BBVA, top pick in Spanish banking sector for the quarter on possible hike in Mexico guidance
Morgan Stanley | A more positive tone or guidance concerning NII should continue providing support for the Spanish banks. We recall that last week we raised our estimates for NII by an average 5% after incorporating 100 bp of rate hikes vs a previous 50 bp. This should offset the impact of an average 15 bp in CET1 due to the rise in bond yields. Asset quality should remain stable. BBVA…