(BFW) Maurel & Prom Issues EU220m in July 2019 Ornane Bonds

ONE 06/06 06:25 Maurel & Prom: Offering by MAUREL & PROM of net share settled bonds convertible into new shares and/or exchangeable for existing
Maurel & Prom Issues EU220m in July 2019 Ornane Bonds
2014-06-06 06:58:41.296 GMT


By Tim Barwell
     June 6 (Bloomberg) -- May raise ornane sale to EU253m.
  * Will allow co. to refinance its debt, extend maturity of its
    debt through the redemption
  * NOTE: Ornanes are net share settled bonds convertible into
    new shares and/or exchangeable for existing shares

Link to Statement:{NSN N6QHUO3V2801 <GO>}
Link to Company News:{MAU FP <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
Tim Barwell at +44-20-7073-3512 or
tbarwell@bloomberg.net

>>> Industrial Sector on interesting levels too...

As ECB is moving in the direction market were expecting, it looks like we are seeing flow back in Industrials out of Consumer as all these measures will boost investment...and no consumption int he short term....

SXNP is on its way to check Resistance on the 425.5 levels (less than 1% from here)...we should a break up with target 6 to 7% higher (454.5) with another resistance first at 434

Have a look

Laurent

>>> TECH VIEW EWZ US (45.91 last) - work a buy at 45.30, target 65.00 with a


EWZ US trading 48.12 in pre-mkt up 4% on political poll results after 0.8% yesterday (that’s nearly 5% on an Index in 2 days)

 

This is still a buy on technical base target is 65 long term

 

From: Laurent Chekroun
Sent: Thursday, June 05, 2014 12:30 PM
Subject: TECH VIEW EWZ US (45.91 last) - work a buy at 45.30, target 65.00 with a stop loss on a daily close below 44.00

 

                Summary

 

·         EWZ has recently broke out from a 3 year declining wedge pattern

·         The breakout level stands at 44.90-45.30 and while above this level a significant move higher is the preferred scenario

·         The 44.90-45.30 area is:

 

o   45.30 = The wedge breakout area  

o   45.30 = 38.2% Fibonacci retracement of the move from 38 low to 49.81 high

o   44.98 = 55 week moving average

o   44.97 = 200 day moving average

 

·         The wedge breakout target is somewhere in between 67 and 73 (based on the height of the wedge or the top of it – both strategies are accepted)

·         The recent pullback is viewed as move lower to re-test the breakout level and assuming this 44.97-45.30 provides support a move higher should be next

 

Strategy: Long from 47.08, add 1 more unit at 45.30, target a move to 65.00 with a stop loss on a daily close below 44.00

 

 

Daily chart – while above 44.97-45.30 chance for a significant more higher is my preferred scenario

 

 

 

Weekly chart – bullish wedge breakout targets a huge move higher (target 67-72 in a medium term perspective)

 

 

TECHNICAL TRADE IDEAS

 

(ZH) Copper Plunges Most In 3 Months As "Rehypothecation Evaporation" Concerns G

Copper prices accelerated lower overnight and are sitting at 5 week lows following rapidly growing fears that the commodity warehousing probe will uncover exactly what we have been warning about for months - there is no 'there', there. As we explained in great detail here andhere, the discrepancy of reportedly 80,000 tonns of aluminum and 20,000 tonnes of copper is sparking wholesale liquidations as carry traders, lenders, and borrowers all scramble to find out if their promised commodity is there. Iron ore, which has seen its price tumble dramatically, is also on the watch list as the port had said it was investigating whether iron ore warehouse receipts were fraudulently used multiple times to raise finance by different banks.
As we concluded yesterday,
So far it is unknown just what happens next: when it comes to copper and certainly gold, there has been a substantial downswing in prices. How much of that is attributed to CFDs unwinding is unclear. But the bigger question, and not just for gold prices, but for the Chinese economy is if indeed the funding deal house of cards is imploding, what happens to China's shadow banking system, which is extremely reliant on the billions in "rehypothecated" dollars emanating from non-existent metal collateral.
Because should the Qingdao port fiasco spread and be confirmed at all other venues that use commodities for funding purposes, then that may just be the straw that breaks the already weakened back of China's credit system. How the PBOC will respond to that may be just the variable that answers what happens to China's inflation, and thus to the price of the simple, unencumbered underlying physical metals in the coming weeks and days.
Stay tuned

>>> US Gapping down

Gapping down In reaction to disappointing earnings/guidance: RALY -19.8%, SEAC -11.4%, HTZ(E) -10.7%, (disclosed that Q1 results are likely to be below consensus), DMND -9.3%, MCZ -4.7%, THO -2%, COO -1.5%, ZOES -0.9%.

