Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 244

Posts Tagged ‘debt’

La bolla del corporate debt

Posted by fidest press agency su giovedì, 3 settembre 2020

E’ indubbio che la pandemia abbia messo in serie difficoltà moltissime imprese. In particolare quelle di piccola e media dimensione, che hanno bisogno di sostegni concreti e veloci. E’ doveroso e opportuno, però, distinguerle nettamente da quelle società di più grandi dimensioni che in passato hanno approfittato, creando in modo speculativo la pericolosissima bolla del cosiddetto corporate debt. Queste ultime, guarda caso, oggi sono in prima fila a chiedere gli aiuti di stato.
La società americana Janus Henderson, tra le più grandi al mondo nella gestione di capitali con quasi 300 miliardi di dollari di assets under management, ha recentemente pubblicato il suo primo rapporto annuale, il Corporate Debt Index (JDCDI). La società ha sede a Londra ma è quotata a Wall Street. L’indice coinvolge 900 delle maggiori corporation internazionali non finanziarie e non immobiliari. E’ concentrato soprattutto sul settore corporate bond, quello delle obbligazioni.
Il debito delle imprese, oltre che attraverso l’emissione di obbligazioni, può essere aumentato anche con altri “veicoli”, tra cui il prestito bancario. Quest’ultimo sistema, per esempio, è sicuramente prevalente in Europa, in Giappone e in altri paesi dell’Asia. L’altra possibilità è l’emissione di nuove azioni. Essa, però, è ritenuta di solito più costosa e politicamente più complicata rispetto all’emissione di nuove obbligazioni di debito.Secondo l’Index, nel 2019, senza Covid quindi, il debito corporate in bond, al netto del cash, aveva raggiunto il totale record di 8.300 miliardi di dollari con un aumento annuo di 625 miliardi, pari all’8,1%. Da sole 25 corporation hanno accresciuto il loro debito in obbligazioni di 410 miliardi. Gli Usa detengono il 51% del totale e l’Unione europea il 23%. In Europa la Germania ha il 38%, l’Italia il 9%.Secondo l’agenzia Standard&Poors, solo il mercato delle obbligazioni corporate sarebbe globalmente di circa 13.000 miliardi di dollari, tre quinti dei quali negli Usa.
La somma succitata non considera la liquidità presente in certe società. Infatti, alcune corporation americane, come Alphabet proprietaria di Google con 104 miliardi di cash, sono strapiene di liquidità, per cui i debiti sono sicuramente di dimensione maggiore. La società più indebitata è la tedesca Volkswagen, con un’esposizione quasi pari al debito di nazioni come il Sud Africa e l’Ungheria. Cinque delle prime dieci imprese più indebitate sono del settore dell’auto. Le case automobilistiche tedesche VW, Daimler e Bmw insieme contano ben 762 miliardi di dollari di corporate debt. Non a caso nella lista per nazioni la Germania è seconda, dopo gli Usa. L’indebitamento delle imprese italiane incluse nell’indice è cresciuto più lentamente. Il comparto delle utilities è quello con un indebitamento maggiore.Il rapporto succitato stima che nel 2020 l’aumento del corporate debt sarà di oltre mille miliardi, il12% in più! Il 2020 sarà un anno horribilis poiché si prevedono una forte caduta dei profitti e, di conseguenza, una maggiore difficoltà nei pagamenti degli interessi sui debiti. I tassi d’interesse molto bassi e la crescente assunzione del rischio da parte delle imprese hanno indubbiamente favorito la crescita dell’indebitamento. I capitali raccolti sono stati destinati principalmente all’acquisizione di altre imprese. Ben 9 delle 10 imprese che hanno maggiormente aumentato il loro indebitamento, hanno usato i fondi per tale scopo. Alcuni hanno riacquistato le proprie azioni sul mercato. Si tratta di un fenomeno tipicamente americano: le imprese hanno speso globalmente oltre 710 miliardi di dollari in simili operazioni. La metà delle quali, secondo Goldman Sachs, sarebbe stata fatta con nuovi debiti. Neanche a dirlo spesso i debiti aumentano per distribuire dividendi agli azionisti in misura maggiore rispetto a quanto effettivamente realizzato. Il Fondo Monetario Internazionale ha denunciato queste pericolose e fuorvianti operazioni. Agli investimenti sono andati soltanto gli spiccioli rimasti. Tutte queste situazioni di solito determinano in poco tempo crisi recessive. Si tenga presente che nel 2019 gli utili si sono già ridotti per le tensioni sul fronte commerciale e per la decelerazione dell’economia mondiale, ancora in corso.
In sintesi, le preoccupazioni degli analisti derivano dal fatto che negli ultimi 5 anni la crescita degli indebitamenti ha ampiamente superato quella degli utili. Il rapporto tra il debito netto (senza il cash) e il profitto è passato dal 251% del 2014 al 310% del 2019. Riteniamo che, senza ledere l’autonomia delle attività imprenditoriali, le autorità preposte debbano verificare i bilanci effettivi per evitare fallimenti, licenziamenti e i riverberi negativi sull’intera economia dei singoli paesi. di Mario Lettieri già sottosegretario all’Economia e Paolo Raimondi economista.

