Corporate bond issuance news

Size: px

Start display at page:

Download "Corporate bond issuance news"

Gabriella Rosanna Glenn
7 years ago
Views:

1 Corporate bond issuance news Corporate bond issuances New applications for corporate bond issuances are as follows: Application to the Capital Markets Board Com pany Type of instrument Nominal issuance amount allowed Sale type Karsan Otomotiv Sanayii ve Ticaret A.Ş. Source: IS Investment, CMB Debt instrument TL100mn These corporates got approval for a bond issuance: Approved issuances Company Type of instrument Nominal issuance amount allowed Sale type Akfen Holding A.Ş. Debt Instrument TL200mn IPO Türk Telekomünikasyon A.Ş. Debt Instrument USD 1bn* International sales The House Cafe Turizm ve Ticaret A.Ş. Debt Instrument TL6mn *or equivalent in TL or other foreign currency Source: IS Investment, CMB New issuances this week as follows: Notes to be issued this w eek Issuer Book Building Settlement Date Maturity Total Nominal Issuance amount Spread/Yield Sale type Intermediary Aynes Gıda Sanayi ve Ticaret A.Ş March 25/03/ years TL50mn bps İş Yatırım Source: IS Investment, Borsa Istanbul 1

type Karsan Otomotiv Sanayii ve Ticaret A.Ş.

2 Notes issued last week : Notes issued last w eek ISIN Issuer Trading Date Maturity Date Total Issuance amount in TL mn Spread Sale type İntermediary TRQTEBK71417 Türk Ekonomi Bankası A.Ş. 13/03/ /07/2014 TL mn 50 bps IPO TEB Yatırım TRSDSTF91516 Destek Faktoring A.Ş 12/03/ days TL47mn 350 bps TRFTPFC61415 Creditw est Faktoring A.Ş 18/03/ /06/2014 TL30mn 200 bps TRQFIBA91416 Fibabanka 14/03/ /09/2014 TL63.1mn 80 bps Source: IS Investment, Borsa Istanbul Ak Yatırım İş Yatırım Finansinvest 2

941mn 50 bps IPO TEB Yatırım TRSDSTF91516 Destek Faktoring A.

3 Corporate bond news Arcelik: Arcelik is claimed to be in the short list of bidders for Indesit Date: 11/03/2014 According to the mergermarket website cited by the Italian daily Il Sole 24 Ore, Indesit prepared a short list of four including Chinese Haier, Turkish Arcelik, German Bosch and Michigan-based Whirlpool. It is also stated that Fineldo, which is the holding company of Merloni family, will evaluate the non-binding bids today. While there will be binding offers within a couple of months, the due dilligence period will commence in summer. Arcelik did not comment whether it is interested in Indesit. Banvit: Negative set of results In-line with both our consensus net loss estimate of TL44mn, Banvit posted TL46mn net loss in 4Q13 compared to TL27mn net loss figure in 4Q12. Increased net loss figure can be attributable to lower operational profitability and higher f-x losses. Despite much lower than estimated EBITDA figure, net income came in-line with forecasts on the back of TL12mn deferred tax income. Banvit generated TL379mn turnover in 4Q13, up 28% YoY, thanks to higher sales volume with increased market share. However, gross margin deteriorated to 3.9% in 4Q13 from 5,8% in 4Q12 on the back of decreased poultry prices with poor demand and higher cost base with increased feed prices. Therefore, EBITDA figure stood at negative TL18mn in 4Q13 vs negative TL7mn in 4Q12. Although bottomline stood in-line, we may see negative reaction today since operational performance was much weaker than estimates. Analyst: Ilyas Safa Urganci Deva Holding: 2013YE Review: Relatively consistent in a difficult market In a highly competitive market, Deva recorded TL418.4mn total revenue in 2013, down 0.3% YoY. Human pharma revenues were up 3% YoY at TL398.9mn and continued to make up the major portion of the revenues (93.2%) despite the price erosion in the Turkish pharmaceutical market on the back of the on-going reference pricing system and unadjusted EUR/TL exchange rate at since All in all, note that the Holding maintained its 3.8% market share in the Turkish Pharmaceutical market in 2013, ranking in the 6th place nationally in TL terms and kept its 5.3% market share in terms of boxes sold, raking 4th nationwide. Higher raw material costs together with increased marketing, sales and distribution expenses resulted in a lower EBITDA margin. The sharp depreciation of the Turkish Lira during 2013, which was accelerated in the second half of the year, particularly the last quarter of the year, put a considerable pressure on Deva s raw material costs. Asset sale and tax exemptions boosted the bottom-line offsetting higher financial expenses. However thanks to deferred tax income in the amount of TL0.5mn versus a tax expense of TL7mn in 2012, Deva recorded a net profit figure of TL24.6mn in 2013 versus TL34.2mn in The free cash flow deteriorated due mainly to heavy capex investments. Free cash flow continued to be negative at TL100.2mn in 2013 up from the previous year level of TL46.3mn. Total debt was slightly up however the Holding continued to shift the maturity of its funding towards the long-term and lower the portion of its FX borrowings. 3

