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

sissi · #4451

NEWS pour les obligations de DISH Network qui se fait acheter par Direct TV

NEW YORK (Reuters) -DirecTV on Monday agreed to buy EchoStar’s satellite television business that includes Dish TV, capping decades of on-and-off talks to create one of the nation’s largest pay TV distributors with a combined 20 million subscribers.
DirecTV clinches long-elusive deal to combine with Dish

SECTION 4.15. Offer to Purchase Upon Change of Control Event.
Upon the occurrence of a Change of Control Event, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of repurchase (the “Change of
Control Payment”). Within 30 days following any Change of Control Event, the Company shall mail a notice to each Holder stating:

Long story short, EchoStar is getting out of the satellite TV business, while DirecTV is wading deeper in. While the intricacies of EchoStar’s "suite of transformative transactions" are confusing, the upshot appears to be this:

EchoStar is currently unprofitable, and laden with $25.3 billion in debt against only $520 million in cash. By selling Dish and Sling to DirecTV, it will lighten its debt load, lower its interest payments, and get closer to profitability. The company is also rolling over its debt and pushing it a few years down the road, while taking on more debt and selling more shares to raise cash.

Anleihenboard - Anmelden

sissi · #4452

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)

sissi · #4453

Nouvelle emission:

Venture Global LNG-Anleihe: 9,000% call 2029 emetteur B1, BB
ISIN US92332YAF88 grosse emission de 3 b.
Attention : c’est une hybride ! Le coupon n’est pas bien plus élevé que les obligations émises precédement . donc pas une recommendation !

We are a long-term, low-cost provider of American-produced liquefied natural gas. Our four Louisiana-based export projects service the global demand for North American natural gas and support the long-term development of clean and reliable North American energy supplies.

A3L37Z | Venture Global LNG-Anleihe: 9,000 % (unbefristet) | finanzen.net

Au sujet des obligations de Direct TV

AT&T sells stake in DirecTV for $7.6 billion as it exits entertainment biz, as DirecTV buys Dish
AT&T sells stake in DirecTV for $7.6 billion as it exits entertainment biz, as DirecTV buys Dish - CBS News

Private equity group TPG has acquired full control of DirecTV from AT&T in a $7.6bn deal, betting that the satellite service could be a low-cost challenger to Alphabet, Netflix and Apple.

Dernière modification par sissi (02/10/2024 09h55)

mirlipon · #4454

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)

Tssm · #4455

Sur petite tranche IG, on a toujours la VW déjà citée à plusieurs reprises, qui se situe un peu sous le pair du fait des mauvaises perspectives du secteur automobile
XS1048428442
Par 1000e
Taux facial 4,63%
IG : Baa2
Call 03/26
Réset : MS12Y + 297bp

Volkswagen International Finance N.V. 4,625% Bond | A1ZE21 | XS1048428442 | Price

sissi · #4456

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)

sissi · #4457

Alpiq exerce son call pour l’obligation hybride en CHF

Lausanne – Alpiq is using this year’s call option to repay in full its public hybrid bond of CHF 650 million. As Alpiq has been able to secure the group’s long-term financial stability over the last three years, the company now has very solid financing and can therefore pay back the hybrid financing after 11.5 years.

Alpiq no longer requires CHF 650 million hybrid bond

Coronado Finance Pty 9,250% 2029 senior secured call notée B1, BB- call 2026 a 109
ISIN USQ2874LAB01 min 2k USD
A3L329 | Coronado Finance Pty-Anleihe: 9,250 % bis 01.10.2029 | finanzen.net
Boite minière Australienne
"The Australia-based mining company plans to use the proceeds to fully repay the remainder of its existing US$242.3 million senior secured notes, which it originally issued at US$350 million. It will retain the residual proceeds for liquidity and general corporate purposes."
Coronado Global Resources’ Proposed Senior Secured Notes Rated ’BB-’
S&P Global Ratings
"Coronado sells rare coal miner dollar bond in junk market"

Indonesia’s Indika Energy is the only other coal miner in the Asia Pacific to sell dollar notes this year, while US coal producer Alliance Resource Operating Partners LP’s May fundraising is another rare example of such a deal.