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DC BLOX Announces New Debt Capital from Deutsche Bank

Posted by fidest press agency su lunedì, 18 novembre 2019

DC BLOX, a multi-tenant data center provider delivering the infrastructure and connectivity essential to power today’s digital business, announced today that it has raised new debt capital from Deutsche Bank AG. DC BLOX will use the proceeds from the Deutsche Bank term loan to meet customer growth for its existing data centers and to expand business operations.“We continue to experience high customer demand across our markets and this infusion of capital supports our ability to scale our business,” said Jeff Uphues, DC BLOX CEO. “Our strategy is working well, and we appreciate Deutsche Bank’s support in helping us to maintain our rapid growth.”DC BLOX is experiencing strong demand for its multi-tenant, Tier 3 data centers in underserved cities across the Southeastern U.S. Enterprises, cloud providers, government entities, educational institutions, and service partners are facing infrastructure and connectivity decisions as part of the increased digitization of their organizations. Therefore, businesses seeking to add reliable data center space and power, address disaster recovery scenarios, connect to multiple cloud providers, and protect their valuable data are increasingly considering colocation data centers with rich connectivity as a strategic component of their future digital architecture. “We are delighted to work with DC BLOX and to be a small part of their growth story,” said Fredric Rosenberg, Head of Deutsche Bank’s U.S. Credit Solutions and Direct Lending. “The vision and execution of Jeff and his team, coupled with the quality of their facilities and offerings, impressed us greatly. We look forward to their continued success.” To learn more about DC BLOX, please visit http://www.dcblox.com.

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Grupo Graña y Montero reduced its debt by 21%

Posted by fidest press agency su lunedì, 4 febbraio 2019

Grupo Graña y Montero reported financial statements for the Fourth Quarter of 2018 in which it was possible to reduce the total debt of the company by US$ 174 million (-21%) to US$ D 654.67 million, thanks to the successful execution of the debt reduction plan.Regarding revenues, the Company reached a total of US$ 1,243 million, which represents a decrease of 2% against the result of the previous year. The difference in sales is mainly explained by the decrease in revenues in the Engineering and Construction area (-16%) and to a lesser extent in the Real Estate area (-3%).This figure, in line with accumulated Backlog plus Recurring Business of US$ 2,105 million, represents almost two years of sales, due to the new contracts awarded in 2018 as the mining projects from Quellaveco (Peru), Minera Escondida (Chile) and Mina Justa (Peru) and does not include recently announcement of Quebrada Blanca Phase 2 Project.Finally, regarding the results of December 2018, the Company reported a loss of US$ 21.9 million, due to the provision included by the potential civil compensation in favor of the Peruvian State by the two Group companies that have been incorporated as civilly responsible third parties, according to the terms of Law No. 30737 and its Regulations, approved by DS No. 096-2018-EF. For the Chief Executive Officer of the Group, Luis Díaz Olivero, the company will begin 2019 with a greater focus on the development of its three business units: “The important financial strengthening process undertaken during 2018 and which we hope to conclude at the end of the first quarter of the year 2019, allows us to be prepared for the great challenges that our clients will demand for us this year,” he said.

