Obbligazioni societarie Monitor Bond Industria Aeronautica Worldwide e Linee Aeree Europee (2 lettori)

[mostromarino]

CONSEGNATO IL PRIMO AIRBUS ASSEMBLATO IN CINA

E’ stato consegnato al cliente il primo Airbus A320 “cinese”. Una cerimonia alla presenza del presidente e CEO di Airbus, Tom Enders, ha salutato il primo esemplare Airbus prodotto dalla Final Assembly Line China di Tianjin. La macchina è stata consegnata al presidente di Dragon Aviation Leasing, Li Hai, per essere poi operata da Sichuan Airlines. « La nostra Final Assembly Line di Tianjin e questo primo aeroplano completato fuori dall’ Europa segnano un importante passo nella strrategia di lungo periodo di partnership con la Cina e con l’ industria cinese. - ha detto Enders - Questa linea di assemblaggio non è seconda a nessuno nel mondo e così lo sono gli aerei prodotti qui a Tianjin. Vorrei ringraziare tutti i nostri partner ed impiegati che hanno lavorato molto duro in questi tre anni per fare si che tutto questo avvenisse.»
La macchina consegnata è configurata in due classi per otto posti di prima classe e 156 di economy e verrà impiegata nelle rotte interne tra la base di Chengdu e le città principali della Cina quail Pechino e Shanghai. Lo stabilimento di assemblaggio Airbus FALC è il frutto di una joint venture tra la casa europea ed un consorzio cinese che comprende Tianjin Free Trade Zone (TJFTZ) e China Aviation Industry Corporation (AVIC). Nella joint venture la filiale cinese del gruppo europeo detiene il 51% e lo stabilimento è incentrato sulla produzione dei velivoli a corridoio singolo. Lo stabilimento conta di consegnare 11 esemplari A319/A320 nell’anno in corso. Il ritmo di produzione del nuovo impianto di assemblaggio finale verrà mano mano incrementato fino a raggiungere i quattro velivoli al mese nel 2011. Il mercato cinese ha al momento in ordine oltre 700 velivoli Airbus, la maggior parte dei quali aerei a corridoio singolo.
(M. Landi - www.dedalonews.com)

 

[paologorgo]

More Bad News for Boeing, Citi: Sea Launch Files for Bankruptcy

Commercial satellite-launch services provider Sea Launch, which is 40% owned by 787 on time manufacturer extraordinaire, Boeing (BA), filed for bankruptcy last night in Delaware (09-12513). The Long Beach company which has used the Kazakhstan Baikonur Space Center for rocket launches in the past, has listed liabilities of over $1 billion.
What is hilarious is that just last week, the Company launched a $245 million one-year Term Loan underwritten by Citigroup (C). Is Citi doomed to have the worst luck of any investment bank for ever and ever? For what it's worth, Goldman (GS) only provides loans to soon to be bankrupt companies (ahem, Movie Gallery) if they file for chapter with at least a one month lag post refi (and long after the bank has syndicated the loan to unwitting, dimwitted credit PMs who have to generate 15% returns in 3 months or the Exit sign it is).
At least gullible investors in the recent TL issue (yielding between L+200-350) be happy that it is guaranteed by Boeing, which after its 5th 787 launch delay may be better off changing its business model to focus on making space ship launch pads.

http://seekingalpha.com/article/144894-more-bad-news-for-boeing-citi-sea-launch-files-for-bankruptcy

 

[mostromarino]

Everett, Stati Uniti - Crolla a Wall Street il titolo Boeing
(WAPA) - Dopo essere stato annunciato per il mese di giugno (vedi AVIONEWS), il primo volo del Boeing 787 Dreamliner è stato rimandato. Lo ha annunciato oggi l'industria costruttrice, spiegando che il rinvio si è reso necessario per rinforzare un'area della struttura dell'aereo.

Questa necessità è stata riscontrata durante i recenti test sul modello statico in scala reale dell'aereo. L'analisi preliminare ha mostrato che il test in volo avrebbe potuto avere luogo questo mese come previsto. In ogni caso, prove successive e la presa in considerazione di un programma di test in volo alternativo hanno portato alla fine della settimana scorsa a prendere questa decisione, rimandando il primo volo a quando sarà possibile effettuare una serie di prove produttive.

