Monitor bond Utilities europee

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La prima parte della tabella....

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La seconda parte

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Il primo grafico, con i soli bond IG di rating inferiore ad A ed i bond senza rating

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Il secondo grafico, con i bond di emittenti a rating A o superiore

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Iberdrola, come quasi tutte le maggiori utilities europee, ha deciso tempo addietro di varare un piano di espansione focalizzato soprattutto ad acquisizioni nelle due Americhe, prevedendo di spendere fra il 2008 ed il 2010 24 miliardi di euro.

Secondo Moody's, i rating attuali incorporano già il corrispettivo pagato per il recente acquisto dell'utility USA Energy East Corporation, la quale viene a rappresentare circa il 15% degli asset ed il 10% dell'EBITDA del gruppo Iberdrola.

Moody's affirms Iberdrola's A3/P-2 following acquisition of EAS

London, 17 September 2008 -- Moody's Investors Service has today affirmed the A3/P-2 (senior unsecured long term/short term) ratings and stable outlooks of Iberdrola SA and its guaranteed subsidiaries following the completion of the acquisition of Energy East Corporation ("Energy East" -- rated Baa2 senior unsecured and P-2 for commercial paper; under review for possible downgrade) and its subsidiaries. (See Moody's separate press release of 16 September 2008 under the Energy East Corporation heading for details of rating actions pertaining to Energy East and its U.S. based utility subsidiaries).

The approximate EUR6.2 billion acquisition has already been factored into the ratings and forms part of Iberdrola's previously announced strategic plan to invest EUR24 billion over the 2008-10 period, aimed at strong growth, in particular, in international and renewables activities.

Following the announcement of the Energy East transaction in June 2007, Iberdrola raised EUR3.4 billion in new equity to partially finance the acquisition and hence the group credit metrics are not expected to be materially altered as a result of the transaction. Iberdrola's 1H 2008 results also demonstrate that the group's progress is generally in line with its financial and operational targets. Conditions related to the acquisition are not expected to be onerous within the group context, but Moody's would nonetheless expect Iberdrola to incorporate any revisions to expectations, following due diligence on completion of the transaction, into its consolidated business plan. Overall Energy East will represent around 15% of assets and 10% of EBITDA of the enlarged and diversified Iberdrola group.

Moody's believes that Iberdrola will additionally consider means at its disposal to reduce the impact of structural subordination that may arise as a result of the consolidation of some EUR3 billion of existing debt at Energy East in order to meet its overall near term targets of less than 25% of debt below the level of the parent, Iberdrola SA.

Iberdrola SA is a leading utility based in Madrid, Spain with diversified energy businesses, primarily in Spain, the United Kingdom and the US. As of FYE 2007, it had revenues of EUR17.5 billion.

[cricket72]

Edf rileva British Energy e diventa protagonista del rilancio nucleare britannico
24/09 10:05 CET


L’acquisto ora è certo: Edf rileva British Energy dopo il fallimento delle trattative a luglio e accede al mercato nucleare britannico. L’offerta del gruppo francese è salita, circa 15,6 miliardi di euro contro i 15,4 di due mesi fa.

Edf ha convinto Ivesco e M&G, i due azionisti di British energy, riluttanti in passato, che controllano rispettivamente il 15% e il 7% della società britannica.

Edf, per gran parte sotto il controllo dello Stato francese, sborserà inizialmente 5,5 miliardi di euro per rilevare la parte della società britannica posseduta dallo stato, cioè il 35%.

Edf entra così nel mercato nucleare britannico: British energy possiede otto delle dieci centrali del Paese. Il governo Brown ha deciso di rilanciare il settore, ma questo non mancherà di suscitare nuove contestazioni da parte dei movimenti ecologisti.

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Il crescente ruolo della Francia nel panorama delle utilities europee: articolo molto utile per capire quali sono i rapporti di controllo e di collegamento societario che cosa nell'intricato panorama UE...

France Widens European Power-Market Dominance, Fends Off Rivals

By Gregory Viscusi

Sept. 25 (Bloomberg) -- France extended its dominance of power markets in Europe with Electricite de France SA's purchase yesterday of Britain's largest electricity producer. Yet the energy company remains off bounds for foreigners.

The last time an outsider tried to buy a French power company -- when Rome-based Enel SpA said in 2006 it wanted to bid for Suez SA -- the government orchestrated Suez's merger with state-owned Gaz de France SA, which was completed in July and valued the combined companies at 93.3 billion euros ($137.5 billion).

``There's clearly asymmetry at work here,'' said Juan Delgado, a fellow at Bruegel, a Brussels-based research institute. ``There's no distinction between the government and EDF, and in this case the French government is able to promote an industrial policy while preventing its own companies from ever being bought.''

For all its market reach, state-controlled EDF has fallen 36 percent this year in Paris trading, more than rivals in Italy, Spain and Germany. The Paris-based company's 12.5 billion-pound ($23 billion) purchase of British Energy Group Plc comes as the European Union pushes for the opening of electricity markets to competition, boosting opportunities for investors.

The EU hasn't demanded that governments sell their controlling stakes in former monopolies, which may lead to even greater control of the market by countries like France, said Katinka Barysch, a researcher at the Centre for European Reform in London.

