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Europcar, Hertz e Avis: i car rental HY (nel 1° post bond con Isin trattati nel 3D)

Darietti

Active member
EDIT. Bond trattati nel 3D Europcar 4,125% 2024 XS1706202592 e 4% 2026 XS1983375871; Hertz 7,625% 2022 USU42804AQ45, 6,25% 2022 US428040CN71 e 5,5% 2024 USU42804AP61; Avis 4,125% 2024 XS1496337236 e 4,5% 2025 XS1576621632

Alla ricerca di un buon rendimento chiedo a qualcuno di voi se ha già considerato
XS1790929217
Hertz Holdings Nl 5.5% Call 30mz23 e quali considerazioni ha fatto.
Grazie in anticipo
 
Ultima modifica di un moderatore:

Magician

Well-known member
Alla ricerca di un buon rendimento chiedo a qualcuno di voi se ha già considerato
XS1790929217
Hertz Holdings Nl 5.5% Call 30mz23 e quali considerazioni ha fatto.
Grazie in anticipo
Morgan Stanley analyst Adam Jonas cautioned that a glut of used cars and sport utility vehicles will come off lease and undermine the value of the autos in their fleets. Add in competition from the likes of Uber Technologies Inc., and the rental companies face a rough road ahead, he said. His note to clients followed a report by Ed Groshans of Height Capital Markets on Monday that said used-vehicle prices are still on pace to depreciate by 20 percent or more this year, compared with a typical rate of about 15 percent.

“We believe the U.S. car rental industry may struggle to raise prices sufficiently to offset rising vehicle depreciation expenses,” Jonas said in his note Tuesday. “We see industry conditions as unsupportive for long-term price hikes at a time of elevated disruption.”
Jonas reiterated his skepticism of both companies’ prospects this year, citing their financial leverage and vulnerability to falling used-car prices. His predictions are reminiscent of how Hertz and Avis performed in 2016 and early 2017, when lower used-car prices led to higher depreciation costs. Hertz lost $491 million in 2016, contributing to the firing of Chief Executive Officer John Tague and the hiring of current CEO Kathy Marinello. While Avis stayed in the black, it lowered profit expectations several times in 2017.
The companies’ prospects turned around last fall due to the shortage of used-car supply and increase in demand linked to hurricanes Harvey and Irma.
“The 2017 storms in Texas and Florida created tightness in used car markets as vehicles were damaged and insurance replacement/fleet demand increased that will likely not repeat this year,” Jonas wrote.

Both stocks fell significantly for a second straight day. Hertz dropped 12 percent to $16.86 at 2:10 p.m. in New York, while Avis was down 9.9 percent at $34.84.

Jonas set a $30 price target on Avis as he resumed coverage, and now has a $15 target for Hertz, up from $13. He rates both the equivalent of sell.
The bonds of both companies were the worst performers in the high-yield market Tuesday. Hertz’s 5.5 percent bonds due 2024 fell more than 2 cents and were last quoted at 80.75 cents on the dollar, Trace bond-price data show. Avis’s 5.5 percent bonds due 2023 fell 1.375 cents to 98 cents, according to Trace.

https://www.bloomberg.com/news/arti...paign=headline&cmpId=yhoo.headline&yptr=yahoo
 

Darietti

Active member
Bene a sapersi perché su euroTlx non sembravano aver particolari movimenti neppure nei giorni peggiori....forse avrei dovuto guardare i volumi
 

Monferrato

Active member

Hertz Global prices $500M private offering of senior unsecured notes
Jul. 19, 2019 6:16 AM ET|About: Hertz Global Holdings, ... (HTZ)|By: Niloofer Shaikh, SA News Editor
Hertz Corporation, a wholly-owned subsidiary of Hertz Global Holdings (NYSE:HTZ) to sell $500M of 7.125% Senior unsecured Notes due 2026.
The Offering is expected to close on or about August 1, 2019.
The Notes will pay interest semi-annually in arrears.
The company intends to use the proceeds together with net proceeds from the Company's previously announced rights offering, to consummate the redemption of its outstanding 5.875% Senior Notes due 2020 and its outstanding 7.375% Senior Notes due 2021, pay accrued and unpaid interest in connection with redemption of the 2020 Notes and 2021 Notes, pay fees and expenses in connection with the foregoing and remaining proceeds for general corporate purposes.
 

