FCE Bank PLC Medium-Term Notes v. 09(2014)

[XYZ99]

ISIN XS0466777223 / WKN A1APZ7 (für die Suchfunktion)

 

Von der europäischen Ford-Bank eine Anleihe.....

 

Kupon 9,3750 %

 

Emission 17.11.2009

Fälligkeit 17.01.2014, Kupontermine immer am 17.01., mit kurzem 1. Kpon am 17.1.2010

 

Stückelung 50.0000 EUR

 

Vol 0,5 Mia

 

Von der FCE gibt es einige Anleihen, die allesamt nicht besonders liquide sind. Ich glaube keine dieser Anleihen ist hier im Forum als eigener thread vertreten. XS0191180537, XS0191695377 und XS0192183332 werden am 15.11.09 (also dieser Tage) fällig, Gesamtvol äusserst bescheidene 3,0 Mio (sic). Nennenswert ist vom Volumen her ist FCE BANK PLC 07/12 MTN, hier wurden 1,4 Mia eingesammelt und müssen aufgebracht werden (rentiert mit über 8,5/9 %) und FCE BANK PLC 07/13 MTN-- 1,3 Mia, ca 9,3 % Rendite. Hier das Rattenpack in Stuttgart.

Die hier besprochene Neue wurde in SG heute schon taxiert, kein Handel.

 

Rating der Ford Bank Anleihen ist natürlich im unteren junk-Bereich.

[lytjes2]

Mittlerweile werden ja schon einige Stücke gehandelt.

 

Gibt es im WPF eine Meinung zur Anleihe?

[vanity]

Begeisterungsstürme haben ja weder deine Nachfrage noch XYZ99' Vorstellung hier hervorgerufen, eher eisiges Schweigen. Wenn du eine Meinung hören willst, kann ich dir meine, ganz persönliche bieten, falls dir das weiterhilft:

 

In Anleihen im einstelligen B-Rating-Bereich investiere ich weder Zeit noch Geld. Punkt.

[Superhirn]

Mittlerweile werden ja schon einige Stücke gehandelt.

 

Gibt es im WPF eine Meinung zur Anleihe?

 

 

Na ja, die 50.000,-- Stückelungen erfreuen sich höchstens ab 20% Kursen und darunter an Aufmerksamkeit :-

[Stephan09]

Für den TO:

 

http://www.wp1158289.wp194.webpack.hosteurope.de/ss/Ford%20Motor%20Co.pdf

 

Aber nicht vergessen, einer von den Machern wurde wegen Insider-Trading verurteilt.

Außerdem wurden im April einige Anleihen heruntergeschrieben. Den link finde ich leider nicht mehr, vielleicht wer anders, aber man muss hoellisch aufpassen, in welchen Teil des Unternehmens man investiert.

Da:

http://www.bloomberg.com/apps/news?pid=20601110&sid=a6TbfOmXg7vw

 

Aber irgenwie bin ich zu dumm, die Meldung von Ford selber zu finden.

[BondWurzel]

Mittlerweile werden ja schon einige Stücke gehandelt.

 

Gibt es im WPF eine Meinung zur Anleihe?

 

Die Volumina sind sehr hoch ( Stücke gibt es normalerweise nur bei Aktien )...

 

Ford scheint auf dem Weg der Besserung, als Beimischung sicherlich eine Überlegung wert.

 

http://www.zacks.com/stock/news/27247/Ford%27s+European+Sales+Impress

 

 

Ford returned to profitability in the third quarter of the year by posting an operating profit of $873 million or 26 cents per share, easily clearing the Zacks Consensus Estimate loss of 15 cents per share as well as the year-ago loss of 6 cents per share

 

FCE BANK PLC

 

Issue: the European lending arm of Ford Motor Co plans a 500 million euro bond maturing in January 2014, with pricing expected later on Tuesday, as reported by IFR Markets, a Thomson Reuters online news and market analysis service.

 

Price talk: yield of around 9.5 percent, according to IFR.

 

Managing banks: Barclays, BNP Paribas, HSBC and Royal Bank of Scotland

 

Ratings: Moody's B3, S&P B

[BondWurzel]

Ford Motor Co.:

--Long-term IDR upgraded to 'B-' from 'CCC';

--Senior secured credit facility upgraded to 'BB-/RR1' from 'B+/RR1';

 

FCE Bank Plc:

--Senior unsecured upgraded to 'B+/RR2' from 'B/RR2';

 

Ford Motor Credit:

--Senior unsecured upgraded to 'B+/RR2' from 'B/RR2';

 

Fitch Upgrades Ford & Ford Credit to 'B-'; Outlook Positive

 

Fitch Ratings has upgraded the Issuer Default Rating (IDR) for Ford Motor Company (Ford) and Ford Motor Credit Company (Ford Credit) to 'B-' from 'CCC'; the Outlook remains Positive. The upgrade is based on an improved macroeconomic environment, Ford's current cost/pricing/margin trends, product competitiveness, solid near-term product pipeline, liquidity position and cashflow prospects. Fitch expects that Ford will turn cashflow positive in 2010 as an improving economic outlook and stabilizing retail financing availability allow the U.S. market to achieve an annualized run-rate of more than 11.5 million units in the second half of 2010. An important factor in the upgrade is Ford Credit's improving access to capital for retail and dealer financing. Fitch had previously cited the factors listed below as rationale for an upgrade. These points have been largely met, and will remain the drivers of future upgrades.

--Industry sales rebound to an annual 12 million sales level more quickly than currently forecast;

--Ford's products continue to hold or gain share;

--Inventory management at Ford and the industry allows Ford to hold or improve product prices;

--A clear path to positive free cash flow is projected;

--Liabilities continue to be managed or addressed;

--Independent access to capital by Ford Credit improves.

