balcarlo
ama il tuo prossimo
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WIND TRE BOND: cosa è successo?
- Creatore Discussione balcarlo
- Data di inizio
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Nuovi Equity Protection su azioni e materie prime con rendimenti all’emissione fino a 35%
Societe Generale rende disponibili su Borsa Italiana (SeDeX) 10 Equity Protection Certificate (con Cap) su azioni e materie prime.
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robyleave
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bè.... non capisco questo balzo.... sulla base di questa news...
l'unico che incassa è CHI VENDE.
invece i cinesi di Hutchison avranno fatto debito per questa acquisizione... quindi onestamente adrebbe compreso prima meglio A CARICO DI CHI METTERANNO QUESTO DEBITO.
telecom italia insegna!
l'unico che incassa è CHI VENDE.
invece i cinesi di Hutchison avranno fatto debito per questa acquisizione... quindi onestamente adrebbe compreso prima meglio A CARICO DI CHI METTERANNO QUESTO DEBITO.
telecom italia insegna!
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in dollari taglio 200K
ROba seria
Grazie WIND
PS era sottostimato come pochi altri titoli
w0lverin
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tutto corretto però come dice sandiego c'è da capire bene chi si è accollato il debito derivante dai bond wind , vedi portual telecom - altice , nel caso tutto il debito di wind passasse nelle mani dei cinesi allora i bond sarebbero ancora da comprare come scrivi tu
saluti
alveare
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le notizie di stampa dicono che CK Hutch prenderà il controllo completo della compagnia con l'unico elemento di sospensione che è legato al controllo delle autorità regolatorie...." Veon said it*expects the deal,*which is subject to European Union and Italian regulatory approvals, to be completed in the third quarter or early in the fourth quarter."
dunque ognuno può fare le mosse che ritiene più opportune...
dunque ognuno può fare le mosse che ritiene più opportune...
alveare
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Moody's: CK Hutchison's ratings unaffected by acquisition of remaining 50% stake in Wind Tre
Hong Kong, July 03, 2018 -- Moody's Investors Service says that CK Hutchison Holdings Limited's (CKHH) A2 issuer rating and stable outlook are not affected by its proposed acquisition of the remaining 50% interest in Italian telecommunications operator Wind Tre S.p.A. (B1 stable) from VEON Ltd. (Ba2 stable), its partner in the joint venture.
The transaction will have a total consideration of EUR2.45 billion (around HKD22 billion), and is subject to the approval of European and Italian regulators.
"While CKHH's acquisition of the 50% stake in Wind Tre -- bringing its stake to 100% -- will be accretive to its earnings and cash flow, its business risk will also rise due to its increased exposure to the competitive Italian telecom sector," says Gloria Tsuen, a Moody's Vice President and Senior Analyst.
Moody's believes Wind Tre is likely to be the mobile company more affected by the recent entry to the Italian telecom market of Iliad S.A, driven by its challenger position and weaker network quality compared with Italian peers. This factor, combined with Moody's expectation of further intensified competition, will likely weaken Wind Tre's EBITDA, despite continuing operating synergies arising from the merger between Wind and Tre in 2016, and the roaming fee from the agreement with Iliad.
Moody's estimates that on a pro-forma post acquisition basis, CKHH's adjusted funds from operations (FFO)/net debt this year would increase to 25%-26% from the 24.5% recorded at year-end 2017. Its reported net debt/net cap would be around 24% and adjusted net debt/net cap around 34%, compared to 22% and 32% respectively at year-end 2017. These metrics remain appropriate for CKHH's A2 rating, which is also supported by the company's strong business position, highly diversified operations, and excellent liquidity.
At the end of 2017, CKHH held cash and cash equivalents -- excluding liquid funds and listed equity securities -- of about HKD160 billion. Combined with its available committed bank facilities of about HKD13 billion, these resources are more than sufficient to cover its short-term debt of about HKD22 billion.
The principal methodology used in this rating was Business and Consumer Service Industry published in October 2016. Please see the Rating Methodologies page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of this methodology.
CK Hutchison Holdings Limited is one of the largest Hong Kong-based conglomerates with a strong presence in Asia and Europe. Its five core businesses are: (1) ports; (2) retail; (3) infrastructure; (4) energy; and (5) telecommunications.
Hong Kong, July 03, 2018 -- Moody's Investors Service says that CK Hutchison Holdings Limited's (CKHH) A2 issuer rating and stable outlook are not affected by its proposed acquisition of the remaining 50% interest in Italian telecommunications operator Wind Tre S.p.A. (B1 stable) from VEON Ltd. (Ba2 stable), its partner in the joint venture.