It is also stated that Fineldo, which is the holding company of Merloni family, will evaluate the non-binding bids today.

4 Total debt was up to TL349mn from TL268.9mn in Thanks to the TL denominated corporate bond in May 2013 in the amount of TL200mn, the portion of Deva s long-term borrowing went up to 52% of total debt reaching TL181.9mn versus 20% at TL53.9mn in Analyst: Uğursel Önder Global Investment Holding: GLYHO 4Q13 Financial Results Global Investment Holding reported TL45mn net profit in 4Q13 comparing favorably with the TL23mn net loss in the same period of the previous year. No consensus estimate is available for comparison. The YoY improvement at the bottom line stemmed from negative goodwill gain from port of Bar and TL24mn lower financial expenses as last years financial expenses includes provision expenses due to the letter of guarantee related to the Baskentgaz tender. The revenues came in at TL65mn (+52% YoY, -15% QoQ) in 4Q13 on the back of growth in the revenues of Port Akdeniz and strong growth in CNG business Naturelgaz. Consolidated port revenues reached TL143.5mn for the full year 2013, representing 17% increase over 2012 thanks to the to the robust operational performance of Port of Antalya.Total containers handled in the Port of Antalya reached 217K TEU in 2013 versus 186K for 2012, implying a significant 17% growth. In addition average container revenues were up by 9.5% to USD161/TEU in In 2013FY, Naturelgaz revenues were realized at TL54.4mn, up from TL38.3mn in the same period of 2012, representing 41% growth. Sales volume stood at 37.7mn m3 compared to 27.8mn m3 in 2012 implying 27% increase. Consolidated EBITDA came in at TL14mn (+57% YoY, -48% QoQ) in the quarter, carrying the full year EBITDA to TL61mn (+38% YoY). The port division s EBITDA was TL93.9mn in 2013 excluding TL55.1mn negative goodwill gain from the Port of Bar acquisition in 2013 compared to an EBITDA of TL80.2mn in 2012, an improvement of 17%. The solo net debt position of the Holding increased to TL309mn as of 2013YE compared to TL289mn as of end-3q13. The consolidated net debt increased to TL697mn from TL599mn on the back of recent port acquisitions of Port of Bar and Barcelona Cruise Port. 4

Investment advisory services are given according to the investment advisory contract, signed between the intermediary institutions, portfolio management companies, investment banks and the clients.

5 This report has been prepared by İş Yatırım Menkul Değerler A.Ş. (İş Investment) solely for the information of clients of İş Investment. Opinions and estimates contained in this material are not under the scope of investment advisory services. Investment advisory services are given according to the investment advisory contract, signed between the intermediary institutions, portfolio management companies, investment banks and the clients. Opinions and recommendations contained in this report reflect the personal views of the analysts who supplied them. The investments discussed or recommended in this report may involve significant risk, may be illiquid and may not be suitable for all. Investors must make their decisions based on their specific investment objectives and financial positions and with the assistance of independent advisors, as they believe necessary. The information presented in this report has been obtained from public institutions, such as Istanbul Stock Exchange (ISE), Capital Market Board of Turkey (CMB), Republic of Turkey, Prime Ministry State Institute of Statistics (SIS), Central Bank of the Republic of Turkey (CBT); various media institutions, and other sources believed to be reliable but no independent verification has been made, nor is its accuracy or completeness guaranteed. All information in these pages remains the property of İş Investment and as such may not be disseminated, copied, altered or changed in any way, nor may this information be printed for distribution purposes or forwarded as electronic attachments without the prior written permission of İş Investment. ( This research report can also be accessed by subscribers of Capital IQ, a division of Standard & Poor's. For more information, please visit Capital IQ's web site at 5

Corporate bond issuance news

Corporate bond issuance news 107 28.04.2014 Corporate bond issuances New applications for corporate bond issuances are as follows: Application to the Capital Markets Board Company Type of instrument Nominal