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

Les obligations de NFE New Fortress Energy remontent en fleche suite a un accord avec les créanciers de repousser les échéances …. et d’échanger les existantes pour des obligations 2029 avec coupon de 12%

L’article poste sur le furum allemand je n’arrive pas a le copy/paste

https://ir.newfortressenergy.com/news-r … n-offering

https://anleihenboard.de/viewtopic.php? … 05#p147705

A deal with creditors and equity holders

Yesterday, New Fortress announced a deal with its creditors to exchange its 6.75% 2025 notes, 6.50% 2026 notes, and 8.75% 2029 notes for new notes bearing an interest rate of 12% due in 2029. The company also agreed to have these notes secured by a 49% stake in New Fortress’ Brazil operations, giving creditors more collateral than they had prior.

Then today, the company priced a public offering of its shares, selling 46.3 million shares at $8.63, raising another $400 million. Of note, chairman and CEO Wesley R. Edens purchased 5.8 million shares of the offering, hoping to spur confidence in the company.

While these news items offer some relief for the company and shareholders, it’s really not a great sign New Fortress had to take on a higher interest rate, pledge more collateral, and dilute existing shareholders with the stock near all-time lows.

New Fortress disappointed investors with its second-quarter earnings release back in August, missing guidance by a wide margin as its new floating LNG facility was delayed in being placed into service. While the company said the facility was placed into service July 19, apparently the delays led to some consternation about these looming debt maturities. Of note, New Fortress had over $7.6 billion in debt against just $133 million in cash at the end of last quarter. So, any hiccup in operations could put the company’s solvency in danger.

New Fortress remains a risky bet

No doubt, the pushout of maturities and new equity raise gives the company breathing room. Still, management has only guided for $1.3 billion in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for 2025. When compared with the company’s $7 billion-plus in net debt, that’s still a high leverage ratio. That means New Fortress remains a high-risk, leveraged bet on LNG prices going forward.

https://finance.yahoo.com/news/why-fort … 11057.html

Dernière modification par sissi (02/10/2024 09h19)

Bonjour Sissi

Merci pour les news sur NFE. La common s’est offert +22% en séance, ce qui est le signe d’un gros soulagement (alors que pour la solvabilité de long terme, la news n’est pas nécessairement très favorable).

Les taux se calment un peu pour la 8.75 2029 mais restent à 15,2% p.a, ce qui pour le coup est hyper-pessimiste.

L’avenir nous dira qui a raison entre les acheteurs de common stock et les vendeurs d’obligs. Espérons que ce soit les premiers. Je conserve ma position obligataire et reste à l’écart de l’action.

Version longue:

Sur ce dossier, il y a depuis plusieurs semaines une différence entre les annonces de la direction et la réaction du marché. Le poids du retard du terminal gazier a déjà été subi au S1 2024, et le coût est quantifié (de l’ordre de 150 M€). Un "plomb" dans les comptes, certes, mais pas une remise en question de la rentabilité ni de la solvabilité de long terme. Le reste de la roadmap est toujours d’actualité, donc les thèses d’investissement n’ont pas de raison de bouger beaucoup.

L’évolution du prix de la common stock (et des obligs) n’avait de sens que si le marché ne croyait pas à un simple retard. Pourtant la mise en route a eu lieu cet été. Annonces trompeuses? Poussière sous le tapis ailleurs? Mauvaise compréhension du dossier par le marché?

Par optimisme, je penche pour la dernière solution… et le décalage de comportement stock/bond d’hier tendrait à faire pencher la balance vers cette hypothèse.

Dernière modification par mirlipon (02/10/2024 10h35)

Nouvelles obligations HY

S&S Holdings LLC 8,375%  01.10.2031 call 2027 notée B
ISIN US78525CAA36
A3L3W1 | S&S Holdings LLC-Anleihe: 8,375 % bis 01.10.2031 | finanzen.net
S&P Global Ratings

Aethon United BR LP/Aethon United Finance 7,500% 01.10.2029 call 2026 notée B
ISIN US00810GAD60
A3LY00 | Aethon United BR LP-Aethon United Finance-Anleihe: 7,500 % bis 01.10.2029 | finanzen.net
Dallas-based oil and natural gas exploration and production (E&P) company Aethon United BR L.P. plans to issue $1 billion of senior unsecured notes.
S&P Global Ratings

Nouvelle IG

North Haven Private Income Fund LLC 5,750% 2030 notée BAA3
ISIN US65960NAA81
A3L37N | North Haven Private Income Fund LLC-Anleihe: 5,750 % bis 01.02.2030 | finanzen.net

NHPIF’s ratings reflect its affiliation with Morgan Stanley (A+/Stable). The affiliation provides NHPIF access to deal flow, investment and sector expertise, risk management capabilities, and relationships with sponsors and banks. NHPIF has a well-diversified portfolio with above-average exposure to first lien investments, and an appropriate leverage target. NHPIF also has solid funding flexibility with no near-term maturities and unsecured debt to total debt above 35%.

https://www.fitchratings.com/research/c … ry%202030.

