Skip to content
Subscriber Only

Abengoa Bonds Fall to Records After Report HSBC Withdrew Support

  • Bonds due March 2021 tumble to 27.7 cents on the euro
  • CDS signal 93 percent probability of default within five years

Abengoa SA’s bonds fell to records after a report that HSBC Holdings Plc withdrew support for the company’s planned capital increase.

The Spanish renewable energy company’s 500 million euros ($564 million) of 6 percent notes due March 2021 fell 12.6 cents on the euro to 27.7 cents, pushing the yield to 38.5 percent, according to data compiled by Bloomberg. Credit-default swaps insuring Abengoa’s debt signal a 93 percent probability of default within five years, CMA prices show.