Obligations d'entreprises à tranche de 1k ou 2k EUR/USD, perpétuelles incluses

Volià Sissi, bonne synthèse reçue de la banque :

Why have US and European HY bonds fallen in price over the late summer?

Signet has had meaningful exchanges with several high yielding bond and loan managers over the last few days.  As you are probably aware, the price of HY bonds has sold off 1-3% in August-September. If you would like a summary of what drove HY bond prices over the summer, please read below.
But first of all, the managers say that it seems that a lot of the weak hands that had been in HY (in Europe and the US) have been cleared and that the technical situation has now improved over the past few days. They say that currently, despite weak equities, HY is starting to be resilient, both in the US and in Europe. Read on.

To recap, there were plentiful reasons that explain why the European and US HY markets have been under pressure since mid-June when they peaked (Asian markets have been much more resilient). The first reason is that the HY markets rose “too far - too fast” during Q4 last year and the first half of this year, leaving them vulnerable to potential shocks in investor confidence.

The second is that July was a very heavy month of new supply of HY bonds in Europe, as was August /September for the US new issue market. New issuance has now tapered off. This was especially the case in lower quality bonds that the markets found harder to digest at a time when liquidity and risk appetite tended to be lower, like this past summer.

The soft technical patch in Europe was exacerbated by a weakening European economy, mounting tensions in Ukraine as well as the Espirito Santo saga. This led markets to weaken throughout July and into the second week of August, when the positive resolution of the BES story (for senior bondholders at least) combined with the de-escalation in Ukraine led it to rebound.

With the rebounding backdrop and Mario’s Draghi dovish speech at Jackson Hole, it seemed that September was set to start on a strong footing. However, an unexpected bankruptcy in the UK retail space (Phones4U) created pain in the market and dramatically weakened risk appetite in European HY.  At the same time, in the US, new supply wanting to get issued before the Fed might start to raise rates weighed on the markets. The technical weakness in US HY (which faced weeks of large retail outflows) exacerbated the European HY situation and pushed the market lower.

So, the reasons behind European and US HY weakness were plentiful. And then the markets were further compromised last Friday when Bill Gross announced his resignation from PIMCO, the largest bond house in the world. In an already weak market, this created a small panic in some parts of the market. Bottom line, you could say that the combination of:

·      a heavy and hard to digest primary pipeline during June-September,

·      deflation fears in Europe,

·      idiosyncratic credit stories in Europe (BES, Phones4U),

·      fears of earlier than anticipated rate hikes in the US,

·      flow rebalancing due to the USD strength,

·      and angst around the impact of Bill Gross resignation
led to the mini perfect storm that the US and European HY markets faced in September. Again, Asian USD bonds were much less impacted as they were much less owned.

But investment managers now conclude, as we said above, that it seems that the weak investment hands in HY bonds (in Europe and in the US) have been cleared out and that the technical situation is improving in recent days. Currently managers report that HY appears resilient, both in the US and in Europe, and they are buyers at these levels.
We hope this adds some color to your perception of the HY market. Note that available yields in the US are about 1% greater than they were mid-summer on short duration portfolios.

Bonne idée
Air Berlin c’est du 1k euro …et plusieurs ici doivent en avoir un peu.
Ce matin baisse de la Thomas Cook 7.75 au pair call 2016 …mais 100k euros. Je n’ai pas encore trouve pourquoi Thomas Cook Finance PLC EO-Bonds 2013(13/20)Reg.S | A1HLL3 | XS0937169570 | Übersicht | boerse-stuttgart.de

Meme si la cie dement les accusations, le coup porte a sa réputation fait mal. Et ils ont du renoncer a l’émission d’actions…du coup Moody’s baisse de la note…et recommandation de vente par les analystes…
En attendant que ça s’éclaircisse…vaut mieux surveiller et attendre…Vous en avez? laquelle?

Tantmieux…moi non plus. Attendez un peu!

Country Garden est bcp plus solide financierement, et la reputation du mgt est bien meilleure. Le CFO vient de COLI. Strategie de deleveraging et reduction du cout de la dette. Country Garden sera Investment Grade ds qques annees a mon avis. Agile aura bcp de mal a se refinancer. Qui va lui preter maintenant?

Faites tres attention a ces boites dont les fondateurs sont devenus billionnaires grace a leurs relations. Ce n’est pas un business model perenne et la roue peut tjs tourner. Agile en est un bon exemple. Pas seulement en Chine ou en Russie d’ailleurs.
BaV

Serial Trader

Vient d’apparaitre sur Stuttgart : émission de sept 14 de Bank of America: 6.25% min 1k USD
Bank of America Corp. 6,25% Dep.rep.1/25 Pfd Ser.X Aktie | BA0AE4 | US060505EH35 | NCBE | Übersicht | boerse-stuttgart.de

Aussi Dynegy plusieurs échéances dont la2024, B+, 7.625%
DYNEGY HOLDINGS 2024 7.625% USU26768AC22 | Obbligazioni - Investireoggi.it

Aussi Lundin Mining, B+, 7.875% 2022 ou 7.5% 2020
LUNDIN MINING 2022 7.875% USC52208AB82 | Obbligazioni - Investireoggi.it

Dernière modification par sissi (14/10/2014 23h41)

Merci sissi. Je conserve patiemment mes General Shopping pour le moment :-)

Le problème est que parfois la société propose une offre parallèle intéressante pour un créancier principal qui acceptera l’offre et une fois les 80% atteints les autres créanciers n’auront qu’à subir le rachat obligatoire.

C’est peut-être l’effet de mon ignorance mais est-ce vraiment bien Robdream du 5,2% pour du BB+ ?

On est un peu hors sujet ici pour une coupure à 50k mais rapidement : je lisais le lien que vous donnez, et il me conduit à un article de 2013 qui ne mentionne pas Altice. Bloomberg - entre autres - mentionne l’affaire dans un article récent.

http://www.bloomberg.com/news/2014-10-0 … erger.html

Pour info les obligations AK Steel ont baissé et sont au pair maintenant.

en EURO, petite coupure et sous le pair, il y a celle-ci que j’ai déjà évoquée :

8% Ferratum Capital Germany GmbH (2018)
DE000A1X3VZ3

BÀ¶rse Berlin … 000A1X3VZ3 - See more at: Obligations d’entreprises à tranche de 1k ou 2k EUR/USD, perpets incl. (28/49)

faguoren a écrit :

Je viens de recevoir une offre de rachat sur mes obligations Grand City. L’offre est a 1,095 eur, soit a peu pres le cours actuel.
Grand City va se refinancer a 2%, au lieu de 6.25%!
Dans le courrier recu, il est indique que si Grand City recupere plus de 80% des obligations en circulation, une nouvelle offre pourrait etre ouverte et devenir obligatoire, avec une offre potentiellement inferieure…

Je n’avais pas envie de les vendre.
D’autres investisseurs concernes?

Je pense que le risque de garder le titre est trop grand

Offre de rachat et nouvelle obligation au menu pour Grand City Properties | OBLIS

Vous pouvez vendre sur le marché si vous êtes pressés de réemployer les fonds, sinon, vous pouvez apporter à l’offre, dans cette dernière hypothèse, vous ne devriez pas avoir de courtage à payer et vous continuerez à capitaliser au taux de 6,25% pendant quelques semaines d’ici le règlement

C’est trop risqué pour moi, je n’en ai pas acheté mais ça correspond aux critères de petite coupure, sous le pair, coupon élevé et en EURO.