A venir sous peu en IG

- NEW ISSUE USD: FARMERS INSURANCE EXCHANGE (FARMER) Baa3/BBB+ Oct 15, 2064 YIELD TALK: 7.5% deja sur IB mais pas encore achetable coupon 7.223 % min 10k USD call 2054

- NEW ISSUE JR SUBORDINATED USD: APOLLO GLOBAL MANANGEMENT INC. (APO) A3/BBB+/BBB+ 30NC10 YIELD TALK: 6.5% pas encore sur IB

Dernière modification par sissi (03/10/2024 15h57)

Snif
6 années de détention avec plus de 5% de coupon en CHF.

Nouvelle emission IG

F&G Annuities & Life 6,250% 04.10.2034 notée BBB-, Baa3 min 2k USD
ISIN US30190AAG94
A3L4AX | F&G Annuities & Life-Anleihe: 6,250 % bis 04.10.2034 | finanzen.net

Hilcorp Energy I/Hilcorp Finance 7,000% 15.02.2035 ( sur IB coupon de 7.25%) notée BB+
ISIN US431318BG88
"We are one of the largest privately owned oil and natural gas producers in the United States, operating in Alabama, Alaska, Colorado, Louisiana, New Mexico, Ohio, Pennsylvania, Texas, and Wyoming."
A3L4D9 | Hilcorp Energy I-Hilcorp Finance-Anleihe: 7,000 % bis 15.02.2035 | finanzen.net
"The company intends to use the net proceeds from these notes to repay the outstanding borrowings under its senior secured credit facility, as well as for general partnership purposes, including to fund a portion of its pending acquisitions."
S&P Global Ratings

THANKS a nos voisins ( je chercherai les Isin et notes d’ici demain matin )

NEW ISSUE JR SUBORDINATED USD: ATHENE HOLDING LTD (ATH) Baa2/BBB/BBB- 30NC10 YIELD TALK: 7.00%
2k
NEW ISSUE CORPORATE HY USD: CLEVELAND-CLIFFS INC Ba3/BB-/BB- 5NC2 EY: 7.00% 8.5NC3.5 EY: 7.5%

NEW ISSUE HY USD: Azorra Finance Limited B2/BB-/BB- 5.5NC2 YIELD TALK: MID-HIGH 7s* IPT: Mid-High 7s *

Aussi : nouvelle emission autour de 8% d’Ecopetrol pour rachat des 2026 - a venir - BB+

Colombia’s Ecopetrol Returns to Bond Market to Fund Debt Buyback
By Andrea Jaramillo
October 08, 2024 at 10:15AM EDT
(Bloomberg) -- Colombia’s state oil company is tapping international debt markets for the second time this year as it moves to buy back as much as $1.25 billion of bonds from investors.

Ecopetrol SA is selling dollar notes due in about seven years to help fund the repurchase of existing debt maturing in 2026 and to prepay a portion of a bank loan. The new debt was expected to price Tuesday and yield around 8% under initial guidance, according to person familiar with the matter who asked not to be named.

Anleihenboard - Anmelden
Bloomberg) -- Colombia’s state oil company launched a $1.75 billion deal on international debt markets while moving to buy back bonds for the second time this year.
The buyback offer expires on Oct. 15 at 5 p.m. New York time. BBVA Securities Inc., JPMorgan Securities and Santander US Capital Markets are managing the new deal.
Ecopetrol Launches $1.75 Billion Bond Deal to Fund Buyback ? BNN Bloomberg

Dernière modification par sissi (09/10/2024 20h51)

leohan, le 09/10/2024 a écrit :

Je veux bien que les taux baissent moins que prévu

Bonjour leohan.
Vous avez mis le doigt dessus. Ce qui fait bouger les obligations, ce ne sont pas les taux à un instant T. Ce n’est même pas leur variation. C’est l’anticipation de leur variation future.

Fin septembre, le consensus de marché estimait à 1% la probabilité que les taux directeurs de la FED ne baissent pas d’ici la fin d’année (donc à 99% qu’ils baissent). Hier, le consensus était 25%-75%. Un sacré revirement qui explique la dégringolade sur l’obligataire.

