Raport de Analiza Obligatiuni International Leasing ... - Kmarket.ro
Raport de Analiza Obligatiuni International Leasing ... - Kmarket.ro
Raport de Analiza Obligatiuni International Leasing ... - Kmarket.ro
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OBLIGATIUNI INTERNATIONAL LEASING<br />
suprasubscriere alocarea obligatiunilor se va face dupa metoda “p<strong>ro</strong>-rata”.<br />
Fondurile atrase prin emisiunea <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni vor fi utilizate pentru <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>zvoltarea<br />
activitatii firmei, prin incheierea <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> contracte <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> leasing operational.<br />
<st<strong>ro</strong>ng>International</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Leasing</st<strong>ro</strong>ng> este unul dintre cei mai activi emitenti din punct <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng><br />
ve<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>re al finantarii prin emisiuni publice <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni. Specificatiile emisiunilor<br />
lansate <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> societate au crescut succesiv, pe masura ce aceasta s-a<br />
<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>zvoltat iar necesitatile sale <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> finantare au sporit. Prezentam mai jos o<br />
comparatie a valorii celor trei emisiuni <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni ale <st<strong>ro</strong>ng>International</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Leasing</st<strong>ro</strong>ng><br />
(A2000, B2002 si cea curenta, C2005):<br />
Valoare in lei (mii RON)<br />
Valoare in USD (mii USD)<br />
4800<br />
1538<br />
220<br />
106<br />
1500<br />
456<br />
A2000 B2002 C2005<br />
<st<strong>ro</strong>ng>International</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Leasing</st<strong>ro</strong>ng> a <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>rulat<br />
cel mai mare numar <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> oferte<br />
publice <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni corporative<br />
din tara noastra.<br />
Emisiunea <st<strong>ro</strong>ng>International</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Leasing</st<strong>ro</strong>ng> A2000 a fost prima emisiune <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni<br />
corporative incheiata cu success in Romania. Prin intermediul acesteia s-au<br />
pus in vanzare 88.000 obligatiuni cu o valoare totala <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 220 mii RON.<br />
Maturitatea acestora a fost <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 18 luni, iar rata dobanzii (fixa) <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 60%/an.<br />
Dobanzile si principalul au fost platite la timp, fara intarzieri.<br />
Dupa doi ani a fost lansata emisiunea B2002 prin care s-au pus in vanzare<br />
600.000 obligatiuni cu o valoare totala <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 1,5 milioane RON. Maturitatea<br />
obligatiunilor a fost <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 24 <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> luni, iar rata dobanzii (fixa) <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 42%/an. Si in<br />
cazul acestei emisiuni, ajunse la sca<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>nta in 2004, toate platile au fost<br />
facute la timp, fara intarzieri.<br />
O comparatie a celor trei emisiuni <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni <st<strong>ro</strong>ng>International</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Leasing</st<strong>ro</strong>ng> este<br />
prezentata mai jos:<br />
A2000 B2002 C2005<br />
An <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> lansare 2000 2002 2005<br />
Valoare Totala (mii RON) 220 1.500 4.800<br />
Valoare Totala (mii USD) 106 456 1.538<br />
Numar obligatiuni 88.000 600.000 48.000<br />
Valoare Nominala (RON) 2,50 2,50 100,0<br />
Pret <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> Vanzare (RON) 2,50 2,50 100,0<br />
Maturitate (luni) 18 24 48<br />
Rata dobanda 60% (fixa) 42% (foxa) BUBOR6M+2,25%<br />
Rambursare La sca<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>nta La sca<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>nta 4 transe anuale<br />
Prezentare emitent<br />
2<br />
<st<strong>ro</strong>ng>International</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Leasing</st<strong>ro</strong>ng> este prezenta pe piata leasing-ului din tara noastra<br />
inca din anul 1995, fiind infiintata ca prima companie in<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>pen<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>nta <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> leasing<br />
cu capital integral <strong>ro</strong>manesc. Societatea se remarca in peisajul firmelor<br />
<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> leasing <strong>ro</strong>manesti printr-o flexibilitate ridicata in analiza si structurarea
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