Bond Cmc Ravenna 7,50% 2021 callable eur isin XS1088811432 - Pagina 9
I bond segnalano problemi in arrivo, sarà fondamentale monitorare i rendimenti reali
Gli investitori dovrebbero iniziare a preoccuparsi dei loro investimenti, dal momento che i rendimenti del Tesoro USA si stanno muovendo più in alto, trascinando con loro i crediti a basso …
Trading fino a sera, nuovi orari per la Borsa tedesca che resterà aperta fino alla chiusura di Wall Street. Anche Piazza Affari pronta per gli straordinari?
Da lunedì 29 novembre la Borsa di Francoforte consentirà agli investitori di negoziare azioni, Etf/Etp e fondi comuni di investimento fino alle ore 22, potendo così reagire agli eventi sui …
La giornata più nera dell’anno per le Borse, panic selling con petrolio a -13%. Ftse Mib affonda a -4,6%
Venerdì nero a tutti gli effetti sui mercati. In coincidenza con il Black Friday che segna l?avvio della stagione degli acquisti pre-natalizi, i mercati sono stati travolti dall?emergere di una …
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  1. #81

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    è sostanzialmente successo qualcosa di simile ad astaldi:
    liquidità "bruciata", mancati incassi, debito diventato improvvisamente ingestibile

    :-/

  2. #82

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    Citazione Originariamente Scritto da sandiego Visualizza Messaggio
    è sostanzialmente successo qualcosa di simile ad astaldi:
    liquidità "bruciata", mancati incassi, debito diventato improvvisamente ingestibile

    :-/
    Non è per niente equiparabile ad Astaldi.
    Qui hanno emesso un bond sapendo già che non era rimborsabile, e lo si è scritto fin dai primi post.

  3. #83
    L'avatar di virussingolo
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    Titolo: DJ CMC Di Ravenna's Bondholders in Hot Waters: CreditSights -- Market Talk
    Ora: 13/11/2018 11:07
    Testo: 1007 GMT - CMC di Ravenna will possibly need to carry out some form of debt restructuring and a bondholder write-down, CreditSights analysts say. The Italian constructor has 30 days to remedy the non-payment of a EUR20 million coupon on its 6% February 2023 bond due on Nov. 15. The firm said unpredictable reasons linked to the non-receipt of orders prompted "a moment of cash-flow tension" and financial advisors were working on measures to guarantee business continuity. Bid prices on Ravenna's 6% February 2023 bond plummet to 13.50,according to Tradeweb.([email protected]; @Lorena_rbal)

    (END) Dow Jones Newswires
    13-11-18 1007GMT
    Copyright (c) 2018 Dow Jones & Company, Inc.

  4. #84
    L'avatar di ungiornoxcaso
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    Francamente si "sapeva" da mesi che praticamente erano quasi falliti..

  5. #85
    L'avatar di BuyorSell
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    Ma il governo continua a dire che non c'e' alcun istituto bancario a rischio e ora qui, Carige...? Ma come?😱..ci stanno imbrogliando?😬

  6. #86
    L'avatar di waltermasoni
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    Italy-Based CMC di Ravenna Downgraded To 'CC' On Anticipated Missed Interest Payment; Ratings Still On Watch Negative
    13-Nov-2018 11:40 EST
    View Analyst Contact Information

    On Nov. 9, 2018, CMC di Ravenna (CMC) announced that, because of cash
    flow issues caused by delayed payments on its works, it would not be able
    to pay on time the interest due Nov. 15, 2018, on its €325 million senior
    unsecured notes, issued in November 2017 and maturing in February 2023.
    We note that the bond documentation grants the company a 30-days grace
    period from the interest payment due date before an event of default
    occurs.
    We are lowering our ratings on CMC to 'CC' from 'B-' and maintaining them
    on CreditWatch negative.
    The CreditWatch reflects the possibility of a downgrade to 'D' if the
    company fails to make the interest payment by the end of the grace
    period, and our view that CMC could pursue a distressed exchange or other
    restructuring within the next few months.
    PARIS (S&P Global Ratings) Nov. 13, 2018--S&P Global Ratings today lowered its
    long-term issuer credit rating on Italy-based engineering and construction
    company CMC di Ravenna (CMC) to 'CC' from 'B-'. The rating remains on
    CreditWatch with negative implications.

    At the same time, we lowered our issue ratings on CMC's €325 million and €250
    million senior unsecured bonds to 'CC' from 'B-'. The issue ratings remain on
    CreditWatch negative. The recovery rating on both instruments remains '4',
    indicating our expectation of average recovery prospects (30%-50%; rounded
    estimate: 35%) in the event of a payment default.

    The downgrade follows CMC's announcement on Nov. 9, 2018, that it will not pay
    on time the interest due on Nov. 15, 2018 on its €325 million senior unsecured
    notes, issued in November 2017 and maturing in February 2023. Based on the
    bond documentation, CMC has a 30-day grace period from the due date to make
    the interest payment before an event of default occurs.

    CMC also announced on the same day that it is facing cash flow constraints due
    to delayed payments on its work in progress. The company stated that it is
    designing a plan to overcome this liquidity situation while guaranteeing
    business continuity, which would be followed by a negotiation of a general
    restructuring of its financial debt. We understand that CMC's board of
    directors will reconvene within the next two weeks to solidify a strategy.

    CMC's liquidity position and credit metrics have weakened in the past few
    months. On Sept. 12, 2018, CMC released its financial results for
    second-quarter 2018 and reported a negative cash flow from operations of about
    €124 million, which ultimately increased its reported net financial position
    to 5.3x from 3.9x at year-end 2017. That was primarily due to six delayed
    project payments totaling about €110 million, mainly in Italy and Africa. On
    Oct. 15, 2018, CMC stated that it had failed to collect any of those delayed
    payments in the third quarter. The company also stated that the net financial
    position at end-September 2018 had remained broadly the same as the one
    reported on June 30, 2018. On Oct. 31, 2018, Anas SpA, the Italian roads and
    railways operator and one of CMC's biggest clients in Italy, announced that it
    had made all its overdue payments for work in progress with CMC, amounting to
    about €50.6 million. To date, CMC has not published its third-quarter results.
    However, based on CMC's latest press release, we understand that the company's
    liquidity and financial position have significantly weakened.

    The CreditWatch reflects the risk of a downgrade to 'D' if CMC fails to make
    the interest payment on its €325 million senior note by the end of the grace
    period. Additionally, we incorporate our view that CMC could pursue a
    distressed exchange or other restructuring within the next few months, which
    would also lead us to lower the ratings on the company and its debt to 'D'.
    The company's still-restricted scale and cash flow generation, together with
    its bonds consistently trading well below par, could increase the incentives
    for a debt restructuring.

    In order for us to remove the ratings from CreditWatch, CMC will have to make
    the interest payment. Though unlikely, better operating prospects and an
    improved cash position could lower the incentives for a short-term debt
    restructuring.

  7. #87

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    Qui ipotizzano un recovery del 35% o sbaglio

  8. #88
    L'avatar di waltermasoni
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    Qui ipotizzano un recovery del 35% o sbaglio
    Si io sono entrato stamani a 14,05 sulla 2023

  9. #89
    L'avatar di dulcamara
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    Per chi vuole una ventata di ottimismo propongo questo studio un po' datato...

    https://www.marzottosim.com/investme...MC-Ravenna.pdf

  10. #90
    L'avatar di dulcamara
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    anche la house organ sprizza ottimismo!

    La Betoniera - La Betoniera 02 2018

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