The transaction will have a total consideration of EUR2.45 billion (around HKD22 billion), and is subject to the approval of European and Italian regulators.
"While CKHH's acquisition of the 50% stake in Wind Tre -- bringing its stake to 100% -- will be accretive to its earnings and cash flow, its business risk will also rise due to its increased exposure to the competitive Italian telecom sector," says Gloria Tsuen, a Moody's Vice President and Senior Analyst.
Moody's believes Wind Tre is likely to be the mobile company more affected by the recent entry to the Italian telecom market of Iliad S.A, driven by its challenger position and weaker network quality compared with Italian peers. This factor, combined with Moody's expectation of further intensified competition, will likely weaken Wind Tre's EBITDA, despite continuing operating synergies arising from the merger between Wind and Tre in 2016, and the roaming fee from the agreement with Iliad.
Moody's estimates that on a pro-forma post acquisition basis, CKHH's adjusted funds from operations (FFO)/net debt this year would increase to 25%-26% from the 24.5% recorded at year-end 2017. Its reported net debt/net cap would be around 24% and adjusted net debt/net cap around 34%, compared to 22% and 32% respectively at year-end 2017. These metrics remain appropriate for CKHH's A2 rating, which is also supported by the company's strong business position, highly diversified operations, and excellent liquidity.
At the end of 2017, CKHH held cash and cash equivalents -- excluding liquid funds and listed equity securities -- of about HKD160 billion. Combined with its available committed bank facilities of about HKD13 billion, these resources are more than sufficient to cover its short-term debt of about HKD22 billion.
The principal methodology used in this rating was Business and Consumer Service Industry published in October 2016. Please see the Rating Methodologies page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of this methodology.
CK Hutchison Holdings Limited is one of the largest Hong Kong-based conglomerates with a strong presence in Asia and Europe. Its five core businesses are: (1) ports; (2) retail; (3) infrastructure; (4) energy; and (5) telecommunications.
alveare
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e per concludere, l'opinione di S&P.....
X-S&PGRBulletin: CK Hutchison Rtg Unffctd By WindTre Acquisition
HONG KONG (S&P Global Ratings) July 3, 2018-S&P Global Ratings said today that the rating and outlook on CK Hutchison Holdings Ltd. (A-/Positive/--) are not immediately affected by the company's plan to acquire the remaining 50% share of Wind Tre S.p.A. (BB-/Negative/--) that it doesn't already own. We expect CK Hutchison to take proactive measures to counterbalance the cash flow and leverage impact of the proposed acquisition.
Assuming the transaction is fully debt funded, CK Hutchison's proforma debt to EBITDA would be close to 4x based on 2017 figures and at around 3.8x for 2018 based on our estimation. This includes the purchase cost of 2.45 billion euros and the impact of consolidating Wind Tre. These levels remain in line with the 'A-' rating, although the trend of higher leverage deviates from our base case.
The positive rating outlook on CK Hutchison is not immediately affected because we believe the company has good flexibility and a track record of improving its credit position. In the past, the company monetized assets and raised new capital to support its expansion activities. These include a partial disposal of AS Watson and sale of the fixed-line operations of Hutchison Telecommunications Hong Kong Holdings.
We consider the proposed acquisition is in line with CK Hutchison's strategy of consolidating its telecommunications operations. The Wind Tre associate is one of the few jointly-controlled entities in which CK Hutchison does not have full control. The purchase will enhance CK Hutchison's position in the Italian market and could accelerate synergy and scale benefits.
Only a rating committee may determine a rating action and this report does not constitute a rating action.
X-S&PGRBulletin: CK Hutchison Rtg Unffctd By WindTre Acquisition
HONG KONG (S&P Global Ratings) July 3, 2018-S&P Global Ratings said today that the rating and outlook on CK Hutchison Holdings Ltd. (A-/Positive/--) are not immediately affected by the company's plan to acquire the remaining 50% share of Wind Tre S.p.A. (BB-/Negative/--) that it doesn't already own. We expect CK Hutchison to take proactive measures to counterbalance the cash flow and leverage impact of the proposed acquisition.
Assuming the transaction is fully debt funded, CK Hutchison's proforma debt to EBITDA would be close to 4x based on 2017 figures and at around 3.8x for 2018 based on our estimation. This includes the purchase cost of 2.45 billion euros and the impact of consolidating Wind Tre. These levels remain in line with the 'A-' rating, although the trend of higher leverage deviates from our base case.
