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Strikes are catching for two reasons:
1. They entrench inflation.
2. You don't want to be the sucker whose pay doesn't increase.
I wouldn't be surprised if they're short the stock and long the bonds.
The running yield is 16%+. Enquest - regarded as pretty risky by most people! - has a 2027 bond with a running yield of 9.4%.
All other things being equal, those yields are higher than they would be if central banks still had interest rates on the floor, but that's not why petrofac's bonds have collapsed.
The market is saying this company is at meaningful risk of serious financial distress. The potential equity upside here is enormous if they can make it through.
No, they were ISSUED at that coupon in October 2021. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/petrofac-completes-upsized-600m-5-year-bond-terms-67353579
Shows just how negatively the markets view petrofac at the moment. If you look back in 3 years' time I think this will be seen as an unbelievably good buying opportunity.
The lack of 2023 guidance didn't help.
I think it's a combination of:
1. Inflation threatening margins if they can't offset with price increases to customers
2. Inflation/cost of living crisis damaging demand for - somewhat discretionary - on the go food.
3. Transport strikes damaging demand
I agree the share price is ridiculous.
I don't own any of these and I doubt I ever will, but it wouldn't surprise me if the shorts close before any suspension of trading. Being stuck short and facing gap risk after some internal issues are resolved doesn't sound like fun. They've got big profits here and I think they'll cash them in.
2025 bonds @ 60 cents on the $.
They're the buy here. Unfortunately not accessible to retail.
But their view isn't driven by economics, it's driven by political ideology. That won't change.
Labour want to:
Scrap the increased investment tax allowances
Increase the "windfall" tax to 38% (so total tax = 78%, the same as Norway)
Backdate the tax to January
Chances are they will do all of those things when they win the next election. The NS has been rendered uninvestable.
ting the lives of Brazilian citizens who had no connection to their protest at risk.
The locals are going to be getting very p155ed off at the criminals.
Every day that the measure of force of the Indigenous Association for Development and Conservation of Bajo Puinahua (Aidecobap) against the Petrotal company is prolonged, the damage suffered by the population of Puinahua is greater, which, for the most part, does not support the protest.
And it is that the control and blockade of the river carried out by the followers of the association prevents the supply of fuel that the company uses for the operation of Block 95, as well as the one that it donates to Brittany and other towns in the district so that the families have electricity service and, therefore, drinking water.
This situation generated by Aidecobap has caused Brittany, the capital of Puinahua, to be left without water and electricity because the blockade makes it impossible for the boats to arrive with the fuel supply for the operation and the town.
As a consequence, other basic services and economic activities in Brittany have been greatly affected and even paralyzed. This is the case of the Brittany Health Center whose workers, by means of a letter addressed to the Puinahua Sub-prefecture, denounced the damage and danger caused by Aidecobap's “territorial control”.
"The shortage of electricity affects us in different areas (dentistry, obstetrics, laboratory and topic) making the quality of care not adequate for the population, prone to putting the lives of patients at risk", points out the letter that warns about the worrying health situation caused by the association.
Similarly, the citizen of Brittany, Giomar Calampa, on behalf of its population, urged the sub-prefect of Puinahua, Julio Acho, to inform the national authorities about the "vandalism and criminal acts that the Aidecobap protesters have been committing ”.
"The blockage of the river has been restricting the transfer of construction materials and the supply of sand for the construction of our communal premises, a situation that not only delays the work but also puts the total stoppage of the project at risk, affecting approximately 240 families" , denounced.
The “Punchi Warmi” organization, made up of 21 Brittany women who manage and operate the local flake ice plant, also raised their voices in protest at the damage caused by the strike. In a letter, also addressed to the sub-prefect, he publicly denounced the "violation of freedom to work" caused by the association.
"Our ice plant, which is the support of 21 families, is affected by this type of actions that we denounce today," said the communication that also demands that "free transit through the Puinahua river be restored and order and authority in the district.
To date, Aidecobap maintains groups of people armed with spears and shotguns, upstream of Block 95, to prevent the transit of boats. As is recalled, on November 24, his followers detained a barge loaded with oil and kidnapped the crew for more than 48 hours, put
Jeremy Hunt is drinking your milkshake.
Jefferies cuts Greencore price target to 73 (82) pence - 'hold'
The cash has been building up at a rapid rate but the people can't get any benefit from it because AIDECOBAP are taking such extreme positions and actions. I think most local people will become increasingly annoyed at them and they will face increasing social and political pressure to scale back their demands.
The population of this district seems to only be about 4.5K people so on a per capita basis we're talking about huge amounts of money being made available.
It all depends on the price.
Why didn't more of them say this stuff before the budget.
That's all their US assets. I think GoM is 20k.
It has been ruined by the "windfall tax". Same with enquest.