In seguito a questa decisione saranno riprogrammati sia il primo volo che la prima consegna. Ci vorranno diverse settimane prima che venga presentata una nuova tabella di marcia.

Scott Carson, presidente ed amministratore delegato di Boeing Commercial Airplanes, ha spiegato: "Abbiamo considerato una soluzione temporanea che ci avrebbe permesso di mantenere le scadenze programmate. Ma abbiamo preferito optare per una modifica permanente all'area in questione in cui è necessario un rinforzo".

In seguito a questo annuncio il titolo Boeing ha perso più del 6% a Wall Street, collocandosi in coda all'indice "Dow 30". L'industria ha reso noto tramite un comunicato che le guidance finanziarie verranno riviste per riflettere il possibile impatto di questa decisione. (Avionews)
(009) 090623173500-1106242 (World Aeronautical Press Agency - 23-Giu-2009 17:35)
Scheda Tecnica - B-787/9 Dreamliner
Il B-787/9 è una versione leggermente più grande del B-787/8. Apporterà dei benefici economici al mercato del trasporto aereo, utilizzando il 20% in meno di carburante di ogni altro velivolo della sua classe. Entrerà in servizio nel 2010.
Dimensioni
Altezza: 17 metri
Lunghezza: 63 metri
Apertura alare: 60 metri
Pesi
Massimo T/O: 244.940 kg
Posti : 250-290 passeggeri
Prestazioni
Velocità di crociera: Mach 0.85
Gamma: 15.900 a 16.300km
Configurazione : corridoio doppio

www.avionews.it

 

[Imark]

Intanto soffrono anche le linee aeree per il calo passeggeri..

Nella scorsa settimana é toccato a Lufthansa vedere il proprio rating BBB posto in osservazione dopo che la società ha annunciato che sarà necessario disporre misure aggiuntive (di taglio dei costi e/o riduzione degli investimenti) per poter ottenere un risultato operativo positivo nel 2009.

Un forecast decisamente peggiorativo delle precedenti stime, che avevano visto Lufthansa preconizzare un EBIT in deciso calo rispetto ai 1,35 mld euro conseguiti nel 2008, ma non a rischio di scivolamento in territorio negativo.

S&P deciderà il da farsi sentito il management di Lufthansa circa le misure che intendono adottare e l'impatto sui conti che si attendono di conseguire...

Lufthansa 'BBB' Ratings Placed On CreditWatch Negative After Warning On 2009 Profits; A-3 Short-Term Rating Affirmed

-- Germany-based aviation group Lufthansa has announced that business conditions in the airline industry are weakening and has reduced its earnings expectations for 2009.
-- We are placing the 'BBB' long-term corporate credit and senior
unsecured debt ratings on Lufthansa on CreditWatch with negative implications.
-- The CreditWatch placement reflects uncertainty pending further details on additional actions that the group might take to offset the decline in its profits.
-- Any lowering of the corporate credit rating will likely be limited to
one notch.

LONDON (Standard & Poor's) June 22, 2009--Standard & Poor's Ratings Services said today that it has placed its 'BBB' long-term corporate credit rating and senior unsecured debt ratings on Germany-based aviation group Deutsche Lufthansa AG on CreditWatch with negative implications. At the same time, the A-3 short-term corporate credit rating on the group was affirmed.

"The CreditWatch placement reflects our concerns that underlying trading conditions and prospects have deteriorated in recent months. This follows Lufthansa's announcement on June 19, 2009, that weak industry conditions will necessitate additional measures to safeguard a positive operating result," said Standard & Poor's credit analyst Leigh Bailey.

As a result, we believe that Lufthansa may find it difficult to maintain credit measures that we believe are commensurate with the current rating level.

In its warning on profits, Lufthansa stated that in light of persistently weak demand in its passenger and freight business, structural changes in passengers' travel behavior, and rising fuel prices, the group will need to
make additional cost savings to maintain a positive operating result in 2009.

