Obbligazioni societarie Abengoa XS0498817542 XS1048657800 XS1219438592 XS1113021031 (1 Viewer)
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montecarlo
Nuovo forumer
se prevale il buonsenso ( e la politica dovrebbe dare una mano) per assicurare la continuità aziendale , il recovery potrebbe eseere quello stimato da Ubs è cioè intorno al 40%.....
qquebec
Super Moderator
Ma quando mai prevale il buon senso in finanza?
Su Seat PG dicevano la stessa cosa, se non di più, dopo il taglio della testa ai sub. S&P parlava di recovery al 60% minimo. Invece hanno taroccato il bilancio, roba da galera (recovery = poco più del 20% sui senior secured alla fine)
Ultima modifica:
montecarlo
Nuovo forumer
mah....confronto quanto mai poco opportuno, seat pg non fatturava quasi nulla , era una società con basso impatto "industriale" ed occupazionale, smembrata dalle operazioni di leveraged buy out ( ricordate il dividendo da un miliardo che i soci si sono tirati fuori e che ne ha decretato la fine finanziaria?)...abengoa è una realtà internazionale, impiega 29.000 persone nel mondo, ha un forte indotto per la Andalusia (regione peraltro povera...se salta abengoa sono c...zi amari per loro)...comunque non stiamo parlando di interventi dall'alto per divina provvidenza....semplicemente è ragionevole pensare che si cercherà di farla sopravvivere magari con proposte sfidanti anche ai creditori ....il problema è il prezzo medio di carico di chi ha comprato bond....se per assicurarne la sopravvivenza chiederanno (dati assolutamente campati per aria) un cut off del 50% ai bondholders chi compra in questi gg può comunque fare un affare.......
robertoisotta
Nuovo forumer
Abengoa será excluida del Ibex desde el viernes ante su descalabro en bolsa
Leer más: Ibex 35: Abengoa será excluida del Ibex desde el viernes ante su descalabro en bolsa. Noticias de Mercados Ibex 35: Abengoa será excluida del Ibex desde el viernes ante su descalabro en bolsa. Noticias de Mercados
Ibex 35: Abengoa será excluida del Ibex desde el viernes ante su descalabro en bolsa. Noticias de Mercados
Leer más: Ibex 35: Abengoa será excluida del Ibex desde el viernes ante su descalabro en bolsa. Noticias de Mercados Ibex 35: Abengoa será excluida del Ibex desde el viernes ante su descalabro en bolsa. Noticias de Mercados
Ibex 35: Abengoa será excluida del Ibex desde el viernes ante su descalabro en bolsa. Noticias de Mercados
Fra41
Forumer storico
Letto anch'io ora. Di bene in meglio
In tutto ciò da Abengoa neanche una parola, né un comunicato
robertoisotta
Nuovo forumer
robertoisotta
Nuovo forumer
Manca qualcuno all'appello…..a questo punto l'AdC cosa lo fanno a fare?
Why Is Abengoa Imploding?
Bondholders face potential losses as fundraising is abandoned
By Edward Evans - 25 nov 2015, 13:45:43
For a company that makes money turning sunlight into electricity, Abengoa shows a troglodytic aversion to transparency -- as investors are now finding out to their cost.
The Spanish builder and operator of renewable energy projects is to take the first step in filing for protection from its creditors, after a potential white knight savior abandoned a promise to invest 350 million euros ($371 million) to ensure its survival. But the root causes of its problems go back much further than that.
Abengoa has a special business model. Instead of simply building projects or operating them, it does both, raising money from bond markets to finance its expansion. As it grew and grew, the company had to issue more bonds and refinance its increasing pile of debt.
The result was almost 9 billion euros of gross borrowings spread over hundreds of small subsidiaries. To make it worse, Abengoa couldn't resist fiddling with its financing. A year ago, the company surprised investors by reclassifying some bonds as non-recourse bridge financing. Then in July, it changed some guarantees on its convertible and exchangeable bonds, a move that diluted junk bondholders claims.
