Comment, question or quotation of the day

03-12-2020 : Quote of the day

"In finance, everything is about the future - return, risk and value!"        

Pierre Vernimmen, French investment banker and educator

02-12-2020 : Question from a participant of ICCF@Columbia Business School


Unibail-Rodamco-Westfield announces a €1 billion bond buyback offer. What is the purpose behind this manoeuvre? In view of the difficulties encountered by the company, wouldn't the cash used be better used for capex or to keep a liquidity cushion in case of further difficulties? 



This is a classic bond debt management operation that large issuers frequently engage in. 

At the same time as URW announced this bond tender offer for 5 bonds issued by it in the past and maturing between 2021 and 2024 for a maximum amount of €1 billion, URW launched the issuance of two new bonds for a total of €2 billion with a maturity of 6.5 years and 11 years.

It has thus extended the average maturity of its debt and provided itself with additional resources that will enable it to meet its short-term debt repayments.

For more details, see chapter 41 of Vernimmen on the management of bank and financial debts by companies.


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The Letter

Number 133 of November 2020

News : The IASB's plan to improve the presentation of the income statement

Statistics : The presentation of income statements around the world

Research : Allocation of securities during bond issues: effects comparable to initial public offerings

Q&A : In the leverage formula, should financial expenses of the gross debt or the financial expenses net of financial income be taken into account?

COMMENTS : Comments posted on Facebook