ABB AHOLD

re. enel-endesa blabla...guardate anche ENERTAD miraccomando!!

specificamente non so, ho letto questa analisi ieri di breakingviews su ABB che mi sembra plausibile, direi di sì --------------------------------------------------------------------------- ABB proposed increasing its contingent share capital to Sfr750m ($540m) from Sfr200m. The Swiss-Swedish engineer also proposed extending the potential use of its contingent share capital, available for use in convertible bonds, for new financial instruments. The directors called the proposals “a prudent measure to ensure flexibility in obtaining funding beyond current sources”. Shareholders can vote on the proposals at next month’s annual general meeting. ABB also wants approval to create Sfr250 million of new authorized share capital. It would transfer some of these shares to asbestos plaintiffs if a court approves its planned settlement with them. The court’s decision is expected later this month. ABB tees up by Mike Monnelly ABB: ABB is paving the way towards an equity issue. The Swiss-Swedish engineer is asking its shareholders for the headroom to issue up to 400m shares in future - which would increase by nearly third in its existing equity capital. And it has warned it may reserve up to 210m of those against a possible convertible bond issue. Given ABB's high degree of leverage, perhaps an issue that converts mandatorily into shares - the kind that stops credit-ratings agencies getting worried about debts - is on the cards. Before issuing a convertible, a company normally attempts to perk up its share price. ABB may have several opportunities to do just this. A court decision on its plan to settle with asbestos claimants for $1.2bn is likely on April 24. This could facilitate the planned sale of the group's oil-and-gas business. Who knows, buyers may just be waiting for the asbestos issue to go away. On top of this, first-quarter results are due on April 29 - and management has apparently been making positive noises about them. Suppose ABB raised $500m from a mandatory convertible bond. If treated as equity, this could take its debt (net of unrestricted cash) down from 3.8 times ebitda to 3.4 times by year end. That is approaching an investment-grade leverage ratio. The proceeds would almost cover this year's expected cash burn. They would also help ABB refinance its bank debts, part of which fall due in December. True, investors cannot be certain that a convertible will launch any time soon. Markets could turn down or trading could suddenly worsen. But the mood music sounds very conducive. With the chance of a deal well flagged to the market, this is no time to be short of ABB's bonds or stocks

Vorrei sapere, condividendo l'analisi dl sempre ottimo Zibordi, sull'up tend dei corporate bond, se e' il caso di accostarsi , con la dovuta cautela alle emissioni di ABB e di AHOLD , titoli che hanno visto nell'ultimo anno una fortissima erosione della loo capitalizzazione di borsa.