la più grande emissione di bond spazzatura della storia - gz
By: GZ on Mercoledì 06 Giugno 2007 03:37
Non c'è nemmeno bisogno di commenti. Oggi la più grande emissione di bond spazzatura della storia, 8 miliardi con altri 16 miliardi in "cov-lite credits" cioè crediti con un "covenant" (garanzia) "lite" (leggera).
Cioè se sei KKR compri per 28 miliardi una società emettendo miliardi di bond BBB (con rating ad alto rischio tipo Cirio) e il resto con crediti che non richiedono garanzie precise ("cov-lite"). KKR ha fatto acquisizioni in borsa per 122 miliardi con questi sistemi solo nel 2007...te credo che le borse salgono
Come mai Lehman, Morgan, Goldman gli arrangiano questi finanziamenti ? Perchè prendono un 4 o 5% del totale della transazione e poi i bonds e i crediti vengono cartolarizzati e finiscono frazionati presso 600 fondi pensione, banche e fondi hedge in giro per il mondo. E' ovvio che stai andando verso un crash
KKR takes $16bn cov-lite option
By Paul J Davies
May 31 2007
Kohlberg Kravis Roberts plans to fund a large portion of its $29bn buy-out of US credit card processing business First Data with the world's biggest "covenant-lite" loan.
The US private equity firm, which is one of the most active and aggressive buy-out groups around, is to raise $16bn worth of loans that do not provide the traditional protections given to lenders, according to a filing with the Securities and Exchange Commission.
KKR could beat its own record almost immediately as it is widely expected to use a similar structure for the almost $18bn worth of loans it needs to finance its purchase of European Pharmacy chain Alliance Boots.
According to data from Dealogic, the second largest cov-lite loan on record is just more than half the size of the First Data loan: the $8.7bn debt deal signedin March for US groupUnivision.
Such cov-lite loans have been seen as a sign of over-exuberant debt markets because they do away with the regular financial tests that can give investors early warnings about a company getting into trouble.
Such deals only appeared in any numbers in the US about 18 months ago, but they quickly grew to take up about one-third of the market there and have recently crossed the Atlantic to European markets.
KKR has spent $122.5bn on deals already this year, making it the most active buy-out firm by far, and it has been increasingly pushing the boundaries of what investors will accept in the debt markets.
Henry Kravis, a KKR co-founder, told peers at a conference in Canada this week that the flood of capital in the world's debt markets meant the buy-out business was in "a golden era" that was not going to end soon, according to media reports. KKR has also been a leader in demanding that banks underwrite some of the equity used in its deals before selling it on to other investors. Banks are providing bridge