Articles by The Corner


Spaniards are happier

William Chislett via Real Instituto Elcano | Spain is a happier nation than it was a year ago, according to the World Happiness Report (WHR), produced by the Sustainable Development Solutions Network (SDSN), a global initiative for the United Nations, and based on Gallup surveys between 2016 and 2018.

 


Eurozone GDP: Hitting bottom?

Santander Research | The performance of the Eurozone economy in 2018 was far from meeting expectations. Having exceeded expectations in 2017, with GDP growth yoy of 2.5% – the strongest since the 3.1% in 2007 – the economy registered a strong slowdown in 2018 with caused up to a 1.8% fall yoy in GDP. Although, probably, the growth levels of 2017 were not sustainable – taking into account the economic fundamentals of the Eurozone and the performance of the rest of the world – , the economic slowdown was strong, especially in the second half of 2018. In quarterly terms, GDP went from growing a quarterly average of o.7% in 2017 to only 0.4% in the first half of 2018 and a quarterly average of 0.2% in 2018.




Entry of Enagas in the US: OP of 26.21 € per share

Link Securities | The President of Enagás, Antonio Llardén, qualified last week´s agreement with Blackstone to enter the US market as a historical milestone for the Spanish company in putting Enagás on the global chess board of gas infrastructure.



European banks: Countdown to the M&A ballet

It is only a question of time and the markets are waiting: there will be more consolidation operations in the European banking sector in the next few years, some of them cross-border.


Telefonica ever closer to selling its Central American subsidiary

High acceptance (72%) of Telefonica’s hybrid bonds

Renta 4 | Telefónica has announced the result of the repurchase of the 2 hybrid bonds which it issued on 5 March. The nominal aggregate value which Telefónica will accept to purchase the bonds has reached 934.7 million euros, of which 586.5 million euros corresponds to the bond with maturity in December 2019 and 348.2 million euros with maturity in March 2020.


Spanish banks: less Tier1, no skeletons in the closet

Spanish banks are last in Eurozone in Tier 1 and penultimate in regulatory capital. But they have an unquestionable competitive advantage: they are the only transparent ones in the Eurozone for the ECB and for the other investors being the only audited ones. There are no skeletons in the closet even if there is less capital to compensate.