Obbligazioni societarie Abengoa XS0498817542 XS1048657800 XS1219438592 XS1113021031

[Fra41]

Abengoa Said to Work With Lazard to Find Buyers for Share Sale - Bloomberg Business

Adesso si parla anche di ristrutturazione caxxarola!
Bond in caduta libera!

 

[Magician]

- Abengoa: according to the Spanish newspaper El Confidencial, BAML, Citi and Société Générale have refused to underwrite the planned capital increase of EUR650m. As a result, bonds fell significantly yesterday while, according to Reuters last week, Credit Agricole, HSBC and Santander have agreed to standby underwrite the issue.
Since Abengoa announced its contemplated capital increase a month ago, the group has released nothing regarding the terms and conditions of the issue. In our focus dated 26 August, we highlighted the fact that there is substantial execution risk regarding the capital increase, given the collapse of ABG shares and therefore the size of the planned issue as a percentage of the current market capitalisation (about 75% at yesterday’s closing price) and the uncertain funding capability of Inversion Corporativa, Abengoa’s main shareholder. Some press reports relayed that a major investor from the Middle East may participate, but nothing has been confirmed yet. This morning’s release suggests that Inversion Corporativa may subcribe to about EUR130m if the capital increase is in class B shares, otherwise it would contribute less.



Clearly, the fact that BAML, Citi and Société Générale are not underwriting the rights issue is not good news. However, should Abengoa fail to execute this issue, we believe the group still has some options to raise liquidity in the short term, including the sale of further ABY shares and the disposal of more projects to Abengoa Yield.



Taking into consideration our recovery value for senior unsecured debt at about 40%, we keep our hold recommendation.

 

[fabriziof]

- Abengoa: according to the Spanish newspaper El Confidencial, BAML, Citi and Société Générale have refused to underwrite the planned capital increase of EUR650m. As a result, bonds fell significantly yesterday while, according to Reuters last week, Credit Agricole, HSBC and Santander have agreed to standby underwrite the issue.
Since Abengoa announced its contemplated capital increase a month ago, the group has released nothing regarding the terms and conditions of the issue. In our focus dated 26 August, we highlighted the fact that there is substantial execution risk regarding the capital increase, given the collapse of ABG shares and therefore the size of the planned issue as a percentage of the current market capitalisation (about 75% at yesterday’s closing price) and the uncertain funding capability of Inversion Corporativa, Abengoa’s main shareholder. Some press reports relayed that a major investor from the Middle East may participate, but nothing has been confirmed yet. This morning’s release suggests that Inversion Corporativa may subcribe to about EUR130m if the capital increase is in class B shares, otherwise it would contribute less.



Clearly, the fact that BAML, Citi and Société Générale are not underwriting the rights issue is not good news. However, should Abengoa fail to execute this issue, we believe the group still has some options to raise liquidity in the short term, including the sale of further ABY shares and the disposal of more projects to Abengoa Yield.



Taking into consideration our recovery value for senior unsecured debt at about 40%, we keep our hold recommendation.

Se posti la valutazione di un recovery devi dire anche di chi é se no é poco corretto.

 

[Magician]

Se posti la valutazione di un recovery devi dire anche di chi é se no é poco corretto.

Penso che tu sia stanco, irritato, ... per dimenticare l'educazione, e ti perdono per darmi del poco corretto.
L'italiano è una bella lingua, bastava chiedere cortesemente la fonte: EXANE

Non ho mai fatto polemica, ma non sono assolutamente carine le tue insinuazioni.

Chiudo l'incidente.

 

[fabriziof]

Penso che tu sia stanco, irritato, ... per dimenticare l'educazione, e ti perdono per darmi del poco corretto.
L'italiano è una bella lingua, bastava chiedere cortesemente la fonte: EXANE

Non ho mai fatto polemica, ma non sono assolutamente carine le tue insinuazioni.

Chiudo l'incidente.

