Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
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2022
arkymede74
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parliamone..asp.. con solarworld mi è andata bene...
gualberto
Charlie don't Surf
fabriziof
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Non é la stessa cosa ,qui é rimasto un sacco di debito non ristrutturato
arkymede74
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General shopping..novità??
arkymede74
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By Katie Linsell
(Bloomberg) -- It’s been a tough month for Abengoa SA’s creditors.
Bondholders in the Spanish renewable energy company are set to end July with the biggest losses among the top 50 speculative-grade issuers tracked by a Bank of America
Merrill Lynch European index. Credit-default swaps insuring the debt are also the worst-performing in the region’s Markit iTraxx Europe Crossover index, up 62 percent.
Abengoa spooked investors in its high-yield bonds last week when the company said it was aligning noteholders’ claims to try to stop derivative traders distorting
the cost of its debt. The move caused a selloff in their bonds, the latest blunder by the Seville-based company, which is trying to restore investor confidence after
previous communication failures with creditors have led to concerns about its levels of cash and debt.
“Investors need to be reassured that the company has liquidity and can generate free cash flow,” said Chandra Gopinathan, an investment analyst and consultant to
Rogge Global Partners. “Abengoa didn’t offer a proper explanation for this short-term fix on the bond guarantees. It would make more sense to simplify their corporate
structure and generate free cash flow, which is a longer-term exercise.”
Abengoa’s 375 million euros ($411 million) of bonds due April 2020 fell as much as 9.4 percent on July 24 after it said it was changing the guarantees of its convertible
and exchangeable bonds. The move diluted the claims of other noteholders and the ensuing selloff echoed the confusion wrought in November when Abengoa’s reclassification
of some notes as non-recourse raised questions about its debt-to-earnings ratio.
Bonds, Derivatives
The company’s bonds lost an average 10 percent in July, the worst performance among the top 50 borrowers in Bank of America Merrill Lynch’s Euro High Yield index.
The gauge returned an average 1.02 percent.
Credit-default swaps insuring 10 million euros of Abengoa’s debt for five years surged to 3.7 million euros upfront and
500,000 euros annually on Thursday, the most since November, according to CMA. That’s up from 3.4 million euros in advance at the end of last week and signals a 82 percent
probability of default.
There were 2,087 swaps contracts covering $880 million of Abengoa’s debt as of July 24 and more than 140 contracts covering $242 million of debt changed hands last
week, according to the Depository Trust & Clearing Corp.
Abengoa’s cash fell by 304 million euros to 1.4 billion euros in the first quarter, according to a May 14 presentation.
This month Abengoa sold 4.2 percent of its class B shares, which it holds as treasury stock, raising 97.6 million euros, according to regulatory filings on July 16.
The company also took on more debt by arranging a $200 million facility with Bank of America Corp. last month, according to a note from the lender to clients, citing
a SEC document. Abengoa pledged 14 million shares in its unit, Abengoa Yield, as collateral for the loan.
Bondholders will look for reassurance from Abengoa on Friday when it presents half-year results.
“When investors are running potential default scenarios, they want to know what cash or assets they can get their hands on,” said Daniel Vaun, an analyst at JPMorgan
Chase & Co. in London. “On their results calls, Abengoa doesn’t normally give granularity on liquidity numbers. We’ll see if this one’s any different.”
To contact the reporter on this story:
Katie Linsell in London at +44-20-3525-9018 or [email protected]
To contact the editors responsible for this story:
Shelley Smith at +44-20-3525-2020 or [email protected]
--------------
Abengoa Bonds Drop by Most Since Co. Said Changing Guarantees
2015-07-30 08:48:03.778 GMT
By Katie Linsell
(Bloomberg) -- Abengoa’s bonds dropped by the most since July 24, when the Spanish renewable energy co. said it was changing guarantees on some notes, according
to data compiled by Bloomberg.
* EU375m 7% bonds due April 2020 tumbled 6.3 cents on euro to 75 cents, lowest since issued in April
* EU265m 5.5% bonds maturing Oct. 2019 fell for 10th day, declining 4.6 cents to 8-mo. low of 74 cents
* Co.’s bonds are worst performing in Bank of America Merrill Lynch’s Euro High Yield Index this month, losing 10% as of July 29
* Co.’s CDS are worst performing in the Markit iTraxx Crossover index this month, rising 65%
* NOTE: July 24: Abengoa Bonds Slump With Traders Punishing Guarantee Changes
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