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27.03.2017 - Felica (http://forum.remitent.pl/memberlist.php?mode=viewprofile&u=1186)
By Laura Benitez and Gus Trompiz

LONDON, Nov 14 (IFR) - Commodity giant Louis Dreyfus Company is expected to test investor appetite for riskier credits this week against a torrid market backdrop, courtesy of the brutal sell-off in government bonds that has followed Donald Trump's US election win.

The European bond market has been shaken in recent days, with the 10-year German Bund yield rising to its highest level since January, and participants expect execution to be more challenged.

The delicate backdrop could make things tricky for the unrated company, which concluded investor meetings last week ahead of a potential bond deal.

"The company is struggling with operating profits, their leverage is deteriorating, and there's no indication that things will get better in the near term," one investor who attended the London leg of the meetings last week said.

Investor feedback for an expected 300m five-year trade is in range of mid to high 4%, for timing as soon as this week.

"It would have to have a 5% handle on it for us to be interested. The credit is an acquired taste, it's off-index and tricky and it's more like high-yield than investment-grade," the investor said.

Louis Dreyfus's 4% December 2020 bond was bid at 401bp over mid-swaps on Monday morning, according to Tradeweb.

The difference between its four-year and five-year CDS is around 60bp-65bp, indicating that fair value on any new bond would be in the 4.60% area, according to investors, though some said they would want compensating for the extra risk.

By way of comparison, commodity peer Bunge priced a 200m tap increase of its 600m seven-year bond at a yield of 1.402% on Friday.

However, much like Glencore Finance, which priced a 1bn seven-year deal at 1.938% in September, these deals are eligible for the ECB's Corporate Sector Purchase Programme, which drives down issuer funding costs.

A lead banker on the upcoming deal said that due to the change in rates and overall market tone since Louis Dreyfus has been marketing the potential bond, timing of any transaction would be dependent on investor sentiment.



TOUGH COMMODITY TIMES

Louis Dreyfus, like its commodity trading peers, has been grappling with ample supplies, lower prices and slower economic growth after a decade-long industry boom.

The group is planning to bring in joint venture partners to bolster certain activities. Chief executive Gonzalo Ramirez Martiarena said last month that it was starting with its fertiliser business, with plans to find partners next year, after selling off the African part of the business. It is also considering selling a stake in its metals business in the second half of 2017, while its orange juice and dairy divisions have been earmarked for partnerships at a later date.

Dreyfus, part of the so-called ABCD quartet of agricultural commodity giants alongside Archer Daniels Midland, Bunge and Cargill, reported a slight rise in net profit for the first half but saw sales and underlying profit extend a decline seen in 2015.

The company, controlled by Margarita Louis-Dreyfus through the Akira family trust set up by her late husband Robert, also wants to improve its return on equity ratio for its shareholder, with a target to reach 10% as soon as possible, compared with 5.5% in the first half of this year, CEO Ramirez said last month.

BNP Paribas, Credit Agricole, Credit Suisse and HSBC are leads on the upcoming deal. (Reporting By Laura Benitez; Editing by Philip Wright and Helene Durand)

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23.03.2017 - Mickey (http://shigaken.info/post/Par_-wskazówek-dbania-o-wygl_d-po-40-tce)

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