early repayments would allow them to reduce gross debts and lower interest payments. PSA, France's largest car maker and Europe's second-biggest by volume behind Volkswagen AG (VOW.XE), said the reimbursement will be made out of "existing liquidity resources." Renault didn't specify where its funds would come from.

The French government provided the loans to the car makers last year to provide liquidity during the economic crisis and credit crunch, though it attached tough conditions that restricted the companies' ability to lay off workers or close plants in France.

The loans were for three years and carried preferential initial interest rates of 6%. Repayments weren't foreseen for the first two years. A Peugeot spokesman told Dow Jones Newswires that the repayment and interest savings won't lead to any changes in the company's guidance for 2010. CM-CIC appeared to agree, saying the moves wouldn't change fundamentals for the two companies.

"This anticipated reimbursement .. doesn't change our estimates for the two groups," CM-CIC said in a client note, adding that the measures should reduce the companies' gross debts and confirm their good liquidity.

CM-CIC said the companies now should be able to refinance at 4% to 5% rates, rather than the initial 6% carried on the government loans. The interest on the car makers' state loans could rise to as much as 9%, depending on financial performance, analysts at French brokers Cheuvreux noted. "Owing to current refinancing rates, this move allows both PSA and Renault to generate some savings on their financing costs," they said in an investor note.

PSA and Renault in May said they were planning to pay back up to about EUR1 billion of their loans as liquidity, market conditions and the financial outlook were improving after incentives revived consumer demand for cars following several months of discounting and aggressive dealer and manufacturer promotions. The companies on Friday didn't say when they might make the next tranche of reimbursements.

The news of the initial early repayments comes as French prime minister Francois Fillon is scheduled to tour a Peugeot car plant in eastern France later Friday. The prime minister's office declined to say what Fillon might say publicly during the visit.
 

ginopelo

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vendite settembre europa

poi leggo questa news:

Fiat: trading profit in forte crescita

Iveco e Cnh positive, male Fiat auto

15 ottobre 2010 ore 14:35
Chevreux si attende il terzo trimestre 2010 in crescita per il trading profit del Lingotto.
Fiat dovrebbe registrare un rialzo di 467 mln di euro (+52% a/a) grazie a Iveco (+132%) e Cnh (+226%). Male invece Fiat auto (-4,4%).
In borsa il titolo Fiat guadagna l’1,29% a 11,82 euro per azione.




e mi chiedo che farà fiat auto quanto sarà mollata al suo destino.. inoltre mi sembra che, come il precedente piano, anche il nuovo piano di marchionne non è che vada proprio spedito.. oltretutto se posticipano i nuovi modelli, minimo si posticipa anche la linea temporale..



inoltre mi chiedo: ma le note positive per alcuni altri marchi ci sono, vedi audi, oppure renault (meglio paragonabile a fiat) come ha fatto a fare + 10%?
 

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azetaelle

investitore(s)qualificato
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nuove peugeot 2013 e 2016

Rating BB+
cedola lorda 5%
scadenza 28/10/2016
rezzo acquisto 100,25
tagli 1.000 + 1.000 EUR
Emissione 500.000.000 eur

Rating BB+
cedola lorda 4%
scadenza 28/10/2013
prezzo acquisto 100,25
tagli 1.000 + 1.000 EUR
Emissione 500.000.000 eur
 

azetaelle

investitore(s)qualificato
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rispolvero questo vecchio 3d visto che Schaeffler è abbastanza legata al settore auto

buy oggi Schaeffler XS0954907787 6.875% 15/08/2018 a 105.355 lotto min 100k

può essere callata a partire dal 15/08/14 a 105.156%, dal 15/08/15 a 103.468, dal 15/08/16 a 101.719 e dal 15/08/17 a 100
quanto durerà non so, al momento non sono riuscito a trovare annunci (da 60 a 30gg prima della call). Facile immaginare che stante la possibilità di call i prezzi non si allontaneranno di molto da quelli indicati sopra, molte altre emissioni del gruppo sono già state richiamate.
però per rendimento e qualità emittente mi sembra un buon parcheggio
 

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