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OPA DAY – Bonds (and action) The collapse in the day runrún restructuring – markets and



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They say that the stock market, investors tend to anticipate future events from the expectation that something good or bad happens. Sometimes the rumor becomes news. Many other times, not. Now, when those who foresee the future with a & # 39 are bond investors have confidence in the fact that something will be safe. in For Dia, as shareholders and bond holders agree to the same conclusion that the takeover bid Friedman bordering failure only five days to complete, and the company began to dismiss the scenario of restructuring with creditor banks.

Dia shares on Thursday fell by 3.4% to 0.58 euros, arranged so that 13% below the 0.67 euros, offered background Letterone. This is the lowest rate in the month from many investors to sell their shares after the bankruptcy as a warning from the Director General, Borja de la Cierva,Such as Friedman team captain Stephan Ducharme, Both agree that the risk of insolvency is looming for Dia in the absence of an agreement with the creditor banks, the payment of one million loans in May.

The evolution of prices on bonds Dia.

The verdict is the sameIf the takeover goes ahead a lot, ergo there will be no extension 500 million euros, Dia does not have the resources to fix your financial gap and, of course, can not afford to repay the debt. Message struck a chord among some bondholders on Thursday, which was the sale of the regime. Quote debt supermarket chain suffered Thursday its steepest drop since November, the prices of three series senior bonds worth EUR 900 million.

Discount 44% of its bonds

Broadcast so that wins more immediately (July 2019 coupon 1.5%) showed a drop of 5.8%Up to 87 points, which is a discount of 13% of the redemption price in July. In other words, if Dia can pay in July and return to the main bonus point increase in the yield gain of more than two digits. more pessimistic was a bond that matures in April 2021 (1% coupon) or ends in April 2023 (coupon 0.85%), that They fell by 8% and 10%Accordingly, in order to place your discount of 33% and 44% in the price of par.

absence of competing offers -this Thursday April 25 was the deadline for the submission or raise the price of Fridman- takeover bid inThe plant as the creditor banks at the time to reach an agreement Letterone with others of the conditions for the implementation of the capital increase of 500 million caused a stampede as bond investors have not seen day of the accident in October 2018, Then I began warning multinational profit adjusted their accounts and accounting irregularities, detected management team.

It was in October, when the downward spiral in the price of the bond filed back downgraded the financial risk of major agencies began. Dia deterioration suffered to his consistent ranking in the period from October to December by institutions S & P and Moody & # 39; s, which took note of A and BBB- Baa3 (Investment Grade or above junk bonds) to CCC + and Caa1Inconsistent rankings of investment, high risk, and which indicate the probable risk of default on its debt. This new scenario, how to cope actions, such as bonds.

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