Both those issuers priced the debt with coupons in excess of 8.5%. Local-currency bond deals of Asian coal miners are more common, with Shaanxi Coal & Chemical Industry Group Co. selling notes in the yuan market earlier this month.

Coronado sells rare coal miner dollar bond in junk market - MINING.COM

Dernière modification par sissi (04/10/2024 09h52)

kiwijuice · #4458

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

sissi · #4459

IG

FARMERS INSURANCE EXCHANGE (FARMER) Baa3/BBB+ Oct 15, 2064 deja sur IB mais pas encore achetable coupon de 7.223% min 10k USD call 2054
USU3135PAF00 pour la REGS encore en "pre-" sur IB hier

Junk

Pebblebrook Hotel LP/PEB Finance 6,375% 2029 call 2026
ISIN US70510LAA70
A3LZKW | Pebblebrook Hotel LP-PEB Finance-Anleihe: 6,375 % bis 15.10.2029 | finanzen.net
Pebblebrook Hotel Trust Assigned ’B’ Issuer Credit Rating; Outlook Stable; New Notes Rated ’B+’; Recovery Rating: ’2’

Pebblebrook Hotels Trust is a publicly traded REIT and one of the largest owners of urban and resort lifestyle hotels in the U.S. As of June 2024, the company had a portfolio of approximately 12,000 guest rooms at its luxury and upper-upscale hotels. The company is planning to address some of its upcoming debt maturities by issuing $350 million of proposed senior unsecured notes due 2029 at its borrower subsidiary Pebblebrook Hotel L.P.

ur rating incorporates the asset quality of Pebblebrook’s hotel portfolio. Pebblebrook has a high-quality portfolio of about 12,000 luxury and upper-upscale rooms in the U.S., notably in popular coastal cities such as San Diego, Boston, and Naples. The company benefits from diverse guest segmentation, given that its 2023 revenue was evenly split between leisure and business travelers. In addition, Pebblebrook derived about 30% of its 2023 revenue from group travel. Over the past several years, the company has refocused its portfolio and increased its concentration of leisure and group-oriented properties and substantially completed a strategic redevolopment program to enhance its portfolio, which involved capital investment of over $800 million since 2018.

S&P Global Ratings

sissi · #4460

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

Gapitaine · #4461

Le 9/10/2024
Achat 3 ex US224399AT28 (CXT 4.2 Sep15’47) Crane NXT à 70.66 - Note Ba2

sissi · #4462

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 · #4463

Je ne comprends pas pourquoi les obligations ne prennent pas davantage de valeurs au fur et à mesure que les baisses de taux sont annoncées. Il y a quelques semaines j’en étais à +5% de PVs sur mon portefeuille d’obligations d’entreprises américaines de long terme, et là c’est repassé à 3,5%. Et pire, le dollar baisse par rapport à l’euro alors que l’économie américaine est plus forte que l’économie européenne.
Je veux bien que les taux baissent moins que prévu, qu’il puisse y avoir une crainte de reprise inflationniste avec la reprise de la Chine, mais quand même. On voit du BBB à + de 6% de rendement avec par exemple USU07265AZ15, ou du BBB- à 6,8% avec US161175BA14

mirlipon · #4464

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)

sissi · #4465

Nouvelles obligations

Wayfair LLC 7,250% 31.10.2029 notée B1, BB- call 2026
ISIN USU94217AA1
A3L32Y | Wayfair LLC-Anleihe: 7,250 % bis 31.10.2029 | finanzen.net

La nouvelle Athene Holding est sortie a 6.809 Baa2/BBB/BBB- c’est une junior sub de min 2k - je l’ai postee dans la file p.13 Obligations perpétuelles et subordonnées en zone Euro : vos expériences ?