These actions will be in addition to steps already being undertaken throughout the group to cut costs and capacity in all its business segments.

Lufthansa had previously provided market guidance of a considerable fall in operating profit in 2009 from the €1.35 billion achieved in 2008.

However, it continued to target a "distinctly positive" operating result this year. Given the group's recent warning on profit, we believe that there is a high potential for the operating result in 2009 to be weaker than originally envisaged.

On March 31, 2009, the group's credit ratios were commensurate with the ratings, in our view, reflected by funds from operations (FFO) to adjusted debt of 42%. The ratings had factored in that the difficult trading
environment and a subsequent slowdown in passenger growth would likely squeeze Lufthansa's financial profile.

However, a marked deterioration in the revenue and cost environment in the second quarter of 2009 is weakening performance and, in our view, is likely to depress trading prospects for the remainder of the year. This is reflected by falling revenues, due to lower volumes and prices, and a rise in the fuel price, by about 50% since the end of the first quarter.

To resolve the CreditWatch placement, Standard & Poor's will meet with management to discuss the group's current and future trading expectations and the full details of additional cost-saving measures targeted to achieve a positive operating result. In addition, we will address the group's plans for fleet renewal, capital investment, and progress with integrating announced acquisitions.

At the current rating level we anticipate FFO to adjusted debt in 2009 to fall to about 25%, which is acceptable in the context of a cyclical low point. However, the rating also assumes that Lufthansa will improve its credit measures next year, including FFO to adjusted debt of 30%.

Looking forward, the main issues concern the group's ability to offset the adverse effect of weakening trading conditions on its operating performance and how its credit measures will develop relative to the levels commensurate with the ratings.

Based on current information, any lowering of the corporate credit rating will likely be limited to one notch.

 

[mostromarino]

**NEW ISSUE Lufthansa 7YR €URO **Guidance MS+350A**
Issuer : Deutsche Lufthansa AG
Rating : Baa3(neg)/BBB(neg)
Maturity : 7 yrs
Size : €Benchmark
Coupon : Fixed
Guidance : MS+ 350 Area
Expected yld: 6.75%
Settle : JULY 7th, 2009 //JULY 7th 2016
Books : HSBC/MS/UBS/UNICREDIT(HVB)
Docs : EMTN / 1k+1k / Lux / CoC
Timing : Books open, expect to close with short notice
B&D : UNICREDIT(HVB)
Passporting : GERMANY/AUSTRIA

LUFTHA CDS 5YRS 173/182
7YRS 172/180
LUFTHANSA 6 3/4% 2014 104.65 BID PRICE ASW +285 YLD 5.59%

 

[yellow]

**NEW ISSUE Lufthansa 7YR €URO **Guidance MS+350A**
Issuer : Deutsche Lufthansa AG
Rating : Baa3(neg)/BBB(neg)
Maturity : 7 yrs
Size : €Benchmark
Coupon : Fixed
Guidance : MS+ 350 Area
Expected yld: 6.75%
Settle : JULY 7th, 2009 //JULY 7th 2016
Books : HSBC/MS/UBS/UNICREDIT(HVB)
Docs : EMTN / 1k+1k / Lux / CoC
Timing : Books open, expect to close with short notice
B&D : UNICREDIT(HVB)
Passporting : GERMANY/AUSTRIA

LUFTHA CDS 5YRS 173/182
7YRS 172/180
LUFTHANSA 6 3/4% 2014 104.65 BID PRICE ASW +285 YLD 5.59%

01.07.09 18:14 - Lufthansa: prezza bond da 750 mln euro
LONDRA (MF-DJ)--Lufthansa ha annunciato di aver prezzato il suo bond da 750 milioni di euro con scadenza 2016.


Lead manager dell'operazione sono Hsbc, Morgan Stanley, Ubs e UniCredit.

Il bond della compagnia di bandiera tedesca paga una cedola del 6,5%
e ha uno spread di 330 punti base sopra i mid swap. L'emissione e' stata prezzata 99,601.

