BancaMarch | On Monday, the Spanish bank kicked off its activitiy in the debt market for this year. Specifically, the lender called on the investment community in order to raise 1.350 billion euros in funding for its consumer finance business, Santander Consumer, and its subsidiary in the UK. In the case of Santander Consumer, it issued senior debt with a 5-year maturity at 0.586%, 50 bp over the midswap index,…
Banc Sabadell | Italian infrastructure firm Atlantia would have made a bid valued at ~1 billion euros for 100% of Yunex (0.7% capitalisation of Siemens), according to Bloomberg. Yunex’s business focuses on mobility signalling. We recall that in the last few months a competitive sale process had started, including participants like KKR or Bridgepoint. This is positive news, although of limited impact, as it was already known that a sale…
Intermoney | ACS (ACS) (Buy, TP €40) has sold a portfolio of 100 MW of photovoltaic energy capacity to Sonnedix, a holding of renewable assets owned by institutional investors advised by JP Morgan AM, according to the Cinco Dias newspaper. The price of the transaction has not been revealed. The assets are located in Castilla-La Mancha and Extremadura. The two plants, each with 50 MW, were put into operation at the…
Repsol has bought shale oil and gas assets from US firm Rockdale Marcellus for $222 (200 million euros). This company was born out of holdings which Shell had in the counties of Tioga, Lycoming and Bradford in Pennyslvania in 2017. Repsol already operates a shale field near there. The Spanish oil and gas giant participated in an auction to acquire Rockdale on December 16, following the latter’s adherence to Chapter…
Bankinter | The deliveries of vehicles in Q4 2021 amply beat expectations. The figure was 308.600 vs 263.026 expected, as the production of vehicles rose for the sixth consecutive quarter. In Q4 2021, deliveries rose 70% year-on-year and 30% vs Q3. In accumulated terms, the group delivered 936.172 cars (up 87%) in 2021. Bankinter analysis team’s opinion: The figures reflect very significant growth. It is a remarkable evolution if we…
CDM/ The Management Committee of the Madrid General Index (IGBM) decided in its ordinary revision meeting that both the IGBM and the Total Index will be formed by 115 listed companies in the first half of 2022. This follows the exit of Barón de Ley, Biosearch, Codere, Euskaltel and Solarpack, and the entrance of Acciona Energías Renovables. Acciona Energías Renovables will become part of the index after its listing on…
Renta 4 | Siemens Gamesa has signed an order for 302MW with the promoter Ayana Renewable Power Six Private to supply 84 wind turbines of the SG 3.6-145 model for a project in India. This project is located in Gadag, in the state of Karnataka, in the south east of the country. It is the third one for the new Siemens Gamesa 3.X platform, specifically adapted for the Indian market….
Link Securities | The CEO of IAG, Luis Gallego, has insisted that they are looking for “alternative agreements” to be able to go ahead with the purchase of Air Europa. The operation has recently been on the back burner, according to last Thursday’s elEconomista.es. We should recall that Iberia’s parent company and Globalia, the owner of Air Europa, gave themselves to end-January as a deadline to evaluate other structures which…
Renta 4 | NAS has announced a new price hike in the US, effective from Jan 1, 2022. The amount of the increase is equivalent to 70-80 dollars/mt for the stainless steel in the 300 series. Valuation: Very positive news for Acerinox (ACX) because it confirms the strength of the demand for stainless steel in the US. It is also very positive given that it is the first rise of…
Alphavalue |Indra has won an over 180 million euros contract to provide cutting edge technology for the new Eurofighter planes for the country’s airforce. It will also maintain the existing fleet, the company said on Wednesday. Specifically, the Spanish IT services and consulting company will equip the 20 new Eurofighters in the Halcón Programme with the ESCAN radar with electronic scanning and the DASS (Defensive Aids Sub-System).