Other news: HDSN -7.3% (announces proposed public offering of common stock; size not disclosed ), NVAX -6% (prices 25 mln shares of common stock at $4.00 per share), IG -2.7% (filed for $35 mln offering of common stock), UIHC -1.7% (filed for ~2.72 mln share common stock offering by selling shareholders), UL -1.6% (still checking), DEO -1.5% (still checking).

Analyst comments: BTU -1.4% (downgraded to Neutral from Buy at Goldman).

>>> US Gapping up

Gapping up In reaction to strong earnings/guidance: CMTL +5.2%, CRDS +5%, PAY +3.3%, MTN +2.1%, QURE +0.7%.

Select EU (and India) financial related names showing strength: IRE +2.5%, ING +1.3%, IBN +1.2%, BCS +1.1%.

Select metals/mining stocks trading higher: VALE +2.5%, IAG +1.1%, MT +0.9%.

Other news: ECTE +20.9% ( announces Glass Lewis recommends stockholders vote for Echo's Board nominees), NIHD +13.2% (cont strength), MY +9.7% (obtains approval to develop and operate 300MW off-shore wind power project in Jiangsu Province ), GWPH +8% (receives Fast Track Designation from FDA for the treatment of Dravet Syndrome), VTUS +5.1% (ticking higher --- was up 20%+ yesterday), BRS +4.8% (named John Briscoe as CFO), JKS +2.8% (strongly disagrees with U.S. Department of Commerce's preliminary decision on countervailing duty investigation), RAD +2.2% (positive comments on Mad Money), JD +2.2% (cont strength), PNRA +1.8% (announced new three year $600 mln share repurchase program), ARMH +1.8% (still checking), ASML +1.7% (still checking), MBII +1.1% (prices 4.5 mln shares of common stock at $9.50 per share), DRYS +0.9% (announces Ocean Rig contract developments).

Analyst comments: ANGI +7.1% (upgraded to Buy from Neutral at BofA/Merrill), JAKK +2.5% (upgraded to Buy from Neutral at BofA/Merrill), BLMN +1.8% (initiated with a Buy at Buckingham Research), CNX +1.6% (upgraded to Buy from Neutral at Goldman), JOY +1.3% (upgraded to Buy from Neutral at BofA/Merrill), CCJ +1.1% (upgraded to Hold at Canaccord Genuity)

Coty Inc. Announces Repurchase of Shares from Berkshire Partners and Rhone Capital

+------------------------------------------------------------------------------+

BN 06/06 12:02 *COTY SAYS TOTAL CONSIDERATION $468M BFW 06/06 12:02 *COTY REPORTS BUYBACK OF 27.9M CLASS B SHRS BN 06/06 12:01 *COTY TO BUY SHARES AT $16.7779 EACH BN 06/06 12:01 *COTY REPORTS BUYBACK OF 27.9M CLASS B SHRS BN 06/06 12:00 *COTY REPORTS REPURCHASE OF SHRS FROM BERKSHIRE PARTNERS, RHONE

+------------------------------------------------------------------------------+

Coty Inc. Announces Repurchase of Shares from Berkshire Partners and Rhone Capital 2014-06-06 12:00:06.758 GMT

Coty Inc. Announces Repurchase of Shares from Berkshire Partners and Rhone Capital

PR Newswire

NEW YORK, June 6, 2014

NEW YORK, June 6, 2014 /PRNewswire/ -- Coty Inc. (NYSE: COTY) today announced that, as part of an ongoing share repurchase strategy, the Company has agreed to purchase 27,892,818 shares of Class B Common Stock owned by investment funds affiliated with Berkshire Partners (Berkshire) and Rhone (Rhone), representing all the shares of Class B Common Stock they will own on the purchase date.  Coty will purchase the shares at a price of $16.7779 based upon the previous five day volume weighted average price. The total consideration for the 28 million shares will be $468 million. Pursuant to this transaction, Brad Bloom from Berkshire and Steve Langman from Rhone will resign their positions on the Board of Directors, and the Coty Board will comprise eight members.

