Obbligazioni societarie Abengoa XS0498817542 XS1048657800 XS1219438592 XS1113021031

[Fra41]

Ho quotato una news di BBG aggiungendo io il forse. Execution risk e' alto pero'. Da qui il mio forse.

L'articolo è questo giusto?
http://www.bloomberg.com/news/articles/2015-08-14/abengoa-s-odds-of-default-increase-as-capital-plan-seen-too-late

 

[Cat XL]

L'articolo è questo giusto?
http://www.bloomberg.com/news/articles/2015-08-14/abengoa-s-odds-of-default-increase-as-capital-plan-seen-too-late

C'e' anche questo si ma mi riferisco ad un altro articolo dove si cita un ampliamento del capitale.

 

[gionmorg]

Abengoa Stress May Prove a Real Test for Green Bond Market
By Charles Daly - 14/ago/2015 10:17:58


Over 600 solar troughs, which act like giant mirrors, redirect the sun's rays to a central tower which heats water to generate steam to power turbines, at the Abengoa solar-thermal plant near Seville.
A slump in the bond prices of a subsidiary of the beleaguered Spanish renewable energy company Abengoa SA may spill over into the broader green bond market, according to Ulf Erlandsson, a portfolio manager at AP4, Sweden’s state-owned pension fund.

"A bond market hasn’t been properly tested until you’ve had a real default," Erlandsson said in an interview, highlighting Abengoa Greenfield SA's 265 million euros of 5.5 percent bonds, which are now trading as low as 40 cents to 45 cents on the euro.

aug 14 green
Green bonds are fixed-income instruments that fund projects promoting climate change mitigation or other environmental sustainability purposes. This definition from Bloomberg New Energy Finance is adopted from the Green Bonds Principles framework.

The World Bank, together with institutions including the European Investment Bank and SEB AB, created the concept of branding debt sold by environmentally friendly issuers or projects back in 2007.

Issuance of green bonds stalled in the first half of this year, according to data compiled by Bloomberg Intelligence. The $18.3 billion in sales was slightly below the amount sold in the first half of 2014.

"Labelling bonds with proceeds dedicated to funding renewable energy and other environmental projects hasn't lowered funding costs," Bloomberg Intelligence analyst Gregory Elders wrote on July 29. "With the added costs of certifying and reporting on use of proceeds, issuers may not see sufficient advantage."

Despite faltering sales, Moody's Investors Service expects global green bond issuance in 2015 to far exceed last year's record volume of almost $37 billion. The credit-rating company said it expects continued offerings in China and India.

More articles on Bond Market, Bonds

 

[Fra41]

Tutto è il contrario di tutto su Abengoa:

UPDATE 1-Spain's Abengoa denies it has been advised to increase rights issue | Reuters

 

[qquebec]

Abengoa

Riprendo un pezzo edito da Bloomberg...

(...) Abengoa said it will use proceeds from the planned share sale to reduce debt by 300 million euros. Existing shareholders will have preferential rights to buy the new shares and Abengoa’s main shareholder, Inversion Corporativa IC SA, will participate in the sale with new funds. “The equity increase gives the impression that the company urgently needs cash,” said Fischer. “They’ve not done enough to win back investors’ trust.” Abengoa said it will generate between 600 million euros and 800 million euros of cash this year, down from about 1.4 billion euros, according to a company presentation.

 

[qquebec]

Abengoa

sempre da Bloomberg ... Abengoa Default Bets Pared as Talks Continue for New Funds - Bloomberg Business

Banks are advising Abengoa to raise about 800 million euros, instead of the 650 million euros previously announced, according to the people. The company said it will complete 500 million euros of asset sales by the first quarter of 2016, in addition to the capital increase, according to a regulatory filing on Aug. 3.

Opaque Structure

“The CDS and bond prices suggest that the market believes that a default is a real possibility,” David Newman, head of high yield at Rogge Global Partners in London, said earlier this week. Rogge manages more than $50 billion and doesn’t hold Abengoa’s bonds or stock. Investors are concerned that the company’s debt structure is opaque and difficult to understand, he said. Seville-based Abengoa has hundreds of projects and subsidiaries, and raises funding to build power lines, water plants, solar and biomass plants worldwide. The company classifies short-term bridge financing for projects as “non-recourse debt in process,” even though it’s guaranteed by the parent. When projects are completed, Abengoa refinances the loans with long-term debt that doesn’t have a claim on the company. Until November, all of Abengoa’s bonds were categorized as corporate debt. Then, it reclassified some bonds as non-recourse-in-process bridge financing. The move surprised creditors, even though it was allowed in the documentation of those specific securities and still had corporate guarantees.

 

[BIKERBIKER]

sempre da Bloomberg ... Abengoa Default Bets Pared as Talks Continue for New Funds - Bloomberg Business

Banks are advising Abengoa to raise about 800 million euros, instead of the 650 million euros previously announced, according to the people. The company said it will complete 500 million euros of asset sales by the first quarter of 2016, in addition to the capital increase, according to a regulatory filing on Aug. 3.

Opaque Structure

“The CDS and bond prices suggest that the market believes that a default is a real possibility,” David Newman, head of high yield at Rogge Global Partners in London, said earlier this week. Rogge manages more than $50 billion and doesn’t hold Abengoa’s bonds or stock. Investors are concerned that the company’s debt structure is opaque and difficult to understand, he said. Seville-based Abengoa has hundreds of projects and subsidiaries, and raises funding to build power lines, water plants, solar and biomass plants worldwide. The company classifies short-term bridge financing for projects as “non-recourse debt in process,” even though it’s guaranteed by the parent. When projects are completed, Abengoa refinances the loans with long-term debt that doesn’t have a claim on the company. Until November, all of Abengoa’s bonds were categorized as corporate debt. Then, it reclassified some bonds as non-recourse-in-process bridge financing. The move surprised creditors, even though it was allowed in the documentation of those specific securities and still had corporate guarantees.

Ma parlando del bond 2016 come spiegate il rimbalzo avvenuto in poche ore da 59 a 81?

 

[Brizione]

Ma parlando del bond 2016 come spiegate il rimbalzo avvenuto in poche ore da 59 a 81?

c'è pocaca liquidità in questi giorni, qualcuno ha approfittato del calo e ha acquistato bene dando fiducia alla società e credendo nei piani di rifinanziamento

 

[BIKERBIKER]

c'è pocaca liquidità in questi giorni, qualcuno ha approfittato del calo e ha acquistato bene dando fiducia alla società e credendo nei piani di rifinanziamento

Si, magari proprio qualcuno che è dentro la società
Intanto l'eurogruppo ha sbloccato questa notte il terzo pacchetto di aiuti per la Grecia e lunedì vedremo anche le quotazioni dei btp volare

 

[qquebec]

Ma parlando del bond 2016 come spiegate il rimbalzo avvenuto in poche ore da 59 a 81?

Scadenza brevissima, size contenuta, alte probabilità di rimborso