kartman

Active member

Hertz Global prices $500M private offering of senior unsecured notes
Jul. 19, 2019 6:16 AM ET|About: Hertz Global Holdings, ... (HTZ)|By: Niloofer Shaikh, SA News Editor
Hertz Corporation, a wholly-owned subsidiary of Hertz Global Holdings (NYSE:HTZ) to sell $500M of 7.125% Senior unsecured Notes due 2026.
The Offering is expected to close on or about August 1, 2019.
The Notes will pay interest semi-annually in arrears.
The company intends to use the proceeds together with net proceeds from the Company's previously announced rights offering, to consummate the redemption of its outstanding 5.875% Senior Notes due 2020 and its outstanding 7.375% Senior Notes due 2021, pay accrued and unpaid interest in connection with redemption of the 2020 Notes and 2021 Notes, pay fees and expenses in connection with the foregoing and remaining proceeds for general corporate purposes.
Sarebbero dovute alzarsi di prezzo tutte le hertz, ma sono rimaste al palo con rendimenti che vanno dal 5,8 al 6 % ... problemi con la raccolta?
 

Gianpaolo

Active member
Le obbligazioni Europcar oggi sono scese quasi il 5%, dato il rendimento del 4% e poiché ruotano sotto la pari a parer mio il titolo comincia a farsi interessante sul etx dove è quotato. Il rating di Moody's è da metà aprile 2019 B3
 
Ultima modifica di un moderatore:

Magician

Well-known member
Europcar Mobility révise ses objectifs financiers pour 2019

PARIS (Reuters) - Europcar Mobility Group a révisé mercredi ses objectifs financiers pour 2019, invoquant de “forts vents contraires” liés au Brexit et à un ralentissement économique mondial.
Dans un communiqué, le spécialiste de la location de voitures et des “solutions de mobilité” dit tabler désormais sur un chiffre d’affaires d’environ 2,95 milliards d’euros cette année, sur la base d’une courbe des ventes plate au quatrième trimestre.
Le groupe vise également un corporate Ebitda ajusté s’inscrivant dans une fourchette de 305 à 315 millions d’euros hors activités de mobilité urbaine (Urban Mobility) et dans une fourchette de 275 à 285 millions d’euros incluant Urban Mobility.

.......




EUROPCAR MOBILITY, plus forte baisse du SRD à la clôture du Jeudi 24 octobre 2019

Europcar s'est effondré en Bourse, dans le sillage de résultats trimestriels décevants et surtout de la forte révision à la baisse de ses guidances 2019. Ainsi, le loueur de véhicules vise désormais un chiffre d'affaires d'environ 2,95 milliards d'euros cette année et un Corporate Ebitda ajusté s'inscrivant dans une fourchette de 305 à 315 millions (hors Urban Mobility). Le groupe tablait auparavant sur un chiffre d'affaires supérieur à 3 milliards d'euros et un Corporate Ebitda Ajusté (hors Urban Mobility) supérieur à 375 millions. In fine, Société Générale a dégradé sa recommandation d'Acheter à Conserver sur la valeur, tout en abaissant son objectif de cours de 9,80 à 5,30 euros.

 

Imark

Administrator
Membro dello Staff
Occorre tenere conto che anche qui c'è molto debito distribuito lungo la struttura societaria del Gruppo Europcar.

Il creditwatch riguarda il corporate rating B1 del gruppo, il rating B3 dei senior unsecured a scadenza 2024 e 2026 emessi da Europcar Mobility Group Sa oltre ad altri bond senior secured a rating B1 emessi da Europcar Finance plc.

