ABERTIS INFRAESTRUCTURAS S.A. EO-OBL. 2009(16)

[masin]

Spanish Bonds have bad press lately, that could be an opportunity and you Could find some good companies with good yields. A friend is recommending me this 2 bonds, could you please give me some feedback?

 

 

ABERTIS INFRAESTRUCTURAS 4.625% 14.10.2016

 

ISIN ES0211845237

 

Yield 4.666%

 

Price 99.77

 

Curency EUR

 

Discounted a 4-5% over sectorial price.

 

 

ABENGOA 8.5 31/03/2016 S

 

ISIN XS0498817542

 

Yield 9.694%

 

Price 95.84

 

Currency EUR

 

Excellent company with new big contracts, but bond is unrated.

 

 

Thanks for your comments

[Prospektständer]

ABERTIS INFRAESTRUCTURAS 4.625% 14.10.2016

Should nt take a look at this its yielding very low, considering to long maturity and the base rate risk.

 

ABENGOA 8.5 31/03/2016 S

Did you recognize the 50.000 denomination?

 

Yielding more interesting, has a "shadow rating" from Raiffeisenbank Austria: BB+ (Non Investment Grad)...distressing is the high net debt (~ 4,9 Bil.€) caused by the business model (owning some of the high voltage power line and desalination plants which their working with)

 

Quote from the financial report 2009:

 

Total net debt incl. project financing: 4.191 Mio €, Total net (recourse and non-recourse) debt, excluding that which is tied to projects that have yet to go operational and which therefore still do not generate EBITDA: 1.818 Mio €, Net debt excluding non-recourse financing: 1.257 Mio. It is important to take into account that of Abengoa’s total net debt (€4,190.5 M), a total of €2,372.9 M relates to debt on projects that are under construction and which will therefore generate cash flows in future years. Excluding this pre-operational debt, the net debt figure for Abengoa would be €1,817.6 M."

 

Some key data from 2009 report:

 

* Sales: 4.147 Mio €

* Cash Flow 915 Mio €

* Ebit 431 Mio €

* Equity 1.171 Mio €

* Net Debt 4.191 Mio €

* Total Assets 12.370 Mio €

* Ebitda 750 Mio €

* Net Profit 170 Mio €

 

Buyable for risk sensitive investors, with enough cash...

 

€: Bond has a step up 1,25% when its unrated longer than 01.12.2010

[Superhirn]

auslänidsches Forum? B)

[Prospektständer]

auslänidsches Forum? B)

In English, please.

[masin]

thanks jschoeck,

 

I am probably investing in the Abengoa's, yes the debt is due to the new projects on US (the biggest solar plant in the world with Obama's support), Middle East (the biggest middle east solar plant in Abu Dhabi), Mexico. The partners for this operations are General Electric, Total, the US Goverment and other good companies, so i suppose this companies are not so stupid to participate in failed projects.

 

Almost a 10% yield is so attractive and i think probably could be a good solution for a retirement plan, a part of, of course.

 

Have you other recommendation for me?

 

thanks again

 

 

[Prospektständer]

Have you other recommendation for me?

 

thanks again

Recommendations? No, only tendency you can evaluate in your own view and make your conclusions... :-

 

In the Corporate Bond sector?

[checker-finance]

May be relevant, wether Abengoa's counterparties suffer from the decline of Spains economy. Even "new big contracts" are not helpful, if they are not fulfilled or terminated in cause of contractual partner's insolvency.

 

Additionally Spain has a demografic problem, a shrinking population. Those less future Spaniards will consume less water, electric power and produce less waste.

[Fleisch]

*Titel editiert*

[Marius]

kann jemand das in den Abengoa theard verschieben.

 

interesante dikussion. die firma ist unter den 300 größten in europa und macht in den letzten jahren dauerhaft gewinn, was man von deutschen wie z.B. thyssen nicht sagen kann. aber deren bonds weden ja mit gerade mal 4% verzinst und zur anlage empfohlen. sind die risiken da nicht größer?

 

und was ist mit der 9,625 anleihe A1AQCW ?