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Italy’s public debt: Fragile growth, new government’s programme raise questions on sustainability

Posted by fidest press agency su sabato, 16 giugno 2018

At 131.8% of GDP as of Q4 2017, Italy’s public debt remains 32pp above Q4 2007 levels and the second-highest in the euro area after Greece’s. Italy’s debt ratio has remained stubbornly high since 2014 despite sustained economic recovery and above-potential growth of 1.0% and 1.6% respectively in 2016 and 2017.“This speaks to the scale of challenges in bringing about meaningful debt reduction,” notes Scope analyst Dennis Shen.
Difficulties in reducing public sector leverage partially reflect successively neutral to expansionary government budgets, including in 2018, with weaker than anticipated structural deficit adjustments. Moreover, EU bank bail-in rules have been bypassed owing to domestic concerns, resulting in the use of government monies to conduct bank rescues. The fact that Italy’s debt-to-GDP has not dropped to date despite peak economic growth raises questions on the long-term trajectory of debt, in view of inevitable pressures in an economic downturn.The formation of the Five Star Movement-Lega government clouds the outlook for macroeconomic and fiscal policies. The coalition’s programme—pledging to scrap a 2019 VAT hike and reverse 2011’s pension reform—would place a strain on debt, even if only a modest slice of the more than EUR 100bn (greater than 5.8% of GDP) package were implemented. Italy’s fiscal space is restricted owing both to elevated debt and fragile nominal growth, noting inflation of just 1.1% in May and Scope’s estimate of Italy’s medium-term annual growth potential of a modest 0.75%.In Scope’s view, the IMF’s baseline for a gradual decline in Italy’s debt ratio to 116.6% by 2023 is optimistic, as this assumes primary surpluses rising from 1.5% in 2017 to 3.6% by 2022-23. If, for example, primary surpluses were instead held constant at 2017 levels of 1.5% of GDP from 2019 onward, the debt ratio falls only to 125% of GDP. Moreover, in a “stressed” case, in which Scope assesses the impact on Italy’s public-sector balance sheet under conditions of a global economic shock (with the effect of two years of recession in Italy and associated deterioration in the fiscal balance) alongside a simultaneous spike in market financing rates, the debt ratio rises well above 145% of GDP.On 8 June, Scope affirmed Italy’s sovereign rating of A- but revised the Outlook to Negative from Stable. This reflected i) alterations in the Italian political landscape raising questions over the will and capacity of current and future governments to resolve Italy’s significant structural challenges, and ii) the programme of this singular government in challenging pre-existing debt sustainability concerns.Scope observes, however, that Italy’s A- sovereign ratings remain underpinned by euro area membership, Italy’s systemic importance (holding Europe’s largest debt stock) and support from European institutions in adverse scenarios, a relatively long 6.9-year average debt maturity, moderate levels of private debt and implicit government liabilities, and the country’s large, diversified economy (2017 nominal GDP: EUR 1.72tn).

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CISQ Produces Standard for Measuring Technical Debt

Posted by fidest press agency su mercoledì, 3 gennaio 2018

Carnegie Mellon UniversityThe Consortium for IT Software Quality™ (CISQ™) today announced that its Automated Technical Debt Measure has been approved as a software measurement standard by the Object Management Group® (OMG®), a not-for-profit technology standards consortium with nearly 30 years of history developing IT-related standards. CISQ, a consortium initiated by OMG and the Software Engineering Institute at Carnegie Mellon University, is chartered to create specifications for automating the measurement of software size and structural quality. Today’s announcement is the first standard for estimating future corrective maintenance efforts to remedy structural defects in code.The Automated Technical Debt Measure estimates the effort required to fix critical weaknesses in software code and architecture that are included in the four OMG standards for measuring the security, reliability, performance efficiency, and maintainability of source code. Criticality is determined by the risk and cost to the business. The weaknesses are detected through static analysis, and an algorithm determines the repair effort based on estimates collected from professional developers and an assessment of the complexity of the surrounding code. Corrective maintenance costs can then be estimated by converting the repair effort into the preferred currency.Technical Debt is a metaphor referring to the cost to repair structural quality problems remaining in production code. The cost to fix structural quality problems constitutes the principal of the debt, while the inefficiencies they cause until fixed, such as greater maintenance effort or excessive computing resources, represent compounding interest on the debt. Technical Debt can occur for many reasons: compromises made by technical teams to deliver applications faster; under-scoped initial requirements; inadequate time to refactor code; or inexperience with the architecture or application domain.According to CISQ Executive Director, Dr. Bill Curtis, “Technical Debt saps IT budgets, hinders innovation, and leaves organizations vulnerable to digital disasters. Today’s announcement presents a standardized method for measuring the financial impact of structural weaknesses remaining in code at release. It expresses the cost of software quality in terms the business can understand, including the liabilities incurred if a weakness triggers a disastrous incident or the opportunity cost of having to fix weaknesses rather than develop innovative functionality.”OMG Chairman and CEO, Dr. Richard Soley said, “CISQ is leading the way to establish a common standard to help businesses manage the risk posture of their software systems in financial terms, which is a major reason why OMG sponsored the CISQ measures. The Automated Technical Debt Measure standard is the first of its kind to help businesses estimate corrective maintenance costs, allocate repair effort, address potential trouble areas, and/or decide to replace an application due to excessive Technical Debt.”

