Spain
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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.
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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.
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The Iberian Peninsula was host to a duo of barnstorming sovereign benchmarks this week, but there was no consensus among bankers over whether they signified an appetite for sovereigns at the lower end of the European credit quality spectrum.
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A trio of Spanish issuers launched the first covered bonds of the year from southern Europe this week but, with peripheral spreads widening sharply, conditions are not conducive to further supply.
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Alvarez & Marsal, the restructuring firm that handled Lehman Brothers’ bankruptcy, is set to deliver early next week a scheme for Abengoa to avoid bankruptcy. Bankers say the high yield market should cope, either way.
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Portugal is limbering up for its first benchmark of the year in a week heavy with eurozone periphery sovereign issuance, including an auction where Italy’s three year yield nearly dipped below zero.
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ISDA has released a list of participating bidders for the credit event auction on Thursday to settle Abengoa 2014 credit default swaps.
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The International Swaps and Derivatives Association (ISDA) pledged to tighten up the standards that govern its Credit Derivatives Determinations Committee, a welcome move at a time when the committee’s role is evolving and it is assuming greater importance as a quasi-legal authority.
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Spain has opened its funding year with a deal in the upper echelons of record sovereign deal sizes and an enormous book for the third year running. but it's the quality of investor the sovereign attracted this time that was most notable, according to bankers.