Le ragioni sono il profit warning lanciato da EC per il 2019 e un indebolimento dei risultati che potrebbe intaccare metrica creditizia e liquidità nei prossimi 12-18 mesi. Il creditwatch sarà risolto entro fine anno e non dovrebbe portare - nel peggiore dei casi - ad un calo di oltre un livello.

L'EBITDA per il 2019 è stato rivisto al ribasso da 375 mln € a 305-315 mln €, a fronte dei 350 mln € del 2018, cause indicate incertezza delle prospettive in Uk per la Brexit e debolezza economica in Europa.

Il punto è che Europcar ha appena anche fatto un'acquisizione, quella di Fox, che sarà definita entro fine anno, che pure nel breve impatterà negativamente il leverage Moody's adjusted (a 5.1x a fine 2019 contro 4.7x a fine 2018).

Inoltre, precisa l'agenzia, non si sa quanto a lungo il leverage resterà elevato, poiché non è chiaro quando si riuscirà a recuperare l'indebolimento della performance operativa e verosimilmente esso vanificherà il programma di sinergie e taglio dei costi varato dopo l'acquisizione.

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La liquidità è temporaneamente adeguata ma circoscritta, anche perché gran parte della flotta di EC è finanziata mediante risorse dedicate, garantite dalla flotta stessa e dai receivables da essa generati, e munite di covenant significativi.

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Imark

Administrator
Membro dello Staff
In queste condizioni, con molto debito secured e garantito dalla flotta e dai crediti generati dal suo esercizio, merita verificare anche il recovery rating dei bond quotati sull'Eurotlx, i due indicati nel titolo, che sono a rating già decisamente basso.

Ebbene, Moody's ha il recovery rating più basso, LGD 6 (0%-10%) e stima in caso di default un recupero del 2% del valore dei bond.
 

Gianpaolo

Active member
Mah.. Moody's il 29 appena passato ha confermato il B, pure se sotto osservazione per un potenziale ribasso.
E nel caso la scaletta:
CaaObligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.
CaObligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.
CObligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.
 

Imark

Administrator
Membro dello Staff
Mah.. Moody's il 29 appena passato ha confermato il B, pure se sotto osservazione per un potenziale ribasso.
E nel caso la scaletta:
CaaObligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.
CaObligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.
CObligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.
Sì, dicono che risolveranno il creditwatch entro fine anno, quindi in un paio di mesi, e guarderanno al leverage, al livello di copertura degli interessi sul debito mediante i flussi di cassa ed alla posizione di liquidità anche alla luce della guidance data dall'azienda. In sostanza quella attuale è già una situazione limite, ove i risultati finali segnassero anche un marginale ulteriore peggioramento rispetto ad essa, scatterà il downgrade.

Per dire, il leverage atteso da Moody's è già di 5.1x, porterebbe ad un downgrade ove si rivelasse "stabilmente" sopra 5.0x a fine anno, ossia ove Europcar non desse indicazione di poterlo riportare in breve tempo sotto il livello che già ora si sa sarà raggiunto a fine 2019.
 

Imark

Administrator
Membro dello Staff
S&P ha adottato un altro atteggiamento rispetto alla medesima situazione: ha portato l'outlook da stabile a negativo e prevede di ridurre il rating, oggi BB-, ove nei prossimi 12 mesi Europcar non riesca a stabilizzare o migliorare la performance operativa, gli utili e flussi di cassa.

Grosso modo il downgrade seguirebbe al raggiungimento di parametri di metrica creditizia analoghi a quelli di Moody's in termini di leverage e di copertura degli interessi sul debito per tramite dei flussi di cassa, accorda però più tempo per un recupero della performance operativa.

Inoltre qui i bond sono a rating B, per cui in caso di downgrade si passerebbe a B-

Altro punto in comune con Moody's è il recovery rating e quindi il recupero stimato dei bondholder in caso di default: RR6 ossia 0%-10% e stima di recupero "negligible", ossia quasi niente.

