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BBVA Florentino Perez warns that run its EUR 7.1 Iberdrola

will need to make further assurances as has done twice
The announcement of the sale of Repsol by Sacyr may not be the last in this headlong rush into the building with stakes in the energy sector unnatural. BBVA, the principal creditor of ACS has warned the president to execute guarantees if the action of Iberdrola falls to 7.1 euros.

The general collapse of prices of electrical construction groups and is exposing the weak formulas with which ACS Sacyr and financed their incursions into Repsol, on the one hand, and Union Fenosa and Iberdrola other. Florentino Perez, president of the second holding, and had to leave Fenosa before the summer because the accumulated losses in this power forced him to make new guarantees for loans granted at the time by Santander and other banks.
operation finally came round he went from losing as much money in Union Fenosa to obtain net gains of nearly 1,800 million euros, to get a return on investment of 66%. The operation will also allow to reduce its debt from 18,442 up to 5.169 million, which will leave as the building with the best ratio of debt to operating profit.
The situation may be repeated in Iberdrola although ACS said after the sale of the Galician company would use the proceeds to strengthen its position in the Basque, which has a 7.2% directly and another 5.2% by equity derivatives or swaps. The problem is that Florentino Perez drags some losses of nearly 700 million investment in Iberdrola , which was funded two years ago with a loan of 2818.5 million. That loan was led
BBVA, which later shared the risk with Caja Madrid, La Caixa, Bayersche Hypo Vereinsbank, Caixa Galicia, ICO, XIS Corporate and Investment Bank and Mediobanca-Banca Finanziario Credit, which is also the entity that Florentino Perez advises on all corporate operations. ACS bought the 360 \u200b\u200bmillion shares in Iberdrola to 9.25 euros and 259 million others parked en derivados a un precio similar.
Cuando la acción de la eléctrica cayó por debajo de 9,1 euros, la constructora ya tuvo que aportar nuevas garantías. Lo mismo ocurrió cuando Iberdrola se situó por debajo de la cota de los 8 euros y la siguiente referencia son los 7,1 euros. En este precio, los bancos acreedores ya han advertido a ACS que ejecutarán las garantías, lo que pondrá en un nuevo aprieto al ex presidente del Real Madrid. Iberdrola , que remontó posiciones el viernes, se sitúo la semana pasada a 7,29 euros, menos de 3% por encima de la cota de los 7,1.
El próximo martes, ACS has to cope with a maturity of 3.5 million shares of Iberdrola parked in an equity swap. Sources familiar with the funding structure ensures that for every 1 euro going down the action of electric ACS have to put additional capital of 260 million euros.
The urgency of BBVA is totally logical. If ACS does meet its commitments, the bank must provision the loan against your balance, which would further deteriorate their accounts, with subsequent impact on its market value. Conversely, if ACS sell its 'iberdrola' and cancel the loan, the bank would release the specific provisions made in the first place.

NOTE: If the front fa ACS pagamento what happened? In borsa Investing in buying to the baixa algú is covered, "qui?, Ja que passa veurem.