Si vous ne perdez que 1.5 points sur votre portefeuille obligataire, félicitations: vous faites bien mieux que l’iShares TLT qui dégringole de 5.5% sur un mois!

Dernière modification par mirlipon (10/10/2024 04h53)

NEW ISSUE CORPORATE EM USD: ECOPETROL S.A. (EC) Ba1/BB+/BB+ LONG 7YR YIELD TALK : 8.00%
Use of Proceeds:(i) Purchase the Target Notes tendered pursuant to a concurrent Tender Offer (and pay related expenses thereunder); (ii) prepay a portion of the outstanding principal amounts under Ecopetrol’s 2030 Loan Agreement; and/or (iii) finance expenditures outside Ecopetrol’s investment plan (see Preliminary Prospectus Supplement)

Cette nouvelle Ecopetrol est sortie avec un coupon de 8% min 1k USD - pas encore sur IB
ISIN US279158AW93

Terex 6,250% 2032 notée Ba2, BB- call 2027
ISIN USU88125AE69
A3L4AB | Terex-Anleihe: 6,250 % bis 15.10.2032 | finanzen.net

The ’BB’ issuer credit rating on Terex is unchanged. With the acquisition of ESG, we continue to expect moderately elevated pro forma credit metrics in 2024. With the ESG acquisition, we forecast that S&P Global Ratings-adjusted leverage will moderately increase to the mid-2x area in 2024.Sep 24, 2024

S&P Global Ratings

Terex Corp.’s Senior Unsecured Notes Rated ’BB-’

Dernière modification par sissi (10/10/2024 12h28)

Petrobras news: Moody upgrade à Ba1 positif

Moody’s changes PBR’s rating outlook to positive (Company)

After Brazil’s sovereign upgrade, Moody’s changed PBR’s credit rating to positive from stable, reaffirming the rating at Ba1
(one notch below investment grade).
BBI take: Even if Moody’s were to upgrade PBR to investment grade, we would see very little impact on the company’s
cost of debt, as the market typically requires two investment grade ratings, or the lowest of three as investment grade in
order to price in cost changes.

Anleihenboard - Anmelden

INFLATION ? à LIRE :

Eurozone inflation pressures still simmering

"The Eurozone’s inflation story is far from over.
While the ECB is eager to cut rates, core inflation remains stubbornly above target.
Eurozone inflation pressures still simmering"

Inflation warning

Early this year, as our Eurozone Future Inflation Gauge (EZFIG) began a cyclical upswing, we noted that “an upturn in actual Eurozone inflation is now on the horizon.” Awkwardly for the European Central Bank (ECB), the inflation upswing — particularly in core inflation — has already begun.

Eurozone inflation pressures still simmering

Pour ceux que cela intéresse la EDF Corp 6.0 Jan22’14 est repassé sous le pair. Isin USF2893TAL01
Pour du BAA1 c’est rare en ce moment

A lire

Is it too late to invest in fixed income?

It is a natural concern for investors to think they have missed the fixed income train given how far credit spreads have compressed already. Spreads are at multi-year tights, and it does not seem like they could com[1]press any further.

However, while spreads may offer less upside potential, all-in yields across nearly all major fixed income sectors remain well above longer-term averages. Investors still have time to lock in these yields before central banks embark on their cutting cycles.

This is especially important given starting yields are historically a strong predictor for future annualised returns over the following five years. A yield-to-worst on the Bloomberg US Aggregate Total Return index of 5% at the end of June implies over a 5% annualised return going forward.

Income-seeking investors now have an alternative source of yield in core fixed income as money market yields decline.

Cite ce qui me parait le plus important mais je vous conseille de lire TOUT l’article

This means the portfolio has a diversified basket of duration as well as sectors that offer greater carry, such as investment grade credit, MBS and European peripheral debt.

Given the current path of inflation, particularly in the US, we think now is the right time to increase the amount of duration we have within our portfolio. We think the best way of illustrating this conviction is via steepeners.
…

Are the tides for fixed income finally turning?

Bien sur ils recommandent leur nouveau ETF JPMorgan ETFs (Ireland) ICAV - Global Aggregate Bond Active UCITS ETF qui existe en
- euro hedgé acc : JAGE
- usd distr : JAG
- USD acc : JAGA
- usd hedgé acc : JAGU

Our JPM Global Aggregate Bond Active UCITS ETF – an active core bond allocation launched in October 2023 – is positioned to capture two key macroeconomic themes that we think will play out in the coming months: an interest rate cutting cycle by most major central banks and a soft landing for economic growth.

JPM Global Aggregate Bond Active UCITS ETF - EUR Hedged (acc)                   | J.P. Morgan Asset Management

Dernière modification par sissi (15/10/2024 23h30)