Al primo link l'assegnazione del rating a bond senior unsecured


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waltermasoni

Moderatore
Membro dello Staff
S&P Global Ratings
Hertz Corp.'s $750 Million Senior Unsecured Notes Due 2028 Rated 'B-' (Recovery: '6'); Second-Lien Notes Rating Raised

  • 14-Nov-2019 11:50 EST
View Analyst Contact Information
  • Table of Contents
NEW YORK (S&P Global Ratings) Nov. 14, 2019--S&P Global Ratings today assigned its 'B-' issue-level rating and '6' recovery rating to Hertz Corp.'s proposed $750 million senior unsecured notes due 2028. Hertz Corp. is a subsidiary of Hertz Global Holdings Inc. The '6' recovery rating indicates our expectation that lenders would receive negligible (0%-10%; rounded estimate: 0%) recovery of their principal in the event of a payment default. The company will use the proceeds from these notes to redeem a similar amount of its senior secured second-priority notes due 2022.
Because of this, we are raising our issue-level rating on Hertz's second-lien notes to 'BB-' from 'B+'. The '2' recovery rating is raised from '4', indicating our expectation that lenders would receive substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default.
Our 'B+' issuer credit rating on Hertz reflects its position as one of the largest global car rental companies and the cyclical and price-competitive nature of on-airport car rentals. Our ratings also incorporate the relatively stable cash flow that the car rental business generates--even during periods of earnings weakness--and its substantial capital spending requirements, which the company can quickly reduce if industry or economic conditions warrant. Over the past few years, Hertz has experienced multiple operating issues that were caused, in large part, by excess capacity and lower-than-expected residual values upon the sale of its vehicles. However, these issues abated beginning in 2019 and the company's operating performance has begun to improve, which is a trend that we expect to continue.
 

Imark

Administrator
Membro dello Staff
S&P Global Ratings
Hertz Corp.'s $750 Million Senior Unsecured Notes Due 2028 Rated 'B-' (Recovery: '6'); Second-Lien Notes Rating Raised

  • 14-Nov-2019 11:50 EST
View Analyst Contact Information
  • Table of Contents
NEW YORK (S&P Global Ratings) Nov. 14, 2019--S&P Global Ratings today assigned its 'B-' issue-level rating and '6' recovery rating to Hertz Corp.'s proposed $750 million senior unsecured notes due 2028. Hertz Corp. is a subsidiary of Hertz Global Holdings Inc. The '6' recovery rating indicates our expectation that lenders would receive negligible (0%-10%; rounded estimate: 0%) recovery of their principal in the event of a payment default. The company will use the proceeds from these notes to redeem a similar amount of its senior secured second-priority notes due 2022.
Because of this, we are raising our issue-level rating on Hertz's second-lien notes to 'BB-' from 'B+'. The '2' recovery rating is raised from '4', indicating our expectation that lenders would receive substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default.
Our 'B+' issuer credit rating on Hertz reflects its position as one of the largest global car rental companies and the cyclical and price-competitive nature of on-airport car rentals. Our ratings also incorporate the relatively stable cash flow that the car rental business generates--even during periods of earnings weakness--and its substantial capital spending requirements, which the company can quickly reduce if industry or economic conditions warrant. Over the past few years, Hertz has experienced multiple operating issues that were caused, in large part, by excess capacity and lower-than-expected residual values upon the sale of its vehicles. However, these issues abated beginning in 2019 and the company's operating performance has begun to improve, which is a trend that we expect to continue.
Faccio sommessamente notare come anche per Hertz, come per Europcar, il RR (recovery rating) dei bond senior unsecured sia di classe 6 (0%-10%), con stima di recovery per S&P pari allo 0%.

Sempre per la serie: sapere cosa si acquista ove le cose si mettessero per il verso sbagliato.
 
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