Spain
-
Established covered bond investors are often sceptical about conditional pass through deals. The structure allows the maturity of their investments to be extended, perhaps by decades. But they could be safer than long dated bullet deals.
-
Spanish low cost airline Volotea has decided to postpone its initial public offering in Madrid, making it the first ECM victim of this year’s heightened market volatility. -
The opening shot for the race to save Abengoa from bankruptcy came on Monday from Alvarez & Marsal, the restructuring firm, and its plan to half the Spanish renewable energy company’s corporate debt to €4bn — now the board and creditors must approve the scheme before March 28.
-
As WTI and Brent crude oil prices slip down below $30, high yield analysts are pointing at Spain’s oil producer Repsol as the first European company that could cross over into the sub-investment grade market.
-
Southern European lenders are back on the defensive as a European Central Bank inspection of non-performing loans drives a pronounced sell-off in equities and subordinated debt.
-
As Abengoa approaches its late March deadline to avoid bankruptcy, this week the Bank of Spain began a round of checks on creditor banks’ compulsory capital provisions.
-
Spanish low cost airline Volotea has declared its intention to float in Madrid, with one lead banker saying the oil price fall could help the deal succeed.
-
Abengoa provided the first credit event auction of the year on Thursday and settled at a low price, after ISDA’s DC reached a split vote decision in December on the Spanish renewable energy company triggering a failure to pay trigger for 2014 credit default swap transactions.
-
Alvarez & Marsal, the restructuring firm that handled Lehman Brothers’ bankruptcy, is set to deliver a scheme for Abengoa to avoid bankruptcy early next week. Bankers said the high yield market should cope whether the company survives or not.
-
It has been a big week for the International Swaps and Derivatives Association. The organisation moved to overhaul its credit determinations committee rules and broaden its board representation at the same time as undertaking a widely watched first credit event auction of the year and heading into new territory with a Novo Banco CDS external review.
-
Two sellers took advantage of a slightly upward trend in European markets on Wednesday to sell blocks of shares totalling €792m. Reassuringly to bankers, both deals got covered.
-
