Marco Troiano (Scope Ratings) | We assign the rating BBB- to the AT1 bonds of 7.5% of Santander issued in February 2019 for an amount of 1.2 billion dollars.
Articles by The Corner
Bankinter | The company announced in its shareholders´ general assembly yesterday that it would be considering creating a Socimi in Portigal that would be consituted before the end of the year.
Banc Sabadell | We analyse the strategic plan for 2018-19, concluding that its target of average ROE 19-20 of 20% is achievable, given that it would imply post tax profits of around 940 million euros and we forecast that it could best this.
John Feffer via Fair Observer | Several countries have already withdrawn recognition of the Trump government and recognized Nancy Pelosi instead as the legitimate leader…
BofA Merrill Lynch | Our base case remains: if data stabilises, the ECB will be keen on hiking at the end of this year. But our conviction level is low (and declining) – similar to the ECB’s. The alternative, we argued, would be no hike this year, a long extension of forward guidance beyond market pricing and tiering.
Link Securities | Members of the ECB´s Council are inclining in favor of compensating banks for loans to individuals and companies, although they are skeptical about offering lenders relief for the charge they receive for their idle balances.
Sabadell | The funds Lone Star and Apollo have demonstrated interest in acquiring 100% of Ferrovial’s services subsidiary. Goldman Sachs distributed the indicative document (teaser) several weeks ago.
Renta 4 | Spanish oil company Repsol published its operational data for Q119. In the first quarter of the year, the price of Brent Crude (63.1$/b) fell -5% yoy and -8% compared to Q418 because of the strong reduction in crude prices since their highs at the beginning of October (-42% until the end of December, although with a subsequent recovery of +28% from the beginning of 2019 until the end of March).
Alphavalue | During the last decade, Banco Santander has successfully diversified constructing a portfolio of low risk/high growth activities. Although it should guarantee the longevity of the group, it has not translated into profits for smaller shareholders.
Bankinter | Private equity group Carlyle has bought 30% of CEPSA for approximately $3.6 billion (€3.2 billion) and has reserved the right to increase its holding to 40%.