National Champions

``The Germans and French have always insisted that there is a need for national champions, and faced with concern about energy supplies and the rise of big Russian energy groups, they are winning the argument,'' she said.

EDF is the fifth-worst performing in the Dow Jones Europe STOXX Utilities Index, which is down 26 percent this year. While all but four of the members have declined this year, most have fallen less, including Bilbao, Spain-based Iberdrola SA down 31 percent, Enel 27 percent and Madrid-based Endesa SA 26 percent. Top gainers are East Kilbride-based British Energy Group Plc, up 39 percent, and Selby-based Drax Group Plc, up 31 percent.

Paris-based EDF, the world's largest operator of nuclear reactors, agreed to pay 774 pence a share for the U.K.'s biggest power producer, 35 percent above British Energy's closing price on March 14, when the East Kilbride, Scotland- based utility said it may receive an offer. The deal, announced yesterday, gives EDF control of eight British nuclear sites.

`Level Playing Field'

``Is the British government or any one else asking whether the playing field should be level before such a transaction is permitted?'' said Craig Forbes, first vice president for investments at the Forbes-Washburn Group in Richmond, Virginia. ``If British Nuclear wanted to buy EDF, would France allow it? I know that the answer from France would be no, but is anyone in England or Europe asking this question?''

EDF, which is owned 85 percent by the French government, has 45 percent of Energie Baden-Wuerttemberg AG, Germany's third-largest energy company, and controls Edison SpA in Italy, the second-largest utility in that country, jointly with A2A Spa. EDF also has stakes in energy producers in Poland, Hungary, and Slovakia.

GDF Suez, whose single biggest shareholder is the French government, owns Electrabel SA, which is Belgium's biggest power producer and owner of seven nuclear reactors.

New Reactors

EDF's record gave it an edge when the U.K. government was seeking a partner for British Energy.

``The British government once felt the market could solve everything, but with the renewal of interest in nuclear power, it realizes that in such a capital-intensive industry you need groups with real muscle,'' said Barysch. ``That's why there's been no outrage here.''

Last year, 77 percent of France's electricity came from nuclear power plants. British Energy plans to build four reactors.

France's government and its unions have welcomed EDF's forays. The Confederation Francaise Democratique du Travail last week said it backs the French utility's strategy to focus on Europe and become a leader in the development of nuclear energy, while saying it's paying too much.

``It's an important step in the international development of EDF, which extends its status as the world's leader in nuclear energy,'' French Prime Minister Francois Fillon said.

Cross-Border Deals

France isn't the only country to block foreign groups from entering its energy market. Other countries have, however, eventually given in.

The Italian government initially opposed EDF's attempts to take control of Edison in 2001 on the grounds that EDF was state-owned. In 2005 EDF made its move on Edison, along with Italian partner Aem SpA, now called A2A. EDF's voting rights were at first limited to 2 percent, before Italy in 2006 scrapped the restrictions under EU pressure.

E.ON AG, Germany's largest utility, in April 2007 dropped its offer for Endesa SA, Spain's largest utility, after opposition from the Spanish government. Spain's Acciona SA and Italy's Enel SpA were later allowed to take over Endesa and let E.ON buy some of Endesa's assets.

French President Nicolas Sarkozy said in July it is France's ``role'' to help countries who want civil nuclear energy. France began promoting domestic nuclear power in the 1970s when it was still mostly relying on fossil fuels. It is now betting on the European Pressurized Reactor, or EPR, to increase nuclear exports.

Leveraging Power

``This is yet another example of the French government leveraging its nuclear power,'' Charles D. Ferguson, senior fellow in Washington at the Council on Foreign Relations, said in a telephone interview.

A lack of skilled labor and rising construction costs may be barriers for French expansion beyond the U.K, he added. Areva SA's plan to build the world's most powerful reactor reactor in Finland is more than 25 percent over its $3 billion-euro ($4.4 billion) budget.

``Many practical difficulties stand between France and its ambitious goals,'' Ferguson said.

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Tabelle monitoraggio prezzi e rendimenti (gruppo di lavoro: Alobar, Magallo, I98mark).

AVVERTENZE

Una sola avvertenza questa settimana e riguarda i corsi del bond Gie Suez 2012, che non ha fatto prezzo in maniera rilevabile sui mercati tedeschi e la cui indicazione dobbiamo alla cortesia di Massimo S.. Il prezzo è quello di chiusura rilevato sull'ICMA venerdì scorso.

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La settimana monitorata

Una settimana, quella appena trascorsa, all'insegna di quanto già visto nella settimana precedente. Una buona tenuta dei prezzi, tendenzialmente in salita o stabili, sui bond corti, sui quali il comparto continua a giovarsi del flight to quality e non è interessato da eventuali vendite di asset generate dal deleverage in atto nel comparto finanziario.

Diverso il discorso per le scadenze medie e soprattutto lunghe, sulle quali tendenzialmente si può dire che proseguono le vendite, in linea anche qui con quanto visto nella settimana precedente.

Tovate come sempre il file sul sito ventimaggio gestito da Maino nei prossimi giorni...

http://digilander.libero.it/ventimag...i%20files.html

Qui di seguito la prima delle 3 tabelle con i prezzi...

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La seconda parte della tabella...

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La terza parte...