La nouvelle Ecopetrol et la nouvelle Cleveland-Clliffs ne sont pas encore sur IB …

La nouvelle APOLLO GLOBAL MANAGEMENT INC. (APO) A3/BBB+/BBB+ est arrivée sur IB avec un coupon de 8.1667 % 15 dec 2054 avec un call en sept 2034 a 100 min 2K USD
ISIN 03769MAD8 c’est une junior sub mais elle risque de s’envoler vu le coupon et la notation. postée dans la file des sub
Je suis curieuse de voir quand le marche ouvrira
Pour investisseurs AVERTIS seulement car les infos font hésiter : 6% ou 8.11667 % ?

The notes will initially bear a fixed interest rate of 6.000% per annum until December 15, 2034. Post this date, the interest rate will reset to the five-year U.S. Treasury rate plus a spread of 2.168%. Apollo reserves the right to defer interest payments, which are scheduled semi-annually on June 15 and December 15, beginning June 15, 2025.
Apollo anticipates net proceeds of approximately $495 million after underwriting discounts and before offering expenses. The company plans to allocate the proceeds for general corporate purposes. This includes the redemption of the $300 million 4.950% Fixed-Rate Resettable Subordinated Notes due 2050 and paying related fees and expenses.

Apollo Global Management prices $500 million notes due 2054 By Investing.com

Dernière modification par sissi (10/10/2024 11h29)

sissi · #4466

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)

sissi · #4467

Bonjour

Vous avez du remarquer que je ne poste jamais les obligations du "mittelstand" allemand - Oblible et d’autres savent bien pourquoi… Trop de faillites !

Les coupons du junk de junk en USD plafonnent ex ce matin

CD&R Smokey Buyer/Radio Systems 9,500% 2029 call 2026 notée B
ISIN US12515KAA60
A3L331 | CD&R Smokey Buyer-Radio Systems-Anleihe: 9,500 % bis 15.10.2029 | finanzen.net
S&P explique bien la situation de cette boite et les risques
S&P Global Ratings

Vous avez surement constaté l’augmentation des taux aux USA suite aux chiffres de l’emploi et de l’inflation …. Le 10 ans est passé de 3.62% le 17 septembre a 4.12% hier !
US 10 Year Treasury Yield - Investing.com

Ce matin un de nos voisins a acheté sur IB en min 2k USD a 97% - que je ne connais pas- mais notée B, B2 aussi
Neptune BidCo 9,290% 15.04.2029 call 15 oct 2025 ISIN USU64059AA31
Nielsen annonce la fixation du prix d’une offre complémentaire de 650 millions de dollars de billets garantis de premier rang par sa société affiliée | Nielsen

sissi · #4468

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

reinanto54 · #4469

En petite tranche, il y a un vendeur sur CBO Territoria à 4.40 aujourd’hui. J’en ai repris un peu. C’est une convertible donc pas de coupon couru. Cela fait un YTM de 6%
CBOTER7%30JUN28OC ? 4,40 | Euronext Live cours de bourse

Audacesfortunajuvat · #4470

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

sissi · #4471

Nouvelle emission

Starwood Property Trust 6,000% 15.04.2030 notée BB- Ba3 call oct 2029
ISIN US85571BBC81
A3L37X | Starwood Property Trust-Anleihe: 6,000 % bis 15.04.2030 | finanzen.net

New fortress energy NFE bonds les 2026 et 2029 baissent a B2

The downgrade of the CFR by one notch to B2 reflects high financial risks, including NFE’s substantial absolute amount of debt and high leverage, and the forthcoming step up in the cost of capital. We are concerned that the substantially increased interest burden will reduce the company’s free cash flow and thereby limit its financial flexibility and capacity to reduce its substantial debt. Higher cost of debt will also make NFE’s capital structure less resilient to volatility in its earnings.
To largely reduce its refinancing requirements in 2025-26, NFE entered into a private agreement with some of its noteholders, that agreed to provide $1.4 billion in new 12% senior secured 2029 notes to repay in full $875 million

The lenders also agreed to exchange their 6.5% 2026 senior secured notes and 8.75% 2029 senior secured notes into new $1.4 billion 12% senior secured 2029 notes. Upon completion of the transactions, the holders of the new notes are expected to benefit from additional security and guarantees package. The new senior secured notes will carry much higher interest and the lenders will also receive a commitment fee, payable in class A common stock of the company or in new 2029 notes. To support the refinancing effort, NFE suspended dividend payments and issued $400 million in equity in October 2024.