 

[mostromarino]

avanti un altro

si fa dura

...................................
British Airways pushes back A380 deliveries by up to two years
By David Kaminski-Morrow


British Airways is pushing back its Airbus A380 delivery schedule, with some later aircraft being postponed by at least two years.
The UK flag-carrier is also planning to take six more aircraft in its current fleet out of service during the 2010 season.
BA has 12 A380s on order but says it has "extended" the arrival schedule for the first six by an average of five months.
It says, however, that the first A380 is still expected to arrive in spring 2012, ahead of the London Olympic Games.
But the delivery of the final six has been extended by two years, on average, until autumn 2016.
The carrier had originally been expecting to take delivery of four aircraft per year and complete the introduction of all 12 by autumn 2014.

BA has also stated today that it will ground its last three 757-200s in summer 2010 and another three Boeing 747-400s in winter 2010.
All the fleet changes follow a review of BA's business plan in the "challenging economic conditions".
BA is expecting to cut capacity by 3.5% over the summer 2009 season, compared with a previous estimate of 2.5%, and by 5% over winter 2009-10.
In May, BA stated that it would ground 16 aircraft for the upcoming winter, a total of eight 757-200s and eight 747-400s.

http://www.flightglobal.com/articles...two-years.html
__________________

 

[Imark]

avanti un altro

si fa dura

...................................
British Airways pushes back A380 deliveries by up to two years
By David Kaminski-Morrow


British Airways is pushing back its Airbus A380 delivery schedule, with some later aircraft being postponed by at least two years.
The UK flag-carrier is also planning to take six more aircraft in its current fleet out of service during the 2010 season.
BA has 12 A380s on order but says it has "extended" the arrival schedule for the first six by an average of five months.
It says, however, that the first A380 is still expected to arrive in spring 2012, ahead of the London Olympic Games.
But the delivery of the final six has been extended by two years, on average, until autumn 2016.
The carrier had originally been expecting to take delivery of four aircraft per year and complete the introduction of all 12 by autumn 2014.

BA has also stated today that it will ground its last three 757-200s in summer 2010 and another three Boeing 747-400s in winter 2010.
All the fleet changes follow a review of BA's business plan in the "challenging economic conditions".
BA is expecting to cut capacity by 3.5% over the summer 2009 season, compared with a previous estimate of 2.5%, and by 5% over winter 2009-10.
In May, BA stated that it would ground 16 aircraft for the upcoming winter, a total of eight 757-200s and eight 747-400s.

http://www.flightglobal.com/articles...two-years.html
__________________

D'altronde, devono tagliare il capex...

 

[Imark]

Arriva un'analisi molto ben centrata, a mio avviso, di Moody's su Bombardier, sia nei punti di forza (ampia disponibilità di cash, basso leverage attuale, miglioramento dei margini operativi negli ultimi anni, tendenziale resilienza al ciclo economico della divisione transportation, ecc.) sia nei punti di debolezza (il downturn della divisione aeronautica, che si protrarrà per diversi anni e porterà ad una crescita del consumo di cassa, anche perché Bombardier deve in questi anni sviluppare i CSeries, e dunque non può tagliare il capex, ma anzi andrà ad incrementarlo; il rischio che la liquidità vada a ridursi drasticamente nei trimestri a venire anche per effetto della crescita del working capital, ecc.)

Moody's Changes Bombardier's Outlook to Stable; Liquidity Rating to SGL-3

Approximately $ 4 billion of debt affected.

Toronto, July 02, 2009 -- Moody's Investors Service changed the rating outlook for Bombardier Inc. ("Bombardier") to stable from positive and affirmed the company's Ba2 corporate family and Ba2 senior unsecured ratings.


In conjunction with the rating action, Moody's lowered the company's speculative grade liquidity rating to SGL-3 from SGL-2. The outlook change reflects Moody's belief that the significant reduction in demand for business jets is likely to pressure Bombardier's operating results through the near term.


Consequently, in Moody's opinion, Bombardier's fundamentals are no longer expected to support a ratings upgrade through the next year. The potential for increased cash consumptiveness associated with lower Aerospace order and delivery activity is the basis for lowering the company's liquidity rating to SGL-3.

