Obbligazioni societarie Monitor bond Telecom Europa VI (gennaio - luglio 2009) (1 Viewer)

Imark

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Ho Portugal T 2012 ,ora a 100, acquistate a 85 il novembre scorso.
Sarei tentato di uscire o meglio passare a PT 2025 ora a 62.
La pazzia dopo la fregatura di GM : "giocare" i residui 18.000 euro derivanti dalla sostituzione per recuperare un pò delle perdite.
Con cosa?
Non ditemi di acquistare altri bond GM per mediare......
La PT 2025 mi sembra un po' lontanuccia ... le prospettive dell'emittente sono in miglioramento, però parliamo sempre di un issuer di fascia bassa dell'IG ...

Qui sopra il rischio che qualcuno ti consigli di acquistare altri bond GM per mediare é praticamente inesistente... :lol: :lol:
 

albicocco

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I98mark a 100 il rendimento delle PT 2012 è veramente basso; la 2025 offre , secondo Onvista, 8,97% su un IG (per quanto possa valere il rating)
Il problema se esco è dove mettere 18.000 euro per un recupero rapido .... o una perdita tollerabile
Sull'azionario?(unicredit, banca generali , A2A)
Su un certificate ?(quale?)
In Popolare dicono di uscire e puntare tutti i 50.000 su bond di banche americane.
Ma Obama riuscirà a salvarle tutte?
 

Imark

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I98mark a 100 il rendimento delle PT 2012 è veramente basso; la 2025 offre , secondo Onvista, 8,97% su un IG (per quanto possa valere il rating)
Il problema se esco è dove mettere 18.000 euro per un recupero rapido .... o una perdita tollerabile
Sull'azionario?(unicredit, banca generali , A2A)
Su un certificate ?(quale?)
In Popolare dicono di uscire e puntare tutti i 50.000 su bond di banche americane.
Ma Obama riuscirà a salvarle tutte?
Infatti hai ragione: lì merita portare a casa il gain, secondo me, visto che le hai prese a 85... a novembre 2008 ... ;). Sulle banche USA ho anch'io un qualche scetticismo.

I recuperi rapidi sono sempre cattivi consiglieri... cmq il PT 2025 non ha un rischio emittente (ad oggi), sconta un rischio tassi elevato, in quanto più in basso di così sarà difficile andare, e quando saliranno a soffrire saranno i titoli più lunghi .... Puoi provare, ma dovrai stare attento, appunto, all'andamento dei tassi... ;)
 

albicocco

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Domani esco da PT 2012.Un ultimo aiuto I98mark :esistonono bond di società telefoniche ( TI. DT, FT ecc)indicizzati?
Al solito ci segui e ci illumini : meglio non trovarsi spiazzati se i tassi risalgono.
Grazie di nuovo per l'attenzione e la disponibilità.
 

lorenzo63

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France Telecom Unit Almerys Acquires Enora Technologies

PARIS (Dow Jones)-- France Telecom SA (FTE.FR) Friday said its subsidiary Almerys has acquired Enora Technologies, a producer of electronic solutions for the health monitoring of "A-List" athletes.

In 2008, Enora Technologies generated revenue of EUR520,000, France Telecom said.

Almerys, an entity of Orange Business Services specializing in health services, is broadening its expertise with the 100 % acquisition of Enora Technologies, France Telecom said.
 

lorenzo63

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France Telecom Gets Commitments To Sell Over 3% Of ECMS

FRance Telecom è, vedendo la tabella sopra la meno indebitata (debito/ebit) tra i grandi players delle telecomunicazioni...post 666


Mobinil (Egypt): France Telecom has secured committments to sell amounting to more than 3% of the share capital of ECMS at a price of EGP 230 per share France Telecom announces that its fully owned subsidiary, Orange Participations, has received expressions of interest from a number of shareholders of the Egyptian Company for Mobile Services S.A.E. ("ECMS") that wish to dispose of their holdings in ECMS, and that it has secured with these shareholders their commitment to sell their entire shareholdings in ECMS at a price of EGP 230 per share.

In total, Orange Participations has to date secured commitments for more than 3% of the issued share capital of ECMS, representing more than 6% of the free float of ECMS. Furthermore, Orange Participations is currently in discussions with other potential sellers.

In order to comply with Egyptian capital markets regulations, Orange Participations has ensured that the implementation of the above arrangements is subject to approval by the Capital Market Authority and reiterates its commitment to treat all ECMS shareholders equally.

About France Telecom France Telecom, one of the world's leading telecommunications operators, had consolidated sales of 53.5 billion euros in 2008 (12.7 billion euros in the first quarter of 2009) and, at 31 March 2009, a customer base of almost 184 million customers in 30 countries. Orange, the Group's single brand for Internet, television and mobile services in the majority of countries where the company operates, now covers 123 million customers. At the first quarter of 2009, the Group had 123 million mobile customers worldwide and 13 million broadband Internet (ADSL) customers in Europe. Orange is the number three mobile operator and the number one provider of broadband Internet services in Europe and, under the brand Orange Business Services, is one of the world leaders in providing telecommunication services to multinational companies.

