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Mckorr 12/02/13 09:58
Ha respondido al tema MAGYAR TELECOM 9,50% vto. 15/12/16 call 15/12/12 a 109.50% ISIN: XS0473176658
Otro sector víctima de la voracidad de los políticos. Principalmente la causa de esta situación son los dos impuestos claramente recaudatorios: A “special telecom tax” was introduced in October 2010 as a temporary budgetary measure, affecting the entire Hungarian telecom industry tax. The amount of the tax was 4.5 % for annual net income between EUR 1.7 million and EUR 17 million, and 6.5% above that. This tax will be applicable from 1 January 2013. The Parliament has adopted the “public utility” tax (Act CLXVIII of 2012), becoming effective from 1 January 2013. The subject of the tax are public utility lines for a broad range of services, including cables for “communication services” (lines within a single real estate are excluded). The tax is payable by the owners of these lines (cables). The tax is based on the length of the lines owned, at cca. EUR 0.40 per commenced metre, provided that the entire line owned by that person exceeds 300 kilometers. In cases below this length the tax is reduced progressively, with the lowest amount of 20% of the due tax for total line lengths shorter than 170 kilometers. Muchos fondos de inversión de bonos de alto rendimiento, por lo que he podido ver, mantienen posiciones en Magyar, que no suelen ir más allá de los 3M€ cada uno.
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Mckorr 11/02/13 17:23
Ha respondido al tema MAGYAR TELECOM 9,50% vto. 15/12/16 call 15/12/12 a 109.50% ISIN: XS0473176658
Coincido con Solfam. Es miedo lo que hace que baje y cuentan con él para lo que quieran proponer a los bonistas. Lo de los impuestos es "buena noticia" pero hasta que se materialice pueden pasar años. Lo que no sé con certeza (quiero decir, que no he leído por internet, porque no tengo ningún contacto cercano a la compañía) es si el impuesto sobre telecos húngaro se sigue aplicando en 2013. Creo haber leido que no, pero no estoy seguro. Vamos a ver qué nos ofrecen y a cuánto está cotizando cuando eso ocurra. Lo que no dudo es que los propietarios si pueden ahorrarse devolver menos, lo harán. Metiendo miedo o lo que haga falta. Tengo una media de 55%.
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Mckorr 11/02/13 13:43
Ha respondido al tema MAGYAR TELECOM 9,50% vto. 15/12/16 call 15/12/12 a 109.50% ISIN: XS0473176658
Rapidillo por la incertidumbrem, que genera nervios. No hay de qué, estamos en el mismo barco..de papel. A bote pronto he visto que MID EUROPA ha vendido hace nada una teleco austriaca a Hutchinson Whampoa por 1.300 M€ y una compañía polaca de medicina por más de 400M€ a BUPA (gigante británico de servicios sanitarios). Mal no les va...Que nos recompren a 80! En efecto, no pueden sacar más deuda, salvo con nuestra aprobación (vamos, la de los grandes bonistas)
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Mckorr 11/02/13 13:25
Ha respondido al tema MAGYAR TELECOM 9,50% vto. 15/12/16 call 15/12/12 a 109.50% ISIN: XS0473176658
EL pasado 4 de febrero dieron la noticia de una refinanciación en otra participada. En este caso, Bité, hay clara mejora de la cifra de negocios y del balance. Latest Press Releases Mid Europa Announces the Refinancing of Bitė with €200m Senior Secured FRNs 04 February 2013 Bitė ("Bitė" or the "Company"), a company controlled by funds managed or advised by Mid Europa Partners ("Mid Europa"), announced that it has successfully raised €200 million of senior secured floating rate notes paying a margin of 7.5%. Proceeds from the offering will be used to refinance Bitė's existing indebtedness. Bitė is a leading mobile operator in Lithuania and Latvia. The transaction represents the first high yield-bond in the Baltics since the issuance of the first-ever floating rate notes for a Baltic issuer in connection with Mid Europa's acquisition of Bitė in 2007. Michelle Capiod, Partner of Mid Europa who is responsible for the investment, commented: "This financing on very attractive terms demonstrates the return of broad institutional investor confidence in the Baltic region, and Bitė in particular. The Company has delivered impressive financial performance since the severe impact of the economic crisis in 2008, despite the continuing adverse effect of EU-wide telecommunications regulations reducing mobile termination rates and roaming charges. Bitė has reduced its leverage from 6.2x at the end of 2009 to 3.6x as of September 2012 driven by a combination of solid EBITDA growth and strong cash flow generation." Deutsche Bank acted as global coordinator and Credit Suisse acted as joint bookrunner on the transaction. DNB Markets and Swedbank acted as co-managers and Swedbank provided a revolving credit facility of €20 million. Michelle Capiod, Ratko Jovic and Krzysztof Jedrzejek executed the transaction at Mid Europa.
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Mckorr 11/02/13 13:22
Ha respondido al tema MAGYAR TELECOM 9,50% vto. 15/12/16 call 15/12/12 a 109.50% ISIN: XS0473176658
Parece que quieren saber con exactitud a quién le deben los 350 M€ de la emisión para negociar recompra, mayor vencimiento. En cualquier caso,según S&P la posición de los bonistas está "bien asegurada". Que Mid Europa Partners ponga pasta sería la mejor opción para nosotros. De la recalificación de S&P: We currently don't factor in liquidity support from Magyar Telecom's owner, private equity company Mid Europa Partners (not rated). We see the group as significantly exposed to exchange rate volatility over the long term, given the currency mismatch between its EBITDA and debt. We understand from Magyar Telecom's management that the group has hedged the foreign exchange risk on the coupon of its senior secured notes with standard forward contracts until June 30, 2013. The group faces no significant debt maturities until 2016 and does not have to comply with maintenance covenants. However, the documentation of its senior secured notes contains an incurrence covenant that limits the issuance of new debt by Magyar Telecom to 3.5x total debt to EBITDA. Recovery analysis Magyar Telecom's EUR350 million (EUR326 million outstanding on Sept. 30, 2012) 9.5% senior secured notes due 2016 are rated 'CCC', the same as the corporate credit rating. At present, we consider the senior secured notes well secured because they benefit from first-priority liens over bank accounts, receivables, and intercompany loans, floating charges over the assets of the group's domestic operations, as well as pledges over the entire share capital of the group's domestic operations. In addition, we estimate that prior ranking liabilities would not represent more than 15% of total adjusted assets.
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Mckorr 01/02/13 11:55
Ha respondido al tema Bono Alpine gmbh AT0000A0V834
Estuvo a ese precio a primera hora. Time Price Turnover Nominal 09:52:54 25.00 17,000 09:52:54 25.00 13,000 09:34:28 65.70 3,000 09:34:28 65.70 3,000 A mi no me encuentran papel y lo de flatex con la legalización lo tengo parado porque me lo echaron atrás. Pendiente de ir al consulado austriaco..
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