Although Fitch expects a relatively modest rebound in industry sales in 2010 given macroeconomic conditions, a reversal to the trough levels of 2009 is viewed as increasingly remote. Although industry unit sales in 2009 were abysmal, Ford picked up an impressive 1.2% of market share in the U.S., demonstrating competitiveness across product segments. Even in the event of a relatively flat rebound, Ford's cost-cutting realizations, market share performance, and pricing indicate that any cash drains will be limited and can be very comfortably managed within Ford's liquidity position. Ford has been consistently disciplined in its production and inventory management, and this has allowed the company to demonstrate solid price performance through the first nine months of 2009.

The step-changes to Ford's cost structure will have largely played out in the first half of 2010 (although a new buyout program was recently announced) meaning that margin restoration will become increasingly dependent on price/volume improvement. Elevated commodity costs remain a risk for inputs including steel, copper, fuel, etc., which could be exacerbated by any extended weakness in the U.S. dollar. A spike in fuel prices, of course, also poses risks on the demand side. Although pricing will remain a challenge for the overall industry, Ford's product competitiveness, technology features and healthy product pipeline over the next several years indicate that Ford should continue to outperform the industry. On the smaller end of its product lineup, where the consumer is migrating, Ford is exhibiting strong competitiveness. Margins on these products are also expected to benefit from technology and content.

Looking into 2011, it is assumed that the U.S. market could eventually reach an annualized sales level of 12.5 million units, at which point Ford's free cash flow could reach $4 billion-$5 billion. Further upgrades could occur in 2010 if the outlook for U.S. economic growth and industry sales continues to improve.

Liquidity remains strong at approximately $24 billion (pro-forma for certain capital markets transactions). Ford has demonstrated steady access to capital, including $2.9 billion in convertibles at Ford, repeated unsecured debt issues at Ford Credit in the last six months, and two TALF dealer floorplan issuances in the amount of $2 billion. The improved access to credit by Ford Credit (although at a cost) is a primary factor in the upgrade. Ford will be receiving a total of $5.9 billion in loans from the Department of Energy.

With improved liquidity prospects, Ford should be in a position in 2010 to begin the long process of repairing its balance sheet. Ford's balance sheet will remain burdened by total debt of approximately $35 billion, plus required pension contributions. A primary driver of Ford's ability to manage its liquidity and growth in liabilities has been its repeated willingness to issue equity. Fitch expects Ford to use equity to the maximum extent possible (50%) to service its VEBA funding obligation, and could use equity to service its pension obligations as well. Open-market debt repurchases, equity exchanges and equity issuances may all be part of the equation, which in combination with EBITDA growth, should result in fairly rapid deleveraging. Ford's retention of Ford Credit is a positive to the company's credit and earnings profile, but the company will remain at a competitive disadvantage to transplant competitors with better access to capital and a lower cost of capital.

Ford also termed out the majority of its December 2011 bank agreement to 2013, addressing its pending near-term maturity issue. The size of the facility was reduced from $10.7 billion to $8.1 billion, with $7.2 billion of it maturing in 2013.

Ford and the auto industry still face numerous challenges to regaining sustainable profitability and adequate returns on investment. The industry will remain saddled with overcapacity in the U.S. (and globally), despite significant capacity reductions by the Detroit 3. The lower reset of the U.S. demand curve, coupled with scheduled plant and product expansions (Volkswagen, Kia, Fiat) indicate that overcapacity and the associated price competition will remain characteristic of the industry through the next cycle. Over the near term, growing regulatory and legislative issues are expected to increase industry costs, adversely affect margins, restrict access to capital and elevate the cost of capital. Such things as uel taxes, gas-guzzler taxes, state and local tax levies, tax incentives, and environmental, fuel-efficiency, safety and urban quality of life issues can all serve to alter auto demand and investment, raising uncertainties for investors. (See Fitch's report 'Macroeconomic Concerns Cloud Recovery for U.S. Autos in 2010', dated Nov. 23, 2009 and available on Fitch's website.)

The upgrade of Ford Credit and its related subsidiaries reflects the strong linkage between the ratings of Ford Credit and Ford. In addition, Ford Credit has demonstrated the ability to finance its business independent of government programs on both a secured and unsecured basis, one key element driving the upgrade of Ford. With approximately $24 billion available, Ford Credit's liquidity position is considered strong for the current rating.

 

These rating actions reflect the application of Fitch's current criteria which are available at 'www.fitchratings.com' and specifically include the following reports:

 

Fitch has taken the following rating actions:

Ford Motor Co.:

--Long-term IDR upgraded to 'B-' from 'CCC';

--Senior secured credit facility upgraded to 'BB-/RR1' from 'B+/RR1';

--Senior secured term loan upgraded to 'BB-/RR1' from 'B+/RR1'.

--Senior unsecured affirmed at 'CC/RR6'.

 

Ford Motor Credit Company LLC:

--Long-term IDR upgraded to 'B-' from 'CCC';

--Senior unsecured upgraded to 'B+/RR2' from 'B/RR2';

--Short-term IDR upgraded to 'B' from 'C';

--Commercial paper upgraded to 'B' from 'C'.

 

FCE Bank Plc:

--Long-term IDR upgraded to 'B-' from 'CCC';

--Senior unsecured upgraded to 'B+/RR2' from 'B/RR2';

--Short-term IDR upgraded to 'B' from 'C';

--Commercial paper upgraded to 'B' from 'C';

--Short-term deposits affirmed at 'C'.

[Fleisch]

was hälst du von dem Papier und dem Schuldner ?

[BondWurzel]

was hälst du von dem Papier und dem Schuldner ?

hätte ich jetzt keine Probleme mit...

[Fleisch]

und warum ?