All this running-harder-to-stand-still hid the basic problem: a cash flow shortage. In the third quarter of this year it had 510 million euros of negative cashflow that cut its available cash sources to 346 million euros, according to Moody's.
The departure of CEO Manuel Sanchez Ortega in May after five years raised flags with investors. As did the company's explanation that his exit was for "strictly personal reasons.'' Now installed at Blackrock, he needs to explain just what happened.
As recently as October, Abengoa was able to raise 285 million euros from the bond market to refinance two solar-thermal power plants. But that was because the bonds were tied to the revenue from the projects rather than any confidence in Abengoa.
Spain's Labor Minister, Fatima Banez, on Wednesday offered to help, saying her government wants to send a message of "tranquility, of dialog and negotiation" to the company. That's misguided, even if Abengoa does employ more than 24,000 people. However credulous they have been so far, investors now need to get transparency, answers and control.
It's not clear the fundraising would have been big enough to salvage the company. The question now is what losses the bondholders face, and the early signs are bad. Abengoa's bonds were trading as low as 10 cents on the euro today. Santander and other Spanish banks fell in early trading on Wednesday on speculation that they will suffer as a result.
Abengoa's unique structure may limit the impact on other renewable projects. For creditors, though, the future looks like one enormous dark cloud.
This column does not necessarily reflect the opinion of Bloomberg LP and its owners.
To contact the author of this story:
Edward Evans in London at [email protected]
To contact the editor responsible for this story:
James Boxell at [email protected]
Bondholders face potential losses as fundraising is abandoned
By Edward Evans - 25 nov 2015, 13:45:43
For a company that makes money turning sunlight into electricity, Abengoa shows a troglodytic aversion to transparency -- as investors are now finding out to their cost.
The Spanish builder and operator of renewable energy projects is to take the first step in filing for protection from its creditors, after a potential white knight savior abandoned a promise to invest 350 million euros ($371 million) to ensure its survival. But the root causes of its problems go back much further than that.
Abengoa has a special business model. Instead of simply building projects or operating them, it does both, raising money from bond markets to finance its expansion. As it grew and grew, the company had to issue more bonds and refinance its increasing pile of debt.
The result was almost 9 billion euros of gross borrowings spread over hundreds of small subsidiaries. To make it worse, Abengoa couldn't resist fiddling with its financing. A year ago, the company surprised investors by reclassifying some bonds as non-recourse bridge financing. Then in July, it changed some guarantees on its convertible and exchangeable bonds, a move that diluted junk bondholders claims.
All this running-harder-to-stand-still hid the basic problem: a cash flow shortage. In the third quarter of this year it had 510 million euros of negative cashflow that cut its available cash sources to 346 million euros, according to Moody's.
The departure of CEO Manuel Sanchez Ortega in May after five years raised flags with investors. As did the company's explanation that his exit was for "strictly personal reasons.'' Now installed at Blackrock, he needs to explain just what happened.
As recently as October, Abengoa was able to raise 285 million euros from the bond market to refinance two solar-thermal power plants. But that was because the bonds were tied to the revenue from the projects rather than any confidence in Abengoa.
Spain's Labor Minister, Fatima Banez, on Wednesday offered to help, saying her government wants to send a message of "tranquility, of dialog and negotiation" to the company. That's misguided, even if Abengoa does employ more than 24,000 people. However credulous they have been so far, investors now need to get transparency, answers and control.
It's not clear the fundraising would have been big enough to salvage the company. The question now is what losses the bondholders face, and the early signs are bad. Abengoa's bonds were trading as low as 10 cents on the euro today. Santander and other Spanish banks fell in early trading on Wednesday on speculation that they will suffer as a result.
Abengoa's unique structure may limit the impact on other renewable projects. For creditors, though, the future looks like one enormous dark cloud.
This column does not necessarily reflect the opinion of Bloomberg LP and its owners.
To contact the author of this story:
Edward Evans in London at [email protected]
To contact the editor responsible for this story:
James Boxell at [email protected]