The Group's strategy, which is characterized by a strong focus on innovation, convergence and effective cost management, aims to establish Orange as an integrated operator and benchmark for new telecommunications services in Europe.

Today the Group remains focused on its core activities as a network operator, while working to develop its position in new growth activities. To meet customer expectations, the Group strives to provide products and services that are simple and user-friendly, while maintaining a sustainable and responsible business model that can be adapted to the requirements of a fast-paced and changing eco-system. France Telecom (NYSE:FTE) is listed on Euronext Paris (compartment A) and on the New York Stock Exchange
 

yellow

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L'obbligazione è in Euro :

04.06.09 18:45 - Bt: prezza bond da 600 mln euro

LONDRA (MF-DJ)--Bt ha prezzato il suo bond da 600 milioni di euro con scadenza nel 2014.

I lead manager dell'operazione sono Barclays, Deutsche Bank, Hsbc e SocGen. La cedola e' stata fissata al 6,125%, il prezzo e' di 99,870 e lo spread e' di 320 punti base sopra i mid-swap.
 

Imark

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Domani esco da PT 2012.Un ultimo aiuto I98mark :esistonono bond di società telefoniche ( TI. DT, FT ecc)indicizzati?
Al solito ci segui e ci illumini : meglio non trovarsi spiazzati se i tassi risalgono.
Grazie di nuovo per l'attenzione e la disponibilità.
Grazie a te per i complimenti ... ;) in realtà ce ne sono di indicizzati all'Euribor, e semmai faccio un po' di ricerca domani e vediamo se riesco a postare qualcosa... :up:
 

Imark

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Intanto il buyback di 275 mln euro di debito sui bond emessi da Nordic Telephone Holding, dopo il ripagamento anticipato a gennaio 2009 del debito senior a scadenza 2010 e 2011 della controllata TDC, é stato completato al 22 maggio scorso e S&P ha elevato il rating sui due bond che abbiamo a monitor da B+ a BB- ed il recovery rating da 5 a 4 (recovery 30%-50% in caso di default).

Il bond TDC 2012 ha conservato il rating che aveva ma, per effetto della riduzione del debito complessivo, il recovery rating sale da 4 a 3 (recovery 50%-70% in caso di default)

Il commento alla rating action...

Subordinated Debt Ratings On TDC Group Parent NTCH Raised To 'BB-' On Debt Buyback; Recovery Rating To '4' From '5'

LONDON (Standard & Poor's) June 3, 2009--Standard & Poor's Ratings Services said today it raised to 'BB-' from 'B+' its issue ratings on the subordinated notes issued by Nordic Telephone Co. Holding ApS (NTCH), intermediate parent company of leading Danish integrated telecommunications provider TDC A/S (BB-/Stable/B). The recovery rating on this debt was revised to '4' from '5', indicating our expectation of average (30%-50%) recovery in the event of a payment default. The 'BB-' long-term corporate credit rating on NTCH is unchanged, with a stable outlook.

At the same time, the 'BB-' issue rating on TDC's unsecured notes maturing up to 2012 was affirmed. The recovery rating on this debt was revised to '3' from '4', indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default. In addition, the issue rating on the €7.2 billion (€3.6 billion outstanding as of March 31, 2009) senior secured facilities issued by TDC was affirmed at 'BB+', two notches higher than the corporate credit rating. The recovery rating on these facilities is unchanged at '1', indicating our expectation of very high recovery (90%-100%) for senior secured lenders in the event of a payment default.

The rating actions primarily reflect the reduced level of total debt outstanding at NTCH following the buyback of €275 million subordinated notes due 2016 via modified Dutch auction tender, which was completed on May 22, 2009. The revised recovery ratings reflect the reduction in total debt outstanding at the hypothetical point of default.

TDC received proceeds of Danish krone (DKK) 5.4 billion (€726 gross, €710 million net of transaction costs) from the disposal of Polkomtel in December 2008. Of this amount, €306 million was applied to prepay senior facilities maturing in 2010 and 2011 on Jan. 2, 2009.

RECOVERY ANALYSIS
We have valued the business as a going concern. Given TDC's satisfactory business risk profile and leading market position, we believe that a default would most likely result from excessive leverage and weakening operating cash flow generation capability. Under our simulated default scenario, we value the company at about DKK42.9 billion at the hypothetical point of default.

Recovery prospects for secured and unsecured debt instruments reflect the estimated value available and accessible to creditors. The prospects also reflect the current complex capital structure. Specifically, we believe that European medium-term noteholders and speculative-grade noteholders would likely need to negotiate with one another to determine priority of repayment at default.

The recovery prospects could also be sensitive to any potential significant devaluation of the Danish krone, as a large proportion of the assets generate cash flows in the local currency while most of the debt is denominated in euros.
 

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