The following rating has been downgraded:
- Speculative Grade Liquidity Rating, to SGL-3 from SGL-2
The following ratings have been affirmed:
- Corporate family rating at Ba2
- Probability of default rating at Ba2
- Senior unsecured debt rating at Ba2 (to LGD4, 53% from LGD4, 52%)
Outlook Actions:
- Outlook, Changed To Stable From Positive


Despite the material deterioration in the outlook for business jets through 2009, more significant downward rating action is contained by the ample financial flexibility that Bombardier amassed in its Ba2 rating through the recent cyclical upswing.

Darren Kirk, lead Analyst with Moody's explained, "Bombardier entered the downturn with strong levels of profitability and modest levels of leverage for its rating category". Kirk added, "these traits are further enhanced by the company's sizeable cash balances which provides additional capacity to absorb expected near term operating pressures".

Bombardier's rating considers that its large and diversified backlog levels in each of its two main business segments should offer resilience against the severity of the current downturn.


Moody's expects the Transportation segment, in particular, to demonstrate continued earnings momentum as prospects for that business remain attractive despite broader economic declines. This should provide a partial offset to the pressures in the Aerospace segment, which is likely to face elevated risks through the next several years, as the demand for business jets potentially remains weak and the company begins to increase capital spending related to the development of its CSeries aircraft.


Moody's notes that while the company has received firm orders for 50 units to date, this level is below Moody's prior expectations, indicating incremental risks associated with the ultimate success of the aircraft.

Bombardier's cash balances are currently sizeable in Moody's opinion. Nonetheless, Moody's believes that these funds have the potential to erode meaningfully should business jet order activity and deliveries remain suppressed. While Bombardier does not have any material near term debt maturities and covenant cushion for its committed letter of credit facilities are considered good, the company lacks committed bank operating lines for funded borrowing purposes.

The potential for a sharp reduction in balance sheet liquidity together with the company's sole reliance on internal cash sources for its liquidity needs is the catalyst for lowering its liquidity rating to SGL-3 from SGL-2, indicating "adequate" rather than "good" liquidity.

Moody's last rating action on Bombardier was on May 7, 2008 at which time the rating outlook was changed to positive from stable

 

[Imark]

Intanto chi può cerca anche di consolidare upstream e downstream rispetto al proprio business, sostenendo quando può filiere di fornitura e reti di vendita, oppure rilevando porzioni di business strategico o altrimenti.

Lo fa anche Boeing, che compra manufacturing facilities da Vought Aircraft.

E pazienza se anche questa circostanza intacca la flessibilità finanziaria della Casa, comprimendo i livelli di liquidità.

[FONT=verdana,arial,helvetica]Moody's says Boeing's A2 rating unaffected by planned Vought asset purchase[/FONT]

[FONT=verdana,arial,helvetica]New York, July 07, 2009 -- Moody's Investors Service said that The Boeing Company's ("Boeing") planned acquisition of certain B787 component manufacturing facilities from Vought Aircraft Industries (CFR of B2) does not affect Boeing's A2 senior unsecured debt rating. [/FONT]

[FONT=verdana,arial,helvetica]"Nonetheless, the $580 million price will further reduce Boeing's financial flexibility", noted Bob Jankowitz at Moody's Investors Service. [/FONT]

[FONT=verdana,arial,helvetica]"This call on cash is the latest in some negative recent developments for Boeing. Against a framework of a weakening commercial aerospace cycle of uncertain depth and duration, the cumulative effect of further negative developments could begin to pressure the rating outlook", added Jankowitz. [/FONT]

[FONT=verdana,arial,helvetica]For further information, please see www.moodys.com [/FONT]

[FONT=verdana,arial,helvetica]The last rating action on The Boeing Company was to assign an A2 rating to the company's senior unsecured notes on March 13, 2009. The principal methodology used in rating Boeing was the Aerospace and Defense Methodology, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating Boeing can also be found in the Credit Policy & Methodologies directory. [/FONT]

[FONT=verdana,arial,helvetica]The Boeing Company, based in Chicago, Illinois, produces large commercial airplanes and is also one of the largest defense contractors[/FONT]