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Catella: Summer turbulence weathered?

Posted by fidest press agency su venerdì, 18 settembre 2015

Borsa Merci Telematica ItalianaThe Main index in the Catella Real Estate Debt Indicator (CREDI) for Sweden increased by 2.1 index points to 56.6, compared to 54.5 in June 2015. The increase was driven by both lenders and borrowers experiencing good financing conditions over the past three months. Meanwhile, forward-looking sub-indices confirm another slowdown and that financing conditions are expected to remain unchanged over the coming three month period.”The summer was marked by increased volatility in the financial markets. Even though the turmoil continued into September, the Catella Real Estate Debt Indicator (CREDI) suggests good access to financing. Real estate companies continue to finance themselves through preference shares – in total real estate companies have issued preference shares for SEK 3.8 billion this year alone. However, market participants indicate increased caution for the coming three months, and CREDI’s forward-looking index has fallen to the turning point of 50.0,” says Martin Malhotra, Director at Catella.The CREDI Main index shows overall improvement of 2.1 index points, to 56.6. The increase is due to strong growth in the sub-index for the past three months, with an increase of 4.5 points since June, to 63.1 in September. In this current survey, the divergence between the two sub-indices, Current Situation and Expectations for the coming three months, increased to 13.1 points.”The Swedish economy is currently growing rapidly from an international perspective. But the performance of the global economy is becoming increasingly uncertain, and there are indications that the slowdown we are seeing right now in emerging economies is the beginning of a global recession. Sentiment in the Swedish debt market is still robust and is being maintained by the strong economic growth,” says Arvid Lindqvist, Head of Research at Catella.If we look at the listed real estate companies, average interest reached a new record low level in the second quarter of 2015, at 2.8 percent. The average loan to value is also following a downward trend, and fell to 53.0. This is also approaching a record low, even though the proportion of bonds outstanding increased during the period. At the same time, companies’ reported values showed growth in excess of the growth in value that the listed sector experienced in Q2 2015.The twelfth edition of the Catella Real Estate Debt Indicator (CREDI) is attached and can also be downloaded from catella.se/credi. CREDI consists of two parts: one is an index based on a survey of listed property companies and active banks, and the other a set of indices based on publicly available data. Read more about the methodology here. This edition also includes an analysis of preferred shares and an overview of the property market.

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Student debt reality check needed

Posted by fidest press agency su mercoledì, 12 agosto 2015

studentFor many young people in Britain today, the decision to go to university is one of the biggest choices they will ever make. This is without necessarily taking proper account of the debt that going into higher education could give them, as students and parents underestimate the costs of a university education.
In our latest study in partnership with the AIC, we found that parents seriously misjudge the total debt that university will leave many students in, believing that their child’s student debt will be £17,965 on average, well below the figure given by the Institute of Fiscal Studies last year that put the figure at £44,000. Although students in full-time education currently have a more realistic idea, their estimation of £30,348 worth of debt is still low. The students who gave an estimated figure of debt think it will take 15 years on average to pay back, and just over a third (35%) think it will take longer than 20 years. The financial effect on parents and students
The cost of a university education has had an effect on the lives of both students and their parents. Two thirds of parents plan to help their children financially through university, including the possibility of downsizing the family home (9%) or using their cash savings (22%). The effect on students has been no less considerable, with 37% of students that have considered dropping out of university altogether citing financial reasons for doing so. And despite the assumption that ‘uni life’ means living on or around campus, a fifth (21%) of students have lived or currently live with their parents during term time for financial reason, increasing to 36% amongst Londoners.

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