The positive rating outlook on CK Hutchison is not immediately affected because we believe the company has good flexibility and a track record of improving its credit position. In the past, the company monetized assets and raised new capital to support its expansion activities. These include a partial disposal of AS Watson and sale of the fixed-line operations of Hutchison Telecommunications Hong Kong Holdings.
We consider the proposed acquisition is in line with CK Hutchison's strategy of consolidating its telecommunications operations. The Wind Tre associate is one of the few jointly-controlled entities in which CK Hutchison does not have full control. The purchase will enhance CK Hutchison's position in the Italian market and could accelerate synergy and scale benefits.
Only a rating committee may determine a rating action and this report does not constitute a rating action.
alveare
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e con questo poi mi taccio....
Wind's Bonds Pare Most of This Year's Losses on CK Acquisition
By*Laura Benitez
(Bloomberg) --*Wind Tre’s notes surged today, paring most of this year’s losses, after CK Hutchison Holdings Ltd.*agreed*to take full control of the company. Analysts expressed mixed views on the prospects for the company’s bonds.
Wind Tre sold a EU7.3b-equivalent high-yield bond to market in October, the*largest ever*for the sector. But the paper capitulated in the secondary market since November due to Italy’s country risk and anticipation of increased competition after the entry of*Iliad
CK Hutchison Holdings’ Finance director Frank John Sixt*said: “We see the deal as rating neutral, already discussed it with rating agencies and we are comfortable”. He added that the company will continue cost savings and that he wouldn’t rule out the possibility of listing Wind Tre at some point
Hermes Investment Management (co-head of credit*Mitch Reznick)
“In the months ahead of the recent launch of mobile service from Iliad, the market had been tough on WindTre and they underperformed expectations, as did the bonds. Having a single-A rated company take complete control of the name at full value is a catalyst for the bonds’ move because it is an affirmation that they believe in the business, despite its struggles. It’s a game-changer”
Wind's Bonds Pare Most of This Year's Losses on CK Acquisition
By*Laura Benitez
(Bloomberg) --*Wind Tre’s notes surged today, paring most of this year’s losses, after CK Hutchison Holdings Ltd.*agreed*to take full control of the company. Analysts expressed mixed views on the prospects for the company’s bonds.
Wind Tre sold a EU7.3b-equivalent high-yield bond to market in October, the*largest ever*for the sector. But the paper capitulated in the secondary market since November due to Italy’s country risk and anticipation of increased competition after the entry of*Iliad
CK Hutchison Holdings’ Finance director Frank John Sixt*said: “We see the deal as rating neutral, already discussed it with rating agencies and we are comfortable”. He added that the company will continue cost savings and that he wouldn’t rule out the possibility of listing Wind Tre at some point
Hermes Investment Management (co-head of credit*Mitch Reznick)
“In the months ahead of the recent launch of mobile service from Iliad, the market had been tough on WindTre and they underperformed expectations, as did the bonds. Having a single-A rated company take complete control of the name at full value is a catalyst for the bonds’ move because it is an affirmation that they believe in the business, despite its struggles. It’s a game-changer”
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Bella analisi peccato aver capito tutto molto tardi per me...
Vediamo domani se la fanno aprire e dove soprattutto
Saluti
Vediamo domani se la fanno aprire e dove soprattutto
Saluti
investo74
Investo
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IN che senso se la fanno aprire?
scalatore puro
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storno corposo
Julius67
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perché?
alveare
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non storna , semplicemente ci sono prese di beneficio dopo il forte rimbalzo di ieri...ovvio che qualcuno passa all'incasso....il tema è : visto che ora Wind Tre è al 100% di Hutchinson , che ha rating A- e paga interessi molto più bassi sui suoi bond, a tendere che succederà ai Cds di Wind? E' ragionevole aspettarsi nelle prossime settimane/mesi un riallineamento dei cds ai livelli della società che ne possiede il 100%? E' verosimile credere che Hutchinson possa migliorarne la struttura finanziaria e magari abbatterne il costo del debito a Suo vantaggio? (ripeto: Hutchinson paga l1,5% sui suoi prestiti, perchè dovrebbe far pagare interessi molto più alti a Wind se è sua al 100%??)
Julius67
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L'unico dubbio in sospeso è se aspettarsi sorpresa dai regolatori " Il completamento dell'accordo resta soggetto ad approvazione regolamentare nell'Ue e in Italia. L'intesa dovrebbe concludersi nel terzo trimestre del 2018. "