"We believe repurchasing our shares is a prudent use of our cash and are pleased to extend Coty's record of returning value to shareholders through continued share repurchases," stated Patrice de Talhouet, Coty CFO. "This repurchase of shares is in addition to our recently announced $200 million incremental share repurchase program authorized by our Board, and demonstrates our ongoing confidence in Coty's strategy to generate long-term profitable growth and strong cash flow."

"On behalf of our board of directors and executive committee members, I would like to thank Brad and Steve for their support, dedication and service to our organization," stated Michele Scannavini, Coty CEO. "They served with distinction and provided invaluable guidance to management during a pivotal time in our company's history."

"Over the past three and a half years, we have been honored to partner with Coty on its path to becoming a leader in the global beauty industry as it built a growing presence across new product categories and emerging markets around the globe," said Steve Langman, Managing Director at Rhone. "While we now exit our shareholding as the company has completed its transition from the private to public capital markets commensurate with our original investment horizon, we continue to believe in the strength and creativity of its management team and growth potential of its brands. We thank Coty and its board for this extraordinary opportunity."

"It was a privilege to partner with Coty, one of the world's leading beauty companies, during such an exciting chapter for the company," said Brad Bloom, Managing Director at Berkshire Partners. "We look forward to watching Coty's continued success."

About Coty Inc. Coty is a leading global beauty company with net revenues of $4.6 billion for the fiscal year ended June 30, 2013.  Founded in Paris in 1904, Coty is a pure play beauty company with a portfolio of well-known fragrances, color cosmetics and skin & body care products sold in over 130 countries and territories.  Coty's product offerings include such power brands as adidas, Calvin Klein, Chloe, Davidoff, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen.

Forward Looking Statements Certain statements in this release are forward-looking statements.  These forward-looking statements reflect the Company's current views with respect to, among other things, the contemplated repurchase of the Company's common stock from Rhone and Berkshire and the Company's strategy to generate long-term profitable growth and strong cash flow.  These forward-looking statements are generally identified by words or phrases, such as "expect", "will", "would" and similar words or phrases. Actual results may differ materially from the results predicted due to risks and uncertainties including, whether the Company, Rhone and Berkshire will be able to consummate the transactions described in the release as contemplated and the Company's ability to achieve our global business strategy and compete effectively in the beauty industry. More information about potential risks and uncertainties that could affect the Company's business and financial results is included under "Risk Factors" and "Management Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2013 and other periodic reports the Company may file with the Securities and Exchange Commission from time to time.  The Company assumes no responsibility to update forward-looking statements made herein or otherwise.

SOURCE Coty Inc.

Website: http://www.coty.com Contact: Investor Relations - Kevin Monaco, 212-389-6815, Senior Vice President, Treasurer and Investor Relations, or Media - Catherine Walsh, 212-389-7346, Senior Vice President, Corporate Communications

-0- Jun/06/2014 12:00 GMT

>>> US Early premarket gappers

Early premarket gappers
Gapping up: ECTE +20.9%, MY +14.6%, VTUS +8%, CMTL +6.1%, ANGI +5%, CRDS +5%, BRS +4.8%, PAY +3.7%, MTN +2.1%, RAD +2%, MBII +1.9%, PNRA +1.8%, CNX +1.6%, ASML +1.3%, TMUS +1.2%, CCL +1.1%, QURE +0.7%

Gapping down: RALY -21.8%, SEAC -11.4%, DMND -9.3%, NVAX -7.7%, HDSN -7.3%, MCZ -4.7%, IG -2.7%, ZNGA -2%, THO -2%, UIHC -1.7%, UL -1.7%, COO -1.5%, ZOES -0.9%, LG -0.8%

(BN) Draghi’s ABS Plans Signal Clash With Regulators: Credit Markets

Draghi’s ABS Plans Signal Clash With Regulators: Credit Markets
2014-06-06 10:54:10.716 GMT


     (To be sent this column daily, click SALT CMW. For credit-
market columns, click on TOP CM.)

By Alastair Marsh
     June 6 (Bloomberg) -- Mario Draghi is on a collision course
with regulators as he seeks to revive Europe’s asset-backed debt
market to boost lending to businesses.
     The European Central Bank president said yesterday
regulators are holding back the market he wants to use to spur
economic growth. Policy makers are frustrated by the Basel
Committee on Banking Supervision’s demands that investors
increase the capital they hold to absorb losses on the debt.
     “We are working on the ABS, but you know that there are
also other actors,” Draghi said at a press conference in
Frankfurt. “There has to be a revisitation of the regulation
that had been introduced in the past few years about ABS to
eliminate some of the undue discriminations.”
     Europe’s $2 trillion ABS market contracted 32 percent since
2009 as regulators cracked down on the debt they blamed for
deepening the financial crisis. The securities package
individual loans such as mortgages, auto credit or credit-card
debt and sell them on to investors, allowing banks to share the
risk of default and encouraging them to offer more credit.
     Regulators have been wary of the securities as the
complicated structure of some products can obscure the true
riskiness of the underlying assets. That happened with
securities backed by the U.S. sub-prime mortgage market, which
imploded in 2007.