Moody’s Ratings downgrades NFE to B2 CFR and places all ratings on review for downgrade
Anleihenboard - Anmelden

Dernière modification par sissi (14/10/2024 13h18)

sissi · #4472

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)

TheP2PInvestor · #4473

Les yield curves vont dans tous les sens et on ne sait plus quoi penser.

De mon côté, j’ai allégé légèrement mon PTF IShares maturity bonds en € sur les échéances 25 - 26 - 27 -28 après des plus-values de l’ordre de 4 à 7 % sur 1 an. J’ai vendu environ 10 % de chaque position.

J’ai augmenté ma diversification en renforçant des petites positions en or, energy logistics, Bitcoin et Real Estate USA

- 4GLD XETRA-GOLD
- GDX1 VANECK GOLD MINERS UCITS ETF
- MLPS INVESCO MORNINGSTAR MLP ACC
- IBIT ISHARES BITCOIN TRUST ETF
- XRES INVESCO US REAL ESTATE S&P

Tssm · #4474

Comme Sissi dort toujours car elle a trop abusée du champagne suite à son 1000eme point, je note une sortie pas inintéressante de mon point de vue

CARLYLE SECURED LENDING
6,75%
2030
Par 2K USD
BBB-
https://cbonds.fr/bonds/1738551/

US872280AA01 : 100.513 / 100.959. Last price: 100.89

sissi · #4475

Carlyle Group is one of the world’s leading asset managers and private equity mega funds. Carlyle has offices in 26 cities across 5 continents and assets under management of $425B. Carlyle has three key strategies: Global Private Equity, Global Credit, and Investment Solutions (alternative investments).

"Carlyle Secured Lending, Inc., formerly known as TCG BDC, Inc. (CGBD or the Company), is an externally managed, closed-end, non-diversified investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940 (the 1940 Act)."

Le stock donne 10.8% en rendement - 15% de retenue = dans les 9% mais il est près du plus haut a 17.40 USD ce qui fait que l’obligation sans retenue de 6.75% semble tres attrayante
https://uk.investing.com/equities/tcg-bdc

The Big 4 Private Equity Firms: What Are They?
Learn about the Big 4 private equity firms—Blackstone, Carlyle Group, KKR, and Apollo Global Management—leaders with billions in assets who shape the investment landscape. This article unveils their strategies, influence, and impact on global markets.
The Carlyle Group
With a strong focus on global investments, the Carlyle Group manages approximately $230 billion in AUM. The firm boasts a wide range of industry expertise, with investments in sectors such as aerospace, defense, healthcare, technology, and energy.
https://blog.privateequitylist.com/what … landscape.

Dernière modification par sissi (16/10/2024 10h52)

Discussion	Réponses	Vues	Dernier message
Obligations perpétuelles corporatives et bancaires en USD	14	3 469	16/08/2013 19h22 par sissi
Obligations : amortissement par tranche ?	3	3 787	13/02/2012 20h31 par srv
Obligations perpétuelles et subordonnées en zone Euro : vos expériences ? [ 1 2 3 4 5 6 7 8 9 10 … 14 ]	325	101 364	10/10/2024 17h12 par reinanto54
Flambée des obligations perpétuelles : CATS à 83 !	13	4 752	17/08/2017 22h47 par Pryx
Obligations perpétuelles NL revenues au pair…	5	3 221	12/05/2013 09h22 par reinanto54
Obligations perpétuelles bancaires : impacts de Bâle III ?	1	3 376	11/02/2012 10h53 par Q2000
Dette émergente en USD ou avec une couverture EUR ?	16	3 721	05/03/2018 10h06 par Samuel222

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

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leohan, le 09/10/2024 a écrit :

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