Abengoa levanta el vuelo

Facundo, tienes más moral que el Alcoyano y ojalá tengas razón. ¿Te parece poca corrección la que lleva, desde que abandonó el rango de los 3,00€? Saludos

jejejej es posible pero cada cual tiene su planteamiento , y ese es el mio. veremos el ``miercoles 22 julio´´ quien tenia mas razon.

Buenos días Facundo. Si la semana que viene el chicharrete de Abengoa, rompe los 3,00€ y se va a rangos de 3,20€-3,30€, creo que la peña del foro te deberemos hacer varias olas colega. Espero que tus billetes que se mueven al viento retornen a nuestras carteras acosadas vilmente por el color rojo. Saludos

eso espero yo tambien...
con que empiece a acercarse a 2,90 ya sera el primer paso

No ha pasado desapercibido a nivel internacional osea que es de importancia. animo

Abengoa's liquidity questioned after treasury shares sale
* Spanish firm sells off treasury stock to raise cash

* Follows borrowing of shares from parent in May

* Analysts and investors question liquidity position

By Robert Smith

LONDON, July 17 (IFR) - Abengoa's liquidity situation has been called into question by analysts and investors after the Spanish concessions group sold off its treasury shares to raise cash.

Citigroup placed 4.2% of Abengoa's Class B shares from the company's treasury stock on Thursday, raising EUR97.6m for the group. The sale leaves Abengoa with no remaining B shares in its treasury.

"It suggests that they really need hard cash," said a hedge fund investor.

The selldown of treasury shares, usually held as a buffer to manage flows in a company's stock or to pay employee stock options, comes despite company disclosures of a large cash position, and several assets sales this year.

In its first-quarter results the company said it had EUR3bn of corporate liquidity in March 2015. However, this figure includes EUR1.3bn cash linked to "confirming lines" - reverse-factoring bank facilities - allowing Abengoa to pay suppliers within 180 days.

It also already includes its treasury stock in this corporate liquidity, meaning the latest sale will not alter its reported liquidity position. The company also classed EUR1.5bn of short-term financial instruments as liquidity.

A spokesperson for Abengoa said that it had been holding treasury stock to support hedging requirements on its convertible bonds but that this is no longer needed.

"We have now decided to monetise those shares as they are part of our liquidity position," the spokesperson said.

BORROWED STOCK

Recent activity in the company's treasury stock has also drawn scrutiny in recent weeks. One bond investor noted that on May 8 Abengoa borrowed 95m B shares from its majority shareholder Inversion Corporativa, equivalent to around 10% of its stock and worth around EUR275m at that day's market prices. Inversion Corporativa is a holding company whose owners include members of the families that founded Abengoa.

A note published by Berenberg's fixed-income sales and trading desk this week argues that this share borrow raises "questions [about the] excess liquidity" of Abengoa.

Abengoa borrowed the shares on the same day it agreed to subscribe to 51% of the EUR600m capital raising at its US-listed yieldco Abengoa Yield. The capital raising funded an acquisition of project companies from Abengoa.

Several investors said they did not think this was a coincidence, with the Berenberg note speculating that the shares could have been used as collateral to back a margin loan to fund participation in the capital raising.

"While there is no confirmation that the shares were indeed used to get access to funding, it would be very surprising and worrying at the same time," reads the note.

The Abengoa spokesperson said that the shares were borrowed from and returned to Inversion Corporativa without using them as a collateral or guarantee for any financing.

"We did not use the borrowed shares as collateral for bridge finance to fund the EUR300m for the capital raise in May," the spokesperson said.

Abengoa has turned to margin loans as a source of funding elsewhere, pledging around 14% of Abengoa Yield's shares as collateral for a US$200m two-year loan last month.

Standard & Poor's recently upgraded Abengoa's credit rating to B+, however, citing its liquidity position as "adequate".

Berenberg's note in contrast states "we highly doubt that there is any real available surplus cash", noting that S&P does not class Abengoa's billions of euros of confirming lines as debt.

BOND REPAYMENT

A second bond investor said the company may have sold its treasury shares as an alternative to tapping a EUR375m 7% 2020 bond raised in April.

"As that's not really an option at the moment, I guess this is the one easy lever they have to pull," he said.

Abengoa priced the bond at a 97.954 discount to yield 7% and many expected the company to tap it for additional funds if its price appreciated. But the paper has slumped in the secondary market. It is now bid at 92.80 and yields 9%, according to Tradeweb prices, having slipped as low as 89.50 earlier this month.

The bonds were ostensibly raised to repay a portion of a EUR500m bond maturing in March 2016, with then CEO Manuel Sanchez Ortega telling investors at the deal's roadshow that these notes would be tendered after the summer.

Abengoa said last month that it was now not likely to buy back the bonds until the fourth quarter, however.

But the April bond proceeds were not placed into an escrow account for this purpose. Also at the deal's roadshow, Abengoa told investors that it had fully drawn a corporate loan facility, leading some to question whether the bond's proceeds were really put aside to repay the 2016 note.

The spokesperson said that debt repayments were usually decided towards the end of the year and it is not common practice to put funds in an escrow account. (Reporting by Robert Smith, additional reporting by Jose Elias Rodriguez in Madrid. Editing by Alex Chambers and Matthew Davies.)

Con la cara de Tsipras en el ávatar lo siento pero no me das ninguna credibilidad jajaja.

No demonizo el arte de la mentira, sirve para ganar las elecciones y para conseguir mejores acuerdos, en bolsa se usa mucho y eso la hace tan imprevisible.

Pues yo me voy a olvidar de abengoa y del foro un mesecito ,he puesto unas órdenes de venta para todo el mes y si llega pues que salte pero yo estoy hasta el nabo de estar pendiente todo el día ,subir ya subirá ,así que de vez en cuando me meteré para leeros (muy de vez en cuando) pero paso de obsesionarme con la inversión y...........Rao no te pelees mucho que ya veras que sube al final (no me asustes a la peña que no es pa tanto ....ya lo veras. ....seguro...un día de estos) Y facundo por dios!!! Cambia la foto !!! Que estoy de acuerdo contigo pero el tsirpas da dentera ....pon ...no se.... A la Sabrina en pelotas por ejemplo ....algo que de alegría

jajaja me da suerte esta foto jajajaj, ok mañana pondre a Pamela Anderson un ratito... que pases buenas vacaciones y mucho cuidado con las fiestas ¡¡¡