Io non sono né stanco né irritato e non insinuo proprio un bel niente .se si mette una valutazione così delicata ,che può orientare le scelte di chi legge il forum e spingerli o meno ad acquistare una ciofeca come questa ,è obbligatorio mettere la fonte .il tuo comportamento è stato oggettivamente poco corretto perché ,naturalmente in buona fede da parte tua ,te ne sei dimenticato .quindi io te l'ho fatto educatamente notare e tu hai messo prontamente riparo.tutto qua ,perchè te la prendi,mi dovresti ringraziare semmai

 

[gionmorg]

Abengoa Said to Work With Lazard to Find Share Sale Buyers
Abengoa SA, a Spanish renewable-energy company whose market value has shrunk by half this year, is working with financial advisory firm Lazard Ltd. to find investors for its planned capital increase, according to people with knowledge of the matter.

04/set/2015 14:25:52

Abengoa SA, a Spanish renewable-energy company whose market value has shrunk by half this year, is working with financial advisory firm Lazard Ltd. to find investors for its planned capital increase, according to people with knowledge of the matter.

While Abengoa’s focus is currently on the share sale, it may also consider debt restructuring in the future, the people said, asking not to be identified because the deliberations are private. The Seville-based company is discussing a variety of options with Lazard and banks, the people said.

Abengoa is speaking with lenders including Citigroup Inc., Bank of America Corp., HSBC Holdings Plc and Banco Santander SA about underwriting its capital increase, the people said. Some of the banks have expressed reluctance about underwriting the sale because of concerns about the company’s accounting methods and high debt levels, they said.

The company said last month that it’s seeking to raise 650 million euros ($724 million) of capital and dispose of 500 million euros of assets, according to a regulatory filing. Abengoa Class B shares have declined 51 percent so far this year, valuing the firm at 880 million euros. They were up 4 percent at 4:15 p.m., after gaining as much as 10 percent.

Abengoa could announce details of its capital raising plans as early as
next week, depending on market conditions, two of the people said. Executives and shareholders are in talks over possible management changes, cuts in capital expenditure and ways to reduce leverage, they said.

The company is also considering selling part of its stake in Abengoa Yield, a separate business that was created for projects from solar plants to transmission lines, the people said. Abengoa is the largest shareholder in Abengoa Yield with a 49 percent stake, which is worth more than $1 billion, according to data compiled by Bloomberg.

Abengoa’s 500 million euros of bonds due in March 2016 reversed gains and fell as much as 15 cents to 56 cents on the euro, the lowest on record. The notes were quoted as high as 75 cents earlier on Friday, according to data compiled by Bloomberg.

A spokeswoman for Abengoa declined to comment on talks with Lazard. Representatives for Lazard, Citigroup and Bank of America declined to comment. HSBC and Santander didn’t immediately respond to requests for comment.

Concern over the company’s accounting methods and ability to generate enough cash to service obligations has made the stock among the most volatile in Europe. Abengoa first roiled investors in November, when it reclassified some bonds. More recently, the cost of insuring its notes against default shot up after it cut its free-cash flow forecast and said it will raise capital and dispose of assets.

 

[bosmeld]

su Abengoa vedendo un pochino quello che sta succedendo sembra sempre piu probabile una ristrutturazione ma abbiamo visto che questo titolo sa regalare una volatilita' pazzesca e continui voltafaccia

pero' penso di non entrare piu.

 

[Fra41]

Intanto oggi le azioni in forte salita...
http://www.eleconomista.es/empresas...-a-dispararse-otro-1639.html#.Kku8aREBqib1YQg
Anche le A fanno un + 5%

 

[capt.harlock]

su Abengoa vedendo un pochino quello che sta succedendo sembra sempre piu probabile una ristrutturazione ma abbiamo visto che questo titolo sa regalare una volatilita' pazzesca e continui voltafaccia

pero' penso di non entrare piu.

davvero brutta l' ultima discesa, uscito anche io con il lotto di greenfield in loss

 

[BIKERBIKER]

Per quanto scontato sui p.o. Abengoa stanno facendo soldi a palate! Anche oggi +19% si acquista a 71!