                            ECB, BOE

     Lenders from London-based Barclays Plc to Deutsche Bank AG
in Frankfurt say the rules are becoming so onerous they may shun
some of the debt, prompting the ECB to join with the Bank of
England to seek to ensure the market isn’t unnecessarily
impaired.
     The central banks outlined plans last week for so-called
qualifying securitizations that “would be simpler, more
structurally robust and transparent,” so that non-bank
investors could model risks more easily.
     “Support from European central banks is very positive but
the current regulatory proposals on capital charges are not
conducive to growth,” Francisco Paez, who oversees $20 billion
of structured finance securities at New York-based MetLife Inc.,
said in a telephone interview on June 3. “This dissonance needs
to be addressed so that when the rules are finalized we have
capital charges for ABS that are reasonable.”
     The ECB is promoting bonds backed by loans to small- and
medium-sized enterprises in a bid to increase funding to the
businesses that employ about 70 percent of the European Union’s
private-sector workers.

                    ‘Simple and Transparent’

     Draghi said the plan to revive the market includes buying
“simple and transparent” notes that are backed by non-
financial private sector debt. That may prove to be a challenge,
according to New York-based Citigroup Inc., because there are
only about 13 billion euros ($18 billion) of public bonds
outstanding.
     “They may well succeed in reviving the market, but only in
encouraging exactly the sort of credit-intensive growth and
associated bubbles in asset prices which got us into trouble in
the first place,” Citigroup analysts led by Matt King said in a
note to clients yesterday before Draghi spoke.
     Regulation will be the main talking point when investors,
issuers and traders gather for the Global ABS 2014 conference in
Barcelona next week. Yves Mersch, a member of the ECB’s
executive board, who said in April there is more room to
maneuver for granting high-quality securitizations favorable
treatment, will deliver the keynote speech on June 11.

                          Busiest Week

     Asset-backed debt sales are heading for their busiest week
in three years in Europe, with the banking unit of U.K. grocer
Tesco Plc and Banco Santander SA among issuers offering almost 4
billion euros of the debt, according to Utrecht, Netherlands-
based Rabobank. The ECB’s plan to purchase ABS may not be enough
to sustain this pace of new issuance, according to UBS AG.
     “With respect to jumpstarting primary issuance, we believe
lack of demand from debtors and technical hurdles for
originators and investors are not easy to look past,” UBS
analysts led by Matthew Mish in New York said in a note to
clients today.
     European ABS sales fell to about 74 billion euros in Europe
last year from 325 billion euros in 2007, an almost 80 percent
decline, according to JPMorgan Chase & Co.
     In the U.S., the Federal Reserve’s efforts to stimulate
securitization, including making loans to finance bond
purchases, fueled confidence in the market and held issuance
above $140 billion at the height of the crisis in 2008 and 2009,
when sales in Europe were less than $15 billion. Banks in the
U.S. sold $174 billion of asset-backed bonds last year.
     “Regulation continues to play a key role in shaping access
to the ABS market and constraints remain which will take time to
overcome,” said Neal Shah, a London-based managing director for
structured finance at Moody’s Investors Service.

For Related News and Information:
Draghi ABS Plan Seen Helping Banks Not Business: Credit Markets
NSN N4XVSY6JIJUZ <GO>
Toxic Debt Condemned in Crisis Heralded as Europe’s Savior (2)
NSN N3VFG76JIJVE <GO>
Draghi’s Hunt for QE Assets Leaves ECB Scouring Bare Market (2)
NSN N3RGAQ6KLVRS <GO>
European ABS News: STNI EUROPEABS <GO>
European CMBS News: STNI EUROCMBS <GO>
Covered Bond News: NI Covered <GO>

To contact the reporter on this story:
Alastair Marsh in London at +44-20-3525-8767 or
amarsh25@bloomberg.net
To contact the editors responsible for this story:
Shelley Smith at +44-20-3525-2020 or
ssmith118@bloomberg.net
Michael Shanahan